THE BRADGATE PARK AND SWITHLAND WOOD CHARrrY FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity registration number. 521476 THE BRADGATE PARK AND s￿THLAND WOOD CHARtrY REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 Full name: The Bradgate Park and Swithland WOCKI Charity Approved short name: Bradgate Park Trust Charity Registration No: 521476 Registered Office.. Estate Offi Deer Barn Buildings Bradgate Park Newtown Linford Leicester LE6 OHE Auditors: The Rowleys Partnership Limited Charnwood House Harcourt Way Meridian Business Park Lei￿ster LE19 IWP Bankers: CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ Page I THE BRADGATE PARK AND SWITHLAND WOOD CHARITY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 Chairman's Foreword 2023124 has been a busy and pr(Kluctive year for the Bradgate Park Trust, with the smooth operation of Bradgate Park and Swithland Wood for visitors and management of the estate for its heritage and wildlife value. Trustees have discussed many topics during the year from the visitor experience to conservation of the ruins and from social media to health and safety. The board is very proud of the work carried out to our heritage assets during the year, particularly the repairs to Old John Tower, and we are very grateful to all those who gave donations towards this iconic Leicestershire landmark. We are also pleased to see the extensive surveys carried out at the Bradgate House ruins, thanks to funding from Historic England- our understanding of this Scheduled Ancient Monument is now better than ever and we look forward to an exciting future conservation project. With regards to the site's importance for wildlife, we have been pleased to see the Queen's Plabnum Jubilee woodland planting at Alblaster Hay continue to thrive and develop as a future extension to Swithland Wood. Trustees are also excited to have started work with Natural England to designate Bradgate Park and Swithland Wood as a National Nature Reserve, recognising its national importance for geologyi flora and fauna. We look forward to this official announcement in early 2024125 and the recognition that this status will bring. A new pro]"ert during the year was our GreenSPark collaboration with Nottingham Community Housing Association to deliver a wide range of aciivities and opportunities for those suffering from mental health difficulties. A first for the Trust, this work was incredibly rewarding for the Trust to deliver, in line with the Charity's original object to "improve the conditions of life" for the inhabitants of the County of Leicestershire. Funding bids continue to be a suctrss story, with grants secured to enable works and developments that the Trust might not otherwise be able to justify. We are very grateful to all these funders including The Tree Council, The National Forest Cofflpany, The Cummins Foundation, Historic England, NewToNature Programme (National Lottery Heritage Fund), Leicestershire County Council, Leicester City Council, Bradgate Rotary Club, Loughborough Rotary Club, the Farming and Wildlife Advisory Group, Severn Trent and others. Thanks also to all those who have given donations to the Charity during the year. The Trust's volunteers once again atnazed us with their herculean efforts across a huge range of tasks this year, from archiving and dry-stone walling to leading School tours and surveying ancient trees. With an average of 155 volunteers artive in any one quarter, they gave over 18,000 hours of their time to the site this year. thank you to every one of them. The work of the Charity contirrues to grow, broaden and deliver success and impact for vi51tors, staff, volunteers and the site. Thank you to the Trust's staff, my fellow trustees and honorary officers for their important contributions during 2023124. we look forward to an even more successful 2024125 as a heritage and landscape resour￿, attraction and National Nature Reserve. Mr Nicholas Rushton Chairman of The Bradgate Park and Swlthland Wood Cha Page 2 THE BRADGATE PARK AND SWITHLAND WOOD CHARrrY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 Dirertor's Foreword I am incredibly proud to report on what a successful year 2023124 hH% hpp.n, with hiige thanks to the whole staff team and volunteers that have made this possible. As the East Midlands, busiest visitor attraction (as reported by Visit England, AugLJSt 2024) the hard work that goes into the smooth running of the estate to balance its heritage and wildlife importance with its role as a fantastic visitor attraction, cannot be underestimated. our annual rewew ot Our Strategic Plan 2017-2027 shows that we are well on track as well as delivering number of other opportunities and broadening the work of the Trust in key areas. Key highlights for 2023124 have included: Visitors continue to flock to Bradgate Park and Swithland W¢J)d with an estimated 750,000 visitors during the year. The Ranger, Warden, Visitor Centre and café teams are the face of the Trust for many of these people and have delivered a fantasb'c visitor experience once again. Improvements have continued with new Vistor Centre informats'on, self-guided trails, events and activities throughout the year, café menu updates, and constant day-to-day maintenance to ensure the site is looking its best. Our work to maintsin the site s nature cOnSen￿tion value has continued, including management of the bracken, deer herd, tree and hedgerow planting, wall repair and pond creation. We have also signed a new conservation area to help protect ground-nesting birds and continue to develop our plans to r@gUrfa￿ key roirtes to prevent erosion of the landscape from water run-off. For the first time in many years, the Trust employed a dedicated waller thanks to Lottery funding via the Charnwood Landscape Partnership Scheme; the LEnefits of this are already clear to see across the site's 16 miles of w311s. Our heritage as*ts have been high on the agenda this year, firstly with the restoration of Old John Tower. Repairs induding lime mortsr pointing and strengthening cracks will help ensure that this 1784 landmark can stand for another 200 years and continue to delight visitors that climb the stairs for the amazing vrews. At the Bradgate House ruins, we now have a far more detailed picture of the house's 16th century onwards development (and 18 century dedine) thanks to research by key partners, tree-ring dating from the chapel roof beams, study into a rare plaster painting and the extensive surveys of the ruins. The next steps will be to pull all this information together into a future conservation project, through which we will also consider the visitor experience that the ruins offer. The vi￿tOr Centre has been busier than ever this year, with over 85,000 people comlng through the doors and enjowng its wide range of attractions from the exhibits and gifts to craft attivities and trail sheets that we have offered during the year. Alongside thls. the team have delivered huge range of events and actiwties throughout the year from the annual summer fayre to the myriad of Ranger- or volunteer-led walks and talks on offer. Volunteers amazed us all again in 2023124 with over 18,000 hours given to the site, enabling numerous tasks that otherwise would not be carried out. This is the equivalent of over £270,000 of free labour. An average of 155 volunt￿r5 were active in any one quarter and the range of tasks continues to widen - including patrols, litter picking, dry stone walling, conservation tasks, leading walks and talks. ruins and Old John tours, archiving and photography. To enable our management of the estate delivery of ongoing improvements for visitors. the Trust has worked hard to ensure that once again, overall income exceeded targets - we are grateful to all those who donated, paid for car parking, ate and drank at the café or provided grants to the Charity. These funds mean that we have been able to fund both the Charity's day-to-day operations as well a5 invest in new equipment, repair our properties and keep our reserves in a healthy position for future use or emergency situations. Page 3 THE BRADGATE PARK AND SWITHLAND WOOD CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Director's Foreword - continued We are eagerly looking forward to 2024125 and our new NNR status arKi the opportunities that this will bring to celebrate the park and wood's geological and biological importance. Developing a new Management Plan that recognises this status will be an important project during the year. We will also be considering how we grow the biodiversity value of the Trust's land beyond the main park, how we can improve service convenience for visitors who use our off-road mobility scooters and how we can better serve visitors who are less mobile or have additional needs. Once again, a busy year is ahead and we will work dosdy with partners and others to ensure we embrace all the opportunities that it brings. James Dymond Bradgate Park Trust Director Page 4 THE BRADGATE PARK AND SWiTHLAND WOOD CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Governing Document Charity Commission Scheme of 4 September 1980 as amended by Resolutions dated 8 December 2008, 8 September 2014, 29 January 2018, 28 September 2020 and 10 June 2024. Members of the Committee of Management Unijer the provtsions of the Governing Document (which reflect the provisions of the t)onor's 1928 Trust Deed) the Trustees of the Charity (being the Members of the Committee of Management) comprise up to ￿e1ve Trustees consisting of: Three appointed by Leicestershire County Counal Three appointed by Leicester City Counal Three appointed by the National Trust Up to three Trustees may be apwinted by the Committee of Management itself (change introduced by Resolution dated 8 September 2014). The Trustees during 2023124 were.. Appointed by LeI￿stershire County Council: Mr Nichola5 Rushton (ChairTnan) Mrs ludith Spen Mrs Deborah Taylor Appointed by Leicester City Council.. Mr Sean Atterbury Miss Elly Cutkelvin (appointed I l March 2024) Mrs Manjula Sood (term ended 8 December 2023) Sir Peter Soulsby (Wice Chairman) Appointed by the National Trust". Mr Phillip Bittner Mr Sam Lattaway Mrs Louise Ransberry Appointed by the Committee of Management." Mr David Lindley Page 5 THE BRADGATE PARK AND swrrHLAND WOOD CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Trustees, Induction and Training All new Trustees receive an induction to the tharity which includes background information about the charity, appropriate constitutional and legal information regarding the woth'ng of the charity together with their obligations as trustees. Governance Arrangements The