2023-12-31-accounts

Reglstered number: 02076097 Charity number: 518325 WESTON PARK FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 WESTON PARK

WESTON PARK FOUNDATION (A company limited by guarantse) CONTENTS Page Reference and admlnlstratlve detalls of the foundatlon, Its trustees and advlsers Chairman's statement Trustees, report Independent audltors, report on the financlal statements Consolldated statement of financial activities 8-15 16-19 20 Consolldated balance sheet 21-22 Foundation balance sheet 23-24 Consolidated statement of cash flows 25 Not•s to the financial statements 26-51

WESTON PARK FOUNDATION (A company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees M G O Bridgeman" N D T Crawley S L Graham A W O Kenyon. (resigned 13 November 2023) C Kenyon-slaney, Chair of Trustees H J R K8nyon-Slaney (appointed 14 Nov8mber 2023) C W Moyle 'Member of the Audit Commiitee Company reglstered number 02076097 Charity registered number 518325 Registerod office Weston Park Weston-under-Lizard Shifnal Shropshire TF118LE Chief Executive Officer C P Sweeney Key Sensor Posltlons C P Sweeney, Chief ExecLrtive Officer G Williams, Curator & H8ad of Learning T O'Hara, Head of Fin8n Independent auditors WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Page 1

WESTON PARK FOUNDATION (A company limited by guardntee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Banker8 Handelsbanken Shrewsbury Business Park Anchorage Avenue Shrewsbury SY2 6FG Solicitors Farrer & Co 66 Lincoln's Inn Field London WC2A 3LH Investment Advi80r8 Ruffer LLP 80 Victoria Street London SW1E 5JL CCLA Sen8tor House 85 Queen Victoria Street London EC4V 4ET Land Agents Balfours LLP Chartered SuNeyors New Windsor House Oxon Business Park Bicton Heath Shr8wsbury SY3 5HJ Page 2

WESTON PARK FOUNDATION (A company Ilmlted by guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 Chairman's statement for the year ended 2023. The Foundation and its subsidiary WPEL continued its positive progres5 in rebuilding its business base and business diversification projects after Covid years 20121. The company had a very successful year of trading. surpassing expectations in areas such as the House. It was able to do this despite pressures around resource and other cost pressures with inflation and utilities. The work being carrsed out through the Resilience Plan will help the charity define a 10 year strategy looking to underpin the charitable objectives for the foreseeable future and the Charity's long term sustainability. These are likely to be significant strategic projects that will require grant support. whether it is around the visitor offer arKI broadening public benefrt and reach a5 well as the long-term sustainabilty of the House and its environmental impact. Govemance will be a key component to this work and our desire to ensure our relevance and connections with all communities in the area, both urf)an and rural. This wotk will be completed in mid-2024 and the report submitted to NHLF for evaluation arKI hopefully some clear phases for consideration by future funding partners. The conversion of the East wing of the Granary was completed and the administrative offices for the charity and company relocated to the 2 floors that W8r8 refurbished. The offices were completed to a high standard and showcases the level of professionalism of the organisation to all our custcmers and st8kehold8rs as well as the enormous achievement in finally completely restoring the Granary building. It has enabled the repurposing of the redundant space that had previously been e8rmarked for an accommodation development but had to be shelved because of covid. It was a challerKJing space in its layout and w8s complex with planning needs. Whilst it required a significant investment from the charity's funds it has also enabled the Stables to be repurposed for Commercial Office rentals which has been extremely successful. And has resulted in a diverse number of local businesses basing therr￿eIveS at Weston Park. This has proved to be the best decision that could have been made in driving new income for the charity and doing so in a way that developed as enquiries evolved. The return on the overall investment is sound and with the centralisation of logistics to the site in the Granary, we have created an excellent business environment for our new tenants as well as capturing a business stream that can work well 81ongside the use of the House for private events. During this year Y￿ have further invested in our commttment to education by creating an educational hub for children attending outdoor holiday camps. This provides shelter as well as indoor classroom space to be combined with their outdiK)r learning activities. Business Review As set out in the 2022 revithv our primary challenge in defining our budgetary objectives was a need to underpin the resources necessary to deliver seNices to our customers. Front line positions in Food and Beverage, Housek￿ping and kitchen continued to be difficult both in terms of availabilty of appropriately skilled people as well as huge pressures on payroll. NLW had increased by another 10% so the compression point for fixed wage positions was further ex￿erbated. Whilst we lost a key senior manager and operated in many cases with under resourced operations, were able to deliver a remarkably successful trading year and we recognise the commitment the team gave in achieving that. We still retained a core of key people and invested in new administrative posts to support fvrther sales activity and a marketing focus on a greater use of social media campaigns. The Senior Management Team introduced an agreed balanced scorecard to better monitor the impact of these sales and marketing activities. Page 3

WESTON PARK FOUNDATION (A company Ilmited by guarantee} CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Investment in marketing activity enabled us to conduct a wholesale review of our online assets and this culminated in a complete brand review, with the launch of a nvN brand to pull together all our diverse businesses and the launch of a new website. New signage was commissioned too, and this continues to be rolled out pulling together a more consistent presentatN)n of The Weston Park brand to our B2C and B2B customers. A review of our business activities more specifically for the House vms conducted with the commissioning of a specialist consultant, Melvin Gold. This Mras presented to the Trustees for consideration at the June meeting. The Sales and Marketing roles were repositioned, and a sales representation company appointed in late September. Sales support is planned over the foreseeable period with a focus on corporate sale5 business most specifically. An enhanced investment was made into the marketing budget to prioritise these areas and use of the House for prtvate family occasions. All of this was buitt into the annual business plan review with input from all the Senior Management Team. Overall, the company had a successful year of trading. There were some disappointrnents which were experienced by many visitor attractions and holiday property businesses. The poor weather in the summer had a n8gatiV8 impact on footfall and so too our targets for retail F&B. However, overall, our visitor number for the year were 32,699, slightly up on 2022. 29.810. We also maintained a good perfonnance overall when factoring in our own events such as Bonfire Night and our 2 weekends of Christmas Markets. But the weather played havoc with many venues from October onwards and it is acknowledged to have been one of the wettest years on record. Again, it is a testament to the hard-worf(ing team that we were able to deliver all of the events even with capped numbers being self-imposed when many other venues had to cancel key events in Q4. The weather also impacted on our Holiday properties, and we lost ground on previous years trading. Mary people opted to travel in the summer holiday period. Short lead bookings for couples that we were positioned favourably for the previous year changed and probably was also a refiection of a reset with peoples w(xk patterns and a return to full or hybrid office working. We invested in bringing in house the diary booking system under Super control, bLrt it took a lot longer to mobilise than presented to us. all be it we are seeing the benefits now of the work in setting that up with more direct bookings. Trading though in the Park was excellent with a number of key events performing well such as CamperJam and Camp Bestival, as well as our own. The restaurant increased its revenues by 20h year on year and received a Rosette award further endorsing our qualty offer. The Gallery had some good performing exhibitions again in 2023 with a broad variety of artists. Over the year 6,358 visitors enjoyed a free to visit experience made possible by the fantastic support we get from volunteers. The development of outdoor education experiences WFth EKO continued and a new program introducing nutrition as a learning experience VIFS introduced under the HAF funded local government program (Holiday activities and Food Program 2022. https:IAW￿.g0V.Ukl90VeMMenupUb[1¢ati0n8/ho1lday-actIVitIeS-and-ft)od-Pr0grammelho1lday-aCtIVItIes-and-f00d- programme-2021). The performan￿ in the House was outstanding with an increase year on year of 340A grovrth and 30% over budget. There was a clear increase in corporate activity and interest in a private hire property. We exceeded expectation and had a number of key private events and cultural tours too. This resutted in a trading level not achieved since before covid and the experiment with 3rd party caterers. The company Yras able to convert a profrt above the budgetary target which is a testament to the team particularly given resource issues, inflation, and huge increases in utility costs. Page 4

