REGISTERED COMPANY NUMBER: 01672106 (Engllnd #nd Wales) REGISTERED CHAIUTY NUMBER: 295154 REPORT OF THE TRUSTEES AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR THE KELMARSH TRUST Mark J Rees LLP Chartered A¢wuntants and Statutory Auditor Granville Hall Grdnville Road Lei¢esier Leicestershire LEI 7RU THE KELMARSH TRUST li CONTENfs OF TIIE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Trustees and Directors I to 11 Report of the Independent Auditors 12 to 14 Consolidated Statement of Financial Activities 15 to 16 Consolidated Balgnee Sheet 17 to 18 Company Balance Sheet 19 to 20 Consolidated Cash Flow Statement 21 Notes to the Consolidated Cash Flow Statement Notes to the Flnancial Statements 23 to 44 THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR EI¥DED 31 MARCH 2025 The Trustees present their re]x)rt and the financial statements of The Kelmarsh Trust (the'Trust") and its subsidiary, Kelmarsh (Events) Limited ("Kelmarsh Events,). for the year ended 31 March 2025. The Trustees have adopted the provisiotis of Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OVERVIEW 2024-2025 h&s been a year of change for the Trust but one which has proved to be a positive and succe&sful one. Following the retirement of Lesley Denton as the General Manager, after over 15 Y￿rS of working to rescue the estate from the parlous stat¢ into which it had fallen and heading up the Trust's management team. Her successor, Rachel Halley was appointed as the Estate Director, taking up position in De¢ember 2024. Ra¢h¢l brought with her 7 years of estate management experience following 13 years with Shell in various roles. culminating in creating and implementing Shell"s real estate strategy in the Middle Bast and then a one year career break to obtain an MBA from CrJnfield University. In addition to Rachel's arrival, our gardening team has seen significani change with our ¢xis¢iD8 Head Gardener moving on and one of the other two full time members of the gardening team going on maternity leave. We Ivere very lucky to have Oliver Forrest join us as Head Gardener from a Cambridgeshire eslate. bringing with him 20 plus years of experience: including as head gardener, and to find an excellent junior gardener as maternity cover. Together K4th the other two members of the gardening team and the outstanding band of garden voluntttrs, the gardens have not only been maintained but have been improved and have provided an oulstandin8 backdrop to many of our weddings. The Trust continued to s¢¢ an incre&%e in visitor number& wedding4 and events at Kelmarsh. which resulted in both th¢ Trust's dii'ect income and that generated by KeIma￿h Events exceeding their respective budgets. Nortethele￿ the Trust's expenditure also exceeded budge¢ which resulted in greater than budgeted consolidated deficiL The Trust succeeded in increasing its educational activities including holdlng severnl lecture series and garden related floral workshops. Work both to maintain and improve the Hall was carried out during the year, while across the residential properties, works continued with various new doors installed and n)of repairs being undertaken and work to rebuild and conserve a section of the main Estste wall to the second entrance of Ihe Estat¢ was sympathetically carried out. OBJECTIVES AND ACTIVITIES As set out in the Trust's Articles of Association: The general Objeci of ihe Tnisl is the advancemenl of hisloric and aesiheiic edu¢aliop4 andfor ihepurpose ofcarrying out thth genej'al Objeci ihe primary Objecls ofthe Charity aTe inparÉiculaY.' l. Topi'eservefor ihe benefit of ihe nation momimenls andbuildings ofnaliop7al hisloric or archileeiural or artislic inleresÉ and ipnporlan¢e and io prol£ci al￿ improve ihe ameoilies ofsuch buildings and iheir surroundings.. To preservefor ihe benefil of ihe nalion and as an a4uncl lo ary such buildings as aforesaidpicthres fjnd oiher challels ofnational hisloric or artislic inierest.- 3. Tofacililaie ihe access fo and ihe sthdy and apprecialion ofsuch buildings (and iheir SMrroundings)fvrni(ure, Plclures. andchanels as aforesaidby ihe generalpublic. The Trustees have recently adopted a statement setting out the vision that the Trust should be striving to achieve: To be an oui$landing example ofan Engli3h country house and eslale. li will befyndedby the e31ate ifself visilors, vibranl eiients that creale memorable experiences and suslainable venft4res. Focusing on the Nancy Lancasler era, we willpreserve andshare this hisloric Ireasure, fylfilling our charilable objec1￿$ andenswing li ihrivesforfviure generalions. Page I THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 Kelmarsh Hall is listed as Grdde l in the statutory lists of buildings of architectural and historic interest and the adjoining land is also designated as a Scheduled Ancient Monument (SAM) essential for the protection of the Character and amenities of Kelmarth Hall. The Gardens are also included in English Heritage's Register of Parks and Gardens of Special Historic as Grade Il* The Trust is responsible for the maintenance and preservation of Kelmarsh Hall and the Gardens. Promoting education about the Hall and the Kelmarsh Hall E5tste, its history. and its natural history. It also manages an in-hand fami and surrounding woodlands located on the Estate. Kelmarsh Hall is key to the Trust and takes first priority on fimds. It is maintained in good order externally and internally in a¢cordance with the most recent Quinquennial Buildings Inspection. Beyond its importance as a heritsge 85seL the estate is a traditional Northamptonshire mixed ardble and pasture agricultural estate. The Estafr is largely tenanted supporting famiing lamilies some of which are third generation tenants but also has a numb¢r of let residenlial properties. The income of the Trust arises from the principal funding SoU￿¢S as set out on page 5 in the financial iEvieiv section of the report. Publie Benefit The Trustees are aiyare of the guidance given by the Charity Commission regarding public b¢nefiL The Trust continues to carry out its charitable purposes for the benefit of the public. including working towards greater inclusion of the local wmmunity, supporting volunteering and other fomis of participation, improving access and H'idening the diversity of its audiences. The Trustees, intention is to enhance the visitor experience and to improve the quality of our facilities so Ihat the heritage we care for can be better appreciated. Our aim is to bring life to the Hall and gardens and wider estate as much more than a static museum but interpreting it as a multi-layered historic story providing greater edu￿tIOnal Op￿rtUnIties. We believe that our commitment to public benefit is also strongly demonslrdted throughout this rep)rt. ACHIEVEMENTS AND PERFORMANCE Publie Ac¢ess to the Hall, Gardells and Estate We reopened the Gardens. tear(N)m. and shop to the public from Easter until September as usual for four days a week and the Hall two days a week plus bank holiday5. We had 12,028 visitors to the Hall and garden5, sold 158 season tickets and hosted 25 private group visits, attracting a good cr055 section of the general public. Lots of families with children came to visit the Fairy Walk which is regenerated and added to each spring. Since inthlling the Fairy Walk the spring after the pandemic, we have seen a big increase in family visits and our summer school holiday Fairy Picnic saw 793 young visitors and paTents excitedly enjoying the face paintin& art and wbttery workshops, storytelling and the bubble fairy. Other M'ell attended events included our Jau Night ivith 285 attendees and the Autumn Fair attracting further visitors which showcased a wide variety of stallholders, the Hall and Gardens. Turning to outdoor events, two of our loyal clients (The Kelmarsh Show and Shambala) returned in spring and summer 2024 and we had further new events during the year. Together these events attTacted nearly 35,000 visitors. We hosted 25 iyeddings during the year, 15 cotporate events and functions with 8 few photoshoots and a week of filming using KeIma￿h Hall as the backdi'op for the BBC'S Extraordinary Portrnits with Bill Bailey. These events atlowed a fi]rth¢r 6.000 peopl¢ to experience the Hall and Gardens. The feedback we have received h&8 been amazlngly p)sitive both for the Gardens and for the Hall in which new areas and exhibitions ivere available for exploration. Page 2 THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 Maintenance, repAlr and preservation of the Hall aDd E5tste Buildings The programme of heritage and related maintenance of the Hall and surrounding buildings continues to be given high prioi'ity and is ongoing. Repairs have included significant work to the extemal are&s of the Hall with work undertaken on external painting and mainlenance, clearing guttering and downpipes. Significant restordtion has been completed on the North Lodge Walls, accompanied by the implementation of protective me&sures to address water emsion along the banks. The Vinery has had a much-needed refresh and maintenance work undertaken. Internally, Ihe estates 0￿1CcS have recently benefited from e&8ential upgrades, including redecoration and new flooring. Additional improvements include ftre alam) enhancements. ongoing maintenance of the Oi'angery and Boat House. and repairs to the inlemal