Committee of Management meets formally four times per year in March, June, September, and December. Extraordinary/Special Meeb'ngs are occasionally convened when there is urgent business to discuss that requires a faCe-tO-fa￿ rather than a 'virtual' meeting. The Finance & General Purposes Sub-committee meets four times per year in January, Mayi August and November. Trustees from time to time set up Working Groups or Task & Finish Groups to progress items of business that require Trustee input outside the quarterly meeting cycle. None of these subsidiary groups has decision-making powers but make recommendations to the Committee of Management. Holding Trustees Under the provisions of the Governing Document, Leicestershire County Council and Leicester City Council are designated as the Charity's Holding Trustees. Their role, under the Public Trustee Art 1906 is to have custody of the Title Deeds to the Chariws property and to give assistance as required to the Committee of Management in the exerase of its full powers of management and administration. Officers of the Charity Under the provisions of the Governing Document, a senior legal officer of Leicester City Council acts as the Charity's Honorary Secretary and a senior financial officer of Leicestershire County Council acts as Honorary Treasurer. The holders of these offi￿5 during 2023124 were: Honorary Secretary.. Mr Kamal Adatia, Barrister Honorary Treasurer.. Mrs Judith Spence ACMA Executive Management Day to day management and control of the Charity and the Park was ddegated to the Charity's Director, James Dymond who was appointed in May 2021. Staffing During the year, the principal team structure has remained stable and recruitment has taken place to newly created posts as well as vacanaes as they arose. In addition to the above-mentioned permanent staff, the Charity maintains a pool of casual staff to work as Catering A￿lstantS, Visitor Centre Assistants and Park Wardens. The in-house staff team is augmented with input from specialist contractors and consultants as and when required. The Charity keeps all salaries, including of key management personnel, under review by considering against salaries for comparable roles in similar organisations as part of an biennial review process. Page 6 THE BRADGATE PARK AND 5￿THLAND WOOD CHARITY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Background to the Charity Bradgate Park was privately owned unts'l 1928 by thp. Cirpy family (latterly Earls of Stsmford) whcn it was purchased and given in Trust for the benefit of the inhabitants of the City and County of Leicester and of visitors thereto for the purposes of recreatijn by Mr Charles Bennion, a local businessman and philanthropist. Swithland Wood was given to the Charity in 1931 by the Rotary aub of Leicester and, following iiuiiicrou5 gifts ano acquisittons over the years, the 1980 Scheme of Management consolidated the activities of eight separate charities into the present The Bradgate Park and Swithland Wood Charity. Around 26 acres of additional woojland adjoining Swithland Wood was acquired in 2014. The Lelcestershire Yeomanry Memorial Charity 15 administered under a Scheme of Management dated 24 September 1981. Objects of the Charity The Charity has two object5: l. The provision of a public park and recreation ground. and the rna1ntenan￿ and improvement thereof, for the benefit of the inhabitants of the County of Leicestershire, and of visitors thereto, with the object of improving the condition5 of life for such persons, and 2. To advance the education of the public in the care and appreoation of the envtronment. Activities and Achievements In June 2017 the Charity published its strategic plan "A Vision for Our Centenary" which sets out five strategic priorities to underpin the development of the Charity over the period 2017-2027, Progres5 against these during 2023124 is 5ummarised below. ICP Prowding h￿h quality, accessi>/e and diver￿ oppgrtunitias for all people (regardless of age or atslity) to d￿Ver and enjoy B•te Partr and Swithland Wood It is estimated that over 300,000 cars used our five car parks during the year- giving estimated visitor numbers of circa 750,000 people. Weekly Wellbeing Walks have continued on the park and continued to grow in popularity, bring new audiences to the park and providing a huge social benefit to many participants. The GreenSPark mentsl health and wellbeing project in partnership with Nottingham Community Housing Association was a big SUC￿ss, delivering in-depth activities for participants who otherwise would not be able to access the park. Woodland workshop Se￿on5 have continued in the Hunt's Hill forest school area, providing exciting Opportunities for children and families to yel hands-on wlth the environment. Park Rangers have continued their Forest Schools training. December 2023 Saw our Meet Santa events move to a new, custom-built grotto at the Visitor Centre, where children and families could a150 tske part in some arts and crafts activities. We continued to work hand in hand with the Chamwood Landscape Partnership Scheme, in particular with regard to the National Heritage Lottery Funding available for Improving access across the park, for which planning consent was obtained during the year. Volunteering at Bradgate Park and Swithland Woods goes from strength to strength with volunteers providing invaluable 5UPPOrt to the Trust in managing and improwng the estate. Tasks ranged from patrols and litter picking to dry-stone walling and leading educational tours. During the year: Over 18.000 volunteer hour5 were given to the Trust. Up to 171 volunteers were active in any one 3-month period; Over 1,800 tasks were completed by volunteers: 552 patrol & litter-picking shifts were completed. Page 7 THE BRADGATE PARK AND s￿THLAND WOOD CHARftY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Activities and Achievements- continued ic ri Partnership work with Leicestershire Search and Rescue continued during the year and resulted in faster and more efficient treatment and evacuation of casualties on the park. Social media continued to be key messaging channels for the Trust and followers have grown to circa 72,000 on Facebook, 7,500 on Instagram and 3,500 on Twitter. Visit England once again gave the site a Visitor Accreditation award with an overall score of 84%. te ic Priori COnserwi￿ the landscape and hentage, both natura13nd m3nm3de that is in the Trust5 C3re, fvlly meeting our statutory obligations as custodians of the estate so they are maint3ined and improved now and for future generations. The Ranger and Warden teams led on another busy year managing the park and woods, including.. Continued bracken management on the park as agreed with and monitored by Natural England- this is part of the programme of grassland restoration funded by the Higher- Level Stewardship ￿heme and includes both chemical and mechaniGII methods of control with bird-nesting checks carried out in sensitive areas. Management of the deer herd to meet Natural England targets. Works to ancient and veteran trees to maintain their health, repairs to tree guards to protect the site's mature trees and planting of over 80 new trees in select locations. Furniture repairs such as benches and new gates" Ongoing repairs to the 51te's 16 miles of both dry-stone and lime-mortared walls- the Charnwood Landscape Partnership kheme Lottery funding allowed us to create a new Apprentice Waller position for at least two years - this is already allowing us to make major headway into our backlog of wall repairs across the park and woods. Woodland management at Swithland Wood and in the park's copses thanks to a five- year Forestry Commission stewardship gran; we are also starting work on the next five-year woodland management plan. All tree safety assessment and any necessary work continued as normal. The continued sale of bronze oak leaves in Memorial Wood and the maintenance of the woodland for pU￿1C access alongside plans for a new memorial area in the future. The new area of woodland and parkland tree planting planted at Alblaster Hay in winter 2022 has thrived thanks to the mixed sunshine and rain and relativdy few replacement plants have been needed. The walled garden at the ruins continued to be maintained and improved to a high standard by volunteers with public open days during the year. The Historic England was continued to fund wtsl and very detailed surveys of the Bradgate House Ruins and devdop expert-led proposals for their repair and conservation. This allowed us to develop a bid for Shared Prosperity Funding for the ruins for 2024125 and progress their conservation and repair. Repairs and improvements to the Trusys residential properties continued, to ensure that they are kept in good condib.on and to modern standards where p0￿ble. This included secondary gla2ing and new loft insulation at the Lodge and plans for roof replacement and repairs at other properties. Old John Tower was also carefully repaired and restored during the year to ensure that this 240 year old folly can stand tall for many more years. Thanks to generous donations including a significant business donor, Marks Elcrtrical, the repair and repointing work was fully completed by late 2023. A geological conservation and protection project began in partnership with the Charnwood Landscape Partnership Scheme. Discussions and planning began for the exciting designation of the site as a National Nature Reserve in 2024125. Page 8 THE BRADGATE PARK AND swrrHLAND WOOD CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Activities and Achievements - continued trate ic Pri Delivpring both infompal and formal br03d educational and learning exPenen￿s for visitors or all 3ges so that our 10<31 heritage and the wder enwronn7ent are better understood and cared for Weekend and sChC￿l holiday opening of the Visitor Centre saw it welcome over 85,000 vi51tors during the year. Volunteer-led weekjy opening of the ruins and Old John tower wdcomed over 27,000 visitors. In-depth Ranger- and volunteer-led walks and talks were delivered to over 800 people. 