Registered number: 02076097 Charlty number: 518325 WESTON PARK FOUNDATION TRUSTEES, REPORT AND FINANCIAL sTATEME￿rs FOR THE YEAR ENDED 31 DECEMBER 2024 WESTON PARK FOUNDATION WESTON PARK FOUNDATION IA Company Limited by Guarantee) CONTENTS Page Reference and administrative details of the foundation, its trustees and advisors Chalmian's Ststement Trustees. Report Independent Auditors, Report on the Financlal Statements Consolidated Statement of Financial Actlvltles 8-15 16-19 20 Consolidated Balance Sheet 21-22 Foundatlon Balance Sheot 23-24 Consolidated Statement of Cash Flows 25 Notes to the Financial Statements 26-50 WESTON PARK FOUNDATION (A Company Limited by Guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees M G O Bridgeman" N D T Crawley S L Graham C Kenyon-slaney, Chair of Trustees H J R Kenyon-slaney C W Moyle 'Member of the Audit Committee Company registered number 02076097 Charity registered number 518325 Registered office Weston Park Weston-under-Lizard Shifnal Shropshire TF118LE Chief Executive Officer C P Sweeney Key Senlor Posltlons C P Sweeney, Chief Executive Officer G Williams, Curator & Head of Learning T O'Hara, Head of Finance Independent audltors WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Page 1 WESTON PARK FOUNDATION IA Company Limlted by Guarantse) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Bankers Handelsbanken Shrewsbury Business PaTk Anchorage Avenue Shrewsbury SY2 6FG Sollcltors Far￿r & Co 66 Lincoln's Inn Field London WC2A 3LH Investment Advlsors Ruffer LLP 80 Victoria Street London SW1E 5JL CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Land Agents Balfours LLP Chartered Surveyors New Windsor House Oxon Business Park Bicton Heath Shrewsbury SY3 5HJ Page 2 WESTON PARK FOUNDATION (A Company Limited by Guaranteel CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 Chairman's statement for the year ended 2024. The Foundation and its subsidiary, Weston Park Enterprises Ltd., overall had a positive year despite significant headwinds with the domestic economy and international affairs and ongoing operational challenges. The Charity was pleased lo be able to submit a completed Resilience Plan to Ihe National Lottery Heritage Fund (NLHF) in October of 2024. The Plan achieved the Chariws objective in helping to set out a 10-year strategy to underpin the Charitls sustainability and its ambition to reduce its environmental impact. We will submit an Expression of Interest in 2025, seeking funding for a Development Plan to enable the Charity to submit a capital grant application for Phase 1 of the strategic objectives. This will be looking specifically to enhance the visitor experience, working to broaden its reach to more diverse communities and providing an infrastructure to facilitate growth objectives, at the same time protecting the beauty and rural seclusion for which Weston is known. We will consider during the development phase. a review of the governance slructure for the organisatton, fundraising strategies, and greater inclusivity of the communities in Staffordshire, Shropshire and the West Midlands. The ongoing repurposing of the Stables into commercial offices continued apace and we concluded the year with 80 % of the occupiable spaces in use. A business community has been established alongside the 2 commercial office spaces in the Granary building. Our ongoing maintenance of the Estate was well managed, and V￿ were able to complete a full refurbishment of Tong Lodge which was occupied very quickly after works were completed. After successfully $8curing sponsorship with PIA Wealth Management, to whom we are extremely grateful, we were able to install a new indoor facility for EKO (Educating Kids Outdoors), who deliver key school and holiday club education activities at Weston. We also secured a lOng-te￿ agreement with EKO. This partnership is mportant in helping the Foundation deliver its educational remit, one of our core charitable objectives. We successfully recruited a new Head Gardener, Anna Krapivina, who look over from Martin Gee who had been with the organisation for over 50 years. Our new Head Gardener has already had a significant posrtive impad in key public areas and enhanced the production of our Walled Garden. We were delighted to see further growth wilh the number of visitors enjoying the Park, Gardens and the House. The Charity welcomed 36,894 visitors as well as 7,214 to the Rose Paterson Art Gallery. The Charity continues to support local schools and parishes, providing membership passes, as well as access to some of our key events. The organisation also works closely with the South Staffordshire District Council, and the Chief Executive is inVo￿ed in the Business Ambassadors Group that focuses specifically on skills development and career path planning for Year 9 students prior to embarking on GCSES in Year 10. The organisation also welcomed a large number of schools to site with a view to showcasing hospitality and heritage management as career opportunities. Page 3 WESTON PARK FOUNDATION (A Company Limlted by Guarantee) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ke Develo ments Curatorial & Learnlng Conservation The Hamilton Kerr Institute has undertaken the second year of the three-year suriey of the picture collection. Their final year students, working With Dr Christine Kimbriel, have surveyed a further third of the collection, submitting a prioritised condition report which will aid the Weston Park Foundation's trustees in determining the long term strategy and resourcing of ¢onseDiation of the painting collection. Conservation needs will then be planned into annual short temi cyclical budgets and the infomiation will also inform attempts to secure extemal funding for major works. The survey has already identified a need for remedial works to two North Italian child portraits on panel, and a circular studio of van Dyck self-portrait and these have been treated in 2024 by Annabelle Monaghan ACR. Two notable early nineteenth century engravings of the 1 st Duke of Wellington, in parcel gilded maple frames were conseNed by Jane Mockett and hung on one of the Staircases. Their conseNation and hanging enabled o additional historic portraits by Sir Godfrey Kneller to be rehung on the main visitor route. A third year of works as a part of the ten year conseNation programme for the libra￿5 books was undertaken by Ben Pointer and Imogen Herford, supported by a group of Weston Park's volunteers. The volunteers have also continued in the process of cataloguing and Weston Park's library is now accessible to researchers on JISC, the intemational library database and is the only British independent historic house library to currently be represented. The main environmentslly controlled and monitored store used for the Foundation's reserve collections has been reconfigured with a new mezzanine and additional racking, enabling a subsidiary store, which had no environmental control measures. to be turned into commercially let space to financially support the Foundation. The lighting of the House collections has been further improved with additional LED lighting, demonstrating the Trustees, commitment to environmental sustainabilty and radically improving the opportunities for visitors to appreciate the collections. Learning & Access Two new initiatNes, to encourage family access to the House & Colledion during the half-term holidays in February and October, were launched in 2024. In February, working with Ihe Chinese Arts & Culture Centre in Telford, Weston Park hosted a dragon parade with children bringing lantems that they had made to the House, where the lantems were displayed for the duration of the week. In October, Telford College's Arts Students, working with staff and volunteers afi Weston Park, decorated the House for a week of Halloween