CHARITY REGISTRATION NUMBER: 518440
The Nostell Trust Unaudited Financial Statements 5 April 2025
HARRISON HOLT
Chartered Accountants High Park Farm Kirkbymoorside York YO62 7HS
The Nostell Trust
Financial Statements
Year ended 5 April 2025
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 7 |
| Statement of financial activities | 8 |
| Statement of financial position | 9 |
| Notes to the financial statements | 10 |
The Nostell Trust
Trustees' Annual Report
Year ended 5 April 2025
The trustees present their report and the unaudited financial statements of the Charity for the year ended 5 April 2025.
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
Reference and administrative details
| Registered charity name | The Nostell Trust |
|---|---|
| Charity registration number | 518440 |
| Principal office | The Estate Office |
| East Newton Hall Farm | |
| Oswaldkirk | |
| York | |
| YO62 5YE | |
| The trustees | Mr G G Winn-Darley |
| Mrs M F Black | |
| Mr T A H Scott | |
| Mr D E Smart | |
| Charity secretary | Mrs H Copley |
| Investment managers | Ruffer LLP |
| 80 Victoria Street | |
| London | |
| SW1E 5JL | |
| Independent examiner | Philip Holt FCA FCIE |
| High Park Farm | |
| Kirkbymoorside | |
| York | |
| YO62 7HS |
- 1 -
The Nostell Trust
Trustees' Annual Report (continued)
Year ended 5 April 2025
Structure, governance and management
The Nostell Trust (the Charity) is a charitable trust and was registered under the Charities Act 1960, number 518440, on 6 February 1987. It is governed by the trust deed dated 24 June 1986.
The Nostell Trust was created by the Right Hon. 6th Baron St. Oswald (under his then name of the Honourable Charles Rowland Andrew Winn) on 24 June 1986 when cash of £100 was settled. On 3 July 1986 he assigned to the Charity a 99-year lease of the Stable Block at Nostell and made a further gift to the Charity of £1,200,000. On 20 December 2002, the Trustees transferred this lease to the National Trust for nil consideration.
The Charity consists of two separate funds, the Priory Fund and the Heritage Properties Fund.
On 5 July 2023, the Trustees executed a deed of appointment amending the trust deed to modernise the Trustees' investment powers and the provisions relating to the examination of the Charity's annual report and financial statements.
New trustees
The power to appoint new Trustees is as follows:
-
The power to appoint the successors to Mr G G Winn Darley and Mr T A H Scott and their successors is vested in the person entitled to the Barony of St Oswald.
-
The power to appoint the successor to Mr D E Smart and his successors is vested in the National Trust with the consent of the person entitled to the Barony of St Oswald.
-
The power to appoint the successor to Mrs M F Black and her successors is vested in the person entitled to the Barony of St Oswald and in the National Trust jointly.
New Trustees receive induction material and training and throughout their appointment receive additional training as appropriate.
The Trustees meet annually with additional meetings held to discuss issues as they arise.
There are no employees of the Charity. Administration services are provided by the Nostell Estate. These comprise maintaining the routine day to day accounting records of the Charity and secretarial services for the meetings of the Trustees. A fee of £500 (2024 - £500) was charged for these services.
Risk management
The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that a system is in place for regular reports to be produced so that the necessary steps can be taken to lessen these risks.
The Trustees consider the potential variability of investment returns from the investment portfolio to constitute the Charity's major risk. They have employed the services of professional investment managers to advise them in an effort to mitigate the risk.
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The Nostell Trust
Trustees' Annual Report (continued)
Year ended 5 April 2025
Objectives and activities
The main objects of the Charity are the preservation of Nostell Priory and its surrounding land, lakes and buildings, the protection of the ecological environment there and the education of the public in the architectural and historic merit of the buildings and the artistic merit of the contents.
The capital and income of the Priory Fund are, inter alia, to be utilised for the maintenance and enhancement of Nostell Priory and full details are set out in the trust deed. The capital and income of the Heritage Properties Fund may be appointed for the upkeep, maintenance and preservation of buildings designated as Nostell Heritage Properties. However, by unanimous decision, the Trustees may apply the Priory Fund for the purposes of the Heritage Properties Fund and vice versa.