lift. ensuring continued accessibility throughout the Hall. The Coachman's Cottage has been refurbished to make the property suitable for use and habitation. Chattels This season, we have continued our "Book of the Month" feature in the library. Each month: a Ix)ok is selected by the research volunleers and promtnently displayed along with an infornlative swnmary. We also have avideo showing the upstairs rooms in the Yellow Room for any visitors who cannot access the Upstai￿ room& The research and archive volunteers have UFthted our chattels folders for ¢ach room, with a brief history on each object, which visitors can have a look through to see if they have a particular interest in any of the paintings or obje¢ts around the rooms. In addition. work continues to document every iÉ¢m in the storage rooms. Having completed the reslornlion of Nancy Lancaster's bedrLK)m and bathroom on the first floor, planning is ongoing to ci'eate a new bedroom on the first floor, this room is curreniIy used for storag& This will enhance the visitor experience and provide something new foi. season pass holders to enjoy. The aim going forward is kj re-create a neiy room each season where possible. We have also been loaned a superb Van Dyck portrait of Henry Rich, l Earl of Holland: me&suring over 2 metres high by l - metres wide. It hangs in the Dinin8 Room and is a magnificent addition to ow wllection of pictures. Gardens and Estate Throughout the year. new planting projects were completed in the gardens, alongside the renewal of path surfaces to enhance the photography opportunities in particular for the wedding bookings. The gardens have received considerable appreciation and positive feedback and on analysing the visitor numbers it is evident that rnany regular visitors come just to see the gardens. In October 2024: our Head Gardener departed. resulting in a tI￿si￿on period during which the gaTdens were expertly maintained by our dedicated gardens team and volunteers. Their efforts were particularly notable during the winter months. as they undeitook 518nificant woi'k to prepare the gardens for reopening. We have since appointed a new Head Gardener, who has already made a notable and positive impact with the support of the team and volunteers. The gardens continue to be well car¢d for. Hedgerows continue to be improved by laying sections and replanling y)me ar￿ where there ivere gaps. Hedge cutting is in line with countryside care, allowing for food for birds during the Mqnter months and safe nesting in the spring. The trees in the QLLeen's Copse planted for Qveen EIizAbeth II Platinum Jubileecontinueto flourish and a 30-metre mixedh¢d8erow was also planted on the fence line of the copse. These are&5 continue to do well. Page 3 THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 Edueation A new Learning and Education Officer has been appointed to further advance our efforts to promote access to the Hall and position Kelmarsh as an edueational destination foT children of all ages as well a5 adults. Through outreach to schools and community groups. we successfully organised a day of educational activilies where children participated in outdoor experiences such as bug hunting and seed planting within the garden5 and woodland areas. We continue to explore outreach possibilities for connecting schools and other organisations with Kelmarsh. We also hold art classes and hosted several popular in-house flower arrdnging days plus Christmas Wreath Making which were extremely w)pular. Volunteers The Trust encourages volunteers from all walks of life (malnly from the local community) to assist in a5 many activities as possible and particularly tr) support the Trust in visitor services {&8 tour guides): in gardening and garden maintenance, in research and cataloguing and in the various biodiversity surveys and recording. Our volunteers support the paid staff in tasks such as visitor meet and greeL school visits. tearnom duties, and archiving. Our Archive Volunteers worked hard to put on our third Heritage Open Day. It was a great success and attracted vAsito￿ who had not been to Kelmarsh before. The Trustees are extremely grateful for the time and efforl given ￿ the Trust by its many dedicated volunteers. FundThising Gi?nts and fundin8 are an important and essential [￿rt of the preservation of the Hall, gardens, and wider estate, and i supporting the Trust's objectives. We will continue lo fundraise and seek support for special and larger capital projects, specifically those relating to iyork on Heritage Assets, including the repair of one of the i¥alls to the Walled Garden where we a150 have a vision of including a sensory gardeTh for thos¢ with sight and Tnobility issues. A special mention and thanks go to the Heritage Fund lor their continued SUp￿rt over recerLt years. We continue to ensure that maintenance of our Basement and Laundry project isreviewed each year to ensure that it ¢ontinues to offer an excellent learning experi¢n¢e and visitor attraction. FINANCIAL REVIEW The Trust continues to face financial pressures as a result of the wider wnomic picture, with continued cost and price increases and pressures on household income impacting the Trust and Events business. Despite this, through sound fiTJancial management. plannin8 and supervision, along with the earlier support of grant funding and the wmmitment of key management: we have achieved a positive outcome for ihe year. Throughout this perioiL we have laken a prudent and loiv risk approach to budgeting and risk management to ensure sustainability and future viability. Flnanclal performallte position The total income for the year increased to £1.339.930, which. after deducting expenditure of £1,301,459 generated net income of £38,471, an increase over the 2024 results whieh generated net income 01£22.064. The Trust's subsidiary. Kelmarsh Events, made a net profit of £179.865. an increase on the 2024 profjt generated of £170.062. Annual profits from Kelmarsh Events are gift-aided to the Trust and these are incorporated in the above results. Total net &8sets of th¢ Trust and Kelmarsh Events at 31 March 2025 increased by £3,879,52i from £29:958,523 to £33,838,048. This 15 mainly represented by an increase in the values of fixed assets as shown in the Balance Sheets on pages 17 to 20. The total funds include £33,250,472 which are fixed &ssets. such as Kelmarsh Hall itself, and can only be realised by way of disposing of them. Page 4 THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 Investment performance The income from financial inV￿c￿ts achieved was £50.337. an increase on last year's inwme of £47299 and was in line with expectations and objectives seL There were no realised invesknent gains or losses during theye8r. The financial inveslments slK)wed unr¢alised inveslment gains of £31,054 for the year (2024.. losses of £13.680). Investment properties wer¢ revalued in the year r&sulting in the revaluation gain increasing to £3,810,OLM) (2024: £2,170,000). Gross income from investment properties increased to £489,688 from £472,467 which after management, repairs and maintenance costs of £233,092, an increase of £6.805 over l&st year, contributed nel income for the year of £256,596, an increase over last year's net income of £246,180. No additions or disposals of inveslmenl properties took place during the.year. Principal Funding Sources The principal funding sourc&8 comprise. Income from freehold investment properties and f8rn) tenancies Investmetit income Donations and grants Vlsitor admissions income Commercial trading operations (received via Kelmarsh Events) Income from the windfa Investment Policy Financial inveslmen¢s We pursue a policy that provides a reasonable income for our ￿rrent purp)ses and enhanees income and capital growth over the longer temi, thereby enabling us to meet our CUTrent and fvture objectives. It is the Trustees, policy to use the income derived from these inv¢stments and not to dispose of them unless a better return can be generated from investing the proceeds of sale in other assets. A specialist UK investment manager oversees the investment portfolios. The Tnjstees require the investment manager to pay attention to the standard investment criteri4 namely the suitability of the class of investment and the need for diversification insofar as it is appropriate to the circumstances of the Tn￿t. Our approach to responsible investments, extends to the Environmental, Social and Governance (ESG) specifications adopted by the investment manager with specific exclusions. The Trustees monitor these investments by receiving quarterly slatements from the inve51ment manager showing the movement in capital value and the income received from investments under management 88 well as an annual update from the investment manager given at a meeting with them. Page S THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 Invesimenlproperlies The Trustees employ PD)fessional farm and pn)perty rnanagemenl ag￿ts to oversee maintenance and ensure the best returns from farn) and let property rents. The Trust is actively undertsking repairs and upgrades where it can to the let residential pmperties to ensure compliance ￿'1th approved EPC guidelines, including intrmal insulation and roof restordtion. Although substantial pro8ress has been achieved, these improvements involve significant expenditure