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2024-03-31-accounts

Registered number: 01356661 Charity numbers: 507478 & SC039364

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 11
Independent Auditors' Report on the Financial Statements 12 - 16
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18 - 19
Charity Balance Sheet 20 - 21
Consolidated Statement of Cash Flows 22
Notes to the Financial Statements 23 - 46

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees Lady Willoughby de Eresby
Mrs C A Butler
Mr R I Calvocoressi CBE
Mr F J F M Dymoke (resigned 7 September 2023)
Mr N Harries
Sir M Jones
Mr H P Matheson
Lt Col. S St. M Miller
Mr R J N Stewart (appointed 5 December 2023)
Mrs S Troughton DStJ
Company registered
number
01356661
Charity registered
numbers
507478 and SC039364
Registered office
Grimsthorpe Estate Office
Grimsthorpe
Bourne
PE10 0LY
Managing Director
Lt. Col S St. M Miller
Independent auditor
Streets Audit LLP
Chartered Accountants and Statutory Auditor
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
Bankers
Bank of Scotland
1 Galvelmore Street
Crieff
Perthshire
PH7 4DN
Solicitors
Taylor Vinters
Merlin Place
Milton Road
Cambridge
Cambridgeshire
CB4 0DP
Investment Managers
Ruffer LLP
31 Charlotte Square
Edinburgh, EH2 4ET
Investment Managers
CCLA Investment Management Limited
85 Queen Victoria Street
London, EC4V 4ET

Page 1

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year from 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The objectives of the charity are:

The Grimsthorpe Estate, South Lincolnshire, is centred on a Grade 1 listed mansion of great architectural and historical importance and its important 17th century designed parkland which includes two hundred acres of Sites of Special Scientific Interest of outstanding entomological and botanical interest, and is listed as Grade 1 within the National Register of Parks and Gardens. The Estate includes over two hundred dwelling houses and other buildings (many of which are listed) grouped in three villages, with over twelve thousand acres of farmland and woodland. The Directors of the Trust give equal weight, on the one hand to offering the public the opportunity to visit the house with its historic collection and the surrounding parkland and, on the other, to preserving Grimsthorpe as a traditional Lincolnshire estate.

At Drummond Castle, Perthshire, the aspect of the greatest public interest is the nineteenth century formal parterre, which forms part of a ten acre terraced garden, dating back to the 17th century. The gardens are of international importance and are listed Category A. The Keep and mansion are of historic importance in their own right and form part of the architectural structure of the garden. The Drummond collection is now all stored or housed in the mansion. The part in store is available for research purposes while that which is housed is available to specialist groups by arrangement. Both the formal and kitchen gardens are open to visitors daily during the summer.

Income from the property, the Investment Fund and other investments is used to preserve and improve Grimsthorpe and Drummond Castles, their contents and surroundings for the public benefit.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The charity’s main objectives for the year once again centred on the maintenance and conservation of the two Castles, their collections and surroundings. Work identified in the Park Management Plan to further enhance and conserve both natural and built features in Grimsthorpe Park was planned and executed.

c. Staff

Health and safety issues at both Estates are kept under review by outside consultants and through a programme of regular meetings with staff. The minutes of these meetings are reviewed by the Trustees. By this means the Trust aims to comply with current legislation throughout the whole range of activities on both estates and in accordance with the Trust’s policy.

Page 2

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Objectives and activities (continued)

d. Main activities undertaken to further the Charity's purposes for the public benefit

In planning the Trust’s activities the Trustees take into account the Charity Commission’s general guidance on public benefit and feel that through the conservation work carried out throughout both Estates, the ongoing enhancement of public access facilities and by loans to exhibitions, the Trust's obligations are met.

Strategic report

Achievements and performance

a. Main achievements of the Charity and review of activities

During the year the charity furthered its objectives to preserve and improve the Grimsthorpe and Drummond Castle Estates and to enhance the public benefits which they provide, by the following means:

Grimsthorpe Castle – Maintenance

Two chimney stacks on the south front were completely rebuilt having degraded by the presence of iron crampons within the masonry. Leadwork repairs to a number of the castle roofs were carried out, many of the issues caused by the very hot summer period in 2022, which caused lead to slump and split allowing water to ingress. Continued electrical works to update fuse boards has continued, new emergency lighting has been installed in the cellar, new fire alarm sounders have been installed and significant fire detection upgrades have been carried out.

Grimsthorpe Castle – Preventative Conservation

A programme of Integrated Pest Management is now firmly embedded at Grimsthorpe, with daily housekeeping tasks incorporating pest management and preventive conservation practices. Full pest trap counts take place every six months. Regular chimney care and vacuuming is continuing to suppress infestations.

Environmental monitoring continues, building a year-on-year, cumulative picture of environmental data through TinyTag devices. This allows us to identify and act on problem areas in a timely manner. This year, two lux and UV data loggers have been purchased to ensure we are taking a holistic approach to environmental monitoring. UV screens, blinds and films have now been renewed or installed in most of the key areas in the Castle.

Grimsthorpe Castle – Collection

A new database, CollectionsIndex+, was purchased to replace the decommissioned Collectrium database.

Two paintings from the Collection (a Dutch school oil painting of a coastal scene and the Francesco Sleter oil sketch of the Triumph of Cybele) have been restored by Andrea Gall and returned to Grimsthorpe Castle.

