Charlty Regl8tratlon No. SC002177 {Scotlandl PAXTON TRUST CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024
PAXTON TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru¥t¢e$ (Resigned 26 November 20241 IAppoinled 11 December 2023} IAppointed 11 December 2023) (Appointed 18 June 2024) {Appoinled 24 September 2024) (Appolnled 24 September 2024) Charlty numbor Iscotlandl SC002177 Prln¢lpo1 oddre¥¥ P8xlon Hou88 Paxton BeICk Upgn Tweed Northumberland TD15 1SZ Audltor Svmer Audltco Llmited Unil 2, Gosforth Park Avenue Newcastle urM)n Tyne NE12 8EG Banker8 Bank of Scotland 61 Hide Hill Berwick upon Tweed Northumberfand TD15 IEN Investment admlnl$trator Int8Tactive Inve3tor S¢ryice8 Limited 2nd floor One Embankmenl Nevill8 Slreot Leeds LS140W
PAXTON TRUST CONTENTS Pog Ch81mian's slalement Truslee$' report Independent audllorf8 report 9-11 Slalemenl of financial adivilies 12-14 Balance Sheet 15 C8shflow Statement 16 Notes lo the financial 81atgmenls 17-39 Detailed Income and Expenditure Account 40-43
PAXTON TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2024 In 2024 we continued in our WOTk of enhancing and GonBerviNJ our exceptional collectlon8, engaglrKJ th new audiences, and 8nsurfng that Paxton House and 118 grounds are a 8gurco of edu¢ation, •njoymenl and wellbelng loi all. Undèrpinning these endeavours. we have taken ¥ignific8nl steps forward in our key objective to trade su818inably in the long term. In lale-¥pring 2024 we completed the refurbishment of Ihe'old Bakery, a$ 8 large luxury holiday collage (with the g8nerous support of Mu8eums Golleries Scotlandl and welcomed our first visitors to this tranquil setting. Plannlng and fundr8ising conllnued in eainesl lo ¢reÉle a sm811 glamping village in a beauliful and discreet location within our grounds, and we were delighted to hear that our granl applic8llon to the National Herila9e Lollery Fundwas Successful. Supported by OthergerouS furKJing from South of Scotland EnlerpT58e and 8 private donor, tho construction work is 8chedul¢d lor 8pring 2025 ond we anlicipale openlng this amenity lo the pubSiG In late-summer 2025, Paxlgn Hou8e 18 ra¢ognlsod for having not only the third largesl ¢ollts¢lion of Chippendale furniture 9lobally bul also Ihe largest accessible collection of fumilure made by Scotland'5 premier cabinet-maker William Trotter. We were very excited, Ihorefore. lo re-acquire a rosewood Gr&¢i8n 'Piclure Gallery Viewing, sofa, the only known signed iyece of Trotter fumfture anywhere in the world, which had originally been made 88 ong of 8 p8ir for the Paxton House Pidure Gallery In 1814. We arè hugely grateful to the National Fund for A¢quisitsons, generous private donors, and all those who work•d in a voluntary capaclly to bring the sof8 back lo Paxton, where il will be on public display in 2025. Importanl conservation of the Chippendale colledions has also been undertaken thi$ year (ahead of the Chippend81e 250 exhibilionl with the support of Mu8evm8 GBlleri88 S¢oll8)d. the Pilgrim Trust. priyale donor and through in-klnd conseryation work. We recogni5e the Gompltsx historical conneciions between Paxton House and Ils collectlons (through its owners i th8 1760s-1830sl, enslaved people of African and Caribbean heritage, and their de8cend8nt8 in Grenada and the UK. We are proud, therefore, to have been awarded funding. also from Museums Galleries Scotland. lo develop new'caribbean Conneclion8' co-production piojecl building on our longstandbng partnershlp (since 20071 with the award-wlnnlng Descendant6 children's charity. Thi8 will culminatè In •xhibilions and events In 2025. AB ever, we èxprtrss our deep gratitude to all our funders and partners who have made our eduBalional and curatorial woik p058ible over the la3t year. inc5uding through 6UPPOrt lo li&lp us grow our essential commerciaj octivilies. l also extend our sincere Ih8nks to 911 Paxton House staff and volunteers. whose knowledge. skn115 and dedication have enabled Ihe TTUSI lo realis¢ tho wide-ranging activities de8cribed in this report. Trustee D8led'. É Page 11
PAXTON TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 NOVEMBER 2024 The Trustees present their report and financial sl8lemenls for the year ended 30 November 2024. The financial $18tèments have been prepared in accordance with the accounting poll¢585 Sèt out in note 110 the financial slalernenls and comply with the Trust's Trusl Deed, the Charities and Trustee Inveslrnent (Scollandl Act 2005, the Charitie8 Awounts (Scotlandl Regulations 2006 las amended) and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to eh8rities preparing their accounts in accordance with the Financlal Reporting Slandaid applicable in the UK and Republicof Ireland IFRS 1021 (effective 1 J8nuary 20191" These financial statements consolidate Ih08p of thg Twst and its subsidiary undertaking, Paxton House (Scollandl Limited. P8Xton House {Scotlandl Lirniled is a non-charilable tradin9 company with issued shar ¢8Pltal of £1. This share 15 held by Turcan Connell {TrtJsteas) Limited on behalf of the Paxton Trust. The company began trading on 1 M8reh 2001, taking overlhe activities of shop, tearoom, function8 and events from the Paxton Trust. Objèetlves and actlvltles The Trust's chiof objeclives for which il was s81 up are.. lo pres8tv•, faaliiBte and encourage acce88 lo and appreciation and study of the Mansion House of Paxton, ils related buildings, gard8n5 and its collection., lo protect and improve the amenitie3 of the Paxton Estate., lo advance the cause of education and social welfare., and to artiv6ly develop and promote such aclivilies as will be8189rve thè$è ènds. There have been no malerfal changas in tha objectives during the year. Publlc beneflt The Trusta8s have paid due regard lo guidance i88ued by the Charity Commission in deciding what 8ctivilies the Twst should undertake. In considering the operation, a¢hiev8ments and performance and finances of the Trust. the Iruslee8 are sa118figd that public benefit has been provided in accordance with thg Charities and Trustee Investment (Scollandl Act 2005 and guidance provid&d by the Office of the Scollish Charity Regulator. A8 Paxton Trust lakes thi8 responsibility very seriously. il has developed a vaiiely of polici8S to ensure public benefit. Combined entrance tickets lo the permanent eolléction, temporary exhibitions and estate grounds during the year started 81 £15.00 (before concessions), a heavily subsidi5ed price which w8S set 88 low as the Trusl could 8fford on the basis of ils other sources of income. Additional value has been built into family tickets and mernber8hips to encourage family groups and local residents lo visit frequently. A¢hlevem•nts #nd performance Revlew of Activities for the 2024 season 2024 was a Successful year for the TTUSI, w*lh new activities wldenlng our appeal and costs being better controlled, so that. despite a decline in lickel sales and caravan park occupancy, a 8rnall 8urplus of £5.593 wa8 achieved against 8 deficit of £16.e83 in the previous year. Fundraising to ensure operational suslainabilily and continued caw of the eollections remained the main foGUS for the year, with successful applications to South of Scotland Enterprise, National Heritage Lollery Fund, Mu58um8 Galleries Scotland, The Henfrey Tru81. The Pilgrim TnJ8t, the National Fund for Acquisitions. National Museurns of Scotland, and thé Museums Association. We have also been in receipt of genÈrous fijnding from private donors and donations from the public. We are exlremely grateful for all the support given lo us and have pul the fund$ to excellent use, not only covering our fixed operating costs, bul enabling us to develop new exhibitions, thought-provoking projects, 8 ¢hallenging educalional programme and improvements lo accessibility vi8 Staff training. Page 12