WESTON PARK FOUNDATION (A company limited by guarantee) CHAIRMAN'S STATEMENT {coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The submission to NHLF for funding for the Resilien￿ plan for the charity setting out a 10-year strategic plan, was successful and we re￿iVed the funding to engage some key specialist consultants on mapping out options for the Charity and the Company. We conducted a membership; past members and visitors survey commissioned with the Audience Agency and conducted a number of visits in the summer from local and regional communty groups to help further evaluate how the organisation may consider better engaging with local communitres and membership. Of course, this Resilien￿ Plan project is aligned to thinking around how the organisation can ensure the longer- term sustainability of its operations and fulfilment of charitable objectives, which the company is key in delivering. This is an exciting project and will be enomiousty signrficant to the organisations long term future. Also key, is our focus on our environmental impact and improving these as well as the govemance of the organisation as a whole and hc)N this relates to the company. This work will be concluded in the summer of 2024 and submitted to NHFL for evaluation. We hope this will define several key projects that will attract further grant funding. ments Curatorial & Learning Funding With the success of the Resilience Plan btd in August, four under-represented groups were welcomed to Weston Park- one from Wolverhampton, one from Walsall, one from Stok&on-Trent. and a fiJrth8r group from Telford - which each giving evaluation which will fomi a part of the eventual project report. A member of the Wolverhampton group was gNen the opportunity of displaying his artwork in the Rose Paterson Art Gallery. Conservation The Hamilton Kerr Institute - with whom Weston Park has long worked - has undertaken th8 first year of what is anticipated to be three years of Su￿eY$. Their final year students. worf(ing with Dr Christine Kimbriel, have surveyed a third of the collection. submitting a condition report which will aid the Weston Park Foundation's trustees in determining the long-term strategy and spending on conservation of the painting collection. ConseNation needs will then be planned into annual short-term cyclical budgets and also infomi attempts to secure extemal funding for major works. A second year of works for ￿at is expected to be a ten-year conservation programme for the library's bo()ks VRS undertaken by Ben Pointer and Imogen Herford. supported by a group of Weston Park's volunteers. The trained volunteers are also undertaking a re-cataloguing of the books. the data from which will be shared with JISC so that it is globalty ac￿Ssible to students and researchers. An important George 111 giltwood pier glass from the Morning Room was conserved and restored by the Shropshire carver Ron Hester and gilder Emma Nobes. A Coade stone sundial in Temple WLX)d vrfas conseprfed and restor￿ by the specialist Phil Thomason. Ceramics displays throughout the House have been improved with the replacement of existing light frttings with LED, giving better conservation conditions and improving the green credentials of the House. Learnlng & Access Our school's delivery partners Educating Kids Outdoors {EKO} have continued to attract new school groups throughout the year, with just under 4,000 pupils making fomial school group visits. The Wynn Foundation and Arts Society Wrekin have generously supported school arts programmes delivered by EKO, aiding transport costs. EKO have also offered a range of Holiday Activity with Fo)d days during the school holKlays which have proved popular wlth parents and pupils alike. EKO is now also using Weston Park to host CPD sessions for teachers and other engaged in outdoor leaming activities. Page 5

WESTON PARK FOUNDATION IA company limfted by guarantee) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Telford College's Arts Students have vnrked with the team at Weston Park to create works themed to the festival Camp Bestival and these have been shcNKased in an exhibrtion for the visiting public during the summer. University Centre Shrewsbury's Heritage Msc students have visited and been supported in subsequent projects by the Curator & Head of Leaming. One of the students has now joined us as a Weston Park volunteer. The Trustees were delighted to support the Gold & Silver Wyre Drawers exhibition, at the Guildhall Art Gallery London with the loan of the burse of Kepper Sir Orlando Brtdgeman 1st Bt - an exhibition which proved to be the most successful ever held at the Guildhall Art Gallery and the duration of which was extended during the loan. The Rose Paterson Art Gallery has enjoyed another successful year with a range of hire and community group exhibitions wh￿h have further expanded audiences. Exhibitions have included the Association of Animal Artists, The Gallery was also able to offer public access to J.M.W.Tumer's recently discovered View of Watchet, Somerset, a pre-eminent conditionally exempt work which was displayed to provide public access. The Gallery has also begun hosting yoga events to extend its appeal and to maximise its use. Additionally, Y have worked in partnership with the Friends of Wolvethampton Grar￿ Theatre, hosting two fund raising events. Weston Park welcomed a residential cultural tour hosted by author and landscape expert John Phibbs, focused on the inspiration and legacy of Frederick Law Olmsted, and also 2 week-long residential cultural tour for group from Houston. Texas. Lectures were given by the Curator & Head of Leaming to four historicall cultural organisations in the region during the course of the year, and a special lecture and tour was provided to a joint group from the Shropshire Parks & Gardens Trust and the Staffordshire Gardens and Parks Trust. In addition to the Gontinued development of the Bloomberg Connects digital guide, further digital content relating to the collections were shared, with images of the sculpture collection and works on paper now online at Art UK. Weston Park has also now contributed digital assets to Watercolour World. The Curator has also assisted the V & A Museum in cataloguing a collection of photographs by Lady Lucy & Lady Charlotte Bridgeman which are displayed on that Museum's website. Volunteers The charity is delighted to be supported by a total of 163 volunteers. They assist in interpretation of the House & Collection, staffing the Gallery, helping with gardens. House & Collection conservation, administration arKI research. and education. Weston Park has also benefitted from the assistan￿ of corporate volunteers from Capgemini who gave a week to assist with a range of tasks in the walled garden. An afternoon tea, celebrating both the Coronation and National Volunteers Week was held for all volunteers in the Orangery on 1 st June. Princi al Risks and Uncertainties The key business risks and uncertainties that the Charity identifEd are.. The ongoing impact of economic conditions, cost of living, inflation and attracting skilled employees. The Charity continues to look at opportunities of product development and further diversification of it's SoUr￿S of income. Page 6

WESTON PARK FOUNDATION (A company Ilmtted by guarantee) CHAIRMAN'S STATEMENT (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 . Chges N) laxatitin and bu6wMs valuations. Our Land Agent and Financial Pthiser are dwged with moniioring and advising in a tim manner. - Safesu8rding of assets. A Salvage Plan Is In place and18 revle¥ved regularly. - (Mgolng need to Invest In new technobgy and l.T. - Lack of adequate re98ry83 to combat Iw35ne&8 <knwntum ￿ SWI￿rt Investment programme. The Organisation has a rabust accounting struclure and reviews ts investrnent pollcies. effectlvenes& . Fraudrrh•fts Th¢ Foundation work$ with its advisors to erffjure robust system8 of control and monltorlng proceduigs continue in pl¥e and are kapt undar constant review. - Heth and safety The Foundation internal and extemal resource8. Such a8 insurern and advi$0ry4 10 assess rlsk levels And Implernent reglmes of effectSve monltorfng and revkn. The Foundation con8ider8 the following to be ts kw measures of prftymance: Financlal - Income generation including investment retum8 - Net movement in Funds - Use of assets ffi tyeating new income $iream$ Non flnanclal - Fuifillment of our objectives of conservation and ¢th￿atIOn lo public benefit, leaming and re￿•at - Cornplimgntary Feed)ack and service level Scoring - Number of vl$itors - Awards received Finalty, l Moukl Ilke to record my thanks to my foll￿V Truste•s and the entire Weston leam and V￿nteerS for all thelr 8UPPOrt and contlnuing hard work. Christina Kenyon-slar Chalr of Twstees Date. ioiq Iz4 Page 7