Two of the seven grisaille paintings by Sir James Thornhill in the Vanbrugh Hall were removed from their niches and taken to the Hamilton Kerr Institute for conservation treatment in January 2024. In due course, all seven paintings in the series will undergo treatment at Hamilton Kerr.

In summer 2023, the Claude Ballin silver-gilt table centrepiece was cleaned by Donna Stephens (previously of the V&A). The object has been packed in a barrier foil to slow oxidation and returned to the safe.

Temple Studios restored the second gilded side table and the second mirror in the private Dining Room, as well as restoring some of the missing carved and gilded elements of various picture frames.

Page 3

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Strategic report (continued)

Achievements and performance (continued)

In November 2023, Philip Gaches, a master plasterer, repaired the crack developing on one side of the ceiling painting by Sir James Thornhill above the West Staircase in the Vanbrugh Hall. The degraded areas of the painting itself were inspected by conservators at the Hamilton Kerr Institute, who prepared a report and a treatment proposal.

The condition of the Braganza bed was assessed by Emma Ronald in February this year as part of a rolling programme of state bed inspections.

Education and Outreach

In 2023, visitors to the Castle were able to enjoy the exhibition Crown and Country: Grimsthorpe and Coronations, which explored the links between the Willoughby de Eresby family, in their role as Lord Great Chamberlain, and British coronations. Related to the exhibition, Grimsthorpe hosted a symposium on 24 June 2023. The guest speakers (The Lord Carrington DL, Dr John Martin Robinson, Sir Hugh Roberts, Dr Timothy Schroder and Dr Philip Mansel) were involved in a series of panel discussions in the Vanbrugh Hall. The day was well attended with almost 100 tickets sold for the event.

A series of evening lectures during the 2023 open season took place in the Chapel. Each lecture was attended by 20- 40 people.

In May 2024, Colonel Guy Deacon participated in a ‘fireside chat’ with Sebastian Miller in the Vanbrugh Hall. He spoke about his solo trek across Africa with Parkinson’s disease. Around 70 tickets were sold for the event, with proceeds being split between the Army Benevolent Fund and the Deacon Foundation.

During July and August this year, the summer exhibition, Military Lives, will be open to visitors to the Castle. The exhibition, which has three distinct strands, will explore the links between Grimsthorpe and the military over five centuries. Related to the exhibition, the photographic artist, Ripley, will be in conversation with Lt Col Giles Stibbe about his career and his images of the Household Cavalry Regiment displayed in the Vanbrugh Hall. Proceeds will go to the Household Cavalry Foundation.

In September, Philip Gaches, Master Plasterer, will give a talk on historic plaster ceilings and reigniting passion for the craft of lime plastering.

Grants

A grant was awarded by ICON and Tru Vue acrylics towards the cost of constructing two identical display cases to exhibit an early 17th-century doublet and trunkhose. Tru Vue donated UV acrylic to a value of £4,000, and ICON donated £3,000.

Loans

Benjamin by Francisco de Zurbaràn

Benjamin by Francisco de Zurbaràn (Inv. 201) is currently on loan to the Auckland Project’s Spanish Gallery. The loan has been extended to the end of March 2025.

Page 4

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Strategic report (continued)

Achievements and performance (continued)

Long-Term Loans

The Gwydyr Chair 1665 1680 (CADW No GU08)

Loaned to Mr and Mrs Peter Welford, Gwydyr Castle. Previous valuation for May 2005 – June 2010 £2,500. Renewed 21 September 2018 for ten years.

Two Fencing Masks, mid 19th century

Two fencing masks which were on long-term loan to the Royal Armouries, Leeds, have been returned to Grimsthorpe Castle.

b. Main achievements of the Charity and review of activities (continued)

Grimsthorpe Castle – Gardens

Roses throughout the gardens have been particularly floriferous this season with rejuvenation/replacement works continuing in the parterre this autumn/winter. Continued monitoring is in place for box moth caterpillar which has been devastating box plants in nearby towns along with continued monitoring and treatment for box blight. The new Lettering Arts Trust pieces have been successfully installed and work continues to manage the collection in an appropriate way. The south garden has been replanted with a mixture of drought tolerant and nectar rich plants to rejuvenate the previous tired space. Meadows within the gardens continue to evolve with orchid species now up to four along with increasing overall biodiversity. Annual and seasonal maintenance continues throughout the gardens with the team excelling through a difficult spring and receiving lots of good feedback from visitors this season.

Tree safety works have been carried out throughout the gardens and our remaining Ash trees are continuing to be monitored for ash dieback with new planting continuing this coming autumn/winter. An increasing concern are signs of reduced vigour, potentially Acute Oak Decline, in several Oak trees within the gardens. This is being monitored but highlights the importance of increasing the diversity of our treescape. Our team of volunteers continue to support our efforts in keeping the gardens looking their best and have helped to reduce our reliance on herbicides throughout the gardens considerably this year.

Grimsthorpe Park

A significant programme of habitat restoration has been undertaken to support the Duke of Burgundy Butterfly. Much of the data collection and agreed programme of works has been carried out in conjunction with the Lincolnshire Butterfly Conservation Trust. The work has included, scrub clearance, reduction in the rank brachypodium pinnatum and the transplanting of primulas, in particular cowslips (food plant).