PAXTON TRUST TRUSTEES. REPORT (CONTINUED) FOR THEYEAR ENDED 30 NOVEMBER 2024 Achlevements and p¢rformanee Icontlnuedl One of our key fundraising goals has been to 8ecuTe sufficient fundin9 10 install a small glamping village within our 18ndscape to increase vital revenue to sUPPOrt our work in keeping P8xlon House end esl8le open. During 2024 8 package of funding was pul in p18ce (including aw8rds from the National Heritage Loltery Fund and South of Scoll8nd Enterprise) enabling th$ work on the sile lo eomm8n¢e in spring 2025, with opening projecl6d for late- SL>mmer. The TTUSI r8n a widts range of 8clivities over the year. partlcularly con¢enlraling on families. 2024 saw the relum offamily-focused events such as the Easter Fayre, Ihts Summer Fayre and Dog Show, and the Christmas Cr8¢ker. Other activities focused on health and wellbeing, outdoor learning and history. All events were very well-attended and we are looking at how we can improve our offering and add lo our annual events programme for 2025. Weddings this year w$re busy with 18 weddings ranging from intimate and fornanlic weddlngs on Ihtr riverbank overfooking England lo largor weddlngs in the m8Tquee 8nd many ¢h005ing the grandour of the Georgian house. We worked with a numb$r of new organi88tions in 2024- most notably, the Mallings Trust B?l¢k. wth whom we developed and Curated a free exhibition of our WOTks and pieces in their Granary Gallery, &nlilled 'Paxlon House.. Crossing Borders,. This exhibition (launched in November 20241 included the Alexander Nasmyih painting of the Union Chain Bridge (image above). with th8 aim of engaging new audiences In BeIck-up0n- Tw88d dufing the winter closure p8riod. We wer8 delighted to host the Glam Racket team with IheirfirstAnliques Fair in the grounds. Thls was afantsstic ev•nl held over two weeken¢Js in July and August. Imth over 5000 allendees. a lovely atmosphere and recoTd- breaking seTViGé in our tearoom, il was a positive addltlon to the Paxton House offering. We aTe looking forward lo welcomlng them back in 2025 with Ihrge fair8. We wolcomed back the len-day ¢hamber muslc fe81iv81, Music at Paxton, rn the 8ummer. This Is a worl&cla88 musical event, enjoyed in the Picture Gallery, which ha8 wonderful acoustics and ambiance. 11 wa8 good lo see loy81 audiencés enjoy many mu8I¢8l concorts during the festiv81. 'Parallel Lives Worlds Apart.. from sugar plantations in Gr6n8da lo lile al Court and other stories from the costumes 01 Paxton House, and 'C8ribbean Connectlons, conllnued 85 our main exhibition3 (from 20231 into 2024. Togelherthey explore the lives of the late- Cfj81h owners of Paxltsn House las they travelled from Scotland to Europe, Wirginia and Grenada) and those with whom they 8re conntscied Ihrough our archives and Collections, including en51aved African people 8nd their descendanls. BuSlding on from Ihls, we developed 8 'SuslaSn8ble Co-producllon Proje¢t' wilh partner organi$alion8 Descend8nts Children's Charity and Edinburgh Caribbean Association to create new materials to be hosted as P8rt of the'caribbean Connections, exhibition. We also undertook fundraising to support a further raft of activities for2025 all wilh the aim of working with our partners to tell untold 8lories relaling lo ourlnlertwined history. Plans were put in placo to move 'Caribbean Connections, into the current shop in 2025, creating an 8xhibilion centre that is free and easily acces3ible and ralsing the profi'le of this exhibillon. P8ge 13
PAXTON TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Our stunning ¢ollection of $tMeS h8B r&r8 and unlque gentlemen's clothlng wom by Palnck Home. who bulll Paxton House, at Ihe Court ol King FrederiGk th¥ Gr8at of PrussiB in 1749- 1751. Polrick's iaolhing, embroidÈrod th gokl and silver threads, includes the only surviving fancy drgss ¢ostum8 from lh8 King's extfaordinary Carousel celebration held In 1750. This has remained on display. as a highlight of the 'Parallel Liv85. WoTld's Aport, axhibition, in 2024. We also hosted an exhlbillon about the Munros (the name given to all mountslng In Scotl8nd ovar 3000ft1, and, due to hlgh demand from our local audience. w8 hèld a r&p¥at of our Lego Exhibition.11 was lovely lo see familie and Lego fan$ of 811898s playing with the aclivily tables and enjoying lirne within our mu¥eum ¥pare. Care of the collection$ Gonlinued with a Significant numbgrof pl88 racdving 8pacI8119t care fro We ale looking fotward to launching one of our wnain 8xhiblllons for 2025. Chippendale Lai celebrates OUT collection, now the third largesl in the woAd. An exceptional exampl8 of Trotl8rfumiture (801d from the house in 19231 wa8 offwed to the Twst and, following 8 $uc¢essful funding programme and with huge Ih8nk81o the m8ny knnd donors. we were able to bring this pleee home to Paxton House.11 i believed to be the only signed piece of Trotter fuinSluie in th8 world. The $ofa wa$ originally commissloned b for hls new wing. This piece would have been in the Picture Gallery originally bul will nowjoin a 8uile of luinilure in th& library. 11 will be on public display for 2025. lj,,, Financlal mvl¥w The slalemenl of fin8ncial a¢tivilie5 shows total incoming resources lo bo £723.64612023'. £802.693). 2024 Ihe Paxion Tw81 r8c8lv&d grant 8nd donatlon fundlng tolalllng £231,828 12023: £259,544) of whl¢h £175,770 was unreslricted. Following successful 8pplicalion$, funding awards were received from the followlng.. Museums & Galleries Scotland, South of SGoUand Enterprise, Pilgrim Trust. Nallonal Fund for Acquisitions. N81ion81 Heritage Lottery Fund and the Art Fund. Total Income fell by £79,047, whi181 expenditure fell by £S9,030 compared to the prevlous yèar. lèavlng an operallng defial of £25,595 agaln5t the prtrviDUS year's £5.978. bul Ihi8 was more than oflyel by 8 gain In Ihe value of the endowment fund $0 that nel income was £5,593 against last yearf3 deficit of £16,683. Ti¢ket sales were £99.806 which 18 slightly down on lastyear12023'. £117,315). The caravan park also noted a Small decrease in occupancy producing income of £67,4801£74,107 in 20231. The htsllday let Income saw 8 good Improvemgnt, with a third property being added to the portfolio and block booking raislng income lo £36,37412023: £24,2141- Savings in core $taff costs, beller control on expenditure and sionificanlly reduced dectrtcily costs in 2024. allowed for a better financial rg8ull ov8r811. The Trust had sufficient funds thi$ year lo mo81 11$ oNigations and did not require lo draw duwn from th8 Endowment Fund. largely due to a ganerous private donation of £150,000. Page 14
PAXTON TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Golng ¢on¢orn The Iruslee5 have considered in depth wheth8rlhe Trust can bg considered a going concern. Taking into account 8118$pecls of Ihe busine58 Ihat wo have developed over the years, our current cash position and the possibility when suitable opportunilies arise and agreement is given, lo draw down monies from our Endowmonl Fund lo 811ow us lo make th8 necessary inveslments in our business. we hav8 concluded th81 we are 8 going concem as al the dale of signlng these accounts. Financial profilo Paxton Trust owns Paxton HotJS8, 8 major collection of Chippendale and Trotterfurniture, a number of paintings and many other artefacts. 11 also has an Endowmènt Fund which is inve8led in stock8 and shai¢$. This fund is capital fund which canntsl be èxpended wilhout the con8ent of thè NHMF. Rosarvas and funding The Iruslees h8ve reviewed the TrusY8 reserve8. Th1$ review considered the nature of the income and éxpenditure Stams. the need lo match variablo income to necessary expenditure and commitmenls, and the nature of the reserves. The Iru8lees are satisfied that the Trust's assots, 8ttribLrtable to each of ils individual funds, 8r¢ available and adequate lo fulfil ils obligations in relation to those funds. A8 explainèd above the trustees are committed lo building on current réserves by seeking grant fundlng for any major expendiluTe on the house or th& urounds, building a sustainable Ifading operatlon and revenue stream and by careful control and budgeting over running costs. The'free res8Nes' ol the charity (defined as those unrestricted funds not deslgnated for specific purposes ortied up in fixed as5elsl stood al £273,825 at the year end12023.' £217,063). Inve¥tmgnt powers and pollcy Under the Deed of TTu3t, the Trust has the power to Inve31 Ihg Endowment Fund as the Iru81ee3 in thèir $018 discrellon think fil. and lo delegate Ihtr invèstment management of the investment portfolio of the Trust. Since 2019 the inve8tFnent portlolio has been adrnini8tergd by Interactive Investor, the Trust has aulhorised two tlustees to operate thi8 account. Thè investment dealing activities arE subject lo oversight by the Finance Committee and six-monthly reports on activity and fesulls are presented lo the Iruslees al their regular meetings. The overall objective 18 lo IH8ximise total return with reasonable rfsk but with an emphasis on incorne lo enable the Paxton Trust to meet its shortfall on tiading income yet maintaining the real value of ils Endowment from the NHMF. As slated above the Endowment is nel oflhe amount8 used from 1988 until 1992 to refuTblsh the hou86 and in particular thè Picture Gallery. The figure19ft at that time was £1,150.000 and the tru8lFes are not able to draw down capital below that amount wrthout the expre55 aulhorisation of the NHMF. The income from the Endowment may bg used in any way thought appropriale by the IrusleeB. This 13 normally used lo finance deficits on operations. Risk managemgnt The trustees, risk asses8ment hAs been completed. covering Health and Safety at Work, Fire and Securfly. A3ses8rrents for other risk areas hav8 been carri8d oul and the staff handbook has b86n r8Vlged to include all relevant policies and PTocedui6s. Policies covering Child and Adult Protection. Equal Opportunities and Rac8 Equality have also been (Srawn up and implemented. The trustees are Satisfied that there are system8 ITI placè to eover all risks identified, and that in$uronco cover 18 adequate for all insurable ri3k8. Plans for the future In 2025, we continue with the rollout of our vision for the future. We are looking to incrèase and improve our visitor 8ccommodalion offei, and we h8ve successfully raised funds lo cre8le a small 7-pod glamping village which will offer tourists an idyllic base from which they can explore the beautiful Scottish Borders and stunning North NorthumbeTland. Wo are also working on securing resources to transform a forrner pony shed inlo 8 mulll- purpose space for leaming and events. Page 16