WESTON PARK FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER2023 The Trustees present their annual report together with the audited financial statements of Ihe Foundation for the year 1 January 2023 to 31 December 2023. The Annual report serves the purposes of both a Twstee5' report and a directors, report under company law. The Trustees confirm that the Annual report arKI financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's goveming document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordan￿ 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 principal objectives of the Foundation are: {1) To preserve for the public benefit the buildings and their grounds and surrounding parkland and familand; (li) To preseNe for the public benefit furniture, pictures and chattels kept at Weston Park: (iii) To provhle at Weston Park facilities for physical recreation for members of the public", and (iv) To facilitate and encourage the use and occup8tion of Weston Park and the use of chattels for charitable educational purposes or for such other charitable purposes as the company may determine. The primary obj8CtiV8 of the Foundation is to preseNe, maintain and improve Weston Park, its house, park, garden and contents and display them to the public: to encourage visitors and the educational use of the facilities at Weston. to add to the collection when appropriate items become available. Given the intention to preseNe and, when appropriate expand the collection of chattels and preserve the buildings and grounds, there is no intention to dispose of any of the Heritage Assets. Through the Foundation's subsidiary, Weston Park Enterprises Limited, th@ objective is to use the house, buildings and park profitably to provide the funds for the primary objective. Weston Park Enterprises Limited operates the trading activities, complementing the opening of Weston Park to the public, through special events in the park, a restaurant, private hire of the house for residential and corporate events and rentals of our 5 holiday properties. The profits of the subsKliary are donated to the Foundation via gift aid. To help meet these objectives, the Foundation invests the Endowment Funds provided by the National Heritage Memorial Fund and The Rt Hon. Earl of Bradford in 1986, to produce a return to contribute to funding the rnaintenance and restoration programme. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefrt, including the guidance 'Public benefit: running charity (PB2)'. Page 8

WESTON PARK FOUNDATION (A company Ilmlted by guarantee TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and actlvltles (contlnued) b. Strategies tor achi•ving objectives To work on a comprehensive programme of r8pairs and improvements to buiklings, conserrfation work to chattels, restoration of the landscape and improvement of the gardens., (li) To develop visitor attractions and to promote Weston Park as an outstanding nats'onal asset and to promote cultural tourism at all levels., {iii) To develop links with local schools, colleges and universities., and (iv) To encourage the profitable use of the house and park for commercial, private and public events through its subsidi8ry. c. Activities undertaken to achieve objectives Refer to the Chaimian's Report incorporating the Strat8gic Review for a full review of activities in the year. Significant activities include: Annual inspection of the buildings, undertaking major repalrs or improvements each year over and above routine maintenanc8" a continuous programme of conseNation of the chattels., (li) A rolling five-year programme of restoration of the park in accordance with the 'Landscape Plan" which is reviewed regularly by the Executive Committ88. d. Voluntoers The Foundation is grateful for the unstinting efforts of its volunteers who assist through maintenance of the gardens, conservation of chattels and house guides. The Foundation has a volunteer coordinator to ensure that best use is made of the considerable efforts of our volunteers. e. Maln actlvltles undertaken to furthér the Foundation's purposes for the public benefit The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have regard to public benefit guidance published by the Charity Commission. The activities undertaken in support of public benefit are set out in the Chairman's Report and the Objectrves and Activities section of the Trustees Report. Page 9

WESTON PARK FOUNDATION (A company limited by guarantoe TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strateglc report Achievements and perfomiance a. Key perfomiance indlcators Refer to the Chairman's Report. incorporating the Strategic Review, for details of key performance indicators. b. Review of activities Refer to the Chairman's Report. incorporating the Strategic Review, for a review of the activitres for the year. Fundraising activities and income generation Refer to the Chairman's Report, incorporating the Strategic Review, for a review of the fundraising activFties for the year. No material fundraising activities took plxe in the year. d. Investment policy and performance The Foundation operates a total retum approach to the investment of the Permanent Endowment, in eccordance with the teTm8 of a written resolution of the Board of Trustees. dated 11 November 2014. The Trustees confirm that.. • in identifying the value of the portion of the permanent endowment that represented unapplied total return, the Trustees first identified the value of the initial founding gift in 1986 and any subsequent gifts of permanent endowment up until the 30 September 2014. when determining the amount of unapplied total return to transfer to income th8 Trustees have considered the amount of income required to maintain the current level of charitable activity; and when reaching their decision as to the unapplied total return to transfer to income, the Tmstees have considered the information provided by their Investment Advisors (CCLA and Ruffer LLP) regarding the market outlook, investment trends and yield and the prospect for future capital grovAh. Our investment advisors (CCLA and Ruffer LLP) are instructed to invest to maximise the total retum on Permanent End0￿￿ent Funds (Funds A & C) and the funds held under Expendable Endowment (Fund B) within the constraints of a medium to low risk investment portfolio. The investment brref is broadly defined. and the Trustees of the Foundation do not wish to impose any specrfic ethical investment policy" however the Audii Commrttee is required to consider the congruence of potential investments with the aims and objects of the Foundation. The Trustees confinned the policy for withdrawal of funds from the unapplied total return fund in November 2014. with an effective start date of February 2015. The current drawings target is set at £300,000 (2022.. £250.000), excluding any 'one olT or'exceptional. payments. The drawings target is to be reviewed annually by the Trustees. It is the objective that if in any one year the Total Retum is insufficient to meet the budgeted expenditure, in the long term the real value of the funds will still be maintained in accordance with the investment objectives. Whilst the legislatron all0v￿ the Foundab'on to spend any of the Totsl Return, the Trustees have ￿ a floor of £6.5m telow which the value of the total funds invested (Funds A and C and B) should not be reduced. This floor in the value of the funds can be amended by the Board of Trustees. Page 10

WESTON PARK FOUNDATION (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strategk report (contlnuedl Achievements and performance (continued) The key risks to the long-temi sustainability of the funds are inflation and the interest rate risk. The Foundation's policy is that the assets should be invested to mitigate these risks over the long term. The Trustees understand that this is likely to mean that investment viill be concentrated in real assds and that the capital value will fluctuate. The Trustees are able to tolerate volatility of the capital value of the funds, as long as they are able to meet current expenditure from investment drawings. The total return on all investments, for 2023 was a surplus of 6.840% (2022: deficit 5.81%) against a target return of CPI inflation (40/0) plus 4% being 8%. Financial review . Going concern Notwithstanding the difficulties in recovering from the impact of the pandemic in 2020 8nd 2021 and at the time of preparing this report, after making appropriate enquiries, the Trustees have 8 reasonab18 expectation that the charitable company and group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies and the Chaim)an's Statement. b. Reserves policy The Trustees have adopted a total return approach to the management of its Pennanent Endowed Fund {Funds A & C). These funds along with the Expendable Endowment Fund (Fund B) are managed with the objective of generating an annual total return which is sufficient to support its maintenance programm8. Monies are set aside in a special repairs fund to finance future capital andlor maintenance projects. The General Charitable Fund of Weston Park Foundation is retained to fund future maintenance and running costs. On 31 December 2023 the Foundation's General Charitable Fund showed a surplus before accounting for designated funds of £139,526 (2022: £525.499), of which there was a deficit of free reserves (general fvnds excluding fixed asset5 and fixed asset investment5 and including designat￿ funds) of £491,627 (2022: £34,733 deficit). The policy is to rebuild free reserves to £500k over the next 3 to 4 years as we plan to generate increased profrts from our various income streams. c. Flnancial perfomiance review Net expenditure before investment revaluations was deficit £1,324,615 {2022: £973,167). After investment revaluations, the Foundation recorded a deficit in the year of £949,617 (2022: £1,724,848). Net surplus on investments was £374,998 (2022.. £751,681 deficit). Included wtthin the deficit figure is expenditure of £900,566 (2022: £286.953) on special restoration projects, which was in addrtion to general repairs and maintenance spend of £328.482 {2022: £740,456). Further information relating to the perfomiance in the year is set out in the Chairman's Report. Page 11

