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
Be￿ICk 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 Otherge￿rouS 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 Be￿Ick-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 ￿$t￿MeS h8B r&r8 and unlque gentlemen's clothlng wom by Palnck Home. who bulll
Paxton House, at Ihe Court ol King FrederiGk th¥ Gr8at of PrussiB in 1749- 1751. Polrick's iaolhing, embroidÈrod
th gokl and silver threads, includes the only surviving fancy drgss ¢ostum8 from lh8 King's extfaordinary
Carousel celebration held In 1750. This has remained on display. as a highlight of the 'Parallel Liv85. WoTld's
Aport, axhibition, in 2024.
We also hosted an exhlbillon about the Munros (the name given to all mountslng In Scotl8nd ovar 3000ft1, and,
due to hlgh demand from our local audience. w8 hèld a r&p¥at of our Lego Exhibition.11 was lovely lo see familie
and Lego fan$ of 811898s playing with the aclivily tables and enjoying lirne within our mu¥eum ¥pare.
Care of the collection$ Gonlinued with a Significant numbgrof pl8￿8 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
St￿ams. 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 $erl88 of f4mity stori&s we hoFe lo launch an exhibition serie5 which will focui on diffei8nl family
membe15 in 2025. The inaugural exhibilion will be 8bout Hannah M8cForlan. the fomier ownerfs paternal
grandmother and her fascinating Edwardign life.
The hou88 And collecllon& ￿11 hava 8 rafrosh- ensuring we always maximSse how our ￿1￿CtIOnS and stoiigs
are shared with visitors. We are planning on moving th8 shop to a space next to the courtyard, ensuring that the
courtyard beGome3 the hub point at PaAlon a welGon)ing and vibiant spaGe ft)r all of OUT Vi3itOF¥. In rttl8tion
to 818ff development and improving accessibbllly, we are looking forward to offering OUT leam anti-racism and
anti-ablism tratning Ihank8 to kupport from Museums Galleries Scotland as part of their Museums Translormè
programme.
We look fo￿ard lo welcoming Music al Paxton and Glam Racket Antique$ 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 r￿t bo d6te¢led. even though the audit ha8 been planned and pgrform8d in accoTdance
with ISA8 (UKI.
A further descripllon of our T08F￿n81bilitie6 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 cOmple￿On 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 servi￿S 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 conside￿d 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 Tanylb￿flK4d41••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
Deve￿1110￿ 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 No￿nber2024
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 No￿￿ts￿r2023
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 Ta￿9Ible fix•d a•ty•ts
Chirlty
Hollday Flat
Flxtures. CollectlonsBoat Projact
and Let ffittlnlls and
Improvom•nts equlpmont
Tolal
Cojt
At 1 Decomber 2￿3
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 I￿ndS
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$ourcg$ 0X￿nd•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$ourcès expended
2022
TransferB
BJlance at
30 November
2023
Pur¢h8se Essenliol Music Costs
Video lour
Chippend81e Exhitilion
WaleN4heel Project
Secrelaire
H8yloft Lift project
Engaging audiences through
EduG8tion C￿atIon of resource boxes
Bakery flat Tefurbishmenl
Bike Shed
Community Garden Project
C8pII81 gr8nt
Commercial development managei
4,5fj7
971
9,823
54,001
58,996
27,291
1311)
4,256
971
9.823
44,091
58.998
24.492
45,000
{9.910)
{2,7991
45,000
1,058
50.000
5.000
17.071
{1,0581
50,000
4.743
17,071
258,277
30,263
(2571
289,277
(31,0001
30.263
Restricted Fund
444,926
148,392
(45,335}
547,983
Restricted Fund
The Reslricled FL6nd8 are used by the trustees to correctly classify and record Iho$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￿¢￿I￿r
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