and are further complicated by existing tenancies. The Estate fortunately has a limited turnover of tenants, but this restricts the Trust's ability to improve the let properties which are below th¢ EPC guidelines, as pn)perties generally have to beeome vacant in order for the necessary MDrk to be carried out. This programme is expected to continue over the coming years. Reserves Policy The key reserves policy of the Trustees is to relain a level of reserves which will provide a stable base for the Trust's continuing activities and to enable the Trusl to adjust to any significant change to resources through Ix)th known and unplanned events, whilst ensuring that excessive funds are not accumulated. The nature of th¢ assets of the Trust are such that high levels of expenditure can be incurred in both the short terni and long temi which necessitates having ac¢e5S to liquid funds to cover eventualities. Therefore. the Trustees aim to identify, and set aside &s designated fwids. a level of funds to meet specific pmjects (including the ongoing EPC requirements on let properties) and for essential maint¢nan¢e of Heritage Assets within the foreseeable future. The Trustees have establishd a tx)licy whereby the unrestricted funds not designated for specific purp)ses or invested in tangible fixed assets should be betweerj three and six months of the total expenditure on raising funds and essential charitable activities and governance costs ("running costs.). At 31 March 2025 these reserves amounted to £227.575 which repTesents just over three months, expenditure on the running costs. The Trustees consider that this meets the reserves p)licy outlined above. Rlsk Management The Trustees regularly identify and review the major risks to which the TNst could be exwised: and procedures have been established to manage those risks. In particular the T￿￿te¢S have adopted arisk management policy.. which addresses the major governanc4 operdtional. financial, reputational, legal and regulatory risks which might impa¢t upon the core purposes and key objectives of the Trust. This builds on and complements existing risk management procedures in many aspects of the Trust's work in such areas as financial management. health and s&fety, fire and security and disaster planning a￿angements to protect pmpety, staff and visitors. It is forma]ised in a risk register which is reviewed annually by the Trustees and monitored by the management team, this is circulated at each Trustw. meeting. More specifically there is a fomlal contract with our appointed Health & Safety consultsnt lo provide advice (including regular visits) on health and safety issues covering the Hall. Gardens, and wider Estste. There are also maint¢nance/service contracts coveiing not only plant and machinery but also fire extinguishers, fire and intruder alanns. Where neceswy staff are updated on these issues and reF¥)rts made to the Trustees by the General Manager l Estate Director. The Trustees are conscious of the need to keep up to date on Charity Commission and other legal and regulatory developments and changes in order to protect the Trust. Page 6 THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 PLANS FOR THE FUTURE The Trustees and management team are always alert to changing markets and 2024 saw a continued increase in interest particularly from potential corporate clients. However, we are aware that we opeTate in a very competitive market and continue to revise our offerings to accommodate clients and visitors. A5 a charitable Trust relying on outsourced commodities such &8 catering, we must select our service providers carefully to compete in the event business. The Kelrnarsh Events board meets quarterly and together with a very capabl¢ management team who are continually aware of the changing markets, review new possibilities and are keen to ty a variety of events and activities which will keep Kelmarsh in public focus as an interesting venue- for events and for heritsgelrecreation visitors. The wedding and co[￿)rate event market is making a steady recovery, and we have taken on SEO to intensify our social media. We have suc¢eed¢d in holding our own by marketing Kelmarsh as a beautiful and flexible venue which listens to what clients want to ensure a successful event and we will continue to do this. Kelmarsh has evolved into 8 venue that knows what it is good at. We have considered variou5 Qptions relating to the wedding rn￿"ket by research and listening to what clients want. This ha5 given us the confidence to focus on our strong wints whilst being ever detemiined not to undermine our key Toles of access. conservation, and education. Our future plans continue to promo* appreciation and enjoyment of the heritsge of the Ha]1 and Gardens. As we move forward Trustees are aware of the prassures outside of this historic propety. World affairs at)d wars together with national and local even15 have had a significant impact on to how people choose to spend their free time and money. Nevertheless, we believe we have all the right pern)nnel. including Twstee& staff and an ever-increasing number of supportive volunteers to enhance the experience and tncr&qsed number of Visito￿ and clients. One of the key challenges is to ensure that the Tru* h85 the fi]nding needed to achieve the recently adopted vision, including generating additional sources of income to provide certainty of funding on a year-on-year basis to enable ihe Trust to focus on achieving other parts of the vision. This 15 a key fo￿3 for the TrusL P8ge 7 THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMEIYT Governing document The Trnst is governed by its Articles of Association. which sets out its Objects, as detailed on page l and which are supported by its vision ststement also set out on page l. Subsidiiry Compally The Trust's wholly owned subsidiary, Kelmarsh Events, is a trading company which carries, on the commercial activities of the Estate, and which considers the opwrtunities: direction, risks and yields of existing and potential commercial business. Under a formal agreement the profits of this company are donated under Gift Aid arrangements lo the Trust. Kelmarsh Events has its own Ix)ard of Directors and operates under a collaboration agreementiwith the Trust. The EKJard meets at least four times a year and consists of James Lancaster (Trustee), Richard Flenley, Christopher Greville-Heygate and Caroline Brocklehurst. Meetings are also attended by the Trust s management team, managethent accountant and land agents. Organisational Structure 4nd Decision Making The Articles of Association pmvide for a minimum of three and, up to a maximum of, twelve trustees. At the date of this report there are 9 Trustees. The management of the businw and control of the Trust is vested in the Trustees. as directors of the Ti￿St. The Trustees are responsible for ensuring the delivery of the TNst's objects, setting the strategic direction and making decisions on significant issues and for upholding the values of the Tnjst. The Trustees nonrially meet four times a year. but visits also occur throughout the year. In addition, regular reports are made to the Truslees by both the Trust's Finance Committee and Kelmw3h Events. The Trustees delegate day-to4ay management of the Trust to the Generdl Manager l Estate Director iwho is in regular contact, at least weekly, with the Chairnian whilst updating all Trustees on significanl matter5. The Trustees also periodically walk around the Hall and Gardens durin8 the year and mak¢ an annual tour of the Estate including woodlands. farms and properties. Rtcruitmellt, Appolntmen( Indurtion and Trainlng of Trus¢ees The Trustees continually consider the need for new tNstees: Ix)th to allow for the natural rotation of Trustees. ternis and to respond to any skills gaps or opportunities for candidates with particular skills to offer. The Trustee5 take aw)unt of Charity Commission guidelines and ihe Charity Governance Code for larger charilies in considering trustee recruilment and seek to have a proper diversity of Trustees who will improve continually the Trust's governance as well as working tOW￿d5 the objeclives and activities showj on page 3. The indudion of new Trustees is undertaken by the existing Trustees and the General Manager / Estate Director. They receive a Trustee manual and induction p￿k which includes constitution documents and current accounts and other financial infomation. Training is provided Fx)th to new and current Trustees as appropriate. In accordance with the Articles of Association Trustees may serve for up kn three ternis of three years each. They are then eligible for re-election on an annual basis for a maximum of three ￿rther one-year terms. Related Parties Delails of related partles. includlng Trustees. and transactions with them set out in note 35 to the financial ststements. Staff Rernuneration The remuneralion of key slaff is regularly reviewed and agre￿ by the Tn￿CeS after. where appropriate, discussions with the General Manager / Estate Director. Page 8 THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMJNISTRA TIVE DETAIiS The Kelmar5h Trust is a ¢ompany limited by guarantee and is a registered charity. For the purp)se of charity law, the trustees are directors of the Trust and throughout this reFOrt are ￿lleCtive]Y refeffed to as Trustees. The Trustees