WESTON PARK FOUNDATION (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, governance and Tnanagement a. Constitution Weston Park Foundation is registered as a charitable company limited by guarantee (company number 02076097) and was set up by a Memorandum of AsS￿l8t10n on 13 November 1986. It's registered charity number is 518325. b. Methods of appointment or election of Trustees The management of the Group and the Foundation is the responsibilty of the Trustees who are elected and co opted under the temis of the Memorandum of Association. c. Organisational structure and decision-making policies During the year there were no changes to the committee structure or terms of reference of the committees. A summary of the governance statement of the Foundation is set out below.. The Foundation's Board of Trustees delegates various tasks to the Chief Executive. the ExecLrtive Committee and the Audit Committee. The Board of Trustees meets every six months and ft)rmulates the Foundation's policy and long term direction. The Trustees and Executive have agreed a long term Aim that W8Ston will be recognised as a °Centre of Cultural Excellen￿°. The Executive Committee is responsible for determining commercial strategy and objectives and managing the Foundation in accordan￿ with its terms of reference and the Trustees, directives. The Executive Committee also deals with matters conceming the Foundation's subsidiary Weston Park Enterprises Limited. This committee is chaired by the Chief Executive, Colin Sweeney, and has other members Comprising of the Ch8imi8n of the Trust&s, Christina Kenyon Slaney and Charles Moyle. Nicholas Crawley and John Gregory (as a Director of Weston Park Enterprises Limited and Company Secretary of Weston Park FOundat￿n until 5 November 2021). The Foundation's Curator. Financial Advisors and Land Agent also attend meetings. The Audit Committee is made up of three members. Trustees constitute a majorty of the membership and the Committee is responsible for ensuring that the Foundation operates in accordance with its goveming document to deliver its objects, complies viith relevant laws and regulations for reviewing and assessing the adequacy of the systems of internal control and risk management. The Audit Committee also oversees the performance of the Foundation's investment portfolio and the Investment Advisors. d. Policies adopted for the induction and training of Trustees A new Trustee is briefed by the Chaimian of the Trustees on hislher duties. Helshe re￿iVeS a copy of the Trustee's Handbook, which ind￿leS a copy of the governing document. They are also given a detailed tour by the Land Agent and are introduced to the tenants, occupiers and staff of the Foundation and the subsidiary. New Trustees sign a declaration of eligibility to act as a charity Trustee. The Trustees are kept aware of relevant legislatNe developments arKJ the Foundation's lawyer attends all Trustee meetings. The Chairman attends an annual update course wn by a firm of solicitors. Page 12

WESTON PARK FOUNDATION IA company limitsd by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure* governance and management (contlnued) e. Pay policy for key management personnel The Trustees consider the Chief Executive and Finance Officer as in charge of directing and controlling the Foundation and running and operating the Foundation on a day to day basis. All Trustees give their time freely no Trustee remuneration paid in the year. Details of the Trustee expenses and related party transactions are disclosed in notes 13 and 28 to the accounts. Trustees a￿ required to disclose all relevant interests and register them viith the Chief Executive and in accordance wrth the Foundation's policy withdraw from decisions where a conflict of interest arises. f. Related party relatlonshlps The Foundation has a wholly owned non charitsble subsidiary, Weston Park Enterprises Limited, whose activities and trading performance are referred to in the Chairman's Report and the Trustees, Report. All Trustees are also the Trustees of the Seventh Earl of Bradford Settlement whid) is a charitsble trust and holds certain chattels at Weston Park during the lrfetime of the Seventh Earl of Bradford. g. Financial risk management The Trustees have assessèj the major risks to which the Group and the Foundation are exposed, in particular those related to the operations and finances of the Group and the Foundation, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trustees have a risk management strategy which comprises.. an annual review of principal risks and uncertainties that the foundation and its subsidiary faces., {ii) the establishment of policies, systems and protsdures to mitigate those risks identified in the annual review. and (iii) the implementation of prO￿dureS designed to minimise or manage any potential impact on the charity should those risks materialise. This work has confimed that the principal risk is associated with the safe keeping of the valuable heritage assets. Safety of members of the public, our staff and other visitors or r8sidents at Weston Park is also a fundamental part of the work of the Foundation. The success of the Foundation is ultimately driven by income 98n8ration, this is the greatest area of financial uncertainty. Consideration of reputational risk and good relationships with the local community are also fundamental to our working policies. Page 13

WESTON PARK FOUNDATION (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for future periods Investment in the maintenance and improvement of properties for both public use and those held as rented dwelllngs is likely to be substantial, especially to meet the energy efficiency demands as responsible landlords. This includes the completion of developments of commercial lets. We will monitor efficiency of Biomass and woodchip boilers aThl explore other energy efficiency programs on the estate. The ongoing program of works to the roof and central heating system will continue on a phased basis so as to mitigate as much as possible, the impact on the use and viewing of the House. Statement of Trustees. responslbllltles The Trustees (who are also the directors of the Foundation for the purFoses of company law) are resportsible 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 Practi￿). Company law requires the Trustees to prepare financial statements for each financial . 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 FoundatK)n and of their incoming resources and application of resources, including their income and expendiiure, for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financi81 statements; pr8pare the financial statements on the going Gon￿rn basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping ad8quate accounting records that are sufficient to show and explain the Group and the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Foundation 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 Foundation 8nd hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 14

WESTON PARK FOUNDATION (A Company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDKI 31 DECEMBER 2023 Dl8cINur• of Inlomiatlon lo audltorn Each of the persons who 8re Tnthe8 at the time when this Tru8t888' report is approv•d has confirmed that. far as that TNstee is aware, th•M i¥ no felevant audSt Infomiatlon of whl¢h Ihe cha￿table group'8 audilors are unaware, and t￿1 Tnffjt￿ tak￿ all the steps thal ought lo have been taken as a Tru8tee in order to be awar• of any relevant audlt Infom*tlon and to estatlish that the charttable group's auditors we awa￿ of Ihat information. Approved by order of the mewkners of the board of Tru$t¢6$ and signed on Iheir behalf ty.. C Kenyon4laney Chalr of Trustees Date: 10 Iq ILY Page 15

WESTON PARK FOUNDATION (A Company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WESTON PARK FOUNDATION Opinion We have audited the financial statements of Weston Park Foundation (the 'parent charitable company.) and its subsidiary (the 'group') for the year end8d 31 December 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balan￿ Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has b*n 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: give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 De￿mber 2023 and of the Group's incoming r880urces and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounts'ng Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards 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 ststements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibiliti88 in accordance with these requirements. We believe that the audit evidence VE have obtained is Suff￿lent and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statem8nts, we have concluded that the Trustees, use of the going COn￿M 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 abilty to continue as a going concem 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 16