PAXTON TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 We are working with our partners the Descendants Children's Charity, Edinburgh C8ribbe&n Association an(1 pupils from Bonaire GoverniMenl School in Grenada lo m8k¢ Ihree films exploring and expanding on our link8 with Grenada and slavery. This project will incSud8 a celebration day whor8 W8 hop8 to bring 8$ many people as possible from Edlnburgh, London and locally logelher to launch the films and celebraie this ¢ro8Svcultural exchange. Connected lo Ihls we are excited lo host a majorexhibilion of workB by Grenadian bom artis PalimpsBst will be our maln feature exhlbilion in 2025 and we are dellghted to have a full and varied programtlle of events 10 8UPPOrt this 8xhibition. Our Kltchen Garden will start to see the fruits (and vegl of our labour and woject workg-wilh fuod ng used by the tearoom improving OUT 3uslainability. Compost from the tearoom goes backto the Kilcheft Garden. We ho to be able to really u8e thi8 8pace more in 2025 and 2026 and gee the posltive impact on our local communlty and the school groups who attend. As part of a $erl88 of f4mity stori&s we hoFe lo launch an exhibition serie5 which will focui on diffei8nl family membe15 in 2025. The inaugural exhibilion will be 8bout Hannah M8cForlan. the fomier ownerfs paternal grandmother and her fascinating Edwardign life. The hou88 And collecllon& 11 hava 8 rafrosh- ensuring we always maximSse how our 1CtIOnS and stoiigs are shared with visitors. We are planning on moving th8 shop to a space next to the courtyard, ensuring that the courtyard beGome3 the hub point at PaAlon a welGon)ing and vibiant spaGe ft)r all of OUT Vi3itOF¥. In rttl8tion to 818ff development and improving accessibbllly, we are looking forward to offering OUT leam anti-racism and anti-ablism tratning Ihank8 to kupport from Museums Galleries Scotland as part of their Museums Translormè programme. We look foard lo welcoming Music al Paxton and Glam Racket Antique$ Fgir b8ck in 2025, excited for how they both enTich the aclivili88 w8 offer. Finally. we look foMar(I lo working wllh our existing customers, SUPPDrteis and partners and wlll contlnua to dovelop now ralatsonships whi15t seeking both Commercial and charitable opportunities. Structure, gov•m•nc¢ ond managemont The Paxton Trust was consliluted by Tw$1 Deerl datsd 11 November 1968 8nd 0xl$ts to pr8$eNe, prolgci gnd gnhan¢o, for th& public benefit, Paxton M¥ngton House, ks collection and the estate and ground5 in which it stands. The Tru81ee$ who served during the year and up lo tho date of signature oflhe financial 81alements were.. (Re8igned 26 November 20241 {Appolnled 11 December 2023) {Appoinled 11 DeG8rnber 2023) (Appolnted 18 June 20241 (Appointed 24 September 2024) (Appointed 24 September 2024) P#ge 16
PAXTON TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Appointment of Tiustees There are up lo twelve Iru81egs. nine of whom hold office lor 8 temi ol four years and Inay be reappoinled for a ftjrther four years. Th8 family tru8198, repr888nling the Home Roljertson lamlly, holds oifice for life and may nomlnale one other tru$lo&. The trustees may prop068 to tho Nalional Herllage Memorial Fund a replacement Irusl8& lo fill a vacancy. A simple m8j¢rily ol all the remaining Iruslees musl approv8 the apprynlmenl of any new trustee. The Iru81ees 8h811 appplnl ffom their own nurnber a ChairTnan who shall hold office for a period of three years with power lo be re-appoinled for one futther period of three year3. The Iru$le88 shall be pemionently resident in the Un5ted Kingdom. M8nouement of the Trust Th8 twslees meet regulorly during the year lo monitor P8xlon House Is delegated to 8 full time Chief Executive Th8 day lo day manauament of Trustee Inducllon and tralning New trustees undergo an orienlalion day to brief them on their obligats'on8 under ¢h8rity law th8 content of tho Trust Deed. th8 commllleo slruclures and the declsiun-wnaking processes, the aclivities plan and recent financial performance of the Trust. During thè Initial period. they rneet kéy employees and other trustees. Trustees are encouraged to allend appropriate exlemal training events where these will f8¢ilil3le the undertaking ol their role. Statemont of TruBtsè•' r88ponslbllltlps The Trustees arè rèsponsibta Yor prep81ing the Truslees. Report and the ftn8nci81 srarements in accordance with applicabk law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice). The law applicable to charities in Scotland requires thB Ttvst8es lo prepare financial statemen18 foréaeh finanei81 y¢ar which giv8 a tru8 and faif view of the state of affairs of Ihg Trust and of the incoming resources and application of re8ources of th8 Tru81 lor that y88r. In prèparlng these financial slalements, the Trustees are required lo.. 8eleGI suilable accounting polirAes and then apply them GonsistentSy- ob¥eNe the method8 and principles In tho Chartlles SORP.. . make judg8m8nls and esllmale$ that ar& reasonable and prudent., -$talè whelher appllcable accountlng standards have beenfollowed. subject to any material doparturfj¥disclosed and explained in the financial slalemen18.' and - prepare the finanGial slalement8 on the going con¢em ba31s unle95 itis inappropriate to presurnelhal Ihtr ¢harity will continue in operation. The Twstees are responslble lor keeping siJfflcSenl accounllng records that dlsclose wllh Teasonabte accura al any time the financial posilion of the Trusl and enable them to ensure that the financial glatements comply with the Charilies and Trustee Inve81menl IS¢odand) Act 2005. the Charities Account8 Iscotlaftdl Regu5ations 2006 {as arnend8d> and thè provisions of Ihe Iru51 deed. They are also responsible lor safeguarding the asBgt8 of the Trust and h¢nce for takIr fe88onablg stops for the prevenllon and delecb'on of fraud and olhgr irregularities. AudltOTS In accordance wilh Ihe ¢ompanVs articles, a resolulion propp¥sng Ih8t Sum&r Auditco Limited be r•8ppolntèd Ag auditor of the company will be put at 8 General Meeting. Page 17
PAXTON TRUST TRUSTEES. REPORT (CONTINUED) FOR THEYEAR ENDED 30 NOVEMBER 2024 Provision of Infomiatlon lo auditor8 Each of the Iru51ees has confimied Ihat there is no inform81ion of which thay are awa¥e which is relevant to the udit, bul of which the aud(tor is unaware. They hav¢ further confirmed that they have taken 8pprowigla steps lo identify 8uch relevant informalion and lo eslablish that the auditor is aware o18uch information. Thp Trusteo9' re Drt has hpen approved by the Board of Tw81fj08. Tru8tao Page 18
PAXTON TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PAXTON TRUST GROUP {'the Group,) Oplnlon We have audited the financial statements of Paxton Trust (th8 'parentTrusl') for the yaar ended 30 Nov8mber 2024 whl¢h compri88 the group statement of financial 8clivilies, the group balance sheet, the charitable trust balance 8heel and notes to thè finanaal statemen18, including significant accounting policies. The finan¢ial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, Including Financial Reporting StandaTd 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oiinion, the financlal slalements.. glve o true and fair view of the State of th8 group's and parent d)aritobl8 Irusl's aff8lrs as at 30 November 2024 and of ils Incoming resources and appllcalion of re8ot3rce8, for the year then ended-, have been PTop8rly prepared in accordance with United Kingdom Gonerally Accepted Accounting Practl¢e- have been prepared in accordance wilh th8 requirements of the Charitie8 and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Chgrili¥s AccounlB (Scolland) Regulations 2006 las amended). 