Public Access - Grimsthorpe

The Castle, Park and Gardens were open for 112 days this year, including six days during October half term. Total day visitor numbers for 2023 were 21,850. Of these visitors 6,006 were Season Ticket holders. 2,088 were Historic Houses members. This total number of visitors is 2,088 less (8.7% decrease) than we had in 2022. Castle visitor numbers for 2023 were 11,023. We have seen an increase in visitor numbers in the Castle this year, despite a drop in overall visitor figures. No doubt the exhibition increased interest, and particularly encouraged Season Ticket holders to revisit.

Page 5

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Strategic report (continued)

Achievements and performance (continued)

The programme of Lectures and in particular the Symposium has been a huge success, with positive visitor feedback and a happy and enthusiastic team of volunteers covering gardens, meet and greet roles and castle room steward positions. Continued recruitment will take place with expansion into other departments anticipated.

Public Access – Drummond

Drummond Gardens were open from 1 May until 31 October totalling 186 days. Tickets sold totalled 15,269 compared to 14,280 tickets in 2022 and 13,705 tickets in 2021. There were 567 Historic Houses visitors, 1,007 free admissions which includes the open day, wheelchair access and their carer, Gardeners World 2 for 1 offer and RHS visitors in May, September and October.

Drummond Castle - Maintenance

Routine conservation and maintenance work to the Castle has continued with a particular focus on the external stonework, window repairs, dry rot monitoring, continual overwatch of gutters and drains and the systematic opening of doors and windows to encourage airflow throughout the building.

Drummond Castle Gardens

A continual replacement programme of box hedge with new stock, where losses have occurred due to blight, is in place. More all-terrain robotic mowers have been purchased and a ladder system for the greenhouses has been devised to allow the glass to be cleaned without risk.

Drummond Castle – Preventive Conservation

After a brief hiatus with staff turnovers, the programme of Integrated Pest Management continues at Drummond, with new staff attending online training courses, resulting in a more methodical approach to monitoring. This should reap benefits with cumulative data interpretation as time progresses.

The carpet in the Sewing Room, adjacent to the Textile Room, was removed. This will create a safer environment for storing overflow textiles by removing a food source and creating a space which can more easily be monitored for pests.

New Holland blinds have been installed in the Dining Room, replacing degraded ones. Over the coming year, the blinds in the Drawing Room and Library will be attended to, with replacement Holland and UV filtering blinds a possibility.

Drummond Castle – Collection

Tuula Pardoe ACR completed the conservation of a very rare early 17th-century doublet. Tuula will return to Drummond later this year to complete her condition report on Drummond textiles.

Grants

A grant of £5,000 was awarded by the Pilgrim Trust towards the cost of conserving an early 17th-century doublet.

Page 6

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Strategic report (continued)

Achievements and performance (continued)

Loans

Christina Robertson Cabinet Miniature

A cabinet miniature from the Drummond Collection by Christina Robertson of The Hon. Clementina Elizabeth Drummond, and her sister, The Hon. Elizabeth Susan Drummond, as children, has been lent to Tate Britain for their exhibition, Now You See Us, which runs until September.

John Singer Sargent portrait of Eloise Breese

English Heritage will be borrowing the charcoal portrait of Eloise Breese, Countess of Ancaster, by John Singer Sargent in the Duke of York bedroom for an exhibition at Kenwood this autumn.

c. Investment policy and performance

Under the Memorandum and Articles of Association, the charity has the power to invest in any way that the Trustees see fit. The policy of the Trustees is to preserve the real value of the investment portfolio, after allowing for the annual withdrawal of income and capital if justified by investment returns and approved by the Trustees. Sufficient liquidity is maintained so that, together with assured income, funds are available for the cash requirements for the Estates for at least one year.

Most of the Trust’s financial assets are held in funds managed by investment managers and no constraints are imposed on the managers to take account of social, environmental or ethical considerations.

Financial review

a. Reserves policy

It is the Trustees’ intention in the short term to use all income from the charity’s investments and activities to further the aim of the charity. A sufficient proportion of the investment fund is maintained in a liquid form so that it is available to meet any shortfall in income that may result from short term economic factors.

The total reserves of the charity at 31 March 2024 amounted to £47,313,600 (2023: £46,938,501).Of the reserves, £9,240,236 were considered free reserves in the general fund account of the charity (2023: £9,241,000).

The nature of the charity's assets and activities means that future spending is difficult to anticipate and a notional figure of £100,000 has been agreed as the minimum Ievel of free reserves of the charity on the basis that would enable the charity to continue with all essential costs in the case of a short term emergency. The charity has substantial assets and the trustees have the power to convert such assets to unrestricted income as they see fit for the continued operation of the charity. In addition, the trust holds a large collectlon of Iand, property and art which is being used by the trustees and management to generate income for the ongoing operation of the charity. The trustees consider the current level of reserves held by the charity to be sufficient for its continued operation.

Page 7

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

b. Principal funding

Total incoming resources amounted to £3,838,350 (2023: £8,231,705) while total resources expended were £3,539,415 (2023: £3,929,385). This resulted in an overall gain before investment gains/losses of £298,935 (2023: £4,302,320 gain). Included within total incoming resources in the prior year were profits on the disposal of assets totalling £4,710,000. Revaluation of the remaining portfolio as at the year end amounted to a gain of £76,164 (2023: £1,445). This left an overall positive net movement on funds which is reflected in the increased total net assets of the balance sheet at the year end; being £47,313,600 (2023: £46,938,501).