The Charity carries out its objects by making grants to the National Trust, which owns Nostell Priory and its surrounding land, lakes and buildings. The Charity receives from the National Trust applications for assistance in meeting the costs of maintaining Nostell Priory and of opening it to the public and for funding of projects at or within the area surrounding Nostell Priory. These applications are usually received annually, but can be more frequent. Applications are for both capital and revenue expenditure. The Trustees consider applications and approve those that they consider meet the Charity's objectives, for which funds are available, and (save in exceptional circumstances) do not unduly inhibit the Trustees' ability to approve future applications.
Public Benefit
The Trustees confirm that they have paid due regard to the Charity Commission's guidance on public benefit in making distributions from the Charity.
The following summary demonstrates the benefit to the wider public from the grants made by the Trustees to the National Trust.
Nostell Priory and its surrounding area is opened to the general public by the National Trust throughout the year. The house was built in the mid 18th century to plans modified by James Paine, who was employed there for over 30 years from 1736, and who was also responsible for some of the interiors. Robert Adam was commissioned to complete the interiors, and he also designed part of the Stable Block, the lodges in the park and one wing of the house. Much of the furniture within the Priory was specifically designed for the property by Thomas Chippendale.
This remarkable property and its contents are owned by the National Trust which preserves and maintains it, and admits the public to it. It is clearly for the benefit of the wider public to preserve this historic building and its surrounding landscape, and to encourage public admission to it for the purposes of appreciation and education.
The Trustees of the Charity believe that the objects of the Charity can best be achieved by making grants to the National Trust to assist it in maintaining the property and to support the National Trust's property opening operation at Nostell.
Reserves policy
Trustees have a reserves policy which aims to maintain unrestricted funds, which are the free reserves of the Charity, at a minimum level. This is to allow sufficient funds to be available for necessary governance and support costs and to honour existing commitments to provide for grants to the National Trust. The level of free unrestricted reserves, being the current assets less the current liabilities at 5 April 2025, stood at a surplus of £84,423 (2024 - £50,512) which represented around 38 months (2024 - 21 months) of governance and support costs.
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The Nostell Trust
Trustees' Annual Report (continued)
Year ended 5 April 2025
Achievements and performance
The charitable activities consist of the payment of grants to The National Trust. The grants paid and payable to The National Trust for the year were £95,000 (2024 - £122,000)
The Trustees met in June 2025 and received reports from the team at the National Trust who requested grant funding in the year to 5 April 2026 of £116,500.
Investment policy and performance
The investment strategy is set by the Trustees for a period of five years and takes account of recent demand for funds. The Trustees approved and signed a new Investment Policy with Ruffer LLP, the investment managers, on 24 June 2024.
The Trustees have concluded that the objects of the Nostell Trust can best be achieved by a policy aimed at preserving the real (i.e. adjusted for inflation) value of the trust fund in the longer term. They have taken advice from their investment managers and have decided to adopt the policy of making available for distribution each year 2% to 3% of the value of the trust fund, to be drawn from income and capital as the trustees think fit.
The Trustees hope that such an approach will enable them to maintain distributions averaging in the region of £100,000 to £140,000 annually.
The Trustees review the sustainability of distributions at this level annually with their investment advisers. If markets rise this may lead to incremental increases in the amount available for distribution to the National Trust. Likewise, if markets fall back, then the level of distributions may be slightly lower. If there is a substantial recession or bear market, the Trustees may reconsider whether to make any distributions from capital until markets recover.
The Trustees recognise that, whilst it is in the best interests of all concerned that they should formulate a policy for future distributions, they nevertheless retain all the discretions given to them by the Trust Deed. Accordingly, they will consider any proposals for funding that the National Trust put to them, and may deviate from their policy if in their absolute discretion they decide this is merited. The Trustees would consider with very great care any request to distribute additional capital, and would weigh up the benefits of the works to be funded by such a distribution against the loss of future income and potential capital growth which would result from it.