79 organised school group visits to the park on led tours took place, usually led and supported by volunteers - almost double the number from the previous year. We estimate that around 19,000 people attended key events across the year including the summer fayre, outdoor theatre, winter stalls and Meet Santa events. -young Ranger" sessions continued across the park, with children and young people taking part in a variety of fun and educational hands-on tasks across the site. Ranger-led outdoor activities continued at the Hunt's Hill woodland wori%hop area. We began to scope the best way to deliver geological interpretation at the site and installed some updated information in the Visltor Centre. We created an Events and Education Assistant post thanks to the New To Nature programme, which allowed us to boost our education programme, train new volunteers and widen our events and activities offer. The Bradgate Park app was launched as a trial on Android and Apple platforms to see if visitors find this a useful way of obtaining day-to-day and seasonal information about the site. ic Pri 4 Raisng sulffcient fun(ts fiom a range of Sour￿ to ensure the delivery of these objettives to meet the needs of the landscapei heritage and wildlife, our wsitors and the wider community The Trust's key income sources of car parking and cafe refreshment sales exceeded their Income targets respectively. Other income g)urces continue to be important, particularly as Government grant schemes such as the Basic Payment Scheme have now reduced significantly. These include: The sale of estate pri￿lUCe induding venison, antlers, firewood and charcoal volunteers help with the latter items whilst the in-house venison production means that a high quality, sustainable product results from the necessary management of the deer herd. The ongoing sale of oak leaves at Memorial Woc*J with plan5 developing for a new emorial area to be created in the future. Donations to the Trust during the year totalled over £40,000 thanks to clear communication around the Charitys use of donatson5 and why funding is so important to the runiiing of the estate. Partnership working continued such as the annual donations of Gilendars from Bradgate Rotary Club and the management agreement with Severn Trent Water for the land around Cropston Reservoir. Income from external grants continued to be key to delivering projetts and improvements on site, with income from The National Forest, Charnwood Landscape Partnership Scheme, Historic England, Leicester City Counal, Leicestershire County Council, RoLiry Clubs, Cummins Foundation and the Tree Council. Work began with Trustees to consider how best to manage the Trust's reserves - such as the Emergency Expenditure ReseNe which satisfies the Charity's need to keep 6 months, of expenditure aside for unexpected scenarios. Page 9 THE BRADGATE PARK AND SWITHLAND WOOD CHARrrY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Artivities and Achievements - continued Building the capaaty, and capatslity of the frust to deliver its objectives impmve ourservices 3ndsupport growth and development of the Trust Recruitment during the year took place to vacant posts such as the Catering Assistants, Rangers and Visitor Centre Assistants. Work continued to ensure that the Trust's procedures around health and safety are following best practice including yearly reviews of risk assessments and safe working practices. Staff training continued throu9hout the year, ranging from customer service practices and data protection refreshers to specialist training on tree inspections and first aid. Policy reviews continued to ensure that key procedures and statements are documented and regular review processes in place, with staff updated as a matter of course. The Management Partnership with Leicestershire County Counal continued, with support for HR (Human Resources), tT (Information Technology), pr￿ureMent and finance. A further review of the partnership at the end of the second contract period took place to ensure that the agreement is fit for purpose for 2024125. The park and woods won their second Green Flag Award in 2023 and first Green Heritage Award, recognising the high standards to which they are managed. Risk Management Trustees keep under review the major risk5 to which the Charity is exposed. A robust programme of internal audit is in place, a Health & Safety Committee meets regularly and on which progress is reported to Trustees via the Dircrtor. Risk assessments are carried out for all activities and staff engaged in potentially h323rdous activitie5 such as chainsaw use are given appropriate training and issued with the necessary Personal Protective Equipment. The top risks identified and the measures taken to tnitigate them are summarised in the extract from the Charity's Risk Register.. Risk Cate Operational Risk Owner Mitigation Inability to recruit and retain appropriately qualified staff and loss of key personnel temporarily or permanently Boardl Director Regular benchmarkn'ng of pay rates. appraisal System to capture staff feedback. Able to fflake use of casual staff to fill temporarily vacant sts where ossible. Regular liaison with police. Additional measures put in place for high-nsk events. Emergency Plan reviewed annually. New Counter- Terrorism policy drafted March 2024. Plans developing for counter- terrorism options such as entrance bollards. High staff presence on site may help deter threats. Operational Terrorism - threat to life and property from the actions of extremists. Direttor Page 10 THE BRADGATE PARK AND s￿THLAND WOOD CHARtTY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Risk management (continued) Operational Safeguarding failure tn romply with Government guidance for charities & Tnjstees. Director I SLiff Safeguarding policies adopted 2020 and reviewed annually. Ensure all staff and Trustees are aware of poliaes and receive appropriate training. Raise staff awareness so that any concerns are highlighted as S(K)n as they arise. Operational Climate change- e.g. grass fire5: risk InCrea￿S as climate changes and heat waves occur more often,. e.g. waterlogged ground: inability I reduced ability to access site, inspect areas, carry out maintenance. Director / Staff Awareness raising with visitors (e.g. no BBQS, dropped cigarettes),. Fire rvice have emergency site aC￿sS. staff fire training takes place. pumps and hoses can reach some areas. Maintenance and events take account of ground conditions whenever possible. Water carried by Trust vehicle5. Ground matting purchased to reduce damage during events and site operations. Financial Rising costs (e.g. fuel, energy, cost of living) impact on Trusvs operating costs and/or wsitor spend habits Director Regular reviews of Trust suppliers and prices paid to ensure best value achieved. regular monitoring of income (car parking, café) to understand visitor trends. Consider altemative cost savings measure5 that could be implemented if core costs rise. Ensure park remains an attractive prospect to visitors - reasonable parkn'ng charges, events & activities on offer, suitable café menu. Public Benefit The Trustees have considered the Charity Commission's requirement for all charities to demonstrate public benefit. Given the wording of the Cliarily s objects it is the view of Trustees that all activities Girried out in pursuit of these objerts are, by definition, for the t￿nefIt of the public. In 2023124, the Trust continued to operate the Visitor Centre as a free attraction and offered a number of free activities for the public such as guided walks, talks and tours, many led by volunteers. The hugely popular volunteering progratnme offers opportunities for people to make new friends and learn a wide range of new skj'lls in addition to the benefits it brings to the Chanty. Page 11 THE BRADGATE PARK AND SWITHLAND WOOD CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Financial Review Income generated by charitable activities in 2023124 totalled £1,951,179 which predominantly consists of car parking income and refreshment and shop sales. This was a 16.90/0 increase on 2022123 figure5 (£1,669,224) prinapally due increasing visitor numbers as well as some car park price changes. Specifically.. Car park income increased by 14.2%. Shop and refreshment sales increased by 23.6Wo). Bradgate venison and other estate products such as tharcoal continued to be popular and grew Donations during 2023124 remained a vital income Sour￿ at £153,304 (2022123.. £142,652) thanks to regular donors, ongoing work by volunteers and Trust communications. The Trust continues to seek new opportunities to further diversify the Charity's sources of income for both capital and revenue. Developments and spending overseen by the Director seek to improve not only the management of the site and its visitor offer, but the sustainability of the Trust as a going concern. Expenditure for the year 2023124 totalled £2,114,066, a 26.4% increase on the 2022123 figures (£1,671,981) primanly due to rising costs and increased staff numbers. At 30 September 2023, the charity s portion of the defined benefit pension scheme was transferred to Leicestershire County Council and they will be resp)nsible for maintaining the pension scheme going forward. A charge of £199,000 was recognised in the year to bring the assets and liabilities of the scheme at the year end to £Nil. As a result of the transfer, there are no pension scheme assets or liabilities included in these financial statements as at the year end. As at 31 March 2023 there was a net pension scheme asset of £73,000. Further details (an be found in Note 18 to the Financial statements. Reserves Policy It is the policy of the Trustees to maintain a range of Reserve Funds as set out in Note 19, the Funds Analysis section of the Notes to the Financial Statements. As at the 31 March 2024, the Charity has funds amounting to £2,849,546 (2023= £2,442,412), of which £240,155 (2023: £229,005) are restricted funds and £1,597,048 (2023: £1,205,024) are designated funds. Of these designated funds, the Vehide Renewals Fund, Equipment Renewals Fund and Property Maintenance Fund are designed to build up sufficient balances by way of annual contributions to enable to Charity to fund the replacement of vehicles and equipment and maintenance of properties. The Development Fund is designed to fund significant new developments and improvements to the park's infrastructure. Trustees designate additional funds from time to b-me for specific purposes. In addition to these Designated Fund5, the Charity maintains a General Reserve in order to meet the cost of any unexpected events or future contingenaes and to cover any deficit on the Income and Expenditure Account, the balance on the revenue fund at 31 March 2024 is £640,495 (2023: £667,535). The Emergency Expenditure Reserve was established in 2D22123 to hold the Trust's funds for emergency scenarios separately to its other reserves and to earn interest on these monies. The fixed assets revaluation fund of the charity amounts to £371,848 (2023.. £267,848) - thi5 IS included as part of the unrestricted funds and will only be realised on the sale of any Investment properties. Page 12 THE BRADGATE PARK AND s￿THLAND