Structure, governance and management

a. Constitution

Grimsthorpe & Drummond Castle Trust Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association dated 9 March 1978, but subsequently modified on 14 December 2005.

The principal objects of the Charity are the preservation and enhancement, for the public benefit, of Grimsthorpe Castle in Lincolnshire and Drummond Castle in Perthshire and their gardens and parkland together with the collections of art, furniture and the family and estate archives associated with the properties.

Following an application to the Office of the Scottish Charity Regulator it has been confirmed that the company complies with Scottish Charity legislation. On 1 March 2008 notification was received that the charity would be entered on the Scottish Charity Register with the Charity No. SC039364. The company continues to be registered as a charity with the Charity Commission of England and Wales, registration number 507478.

b. Methods of appointment or election of Trustees

There shall be not less than five and not more than nine Trustees and shall consist of the following:

Page 8

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

The Board of Trustees are responsible for the management and finances of the Charity. They are assisted by the Council, previously called the Advisory Committee, who provide general and technical guidance on matters of relevance to the Charity.

The Board of Trustees administers the Charity. The Board meets quarterly.

The Managing Director is appointed by the Trustees to manage day to day operations of the Charity. He has delegated authority in line with policies established by the Trustees for operational matters including finance, property management and employment issues.

COUNCIL

The following were members of the Council during the year:

Lady Willoughby de Eresby Mrs C A Butler Mr R I Calvocoressi Mr F J F M Dymoke Mr N Harries Sir M Jones Mr H P Matheson Lt. Col. S St. M Miller Mrs S H Troughton Mr J Bevan Trustees appointment Mr C Cator Trustees appointment Mr D Knott The Royal Botanic Garden, Edinburgh Mrs E Miller Trustees appointment Dr J Tate The National Museums of Scotland

d. Policies adopted for the induction and training of Trustees

Trustees are selected on the basis of their specialist skills and knowledge of relevance to the Trust’s broad activities. New Trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the charity structure and decision making processes, recent activities and financial performance and future plans.

e. Related party relationships

The charity operates independently and does not collaborate to a significant degree with other charities or bodies. Appropriate disclosures of transactions with charities and organisations have been incorporated into these financial statements.

f. Financial risk management

The Trustees have identified the risks to which the charity is exposed and reviews these annually. The most significant risks predominantly relate to staff issues, fire, health and safety and food hygiene. Because of the level and diversity of the company’s capital resources the potential for financial risk is limited.

Page 9

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Plans for future periods

The Trustees will continue to seek to further the Trust’s objectives to preserve and improve the Grimsthorpe and Drummond Castle Estates. At Grimsthorpe Castle the programme of stonework conservation, electrical upgrading and the implementation of the roof maintenance programme will continue. Work is ongoing in the Old Walled Garden at Grimsthorpe in order to stabilise the walls. Works to construct an Art Gallery, ticket office, Café and gift shop will continue.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Streets Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Page 10

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Approved by order of the members of the board of Trustees and signed on their behalf by: _________ Spun TRovsrton Mrs S Troughton DStJ Chair of Trustees Date: 6 March 2025

Page 11

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

Opinion

We have audited the financial statements of Grimsthorpe & Drummond Castle Trust Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Page 12

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

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GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 14

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

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GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (CONTINUED)

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

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

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Linda Lord (Senior Statutory Auditor) for and on behalf of Streets Audit LLP

Chartered Accountants and Statutory Auditor Lucy Tower Street Lincoln Lincolnshire LN1 1XW 13 March 2025

Streets Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 16

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income and
endowments from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income and
endowments
Expenditure on:
Raising funds
9
Charitable activities
10
Total expenditure
Net
(expenditure)/income
before net gains on
investments
Net gains on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2024
£
2,657
3,362,332
106,988
-
18,500
3,490,477
94
3,491,147
3,491,241
(764)
-
(764)
9,241,000
(764)
9,240,236		 Restricted
funds
2024
£
-
-
-
347,873
-
347,873
-
48,174
48,174
299,699
76,164
375,863
16,089,959
375,863
16,465,822		 Endowment
funds
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
21,607,542
-
21,607,542		 Total
funds
2024
£
2,657
3,362,332
106,988
347,873
18,500
3,838,350
94
3,539,321
3,539,415
298,935
76,164
375,099
46,938,501
375,099
47,313,600		 Total
funds
2023
£
1,371
3,040,013
196,871
208,450
4,785,000
8,231,705
7,067
3,922,318
3,929,385
4,302,320
1,445
4,303,765
42,634,736
4,303,765
46,938,501

Page 17

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01356661

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Provisions for liabilities
Net assets excluding pension asset
Total net assets		 26,746
1,174,593
9,607,282
10,808,621
(1,070,152)		 2024
£
39,473,179
701,952
40,175,131
9,738,469
49,913,600
(2,600,000)
47,313,600
47,313,600		 19,047
3,075,993
9,215,996
12,311,036
(1,185,577)		 2023
£
35,187,254
625,788
35,813,042
11,125,459
46,938,501
-
46,938,501
46,938,501

Page 18

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01356661

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

2024 2024 2023
Note £ £
Charity funds
Endowment funds 21 21,607,542 21,607,542
Restricted funds 21 16,465,822 16,089,959
Unrestricted funds 21 9,240,236 9,241,000
Total funds 47,313,600 46,938,501

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 06 March 2025 and signed Spun on their behalf by: Mrs S Troughton DStJ TRovertom (Chair of Trustees)

The notes on pages 23 to 46 form part of these financial statements.