opening. Telford College's Arts Students have. also, once again worked with the team at Weston Park to create works themed to the festival Camp Bestival and these have been showcased in an exhibition for the visiting public during the summer. In 2024, Weston Park hosted weekly sessions for Telford College's Level 2 and 3 bricklaying students to learn about heritage skills and to participate in w0￿1ng with lime mortar, in sessions led by Luke Unsworth of Unsworth Masonry. Our school's delivery partners Educating Kids Outdoors (EKO) have continued to attract new school group$ throughout the year, with just under 3,500 pupils making formal school group visits. Their base at Weston Park, in the Walled Garden, has benefitted from a generous ten-year sponsorship arrangement with PIA Wealth Management of Wolverhampton, whilst some of their 8Ctivities have also been supported, once again, by Arts Society Wrekin. EKO continue to offer Holiday Activty with Food days during the school holidays focused on the historic Walled Garden and the production of healthy, nutritious food. Page 4 WESTON PARK FOUNDATION (A Company Limited by Guarant••) CHAIRMAN'S STATEMENT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Rose Paterson Art Gallery has cont7nued to offer a vibrant calendar of free exhibitions, with a range of hire and community group exhibitions, which have further expanded audiences. Exhibitions have included the intemational two-month Heallreaf contemporary tapestry exhibition, the Society of Equestrian Artists. regional exhibitions including the Wolverhampton Society of Artists. and the Staffordshire Society of Artists, plus community-based shows such as Telford & Wrekin CVS, and the Halls Junior Artisl competition. The Gallery y￿S also able lo offer public access to a number of pre eminent conditionally exempt art works which were displayed to provide public access. These included works by Millais, Turner. Winterhalter, and the American artist Gilbert Stuart. The Gallery has also begun hosting Taichi sessions, in addition to yoga, to extend its appeal and to maximise its use. Weston Park welcomed several significant international cultural tours in 2024. In May the House hosted a residential group from the Kimbell Art Museum, followed by a group from Farmington Country Club in Virginia. The Royal Oak Foundation's directors were hosted for a residential stay in September, whilst in November there were Iwo week-long residential cultural tours from the New England Historic Genealogical Society in Boston. Lectures were given by the Curator & Head of Leaming to iwo historlcall cultural organisations in the region during the course of the year. The Trustees were delighted to support wen￿orth Woodhouse's Beneath The Surface George Stubbs exhibition by the loan of the collection's Georg8 Stubbs, Two Horses Communing in a Landscape. In addition to the continued development of the Bloomberg Connects digital guide, the sen4ants' database - created and for a number of years hosted by the University of Wolverhampton - has now been updated and is now hosted by Weston Park's server. Volunteers The charity is fortunate in being supported by a total of 153 volunteers. They assist in interpretation of the House & Collection, staffing the Gallery, helping with Gardens, House & Collection conservation, administration and research, and education. Several of the volunteers work jointly with Staffordshire Archives, the repository of the MS associated with Weston Park. Monthly coffee mornings were held at the Rose Paterson Art Gallery and an afternoon tea at the House orangery to make National Volunteering Week in June. Business Review Despite starting the year with our forward bookings looking strong, the impact of inflationary pressures in the Food and Drink sector, the increases in utilities as a Consequen￿ of the war in Ukraine, and the additional increases to payroll, collectively contributed to an impact on consumer and business confidence. The Bank of England used interest rates aggressively to try and bring inflation down, but at one point food inflation was running between 150/0 - 20 %. Collectively, the impact on business confidence could be seen with a slowdown in enquiry volume for corporate events in the House, and this was further compounded when the election was announced in May. Recruitment continued to be a challenge with senior roles unfilled and with a paucity of applications for key positions with the appropriate skill base. Agencies were able to push up salaries as a consequence of the lack of supply and in a number of cases, significant fees were paid for appointments who subsequently left the business. Page 5 WESTON PARK FOUNDATION (A Company Limited by Guarantee) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Despite all of these challenges, driven in many cases as a consequence of national and global economic circumstances, we saw a very healthy growlh in many of the Company's business activities. We saw an increase in visitor volume of 12.80/0 to 36,894 and our visitor attradion revenues were up 9.30/0, events business up 30 holiday lets up 15 /0 and retail up 12.6Q/o. Despite a Sh£￿ decline in revenue for private House business, and the cancellation of one of our Christmas Market weekends in December as a result of Storm Darragh, overall income generation was Consistenl with 2023. Despite some very mixed weather conditions, the increases in visitor numbers and membership were notsble achievements, and we saw our own events such as the Summer Fiesta and annual Bonfire Night celebrations increase significantly in revenues, both delivered with challenging weather and ground conditions going into the shows. All of our third-party events performed very well. and the repositioning of our holiday property business with our own diary booking oversight through Supercontrol, drove 70Qh of our business directly. The activities for the House suggested through the consultancy report in 2023 were delivered in regard to our own in-house events and a focus on corporate business. As the report set out, events such as our own house parties take time to develop, particularly after a long period of having not operated. It was understood that a re-awareness campaign through marketing activty and PR needed to be considered in the medium tem) and there is tangible evidence that these events are developing. Whilst not hugely profitable, they provide an opportunty for the House to be utilised, experienced. and showcased. The sales representation work commenced in the summer resulting in a successful programme of reestablishing and reconnecting wilh agents and key corporate contacts. This enabled us to build the enquiry and forward bookings for 2025 by the end of the fourth quarter. We compleled the Resilience Plan with an Evaluation Plan in October, both of which were then submitted to National Heritage Lottery Fund (NLHF) before the end of the year. In 2025 we will progress this lo submitting an Expression of Interest for some development funding to work up a full application for capilal funding for the first phase of our three key projects set out in the plan. Princi l Risks and Uncertainties The key business risks and uncertainties that the Charity identified are- The ongoing impact of economic conditions, cost of living, infiation and attracting skilled employees. The Charity continues to look at opportunities of product development and further diversification of its sources of income. Changes in taxation and business valuations. Our Land Agent and Financial Adviser are charged with monitoring and advising in a timely manner. Safeguarding of assets. A Salvage Plan is in place and is reviewed regularly. Ongoing need to invest in new technology and l.T. Lack of adequate reserves to combat business downturn or support investment programme. Page 6 WESTON