Ruffer LLP started managing (on a discretionary basis) the Charity's main portfolio on 23 August 2012. For the period since inception to 31 March 2025, the portfolio produced a cumulative total return (allowing for withdrawals) of +69.1% (2024: +62.7%), representing a total annualised positive return of 4.3% (2024: 4.3%).
The total value of the Charity's investment assets, including cash, held by Ruffer was £4,989,125 (2024: £4,960,331) as at 5 April 2025.
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The Nostell Trust
Trustees' Annual Report (continued)
Year ended 5 April 2025
Achievements and performance (continued)
The Investment Managers' report to the Trustees on the managed discretionary portfolio was as follows:
"For the 12-month period ending 5 April 2025, the total return of the portfolio was +3.9% (2024: -6.8%) (net of all fees) made up from income returns of 2.8% (2024: 1.8%) plus 1.1% (2024: less 8.6%) increase in the capital value of the portfolio.
Our aim at Ruffer is to preserve the value of portfolios in all market conditions, while over time delivering returns meaningfully ahead of cash.
The portfolio delivered a return just below that of cash in the 12 months to 5 April 2025. This was a period that was dominated, until the turn of the year, by 'US exceptionalism' as the driving force in financial markets. This was a difficult environment for Ruffer, as we deliberately had little exposure to this theme given the risks of investing in the most-loved names in the index had been clear for some time: sky-high valuations and expectations, projections for a deep and lasting productivity boom from Artificial Intelligence being adopted by companies and supportive fiscal dynamics (led by the US running a huge budget deficit) coming to an end.
Through this period, the need for protection against markets turning downwards had been clear in our minds. The trickier question was where to place our chips on the growth side. For 2 years we have chosen to eschew the most admired parts of the market and instead looked for better value in UK, European and Chinese equities, where investor sentiment has been on the floor.
Markets had been tested on occasion through these 12 months. Markets ended August 2024 in a similar shape to how they began. However, on 5 August, the Nikkei had its '1987 moment', falling 12% in a day with record volume. The volatility index (VIX) was up a record 180% and the S&P 500 fell 7% in three days. The headline causes were pinpointed as a weak US jobs number and a slight increase in Japanese interest rates. Although markets subsequently recovered, we saw this as a warning shot of the vulnerabilities in markets that investors chose not to heed.
In November, the re-election of Donald Trump turbocharged the US exceptionalism trade, and hope in his apparently market-friendly policies sent the S&P 500 and in particular Tech and AI stocks to further all-time highs. Tesla doubled in a month, while the portfolio's ex-US growth assets and US-focused protections both struggled. This concluded an uncomfortable 2 year period that reminded us of 1999, another time where we sat on the sidelines in frothy markets, waiting for what invariable comes next. Heading into the election, we said that: While a Trump presidency could result in a quick sugar rush for markets as in 2016, we think that the inflationary nature of Trump's policies around tariffs and trade protectionism will in time overwhelm the market's hopes for better corporate profitability from deregulation and tax cuts.
This proved to be the case in the first months of 2025. As the new administration came into power, investors were forced to wake up to the reality of some of Trump's policies. This saw a rotation away from US equities in the first two months of 2025 as markets in Europe, China and the UK rallied and US equities spluttered. The portfolio performed well given the bias to 'rest of the world' equities. Greater volatility came in March, and even more so in April with Trump's 'Liberation day' and tariff announcements sending equities into free fall (just after the reporting period for this report). The portfolio managed to hold strong during the turbulence with the protection working well and the growth elements being away from the eye of the storm.
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The Nostell Trust
Trustees' Annual Report (continued)
Year ended 5 April 2025
Achievements and performance (continued)
Overall, the recent period demonstrates that we are well-positioned to benefit from the new market regime that we are now experiencing, and what we expect to be continued market volatility, with the patience required in the previous period starting to pay off. The portfolio retains growth assets to capture upside in positive environments, whilst retaining significant protection which we see as essential for the period ahead, in line with our 'all-weather' mandate.