Page 19

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01356661

CHARITY BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Provisions for liabilities
Net assets excluding pension asset
Total net assets		 26,746
992,655
9,605,314
10,624,715
(886,247)		 2024
£
39,473,179
701,953
40,175,132
9,738,468
49,913,600
(2,600,000)
47,313,600
47,313,600		 19,047
3,115,367
9,215,995
12,350,409
(1,224,951)		 2023
£
35,187,254
625,789
35,813,043
11,125,458
46,938,501
-
46,938,501
46,938,501

Page 20

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 01356661

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

2024 2024 2023
Note £ £
Charity funds
Endowment funds 21 21,607,542 21,607,542
Restricted funds 21 16,465,822 16,089,959
Unrestricted funds 21 9,240,236 9,241,000
Total funds 47,313,600 46,938,501

The Charity's net movement in funds for the year was £ 375,099 (2023 - £4,303,765) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on 06 March 2025 and signed on their behalf by:

Mrs S Troughton DStJ

(Chair of Trustees)

The notes on pages 23 to 46 form part of these financial statements.

Page 21

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 23 to 46 form part of these financial statements		 2024
£
1,808,602
347,872
(1,765,189)
(1,417,317)
-
391,285
9,215,996
9,607,281		 2023
£
1,980,074
208,451
(6,758,468)
(6,550,017)
-
(4,569,943)
13,785,939
9,215,996

Page 22

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

As set out in the Trustee's report, Grimsthorpe & Drummond Castle Trust Limited is an incorporated registered charlty in England & Wales.The prlncipal offlce of the charity ls Grimsthorpe Estate Office, Grimsthorpe, Bourne, PE10 0LY.

The principal objective of the charity is set out in the Trustees' report.

These financial statements have been prepared in sterling, which is the functional currency of the charity.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Grimsthorpe & Drummond Castle Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 23

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 24

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Collection of Art and Furniture donated to the Charity is shown at values adopted by the Trustees based on original insurance values, additions being included at cost, or where donated deemed value.

No depreciation has been charged in respect of these assets as it is the Trustees' opinion that given the charity's policy of regular maintenance and restoration of the properties, and the economic and technological obsolescence of the Heritage Buildings, Art Collection and Furniture is unlikely, these assets have very long useful lives. It is therefore considered that any periodic depreciation charge would be immaterial. In the few instances where disposals of similar assets have taken place in recent years, the disposal proceeds have not been less than their carrying values.

The Trustees are of the opinion that the values of both the Land and Buildings and the Collection are significantly in excess of their carrying values. Full inventories are maintained and the Trustees believe that the benefits of obtaining formal valuations would not justify the cost- especially given that the valuation process would be very subjective due to the unique nature of the assets.

The cost of improvements, restoration and maintenance to the structure of existing buildings, where no change in use has occurred, is charged to the Statement of Financial Activities in the period in which the expenditure is incurred. The cost of development of any new dwelling is capitalised subject to any indications of impairment.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives .

Depreciation is provided on the following bases:

Land & Buildings - Nil - Plant, vehicles & equipment 5% or 20% Straight line Collection of Art & Furniture - Nil

Page 25

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.11 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 26

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.12 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

2.13 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 27

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Valuation of properties and collection

The trust's land, buildings and art collection are held at original insurance valuation plus the cost of any additions to the charity. The trustees discuss regularly the valuation of the assets and deem that these do not require professional valuation due to the costs involved as opposed to the benefit gained.

Provisions on contract works

The Trust makes appropriate assessments at each year end as to the present level of obligations due under construction works. Based on all readily available information, the trustees make this assessment and consider it to represent the best estimate of the expenditure required to settle the obligation at the balance sheet date.

4. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
2,657
Total 2023
1,371		 Total
funds
2024
£
2,657
1,371		 Total
funds
2023
£
1,371

Page 28

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5.
Income from charitable activities
Unrestricted
funds
2024
£
Income from charitable activities - Grimsthorpe
3,072,895
Income from charitable activities - Drummond
289,437
Total 2024
3,362,332
6.
Income from other trading activities
Income from non charitable trading activities
Unrestricted
funds
2024
£
Grimsthorpe & Drummond Castle Enterprises Ltd
106,988
7.
Investment income
Restricted
funds
2024
£
Interest
347,873
Total 2023
208,450		 Total
funds
2024
£
3,072,895
289,437
3,362,332
Total
funds
2024
£
106,988
Total
funds
2024
£
347,873
208,450		 Total
funds
2023
£
2,781,336
258,677
3,040,013
Total
funds
2023
£
196,871
Total
funds
2023
£
208,450

Page 29

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Other incoming resources

Miscellaneous Income
Sale of Land
Sale of Property
Total 2024
Total 2023		 Unrestricted
funds
2024
£
18,500
-
-
18,500
75,000		 Endowment
funds
2024
£
-
-
-
-
4,710,000		 Total
funds
2024
£
18,500
-
-
18,500
4,785,000		 Total
funds
2023
£
75,000
4,280,000
430,000
4,785,000

Sale proceeds in the prior year pertain the sale of land at the Corby Glen development site alongside the sale of number 28 and 29 Station Road properties.