PARK FOUNDATION (A Company Limited by Guarantee) CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Organisation has a robust accounting structure and reviews its investment policies, effectrveness. Fraudrrhefts The Foundation works with its advisors to ensure robust systems of control and monitoring procedures continue in place and are kept under constant review. Health and safety The Foundation uses internal and external resources, such as insurers and advisors to assess risk levels and implement regimes of effective monitoring and review. Ke rfomiance Indicators The Foundation considers the following to be its key measures of perfonnance.. Financial Income generation including investment retums Net movement in Funds Use of assets in creating new income streams Non financial Fulfillment of our objectives of conservation and education to public benefit, learning and recreation Complimentary Feedback and service level scoring Number of visitors - Awards received Finally, I would like to record my thanks to my fellow Trustees and the entire Weston team and volunteers for all their support and continuing hard work. Christina Kenyon-slaney Chair of Twstees Date: Page 7 WESTON PARK FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the audited financial statements of the Foundation for the year 1 January 2024 to 31 December 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 CoMpan￿S goveming document and the provisions of the Ststement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of IreL3nd (FRS102) (effective 1 January 2019). Objectives and activities a. Pollcies and objectives The principal objective$ of the Foundation are: To preserve for the public benefft the buildings and their grounds and surrounding parkland and farmland,. (li) To preserve for the public benefit furniture, pictures and Chattels kept at Weston Park,. {iii) To provide at Weston P8rk facilrties for physical recreation for members of the public., and (iv) To facilitste and encourage the use and occupation 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 objective of the Foundation is to preserve, maintain and improve Weston Park, its House, Park, Gardens and contents and display them to the public. to encourage wsitors and the educational use of the facilities at Weston. to add to the collection when appropriate items become available. Given the intention to preserve 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, the objective is to use the House, buildings and Park profitably to provide 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 subsidiary 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 maintenance and re8toration 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 benefit, including the guidance 'Public benefit: running a charty (PB2)'. Page 8 WESTON PARK FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectlves and actlvltles (contlnued) b. Strategies for achieving objectives To work on a comprehensive programme of repairs and improvements to buildings, conservation work to chattels, restoration of the landscape and improvement of the gardens., To develop visitor attractions and to promote Weston Park as an outstanding national 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 subsidiary. c. Activities undertaken to achieve objectives Refer to the Chairman's Report incorporating the Strategic Review for a full review of activities in the year. Significant activities include.. Annual inspection of the buildings, undertaking major repairs or improvements each year over and above routine maintenance,. 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 Commitiee. d. Volunteers 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. Main activities undertaken to further tho 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 Chaimian's Report and the Objectives and Activities section of the Trustees Report. Page 9 WESTON PARK FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Strateglc report Achlevements and performance . Key perfonnance indicators Refer to the Chaimian's Report, incorporating the Strategic Review. for details of key perfomiance indicators. b. Review of activities Refer to the Chaimian's Report, incorporating the Strategic Review. for a review of the activities for the year. c. Fundralslng activities and Income generation Refer to the Chaimian's Report, incorporating the Strategic Review, for a review of the fundraising activities for the year. No material fundraising activiiies took place in the year. d. Investment policy and performance The Foundation operates a total return approach to the investment of the Permanent Endowment. in accordance with the terms 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 retum, the Trustees first identified the value of the initial founding gift in 1986 and any subsequent gifts of pennanent endowment up until the 30 September 2014; when detemining the amount of unapplied total retum to transfer to income the Trustees have considered the amount of income required to maintain the current level of charitable activty., and when reaching their decision as to the unapplied totsl retum to transfer to income, the Trustees have considered the infomiation provided by their Investment Advisors (CCL4 and Ruffer LLP} regarding Ihe market outlook, investment trends and yield and the prosped for future capital growth. Our investrnent advisors (CCLA and Ruffer LLP) are instructed to invest to maximise the total retum on Permanent Endowment 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 brief is broadly defined, and the Trustees of the Foundation do not wish to impose any specific ethical investment policy., however the Audit Committee is required to consider the congNence 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 {2023= £300,000), excluding any 'one off 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 insufficienl to meet the budgeted expendtture, 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 Return, the Trustees have set a floor of £6.5m below which the value of the totsl 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 Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Strategic report (continued) Achlevements and perfomiance (continued) The key risks to the long-term 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 temi. The Trustees understand that this is likely to mean that investment will be concentrated in real assets 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 retum on all investments, for 2024 was a surplus of 3.369A (2023: surplus 6.40A) against a target retum of CPI inflation (2.60/0) plus 40/0 being 6.60A. Financial review a. Golng concern At the time of making this report, afler making appropriate enquiries, the Tfustees have a reasonable 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 concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies and the Chairman's Statement. b. Reserves pollcy The Trustees have adopted a total return approach to the management of its Permanent Endowed Fund (Funds A & C). These funds along with the Expendable Endowment Fund (Fund B) are managed with the objective of generating an annual totsl return which is sufficient to support its maintenance programme. 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 2024 the Foundation's General Charitable Fund showed a surplus before accounting for designated funds of £258,182 (2023: £139,526), of which there was a deficit of free reseNes (general funds excluding fixed assets and fixed asset investments and including designated funds) of £389.880 {2023= £491,627 deficit). The policy is to rebuild free reserves to £500k over the next 3 to 4 years as we plan to generate increased profits from our various income streams. The Foundation is Lrtilising its investment fund to support the position in the short term. . Financial perfomiance review Net expenditure before investment revaluations was deficrt £575.312 (2023: £1,324,615). After investment revaluations, the Foundation recorded a deficit in the year of £524.562 (2023". £949,617). Net surplus on investments was £50,750 {2023= £374.998). Included within the deficit figure is expenditure of £122,559 (2023.. 