WOOD CHARITY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Investment Policy The Trustees have considered the way in which the charity invests its funds and considers the most appropriate approach for the funds to be held is in bank accounts on short term deposit where the money is readily available. The Charity owns one residential property that is remote from the core estate and located in Newtown Linford. This is shown in the Financial Statements as an Investment Property and is let under an Assured Shorthold Tenancy to a member of staff at 60Vo of market rent. The rental value of all the residential properties is reassessed every thr￿ years by a qualified external valuer. The latest revaluation was in September 2023. The Trustees have adopted a Staff Housing Policy that sets outs the categories of staff eligible to live in a Charity propety at a discounted renL Plans for Future Periods The Trustplans to continue to rewew, improve andsustain its operatsons through.. Continuing to review the visitor experien￿ offer including walks, talks, events, signage and information available on site. Carying out physical improvements and repairs to its built assets to ensure they are conserved for the future. Developing its educational and lifelong learning opportunities through offering a diverse range of events and access. Ensuring the efficient running of operations and sustainable finan￿ including seekn'ng external grants and funding where appropriatelavailable. Ensuring the appropriate management of the site Ma siaff training and liaison with Historic England, Natural England and other partners. Disclosure of Information to the Audito So far as the Trustees are aware, there is no relevant audit information of which the Charity's auditors are unaware. Additionally, the Trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit inftirmab'on and to establish that the Charity's auditors are aware of that information. Auditors The Rowleys Partnership Limited has indicated their willingness to be reappointed as auditors and a re501ution will be put to the mernbers. Page 13 THE BRADGATE PARK AND swrrHLAND WOOD CHARrrY REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) ststement of Trustees. responsibilities The Trustees are responsible for preparing the Annual Report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for the period. In preparing these financial statements, the trustees are required to: select surtable accounting poliaes and apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgments and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on a going con￿rn basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financia5 position of the charity and enable them to ensure that the financial statements comply with the Charib'es Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Provisions of the Trust Deeds. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Thi5 report was on their beha proved on behalf of the Board of Trustee5 on and signed Mr Nicholas Rush Chairman Page 14 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE BRADGATE PARK AND SWITHLAND WOOD CHARITY Opinion We have audited the financial statements of The Bradgate Park arKI Swithland Wuod Charlty (the 'charity? for the year ended 31 March 2024 which comprise the Statement of Financtal Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, induding a summary of significant accounting policies. The finanoal reporttng framework that has been applied in their preparab'on is applicable law and United Kingdcm A￿Ounting Standards, induding FRS 102 'The nancial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounts'ng practi￿). In our opinion the financial statements: give a true and fair view of the state of the charitys affairs as at 31 March 2024 and of its 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 AC￿pted Accounting Prattl￿. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We condiKted our audtt in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those strdndards are further described in the Auditor's responsIb￿ltieS for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, arml we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropnate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the tru5tees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have Flot identlfied any material uncertainties relating to events or conditions that, individually or collectively, may cast ggnificant doubt on the charivs ability to continue as a going concern for a period of at least twelve months from when the finanoal statements are authorised for issue. Our responsibilities and the responsbilities of the trustees with respect to going con￿rn are described in the relevant sections of this reporL Other information The other information comprises the information included in the Report of the. Trustees, other than thc financial statements and our auditors I'eporl thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the finanoal statements does not cover the other information and, except to the extent otherwise expli(itty stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, In (Joing ￿, consider whether the other information is materially inconsistent with the finanaal statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we condude 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. Page 15 INDEPENDENT AUDrroRS' REPORT TO THE TRusfEES OF THE BRADGATE PARK AND swrrHLAND WOOD CHARrfY (CONTINUED) Matters on which we are required to report by exception We have nothing to report in respect of the following matters to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, In our opinion: the information given in the financial statements Is inconsisient In any material respect with the Report of the Trustees; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more ftjlly in the Statement of Trustees, responsibilities set out on pages 13-14, the trustees are responsible for the preparation of the financial staternents and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always deteci a material misstatement when it exists. Misstatements can arise from fraud or error and are considered rnaterial if, individually or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our respon&bilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are considered capable of detecting irregularities, including fraud, is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant which are dirertly relevant to specific a55ertions in the financial statements are those related to the financial reporting frameworks (UK Generally Accepted Accounting Practice, the Charities Att 2011) and the relevant tax compliance regulations in the jurisdiction in which the charity operates. We enquired of management, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud; We assessed the susceptibility of the entity's finanaal statements to material misstatement, including how fraud might occur; Our testing considered unusual or unexpected joumal entries on a sample basis; We evaluated the assumptions and Judgements used by management within significant accounting estimates and assessing if these indicate evidence of management bias- We tested %gnificant transartions, in particular the evaluab.on of the business rationale for any which appear unusual or OU￿.de the charity's normal course of busine5S' We assessed the appropriateness of the collective competence and capabilitie5 of the engagement team by understanding the prathcal experience with audit engagements of a similar nature and complexity, plus ensuring the team had appropriate and relevant training of the financial reporting framewortr anA relevant tax compliance regulations 5p. fic to the •r*.tribJ; Page 16 INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE BRADGATE PARK AND SWITHLAND WOOD CHARITY (CONTINUED) Auditor's responsibilities for the audit of the financial statements (continued) We reviewed the financial ststements and tested the diel0￿re5 against suppoitii iy documentation. We communicated relevart matters to all members of the audit team to ensure they understood the risks specific to the entity and the audtt p￿CedureS planned to mitigate these. Because of the inherent limitations of an audit, there is a risk that we will not detett all irregularities induding those leading to a material misstatement in the finanaal statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation 15 removed from the events and transactions refiected 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 involve5 intentional concealment, forgery, collusion, omission or misrepresentation. A further descnpb'on of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at vNM.frc.or itorsr forms part of our auditor s report. on This description Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity s trustees those matters we are required to state to thetn in an auditor's report and for no other purpose. To Ine fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. The Rowleys Partnership Ltd (Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006) Statutory Auditors Chartered Accountant5 Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LEIY IWP Date.. D eLe￿￿￿ 2024 Page 17 THE BRADGATE PARK AND s￿THLAND WOOD CHARITY srATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds Total 2024 Total 2023 Notss Income from: Donations and legacie5 145,891 31,413 177,304 166,652 Charitsble activities 1,863,278 87,901 1,951,179 1,669,224 Investment income 166,037 166,037 137,272 Other income 15,680 15,680 31,200 Total 2,190,886 119,314 2,310,200 2,004,438 Expenditure on: Charitsble activities- Visitor Services Estate Maintenance and Management 1,249,093 756,809 57,714 1,306,807 50,450 807,259 1,031,112 640,869 Total 2,005,902 108,164 2,114,066 1,671,981 Net gains on investment properties 14 104.000 104,000 Net incomel(expenditure) 288,984 11,150 300,134 332,367 other recognised (losses)Igains Actuarial gains on defined benefit pension scheme 18 107,000 107,000 661,000 Net movement in funds 395,984 11,150 407,134 993,367 Reconciliation of funds Total funds brought forward 2,213,407 229,005 2,442,412 1,449,045 Total funds carried forward 2,609,391 240,155 2,849,546 2,442,412 The Statement of the Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Details of the comparative Ststement of Financial Activities are included in note 24. The notes on pages 21 to 42 fomi part of these financial statements. Page 18 THE BRADGATE PARK AND swrrHLAND WOOD CHARITY BALANCE SHEEfAS AT 31 MARCH 2024 Notes 31 March 2024 31 March 2023 Fixed assets Tangible assets Heritage asset5 Investment properties 13 13 14 215,793 560,554 379,000 