9. Investment management costs

Investment management fees
Total 2023		 Restricted
funds
2024
£
-
7,067		 Total
funds
2024
£
-
7,067		 Total
funds
2023
£
7,067

Page 30

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Grimsthorpe
2,791,720
Drummond
652,021
Governance
47,406
Total 2024
3,491,147
Total 2023
3,902,362		 Restricted
funds
2024
£
48,174
-
-
48,174
19,956		 Total
2024
£
2,839,894
652,021
47,406
3,539,321
3,922,318		 Total
2023
£
3,381,968
505,257
35,093
3,922,318

11. Analysis of expenditure by activities

Grimsthorpe
Drummond
Governance
Total 2024
Total 2023		 Activities
undertaken
directly
2024
£
2,521,484
624,485
-
3,145,969
3,547,678		 Support
costs
2024
£
318,410
27,536
47,406
393,352
374,640		 Total
funds
2024
£
2,839,894
652,021
47,406
3,539,321
3,922,318		 Total
funds
2023
£
3,381,968
505,257
35,093
3,922,318

Page 31

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Analysis of expenditure by activities (continued)

Analysis of direct costs

Public Access Expenditure
Castle & grounds upkeep
Other property upkeep
Conservation of collection
Security
Forestry
Major Restoration and Improvement
Management Expenses
Total 2024
Total 2023
Analysis of support costs
Grimsthorp
e
2024
£
Staff costs
270,726
Professional Fees
-
Property Upkeep
20,614
Office Expenses
387
Management Costs
-
Bad Debts
26,683
Total 2024
318,410
Total 2023
303,290		 Grimsthorp
e
2024
£
241,315
817,418
616,143
48,174
178,571
195,376
201,209
223,278
2,521,484
3,078,678
Drummond
2024
£
-
-
-
-
27,536
-
27,536
36,257		 Drummond
2024
£
55,592
455,396
74,593
-
-
-
38,612
292
624,485
469,000
Governance
2024
£
19,486
27,920
-
-
-
-
47,406
35,093		 Total
funds
2024
£
296,907
1,272,814
690,736
48,174
178,571
195,376
239,821
223,570
3,145,969
3,547,678
Total
funds
2024
£
290,212
27,920
20,614
387
27,536
26,683
393,352
374,640		 Total
funds
2023
£
335,048
1,234,382
867,486
19,956
145,691
150,742
578,836
215,537
3,547,678
Total
funds
2023
£
293,302
17,229
14,417
10,163
36,257
3,272
374,640

Page 32

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Auditors' remuneration

- The auditors' remuneration amounts to an auditor fee of £7,500 (2023 £6,500) , and fees in connection with accountancy and other professional services in the period of £14,500 ( 2023 - £11,750 ).

13. Staff costs

Wages and Salaries
Contribution to defined contribution pension schemes
Pension		 Group and
Company
2024
£
1,000,656
82,849
65,688
1,149,193		 Group and
Company
2023
£
-
997,324
83,530
64,577
1,145,431

The average number of persons employed by the Charity during the year was as follows:

Grimsthorpe
Drummond		 Group
2024
No.
45
8
53		 Group
2023
No.
49
8
57

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 1 -
In the band £70,001 - £80,000 1 1

The key management personnel of the charity comprise the Trustees and key management team. The total employee benefits paid to 2 members of key management personnel (lncluding employer's national insurance) (2023- 2 members) of the charity were £166,857 (2023: £158,128).

Page 33

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Trustees' remuneration and expenses

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. Lt Col. S St. M Miller was the managing director throughout the current and previous year, and it is for this role remuneration is received and not for his role at trustee. The value of Trustees' remuneration and other benefits was as follows

2024 2023
£ £
Lt Col. S St. M Miller Remuneration 78,876 74,427
Pension contributions paid 5,429 5,121

In addition, part of the role of managing director requires Lt Col. S St. M Miller to be provided with accommodation on the grounds of the estate. As a result, no benefit in kind arises. This is as disclosed and agreed with the charity commission.

During the year ended 31 March 2024, expenses totalling £ 392 were reimbursed or paid directly to 1 Trustee (2023 - £790 to 4 Trustees) . Expenses related to travel and meeting costs. Additionally, expenses were reimbursed to Lt Col. S St. M Miller in relation to his role as an employee of the charity. These relate to travel, meeting and subsistence costs.

15. Tangible fixed assets

Group and Company

Cost or valuation
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024		 Freehold
property
£
31,787,905
4,267,819
-
36,055,724
-
-
-
-		 Plant and
machinery
£
609,588
36,265
(34,822)
611,031
528,934
19,791
(34,822)
513,903		 Other fixed
assets
£
3,318,695
1,632
-
3,320,327
-
-
-
-		 Total
£
35,716,188
4,305,716
(34,822)
39,987,082
528,934
19,791
(34,822)
513,903

Page 34

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Tangible fixed assets (continued) Group and Company (continued)

Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property
£
36,055,724
31,787,905		 Plant and
machinery
£
97,128
80,654		 Other fixed
assets
£
3,320,327
3,318,695		 Total
£
39,473,179
35,187,254

Fixed assets include £12,351,898 in respect of assets in the course of construction. Of this total, £8,367,226 is within the cost brought forward figure and £3,984,672 is part of the additions figure. These costs relate to the construction of the Gallery. The Estate services centre in addition to the Featherwell Barns Development and Temporary Visitor Centre were completed in the year ended 31 March 2024.