900,566) on special restoration projects. which was in addition to general repairs and maintenance spend of £322,294 {2023: £328.482). Further information relatin9 to the performance in the year is set out in the Chairman's Report. Page 11 WESTON PARK FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management . Constitution Weston Park Foundation is registered as a charitsble company limited by guarantee (company number 02076097) and was set up by a Memorandum of Association on 13 November 1986. It's registered charity number is 518325. b. Methods of appointrnent or election of Trustees The management of the Group and the Foundation is the responsibility of the Trustees who are elected and co opted under the temis of the Memorandum of Associalion. c. Oryanisational structure and decision-making policies During the year there were no changes to the committee structure or tems 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 formulates the Foundation's policy and long term direction. The Trustees and Executive have agreed a long term Aim that Weston will be recognised as a °Centre of Cultural Excellence.. The Executive Committee is responsible for detemining Commercial strategy and objectives and managing the Foundation in accordance with its tenns of reference and the Trustees. directives. The Executive Committee also deals with matters concerning 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 Chaimian of the Trustees, 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 Foundation until 5 November 2021). The Foundation's Curator, Financial Advisors and Land Agent also attend meetings. The Audrt Committee is made up of three members. Trustees constitute a majority of the membership and the Commitiee is responsible for ensuring that the Foundation operates in accordance with its goveming document to deliver its objects, complies with 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 Chairman of the Trustees on hislher duties. Helshe receives a copy of the Trustee's Handbook, which includes a copy of the governing document. They a￿ 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 eligibilty to act as a charity Trustee. The Trustees are kept aware of relevant legislative developments and the Foundation's lavryer attends all Trustee meetings. Page 12 WESTON PARK FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management (contlnued) e. Pay policy for key manag•m•nt 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 and no Trustee remuneration was paid in the year. Details of the Trustee expenses and related paty transactions are disclosed in noles 13 and 28 to the accounts. Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Foundation's policy withdraw from decisions where a conflict of interest arises. f. Related party relationshlps The Foundation has a wholly owned non charitable subsidiary, Weston Park Enterprises Limited, whose activities and trading perfomiance are refer￿d to in the Chairman's Report and the Trustees, Report. All Trustees are also the Trustees of the Seventh Ead of Bradford Settlement which is a charitable trust and holds Certain chattels at Weston Park during the lrfetime of the Seventh Earl of Bradford. g. Financial risk management The Trustees have assessed 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 uncertainlies that the Foundation and its subsidi8ry faces- (li) the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and the implementation of procedures designed to minimise or manage any potential impact on the Charity should those risks materialise. This work has confirmed 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 residents at Weston Park is also a fundamental part of the work of the Foundation. The success of the Foundation is ultimately driven by income generation, this is the greatest area of financial uncertainty. Consideration of reputational risk and good relationships with the local community are also fundamental to our wort(ing policies. Page13 WESTON PARK FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future periods Investment in the maintenance and improvement of properties for both public use and those held as rented dwellings is likely to be subslantial, especially to meet the energy efficiency demands as responsible landbrds. This includes the completion of developments of commercial lets. We will monitor efficiency of Biomass and woodchip boilers and explore other energy efficiency programs on the estate. The ongoing program of works to the roof and central he8ting 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 FoundatFon for the PUTposes of company law) are responsible for preparing the Trustees, Report including the Strategic Report and the financisl statements in accordance with applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice). Company law requires the Truslees to prepare financial ststements 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 Foundation and of their incoming ￿sourceS and appliCat￿n of resources, including their income and expenditure, 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 financial statements., prepare the financial Statements on the going concem basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate 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 fin8ncial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Foundation and hence 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 ENDED 31 DECEMBER 2024 Disclosure of infomiation to auditors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of which the charitsble group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomation and to estsblish that the charitable group's auditors are aware of that infomiation. Approved by order of the members of the board of Trustees and signed on their behalf by.. C K6nyon-Slaney Chair of Trustees Date: Page 15 WESTON PARK FOUNDATION (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF WESTON PARK FOUNDATION Opinion We have audited the financial statements of Weston Park Foundation (the 'parenl charitable companw) and its subsidiary (the 'group') for the year ended 31 De￿mber 2024 which comprise the Consolidated Statement of Financial Activtiies, the Consolidated Balance Sheet. the Company 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 I￿land. (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 companls affairs as at 31 December 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally'Awepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Acl 2006. 