WESTON PARK FOUNDATION (A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WESTON PARK FOUNDATION (CONTINUED) Other inforniation 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 infomiation and, except to the extent otheDfftJise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibilty is to read the other information and. in doing so. consKler whether the other information is materially inconsistent with the financial ststements 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 thi8 gives rise to a material misstatement in the fi'nancial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this oth8r information, w8 are required to report that fact. We have nothing to report in this regard. Opinlon on other matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit: the infomiation given in the Trustees. Report including the Strategic Report for the financial year for which the financisl statements are prepared is consistent with the financial statements. the Trustees. Report and the Strategic Report have been prepared in accordance with applicable legal requirements. 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 relats'on to which Companies Act 2006 requires us to report to you rf, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or retums adequate for our audit have not been re￿iVed from branches not visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and retums. or certain disclosures of Trustees, remuneration specIf￿d by law are not made; or have not re￿iVed all the infonnation and explanations we require for our audit. Page 17

WESTON PARK FOUNDATION (A company limitsd by guarantee) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF WESTON PARK FOLINDAnoN (CONTINUED) Responslbilities of trustees As explained more fully in the Trustees, responsibilities statement. the Twstees (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 8rror. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue 8s a going COn￿rn, 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 ￿ase operations, or have no raalistic alternative but to do so. Audttors. responslblliti88 for the audit of the flnancial statements Our objectives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from material misstatement, wheth8r due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audf( 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 desrgn prctedures in line with our responsibilities, outlined above, to detect material misststements in respect of irregularities, including fraud. The exL8nt to which our procedures are capable of detecting irregularities, including fraud is detailed below.. The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and detemined that the most significant are those that relate to the reporting framework {FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Dats Protection Regulats'on (GDPR). We understood how the Group is complying with these frameworks by making enquiri88 of management and I￿se responsible for legal and compliance procedures. We reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We a&%essed th8 susceptibility of the Group's financial statements to material misstat8ment, including how fraud might occur by meeting with key management to understand where they are considered there was SUSC8Ptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with govemance, manual journal testing, cashbook reviews for large and unusual items and the challenge of significant estimates u88d in preparing financial statements. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including th)se leading to a material misstatement in th8 financial statements or non-compliance with regulation. This risk increases the mor8 that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become awar8 of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather th8n error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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.or .uklauditorsres Auditors, report. onsibilities. This description forms part of our Page18

WESTON PARK FOUNDATION (A company Ilmlted by guarantee) INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF WESTON PARK FOUNDATION (CONTINUED) 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. Our audit work has been undertaken so that we might stste 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 8 body, for our audit worf(, for this report, or for the opinions w8 have formed. Andrew Malp¥g"s BA FCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Shropshire SY2 6LG Date.. Page19

WESTON PARK FOUNDATION {A company Ilmltsd by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Endowment Unrestrlcted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income and endowmènts from: Charitable activities Other trading activities Investments Other incorre 291.468 2,400.634 275,852 291,468 2,400.634 471,841 485, 163 2, 152,448 407. 147 195.989 Total income and endowments 195,989 2,971,594 3.167,583 3,044. 760 Expendlture on: Raising funds Charitable activities 2,031.909 2A60,289 2,031,909 2,460,289 1,822, 150 2,195, 777 Total expendlture 4,492,198 4,492.198 4,017,927 Net Incomel(expendlture) before net gainsl(losses) on investments Net gainsl{losses) on investments 195.989 352N14 {1,520,604) (1,324,61 S) 22,584 374,998 (973, 167) (751, 681) Net incomellexpenditure) Transfers btheen funds 548,403 (1,112,048) (1,498,020) 1,112,048 (949.617) (1. 724.848) 20 Net movement in funds (563,645) 1385,972) {949.617) (1. 724,848) Reconciliation of funds: Totsl funds brought forward Net movement in funds 16.460,135 1563,645) 525,499 (385,972) 16.985,634 18,710,482 (949,617) (1, 724,848) Total funds carriod forward 15.896A90 139,527 16.036.017 16, 985,634 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 26 to 51 fomi part of these financial statements. Page 20

WESTON PARK FOUNDATION {A company limited by guarantee) REGISTERED NUMBER: 02076097 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Heritage assets Investments 14 15 16 177,074 ,377,942 7,972,629 126, 766 8,377,942 8,515,659 16,527.645 17,020,367 Current assets Stocks Debtors Cash at bank and in hand 17 18 46,952 220,775 573,884 40,020 166.323 873.540 841,611 1, 079, 883 Creditors: amounts falling due within one year 19 (1,333,239) (1, 114,616) Net current liabilities 1491.8281 (34, 733) Total assets less current Ilabllltles 16,036.017 16.985.634 Totsl net assets 16,036,017 16,985.634 Page 21

WESTON PARK FOUNDATION (A company Ilmlted by guarantee) REGISTERED NUMBER: 02076097 CONSOUDATED BALANCE SHEEr IcoKnNUED) AS AT 31 DE¢Eh18ER 2023 2023 2ff22 Charlty funds En(b)wment funds Restricted funds Unre8tfiCted fund$ 20 16I96A90 16,460.135 139,527 525,499 Totsl funds 16,036,017 16.985.634 The Trustees acknrnvledge thdr responsbllliies for complying wilh tho requIrem￿tS of the Act wilh respect to accounting records and preparation of financial statements. The financial statements were approved and autI￿rised for iswe by the Trustees and suned on their behdl by: C K•nyon4lan•y {ChaSr of Tru$tee8) D•te: i D The notes on ( •IL14 ges 26 to 51 fomi p8rt of these financiel statements. Page 22

WESTON PARK FOUNDATION (A company limited by guarantee} REGISTERED NUMBER: 02076097 FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Flxed assets Tangible assets Heritage assets Investments 14 15 16 59,179 8,377,942 8,052.629 39, 693 8,377,942 8,595,659 16,489,760 17,013,294 Current assets Stocks Debtors Cash at bank and in hand 17 18 3,356 46,346 4,519 83,592 92,545 54,221 Creditors: amounts falling due wiihin one year 19 11.038,677) (539, &35) Not current liabilities 1946,032 (485,314) Totsl assets less current Ilabllltles 15,543,718 16,527,980 Total net assets 15,543,718 16,527,980 Page 23

WESTON PARK FOUNDATION (A company limknd by guarant•e> REGISTERED NUMBER: 02076097 FOUNDATION BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 2022 Charlty funds En(kJwment funds Restrlcted fvnds Unr•strthd fund8 20 20 20 16.896.490 16,460,135 1362.772) 67,845 Total funds 14543,718 16,527,980 Th¢ Foundatton'$ net mlwement in funds for the year was £(984,262) (2022- £(1,570,613)). The Tru8te88 a¢kr￿wIedg9 their responsibl￿18& for com￿1ng with the requirements of the Ad with respe¢t to accounting records and preparalm of financial stalements. The finanGial statements were e4)proved and authorised for i88ue by the Trustees and signed on their behalf by: C K•nyon418noy (Chair of Trustees) Date: io The notes on pages 26 to 51 fomi part of these firwicial staterr￿nts. lfji Page 24

WESTON PARK FOUNDATION {A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cash flows from operating activiti•s Net cash used in operating activities 22 (922.531) (1,424,816) Cash flows from investing activities Purchase of tangible fixed assets Movement on fixed asset investments (119,536) 543,030 (34,469) 1. 136.682 Net cash provlded by investing activities 423,494 1.102.213 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year (499.037) 1322,603) 707,181 1,029. 784 Cash and cash equivalents at the end of the year 23 208.144 707, 181 The notes on pages 26 to 51 fom part of these financial statements Page 25