Page 35

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. Fixed asset investments

Group
Cost or valuation
At 1 April 2023
Revaluations
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
Charity
Cost or valuation
At 1 April 2023
Revaluations
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Investments
in
subsidiary
companies
£
1
-
1
1
1		 Listed
investments
£
625,788
76,164
701,952
701,952
625,788		 Listed
investments
£
625,788
76,164
701,952
701,952
625,788
Total
£
625,789
76,164
701,953
701,953
625,789

Page 36

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:,

Name Company Registered office or principal Principal activity number place of business Grimsthorpe & Drummond Castle 12261095 Estate Office, Grimsthorpe, Events Enterprises Limited Bourne Class of Holding Included in shares consolidation Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name Income
Expenditure		 Income
Expenditure		 Net assets
£ £ £
Grimsthorpe & Drummond Castle Enterprises Limited 196,871 (196,871) 1
17. Stocks
Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Finished goods and consumables 26,746 19,047 26,746 19,047

Page 37

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
£
946,906
-
100
227,587
1,174,593		 Group
2023
£
2,813,715
-
117,234
145,044
3,075,993		 Company
2024
£
720,178
13,388
31,502
227,587
992,655		 Company
2023
£
2,813,715
-
156,608
145,044
3,115,367

19. Creditors: Amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred Income Summary: In Advance of
Public Access Opening
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods
Total		 Group
2024
£
376,947
-
44,356
-
648,849
1,070,152
Group
2024
£
16,241
17,042
(16,241)
17,042		 Group
2023
£
654,265
-
17,523
9,197
504,592
1,185,577
Group
2023
£
11,788
16,241
(11,788)
16,241		 Company
2024
£
376,947
-
49,391
-
459,909
886,247
Company
2024
£
16,241
17,042
(16,241)
17,042		 Company
2023
£
654,265
39,374
17,523
9,197
504,592
1,224,951
Company
2023
£
11,788
16,241
(11,788)
16,241

Page 38

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

20. Provisions

Group and Charity

Additions Contract
Works
£
2,600,000
2,600,000

At 31 March 2024, the Trust recognised a provision for potential contract costs. The provision has been made based on available information and represents the best estimate of the expenditure required to settle the obligation at the balance sheet date.

The provision is expected to be settled within the next 12 months.

Page 39

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Statement of funds Statement of funds - current year

Unrestricted
funds
General Funds
Endowment
funds
Endowment
(Permanent)
Restricted
funds
Collection
Management
Reserve 2005
Collection
Management
Reserve
Gallery and Car
Park
Construction
Total of funds		 Balance at 1
April 2023
£
9,241,000
21,607,542
632,777
5,516,933
9,940,249
16,089,959
46,938,501		 Income
£
3,490,477
-
-
347,873
-
347,873
3,838,350		 Expenditure
£
(3,491,241)
-
(48,174)
-
-
(48,174)
(3,539,415)		 Transfers
in/out
£
-
-
41,111
(4,025,783)
3,984,672
-
-		 Gains/
(Losses)
£
-
-
76,164
-
-
76,164
76,164		 Balance at
31 March
2024
£
9,240,236
21,607,542
701,878
1,839,023
13,924,921
16,465,822
47,313,600

Page 40

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds
Endowment
funds
Endowment
(Permanent)
Restricted
funds
Collection
Management
Reserve 2005
Collection
Management
Reserve
Gallery and Car
Park
Construction
Total of funds		 Balance at
1 April 2022
£
5,120,107
21,607,542
631,332
10,588,000
4,687,755
15,907,087
42,634,736		 Income
£
3,313,255
4,710,000
2
208,448
-
208,450
8,231,705		 Expenditure
£
(3,902,362)
-
(27,023)
-
-
(27,023)
(3,929,385)		 Transfers
in/out
£
4,710,000
(4,710,000)
27,021
(5,279,515)
5,252,494
-
-		 Gains/
(Losses)
£
-
-
1,445
-
-
1,445
1,445		 Balance at
31 March
2023
£
9,241,000
21,607,542
632,777
5,516,933
9,940,249
16,089,959
46,938,501

Page 41

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Statement of funds (continued)

Unrestricted funds

General Funds- The unrestricted reserves of the charity.

Endowment funds

Endowment (Permanent)- funds held indefinitely by the charity for the purpose of generating income.

Restricted funds

Collection Management Reserve 2005- being funds held specifically for the future management of the collection. This was originally represented by 350,308.61 treasury stock units in addition to accumulated income from these units. The original donor, Lady Willoughby, requested that the proceeds of the sale of a painting be held initially to generate income and preserve the collection. During the year ended 31 March 2019, it became clear that the restriction of a specific number of units was an inappropriate way to designate funds, and with the agreement of the original donor and the current board of trustees an amount of £500,000 was transferred to a separate investment holding, restricted as an original cost rather than tied to unit numbers.

Collection Management Reserve- The reserve also now includes funds generated from the sale of the Lucian Freud painting, "Night Portrait" which are to be used for the preservation and development of the Grimsthorpe Estate. Costs in relation to the upkeep of the castle artworks have been transferred from this fund in the year.