8#81s for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UKI} and applicable law. Our responsibilities under those standards are further described in the Audilovs re5ponsibililies for the audit of the financial $18lemenls sedion of our Teport. We are independent of the Twsl accordance with the ethical requirements that arg relev8nt lo our audit of th8 financial slalements in the UK, including the FRC'S Ethi¢81 Sl8ndard, and we have fulfilled our other ethical responsibilities in 8ccordance with these requirements. We believe that Ihe audit evidence we have obtained is suffident and appropriate lo provide 8 basis for our opinion. Concluslons rèlatlng to oolno ¢onc•rn In auditing the financial statemen15, we have Concluded that Ihe Truslee5' use of the going concern basis of accounting in tho Preparation of the financial statements is approprfate. Ba8ed on the work we have performed, we have not identified any material uncertalnlies relating lo ovents or conditions that, individually OT collectively, may east 81gnificant douljl on the Trust'8 ability to conlinue as a going conGern for a period ol al least twolve monlhB from when the financial slatemenl$ are aulhorf8ed for issue. Our responsibillties and the Te8ponsibililies of Ihg TTUStees with règpect to going concern are descdbed in the relevant sections of this report. Other Infomiatlo The other InfoTmalion comprlses the informatlon included in tho onnu81 Teport other than the financi81 st8lements and our 8uditoVs report thereon. The Tiuslees are responsible for Ihe other information cont8ined within Ihe annual report. Our opinlon on the financial statements does not cover the other inform81ion and we do not express any fomi of assurance conclusion thereon. Our responsibility 15 to read the other inform81ion an¢J, in doing so. consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or olheTwise 8ppears lo be materially misslaled. If we identify such mateiial inconslslencies or apparenl material misslalemenls, we are required to determine whelher this gives Tl80 lo a materi81 mi$slal8ment in the financi81 slatemenls themselves. If, based on the work we have performed, wè Conclude that thore is 8 material misslalemenl of this olher information, we ore required to report that f8cI. Wo have nothing to report in this regar(l. Page 19
PAXTON TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PAXTON TRUST GROUP {'the Group,) Matters on whlch we are required to rtport by •xceptlon We have nothing to Teport In règpect of the following mallers in relation lo whlch the Charities Accounts IScolland} Regulalions 2008 (as amended) require u8 to roport to you if, in our opinion.. the Information given in the financial slatém8nts is inconsislenl in any material re8pecl with the Trust¢e8' ¥eport'. or proper accounting r6cords have not been kept by the parent charitable trust. or the financial slalements are not In agreement with the accounting reGoTds.' OT we have not recelved all the in¢ormation and explanations we require for our audit. ResponslbllitleB of Tru8teo¥ As explained more fully in the statement of Twslee8' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied thatthey give a true and fairview, and forsuch internal control as the Trustees determine is necessary lo enable the prep8r81ion of financial statements that are tree from mal¥rial misstatement, whetheT due lo fraud or error. In preparing the financial slalemenls. the Twslees are responsible for a3se35ing the group's and chaTltable trust'$ ability to continue as a going concem, disclosing. as appll¢able, matters related to going concem and using the going concern basis of accounting unle$s the Twslees either intend lo cea8e operation8, or hava no realistic altemalbve bui lo do so. Audltor'$ rgsponslbllltles for the audlt olth• flnanclal statements We have been appointed as auditor under section 44111{el of the Charilies and TrLtslee Inve8lment IScotland} Act 2005 gnd report in accordance with the Act and relevant regulalions made or havlng effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial Statements as a whole are free from malerial misstatement, whether due to fraud or error. and to issue an auditofs report that includes our opinion. Reasonabl& 8ssuran¢e is a high level of assurance bLrt is not 8 guarantee that an audit conducted in accord8n¢o with ISAS {UK) will always delect 8 m81erial misstatement when il exists. Misslalemenls ¢8n arise from fraud or error and are con8idered material if, individually or in the aggreg81o, they could reasonably be expected to influence the economic decisions of u8er8 taken on tho basis of these financial 3lalements. The exlenl to whl¢h our procadures are capable of detecting irregularities, including fraud. is detailed below. Page 110
PAXTON TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PAXTON TRUST GROUP ('the Group,) Capablllty of Ihe #udlt In d•t•ctlng irragularities, includlng Ir4ud Based on our understanding ol the charitable company and Ihg sector in which il op8ralg8, we idenufied that Ihè following law8 and regulallons glgnificant lo Ihe enlily-. Those laws and regulatlons Considered lo have 8 dlrect effect on the fin#nc181 siatemenls Including UK Iln#ndal reporting slgndgrds and Charities Act 2011, Emplvymenl gnd Pension legiilalion. Those laws and regLilation8 for whlch non-cvmpllancè may be lundamenlal lo Ihe operating aspects of the charity and therefore may have a material elfecl on the financi31818lemenl¥ Clude compliance wilh charitable objecliveg. public benefit, lundraising regul81ion$. safeguarding. data protection and hearth and safety legislation. These malters wpre diBcus$ed amongst tho engagement lé at tha plannlng stage and Ihe team remained alert throughout the audit. Audit procedures undertaken in respon8e to Ihe pDlenlid risks reloling to ITregularllle8 Iwhlch indude fraud and non- compliance with laws 8nd regulats'onsl comprised ol.. inquirie8 of managem8nt and the TrL'sle83 as lo whether thè enlily complios with such law8 and regul81ions,' enqulries with the sarne concerning any aty.ual or potential liligation or clairns., Inswclion of relevant18gal correspondenoe and lègal costs incurred.. review of Trustee meeting minutes.. testlng the appropTiatenes3 ol journal enlrio8- and the performance of an8lylical review to idenlify unexpected movements in account b8lances which may be indicative of fraLId. No in8tances of materi81 non40mpliance weTe idenlifl8d. However, thg Iki 81ihood of d8t8cliro INegularille8, Inelu(Vng fraud, 18 limitgd by lh8 inherent difficulty In det&dng irregularities, the effecliv8n85s of the 8ntity'8 controls, and Ihe nature, liming and extent of the audit procedures p8rfoTtned. Iiiègvlarfties that result from fraud might be inherently more dlfflcult to delect than irregularities Ihal 105uIt from error. As explained above, there is an unavaidable risk that m8t8rial misstalemerts may rt bo d6te¢led. even though the audit ha8 been planned and pgrform8d in accoTdance with ISA8 (UKI. A further descripllon of our T08Fn81bilitie6 18 available on the Financial Reportino Council's webBite at.. https=IlvA•M.frc.org.uklaudilorsresponsibililies. Thls de8cription forms part of our auditor'8 report. Use otourreport Thi5 report 15 made solely lo Ihg charily's Irus18es. as 8 body, In accordance wilh regulallon 10 of the Charities Accounts {Scotlandl Regulat4ons 2006. Our audit work has been undertaken so th81 we m',ght slate to the chaTIIy's Iruslees those fft8tttsrs we 8re required to stale lo them in an auditors, report and for no other purpo89. To tho lullosl extent permitted by law. w8 do not 8c¢opI or 868ume responslbblrty lo anyo otherthan the tharity and the charity's Iru61ees as a body, for our audit work, for this report, or for tho opinions we havè formed. or ali on ststutory Auditor Unlt 2. Gosforth Park Avenue Newc&stle upon Tyn• NE12 8EG (Imer co Dale.. 2q Sumer Audllco LSmit6d is eligible for apFX)Intment as auditor of the charity under regulation 10121 of the ChaTilie8 Accounts (Scotlandl Regulation8 by virtue of ils eliglbllity under seclion 1212 of the Compani85 Act 2006.
PAXTON TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2024 Curront flttanclal year UnreBtrlcted Unr•strlcted Restrlcted Endowment fund¥ funds funds funds genoral dgslgnated 2024 2024 Total Total 2024 2024 2024 2023 NoteB Income and endowments from: Donations and legacies Charitable activities Other tf8ding BCtivitie5 Investments other Income 157.QOO 99,806 357.526 10,535 23.951 18,770 56,058 231.828 99,806 357.526 10,535 23,951 259,544 117.315 378,902 9,803 37,129 Total Income 648,818 18,770 56.058 723.646 802,693 Expenditure on: R8ising funds Charitable aclivllles 216,119 398.322 12,296 112,733 14 228.429 521.212 305,289 503.382 10,157 Total resouY¢e8 •xp8nded 614.441 10,157 125,029 14 749.641 808,671 Nel g8inslllosses) on inveslrnenls 14 31.588 31,588 {10.7051 Ngt outgoing re8OUTCO8 before tran¥f•rs 34.377 8,613 168.9711 31,574 5,593 (16,683) Gross Iran8f8rs between funds 56,496 156,4961 N&t In¢omg1(expendltur•l and net mov•mgnt In fund3 90.873 8,613 {125.467) 31,574 5.593 116,6831 Fund balances at 1 December 2023 523,174 50.378 547,983 506,778 1,628,313 1.644.996 Fund balances at 30 November 2024 614,047 58.991 422,518 538,352 1,833,906 1,628,313 The slalemenl of fin8ncial activities Includes 811 gains and losses recognised in the year. All income and exp8ndilure derive from continuing activities. Page 112