RUFFER LLP Sept 2025"
Financial review
The funds of the Charity at 5 April 2025 amounted to £5,073,548 (2024 - £5,010,843). These funds generate income and capital gains which are used to meet the objects of the Charity.
Net income before investment gains and losses amounted to £33,911 (2024 - net expenditure £98,762). Realised and unrealised gains on the investments amounted to £28,794 (2024 realised and unrealised losses - £444,582). The funds of the Charity increased by £62,705 (2024 - reduced by £543,344) over the year.
Plans for future periods
The Charity will continue to hold an annual meeting to review the performance of the portfolio and to consider what funds may be made available to The National Trust for the preservation of Nostell Priory and its contents and to support their operation at that property.
The trustees' annual report was approved on 4 February 2026 and signed on behalf of the board of trustees by:
MR G G WINN-DARLEY
Trustee
MR D E SMART
Trustee
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The Nostell Trust
Independent Examiner's Report to the Trustees of The Nostell Trust
Year ended 5 April 2025
I report to the trustees on my examination of the financial statements of The Nostell Trust ('the Charity') for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
PHILIP HOLT FCA FCIE
Independent Examiner
High Park Farm Kirkbymoorside York YO62 7HS
4 February 2026
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The Nostell Trust
Statement of Financial Activities
Year ended 5 April 2025
| 2025 | 2025 | 2024 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 4 | 155,507 | 155,507 | 52,700 |
| -------------------------------- | -------------------------------- | ---------------------------- | ||
| Total income | 155,507 | 155,507 | 52,700 | |
| ================================ | ================================ | ============================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 5 | (121,596) | (121,596) | (151,462) |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | (121,596) | (121,596) | (151,462) | |
| ================================ | ================================ | ================================ | ||
| Net gains/(losses) on investments | 8 | 28,794 | 28,794 | (444,582) |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net income/(expenditure) and net movement in funds | 62,705 | 62,705 | (543,344) | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 5,010,843 | 5,010,843 | 5,554,187 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 5,073,548 ========================================= |
5,073,548 ========================================= |
5,010,843 ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 16 form part of these financial statements.
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The Nostell Trust
Statement of Financial Position
5 April 2025
| 5 April | 2025 | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 12 | 4,989,125 | 4,960,331 | |
| Current assets | ||||
| Cash at bank and in hand | 87,947 | 53,762 | ||
| Creditors: amounts falling due within one year | 13 | (3,524) | (3,250) | |
| ---------------------------- | ---------------------------- | |||
| Net current assets | 84,423 | 50,512 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total assets less current liabilities | 5,073,548 | 5,010,843 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Net assets | 5,073,548 | 5,010,843 | ||
| ========================================= | ========================================= | |||
| Funds of the charity | ||||
| Unrestricted funds | 5,073,548 | 5,010,843 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total charity funds | 14 | 5,073,548 ========================================= |
5,010,843 ========================================= |
These financial statements were approved by the board of trustees and authorised for issue on 4 February 2026, and are signed on behalf of the board by:
MR G G WINN-DARLEY MR D E SMART Trustee Trustee
The notes on pages 10 to 16 form part of these financial statements.
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The Nostell Trust
Notes to the Financial Statements
Year ended 5 April 2025
1. General information
The Charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Estate Office, East Newton Hall Farm, Oswaldkirk, York, YO62 5YE.
2. Statement of compliance
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
3. Accounting policies
Basis of preparation
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain financial assets and liabilities and investment portfolios measured at fair value through income or expenditure.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
Going concern
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying values of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance section of the trustees’ annual report and the Fair value of assets and liabilities Note 16 for more information).
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The Nostell Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2025
3. Accounting policies (continued)
Judgements and key sources of estimation uncertainty
Estimates and judgements 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.
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions which carry the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, within the next financial year, are those regarding the level of investment return and the performance of investment markets.