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 Stsndard, 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 concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identiF￿d any material uncertainties relating to events or condrtions that, individually or colledively, may cast significant doubt on the Group's or the parent charitable companys 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 Llmlted by Guarantee INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WESTON PARK FOUNDATION (CONTINUED) Other inforniatlon The other information comprises the infomation included in the Annual Report other Ihan the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other infomiation contained within the Annual Report. Our opinion on the financial ststements 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 infomiation and, in doing so, consider whether the other infomiation is rnaterially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be rnaterially 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 perfomied, 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. Oplnlon on other matt•rs prascrib•d by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the InfO￿atIOn given in the Trustees, Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the finan¢ial statements. the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon 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 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or retums adequate for our audit have not been received from branches not visited by us., or Ihe parent charitable company financial statements are not in agreement with the 8ccounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received 811 the information and explanations we require for our audit. Page 17 WESTON PARK FOUNDATION (A Company Limited by Guarantee INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WESTON PARK FOUNDATION {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 comp8ny 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 inlernal 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 companls ability to continue as a going concern, disclosing, as applicable, matters related to going concem 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. Auditors, responslbllltles for the audit of tho financial statements Our objectives ar8 lo 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 assuran￿ is a high level of assurance, but is not a guarantee that an audrt conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered materi81 rf, individualty 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 instsnces of non-compliance with laws and regulations. We deS￿n 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 detsiled below: The audit leam obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most signrficant 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 Data Protection Regulation (GDPR). We understood how the Group is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We reviewed board minutes to identfy any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Group's financial statements to material mi5Statement, including how fraud might occur by meeting with key management to understsnd where they are considered there was susceptibility to fraud. Based on our understsnding our procedures involved enquiries of management and those charged with governance, manual journal testing, cashbook reviews for large and unusual items and the challenge of significant estimates US8d in preparing financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all I￿egUlar￿tIes. including those leading to 8 material misstatement in the financial statements or non-compliance with ￿gUlatIOn. This risk increases the more 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 aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than 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 websf(e at.. www.frc.or .uklauditorsres onsibilities. This description fonns part of our Auditors. Report. Page 18 WESTON PARK FOUNDATION (A Company Limlted by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WESTON PARK FOUNDATION (CONTINUED) Use of our report This report is made solely to the charitable companrfs 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 state to the charitable companls 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 lo anyone other than the chariisble company and its members, as a body, for our audit work, for this report, or for the opinions we have fomied. Andrew Malpass BA FCA (Senior Statutory Audltor) for and on behalf of WR Partners Chartered Accountants statutory Auditors Belmont House Shrewsbury Shropshire SY2 6LG Date: sJJ>] 1025 Page 19 WESTON PARK FOUNDATION IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Endowment Unr8strict8d funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Charitable activities Other trading activities Investments other income 354,294 2,378,933 362,838 696 354,294 2,378,933 564,623 696 291,468 2,400, 634 471,841 3,640 201,785 Total income and endovmients 201,785 3.096,761 3,298.546 3, 167,583 Expendituro on.. Raising funds Charitable activities 2,111,059 1,762,799 2.111,059 1,762,799 2,031,909 2,460,289 Total expendlture 3,873,868 3,873,858 4,492, 198 Net incom￿(eXPendIture) before net gains on investments Net gains on investments 201.785 46.745 (777,097) 4,005 (575,312) (1.324,615) 50,750 374,998 Net Incomellexpenditurel Transfers between funds 248,530 (891,747) 1773,092) 891,747 (524,562) (949,617) 21 Net movement in funds 1643,217) 118,655 {524,562) (949, 617) Reconciliation of funds: Total funds brought forward Net movement in funds 15,896,490 1643,217 139,527 118,656 16,036,017 (524,562) 16,985, 634 (949.617) Total funds carri•d forward 15,253,273 258,182 15,511,455 16,036,017 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 26 to 50 form 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 2024 2024 2023 Note Fixed assets Tangible assets Heritage assets Investments 14 15 16 128,978 8,377,942 7,394,414 177,074 8,377,942 7,972,629 15,901,334 16,527,645 Current assets stocks Debtors Investments Cash at bank and in hand 17 18 19 47.048 125,872 108,618 589.612 46, 952 220. 775 573,884 871,150 841.611 Creditors: amounts falling due within one year 20 {1,281,029) (1, 333,239) Net current liabilities (389,879) (491, 628) Total assets less current liabilltles 15,511.455 16,036,017 Total net assets 15,511,455 16,036,017 Page21 WESTON PARK FOUNDATION IA Company Limited by Guarantee) REGISTERED NUMBER: 02076097 CONSOLIDATED BALANCE SHEET (CONTINUED AS AT 31 DECEMBER 2024 2024 2023 Note Charity funds Endowment funds Restricted funds Unrestricted funds 21 21 21 15,253,273 15,896.490 258,182 139,527 Total funds 16,511,455 16,036,017 The Trustees acknowledge their responsibiltties 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 and signed on their behalf by: C Kenyon4laney (Chair of Tru ee Date.. The notes on pages 26 to 50 fomi part of these financial statements. Page 22 WESTON PARK FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 02076097 FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Heritage assets Investments 14 15 16 48,279 8.377,942 7.474,414 59,179 8,377,942 8, 052.629 15,900,635 16,489, 750 Current assets stocks Debtors Investments Cash at bank and in hand 17 18 19 9,701 21,633 108,618 8, 948 83, 592 139,957 92,545 Creditors: amounts falling due within one year 20 1933,632 (1,038,577) Net current liabilities (793,676) (946,032) Total assets less current liabilities 15,106,960 15,543,718 Totsl net assets 15,106,960 15,543,718 Page 23 WESTON PARK FOUNDATION (A Company Limited by Guarantee REGISTERED NUMBER: 02076097 FOUNDATION BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 2024 2023 Note Charity funds Endowment funds Restricted funds Unrestricted funds 21 15,348.523 15,896,490 21 21 (241,563) (352, 772) Total funds 15,106.960 15,543, 7q8 The Foundation's net movement in funds for the year was £{436,758) (2023 - £(984.262)). 