PAXTON TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2024 Prlor financial y•ar Unrestricted Unrestrleted Restricted Endowment funds fund8 funds funds general de¥lgnat•d 2023 2023 Total 2023 2023 2023 Not•8 Income and endowmonts from: Don81ions and legacie5 Charitable aclivilie Other trading 8clivitios Investments Cxher income 81,152 117,315 378.902 9,803 37,129 30,000 148,392 259.544 117,315 378,902 9.803 37,129 Total Income 624.301 30,000 148,392 802,693 Expenditure on: Raising funds Charitablè aclivilie$ 305,289 448,107 305,289 503,382 9,940 45,335 T¢tsl resources expendtrd 753,396 9.940 45,335 808,671 Nel gain51llossesl on investments 14 {ID.7051 (10,705) N&t Incomel{expondlturèl and not movement In fund8 1129.0951 20.060 103.057 110,7051 (16.6831 Fund balance5 8t l December 2022 652.269 30,318 444.926 517,483 1,644,996 Fund balances at 30 November 2023 523.174 50,378 547.983 506,778 1,628,313 The statement of financi818¢livilies includes all g8ins ond losses recognise¢J it) the yeor. All income and expendiluro derive from continuing aclivilies. Paue 113
PAXTON TRUST CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2024 Unrestrlcted Unrestricted Rg¥tri¢ted Endowment funds fund$ funds funds general de51gnated 2024 2024 Total Total 2024 2024 2024 2023 Income and èndowments from: Donations and legacieB Ch8Titgble 8¢tivilies Other trading activities Investments Other income 187,745 99.806 66,028 9.714 23,951 18.770 49,630 256,145 99,806 66.026 9,714 23,951 229.281 117,315 48,800 9.197 37.129 Totsl Income 387,242 18,770 49,630 455,642 441.722 Exp?ndlture on: Raising fund5 Charitable acuvilies 27.486 340,007 14 27.500 473,238 12.500 374.837 10.157 123,074 Total Yesourc•$ xpanded 367,493 10.157 123,074 14 500.738 387.337 Nel gainsluosses) on inve8lmenls 31.588 31,688 {10,7051 Net Incom•ll•xpgndllurg1 19,749 8,613 173,444) 31,574 113,5081 43,680 Gross transfeTS between funds 11,496 111,4961 Net lrt¢om*ll¥xpondlture) and net movement In funds 31,245 8,613 (84.9401 31.574 {13,508) 43,680 Fund balances al I December2023 582,800 50,378 259,443 506,778 1,399,399 1.355,719 Fund balances at 30 November 2024 614,045 58.991 174,503 538,352 1,385.891 1,399,399 The statement of flnan¢ial a¢livilies includes all gains and losseg recognised in the year. All income and expenditure deriv9 from continuing activitie8. Page 114
PAXTON TRUST BALANCE SHEET AS AT 30 NOVEMBER 2024 The Group 2023 Tho Charfty 2023 2024 2024 Nots$ Flxed assets Tangible 888el8 Inv6slments 15 16 1.009,234 302.843 1,022.985 271.610 698,098 302,844 e82.715 271.611 1,312,077 1,294,595 1,000,942 954.326 Curront 8o80t8 Stocks D8btors Cash at bank and in hand 7,oe5 59.655 348,796 8,830 82,074 300,331 1,217 246,467 181.505 19 271,660 194,184 415.516 391,235 428,179 465,744 Creditors.. amounts falling due wtlhln one y88r 20 (93,8871 {57.6171 143,2301 (20,6711 Nat curront as$et$ 321,829 333,718 384.949 445,073 Total a¥#•t8 l•ss current 1.633,906 1,628,313 1.385,891 1,399,399 CapSts1 fundg Endowment hjnds In¢ome funds Restn'cled fund8 d funds Designated lund5 General unre81ri¢19d fund8 22 538.352 506.778 538,352 606,778 23 422,518 547,983 174,503 259.443 24 25 58,991 614,047 50.378 523,174 58.991 614,045 50,378 582,800 1,633,gC6 1,628,313 1.385,891 1,399,399 roved b the Trustses on . Trustee
PAXTON TRUST GROUP STATEMENT OF CASHFLOWS AS AT 30 NOVEMBER 2024 2024 2023 Nots¥ Cash flows from ¢porallng actlvltles Cash generated from operations 28 94,040 44,793 Investlng a¢tlvltlo¥ Pur¢hase of tangibl8 fixed 85$els Proceeds from disposal of investments Investment Incom8 re¢eived {56,4651 355 qO,535 {94,0001 13391 9,803 Net cash genor81gd from Inve8tlng o¢dvltle8 145,5751 {84,536} Nèt Increase in cash and ¢a•h equlvalents 48.465 139,743) Cash and cash equivalents at beginning of year 300,331 340.074 Cash and cagh equivalents at end of y•ar 348,796 300,331 Page 118
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 A¢¢¢untlng pollcies Charlty Inlomiatlon The Paxton Trust Ilhè Trust) is an unincorporated Charitable Trust, established by a Trust Deed dated 11 Novembpr1988 and is registered with the Olfica ol the Scotlish Charity Regulator IOSCR), number SC002177. 1.1 Accounting conventlon The fin8n¢i81 statements have been prep8reil in 8ccordAnce wilh the Trust's Trust Deed, the Charities 8nd Trustee Inveslrnent (Scollandl Act 2005, the Charities Accounts IScoll8ndl Regulations 2006 (as amended) and "Accounting and Reporting by Charities.. Stalernenl of Recomrnended Practi¢& 8ppIic8ble lo charities preparing their 8¢counts in accordance with the Finan¢i81 Reporting Standard applicable in the UK and R8publi¢ of Ireland IFRS 1021 (effective 1 January 20191" The Trust is a Public Benefit Enlily 8s defined by FRS 102. The financlal ststèments have departed from the Ch8rtlies (Accounts and Reports) Regulations 2008 only lo the extent required lo provicle a true and fair view. This departure ha8 Involved following the Statement of Recomrnended Praclice for charities applying FRS 102 rather than the version of the Sla18m6nl of Recommended Practsce which 18 rgf¢rred lo in Ihe Regulations bul whlch h88 sinc8 been wilhdrown. The financial statemen18 are propared In sterling. which is the functional currency of th8 Tru81. Monetary amoun18 in these financial statemen18 are rounded to the nearest £. The flnancial stslemenis have been prepared undtsr th8 historical cost convention. lo include certaln flnanci81 in8lrumenl$ at fair value. The prlncipal accounting policies adopted are sel out below. 1.2 Going conc¢rn At the time of approving the 1Snancial stalemenls, the Trustees h#v8 a reasonable expectation that the Trust has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the golng concern basis of accounting In prep8ring tha financial stalemenls. 1.3 Charitable fund8 Unre$lricted funds are available for u8e at the discretion ol the Trustee8 in lurtherance of their charitable objectives. De81gnated funds aTe unreslricled fund8 that have been sel aside by the trustees for particular purposes. Reslricled fund8 are subject to specific conditlon$ by donors as to how they may be LF8ed. Tho pyrpos8s and uses of the ¥eslricled lunds are sèt out in the notes lo the financlal statèments. Endowment funds are subject lo specific condltlons by donors that the capital rnu81 be mainl8ingd by th8 Trust. 1.4 Incomlng r&80ure•s Income 18 recogni8ed wh8n the Trust is legally enlilled to aft8r any perfomiance conditions have been mot, th8 amounts can be measured reliably, and il is probable that income will b? re¢eiv8d. Page 117
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting pollcle¥ l¢ontlnuedl Ca8h donations are recognised on rec81Pt. Other donations are recognised once Ihe TFUSI has been notified of the donation unle38 performance conditions requbre dgferral ol the amount. Income lax TecoveTable in relation lo donations received under Gift Ald or deeds ol covenant is recognised al the lime of th8 donation. Grants re¢eivBble 8re recognised In th8 Statement of Financial Activllie5 in full In the year which they beeome receivable. th81 Is when the condilions for receipt have boen mel. Investment income comprlses dividends receivable during Ihe year on listsd investments held in the Endowment Fund and interest receivable. G¢vornmont grants Government grants are fecognised at the fairvalue of the as$¥t r8c8ived or receivable when there 18 reasonable as3uiance that Ihe grant conditions will be mel and the grants will be received. A grant that 8pecifies performance conditions is recognls¥d in income when the performance condltlons ale mel. Where a grant does not specify performance condilions il Is recognlsed in Ineome when the proceeds are received or recelvabl8. A grant received before the re¢oonillon criteria are satisfied is recognised as a158bility. 1.5 ReBource8 expended All expenditure 18 accounted for on an accruals basls and has been included under expense caleuoiie$ that aggregate all c0815 lor allocation lo aclivilies. ere costs cannot be directly allribulable lo particular advities, they have been allocated on a baslB Consistent with the use of the resoureès.ll some costs are allribulable to more Ihan one activity, they ore allocated on a rea80nabl& and ¢on$istent basis. based on usage. Expenditure on charitable activities compri8e the costs incurred by the Trust in working to meet its charitable objectives. Governance Costs are those costs incurred in providing the govemance inlraslruclure which allows the Trust to operate and cornply with conslilutional and statutory requirements. 1.6 T¥ngible fixed assets Tangible fixed asset5 are initially mgagurad at cost and subsequently meagured at cost or valuation. net of depreciation and any impai¥ment losses. Depreciation is recognlgeil $0 88 to write off the c05t or valuation of assets less their residual values over Ihelr seful lives on the following bases.. Touring Caravan Park Holiday F18t and Let improvements Glamping Project Flxtures. fittings and equlpm8nt Collections B081 Project 10% Slraighl line 100A Straight line 10% Straight line 10DA and 33% Slralght line 2.5% Slraighl line 13.33% Slralght Ilne Th8 gain or loss ari8lng on the disposal of an asset18 dètèmiined as the difference between th8 8819 proceeds and thè CArrying value of the asset and is recognised in nel incomellexpendilur8} for the year.