are also memberJ of the Trust. In the event of the Trust being wound up the liability of each m¢mber under the guarantee is limited to £1. Reglstered Company llumber 01672106 (Englatid and Wales) Registered Charity number 295154 Registered offiee Kelmarsh Hall Kelmarsh Northampton Northamptonshire NN6 9LY Trustees MT Oliver Brookshaw {Chaimion) Hon Mrs Emily Anderson Mrs Caroline Brocklehurst Mr Christopher Greville-Heygate Dr Robert Haughne), Mr Ri¢hard King (resigned 1111212024) Mr James Lancaster Mr Andrew Poiver (appointed 1110612025) Mr Stuart Richmond-walson Mr Mark Wilkinson Estate Director and Company Secretary Mi55 Rachel Halley Senlor Statutory Auditor Mr Phillip Bott FCA Auditors Mark J Rees LLP Chartered Accounlants and Statutory Auditor Granville Hall Granville Road Leicester Le1ceS￿rSh]re LEI 7RU Page 9 THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATtVE DETAILS Investmellt Managers M & G Securities Limited PO Box 9038 Chelrnsford CM99 2XF Land Agent Howkins & Harrison LLP 7- 1 l Albert Street Rugby CV212RX Page 10 THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 STA TEMENT OF TRUSTEES. RESPONSIBJLtTIES The Trusfres (who are also the d&rectors of The Kelmarsh Trnst for the PUTW)ses of o)mpany law) are resw>nsible for prepating the Report of the Trustees and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢￿PIed Accounting Practice). Company law requires the Trustees to prepare financial stateJneThts for each financial year which give a true and fair view of the state of affairs of the ¢haritabl¢ Company and of the incoming resources and app]i￿li0n of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required select suitable accounting wlicies and ihen apply them consislently. observe the metho(ts and principles in the Statement of Recommended Practice for Charities (FRS102)' make Judg￿nents and estimate5 that are reasonable and prudenL prepare the financial statements on the going concern b&8is unle&s it is inappropriate to presume that the charitable mpany will continue in business. The Trustees are responsible for keeping proper a¢￿untIng records which disclose i¥ith reasonable accuracy at any time the fin3ncia] position of the charitable company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of frnud and other iryularities. So far as the Trustees are aware: there is no relevant audit infomiation of which the group's auditors are unaivare- and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and io ¢stablish that the group's auditors are aware of that inforniation. This report ha5 b¢¢n prepared in accordance with the Special provisions of Part 15 of the Companies Act 2006 relating to small companies. Report of the Truslees approved by order of the board of Tntstees, in their capacity as directors of the Trus¢ on ..UJ.I ?.12Q25 and signed on behalf of the Trustees by: Oliver Brookshaw- Chaimian of Trustees Page 11 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE KELMARSH TRUST Opinion We have audited the financial statements of The Kelmarsh Trust (the 'parent charitable company,) and its subsidiaries (the 'group""} for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance SheeL Company Balance Sheel the Consolidated Cash Floiv Statement and notes lo the financial statemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their pitparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prnctice). In our opinion the financial statements: give a true and fair view of the slate of the group.s and ol the parent charitable company's affairs as at 31 Ma￿h 2025 znd of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance M'ith United Kingdom GeneJ711y Accepted A￿unting Practice. and have been prepared in accordance ivlth the requirements of the Companies Act 2006. Basis for oplnion We ¢ondu¢ted our audit in accordance with International Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under th05e standards are further described in the Auditor5, responsibilities for the audit of the fffinancial statements section of our report. We are independenl of the group in accordance iyith the ethical requirements that are relevant to our audit of th¢ financial statements in the UK, includtng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relgting to going eolleern In auditing the financial statements: we have concluded that the trustees, use ofthe going ￿nCern basis of accounting in the preFdration of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions thal individumlly or collectively, may ¢asi si8nifiw)t doubt on the group's abilit)i to continue as a going concern for a period of at least twelve months from when the financial st3ternents are authorised for issu Our responsibilities and the responsibilities ofthe Trustees with respect to going concern are described in the relevant sections of this rewjrt. Other information The Trustees are responsible for the other inforn)ation. The other inforniation ￿mpriseS the infrirniation included in the Annual Repor¢ other than the financial slatements and our Rep)rt of the Independent Audito￿ thereon. Our opinion on the financial statements does not cover the other inforniation aniL except to the extent otherwise explicitly stated in our reporL we do not express any form of ￿UranCe conclusion thereon. In connection with our audit of the financial statementy our responsibility is to read the other infornialion and, in doing so. consider whether the other infornmtion is materially inconsistent with the financial ststem¢nts or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, w¢ are required to determine whether this gives rise to a material misstatement in the financial statements Ihemselve5. If, based on the work we have perfOrnI￿ we Conclude that there is a material misslatement of this other inforniation, we are required to report that facL We have nothing to report in this regard. Opfinions on other matters prfscrib¢d by th¢ Companies Act 21K16 In our opinion, b&8ed on the WO￿ undertsken in the course of the audit: the information given in the Report of the Trustee5 for the financial year for which the financial slalements are prepared is consistent with the financial statements" and the Report of the Tn￿e¢S has been prepared in accordance with applicable legal requirements. Page 12 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE KILMARSH TRUST MAtters on which Ive are required to report by eiception In the light of the knowledge and understanding of the group and ol the parent charitable company and its environment obtained in the course of the audiL we have not identified material miss(at￿nents in the Report of the Trustees. We have nothing to rew>rt in respect of the following matters where the Companie5 Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept or relurns adequate for our audit have not been received from branches not Vi5jted by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remunerdtion specified by law are not mad< or we have not received all the information and explanations we require for our audiL Responsibilities of Trustees As explained more fully in the Statement of Trustees. R￿ponsIbIlitIe% the trustees (who are also the directors of thecharitable company for the purFK)ses of company law) are resw)n5ible for the prq)aration of the financial statements and for being satisfied that they giv¢ a true and fair view, and lor such inlernal control as the trustees deterniine is nece￿ary to enable the preparation orfmancial stalements that are free from material misslatemenL whether due to fraud or error. In preparing the financial statement& the Trustees are responsible for assessing the group'5 and parent charitable company's ability to continue as a going concern: disclosing. &8 applicabl4 matters related to going concern and using the goin8 COti¢ern basis of accounting unless the tNstees either inlend to liquidate the charitable company or to ¢ease operations, or have no realistic alternative but to do so. Our responsibilities for the audit ofthe financial stgtements Our objectives are to obtain reasonable assurance aiN)ut whether the fjnancial statements as a whole are free from material misstatemen¢ whether due lo fraud ¢)r error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guardntee that an audit conducted in accordance ivith ISAS (UK) will always detect a material misstatementwhen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in ihe aggregate, they could rewnably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularitie& including fraud. are instances of nonrycornpliance with laws and regulations. We design procedures in line with our responsibilities. outlined aknve. to detect material misstatements in respe¢l of irregularities, including fraud. Owing to the inherent limitations of an audit. there is an unavoidable risk that materi31 misstatements in the financial ￿alements may not be detected, even though the audit is properly planned and performed in accordance with ISA'S (UK). The extent to which our procedur¢5 are capable of detecting Irregulariti￿ including frou(L is detailed below. We obtained an understsnding of the legal and regulatory frdmeworks applicable to the group and io the parent charitable company and the sector in wthich it operates ihrough our generdl commercial experience and existing knowledge of the charitsble sector. We delemiined that the following laws and regulations i¥ere most significant= Charities SORP (FRS 102), FRS 102. Companies Act 2006 and the relevant t&x compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an impact in the detennination of the amounts and disclosures in the financial sla(ements such &8 health and safety and employee relat&J matters. We enquired of management concerning the group's and parent charitable company's policies and ptt)cedures relating to: The identifi¢ation and compliance with laws and regulations The detection and response to the risks of fraud The internal controls within the charitsble (y)mpany to mitigate fraud risk and non compliance to laws and regulations We enquired of managemenL whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud. Page 13 REPORT OF THE INDEPENDEKf AUDITORS TO THE MEMBERS OF THE KELMARSH TRUST We communicated relevant laivs and regulations and w)tential areas of fraud to all audit team members including the potential for fraud in revenue recognition. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audiL We have detennined that the principa] risk areas ivhere material irregularities could occur were related to posting manual journal enlries to manipulate finaneial perfomiance, revenue recognition and significant one- off or unusual transactions. Our audit procedures were designed to respond in particular to these identified risks (including non-compliance with laws and regulations and fraud). Our audit procedures included but were not limited to-. A review of a sample of bookings received in the year to ensure these correctly recorded in revenue and detailed cut off t¢sting around the year end to ensure revenue is colyectly recognised. A review of a sample of grants received in the y¢8r to ensure they were CO￿ectlY recorded in revenue and correctly r¢¢o8nised in line the conditions attached to each granL A review of laws and regulations the company is subject to, being specifically food and hygiene and health and safety. followed by compliance checks and discussion with management to ensuTe no instances of non-cornpliance. Addressing th¢ risks of fraud through management OVaTide of controls by perforn]ing a journal enty test. We did not identify any matters during the course of our work that indicated non*ompliance with laws and regulations or relating to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reportiiig Council'5 Ivebsite at www.frc.org.uklauditorsresponsibilities. This description fomis part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitab.le company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slale lo the chari¢able company's membei's those matters we are required to slale to them in an auditorg report and for no other purry)se. To the fullest extent pennitted by law, ive do not accept or assume responsibility to anyone other than the charitablewmpany and the charitable company's members as a body, for our audit work: for this reporL or for the opinions we have fonned. .) P+ LUP Mr P Bott FCA (Senior Statutory Auditor) foy and on behalf of Mark J Rees LLP Chartered A¢counlants. Ststutory Auditor Granville Hall Granville Road Leicesler LeI￿tershIre LEI 7RU Date.. ..%*. lJ.21 Zc)2S Page 14 THE KELMARSH TRUST CONSOLIDATED STATEMENf OF FINANCIAL ACTIVITIES (INCORPORATll¥lG AN INCOME AIYD EXPENDITURE Accouiyr) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds Restricted nds Endoiwnent funds 2025 Total funds 2024 Total funds Notes JNCOMING RESOURCES Voluntary Income 213J49 213J49 9.770 CharitAble aetiviiles Preservation Commercial trading operations Investment income Other in¢ome 116,505 332,110 $53,971 123,995 116505 332,110 553971 123,995 117.930 304,172 522,940 125,045 Total lJ39.930 lJ39930 1,079,857 EXPENDITURE ON Raising fullds Commercial trdding activiti&8 Investment management & property maintenance costs 152245 152245 134,110 233,1194 233,094 226,287 Charitable activities Preservation Governance costs 872,P)2 31,8119 11519 884Jll 31,809 669,530 27,866 8&9 Total 1289 940 li 19 1057,793 Incomfing Yesourees less expendfiture 49,990 (11.519) 38.471 22,064 Net gain51(10sses) on Investments 10 581,054 3260JIOO 3.841,054 2,156.320 NET INCOMEI{EXPENDITURE) 631.044 {11.519) 3260,0(10 3,879,525 2,178,384 3l& 32 TrAnsfers between fvnds Net movemellt in funds 631.044 (11520) 3260,1)00 3079525 2,178,384 RECONCILIATION OF FUNDS Totsl fund5 brought forward 11,065,709 1211907 17,680,907 29.958,523 27.780,139 TOTAL FUNDS CARRIED FORWARD 11,696,753 1200J88 20,940,907 33,838,048 29,958,523 The notes form part of these fmancial statements Page 15 THE KELMARSH TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 (CONTINUED) CONTINUING OPERA TIONS The consolidated Stalernent of Financial Activities includes all gains and losses recognised in the yeaT and previous years. All incoming resources and resources expended derive from continuing activities. The notes forni part of these financial statements Page 16 THE KELMARSH TRUST CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025 2025 Total fund5 Unrestricted funds Restricted funds EDdowment funds 2024 Total funds Notes FIXED A&SETS Tangible assets Hei'itage assets Investments Investment properties 16 17 18 19 125283 lJ27.770 856.124 00,000 117,433 1.082,955 242,716 3,171,632 856,124 28,980,000 254,139 3,171,632 825,070 25.170,000 760.907 20,180,000 11,109,177 131)OJ88 20,940.907 33350,472 29.420.841 CURRENT ASSETS Stocks Debtors.. amounts falling du¢ within one year Investments Cash at bank and in hand 20 33,653 33,653 28,569 22 24 180,752 188,738 525,413 180,752 188,738 525,413 198,522 624,472 928,556 851,563 CREDITORS Amounts falling due within one year 25 {340980) (340J80} (313,881) NET CURRENT ASSETS 587576 S87￿76 537 682 TOTAL ASSETS LESS CURRENT LIABILITIES J 1,696,7S3 1200J88 20,940,907 33038,IM8 29,958,523 CREDITORS Amounts falling due after more than one year NET ASSETS 11,696,753 1200J88 20940,907 33,838,048 29,958 523 The notes forni part of these financial statements Page 17 THE KELMARSH TRUST CONSOLIDATED BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 ￿￿ARCH 2025 2025 Total runds Unrestricted funds Restricted funds Endowment funds 2024 Total Funds Notes 31 FUNDS Unrestricted general fund5 Unrestricted fair value reserve Designated funds Restricted funds Endowment funds Bndowment fair value reserve 3,704,915 7,631,838 3,704,915 7,631,838 360,000 1300,388 1,751,783 19,189,124 3,730,371 7.081,838 253,500 1.211,907 1,751,783 15,929,124 1,200J88 1,751,783 19,189,124 TOTAL FUNDS 11,696,753 0388 20,940,907 33,838,IM8 29 958 523 These financial statements have been prepara in a¢cordanee with the special provisions of Part 15 of the Companies Act 2006 relating to small Charitable companies. approved by the Board of Tn￿te¢S on ...2sJi21￿... and were signed on its behalf by: The financial ststements w Oliver Brookshaw- Chairnian of Trustees The notes fonn part of these financial statements Page 18 THE KELMARSH TRUST COMPANY BALANCE SHEET 31 MARCH 2025 2025 Total funds Unrestricted funds Restrithd funds Endowment fund5 2024 Total fund8 Notes FIXED ASSETS Tangible assets Heritage assets Investments Inveslment properties 16 17 18 19 125284 lJ27,770 857,124 8,81)0.01)o 117,432 1,082gSS 242,716 3,171,632 857,124 28,980,000 254,139 3,171,632 826,070 25.170,000 760.907 20,180,000 11.110,178 1200J87 20,940,907 33,251,472 29,421,841 CURRENT ASSETS Stocks Debtors.. amounts falling due within one year Investments Cash at bank and in hand 21 23,558 23,558 20,329 23 24 248224 188.738 319057 248,224 188,738 319057 282,879 462,877 780J77 780J77 766.085 CREDITORS Amounts fallin8 due within one year 26 (21)0,652) {200ffj52) (236,253) NET CURRENT ASSETS 579,725 579,725 529.832 TOTAL ASSETS LESS CURRENT LIABILITIES 11,689,903 1200J87 20940,907 33,831,197 29,951,673 CIiEDITORS Amounts falling due after more than one year NET ASSETS 11,689 903 1200 33,831,197 29,951,673 The notes forni part of these financial statements Page 19 THE KELMARSH TRUST COMPANY BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds Unrestricted funds Restricted funds Endomrynent funds 2024 Total futids Notes FUNDS Unrestricted general funds Unrestillcted fair value reserve Designat¢d funds Restricted funds Endowment funds Endowment fair value reserve 3,698,065 7,631,838 360,IM)O 3,698,065 7,631,838 360,000 1,200,387 1,751,783 19,189,124 3,723,521 7,081,838 253,500 1,211,907 1,751,783 15.929,124 13OOJ87 1.751,783 19,189,124 TOTAL FUNDS 20 940,907 11.689,903 ￿0￿j87 ￿ 33,831,197 29,951,673 Charitable company's surplus (deficit) for the financial year 3,879,526 2,178.384 These financial statements have been prepared in accordance wlth the special provisions of Part 15 of the Companies Act 2006 relatiT)g to Wnall charitable eompanies. The financial statements were approved by the Board of Trustees on ... &J.12120?s . and ivere signed on its behalf by.. Oliver Brookshaw- Chairman of Trustees The notes fom) part of these financial statements Page 20 THE KELMARSH TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from openting attivKttes Cash generated Irom operdtions Interest element of hire purchase payments paid Finance costs paid 128J53 (167) (1,022) (79,856) (792) (1,188) Net cash provided by/(used in) operating aetivities 127 164 Cash flows fnim investing ¥etivities Purchase of tangible fixed assets Purchase of current &wt Anv&stments Interest received Dividends