WESTON PARK FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2023 General inforniation Weston Park Foundation is a Foundation limited by guarantee. incorporated in England. The registered office is disclosed on the Foundation information page. A description of the nature of the entitys operations and its principal activities is included within the Trustees report. Accounting policies 2.1 Basis of preparatlon of flnancial statements The financial statements have been prepared in accordan￿ wilh the second edition 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> and the Companies Act 2006. Weston Park Foundation meets the definition of 8 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 result for the year for the Parent Foundation was a deficit of £984,262 (2022: deficit of £1.570,613). The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 20C￿ and has not presented ts own Statement of financial activities in these financial statements. 2.2 Golng concern After making enquires, the Trustees have a reasonable expectation thal the Foundation has adequate resources to continue in operational existence for the foreseeable future. The Trust88S therefore continu88 to adopt the going concern basis in preparing its financial statements. Page 26

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontlnued) 2.3 Incom8 All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with SLrfficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Foundation has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Foundation, can be reliably measured. Grants S￿ included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of incom8 r8c8ived for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depr8ciat8d over the useful economic life in accordance with the Foundation's accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Foundation which is the amount it would have been willing to pay to obtain se￿I¢8S or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations receiv&J under Gift Aid or deeds of covenant is recognised at the time of the donation. 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 Se￿1￿. Page 27

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendrture is classified by activity. The costs of each activity are made up of the total of direct costs arKI 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 be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on th8 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 fund5 for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitsble activities is incurred on d1￿CtlY undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditur8 is inclusive of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on deposit is included when re￿iVable and the 8mount can be measured reliably by the Group., this is normally upon notification of the interest psid or payable by the institution with whom the funds are deposited. 2.6 Tangible fixed assets and depreciation Tangible fixed assets costing £500 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 bting a tangible fixed asset into its intended WOTking condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following bases: Plant and equipment Motor vehicles Fixtures and fittings IT equipment 10-25.￿ straight line 250A straight line 20% straight line 33% straight line Page 28

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (contlnued 2.7 Heritage ass8ts The Foundation holds and maintains a number of properties and a collection of chattels of historical. artistic or scientific importance. In accordance with section 34 of FRS102, Heritage Assets have been recognised on the Balance Sheet. In all cases the items have been recorded at cost or an estimate of cost at the time of acquisition. Adjustments have been made to reflect additions, items lost, destroyed or stolen. Heritage Assets are not depreciated since their indefinite or long economic life and high res￿lua1 value mean thal any depreciation would not be material. One of the objectives of the Foundation is the preservation and conservation of assets therefore it is the responsibility to ensure that the condition of the heritage assets does not deteriorate over time. Improvements to heritage assets are written off to the SOFA when incurred. These are not capitalised as heritage assets are held at their deemed valuation at the time they were intrOdU￿d into the Foundation. 2.8 Investments Inv8Stm8nts are a form of basic financial instrument are are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments Sre calculated as the difference between sales proceeds and their opening carrying value of their purchase value is acquired subsequent to the first day of the financial year. Unreali88d gains and losses are calculated as the difference be￿een the fair value at the year end and their carying value. Realised and unr8alised investment gains and losses are combined in the Statement of Financial Activities. The Foundation does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the Foundation is that of volatility in equty markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment con￿MIng equities and within particular sectors or sub sectors. The Foundation operates a total retum approach to the investment of the pemianent Endovllnent Funds (Fund A & Cl. Details are included in the Trustees Report and Note 7 in the financial statements. Investments in subsidiaries are valued at cost less provision for impairment. Investments held as fixed assets are shown at cost less provision for impaimient. 2.9 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. Page 29

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.10 Debtors Trade and other debtors are recognised at the sett18ment amount. Prepayments S￿ valued at the amount prepaid. 2.11 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deL)OSit or similar account. 2.12 Liabilities and provisions Liabilities 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 Foundath)n 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 m8asured at the best estimate of the amounts r8quir8d to settle the obl￿atIOn. 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. 2.13 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instnjments. Basic financial instruments are initially recogni5ed 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. 2.14 Finance leases and hire purchase Assets obtained under hire purchase contracts and finan￿ leases are capitalised as tsngible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease temi and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge all￿ated to futu￿ periods. The finance element of the rental payment Is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. 2.15 Ponsions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of the year. Page 30

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policie8 (continued) 2.16 Fund accountlng General funds are unrestricted funds which are available for use at the dlscretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. D88ignat8d funds compris8 unr8Stricted funds that hav8 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 financFal statements. Restricted funds are funds which are to be used in accordance with specrfic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raisiro 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. Endowed funds are funds where the capitsl must be maintsined, which is explained further in note Investment income, gains and losses are allocated to the appropriate fund. Critical accountlng estlmates 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 Foundation makes estimates arKI assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, $81dom equal the related actual results. In the opinion of the trustees there are are no 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. Page 31

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitablo activities Restricted Unr•stricted funds fund8 2023 2023 Total funds 2023 Total funds 2022 Education and Public Grant income Livestock & produce Timber sales Commissions receivable Curatorial income 167,923 81,900 7,346 3,449 30,767 83 167,923 81,900 7,346 3,449 30.767 83 786,974 240,557 2,549 5,204 49.797 Total 2023 291,468 291,468 485. 163 Tot812022 178,805 306,358 485, 163 Income from other tradlng actlvltles Income from non charitable trading activities Unrestrlcted funds 2023 Total funds 2023 Total furmts 2022 Trading income 2,400,634 2,400.634 2, 152,448 Total 2023 2,400,634 2.400,634 2. 152.448 Total 2022 2, 152,448 2, 152,448 Page 32

WESTON PARK FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investment income Endowment Unrestrlcted fund$ funds 2023 2023 Total funds 2023 Total funds 2022 Rents r8C8ivable Income from listed fixed asset investments Bank interest receivable 254,953 11,225 9,874 254,953 207,214 9,674 215,967 190,772 408 195,989 Total 2023 195,989 275,852 471,841 407, 147 Total 2022 171, 178 235,969 407, 147 Page 33

WESTON PARK FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Total return Investment The investment principle of total return was confirmed by written resolution of the Board of Trustees on 11 November 2014, and was adopted in February 2015. At the time the power was granted, the Trustees identified the value of the gifts of pemanent endowment (Funds A & C) r8ceived since 1986 up until 30 September 2014. This set the baseline value of the gift component of the endowment to which any 8ubsequ8nl gifts of endowment are added. The difference btheen the total of endowment funds as at 30 September 2014 and the value of the gift component represented the opening balance of unapplied total return. The power of total retum pemiits the trustees to invest pemianently endowed funds to maximise totsl retum and to apply an appropriate portion of the un8pplied total return to income each year. Until the r￿er is exercised to transfer a portion of unapplied total return to income, th8 unapplied total return remains invested as part of the pemianent endowment. The poNer allows the Trustees to decide in each year how much of the unapplied total return is transferred to income funds and so available for expenditure. The current drawings target is set at £300,000, excluding any 'on8-off 01 'exceptional' payments. The drawings tsrget is reviewed annually by the Trustees. It is the objective that if in any one year the total return is insufficient to me8t th8 budgeted expenditure, in the long-term the real value of the funds will still be maintained in accordance with the investment objectives. Whilst the legislation allows the Foundation to spend any of the total retum. the Trustees have set a floor of £6.5m below which the value of the total funds invested (Funds A and C being the permanently endowed funds and B the expendable endowment fund) should not be reduced. This floor in the value of the funds can be amended by the Board of Trustees. In deciding on the amount to transfer to income funds, the Trustees considered the information provided by their investment advisors, Ruffer LLP and CCLA, as to the likely investment trends and the sustainability of the investment fund after considering various levels of transfer to income. Unapplled Total Retum Trust for Investment Total funds Total funds 2022 Gift component of the pennanent endowment Unapplied total retum Investment return.. dividends and interest Investment return.. realised and unrealised gains Unapplied total return 811ocated to income in the reporting period 2,250,000 2,250,000 3,869,288 145,160 2,250,000 4,555,082 134,601 3,869,288 145,160 250,145 250,145 (518,994) (1,052,302) (1,052,302) (301,401) Total 2,250,000 3,212,291 5,462,291 6, 119,288 The totsl return information set out in the table above relates to the permanently endowed funds, A and C, only. Page 34