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Accountlng pollcies Icontinu•dl 1.7 Heritage assets The Trust maintains Paxton House. ils collection and the eslale in whith il stands In 8UPPOrt of its objectives lo preseNe, protect and enhance for the benefit of future generations. Th8 Iruslees consider that owing lo the incomparable and diverse nature of Paxion Hous8 and many items within its collection, ¢onvenlional valuation approaches lack sufficient reli8bilily 8nd that, even il valual(ons could be obtained, the c051s would be onerous compared wlh the additional benefits derived by the Trust and users of the accounts. Therefore, other than 8 few items that have been acquired recently. for example purchased al Auction, the Trust does not recognise Ihe8e a55el$ on its Balance Sheet. 1.8 Flxod asset Investm•nts Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequèntly measured al fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditUTel for the year. Transactlon costs 8re expensed as incurred. Realised gains or losses on thè disposal of investments 8nd unre81ised gains OT losses, 8rising from changes in market values ale adjustèd against Endowment Funds. 1.9 Impairment of flxod assets At each reporting ond date, the Trust revlews the carrying amounts of119 tat)gible as5els to deteTmlno whether there is 8ny indicaiion that those assets have suffered an imp8irment loss. If any such indi¢alion exists. the recoverable amount of the 8ssel is estimated in order lo determine the exlont of the impairment1088 (if any). Heritage assets with indefinite useful live8 are lesled for impaimenl annually. and whenever there is an indi¢81ion that the asset May be impaiied. relevant adjuslmenls are made. 1.10 Stocks Stocks are staled atlhe lower of c05tand estimated selling Price les5 91$ lo complete and sell. Cost comprises dlre¢t materials and, where appli¢8ble. direct labour costs and those overheads Ih8t have been incuTred in bringing the stocks lo their present location and condition. Items held for distribution al no or nominal con8ideralion are measurod the lower of feplacemenl cost and cost. Nel realisable value is the estimated selling price le88 all è8limated costs of cOmpleOn and costs to be incurred in marketing, solling and distribution. 1.11 Cash and cash equlvalents Cash and cash equivalents include ¢8sh in hand. deposits held at c811 with banks. othèr short-lemi liquid inve8lmenls with original malurili&s of lttree month8 or loss, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.12 Flnanclal Instruments The Trust has elected to apply the provisions of Section 11 'Ba$ic Financial Inslrumenls, and Section 12'01her Financial Instruments Issues. of FRS 102 10 all of ils financial in51rumenls. Financial inslrumenl8 8re recognised in the Trust's balance sheet when the Trust becomes Party to the conlr8¢tual provisions of the inglrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial slatemenls, when there is a legally tsnforce8ble right to set off the recognised amounts 8nd there is an intention lo settle on a nel basi8 OT to rgalise the asset and 8etll& the liability 3imullaneously. Page 119
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30 NOVEMBER 2024 Accountlng polleles {continuedl Baslc flnancial assets Basic financial assets, which include debtors and c8sh And bank balances, are initially measured 81 trans8clion price induding transaction costs and ore subsequently carried 81 amortised cost using the effective interest method unless the arrangement constilules 8 financing transaction. where Ille transaction is measured at Ihe present value of th8 future receipts discounted al a rraik¢t r816 of inleresl. Financial assets classified as receiv8ble within one year are not amortised. Baslc Ilnanclal118bllltles Basic fin8n¢ial liabililies, including CTedilors and b8nk loans are initially recognised 81 transaction price unless the arrangement conslilules 8 fin8ncing Iransaclion, where the debt instrument is measured al the present value of the future payments discounted at 8 market rale of interest. Financial li8bi1it168 das$ified Bs payable within one year are not 8mortised. Debt instrumonls are subsequently carried at amoFtised cost, using the effective interest rats mèthod. Tr8de creditors are obligations to pay for goods or services that have been a¢quired in the ordinary course of operations from suppliers. Amounts payable are ¢18$sified as current liabilities if payment is due within one year or less. If not. they are presented as non-currenl liabilities. Trade creditors are recognised initially atlfansacllon price and subsequently measured al amortlS8d cost using the effective interest rnelhod. Der•cognltlon of financial liabilitio Financial liabililies are derecognised when the TTu$I's contractual obllgatlons expire or are discharged or cancelled. 1.13 Employ•e bènellts The cost of any unu5#d holiday enliUemenl18 recognis8d in th8 period in which the ernployee'8 serviS are r8¢eived. Termin81ion benefits are recognised Immediately as an expense when the Trust is demonstrably committed lo terrninale the employment of an employee or to provide temiin81ion benefits. 1.14 Rfrtlrement benellts The trust wnlributes to employee8 personal pension schemes. Conlribullorkg are charged over the period to which they relate. 1.15 Consolidation The group financial statements consolidate those of the Paxton Trust and its subsidiary undertaking. P8xion House IScoll8ndl Limited. Paxton House (Scollandl Limited commenced trading on 1 March 2001,. ils income arises from the aclivilles of the shop, teoroom, functions and events. The surplus is donated lo the parent ndtsrt8king. 1.16 Preservation cojts Expenditure which, in Ihe trustees view, is required to PTeseNe or Clearly prevent further delerioralion of individual collection il8ms is recognised in the Income and Expenditure account when it 18 Incurred. Further infomialion on the Tru8ls collections is given in Note 15 to the accounts. 1.17 Irre¢tsverable V.A.T. Irrecoverable V.A.T. is shown 8eparalely in the unrestrtcted Development Fund as It arises. Page 120
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Crltlcal accountlng o$tSmatos and ludgem•nts In the 8pplicalion of the Trust's accounting pollcle8, the Tw$tee$ are reguired to m8ke judgements. eslimats8 and assumptions about the carrylng amount of assets and1Sabililies that are not readily app8renl from other sources. The eslimales and associated assumptions are based on historical experien¢e and other factors that are consided to be relevant. Actual results may differ Iforn these èstimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recogniged in the peiiod in whlch the estimate 13 revised whfjrè the revision affects only thal period, or in the period of the revision and future periods wh8re the revision affects bolh current and future periods. Critical iudllèm•ntg A88&$glng IndlcatOf8 of Imp8lrment In assessing whether there have been 8ny indicators of impaiment of assets, the trustees have considered both external and internal sourcos of informalion 8uch 88 market conditions and experionce of recoverability. Dotgrmlnlng resldual valu•$ and useful econom1¢ Ilves of tanglble fixod ¥ssets The charity depreciates t8ngibl& fixed a55els over their eslimaled useful lives. The eslimalion of Ihe uséful lives of asset$ is based on hislorfc perfomiance as well as expectations about future use and therefore requires eslimales and assumptions to be applied by managernenl. The 8clual lives of these assets can v8ry depending on a variety of factors, including technological innovation, woducl life cycles and maintenance programmes. Judgement is applied by t¥ustees when determining the residual values for t8ngible fixed assets. When determining the residual value trustees aim to assess the amount that the company would currenlly obtain for the disposal of the a8SOt, if il were already of Ihg condition expected al the end of its useful econornic life. here possible this is done wth r8feTence to external marktrt prices. Donatlons and lega¢l•$ Current financlal y•ar Unr•8trlcted Unrestrlcted R•8trlctfjd fund$ fund$ funds general deslgnated 2024 2024 Total Total 2024 2024 2023 Donations and gift3 Grants receivable for re activitie8 157,000 18,770 21,448 34,612 197,216 66,652 192.892 34,612 157,000 18,770 56.058 231,828 259,544 P8gè 121
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Donations and legacles Icontinuedl Prlor flnanclal year Unrostrlcted UnreBtrictsd R•strlcted funds funds lunds g•nfjral general g&ner•l 2023 2023 2023 Total funds 2023 Donations 8nd gifts Grants reeeivable for core aclivllies 31,152 50,000 30.000 5,500 142,892 66,652 192,892 81,152 30,000 148,392 259,544 Grants receivable for core activitles Unrestrlcted Re$lrl¢tod funds funds gener41 2024 Total Totsl 2024 2024 2023 Grants receivable for corg activities Conservation projects Community Gorden PTojecl 34.612 34.612 81.321 45,000 11,571 Capital grant 55,000 34,612 34,612 192,892 Unr•8trl¢tod Rostrlcted funds fund$ G8néral 2023 Tot81 2023 2023 Grants receivable for corg activities ConseNation project8 Community Garden PTojecl 50,000 31.321 45,000 81,321 45.000 11,571 11,571 Capital 9rant 55.000 55,000 50,000 142.892 192,892 Page 122
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Charltable activities 2024 2023 Ticket sales 99.806 117,315 Other trading activit1•$ Unrestrlcted Unr•$trl¢t•d funds funds general gonèral 2024 2023 Event sales Shop sale Function Sales Boat trip income Tearoom Sales Fishing income Touring caravan income Hire charge? Holiday property income 23,227 24,796 22.092 4,916 158.625 10.000 67.460 10.016 36.374 27.129 33,938 18,718 5,603 177,638 10,000 74,107 7,555 24,214 Other trading activitie3 357,526 378,902 Invostments Unrestricted Unrestricted fund$ funds general general 2024 2023 Income from listed investments Interest receivable 7,528 3,007 8.042 1,761 10,535 9,803 Page 123