received {20.484) (188,738) 13,946 50J37 (5,539) 3,174 47.299 Net ¢a5h provided by investin8 activities Cash nows from financing 4¢tivitie5 Capital repayments in year Repayment of other borrowings Net cash provided byl(used in) financing activiti¢s (1284) (80,(KJO) (5.137) 81284 Change in cash and cash equivalents in the reportiDg period Cash and cash equivalents at the beginning oftbe reporting period Cash and cash equivalents at ibe end of the reporting period {99,059) 624A72 (42.039) 666.511 525,413 624 472 The notes fonn part of these financial statements Page21 THE KELMARSH TRUST NOTES TO THE CONSOLIDATED CASH FLOW STATEMENr FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATINC ACTIVITIES 2025 2024 Net ineome for the reporting period (as per the Ststtment of Finanei*l Activities) Adjustmenls for: Depr¢¢iation charges {Gain)lioss on investments Interest received Inlerest element of hire purchase and finance le&se rental payments Finance costs 3,879525 2,178,384 31907 (3041,054) {13.946) 167 33.482 {2.156,320} 13.174) 792 J,022 (SOJ37) (5,083) 17,770 108J82 1,188 (47,299) 3,581 {64,244) (26,246) Dividends received (Increaseydeere&8e in stocks (In¢rease)Idecrease in debtors Increase/(decrease) in credito Net eAsh provided byl(used in) operatitins 128J53 79,856 ANALYSIS OF CHANGES IN NET FUNDS Other non-c4sh thanges At 31.03.25 At 1.424 Cash flow Net Cash Cash at bank 624,472 (99,059) 525,413 624,472 99,059 52S,413 Debt Hire purchase Loan - Miss Lan￿terf5 1994 Charitsble Trust (1284) 1284 (80JIOO) 80,000 81284) 81384 Total 543,188 17,775 525,413 Page 22 continued... THE KELMARSH TRUST NOTES TO THE FJNANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of preparing the finaneial statements The financial statemenls olthe group and charitable company, have been prepared in accordance with the Charities SORP (FRS 102)'Accounting and Rewrting by Charities: Swementof Recommended Practice applicable to charities preparing their accounts in accordance the Financial ReFK)rting Standard applicable in the UK and Republic of Ireland (FRS 102) (effedive l January 2019),, the Financial Reporting Stsndard 102 The Financial Reporting Siandgrd applicable in the UK and Republic of Jreland,. The charitable company is a public benefit entity as defined under FRS 102. The financial statements have been prepared under the historical cost eonvention with the exception of investments M'hich are included at market value, as modified by the revaluation of cerlain a&sets. Status of company The Trust is a company limited by guarantee and does not have any share capithl (Company regislered number 01672106, charity registered number 295154). The liability of the membets is limited but shall not exceed £1. Significant Judgements and estimates There were no area5 in which the Preparalion of the financial statements required management lo make significant judgements or estimates. Basis of consolidation The consolidated accounts incorporate the results for the year ended 31 March 2025 of theTrust and Kelmarsh Events, its wholly owned subsidiary. Ivhich have been included on a line by line basis. As pennitted by Section 408 of the Companies Act 2006. the Trust has nol presented its own income and expenditure account in addition to the on501idated income and expenditure aw)unt. Income All income is recognised in the Statement of Financial Activities once the Trust has entiilement to the fund4 it is probable that the ineome will be received and th¢ amount can be me&sured reliably. The following specific policies are applied to particular Categori￿ of in￿me. Volunlary income is Teceived by way of donations and gifts and is included in fvll in the Statement of Financial Activities when receivable. Investment income from rents relating to inveslment propety is included on an accruals basis. Rental income arising from the rental of the Hall is included on an accruals b&sis under preservation income. Listed investment income is included when receivable and interest receivable is a￿OUnted for on an accruals basis. Grant income is credited in the period to whi¢h it relates. Grant inc(Ime is included as in¢oming r¢sour¢es from charitable activities when these amount to a Contract for service& but&8 voluntary income where they have been given with greater freedom of use. Incoming resources from activities forgenerating funds and charilable trading aclivities are accounted for when earned and stated net of value ￿ded tax. Expenditure Liabilities are recognised as ¢xp¢nditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can k measured reliably. Exp￿ditUre is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be dir￿e]Y attributed to particular headings they have been allocated to activities on a b&%is conslstent with the use of resources. Poge 23 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDED 31 MARCH 2025 ACCOUNTING POLICIES- eontinued Expenditure- Continued Costs of activities lo generdte funds comprise those costs directly attributsble to investment management activities and the costs of Kelmarsh Events. Investment management Costs comprise those costs directly attributable to the management and maintenance of fixed asset propertiek Charitable expenditure comprises those costs incurred by the Trust in the delivery of its objectives. It includes those cosls which can be allocated directly to such activities aThd those costs of an indirect nature necessary to support them. Governance costs include those wsts associated meeting the constitutiona] and statulory rquirements of the Trust and include the audit and cost linked to the strategic m8n3gernent of the charity. Allocation and apportionment of eosts All eosts are allocated bettveen the expenditure categories of the Ststrment of Financial Activities on a basis designed to reflect the use of the r¢sour¢e. Costs relating to a particular activity areallocat¢d directiy,other costs are apportioned on the basis of the proportion of dir￿1 expenditure. Tangible filed assets Depreciation is provided ai the following annual rdtes in order to ivrite off each asset over its estimated useful life or, if held under a finance leas4 over the1￿Se terni, whichever is the shorter. Drainage works Plant and machinery Fixtures and fittings mO￿r vehicles Office equiptnent 5Yo on reducing b&lance 25•/• on reducing balance 250/0 on reducing balance 250/0 on reducing balance 250/0 on reducin8 balance All tangible fixed a&sets costing £l.000 or more are capitalised and included at ￿St. Fixed assets are reviewed for impairn)ent if events or changes in circumstances indicate that the carryiiig amount may not be recoverable or &8 otheNise required by relevant accounting standards. Shortfalls between the canying value orrixed wets and their recoverable amounts. being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impaimients of revalued assets are treated as a revaluation decrease. All other impairnient lo&ses are re￿gnIsed in the income statemenL Heritage assets Freehold land and buildings included in heritsge assets comprise Kelmarsh Hall which is listed as Grade l in the statutory lists of buildings of architectural and historic interesL together with adjoining land which is also essential for the protection of the character and amenities of Kelmarsh Hall. Heritage assets are included at cosL with the exception of freehold land and buildings transferred to the Tru￿ by the Executors of Colonel CG Lancaster and by the Executors of Miss CV Lancaster. whith are included at probale values at the dates of transfer. No depreciation is charged on these assets as they are considered to have an indefinitely long useful life. Expenditure on the conservation and preservation of Kelmarsh Hall is charged to unrestricted funds when it 15 incurred. Page 24 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMEiYfs - continued FOR THE YEAR EL¥DED 31 MARCH 2025 ACCOUNTING POLICIES - continued Fixed asset investments Investment properties are shown at most recent valuation. Any aggregate 5Utplus or deficit arising from changes in market value is transferred to a fair value reserve. Listed investments quoted on a recognised stock exchange are stated at market value at the year end. Their original cost is shown as a note. Freehold investmenÉ properties are valued at least every five years and included at mwket value at the date of valuation. Their original cost is shown as a note. All gains and losses on revaluations and disposals are taken to the Income and Expenditure accounL Other investments are shoivn at cost less amounts written off. All gatns and losses on revaluations and disposals are taken to the Income and Expenditure accounL Stocks Stocks comprise farm stocks and have been valued at the lower of cost and net realisable value. Cost is calculated using the FIFO (first-in. fir5t•OUt) rnethod. Provision is made for obsolele, slow-movin8 or defective items whei appiDpi-iate. Tax#tlon The charity is exempt from corw)ration t&x on its charitsble activitie5. Fulld 2ceountlng Unrestricted aThd designated funds can be used in accordance ivith the charitable objectives at the discretion of the trustees. They include a revaluation reserve repr¢5enting the restatement of investment assets at market rates. The Endowment Fund5 are repre5eThted by freehold land and buildings and investment properties tran5fetTed to the charity by the Executors of