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Othor incoming re80urces Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Other incoming resources 3,640 Total 2023 3,640 Total 2022 Expenditure on raising funds Fundraising trading expanses Unrestricted funds 2023 Total funds 2023 Tot81 funds 2022 Trading expenses Wages and salaries National insurance costs Pension costs Depreciation 918,891 951,034 59,345 49,878 52,763 918,891 951,034 59,345 49,876 52,763 843,963 830.402 50.920 43.999 52.866 Total 2023 2,031,909 2,031,909 1, 822, 1 Total 2022 1,822, 150 1,822, 150 Page 35

WESTON PARK FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Charltsble expendlture Activitles undertaken dlrectly 2023 Total funds 2023 Total funds 2022 Preserrfation of Property 2,460,289 2,460,289 2. 195, 777 Total 2023 2,460,289 2,460,289 2, 195, 777 Total 2022 2. 195, 777 2, 195, 777 Analysls of dlrect costs Totsl funds 2023 Tol81 funds 2022 Unrestricted 2023 Staff costs Depreciation Purchases & Consumables Insurance Repairs & Maint8nanc8 Printing, postage & Stationery Motor Costs Professional F888 Sundry Expenses Restoration Costs Bank charges Land agent fees Other accounting services Govemance costs 575,960 16,463 118,548 116,058 328,482 1,254 10,138 82,296 168,050 900,566 24,824 70,912 13,850 32,888 675,960 16,463 118,548 116,058 328,482 1,254 10,138 82,296 168,050 900,566 24,824 70,912 13,850 32,888 517,371 14,680 76. 100 99. 742 T40.456 17.294 2,372 137,856 152, 773 286,953 10,002 102,808 17,200 20,170 Totsl 2023 2,460,289 2,460,289 2, 195, 777 Total 2022 2, 195, 777 2, 195, 777 Page 36

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Auditors. remuneratlon 2023 2022 Fees payable to the Group's auditor for the audit of the Group's annual accounts 16,750 15,500 Fees payable to the Group's auditor in resped of.. All non-audit 8ervices not included above 3,200 12. Staff costs Group 2023 Group Foundatlon Foundation 2022 2023 2022 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,475.354 93,269 1.301, 398 82,039 524,320 33,924 470,996 31.119 67,592 59,255 17,716 15,256 1,636.215 1,442.692 575.960 517.371 The average number of persons employed by the FOur￿atIOn during the year was as foifows." Group 2023 No. Group 2022 No. Charity Trading subsidiary 15 100 14 83 115 97 The number of employees whose employee beneffts (excluding employer pension costs) exceeded £60,000 was.. Group 2023 No. Gn)up 2022 No. In the band £60,001- £70,000 In the band £90,001- £100,000 The key senior positions of Weston Park Foundation comprise those of the Foundation and ts wholly owned subsidiary and the Chief Executive Officer, the Finance Officer and the Curator. The total empk)yee benefits for the group were £222,052 (2022: £213,714). Page 37

WESTON PARK FOUNDATION (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Trustees, remuneratlon and expenses During the year, no Tru8t8es received any remuneration or other benefrts (2022 - £NIL). During the year ended 31 December 2023, expenses totalling £381 were reimbursed to 1 Trustee (2022 £NIL) for tr8vel costs. 14. Tanglble fixed assets Group Plant and machlnery Motor Flxtures and vehlcles flttlngs Offlce equipment Total Cost or valuatlon At 1 January 2023 Additions Disposals 1,323,787 111,862 (71.983) 42,100 7,675 207,549 137,240 1,710,676 119.537 (71,983} At 31 December 2023 1,363,666 49,775 207,549 137,240 1.758.230 Depreclatlon At 1 January 2023 Charge forthe year On disposals 1,198,476 67,453 (71.982) 41 A28 992 206,766 783 137,240 1,583,910 69.228 {71,982) At 31 December 2023 1,193.947 42,420 207,549 137.240 1,S81,156 Net book value At 31 De￿rnber 2023 169,719 7,355 177,074 At 31 December 2022 125,311 672 783 126, 766 Page 38

WESTON PARK FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Tangible fixed assets (continued) Foundation Plant and machinery Office equipment Total Cost or valuation At 1 January 2023 Additions 465,571 35,950 137,240 602.811 35,950 At 31 December 2023 501,521 137,240 638,761 Deprec5atlon At 1 January 2023 Charge for the year 425,878 16A64 137,240 563,118 16,464 At 31 December 2023 442,342 137,240 579,582 Net book value At 31 December 2023 $9,179 69,179 At 31 December 2022 39,693 39.693 Page 39

WESTON PARK FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Herftage assets Group and Foundatlon Assets recognised at cost Land and Buildings 2023 Chattels 2023 Total 2023 Carrying value at 1 January 2023 3,035,000 5,342,942 8,377,942 At 31 December 2022 3,035,000 5,342,942 8.377,942 Properties including the park with an acreage of 1,000 acres, mansion, dwellings and all other buildings arKI structures, with the exception of the two properties identified below, have been included at deemed cost, being an estimate of the value of the estat8 in December 1986 on introduction into the Foundation. All of these properties were gifted to the Foundation at nil value. At this time an estimate of the cost of maintenance works to put the properties into good order was estimated at £2,300,000 for the mansion and a further £635,000 for other properties. It was d&med at this point that this equated to or exceeded the value of the property. In the absence of any other information the Trustees have adopted £2,935,000 as the historic acquisition value of those properties. The exception relates to two properties nthv known as Newport House and 4043 Weston Bank, these were transferred for a specrfic consideration of £100.000 in D￿ember 1986. Chattels which include portraits. furniture and ornaments of historical significance to the estate have been included at the 1986 probate value. The detsiled schedules list many thousands of items, these have been adjusted to reflect all subsequent purchases or reductions to the schedules by way of loss. irreparable damage or theft. There are also some chattels separately identified which are held and insured by the Foundation but will revert to the Trustees of the Seventh Earl of Bradford Settlement after the Seventh Earl of Bradford's lifetime. Refer to Related Paty Transaction note 27 for further details. The policies and strategies relating to the acquisition, presentation, manag8m8nt and disposal of heritage assets is referred to in both the Chairman's Report and the Trustee's Report. Page 40

WESTON PARK FOUNDATION (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Fixed asset investments Listed securities Group Cost or valuation At 1 January 2023 Income Cash withdrawn Net revaluation 8,515,659 207,214 11,125.242) 374998 At 31 December 2023 7,972.629 Net book value At 31 December 2023 7,972.629 At 31 December 2022 8.515.659 Page 41

WESTON PARK FOUNDATION (A company limited by gu8rante8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Fixed asset invaslrnents (continued) Investments In subsidiary companies Listed securities Totsl Foundation Cost or valuatlon At 1 January 2023 Income Cash withdrawn Net revaluation 80,000 8,515,659 8,595,659 207,214 207.214 {1,125.242) (1.125,242) 374.998 374,998 At 31 December 2023 80,000 7,972,629 8.052,629 Net book value At 31 December 2023 80,000 7,972,629 8,052,629 At 31 DeGemb9r 2022 80,000 8,515,659 8,595, 659 Page 42