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Other Income Unrestrlctedunrestrlctsd funds funds g•n•ral general 2024 2023 Gain on sala of fixed as8el Other income Rents receivable 1,000 751 22.200 14,729 22,400 23,951 37,129 R8iJlng funds Current flnanclal y•ar Unrestrictsd Restrlcted Endowm•nt funds funds funds goneral general 2024 2024 Total 2024 2024 Shop pur¢hasas Wages Stock movemènt Tearoom puichases Function purchases Boat trip oxpenses Event purchases Holiday property expen88S CorpoTalion 18X Invgstment managernent 13,336 133,657 2,981 40.359 9.963 3,788 1.390 24,829 {1,888) 13.336 145,953 2.981 40,359 9,963 3,788 1,390 24.829 {1.8881 14 12,296 14 216.119 12,296 14 22B,429 Page 124
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Ralslng fund3 l¢ontlnuedl Prlor flnanclal year Unro$trlcted Restrlcted Endowm•nt fund lunds funds general aeneral 2023 2023 Total 2023 2023 Shop purchases Wages Slock movement Tearoom purchase Function purch8SeS Bo* trip expenses Exhibition Gosts - Costume Exhlbilion costs- Miniatures Event purchases Touring caravan park maintenance Holiday property expenses Holiday property commissions paid Corporallon lax 26.019 192,310 13.629} 61,311 3,548 2,824 480 6,624 4.285 (1441 6,361 2.854 3.446 25,019 192,310 {3.629) 61,311 3,548 2,824 480 6,624 4.285 {1441 6,381 2.854 3,446 305,289 305,289 Pagè 126
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 CharStsble actlvltles Dlr*ct Dlrect char5table ¢hailtablo expondlture oxpendltur• 2024 2023 Staff costs Depreeiallon and impairment Office and miscellaneous expens88 Rates Light and haat Premises insuranc8 Telephono Marketing Subscriptions Bank charge8 Educational expense8- re8tr1¢led Curatorial expenses Staff and volunteer expttnse8 House Maintenance Estate maintenance Let 8c¢ommodation mainlenanee Repairs and renewals 159,155 70,218 9.711 9,167 34.524 39.878 2,103 12,970 2,083 12,773 166,592 65,253 17,057 1S,179 66.126 34,797 3,012 33,023 8,038 2,771 i! 1.600 88,368 1,968 13,188 32,962 1.534 5,061 37.785 8,145 24,842 3,423 2,434 497,261 488,477 Share of govgrnanca costs (see note 10) 23,951 14,905 521.212 503.382 Analy¥ls by fund Unrestricted funds- general Unreslricled funds- designatod Restricted funds 398,322 10.IS7 112.733 448,107 9,940 45,335 521,212 503,382 Page 126
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 1 fr Support costs Governance costs 2024 Governance Costs 2023 Audit fee81indepèndent examination fee Accounl8n¢y Legal and PTofe881onal 3,500 13,440 7,011 3,500 11,405 23.951 14,905 Analysed between Charitable 8ellvS1ies 23,951 14,905 11 Tru$t•es None of the Truste8s lor any persons connected with them) received any remuneration or benefits from the Trust during the year.12023.. £Nill. Funds of the TNSI have been used to provide indemnity insurance to protect the Trust. its Irustees and 5enlor management 8g8inst the consequences of any neglect or default. The cost of the policy for the ye8r is £1,507 {2023.' £1,338), of which £879 relates lo the year ended 30 November 202412023.. £780). ExpenseB of £26 were also paid to trustees during the year. Durfng Ihts ye8r Ihree trustees donated £179,100 (2023.. £30.5001 lo the TrusL of whi¢h £29,000 had conditions allached {2023.. £nill. 12 Employees The average monthly number of employee8 durfng th8 year was.. 2024 Number 2023 Number Permanent Seasonal 10 30 18 Total 29 40 Page 127
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 12 Employeets Icontlnuedl 2024 2023 Employmènt costs Wages and 8alarie8 Social security costs Olher pension costs 277.373 9,048 6,391 344.959 8,744 5.199 292,812 358,902 There w8w no èmployees whose annual r8muneTalion was £80,000 or more. Remuneratlon of key management P•Tsonnel Key management has been detemiined to be the Iruslees and one member {2023.. 1) of the seniormanagementteam. Trustee$ Teceive no remuneration or benefits. The total remuneration of the senior management team was as follows.. 2024 2023 Employment Costs 46.727 41.482 Aggregate compens81ion 13 Tradlng 8¢tlvltles of subsldlory The Trust has 8 wholly ¢)wned trading subsidiary, Paxion House {Scollandl Limited, a ¢ompany incorporated In the UK The principal activitie5 oflhe compony are the operation ofthe shop, tearoom, functions and events. The resulls ¢8n be surnmarised as follows.. 2024 2023 291,500 (202.8171 330,102 {289.343) Turnover Cost of sales Gross profiVIIoss1 Overhead8 Other income 88,683 192.9751 62,512 40,759 (128,5451 61,869 125.9171 Surplusl(D&ficitl for the year Donation to p8rent undertaking Corporation lox 58,220 {30.745) 11,8881 (3,446) 29,363 129.363) Page 128
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 30 NOVEMBER 2024 13 Tradlng 8¢tlvltlo8 of subsldlary Icontlnued) Tho trustees recognise the import8nce of ils wholly owned Iradlng subsidiary and are satlsfied with its performance. There has been £29,363 surplus for the year {2023-. dgficit £29.363} with a donation to the Trust of £30,745 (2023.. nil) in support of 118 charitable objectives. As al 30 November 2024, the Trust's wholly owned trading subsidS8ry, Paxton House IScoll8ndl Limlled Icompany number SC2104771, prepared ils financial 5tatemenl8 in accord8nce with 88clion 479A of the Companies Act 2006 exempting il from an audit. In doing so and as a con6equ6nce. The Paxton Trust {Charily number SC002177) has undertaken to guarantee all outstanding liabililies that P8xlon House IScoll8ndl Limited is subject lo al 30 November 2024. 14 N8t galn$lllosse•l on Investments EndowM•nt Endowment funds funds 2024 2023 (Lossllgain on revaluation of Investmenlg 31.588 (10,7051 Page 129
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2024 lfj TanylbflK4d41••t4 Oroup Tourlng CornvAn PBik Improyomgnts Holldiy Flat Qlamplnv FlxiUr¢Y, Collgctlon Prolqct ffttlnpl and Ipm•bt Bog1 Pr¢lpcl Coot At 1 DÈcernber2023 35B,383 114,825 f4,631 32,110 7,50D 358.940 34,434 (6,745) $4S,459 3BA48 f,447,87e 56,465 16.745} DiBPQ3 AI 30 Novomber2024 358.393 38,810 3e6.829 545A59 88.A49 1.497.696 D*pr¢¢laUon ImpJlrM•ht Al l D¢c¢mb¢r2023 Deve1110 chprged in thÈyear Elknknaiedknfespecl ofd18w3¥ 79.907 33,399 48,183 6,455 238.706 27.464 16,7451 19.734 30,449 424.991 70.216 16.7451 At3Q Nonber2024 113.3C 259,427 28,44B 488,462 CBrrylnq amount M30 November2Q24 245.08T 72,SOB 39,610 127.202 624.fj27 1.009.231 AI 30 Notsr2023 27&480 66.A32 32,110 120.232 525.726 1,022,985 Fage 130
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 IS Ta9Ible fix•d a•ty•ts Chirlty Hollday Flat Flxtures. CollectlonsBoat Projact and Let ffittlnlls and Improvom•nts equlpmont Tolal Cojt At 1 Decomber 23 Additions Disposals 114,625 14,531 318,049 32,679 16.7451 545.459 38.449 1,016.582 47,210 18,745) At 30 November 2024 129,156 343.983 545,459 38,449 1,057,047 DepTeciatlon And Impalrrnent At 1 December 2023 Depreci81ion charged in the year Eliminated in respect of disposals 48.193 8,455 227,491 22,474 {6,745) 19,734 898 38,449 333.867 31,827 {8.7451 At 30 November 2024 56,648 243.220 20.632 38,449 358,949 Carryin9 amount AI 30 November 2024 72,508 100.783 524.827 698.098 At 30 November 2023 66,432 90,558 525,725 682,715 Ins Paxton Houso, ils collection and its 80-acre e$tale which were slfted lo tho nation by on 11 November 1988 81 no cost lo th8 Trust. There have been no acquisition8 or disposals of heii18g8 assels during the 18st five years. The values reported for Ihe Collection Fund aTe trdnsaGtion costs for recent purcha¥. The values of Paxlon Hous¢ and tho collections therein (apart from some recent #equlsilionsl have not been IncorpoTaled in the Balance Sheet of the Tiusl os the Iwslees consider it inappropriate lo attempt to eslimale such values. In addition in accord8nce with the Twsl Deed the Iiuste8s have no powei lo sell any part of the original colle¢lions. This Ire8lment18 in 8¢cordance 1th FRS 102whlch deals With a¢counling Irealmenl ol H8ritage Assets. Public access to Paxton Houso, Its collectior15 and Ihe esl8te in whith il stands is permitted betweèn Marth to October each year followbng payment of a sm811 entrance fee. PagLA 131
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Flxed asset Invo¥tm¥nts Llsted Inv•$tmonl$ Cash In portfollo Total Co•t or valuatlon At 1 December 2023 Valuallon changes 271,173 31,588 437 1355} 271.610 31,233 AI 30 Novernber 2024 302,761 82 302.843 Carrylng amount AI 30 Nuvamber 2024 302,761 82 302,843 At 30 November 2023 271.173 437 271,6fO 2024 2023 Oth•r Inv•$tmgnts Investments in sub8idiari8S Paxton Hous8 IScoUandl Limited, with issued share c8pitsI of £1 is a wholly owned 8ubsldi8ry of the P8xlon Twst. 17 Flnan¢l•l In$trument8 2024 2023 Carrylng amount of flnanclal assets Instruments measured at fair valuo IhroLtgh slglemenl of financlal activities 302.759 271,173 18 Stocks The Group 2024 Tha Chaylty 2024 2023 2023 Raw materials gnd consumab188 7.065 8,830 1.217 P8gè 132
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 19 Dvbtors: Amounts falllng dug wlthln one year: Tho Group 2024 The Charlty 2024 2023 2023 Trade debtors Amounts owed by subsldiary undortakings Oiher debtors CorpoTalion tax Prepayments and accrued income 39.229 64.479 10,272 224.662 5,952 48.774 213.305 7,697 1,888 5,952 12,586 7,897 9,698 4.571 1,584 59,655 82,074 245,457 271,560 20 Cr•dltors: amounts falllng dug wlthln one year The Group 2024 Tho Charity 2024 2023 2023 othertaxalion and soci85 securfty Trade cr¢dilor8 Accruals 8nd deferred income 16.101 32,591 44,995 18,051 7.252 32,214 2,785 3.014 14,872 26,188 17,062 93,687 57,517 43.230 20,671 21 Retlrement benefit scheme$ Deflned contrlbution scheme$ The Trust operates a defined contribution pension Scheme for all qualifying employees. The assets of the scheme are hold separately from those of the Trust in an independently administered fund. The charge to stotemttnl of financial activities in Ye$pecl of defined conlributlon schemes was £4,899 {2023: £5,199). Pagè 133