217,457 517,583 275,000 Total fixed assets 1,155,347 1,010,040 Current assets Stocks Debtors Cash at bank and in hand 15 16 94,858 57,094 1,704,060 86,546 32,401 1,413,105 Total current assets 1,856,012 1,532,052 Current liabilities Creditors: Amounts falling due within one year 17 (161,813) (172,680) Net current assets 1,694,199 1,359,372 Total assets less current liabilities excluding pension liability Defined benefit pension Scheme asset/(liability) 2,849,546 2,369,412 18 73,000 Total net assets 2,849,546 2,442,412 The funds of the charity Restricted funds 19 240,155 229,005 Unrestricted funds Designated funds General funds Pension reserve 1,597,048 1,012,343 1,205,024 935,383 73,000 Total unrestricted funds 19 2,609,391 2,213,407 Total charity funds 2,849,546 2,442,412 The financial state for issue on ents on pages 18 to 42 were approved by the Board of Trustees and authorised and are signed on their behalf by.. Mr Nicholas Rushton - hairman Sir Peter Soulsby- Wice Chairman The notes on pages 21 to 2 form part of these financial statements. Page 19 THE BRADGATE PARK AND s￿THLAND WOOD CHARrrY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities: Net cash pn>vided/CusedJ in operating artlvlties 22 220,703 269,870 Cash flows from investing activities: Investment income Proceeds from the sale of tangible assets Purchase of tsngible and heritage a￿ets 166,037 137,272 24,380 {120,165) 36,999 (170,151) Ivet cash provided by investing artivities 70.252 4,120 Change in Cash and cash equivalents in the reporting period 290,955 273,990 Cash and cash equivalents at the beginning of the reporting period 1,413,105 1,139,115 Cash and cash equivalents at the end of the reporting period 1,704,060 1,413,105 The notes on pages 21 to 42 forni part of these financial statements. Page 20 THE BRADGATE PARK AND SWITHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Legal Status of the Charity I he Bradgate Park and Swithland Wood Charity (the'charity? is an unincorpordted charity which is constituted under Charity Commission Scheme of 4 September 1980 as amended by resolution dated 8 December 2008, 8 September 2014 and 29 January 2018. The charity is registered with the Charity Commission under charity nutnber 521476. The registered office is Estate Office, Deer Barn Building5, Bradgate Park, Newtown Linford, Leicester, LE6 OHE. The Charty s principal objectives are disclosed in the Report of the Trustees. Accounting policies Basis ofpreparafron The financial statements have been prepared under the historic31 cost convention in accordance with Accounting and Reporting by Charities: statement of Recommended Practice applicable to charities preparing their financial statetnents 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 Att 2011 and UK Generaly AC￿pted Accounb'ng Practice. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these finanaal statements are rounded to the nearest £, except where otherwise indicated. The Bradgate Park and SwithlarKI WO￿ Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilib-es are inib'ally recognised at historical cost or transaction value unless otherwise stated in the rdevant accounting policy notes. Going concem The accounts have been preparaj on the going con￿rn basis. Whilst some income streams are sensitive to potential change, the Trust monitors income dosely and this is reflected in its decision making to enable it to maintain the running of Bradgate ParL Visitor numbers have increased as the Park offers a large outside space and restrictions on many other attivities have been in place. Covid-19 now forms part of the Trusys overall risk assessment and is not seen a significant risk to the Charity's financial sustainability at this time. Based on this and the available cash reserves, the Trustees consider that the Trust has adequate funds and sufficient cash flows to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. The trustee5 also consider that its antlcipated future objertives can continue to be met. Page 21 THE BRADGATE PARK AND swrrHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Accounting policies (continued) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Committee of Management in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds set a&de at the discretion of the Committee of Management for particular purposes. The aim and the use of each fund is set out in the notes to the financial statements. Restricted funds are fvnds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. Income All income is recognised once the charity has enbtlement to the resources, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. Voluntary income, induding donations, and contributions from holding trustees are recognised where there is entitlement, re￿ipt is probable, and the amount can be measured reliably. Rental income on assets leased under operating leases is recognised on a straight-line basis over the lease term. Investment incotne is recognised on a receivable basis. Income from charitable activities is recognised when the trust is legally entitled to income and the amount can be measured reliably. The income from annual car park passes are recognised a5 income when received. Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant condikn'ons will be met and the grants will be received. Voluntary help In accordance with the Charities SORP (FRS 102), no value has been put on the help received by the Charity during the year from friends or volunteers of the Charity- More information about the contribution made by volunteers, is induded within the Report of the Trustees. E¥penditure and irremveTrble VA T Expenditure is recognised Or￿ there is a Segal or construction 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. To provide more useful information to users of the financial statements, expenditure is classified by activity under the headings of Staff Costs, Other Direct Costs and Support Costs. Charitable activities expenditure comprises those costs incurred by the Charity in the delivery of its activities induding both costs that can be allocated directly to such activities and also those costs of an indirect nature necessary to support them. Costs also include irrecoverable VAT. All costs have been allocated to reflect use. Costs relating to a particular activity are allocated directly, support costs are apportioned according to estimated usage. Page 22 THE BRADGATE PARK AND SWITHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Accounting policies (continued) rangible fikeiYats>ets anddepreciaDon Tangible fixed assets are initially recorded at cost and subsequently measured at cost net of depreciation and any impairment I0￿e5. Tangible fixed assets with a life of one year or less, or those that are below £5,000 are charged to the Statement of Financial Activities in the year incurred. Depreciation is provtded on all tangible fixed assets at rates calculated to write off the cost or valuation of the asset less any resdual value, except for land over its estimated useful economic life. It is calculated at the following annual rates: Heritage assets Improvements to heritage assets Motor vehicles Plant and equipment 50 years 5 years 5- 10 years Heritage assets With the exception of the two areas of woodland known as White's Wood and Stocknng Wood, which ad]oin Swithland Wood, purchased durtng 2013114 and also improvements to the heritage assets held, all land and buildings contained within the boundaries of the Estate are excluded from the Balance Sheet due to the heritage nature of the Estate, in accordance with Charities SORP (FRS 102). No market value has been assigned to this land or property, but information regarding the acreage of land and the number of premises held are given in the notes of the financial statements. The land purchased during 2013114 and improvements to the heritsge assets have been included at its purcha* cosL Heritage assets are valued and capitalised on the balan￿ sheet where reliable cost information 15 available or conventional valuation approaches are appropriate. It is the Charivs poliry to maintain its heritage assets in order to preserve their historic and cultural value and these maintenance costs are charged through the Statement of Financial Activities when incurred. There is no express power granted by the Governing Document to dispose of heritage assets and so application would need to be made to the Charity Commission for the consent of any disposal. Impairments of fixed355ets An assessment is made at each reporting date of whether there arc indications that a fixed a5ret may be impaired or that an impaimient loss previously recognised ha5 fully or partially reversed, If such indications exist, the charity estimates the r(Y.overable amount of the aknct. Shortralls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation1055. All other impairment losses are recognised in the Statement of Financial Activities. Recognised impairment losses are reversed if, and only rf, the reasons for the impairment Ioss have ￿aSed to apply. Reversals of impairment losses are recognised in the Ststement of Financial Activities or, for rewolued assets, as a revaluation gain. On reversal of an impairment loss, the depreciation is adjusted to allocate the asset's revised carrying amount (less any residual value) over its remaining useful life. InVestMentpmpe￿es Investment properties are initially measured at cost and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost or effort. Changes In fair value are recognised in the Statement of Financial Activities. Page 23 THE BRADGATE PARK AND s￿THLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Accounting policies (continued) Stocks The Charity owns a herd of red and fallow deer. For stock valuation purposes they are valued at the lower of cost and net realisable value on a dead weight basis, updated annually for the deer herd numbers. The other elements of the stock valuation calculation are assessed every 3 years unless circumstances dictate that a review is n￿ded 500ner by the Trust. All other Stock is purchased for resale through three trading outlets and is valued at the lower of cost and net realisable value, subject to due provision for obs0les￿nCe. At each reporting date, the charity assesses whether st(Kks are impaired or if any impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in Statement of Financial Activities. Operabng leases Lessee Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor. are charged against profits on a straight-line basis over the period of the lease. Lessor Rental income from assets leased urKler operating leases is rec(MJnised on a straight-line basis over the term of the lease. Rent free periods or other incentives given to the lessee are accounted for as a reduction to the renLIl income and recognised on a straight-line bass over the lease term. Financial ln5tmn￿nts The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments and are not considered to be of complex nature. Such financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with exception of investments in properties. The investments are initially recognised at transaction value and subsequently measured at fair value through the Statement of Financial Activities. Debtors Trade and other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade and other debtors are subsequently measured at amortised cost, being the transacbon pri￿ less any amounts settled and any impairment losses. Cash Bnd cash equivalents Cash and cash equivalents include cash and monies on short-tem) deposits at the bank, other short-term liquid investments with original maturities of three months or less. Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Taxation No provision for corporation tax has been made as the Charity is exempt from corporation tax on its income and gains to the extent that these are applied to its charitable activities. Page 24 THE BRADGATE PARK AND SWITHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Accounting policies (continued) Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense. Charity s holiday period covers the period l January to 31 DeCeml￿r each year. The Charity does not recognise any accrual at the year-end for any cost of unused or any advancement of holiday entitlement, as it considers the year-on-year effect Is immaterial. Termination benefits are recognised immediately as an expense when the Charity is demonstrzbly committed to terminate the employment of an employee or to provide termination benefits. Rehrement benefits Defined contnbution schemes For defined contribution schemes the amount charged to the Statement of Financial Activities is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. Deflned benefit schemes The LCC pen￿on scheme is a funded multi-employer scheme and the assets are held Separately. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of retum on a high-quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each reporting date. The amounts charged to net income are the current Servi￿ costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are induded as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of Finanaal Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The differen￿ betsveen the interest income on the Scheme assets and the actual return on the scheme assets is recognised as other recognised gains and losses. Attuarial gains and losses are recognised immediately as other recognised gains and losses. Judgements and key sources of estimation uncertainty Accounting estimates and judgements are continually evaluatth and are based on historical experien￿ and other factors, Includir)g expectations of future events that are believed to be reasonable under the circumstances. ritical accountin estima anda ons The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Page 25 THE BRADGATE PARK AND swrrHLAND WOOD CHARrrY NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) Judgements and key sources of estimation uncertainty (continued) Pen&on scheme The present value of the Local Government Pension Scheme defined benefit liability depends on a number of fattors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which a￿ disdosed in note 18 will impact the carrying amount of the pension liability. FurtherrrM)re, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2023 was used by the actuary in valuing the pensions liability at 31 Marth 2023. Any differences betmeen the figures derived from the roll forward approach and 3 full actuarial valuation would impact on the carrying amount of the pension liability. The carrying value of the pension asset at the year-end was £Nil (2023.. asset of £73,000). As at 30 September 2023, the defined benefit pension scheme was transferred to Leicestershire County Counol and they will be responsible for maintaining the pension scheme going forward. A charge of £199,000 was recognised in the year to bring the assets and liabilities of the scheme at the year end to £Nil. As a result of the transfer, there are no pension scheme assets or liabilities included in these financial statements as at the year end. Critic31 areas of . ement The trustees Llo not consider the Charity has any critj'cal judgements that will have a significant effect on amounts recognised in the financial statements. Donation and legacies Unrestricted Restricted fund5 funds Total 2024 Total 2023 ContribLrtions from Holding Trustees Donations, legacies, and similar income 24,000 121,891 24,000 153,304 24,000 142,652 31,413 145,891 31,413 177,304 166,652 Income from charitable activities Unrestricted Restricted funds funds Total 2024 Total 2023 Visitor services: Car parking Shop and refreshments sale5 Deer and timbcr sales other Grants recavable 955,522 633,691 64,442 34,301 175,322 955,522 633,691 64,442 34,301 263,223 837,009 512,783 58,203 22,491 238,738 87,901 1,863,278 87,901 1,951,179 1,669,224 Unrestricted funds 2024 2023 Investment income Interest receivable Interest on defined benefit pension scheme Rents income from properties 35,755 1,000 129,282 8,627 128,645 166,037 137,272 Page 26 THE BRADGATE PARK AND swrrHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) other income Unrestrirted funds 2024 2023 Sale of fixed assets 15,680 31,200 Expenditure Analysis Charitable Activities Estate Maintenance and Management isitor Services Total 2024 Total 2023 Staff costs (see note 10) other direct costs Support costs (see note 9) 756,931 347,812 202,064 407,578 296,285 103,396 1,164,509 644,097 305,460 863,714 515,858 292,409 1,306,807 807.259 2.114,066 1,671,981 Analysis of support costs Estate Maintenance and Management Wisitor SeThices Total 2024 Total 2023 Electricity, water, and rates Insurance, administration and overheads Depreciation Pension finance cost Governance costs 69,421 17,355 86,776 73,104 92,113 35,079 49,600 35,078 141,713 70,157 124,503 72,388 16,500 6,414 5,451 1,363 6,814 202,064 103,396 305,460 292,409 The governance costs amounting to £6,814 (2023: £6,414) relates to the cost of trustees, indemnity insurance. Page 27 THE BRADGATE PARK AND s￿THLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 10. Analysis of staff costs and numbers Total staff costs are analysed as follows.. 2024 2023 Salaries cost Social security costs Pensions defined contributions schemes Pensions defined benefit schemes - current service cost Pensions defined benefit schemes - effeck of settlements Training costs 840,044 54,417 59,500 8,000 199,000 3,548 731,933 53,631 35,313 41,000 1,837 1,164,509 863,714 The average number of persons employed, including part time and seasonal/c3sual staff, was as follows: 2024 No 2023 No Management and admin Rangers Car parks Tea rooms Visitors, centre li 15 21 li 12 16 62 52 The fijll-time equivalent numbers of employees are as follows: 2024 2023 Management and admin Rangers Car parks Tea rooms Visitors, centre li 12 33 34 The number of employees who received total etnployee benefits (excluding employer pension costs of more than £60,000 is a5 follows: 2024 2023 £60,001- £70,000 Page 28 THE BRADGATE PARK AND SWITHLAND WOOD CHARrrY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) I l. Trustees. remuneration and expenses and cost of key management personnel Trustees recewed no remunerats'on in their capaaty as trustees and were not reimbursed for any of their experses in the year or in the previous year. Trustee indemnity insurance was purchased to indemnify the trustees against default on their part, for a premium of £6,814 (2023: £6,414). The trustees through their attendance arKI support of The Bradgate Park and Swthland Wood Charity give voluntary donations to the aiarity throughout the year. Unless the aggregate amount re￿iVed over the year exceeds £5,000. these are mt considered to IE material indiwdual donations from the trustees or in total to rewrt in the accounts. The key management personnel of the Chartty comprise of the t￿sLeeS arKI the Charity director who is responsible for the day to day running of the Charity. The total employee beneffts (including employer pension contributions, and employer national insurance) re￿iVed by key management personnel of the Charity, was £60,864 (2023: £60,438). 12. Net income/(expenditure) This is arrived after charging](crediting)=_ 2024 2023 Depreciabon of owned fixed tangible arld heritage a55ets Profit on disposal of fixed tangible assets Operating rentals receivables Operating rentals payable Net interest on defined benefit penson liability Non-audit fees borne by the charity 70,158 72,338 (15,680) (31,200) (128,282) (74,450) 2,073 2,073 16,000 1,575 1,778 Audit fees are paid by Leicester City Council and are not recharged to the charity. Details of fees paid by Leicester City Council on behalf of the charity are set out in note 23. Page 29 co(￿0 Lno L￿￿0 loo rxo ro mr40 (o¢i¢3 *m Z zo Dm I THE BRADGATE PARK AND swrrHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 13. Tangible and heritage fixed assets (continued) Details of assets owned by the Charity are given below.. 2024 Heritage assets: Land (acres) comprising Bradgate Park and Swithland Wood Country Park and associated protective cordon of agricultural land and woodland. 2023 1,289 1,289 Buildings.. Deer Barn Buildings Ruins of Bradgate House Old John Tower Yeomanry War Memorial Country Park Tea Room & Shop Toilet Blocks Residential Properties Assets capitalised Vehicles Residenb'al properties Further information on the Flerltsge Assets can be found in the Report of the Trustees. Heritage assets (other than White's and Stocking WOCKI purchased atKI capitalised at cost in 2013114) were acquired in past accounting periods and are not capttalised, as reliable cost information is not ovailable and convenb.onal valuation approaches are inappropriate. Any improvements made to these heritage properties since l Apnl 2015 have been capitalised at cost. Capitsl commitments At the year end, the Charity had capital commitments of £Nil (2023: £16,905). 