Colonel CG Lancaster on the direction of Miss CV Lancaster, the ben¢fa¢tress at the commencement of The Kelmarsh TrusL less the value of the land lost in respect of the compulsory purch&se by the Department of Trdll5POrt of land relating to the A14 Link Road. Restricted funds can only be used for particular restricted purp)ses within the objects of the TNst. Restrictions Arise when specified by the donor or when funds are raised for particular restrictrd purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial slalements. Hire pur¢h*se and leaslng eommitments Assets obtained under hire pU￿haSe contracts or finance leases are capitalised in the balance sheet. Those held under hire pureh&8e contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their useful lives or the lease t¢rnL whichever is shorter. The interest element of these obligations is charged to the stalement of financial activiti￿ ov¢r the relevant period. The capital element of the fvwre payments is treated as a liability. Pension costs ond other posl-retiremeDt benefits The charitable company operdtes a defined contribution pension scheme. Contributions payable to the Trust's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Pa8¢ 25 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 Accouf4TING POLICIES- continmed Going coneer After reviewing the Trusvs forecasts and projections. the Trustees have a reasonable expectation that the Trust has adequ&te r¢sour¢e5 to continue in operational existence for the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparing its consolidated flnancial statements. VOLUIYTARY INCOME- GROUP AND COMPANY 2025 2024 Unra5trided funds Restricted Funds End0%￿lent funds Tot#1 funds Total funds Donations 207J36 6,013 207J36 6,013 3.094 6.676 Grants 213J49 213J49 Donations received, and included in the alM)ve, are as follows: 2025 2024 DonAtions Miss CV LancasL¢￿S 1994 Charitsble Trust 2,674 21)0.000 4,662 3,094 John & Janet Lancaster legacy Other 207J36 3.094 Grants receive￿ and included in the abov4 are as follows: 2025 2024 Grants Renewable Heating Incentive 6,013 6,676 6,013 6,676 Page 26 ontinued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 INVESTMENT INCOME-GROUP AND COMPANY 2025 2024 Unrestricted funds Restricted fund5 Endomment fun(ts Total funds Total furLds Rent receivable Listrd investment income 489,688 489,688 472,467 50 J37 13,946 50,337 13946 47299 3.174 Interest receivable 553 553,971 522.940 INCOME FROM CHARITABLE ACTivrfiES- GROUP AND COMPANY 2025 2024 Preservation Pre5eTvation Rent receivable Visitor admissions, teas and sundry sales Livestock and faTm sal&% Agricultural grants and subsidies Wayleaves and coM￿nS￿tion 31,580 56,735 5,744 20,661 1,785 29.600 54,464 15,115 17,014 1,737 116505 117930 OTHER INCOME- GROUP AND COMPANY 2025 2024 Windfami rent, compensation and contribution to W5ts 123,9 125,045 12339S 125,045 KELMARSH EVENTS INCOME- GROUP 2025 2024 Kelmarsh Events 332,110 304,172 332.110 Page 27 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 INVESTMENT MANAGEMENT COSTS 2025 Total funds Unrestricted funds Restrieted nds Endowment funds 2024 Total funds Agents letting fees Repairs maintenance and let property project costs 86,735 86,735 86,735 146J59 146J59 139.552 233,094 233,094 226.287 CHARITABLE AcfiviTIES COSTS 2025 2024 Preservation Governance costs (see note 9) 884?11 31,809 669,530 27,866 916,120 697 396 GOVERNANCE COSTS 2025 2024 Trdvelling and TTUSte&s expenses Auditot3' remuneration {charity only) Interest payable and similar tharges 13553 17234 1,022 9,607 17.071 1,188 31,809 27,866 Page 28 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR EfrfDED 31 MARCH 2025 io. NET GAINSI(LOSSES) ON INVESTMENTS 2025 2024 Gainsl(losses) on revaluation of investments Gain5 OTh revaluation of irjvestsnent propertia% 31,054 3,810,000 (13.680) 2.170,000 3,841,054 2,156 320 ii. NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after chargingl{crediting): 2025 2024 Auditors remunerntion (Group) Depreciation - owned as5eL8 Depreciation - assets on hire purch&se contracts and finance I￿eS Hire purchase interest and finance lease charg&8 22223 31J55 552 167 21,891 32,746 736 792 12. TRUSTEES, REMUNERATION. BENEFtTS AND EXPENSES There was no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses 2025 2024 Travel and subsistence 13,553 9,607 13. STAFF COSTS 2025 2024 Wages and salaries Social security costs Other pension costs 307,859 16,548 S2,113 232,378 10,607 38,251 376 520 281,236 Page 29 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENfs- eontinued FOR THE YEAR ENDED 31 MARCH 2025 13. STAFF COST& continued The averdge number of employees during the year was 12 (2024: 12). 2025 2024 £60,001- £70,000 £70,001- £80,(K)O The charity currently employs casual seasonal staff as guides during the months the Hall and Gardens are open to visitors. Staff are also employed on a casual basis for the activities of Kelmatsh Events. The fu114ime equivalent is included in the staff numbers above. The pernianent staff are spread across a number of departments which reflect the diverse activities of a historic house and its estate. Remunetation to key management personnel, including employer's national insurance and pension contributions, amounted to £99,232 (2024: £74.721). Page 30 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMEIYTS- continued FOR THE YEAR ENDED 31 MARCH 2025 14. COMPARA TIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds Restricted Funds Endownent funds Totsl funds INCOMING RESOURCES Voluntary income 3,094 6,676 9.770 Charitable activities Preservation Commercial trading operations Inveslment ineome Other income 117,930 304,172 522,940 125,045 117,930 304,172 522,940 125.045 Total 1.073.181 6,676 1079 857 EXPENDITURE ON Raising funds Other trading activities Invaslment management costs Charitable activities Preservation Governance costs 134,110 226,287 134,110 226.287 651,078 27.866 18,452 669.530 27.866 Total 1039341 18.452 1057 793 Ineoming resource less expenditure 33.840 (11,776) 22,064 Net gains on investments (213.680) 2,370,0(KI 2,156,320 NET INCOMEI(EXPENDITURE) (179,840) (11.776) 2.370.0(M) 2,178,384 Transfers between fund5 Net movemellt in funds (179.840) (11,776) 2,370,OIy) 2,178.384 RECONCILIATION OF FUNDS Total fullds hrougbt forward TOTAL FUNDS CARIUED FORWARD 11245,549 1.223.683 15.310,907 27,780,139 11065.709 1.211.907 17.680,907 29,958,523 Page 31 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 15. NET INCOME FOR THE FINANCIAL YEAR As pemitted by Section 408 of the Companies Act 2006 the parent charity's Statement of Financial Aclivities has not been included in these financia] statrments. The parent charity's tolal incoming resoui'ces for the year were £1,187,685 (2024: £945,747) and total rewurces expended were £1,149,214 {2024: £92),684} resulting in net incoming resources for the year of £38:471 {2024.. £22,064) which included a donation of £179:865 (2024= £170,062) from Kelmarsh Events Limited. The net surplu5 for the year for the Trust ivas £3,879,525 (2024.. £2.178.384) after other recognised gains and losses. 16. TANGIBLE FIXED ASSETS Flxtures Drdina8e works Plant and machinery fittlngs COST At l April 2024 Additions Disposals 94,033 396,044 146,425 13,138 At 31 March 2025 94,033 396,044 159,563 DEPRECIATION At l April 2024 Charge for year Eliminated on disw>sal 59515 1,726 241,891 19,1711 132,411 4099 At 31 March 2025 61241 J37JlO NET BOOK VALUE At 31 March 2025 22,253 At 31 March 2024 34,518 154,153 Page 32 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR EI¥DED 31 ￿ARCH 2025 16. TANGIBLE FIXED ASSETS- continued Motor vehicles oirice equipment Totals COST At l April 2024 Additions Disposals 83.612 51J74 7J46 771,488 20.484 At 31 March 2025 83.612 58,720 791,972 DEPRECIA TION At l April 2024 Charge for year Eliminated on disposal At 31 March 2025 45J95 2,054 38,137 4,058 517,349 31,907 47,449 42,195 549,256 NET BOOK VALUE At 31 March 2025 36.163 242,716 At 31 March 2024 38,217 13237 254,139 Fixed assets included in the alxyve, which are held under hire purchase contracts, are as follows: Plant and a¢hiDery COST At l April 2024 Transfer to ownership 22,400 {22,400) At 31 March 2025 DEPRECIATION At l April 2024 Charge for year Transfer to ownership 10.193 552 (10.745) At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 12,207 Page 33 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 31 ￿IARcll 2025 17. HERITAGE ASSETS-GROUP AND COMPANY Totsl COST At l April 2024 Additions At 31 March 2025 3,171,632 3,171,632 NET BOOK VALUE At 31 March 2025 3,171,632 At 31 Mareh 2024 3,171,632 The Heritage assets consist of Kelmarsh Hall together with amenity lands. gardens and woodlands and Hom¢ Farni. Freehold land and buildings aff made up &$ follows. Transfer to the Trnst during the year ended 31 March 1988 by Ihe executors of Colonel CG Lancaster at probate value Transfers to the Trust during the year ended 31 March 1997 by the executors of Miss CV Lancaster at probate value Acquisitions at cost comprising improvements carried out in accordance with the Trust's development plan Acquisitions at cost during 2017- 2019 relatin8 to the Heritage Lottery Fund project Additions in 2023 relating to a new footbridge 760,907 310,000 735,211 1,3S9,789 5,725 3.171,632 The transactions relating to the heritage a&8ets for this re￿rtIng period and for