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30 NOVEMBER 2024 22 Endowment IndS Endowment funds represonl asset8 which must be hèld permanonlty by the Trust. Income arising on the endowmtsnl funds can be used in accordance with the objects of the Twsl and Is included as unrestricted income. Any cap1181 gains or losses arfsing on the assets fomi part of the fund. Current flnancial yeav Mov•m8nt In lunds Permanent endowm?nt$ Balan¢& at In¢omlng Resource8R&valuatlon$ Balanco at l Docembor resour¢e$ exponded golns and 30 Novembor 2023 loss•$ 2024 Endowment Fund 506.778 114) 31.588 538,352 Prlor flnanclal year Movèmont In funds Balance at Incomlng Re50UY¢g8Revaluatlons Balance at l Docember Msoufces •xpgnded galns and 30 November 2022 losses 2023 Endowment Fund 517,483 110.705) 506,778 Endowment Fund The Endowment Fund at 30 November 2024 is the capital fund which may not be expènded without the consent of the National Heritagé Memorial Fund. The fund is rèpresented by inveslmants and other tanglble assets. Page 134
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 23 Restrlcted funds The Income funds of the charity include reslrl¢led funds comprising Ihe following unexpended balances of donalions and grants held on trust for specific purposes.. Current Ilnancl81 y•ar Movemènt In fund8 Balance at Incoming Resource• l December re$ourcg$ 0Xnd•d 2023 TranBfeT8 Balan¢0 at 30 November 2024 Purchase E85enli81 Music Costs Vldfyo tour Chippendale Exhlbilion W8temh8è1 Project Secretaire Hayloft Lift project Eng8ging audien¢es through Education creation of resource boxes Bakery flat refurbishmenl Bike Shed Community Garden Project DYW Project Carfbbean Connedionslsuslainable Co- pro Capitsl giant Commercial development manager 4,256 971 9.823 44,091 58.996 24.492 45,000 1312) 3.944 971 1,192 36,156 47,500 21.693 41,614 150,2451 17.935) 111,496) 12.7991 (45.000} 50,000 4.743 17,071 16,0711 1384) (3,063) 1695) (6.570) 43.929 4,359 14,759 751 695 6,570 258.277 30,263 6,428 134,fj59) 112,296) 230.046 17,967 Re8lrl¢led Fund $47,983 56,058 {125,0291 156,4961 422.516 P8ga 130
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 23 Restrlcted fund8 Icontinuedl Prior financial year Movement In funds Balance at Incoming Resources 1 Decomb•r ro$ourcès expended 2022 TransferB BJlance at 30 November 2023 Pur¢h8se Essenliol Music Costs Video lour Chippend81e Exhitilion WaleN4heel Project Secrelaire H8yloft Lift project Engaging audiences through EduG8tion CatIon of resource boxes Bakery flat Tefurbishmenl Bike Shed Community Garden Project C8pII81 gr8nt Commercial development managei 4,5fj7 971 9,823 54,001 58,996 27,291 1311) 4,256 971 9.823 44,091 58.998 24.492 45,000 {9.910) {2,7991 45,000 1,058 50.000 5.000 17.071 {1,0581 50,000 4.743 17,071 258,277 30,263 (2571 289,277 (31,0001 30.263 Restricted Fund 444,926 148,392 (45,335} 547,983 Restricted Fund The Reslricled FL6nd8 are used by the trustees to correctly classify and record Iho$e funds subject to specific restricted condilions imposed by the donor. in r83pèct of those trgnsactions specifically recogni8ed a8 adding to Paxton Hou8e and its collection of funded historical assets. Page 136
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 24 Unr•strICt funds - Deslgnated funds The income funds of th8 ¢harily include the following designated funds whlch have been set 88ide from unreslri¢ted funds by the trustees for Specific purposos.. Current financial year Movement In funds Incomlnu Ro$our¢&$ Tr8n8f8rs resources expended Balance at 1 December 2023 Balance at 30 Novtrmb&r 2024 Capilal Asset Project Fund 50,378 18.770 110,157} 58,991 Prlor flnancial year Movement In funds Balance at Incomlng Rèsourcos 1 D•¢ombgr resources expended 2022 Transfers 8alance at 30 Nov•mb•r 2023 Capital Assel Project Fund 30,318 30,000 19,9401 50.378 Dg$lgnatsd Copltsl A8$0t ProJect Fund Tho Design81ed Capitol Asset Project Fund aro unrestricted funds that have been set aside by the Iru81ee8 for particular capital purpos0S. 25 Unrestrlcted funds The unreslricled funds of the charity comprise the unexpended balances of donations and grArits which are not subject to spocific conditions by donors and grantors as to how they may be used. These indL¢de designated funds which have been set a5Ide out of unrestricted funds by the Iruslees for specific purposes. Current rinancial year Mov•mènt In funds Incomlng Re$ouYc•s resources expended Balance at 1 Dèeember 2023 Transfers Balance at 30 November 2024 Capi181 Asset Projecl Fund General fund 38,190 484.984 38,190 575.857 648,818 {614,441) 58.496 523,174 648,818 1614,441) 56.496 614,047 Page 137
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 2S Unre8trl¢ted funds Prlor f5nancial year Movgmont In fund¥ Balancé at Incoming Resource8 1 December reBour¢e$ trxpendèd 2022 TranBf8rs Balance at 30 November 2023 Capital A88el Proje¢l Fund General fund 38,190 614.079 38,190 4B4,984 624,301 1753,3961 652.269 624,301 (753,3961 523,174 Capltal Asset Project Fund The Capital Asset Project Fund are unrestricted funds that have been 8el aside by the Iruslegs for par¢Ir Capital purposes. 26 Analysls of net assets betw••n fund$ Current Ilnan¢lal year Unrg$trlct•d De8lgnated Restrlctsd Endowm•nt funds funds fund$ nds 2024 2024 2024 2024 Total 2024 Fund balance8 al 30 November 2024 ara ropresenlèd by.. Tangible 8ssgls Inveslmenls Current a889ts1lli8bilitiesl 340,222 40.439 393,064 235,509 1,009,234 302,843 302,843 321,829 273,825 18,552 29.452 814.047 58.991 422,516 538,352 1,633.906 Prlor fln4n¢lal year Unrastrlcte(l D&8lgnated Restrlcted Endowm•nt funds funds funds funds 2023 2023 2023 2023 Total 2023 Fund balan¢e8 8130 November 2023 are represented by.. Tangible assets Inve8lmenls Current assetsllliabililiesl 305.773 338 217.083 20,378 461,328 235,506 1,022.985 271.272 271,610 333,718 30,000 86,655 523,174 50,378 547,983 506,778 1,628,313 27 Rfjlalgd party transactlonts During the year 3 tfUStees don8led £179.10012023'. two £30,500) lo the Trust In which £29,000 had conditions attachgd.
PAXTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 28 Cash generated from operatlons 2024 2023 Surplus for the year 5,593 116,683} Adjuslmenls for.. Investment income recognised in statement of financial activitie8 Fair value gains and105se8 on inveslm8nts Depreclation and impairment of tangible fixed assets {10,535} 131,586} 70.216 19.8031 10,705 65.253 Movements in working capital.. Ilncre8581 in stocks Decreasel{increasel in debtors IDeGrea$6llincrease in ueditors 1,765 22,419 36,170 12.2781 13,4611 1.060 Cash gener4tsd from opèratlons 94,040 44.793 Page 139
PAXTON TRUST CONSOLIDATED MANAGEMENT INFORMATION FOR THE YEAR ENDED 30 NOVEMBER 2024 Page 140
PAXTON TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2024 2024 2023 Shop Shop 3al¢$ Shop purchase Shop wages Shop opening stock Shop closing stock 24,796 113,3361 13,2971 (6.8251 33,938 {25,0191 {19,4341 12,4681 6.825 14,8751 18.1581 Tearoom Tearoom sales Tearoom PUTcha8es Tearoom wages Tearoorn opening slo¢k Tearoom closing stock 158,625 140.3591 182,9161 {2,0051 2,061 177.638 161,311) 1123.115) 12,733) 2,005 35,406 17.5181 Fun¢tlon8 Function sales Hire charges Function pur¢h8SO$ Wages 22,092 10,016 19,9631 11,887 18,718 7,555 13,5481 10,366 10,258 12.359 Events Event s81es Event PUTchase8 Exhibition ¢osts- costume Exhibition co$t$- miniatures Exhibition costs- lego 23,227 {1.3901 27.129 (4,2851 {480} 21,837 15.740 House Donations and Tick•t Sal•8 Tlcket Bales 99,806 117.315 Fl$hlng Fishing income Fishing costs 10,000 10,000 8,069 10.000 Tourlng C•r8van Park Touring caravan park incom8 Touring caravan park mainlen8nce 67.480 74,107 f44 67,480 74,251 Hollday Property Hollday property income Holiday property repair8 and cle8ning Hollday property commissions paid 36,374 121.5751 24.214 16,361) 2.854 11.545 14,999 Boat Trlps Boat trips income Boat trip expenseB 4,916 5,603 3.059 2,779 Carrled foNMrd 252,585 233,769
PAXTON TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 2024 2023 Brought forward 252,585 233.769 Other Sn¢om• Ren18 receivable Sundry income General donation8 Grant income Gain8 on s818 of fix8d assets Investment income Bank interest 22,200 751 197,216 34,612 1,000 7.528 22,400 14,729 66,652 192,892 8,042 266,314 306,476 Expenditure on: W8g85 and sal8ries Eslale wages Curatorial wages 184.712 205,987 37.785 {218,3821 (243,7721 Property costs House maintenance Eslate maintenance Let accommodation maintenance Light and heal Rate8 Premises insurance 13.188 32,962 1.534 34,524 9,167 39,878 24.842 3,423 68.126 15.179 34.797 1131,253) 1144,367) Carried forvArd 169,264 152,106 Page 142
PAXTON TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED FOR THE YEAR ENDED 30 NOVEMBER 2024 2024 2023 Brought forward 169,264 152,106 Overhead Expense8 Education expen56S Investment management c031s Legal and professional fees Curatorial expenses Staff and volunteer expenses Staff Iiaining and developmènt Office and miscellaneoLSS expense Repairs and Tenewals Telephone Accounlan¢y fees Audit fees Ilndependent examination Marketing Bank charges 1,800 14 7.011 54,698 1,968 9,708 5,062 2.103 13,440 3.500 12,970 2.083 2.771 8.145 17,057 2,434 3,012 11,405 3,500 33,023 1126,9301 189,3851 Depreclatlon Plant and equipment Piano Touring caravan park Holiday accommodation improvements 31,721 897 33.156 26,757 897 33,156 170.2171 (65,2531 Net movement on Investments Revaluation of inv981m8nts 31.588 110,7051 Corporatlon tax 1.888 13,4461 Surplusldeficlt for tho Year Page 143