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 and signed on their behalf by: C Kenyon4laney (Chair of Tru ee Date. l The notes on pages 26 to 50 form part of these financial statements. Page 24 WESTON PARK FOUNDATION (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operatlng actlvltles Net cash used in operating activities 23 (960,316) (1, 769,370) Cash flows from investing activities Dividends, interests and rents from investment5 Purchase of tangible fixed assets Movement on fixed asset investments 564,623 471,841 (27,455) (119,536) 628,965 918,028 Not cash provided by investing activities 1.166,133 1,270.333 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 205,817 1499,037) 208,144 707, 181 Cash and cash equivalents at the end of the year 24 413,961 208, 144 The notes on pages 2S to 50 form part of these financial statements Page 25 WESTON PARK FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Infomiatlon Weston Pa￿ Foundation is a Foundalion limited by guarantee, incorporated in England. The registered office is disclosed on the Foundation information page. A description of the nature of the entivs operations and its principal activilies is included within the Trustees report. Accountlng pollcles 2.1 Basis of pr•paration of financial statements The financial statements have been prepared in accordance with 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 a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othe￿ise ststed 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 resutts of the subsidiary are consolidated on a line by line basis. The result for the year for the Parent Foundation was a deficit of £436,758 {2023: deficit of £984,262). The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 snd has not presented its own Statement of Financial Activities in these financial statements. 2.2 GoFng concern After making enquires, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore continues to adopt the going concem basis in preparing its financial statements. Page 26 WESTON PARK FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policie5 (continued) 2.3 Income All income is recognised once the Foundation has entitlement to the income, rt 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 abiif(y to estimate with sufficient 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 Ihe executor is satisfied Ihat the propety in question will not be required to satisfy claims in the estate. Receipt of a18gacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generalty be the expected cash amount to be distributed to the Foundation, can be reliably measured. Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balan￿ of income received for specffic 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 entrtlement occurs before income is received, the income is accrued. Wher8 the donated good is a r￿ed 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 a5 income from donations and a Co￿eSpOndIng amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance wrth the Foundation's accounting policies. On receipt, donated professional 5ervi¢es 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 oblain services 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 received under Gift Aid or deeds of covenant is recognised at the time ofthe 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 h8ve been provided or on completion of the seDliCe. Page 27 WESTON PARK FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.4 Expendlture 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 activty. Direct costs attributable to a single activity are allocated directly to that activity. Shared cosls which contribute to more than one activity and support costs which are not attribLrtable to a single activty 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 th8 activities which further the Group's objectives, as well a$ any associated support costs. All expenditure is inclusive of I￿e¢OVerable VAT. 2.5 Interest receivabl• Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group., this is nomally upon notification of the interest paid or payable by the institution th whom the funds are deposited. 2.6 Tangibl8 fixed assets and depreclatlon Tangible fixed assets costing £500 or more are capitalised and recognised when fLrture 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 impainnent losses. All costs incurred to bring a tangible fixed asset into its intended working condTrtion 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 Fixture5 and fittings IT equipment 10-25 /r* Straight line 25 /0 Straight line 20Q/o Straight line 33 /0 Straight line Page 28 WESTON PARK FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.7 Heritage assets 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 estirnate of cost at the time of acquisition. Adjustments have been made to refiect additions, items lost, destroyed or stolen. Heritage Assets are not depreciated since their indefinite or long economic life and high residual value mean that 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 heritsge assets does not deteriorate over time. Improvements to heritage assets are written off to the SOFA when incurred. These are not capÈtalised as heritage assets are held at their deemed valuation at the time they were introduced into the Foundation. 2.8 Investments Investments 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 8re 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. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. The Foundation doe5 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 equity markets and investment markets due to wider economic conditions, the attitude of investors lo investment risk, and changes in sentiment conceming equities and within particular sectors or sub sectors. The Foundation operates a total retum approach lo the investment of the pemianent Endowment Funds (Fund A & C}. Details are included in the Trustees Report and Note 7 in the financial statements. Investments in subsidiaries are valued at cost less provision for impaimient. Investments held as fixed assets are shown at cost less provision for impairment. 2.9 Stocks stocks ar8 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 2024 Accounting policies (continued) 2.10 Debtors Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount p￿Paid. 2.11 Cash at bank and In hand Cash at bank and in hand includes cash and short-tetm highly liquid investments with a short maturty of three months or less from the date of acquisition or opening of the deposit 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 Foundation anticipates it will pay to settle the debt or the amount il 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 ￿fleCt$ 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 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. 2.14 Penslons The Group operates a defined contribLrtion 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 2024 Accounting policies (continued) 2.15 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. Endowed funds are funds where the capital must be maintained, which is explained further in note 7. Investment income, gains and losses are allocated to the appropriate fund. Critical accounting estlmates and areas of Judgment Estimates and judgments are continualW evaluated and are based on historical experience and other factors, including expectations of future evenls that are belteved to be reasonable under the circumstances. Critical accounting estimates and assumptions-. The Foundation makes estimates and assumptions concerning the fulure. The resulting accounting estimates and assumptions will, by definition, seldom 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 2024 Income fmm charitsble activities Unrestricted funds 2024 Totsl funds 2024 Tot81 funds 2023 Education and Public Grant income Livestock & produce Timber sales Commissions receivable Curatorial income 188,896 92,388 2,883 2,543 64,825 2,759 188,896 92,388 2,883 2,543 64,825 2.759 167,923 81,900 T,346 3,449 30, 767 83 Total 2024 354,294 3S4.294 291,468 Total 2023 291,468 291,468 Income from other tradlng activities Income from non charitable trading activities Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Trading income 2.378,933 2,378,933 2,400, 634 Total 2024 2,378,933 2,378,933 2,400, 634 Total 2023 2,400, 634 2,400, 634 Page 32 WESTON PARK FOUNDATION (A Company Limlted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment incom• Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Rents receivable Income from listed fixed assel investment5 Bank interest receivable 332.095 