each of the previous four reporting p¢riods are summari5ed as follow 2025 2024 2023 2022 2021 Cost brought forward Additions Donations Total purchases Charge for impairnient Disposals Proceeds 3,171,632 3,171,632 3,165,907 5,725 3,165,907 3,165,907 3,171,632 3,171,632 3,171,632 3,165,907 3,165,907 Page 34 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 31 MARCH 2025 18. FIXED ASSET INVESTMENTS- GROUP Listed investments Totals MARKET VALUE At l April 2024 Revaluations 825,070 31,054 825,070 31,054 At 31 March 2025 856,124 856,124 NET BOOK VALUE At 31 March 2025 856,124 856,124 At 31 Ma￿h 2024 825.070 825 070 There were no investrnent assets outside the UK. The original cost of financial inveslments w&s £756,118 (2024: £756,118). They are held in ￿rtfolioS managed by M & G Securities Limited. Shares ID group undertakings Listed investments COMPANY Totsls MARKET VALUE At l April 2024 Disposals Unrealised gainsl(losses) At 31 March 2025 1,000 825,070 826,070 31,054 31,054 1,000 856,124 857,124 NET BOOK VALUE At 31 March 2025 1,000 856,124 857.124 At 31 March 2024 1.000 825,070 826,070 There were no inveslment assets outside the UK. The company's investments at the balance sheet date in the share capitsl of companies include the following: Kelmarsh {Events) Limited Nature of business: Organisation of events Class of share: £1 Ordinary holding loo Page 35 continued... THE KELMARSH TRUST NOTES TO THE Fll¥ANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 ￿CH 2025 19. INVESTMENT PROPERTIES- CROUP AND COMPANY FAIR VALUE At l April 2024 Revaluation 25,170,000 3,810,000 At 31 March 2025 28 980,000 NET BOOK VALUE At 31 March 2025 28,980,000 At 31 Ma￿h 2024 25.170 000 Freehold investmenl properttes were valued at 31 March 2025 by Howkins & Harrison, Chartered Surveyors and Valiiers. The basis of valuation for residential properties was at fair value with an appropriate discount lo take account of the likelihood of gaining vacant possession within a period of time, and for fam) properties on an investment basis ignoring sitting tenants. bid5 i¥hich would be at higher levels. Th¢ original ￿st of freehold investment properties was £2, IIX1,945 (2024: £2,100,945). This is made up as follows= Transfers to the Trust during the year ended 31 March 1988 by the executors of Colonel CG Lancaster, at probate value Less.. land lost upon compulsory purch￿ by the Department of Transport relating to the A14 Link Road 1,090876 loo,(￿0 990,876 Transfers to the Trust during the year ended 31 March 1997 by the executors of Miss CV Lancaster, at probate value Other acquisilion5 at cost 1,048,450 2,100,945 Page 36 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR EINDED 31 MARCH 2025 20. STOCKS - GROUP 202S 2024 Fami Stocks Other Stocks 23,558 10,095 20,329 8.240 33,653 28,569 21. STOCKS- COMPAIYY 2025 2024 Farni stocks 23558 22. DEBTORS: AMOUNTS FALLINC DUE WITHIN ONE YEAR- GROUP 2025 2024 T￿de d¢btors Other debtors VAT Prepayments 42,055 17,462 645 120590 71,214 13,106 114.202 180,752 198.522 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR-COMPANY 2025 2024 Trade debtors Amounts om'ed by group undertakings Other debtors VAT Prepayments 31,888 85508 iiJoo 1,958 117570 65,084 95,073 11,300 111,422 248224 282,879 24. CURRENT ASSET INVESTMENTS- GROUP AND COMPANY 2025 2024 Cash deposits 188,738 Page 37 continued.. THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMEIYTS- continued FOR THE YEAR ENDED 31 MARCH 2025 2S. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- GROUP 2025 2024 Hire purchase (see note 29) Trade ¢reditoTs Social security and other tsxes Other creditors Other loans (see note 27) Accruals and deferred income 1,284 72,231 3,702 81,132 80,000 75,532 96,676 6,060 32,080 206,164 340980 313,881 Hire purchase creditors are secured on the assets ￿)ncerned. Deferred income includes deposits received for events held after the year end. 26. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- COMPANY 2025 2024 Hire purchase (see note 29) Trade creditors Social security and other taxes Other creditors Other loans (see nole 28) Accruals and deferred incorne 1,284 71,235 3,702 4,500 80,000 75,532 93,057 6,060 19,480 82.055 21x1,652 236,253 Hire purchase creditOTS are secured on the assets concerned. Deferred income includes deposits re￿iVed for events held after the year end. Page 38 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 27. LOANS-GROUP An analysis of the rnaturity of loan is given below: 2025 2024 Amounts falling due within one year on demand: Loan from Miss CV Lancastevs 1994 Charitable Trust 80,000 28. LOANS- COMPANY An analysis of the maturity of loans is given below: 2025 2024 Amounts falling due within one year on demand: Loan fium N(iss CV Lancastevs 1994 Charitable Trust 80.000 29. LEASING AGREEMENTS- GROUP AND COMPANY Minimum lease payments under hire purchase fall due as follows: 2025 2024 Net obligations repayable: Within one year 1,284 1,284 Page 39 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 31 MARCH 2025 30. SECURED DEBTS- GROUP AND COMPANY The following secured debts are included within creditors: 2025 2024 Hire purch&se contracts 1.284 Hire purchase creditors are secured on the asth wncerned. 31. MOVEMENT IN FUNDS Net movement in ￿ndS Transfers between funds At 1.424 At 31.3.25 Unr¢stricted funds General fund General fair value reserve Designated fund - Hall & Gardens Designated fund- Let Property Designated fund - J&J Lancaster Legacy 3,730J71 7.081,838 140,51K 113,1)(M 186,214 550,1)(MI (34,983) (711,187) (211,670) 3,704,915 7,631038 4S,000 i is,000 200 000 11,696 753 (60￿17) 72,187 11065,709 631,044 Re5tri¢ted funds Contribution to heating system Obtaining museum accreditation Heritage Lottery Fund 125070 3,082 1,082,955 1311,907 (10,750) (769) 115,120 2J13 1,082,955 J 200J88 (11,519 Endowment funds Endowment fund Endowment fair value reserve 1.751,783 15,929,124 17 680,907 1,751,783 19,189,124 20,940,907 3260,000 3260,000 TOTAL FUNDS 29 33,838,048 Page 40 continued... THE KELMARSH TRUST NOTES TO THE FLNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 31. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are &s follow5: Ineoming resoure Resourees expended Gains and losses Movement in funds UDrestricted funds Gen¢ral fund General fair value reserve Designated fund- Hall & Gardens Designated fund- Let Property Designated fund- J&J Lancaster Legacy lJ39.930 1,184,770 31,054 550,000 186,214 550,000 (34,983) (70,187) 34,983 70,187 39 30 1289940 581,054 Restricted ￿ndS Renewable heating incentive Contribution to htrating system Obtaining museum aweditation 10,750 769 (10,750) 769 11,519 Endowment funds Endowment fund Endoivment fair value r￿erve 3,260,0 3,260,0(bO 3260,000 3260,000 TOTAL FUNDS IJOI,459 3,841,054 3,879525 Page 41 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 MARCH 2025 32. MOVEMENT IN FUNDS- 31 MARCH 2024 Net movement in fBnds Transfers between funds At 1.4.23 At 31.3.24 Unrestrleted funds General fund General fair value reserve Designated fund- Hall & Gardens Designated fund- Let Prop¢ty 3.678,111 7381,838 84500 201,100 5,549 109J94 (200,000) (53,696) (57,134) 3,730J71 7,081*38 140,500 113,000 11065,709 109,696 li 179040 Restrieted funds Contribution to heating system Obtaining museum accreditation Heritage LA)ttery Fund 136,620 4,108 1,082,955 1,223,6 {10,750) (1,026) 125,870 3,082 1,082,955 1211907 11.776 Endowment funds Endowment fund Endowment fair value reserve 1.751,783 13,559,124 15JIO 907 1,751,783 15,929,124 17 680 907 2 370,000 TOTAL FUNDS 27,780.139 2 178J84 29,958￿23 Page 42 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDED 31 MARCH 2025 32. MOVEMENT JN FUNDS- 31 MARCH 2024 - colltinued Net movement in funds, included in the alKive are as follows: Jncomillg resourc Resources expended Gains And losses Movement in funds Unrestricted funds General fijnd General fair value reserve Designated fLmd - Hall & Gardens Designated fund- Let Property 1.073.181 950.107 (13,680) (200,000) 109J94 {200,000) (53,696) 35,$38 179 840 53,696 35,538 1039J41 l.D73.181 213 680 Restricted funds Renewable heating incentive Contribution to heating System Obtaining museum accreditation 6.676 6.676 10,750 1,026 18,452 {10,750) 1,026 11,776 Endowment funds Endowment fund Endowment fatr value reserve 2J70 0011 2 J70,OOD 2J70,0(KI 70,000 TOTAL FUNDS 1,079,857 1.057.793 2,178 2,156J20 a84 Page 43 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMEiYfs- continued FOR THE YEAR ENDED 31 MARCH 2025 33. MOVEMENT IN FUNDS RESTRICTED FUNDS Contrlbution to the beatin stem In the year ended 31 March 2013, £215,000 w&$ received as a coniTibution towards the heating system. At l April 2024, the balance ivas £125.870 (l April 2023= £136.620)- During the year £1 0,750 (2024= £10,750) was released to the ststement of Financial Activities as depreciation. The balance &t 31 MaTeh 2025 was £115,120 (2024: £125,870). Herita e Lotte Fund During the year no addilional funds were received toM'aTds the -Heritage Lottery Fund,: funded project. At 31 March 2025 the balance was £1,082:955 (2024= £1.082.955)- Museum Aeeredltstion Monies received in order to obtain Mu￿uM accreditstion. During the year £769 {2024: £1,026) was released to the Ststement of Financial Activities as depreciation. At 31 March 2025 the balance of the fund was £2.313 (2024: £3,082). Renewable Heatin Incentive During the y