Income tax
The Charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity 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 Charity for particular purposes. The cost 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.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the Charity, it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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The Nostell Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2025
3. Accounting policies (continued)
Resources expended (continued)
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities to which they relate on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
The Charity 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 amortised cost with the exception of fixed assets investments which are subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
4. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Income from listed investments | 155,436 | 155,436 | 52,491 | 52,491 |
| Bank interest receivable | 71 | 71 | 209 | 209 |
| -------------------------------- | -------------------------------- | ---------------------------- | ---------------------------- | |
| 155,507 | 155,507 | 52,700 | 52,700 | |
| ================================ | ================================ | ============================ | ============================ |
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The Nostell Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2025
5. Expenditure on charitable activities by activity type
| Grant funding | Support | Total funds | Total fund | |
|---|---|---|---|---|
| of activities | costs | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Grants to National Trust | 95,000 | – | 95,000 | 122,000 |
| Governance costs | – | 26,596 | 26,596 | 29,462 |
| ---------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | |
| 95,000 | 26,596 | 121,596 | 151,462 | |
| ============================ | ============================ | ================================ | ================================ |
6. Analysis of support costs
In the current and previous year, all the support costs were analysed as governance costs as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Administration fees | 500 | 500 |
| Independent Examiners' fees | 3,024 | 2,750 |
| Legal and other professional fees | 22,536 | 25,896 |
| Trustees' reimbursed expenses | 465 | 243 |
| Other costs of trustees' meetings | 63 | 65 |
| Bank charges | 8 | 8 |
| ---------------------------- | ---------------------------- | |
| 26,596 | 29,462 | |
| ============================ | ============================ |
7. Analysis of grants
During the year, a grant of £95,000 was paid to the National Trust (2024 - a grant of £122,000).
8. Net gains/(losses) on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Gains/(losses) on listed investments | 28,794 | 28,794 | (444,582) | (444,582) |
| ============================ | ============================ | ================================ | ================================ | |
| Independent examination fees | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial | statements | 3,024 ======================= |
2,750 ======================= |
9. Independent examination fees
10. Staff costs
There are no employees of the Charity. Administration services are provided by Nostell Estate. These comprise maintaining the accounting records of the Charity and secretarial services for meetings of the Trustees. A fee of £500 (2024 - £500) was charged for these services.
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The Nostell Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2025
11. Trustee remuneration and expenses
The Trustees did not receive, and were not entitled to receive, any remuneration in the current or previous year. During the year, three trustees were reimbursed travel expenses amounting to £465 (2024 - two of the Trustees were reimbursed £243 for travel expenses).
12. Investments
Listed investments £ Cost or valuation At 6 April 2024 4,960,331 Additions Fair value movements 28,794 ----------------------------------------- At 5 April 2025 4,989,125 ========================================= Carrying amount At 5 April 2025 4,989,125 ========================================= At 5 April 2024 4,960,331
All investments shown above are held at valuation.
Listed investments
The aggregate market value of listed investments is £4,989,125 (2024: £4,960,331).
Financial assets held at fair value
Valuation
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open ended investment companies are at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the Trustees' Annual Report.
At the year end, the following investments represented more than 5% of the value of the investment portfolio:
| 2025 | 2025 | |
|---|---|---|
| £ | % | |
| Charity Assets Trust C Income Fund | 4,965,868 | 100% |
| ============================================ | ==================== |
The investments are allocated between the Priory Fund and the Heritage Properties Fund in the ratio of 3:1.
Unrealised and realised gains on investments are apportioned between the Priory Fund and the Heritage Properties Fund in the ratio 3:1.