WESTON PARK FOUNDATION (A company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Flxed asset Investments {continued) Principal subsidiaries The following were subsidiary undertakings of the Foundation: Names Company number Holding Included in consolidation Weston Park Enterprises 01970692 100Yts Yes The financial results of the subsidiaries for the year were= Names Income Expendlture Profiv (Lossl for the year Net assets Weston Park Enterprises 2A10.091 12.096.672) 313.419 572.299 The balance of £80.000 investment in subsidiary companie8 represents the 1000/0 holding in Weston Park Enterprises Limited. 17. Stocks Group 2023 Group Foundation 2022 2023 Foundalion 2022 Raw materials 46.952 40,020 8.948 3,356 18. Debtors Group 2023 Group Foundatlon 2022 2023 Foundation 2022 Due withln one year Trade debtors Other debtors Prepayments and accrued income 103,563 68,726 48A86 104, 684 33,017 28, 622 11,007 61.240 11,345 12,368 33,017 961 220,775 166,323 83,592 46,346 Page 43

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Creditors: Amounts falling due within one year Group 2023 Group Foundatlon Foundation 2022 2023 2022 Bank overdrafts Payments received on account Trade creditors Amounts owed to group undertakirKJs Other tsxation and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income 365.740 285.250 298,272 166,359 260, 180 266,045 365,740 166,359 135.081 376.988 9,814 119,074 64,121 9,532 104606 117,299 5, 788 7, 573 291,972 5. 188 75 7.799 270.672 1,127 149,827 175, 186 1.333,239 1. 114,616 1,038,577 539,535 Page 44

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Statement of funds Statement of funds - currènt year Balance at 31 Galnsl December (Losses) 2023 Balance at 1 January 2023 Transfers inlout Income Expenditure Designatsd funds Lady Anne Fund Ongoing maintenance of Memorial Gardens 119,709 (10.774) 108.935 General funds General Funds- all funds FundB- unrestricted (27,6761 2,960,369 (4,481,424) 1,125,242 1423,489) 433,466 11,225 113,194) 22,584 454,081 405,790 2,971,594 (4,481,424) 1,112,048 22,584 30.592 Total Unrestricted funds 525,499 2,971,594 14,492,198) 1,112,048 22,584 139,527 Page 45

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Statement of funds (continued) Endowment funds Endowment Fund A Endowment Fund C Endowment Fund B Heritage Assets 3.649,001 86,389 1630,363) 147,659 3,252,686 2,470,280 58.771 1421,939) 102,486 2,209,598 1,962,912 8.377,942 50,829 (59.746) 102.269 2,056,264 ,377,942 16.460,135 195.989 (1,112,048) 352,414 15,896A90 Total of fund8 16,985,634 3.167.583 {4.492,198) 374,998 16,036,017 Designated funds The Lady Anne fund relates to a donation made in 2012 of £300,000 which was for the purpose of creating, restoring and subsequently ongoing maintsining the Memorial Garden5. FundsA&C The Foundation has Permanent Endowment Funds (A & C) which represent funds provided by the National Heritsge Memorial Fund which are managed on a total return basis. The Trustees at their discretion rnay allocate a part of the unapplied total return to the general purposes of the Foundatton, namely the rna1ntenan￿, preseDiation, repair, up-keep, management and running costs of the Propety at Weston Park or in any other way for purposes of the benefiting the propety. Fund B The Foundation has an Expendable Endowment Fund (B). When the Foundation was set up, £1.25 million was provided as initial capital which has no restrictions on use. The Trustees decided to treat this money as an Expendable Endowment which is now administered using the same total return basis as for Funds A & C. Herltage assets Refer to note 15. Pag8 46

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Statement of funds (continued) ststement of funds - prior year Balance at 31 December 21r22 Balance at l January 2022 TTrnsfers in/out Gain (Lo&ses) Income Expenditu Designated funds Designated funds Lady Anne Fund Ongoing maintenance of Memorial Gardens Arts Council 129,504 (9. 795) (28,932) 119, 709 28,932 129,504 28,932 (38. 727) 119,709 General funds General Funds - all funds FundB- unrestricted 400.943 2, 646,251 (3, 544, 180) 469.310 (27, 676) 590, 747 19.594 (95 708) (81. 167) 433,466 991,690 2, 665, 845 (3,544. q80) 373,602 (81, 767) 40& T90 Total Unrestrlcted funds 1, 121, 194 2, 694, 777 (3,582,907) 373, 602 (81,167) 525,499 Page 47

WESTON PARK FOUNDATION (A company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of funds (continued) Endowment funds Endowment Fund A 4,044,693 79.777 {168,077) (307,392) 3.649,001 Endowment Fund C Endowment Fund B Heritage Assets 2, 760,386 54,824 (133,324) (211, 606) 2,470,280 2,256,515 8, 377,942 36,577 (178, 664) (151, 516) 1,962,912 8.377.942 17,439,536 171.178 (480, 065) {670, 514) 16,460, 135 Restrlcted funds Kickstart 2, 738 (2. 738) Historic England - Roof project St Catherine of Alexandria restoration IRONMNGRS QUIN Coalbrookdale Gate 149.752 167.437 (423, 652) 106,463 4.630 (4. 630) (4.000) 149, 752 178,805 (435.020) 106,463 Total of funds 18, 710,482 3.044, 760 (4,017,927) (751, 681) 16, 985, 634 Page 48

WESTON PARK FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Analysls ot net assets between funds Analysis of net a$￿ts between funds - current year Endowment Unrestrlcted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year 177,074 454,081 177,074 7,972,629 8,377,942 841,611 841,611 (1,333,239) (1,333,239) 7,518,548 8,377,942 Total 15,896,490 139,527 16,036,017 Analysis of net assets between funds - prior year Endowment UnrBstricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Heritage 8ssets Current assets Creditors due within one year 126, 766 433,466 126, 766 8,515, 659 8,377.942 1, 079,883 1,079,883 (1, 114,616) (1,114,616) 8,082, 193 8, 377,942 Total 16,460, 135 525, 499 16.985,634 Page 49

WESTON PARK FOUNDATION (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Reconciliation of net movement in funds to net cash flow from operating activities Group 2023 Group 2022 Net expenditure for the year (as per Statement of Financial Activities) 1949,617) (1, 724,848) Adjuslments for: Depreciation charges Loss on the sale of fixed assets Increase in stocks Decreasel(increase) in debtors Increase in creditors 69,228 67,595 873 (1,374) 70,994 161,944 (6,932) (54,452) 19,242 Net cash used in op8rating activities 1922,531) (1,424,816) 23. Analysis of cash and Gash equivalents Group 2023 Group 2022 Cash in hand Overdraft facility repayable on demand 573,884 873,540 (365,740) (166,359) Total cash and Cash equivalents 208,144 707,181 24. Anatysis of chang88 in net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and in hand Bank overdrafts repayable on demand Finan￿ leases 873.540 (299,656) 573,884 1166,359) <199,381) (365,740) (5,188) 5.188 701,993 (493,849) 208.144 Page 50

WESTON PARK FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Contingent liabilitles A legal charge dated 25 March 2008 for £975,000 in respect of the National Heritage Memorial Fund 15 in place overthe Granary building. P•nsion commltments The group operates a defined contribution penston schem8. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £67,592 (2022.. £44.868). Related party transactions The Foundation has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Foundation at 31 December 2023. Page 51