14. Investment properties The investment property comprises one propety held by the charity which is leased to a third party. At l April 2023 Revaluation 275,000 104,000 At 31 March 2024 379,000 Investment properties were revalued by R C H Hanison, DIP.Surv, DIP.CPA, FRICS, FAAV on behalf of Andrew Granger and Co. Limited on 21 August 2023 at £379,000. The Trustees are of the opinion that the fair value of the investment property has not materially changed. The Trust's policy is to obtain an external valuation of Investment properties every 3 years unless circumstances dictate that an update is rbeeded sooner. The historical cost of the investment properties is £7,152 (2023: £7,152)- Page 31 THE BRADGATE PARK AND swrrHLAND WOOD CHARrrY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 15. Stocks 2024 2023 Deer herd stock for resale 70,559 24,299 69,298 17,248 94,858 86,546 16. Debtors 2024 2023 Trade debtors other debtors 43,082 14,012 30,262 2,139 57,094 32,401 Trade debtors are stated after a bad debt provision of £nil (2023: £nil). 17. Creditors: Amounts fallir)g due within one year 2024 2023 Trade creditors Taxes and social security Accruals and deferred income 43,533 56,984 61,296 56,274 50,396 66,010 161,813 172,680 2024 2023 Deferred income Deferred income at l April 2023 Resources deferred in the year Amounts released from previous years 19,752 16,722 (19,752) 5,842 19,752 (5,842) Deferred income at 31 March 2024 16,722 19,752 At the reporting date, the Charity was holding funds in relation to events that are due to take place in 2024125. 18. Retirement benefit schemes (a) Defined contribution scheme The Charity operates a defined corrtribution pen￿On scheme for all qualifying employees in the United Kingdom. The a55ets of the scheme are held separately from those of the Charity in an independently administered fund. The contributions payable by the charity charged to the Statement of Financial Activities amounted to £59,500 (2023". £35,313). Page 32 THE BRADGATE PARK AND SWITHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 18. Retirement benefit Schemes (contsnuedj (b) Defined benefit schemes The Charity participates in a defined benefit scheme for qualifying employees which is administrated by Leicestershire County Council and the assets of the scheme are separately administrated from th0￿ of the Charity. The scheme is run in such a way that the client can separately identify its %h3re of the assets and liabilities from that of the Leicestershire County Council pension scheme. Contributions to the scheme are determined wrth the advice of independent qualified artuaries on the basis of triennial valuation. The most recent attuarial valuation of the plan a55ets and the present value of the defined benefit obligation was carried OLJt at 31 March 2022. The contributions payable by the charity to the scheme for the year are £26,000 (2023: £51,000). At 30 September 2023, the defined benefit Pension scheme was transferred to Leicestershire County Councll and they will be responsible for maintaining the pension scheme going fO￿rd. A charge of £199,000 was recognised in the year to bring the assets and liabilities of the xheme at the year end to £Nil. A5 a result of the transfer, there are no pension scheme assets or liabilities included in these financial statements as at the year end. The prlnclpal a5wmptions used in the calculations of the valuation of the plan assets and the present value of the defined benefit obligation. 2024 2023 Discount rate Future expected rate of increase of pensions Future expetted rate of increase in salaries Mortaliiyassumptions The average life expectancy for a pensioner retiring at 65 on the reporting date is: 2024 Years 5.45 3.00 3.50 4.75 2.95 3.45 2023 Years Retiring today Males Females 21.3 23.7 21.3 23.7 Retiring in 20 yea Males Females 23.1 25.6 23.1 25.6 Amounts recognised in the SLitement of linancial Activities in respect of the defined benefit scheme are as follows: 2024 2023 Effect of settiements Net interest on defined benefit liabilities Current service cost 199,000 (1,000) 8,000 16.000 41,000 206,000 57,000 Page 33 THE BRADGATE PARK AND swrrHLAND WOOD CHAIUTY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 18. Retirement benefit schemes (contsnued) (b) Defined benefit schemes (conbnued) The amounts included in the Balance Sheet arising from the charity's obligations in respect of defined benefit plans are as follow5: 2024 2023 Present value of defined benefit obligations Fair value of plan assets (1,269,000) 1,342,000 Surplusl(deficit) in scheme 73,000 Movements in the present value of defined benefit obligations: Liabilities at l April 2023 Current Service cost Effect of settlements Interest cost Contributs'ons by scheme participants Benefits paid Actuarial gains 1,269,000 8,000 (1,151,000) 30,000 3,000 (34,000) (125,000) Liabilities at 31 March 2024 Movements in the fair value of plan assets: Fair value of assets at l April 2023 Effect of settlements Interest income Return on plan assets (excluding amounts included in net interest) Contributions by scheme participants Benefits paid Contributions by the employer 1,342,000 (1,350,000) 31,000 {18,000) 3,000 (34,000) 26,000 Fair value of assets at 31 Marth 2024 The actual deficit return on plan a55et5 was £18.000 (2023= £55,000 deficit). The charity's share of the scheme assets at the reporting date were as follows: 2024 2023 Equity instruments Bonds Property Cash 751,520 456,280 93,940 40,260 Total fair value of assets 1,342,000 Page 34 THE BRADGATE PARK AND SWITHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 19. Funds analysis Reconciliation and analysis of movement of funds for the year ended 31 March 2n?4= Balance at Property Balance at gains & fund 31 March l April 2023 transfers 2024 Income Expenditure Restricted funds Heritage fund Leicester Rotary TS Shipman Biffa Grant Big Lottery fund Lifelong Learning fund Natural England Memorial Crags Grant Restrirted donation 25,000 Heritage Lottery Fund grant 1,000 Historic England Repair grant NCHA Green Spark Project Waddlicotes Field Seven Trent Cummins Global Giving Tree Council grant Pond Restoration grant New to Nature grant Old lohn Tower Appeal LCC Shire grant iio,000 34,125 3,031 16,250 197 27,942 iio,000 23,625 2,098 11,250 (10,500) (933) (5,000) (197) (6,756) 21,186 1,144 (1,144) (645) (4,000) (18,580) (6,298) (2.560) (500) (9,046) (21,931) {2,388) (15,245) (H3) (1,998) 24,355 3,000 18,580 9,569 11,460 3,271 8,900 4,500 5,000 9,046 21,931 2,388 15,245 31,413 1,998 30,970 Total restricted funds 229,005 119,314 (108, 164) 240,155 Unrestricted fund5 Designated funds: Development fund Vehicles renewa15 fund Equipment renewals fund Property maintenance fund Memorial Wood Development fund Professional fees fijnd Emergency expenditure fund 220,213 108,975 54,522 7,606 20,109 7,851 160,071 387,890 107,547 75,038 (21,537) (37,335) 50,000 68,740 33,077 (53,186) 50,000 98,631 225,815 70,079 1,000 (33,631) 262,263 51,000 50,000 526,759 12,920 75,000 614,679 Total designated fund 1,205,024 152.642 (145,689) 385,071 1,597,048 General funds: Revenue reserve Fixed asset revaluation 667,535 2,037,2+1 267,848 (1,679,213) (385,071) 104,000 640,495 371,848 Total general funds 935,383 2,037,2+1 (1,679,213) (281,071) 1,012,343 Pension reSe￿e 73,000 1,000 (181,000) 107,000 Total unrestricted fijnds 2,213,407 2,190,886 (2,005,902) 211,000 2,609,391 Total charity funds 2,442.412 2,310,200 (2,114,066) 211,000 2,849,546 Page 35 THE BRADGATE PARK AND swrrHLAND WOOD CHARrrY NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 19. Funds analysis (continued) In addition to the general funds, there are nineteen restricted funds and seven designated funds: Restricted funds (a) Heritage fund Donations were received to acquire additional land at Swithland Wood. (b) Leicester RotaryA TS Shipman and Biffa grant These are donations received from the donors towards the redesign, extension and refurbishment of the existing visitor centre. (c) Big Lottery fund This was a grant received for purchase of ￿lebratiOn items for the park. (d) Life long Learning fund Income from grants ènd donations with a specified educational/life-long learning purpose in furtherance of the Charity's second Object. Expenditure on delivering projects to further these purposes. (e) Severn Trent Woodland Workshop Grant The Severn Trent Community Fund has supported the development of Bradgate Park Woodland Workshop as 3 space for inspirational outdoor learning located within the Hunt's Hill woodland. The funding facilitated the development of the site itself and the necessary equipment to deliver forest school activity, expansion of the Trust's existing Young Ranger programme and outdoor learning experiences designed to promote the wellbeing benefits of time in nature alonggde the Importance of caring for the environment. (fj Restricted donation In January 2023 the Trust was approached by a donor who was identifying local charities to make a gift to. Following discussions, a cheque for £25,000 was received which the Trust accepted with sincere thanks. It is planned to use this for a sgnificant visitor infrastructure improvement in the future and will be held in the reserves for this purpose. (g) Waddlicotes Field The Trust received a donation of £17,600 from an Enforcement undertaking by the Environment Agency. The payment was offered by the company after it failed to register 5 a packaging prodU￿r and take steps to recover and recycle its packaging waste, a5 reqLJired by the Producer Responsibility Obligations (Packaging Waste) Regulations 2007. The Trust allocated this funding towards the plants-ng of trees and hedgerows and creation of field margins at Waddlicotes field next to Hallgates car park. (h) Heritage Lottery Fund grant Duri ng the year and continuing into 2023-24, the Director attended a free Lottery-funded training programme through the School for Social Entrepreneurs. Attached to this Heritage Trade-up prcNJr3mme is a grant of up to £4,000 which is held in reseNes and will be used to support the participant's learning and the development of the organisation. National Forest In winter 2022123, over 5,000 new trees were planted at Albla5ter Hay, adjacent to Swithland Woods thanks to a National Forest Changing Landscapes Grant. Thi5 restricted fund covers the full cost of the design, procurement and planting of the new woodland, hedgerow5 and infrastructure as well as 5 years of maintenance. A final claim for the maintenance costs will be made in year 6 of the project. Page 36 THE BRADGATE PARK AND SWITHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 19. Funds analysis (continued) Restricted funds {continued) Arts Council Jubilee Fund A grant for £5,957 from the Let's Create Jubilee/Arts Council England (ACE) Fund was secured in 2023 through the Leicestershire & Rutland Community Foundation to deliver an oral history recording project, run creative workshops at the park and to commission an artist to produce a sculpture incorporating these memories to celebrate