14,984 15.759 332,095 216,769 15.759 254,953 207,214 9.674 201,785 Total 2024 201.785 362,838 564,623 471,841 Total 2023 195,989 275, 852 471,841 Total rnturn inve$tm•nt The investment principle of total return was confinned by written resolulion 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 permanent endowment (Funds A & C) received since 1986 up until 30 September 2014. This set the baseline value of the gift component of the endowment to which any subsequent gifts of endowment are added. The difference between the total of endowment funds as at 30 September 2014 and the value of the gift component represented the opening balance of unapplied total retum. The power of total return permits the trustees to invest pennanently endowed funds to maximise total retum and to apply an appropriate portion of the unapplied total return to income each year. Until the power is exercised to transfer a portion of unapplied total return to income, the unapplied totsl return remains invested as part of the permanent endowment. The power 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 'one off or 'exceptional' payments. The drawings target is reviewed annually by the Trustees. It is the objective that rf in any one year the total return 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 legislation allows the Foundation to spend any of the total return, 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 infomiation 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. Page 33 WESTON PARK FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Trust for Unapplied Total investment Total Return Endowment Movement in the reporting period:Net movement In reportlng period Gift component of the permanent endowment Unapplied total return 2.250.000 2.250,000 5,212,290 5,212,290 2.250.000 5.212,290 14,924,580 Movement In the raporting period: Investment returns.. dividends and interest (other) Investment retum- realised and unrealised gain and {losses) 148,051 33.392 148.051 33,392 5.393.733 15,106,023 Unapplied total return allocated to income in the reporting period (628,6561 {628,656 Net movement In reportlng period 4,765.077 14,477.367 At end of the reportlng period: Gift component of the pemanent endowment Unapplied total return 2,250,000 2,250,000 2,764,OTT 2,764,077 2.250,000 2,764,077 5,014.077 The total retum information set out in the table above relates to the permanenlly 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 2024 Other incoming resources Unrestrlcted funds 2024 Total funds 2024 Tot81 funds 2023 Other incoming resources 696 696 3, 640 Total 2024 696 696 3, 640 Total 2023 3.640 3,640 Expenditure on raising funds Fundraising trading expenses Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Trading expenses Wages and salaries National insurance costs Pension costs Depreciation 846,700 1,078,596 70,959 58,379 56,425 846,700 1,078,596 70,9S9 58,379 66,425 918,891 951,034 59,345 49,876 52, 763 Total 2024 2,111.059 2,111,059 2,031.909 Total 2023 2,031,909 2,031,909 Page 35 WESTON PARK FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Charltable expendlture Activiti8$ undertaken directly 2024 Totsl funds 2024 Total funds 2023 Preservation of Property 1,762,799 1,762,799 2,460,289 Total 2024 1,762,799 1,762,799 2,460,289 Total 2023 2, 460, 289 2,460,289 Analysis of direct costs Totsl funds 2024 Tolal fvnds 2023 Unrestrl¢tsd 2024 Staff costs Depreciation Purchases & Consumables Insurance Repairs & Maintenance Printing, postage & stationery Motor Costs Professional Fees Sundry Expenses Restoration Costs Bank charges Land agent fees Other accounting services Govemance costs 623,200 23,085 150,759 127,089 322,294 5,228 21,900 85,852 157,138 122,559 26,606 60,721 13,860 22,508 623,200 23,085 150,759 127,089 322,294 5,228 21,900 85,852 157,138 122,S59 26,606 60,721 13,860 22,508 575,960 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 Total 2024 1.762,799 1,762,799 2,460, 289 Total 2023 2,460, 289 2,460,289 Page 36 WESTON PARK FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Auditors. remuneration 2024 2023 Fees payable to the Group's auditor for the audit of the Group's annual accounts 17,300 16,750 Fees payable to the Group's auditor in respect of: All non-audit services not included above 3,200 3,200 12. Staff costs Group 2024 Group Foundatlon 2023 2024 Foundation 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,646,523 108,266 1,475,354 93,269 567.927 37,307 524,320 33,924 76,345 67.592 17,966 17,716 1,831,134 1,636,215 623,200 575,960 The average number of persons employed by the Foundation during the year was as folk)ws: Group Group As restated 2024 2023 Charity Trading subsidiary 14 63 15 59 77 74 Page 37 WESTON PARK FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Staff costs (continued) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 was.. Group 2024 No. Group 2023 In the band £60,001- £70,000 In the band £90,001- £100,000 In the band £100,001- £110.000 The key senior positions of Weston Park Foundation comprise those of the Foundation and its wholty owned subsidiary and the Chief Executive Officer, the Finance Otficer and the Curator. The total employee benefits for the group were £250,418 {2023: £205,730). Page 38 WESTON PARK FOUNDATION (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year 8nd8d 31 December 2024, expenses totalling £171 were reimbursed to 1 Trustee (2023- £381) for costs relating to attending meetings. 14. Tangible fix•d assets Group Plant and machlnery Motor Fixture$ and vehicles fittFngs Offlce equipment Total Cost or valuatlon At 1 January 2024 Additions Disposals 1.363,666 27,455 (11,260) 49,775 207.549 137.240 1.758.230 27A55 111.260) At 31 De￿rnber 2024 1.379,861 49,775 207,549 137,240 1.774.425 Depreciation At 1 January 2024 Charge for the year On disposals 1,193,947 72,615 111,260) 42,420 1,919 207,549 1,017 137.240 1,581,156 75,551 111,260) At 31 December 2024 1,255,302 44,339 208.566 137.240 1.645A47 Net book value At 31 December 2024 124,559 5,436 (1.017) 128.978 At 31 December 2023 169.719 7,355 177,074 Page 39 WESTON PARK FOUNDATION {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Tangible fixed assets (contlnued) Foundatlon Plant and machlnery Office equlpment Total Cost or valuatlon At 1 January 2024 Additions Disposals 501,521 12,185 {7,090) 137,240 638,761 12,185 {7.090} At 31 December 2024 506,616 137,240 Depreciation At 1 January 2024 Charge for the year On disposals 442,342 23,085 (7,090) 137.240 579,582 23.085 17.090) At 31 December 2024 458,337 137.240 595.577 Net book value At 31 December 2024 48.279 48,279 At 31 December 2023 59,179 59,179 Page 40 WESTON PARK FOUNDATION (A Company Llmfted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 S. Heritage assets Group and Foundation Assets recognis8d at cost Land and Bulldlngs 2024 Chattels 2024 Total 2024 ca￿Ing value at 1 January 2024 3,035,000 5,342,942 .377.942 At 31 December 2024 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 and structures, with the exception of the properties identified below, have been included at deemed cost, being an estimste of the value of the estate in December 1986 on introduction into the Foundation. All of these properti8s wer8 gifted to the Foundation at nil value. Al 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 deemed 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 properties now known as Newport House and 4043 Weston Bank, these were transferred for a specific consideration of £100,000 in December 1988. Chattels which include portraits, furniture and omaments of historical significance to the estate have been included at the 1986 probate value. The detailed 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 Party Transaction note 27 for further details. The policies and strategies relating to Ihe acquisition, presentation, management