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The Nostell Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2025
13. Creditors: amounts falling due within one year
Accruals and deferred income
| 2025 | 2024 |
|---|---|
| £ | £ |
| 3,524 | 3,250 |
| ======================= | ======================= |
14. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 6 April 2024 | Income | Expenditure | losses | 5 April 2025 | |
| £ | £ | £ | £ | £ | |
| Heritage Property Fund | 1,252,709 | 38,877 | (30,399) | 7,199 | 1,268,386 |
| Priory Fund | 3,758,134 | 116,630 | (91,197) | 21,595 | 3,805,162 |
| ----------------------------------------- | -------------------------------- | -------------------------------- | ---------------------------- | ----------------------------------------- | |
| 5,010,843 | 155,507 | (121,596) | 28,794 | 5,073,548 | |
| ========================================= | ================================ | ================================ | ============================ | ========================================= | |
| At | Gains and | At | |||
| 6 April 2023 | Income | Expenditure | losses | 5 April 2024 | |
| £ | £ | £ | £ | £ | |
| Heritage Property Fund | 1,388,545 | 13,175 | (37,866) | (111,145) | 1,252,709 |
| Priory Fund | 4,165,642 | 39,525 | (113,596) | (333,437) | 3,758,134 |
| ----------------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ----------------------------------------- | |
| 5,554,187 | 52,700 | (151,462) | (444,582) | 5,010,843 |
|
| ========================================= | ============================ | ================================ | ================================ | ========================================= |
The Heritage Property Fund and the Priory Fund are Designated Funds. The capital and income of the Priory Fund are, inter alia, to be utilised for the maintenance and enhancement of Nostell Priory and full details are set out in the trust deed. The capital and income of the Heritage Properties Fund may be appointed for the upkeep, maintenance and preservation of buildings designated as Nostell Heritage Properties. However, by unanimous decision, the Trustees may apply the Priory Fund for the purposes of the Heritage Properties Fund and vice versa.
15. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2025 | |
| £ | £ | |
| Investments | 4,989,125 | 4,989,125 |
| Current assets | 87,947 | 87,947 |
| Creditors less than 1 year | (3,524) | (3,524) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 5,073,548 | 5,073,548 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2024 | |
| £ | £ | |
| Investments | 4,960,331 | 4,960,331 |
| Current assets | 53,762 | 53,762 |
| Creditors less than 1 year | (3,250) | (3,250) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 5,010,843 | 5,010,843 |
| ========================================= | ========================================= |
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The Nostell Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2025
16. Fair value of assets and liabilities
Exposure to liquidity risk
The liquidity risk exposure of the Charity not being able to meet short term financial demands is mitigated by the Charity Secretary receiving, checking and reconciling monthly bank statements for the Charity's main bank account and also checking the amount and timing of any pending liabilities.
Exposure to credit risk
The main debtor of the Charity is the accrued investment income on the portfolio assets held by the Charity. The risk of loss arising from the investment manager failing to pay over the income generated by the investment portfolio is considered low as the investment manager is a regulated institution and the income is paid periodically to the charity's bank account.
Exposure to market risk
Investments represent the majority of the Charity's net assets. The risk of a financial loss arising from an investment due to changes in the market are mitigated by the active management of the investment portfolio by a professional investment manager and the diversification of the investment portfolio based on an investment policy approved by the trustees.
Changes in fair values of debtors, creditors & investments due to credit risk There have been no changes in the fair values of basic financial instruments (debtors, creditors and investments) attributable to changes in credit risk.
17. Financial instruments
The carrying amount for each category of financial instrument is as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at fair value through income and expenditure | ||
| Financial assets measured at fair value through income and | ||
| expenditure | 4,989,125 | 4,960,331 |
| ========================================= | ========================================= |
Financial assets measured at fair value through income and expenditure comprise fixed assets investments.
18. Related parties
During the year, The Nostell Trust paid legal and professional fees to Currey & Co. LLP amounting to £22,536 (2024 - £25,896). Mrs M F Black, a Trustee, is an equity partner in Currey & Co. LLP. There were no balances due to Currey & Co. LLP at 5 April 2025 or 2024. The power to make these payments is contained in the Trust Deed.
Nostell Estate provides administration services to the charity and a charge of £500 (inclusive of VAT) was accrued by the Charity for the current year (2024 - £500). Lord St Oswald, the settlor of the Charity and an individual who has the power to appoint trustees, is sole principal of Nostell Estate. The accrued balance due to Nostell Estate at 5 April 2025 was £500 (2024 - £500).
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