the Platinum Jubilee. (k) The Cummins Foundation A grant of £4,976 was received from The Cummins foundation in 2023 to enable the Trust to purchase electric chainsaws and equipment for the maintenance of the estate - thereby reduang the fuel usage and noise and vibration impacts of this work. (i) Midlands Energy Rural Community Energy Fund The Midlands Energy Rural Community Energy Fund grant of £6,240 was received in 2023 to enable the Trust to commission an audit of its energy usage and begin the proces5 of considering ways in which to reduce this and its overall carbon footprint. (m) Natural England Memorial Crags Grant This Conservats'on Enhancement Scheme (CES) grant will fund the installation of new dry stone walls at memorial crag5 to create a conservation area around this Vltal site. (n) Historic England Repair Grant This vital grant enabled the Trust to carry out extensive surveys to the ruins as a pre- cursor to a vital future conservation and repair project. (o) NCHA Green Spark Projert The Trust worked in partnership with local mental health provider. Nottingham Community Housing Asgjciation, to deliver a 12-month health and wellbeing programme on the park using Public Health funding from Leicestershire County Counal. (p) Severn Trent Severn Trent have kindly supported the Trust again this year allowing us to buy a more modern, efficient weed-wipe for bracken control. (q) Cummins Global Giving The Cummins Foundation has continued to SUPPOrt the Trust with grants for maintenance nd new equipment. (r) Tree Council Grant Over 80 trees were planted on the park during the year, along with a public engagement programme and polytunnel for growings on seedlings, thanks to Tree Council funding. Pond Restoration Grant Thanks to funding from the Farming and Wildlife Advisory Group (FWAG), a remniint pond in the Trust's farmland has been restored for wildlife. (s) (t) New to Nature Grant Thanks to this National Lottery Heritage Fund programme, the Trusi employed an Events and Acbwties Assistant for the year to support and enhance the delivery of school visits and public events on the park Page 37 THE BRADGATE PARK AND SWITHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 19. Funds analysis (continued) Restricted funds (continued) (u) Old John Tower Appeal A major fundraising campaign was successful during the year in obtaining donations toward5 the much-needed external restoration of Old John Tower. This work has been capitalised and a depreciation figure will be shown in the accounts each year. (v) LCC Shire Grant Thanks to Leicestershire County Counal funding a new conservation are3 for ground- nesting birds was created on the park. Designated funds (a) Development fund Trustee's policy is to transfer any gjrplus funds that are not required for specific purposes or to maintain the level of the Revenue Reserve sufficiently high to cover contingencies to the Development Fund. (b) Vehicles renewals fund To provide for the renewal of motor vehicles at the end of their useful life. The annual contribution to the fund is based on the estimated life of the vehicles. The fund is invested nd earns interest. (c) Equipment renewals fund To provide for the periodical renewal and upgrading of major items of equipment including equipment and Pay and Display ticket machines. The fvnd is invested and earns interest. (d) Property maintenance fund To provide a financial resource to ynooth the significant periodic costs of maintaining the estate's five residential properties. £IOO,000 was transferred into this fund in 2014115, following a commissioned survey, which gave a comprehensive picture of the Charity's current and future maintenance liabilities. A ftjrther £60,000 was transferred into this fund in 2021122 and E50,000 in 2023124. (e) Memorial Wood Development Fund Income received from purchasers of memorial bronze oak leaves and expenditure on paying the foundry for the leaves t(yJether with costs of routine maintenance and further development of Memorial Wood. The surplus on this fund will be periodically transferred to the Development Fund. (fj Professional fees fund This fund was set up during the year to gjpport work where expenses such as legal and propety fees will LE required to ensure that projerts are carried out in the correct was for the Charity. (g) Emergency expenditure fund The Trust has a policy of maintaining a reserve that represents six months of key expenditure for use in emergency scenarios where significant Trust income is affected. The creation of a new reserve, invested to eam interest, will ensure that this emergency reserve is dearly held away from other funds for such uses only. Page 38 THE BRADGATE PARK AND swrrHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 19. Funds analysis (continued) Funds prior year Pension gains & fund transfers Balance at 31 March 2023 Balance at l April 2022 Income Expenditure Restricted funds Heritage fund Leicester Rotary TS Shipman Biffra Grant Big Lottery Fund Lifelong Learning Fund Seven Trent Woodland Workshop grant Restricted donation Heritage Lottery Fund Grant National Forest Trust Waddlicotes Field Arts Council Jubilee Fund The Cummins Foundation Midlands Energy Rural Community Energy Fund iio,000 44,625 3,964 21,250 197 28,134 iio,000 34,125 3,031 16,250 197 27,942 (10,500) (933) (5,000) (192) 5,842 25,000 1,000 57.331 (5,842) 25,000 1,000 (57.33 1) (3,250) (5,957) (4,976) 14,170 11,460 5,957 4,976 6,240 (6,240) Total restricted funds 222,880 106,346 (100,221) 229,005 Unrestricted funds Designated funds: Development fund 289,949 Vehicles renewals fund 138,601 Equipment renewals fund 54,495 Property maintenance fund Memorial Wood Development fijnd Emergency expenditure fund 1.040 68,254 27 (70,776) (97,880) 220,213 108,975 54,522 80,091 34 (11,385) 68,740 187,158 72,045 (33,388) 225,815 526,759 263 404,496 526,759 Total designated fund 872,294 141,663 (213,429) 404,496 1,205,024 General funds: Revenue reserve Fixed asset revaluation 668,023 267,848 1,756,339 (1,352,331) (404,496) 667,535 267,848 Total general funds 935,871 1,756,339 (1,352,331) (404,496) 935,383 Pension reserve (582,000) (6,000) 661,000 73,000 Totsl unrestricted funds 1,226,165 1,898,002 (1,577,760) 661,000 2,213,407 Total charity funds 1,449,045 2,004,348 (1.671,981) 661,000 2,442,412 Page 39 THE BRADGATE PARK AND SWITHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 20. Analysis of net assets between funds Restricted Designated funds funds General fund Total Fund balances at 31 March 2024 are represented by.. Fixed assets Net current assets 180,559 59,596 974,788 37,555 1,155,347 1,694,199 1,597,048 240,155 1,597,048 1,012,343 2,849,546 Restricted Designated funds funds General fund Total Fund balances at 31 March 2023 are represented by: Fixed assets Net current assets Defined benefit pension scheme 163,406 65,599 846,634 88,749 1,010,040 1,359,372 1,205,024 73,000 73,000 229,005 1,205,024 1,008,383 2,442,412 21. Commitments under operating leases Charity as a lessee The total future minimum lease payments under non-cancellatle Ok￿rating leases are as follows: 2024 2023 Within one year Within 2-5 years 2,896 1,931 864 4,827 864 Charity as lessor At the year end, the charity had contracted with tenants, under non-cancellable operating leases, for the following future minimum lease payments: 2024 2023 Amounts receivable: Within one year Within 2-5 years 22,500 31,875 22,500 50,625 54,375 73,125 Page 40 THE BRADGATE PARK AND 5￿THLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 21. Commitments under operating leases (continuedl All residential propertie5 owned are leased with an initial six-month term for new tenants and then ongoing on a monthly basis with a tmo month notice period. The Trust also owns the former ConseNatory Tea Rooms & Shop building adjacent to the Newtown Linford car park which was leased out for a 5 year period from August 2021. 22. Reconciliation of net incomel(expenditure) to net cash flow from operating activities 2024 2023 Net movement in funds for the reporting year Adjustments for: Depreciation charges Net gains on investment properties Movement on defined benefit pension scheme liability Investment income Profit on sale of tsngible fixed assets (Increase)/decrease in St￿kS (Increase)Idecrease in debtors Increase/(decrease) in creditors 407,134 993,367 70,158 (104,000) 73,000 (166,037) (15,680) (8,312) (24,693) (10,867) 72,388 (665,000) (137,272) (31,200) (27,856) (4,677) 60,120 Net cash provided by operating activities 220,703 269,870 23. Related party transactions The Charity'5 Trustees include appointees from Leicestershire County Council and Leicester City Council. The charity receives grant income from both these parties as disclosed in note 4. Leitrstershire County Counal provide5 payroll serwces to the Charity free of charge. Financial advice is pr¢*ided in accordan￿ with responsibilities stated between Holding Trustees as stated in the Trust Deed. Following a tender prO￿5s, Bradgate Park Trust pays Leicestershire County Council for a number of services, including HR, procurement, health and safety and tt support. This Management Support Partnership has been running from 1st February 2021 with an initial term of 18 months which has since be¥3n extended to 31 March 2025. During the year, £12,732 (2023: £10,032) was paid to Leicestershire County Counal. A contrlbution of £12,000 was received from Leicestershire County Council as holding trustee during the year. At the year- end £3,454 (2023.. £4,342) was due to Leicestershire County Counal. Leicester Qty Counal provrdes legal services and pays the audit fee on behalf of the Charity. Audit fees of £10,120 (2023: £9,200) were paid on behalf of the charity by Lei￿Ster City Council. A contribution of £12,000 was received from Leicester Qty Council as holding trustee during the year. Page 41 THE BRADGATE PARK AND swrrHLAND WOOD CHARITY NOTES FORMING PART OF THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (COt4TINUED) 24. Ststement of Financial Activities for the year ended 31 March 2023 Unrestricted funds Restrirted funds Total Incorne from: Donations and legacies 141,652 25,000 166,652 Charitable activities 1,587,878 81,346 1,669,224 Investment income 137,272 137,272 Other income 31,200 31,200 Total 1,898,002 106,346 2,004,348 Expenditure on: Charitable activities: Visitor services Estate maintenance and management 977,650 594,110 53,462 46,759 1,031,112 640,869 Total 1,571,760 100,221 1,671,981 Net gains on investment prOpe￿-eS Net income 326,242 6,125 332,367 other recognised gains Actuarial gains on defined benefit pension scheme 661,000 661,000 Net movement in funds 987,242 6,125 993,367 Page 42