and disposal of heritage assets is referred to in both the Chairman's Report and the Trustee's Report. Page 41 WESTON PARK FOUNDATION {A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Fixed asset Investments Llsted securltles Group Cost or valuation At 1 January 2024 Additions Disposals Revaluations 7.972.628 216.769 (845,733) 50.750 At 31 December 2024 7,394,414 Net book value At 31 December 2024 7.394A14 At 31 December 2023 7,972, 628 Investments In subsidlary companies Llsted securities Total Foundation Cost or valuation At 1 January 2024 Additions Disposals Revaluations 80,000 7,972,628 216,769 (845,733> 50,750 8,052,628 216,769 1845.733) 50,750 At 31 December 2024 80,000 7.394,414 7,474,414 Net book value At 31 December 2024 80.000 7,394,414 7,474,414 At 31 December 2023 80,000 7, 972,628 8.052.628 Page 42 WESTON PARK FOUNDATION (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Fixed asset investments (continued) Principal subsidiaries The following were subsidiary undertakings of the Foundation- Names Company number Holding Included in consolldation Weston Park Enterprises 01970692 1000/0 Yes The financial results of the subsidiaries for the year were.. Names Income Expenditure Profiu ILo$$) for the year Net assets Weston Park Enterprises 2,385,786 {2,160,867) 224.919 484.495 The balance of £80,000 investment in subsidiary companies represents the 1000/0 holding in Weston Park Enterprises Limited. 17. Stocks Group 2024 Group Foundatlon 2023 2024 Foundation 2023 Raw m8terials 47,048 46, 952 9,701 8, 948 18. Debtors Group 2024 Group Foundation 2023 2024 Foundation 2023 Due within one year Trade debtors Other debtors Prepayments and accrued income 78.101 8.615 39.156 103,563 68, 726 48,486 9,389 8,615 3,629 11,007 61,240 11,345 125,872 220, 775 21,633 83.592 Page 43 WESTON PARK FOUNDATION IA Company Limited by Guarante• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 19. Current asset investmants Group 2024 Group Foundation 2023 2024 Foundation 2023 Unlisted investments (liquid) 108.618 108.618 20. Creditors: Amounts falling du8 within one year Group 2024 Gn)up Foundatlon 2023 2024 Foundation 2023 Bank overdrafts Payments received on account Trade creditors Amounts owed to group undertakings Other taxation and social securFty Other creditors Accruals and deferred income 284,269 389,115 245,949 365, 740 285, 250 298, 272 284,269 365, 740 73,968 411,342 10,600 265 153,188 135,081 376,988 9,814 1, 127 149,827 124,451 9,156 208.089 105, 506 7, 799 270,672 1,261,029 1,333,239 933,632 1,038,577 Page 44 WESTON PARK FOUNDATION (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Ststement of funds Statement of funds - current year Balance at 31 Gainsl December (Losses) 2024 Balance at 1 January 2024 Transfers inlout Income Expenditu Designated funds LadyAnne Fund Ongoing maintenance of Memorial Gardens 108,935 (13,682) 95.253 General funds General Funds- all funds FundB- unrestricted 1423,489) 3,081,777 (3,860,176> 845,733 {356,155) 454,081 14,984 46,014 4,005 519,084 30,592 3,096,761 (3,860,176> 891,747 4,005 162,929 Total Unrestricted funds 139,527 3,096,761 (3,873,858) 891,747 4,005 258,182 Page 45 WESTON PARK FOUNDATION {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds {continued Endowment funds Endowment Fund A Endowment Fund C Endowment Fund B Heritage Assets 3,252,686 86,772 (474,850) 17,558 2,882,166 2,209,698 61,280 (153,806) 14,826 2,131.898 2,056,264 8,377,942 53,733 (263,091) 14,361 1.861.267 8,377,942 15,896,490 201,785 (891,747) 46,745 15,253,273 Total of funds 16,036,017 3,298,546 13,873,868 50,750 15,511A55 Deslgnated 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 maintaining the Memorial Gardens. FundsA&C The Foundation has two Pemianent Endowment Funds (A & C) which represent funds provided by the National Heritage Memorial Fund which are managed on a total return basis. The Trustees at their discretion may allocate a part of the unapplied total return to the general purposes of the Foundation, namely the maintenance, preservation, repair, up-keep, management and running costs of the Property at Weston Parf( or in any other way for purposes of the benefiting the property. 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. Herttage assets Refer to note 15. Page 46 WESTON PARK FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds {continued) Statement of funds - prior year B818nce at 31 December 2023 Balance at 1 January 2023 Transfers inlout Gains/ (Lossgs) Income Expenditure Deslgnated funds Designated funds Lady Anne Fund Ongoing maintenance of Memorial Gardens 119,709 (10, 774) 108, 935 General funds General Funds - all funds FundB- unrestricted (27,676) 2, 960,369 (4,481,424) 1, 12&242 (423,489) 433.466 11,225 (73, 194) 22, 584 454,081 405. 790 2,971,594 (4,481,424) 1, 112,048 22, 584 30,592 Total Unrestrlcted funds 525,499 2.971,594 (4,492, 198) 1, 112,048 22, 584 139,527 Page 47 WESTON PARK FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds (continued Endowment funds Endowment Fund A Endowment Fund C Endowment Fund B Heritage Assets 3,649,001 86,389 (630,363) 147.659 3,252, 686 2,470,280 58,771 (421,939) 102,486 2,209,598 1,962,912 8.377,942 50,829 (59. 746) 102.269 2,056.264 8,377,942 16,460, 135 195,989 (1, 112,048) 352,414 15,896,490 Total of funds 16,985,634 3, 167,583 (4,492, 198) 374,998 16,036,017 Analysis of net assets between funds Analysis of net assats between funds - current period Endowment Unr8Stricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Herrtage assets Current assets Creditors due within one year 128,978 519,083 128,978 7,394,414 8,377,942 871.150 871,150 (1.261.029) (1,261.029) 6,875,331 8,377,942 Total 15,253,273 258,182 15,511,455 Page 48 WESTON PARK FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Analysls of net assets betW•on funds {contlnued) Analysis of net assets between funds - prlor perlod Endowmenl Unrestricted fvnds 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 8,377.942 841,617 841,611 (1,333.239) (1,333, 239) 7,518,548 8,377,942 Total 15,896,490 139,527 16,036, 017 23. Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Net expenditure for the period (as per Statement of Financial Activities) 1524.562) (949,617) Adjustments for: Depreciation charges Gains on investments Dividends, interests and rents from investments Increase in stocks Decreasel(increase) in debtors Increase in creditors 75,551 {50,760) (564,623) 196) 94,903 9,261 69,228 (374,998) (471,841) (6, 932) (54, 452) 19,242 Net cash used in operatlng actlvltles (960,316) (1, 769,370) Page 49 WESTON PARK FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of cash and cash equivalents Group 2024 Gmup 2023 Cash in hand Overdraft facility repayable on demand 698,230 573,884 {284,269) (365, 740) Total cash and cash equivalents 413,961 208, 144 25. Anatysis of change5 in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand Bank overdrafts repayable on demand Liquid investments 573,884 (365,7401 15,728 81,471 108.618 589,612 1284.269) 108.618 208,144 205.817 413,961 26. Contingent liabilities A legal charge dated 25 March 2008 for £975,000 in respect of the National Heritage Memorial Fund is in place over the Granary building. 27. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separatety from those of the group in an independentty administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £76,345 (2023.. £67,592). 28. Related party transactions During the year, Viscount Newport (the son of Lord Bradford) held an event in the House resulting in income of £13,768 (2023- £Nil). At the year end. the balance due to the Foundation amounted to £Nil (2023- £Nil}. In the prior year Hatton Grange, owned by C Kenyon Slaney, Trustee, hired land from the Foundation at a cost of £4,000, there were no related paty transaction during the current year. Page 50