Gallery Construction- The reserve has been created to reflect the value of expenditure undertaken to date in constructing the Gallery and Car Park. The costs to date form part of the capital asset of the gallery which will be treated as restricted and part of the Collection Management Reserve.

Page 42

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. Summary of funds Summary of funds - current year

General funds
Endowment
funds
Restricted funds		 Balance at 1
April 2023
£
9,241,000
21,607,542
16,089,959
46,938,501		 Income
£
3,490,477
-
347,873
3,838,350
Income
£
3,313,255
4,710,000
208,450
8,231,705		 Expenditure
£
(3,491,241)
-
(48,174)
(3,539,415)
Expenditure
£
(3,902,362)
-
(27,023)
(3,929,385)		 Transfers
in/out
£
-
-
-
-
Transfers
in/out
£
4,710,000
(4,710,000)
-
-		 Gains/
(Losses)
£
-
-
76,164
76,164
Gains/
(Losses)
£
-
-
1,445
1,445		 Balance at
31 March
2024
£
9,240,236
21,607,542
16,465,822
47,313,600
Balance at
31 March
2023
£
9,241,000
21,607,542
16,089,959
46,938,501
Summary of funds - prior year
General funds
Endowment
funds
Restricted funds		 Balance at
1 April 2022
£
5,120,107
21,607,542
15,907,087
42,634,736

23. Analysis of net assets between funds Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
3,940,716
Fixed asset investments
74
Current assets
8,969,598
Creditors due within one year
(1,070,152)
Provisions for liabilities and charges
(2,600,000)
Total
9,240,236		 Restricted
funds
2024
£
13,924,921
701,878
1,839,023
-
-
16,465,822		 Endowment
funds
2024
£
21,607,542
-
-
-
-
21,607,542		 Total
funds
2024
£
39,473,179
701,952
10,808,621
(1,070,152)
(2,600,000)
47,313,600

Page 43

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

23. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
3,960,713
78
6,465,786
(1,185,577)
9,241,000		 Restricted
funds
2023
£
9,618,999
625,710
5,845,250
-
16,089,959		 Endowment
funds
2023
£
21,607,542
-
-
-
21,607,542		 Total
funds
2023
£
35,187,254
625,788
12,311,036
(1,185,577)
46,938,501

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on investments
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Group
2024
£
375,099
19,791
(76,164)
(347,873)
(7,699)
1,702,723
142,725
1,808,602		 Group
2023
£
4,303,765
25,079
5,622
(208,450)
3,648
(2,102,176)
(47,414)
1,980,074

Page 44

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

25. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
2024
£
9,607,281
9,607,281		 Group
2023
£
9,215,996
9,215,996

26. Analysis of changes in net debt

Cash at bank and in hand
27.
Capital commitments
Contracted for but not provided in these financial
statements
Construction of the Temporary Visitor Buildings		 At 1 April
2023
£
9,215,996
9,215,996
Group
2024
£
-		 Cash flows
£
391,286
391,286
Group
2023
£
126,800		 At 31 March
2024
£
9,607,282
9,607,282
Company
2023
£
-

28. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

Page 45

GRIMSTHORPE & DRUMMOND CASTLE TRUST LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

29. Operating lease commitments

At 31 March 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group Group Company Company
2024 2023 2024 2023
£ £ £ £
Not later than 1 year 148 148 148 148

30. Related party transactions

Lady Willoughby de Eresby is a Director of Ancaster Estates, a Company which is a tenant of Grimsthorpe & Drummond Castle Trust Limited. All transactions between the Landlord and Tenant are carried out on a normal arms-length commercial basis, Independent Valuers and Agents being used where appropriate. In addition at Drummond, Drummond Estates (Lady Willoughby de Eresby trading as) has been contracted to carry out a small amount of maintenance work and provide services to the Company, all such work being charged on a commercial basis. This was immaterial during the year. The rents charged to Ancaster Estates in the year were £180,250 in respect of Grimsthorpe Castle Farm Rent (2023- £180,250) and £3,564 in respect of Drummond (2023- £3,564).

Lt. Col S St. M Miller was employed by the Trust as managing director for the year ended 31 March 2024. Full disclosure has been made in the staff costs section of the financial statements. In addition, the wife of Lt. Col S St M Miller was employed by the Trust. Mrs E Miller was remunerated for her role as archivist for the Trust and was paid within the banding of £30,000-£35,000 (2023- £30,000-35,000). In the prior year, Ms H Miller (daughter of Lt. Col S St. M Miller) was remunerated for her role as an employee of the Trust (Ms Miller employment ceased on 22nd December 2022) and was paid within the banding £15,00020,000

Harry Coups (agent) has an interest in the Clay Pigeon Shooting Clubhouse. Harry Coups has had no involvement with the management of this tenancy or with any transactions the charity has with the property (which are all conducted on an arms length basis). This is as discussed by the trustees prior to the commencement of his engagement with the trust.

At the end of the year the following amounts were owed to/(from) Grimsthorpe & Drummond Castle Trust Limited, all of which were subsequently settled:

Ancaster Estates- debtors of £121,593 (2023- debtors of £111,704) and creditors of £Nil (2023- £Nil). Drummond Estates- debtors of £1,391 (2023- debtors of £1,195) and creditors of £8,703 (2023- £28,350)

Page 46