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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 02614135

Report of the Trustees and Financial Statements for the Year Ended 31 December 2022

for

The Burton Constable Foundation

Contents of the Financial Statements for the year ended 31 December 2022

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 11
Report of the Independent Auditors 12 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Cash Flow Statement 18
Notes to the Financial Statements 19 to 32

The Burton Constable Foundation

Reference and Administrative Details for the Year Ended 31st December 2022

TRUSTEES R C Straker DL, MA (Cantab) MRICS
R A H Sword FRICS FAAV
C J Nichol BSc, PG Dip, AMA, FRGS
Y L Hardman MA, AMA
J C Straker MBA MA (Oxon),FRSA
C A Ussher
J Beardsworth-Shaw – resigned 28 March 2022
R B Baines BA(Oxon) – resigned 5 April 2022
COMPANY SECRETARY C M Day
REGISTERED OFFICE Burton Constable Hall
Burton Constable
Skirlaugh
East Yorkshire
HU11 4LN
REGISTERED COMPANY NUMBER 02614135
REGISTERED CHARITY NUMBER 1010121
AUDITORS Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA
SOLICITORS Knights
Hudson Quarter
Toft Green
York
YO1 6AB
ADVISERS Investec Wealth and Investment
30 Gresham Street
London
EC2V 7QN

Page 1

The Burton Constable Foundation

Report of the Trustees for the year ended 31st December 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Statutory Information, Principal Activity and Public Benefit

The company is limited by guarantee and it and its officers are governed by the Memorandum and Articles of Association dated 23 May 1991, as amended by special resolutions dated 24 September 1991 and 23 March 1992.

The principal objectives are:

to acquire and maintain the house known as Burton Constable Hall together with the contents thereof and the land and estate appurtenant thereto and to conserve the same and make them available to members of the public.

the relief of poverty and the advancement of education and of religion; and such other purposes for the benefit of the community as shall be exclusively charitable.

There has been no change in this activity during the year. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundations' aims and objectives and in planning future activities.

The principal objectives are currently under review.

Visitor Numbers

Visitor Numbers in 2022 were 46,097, the highest recorded in a single year since the Foundation began running Burton Constable in 1992. Annual pass sales increased by over 50% and the new events programme which included the Great British Food Festival and Adventure Cinema drew in new audiences. Historic House member visits have now exceeded their pre-pandemic levels.

Page 2

The Burton Constable Foundation

Report of the Trustees for the year ended 31st December 2022

Exhibitions

A Different World - An exploration of the adventures of the travelling Chichester family in the 19th Century.

This exhibition used newly transcribed and never-before displayed archive to give a glimpse of a life of excitement, tragedy, adventure and affluence told almost entirely through the words of this extraordinary couple whose travels took them across Europe, the Mediterranean, the West Indies and North America. These long voyages saw the family cross the Atlantic frequently in the days when steam ships were still a new innovation, when colonialism was at its height and when a simple train journey from London to Hull could take 19 hours! From the earliest days of their courtship, through early married life apart as Charles built his career in the British military, to the couple's terrible parting in Toronto, this exhibition explores their lives together - and the close relationship they kept with their eldest sons at school 4000 miles away in northern England.

Page 3

The Burton Constable Foundation

Report of the Trustees for the year ended 31st December 2022

New Acquisition

We’ve recently been donated a new artwork by Helen Bibby, daughter of art collector and dealer JCH Bibby of London. This is a watercolour painting of the Staircase Hall created by Eliza Chichester in 1855. Helen’s father had already donated several pieces to suitable museums in his lifetime, and she felt that he would have appreciated the return of this work to its place of origin. This is a very beautiful piece of work that shows the Staircase Hall in a way it’s not been seen before.

Grants and Assistance

The directors and trustees are grateful for the assistance given by, and for grants received from the Association of Independent Museums/Pilgrim Trust, Museum Development Yorkshire, The Humber Museums Partnership, and the Friends of Burton Constable.

Conservation

The Chained Captive sculpture conservation has been completed and the item will be displayed in the Staircase Hall in time for the beginning of the 2023 season. This will be the first time that the sculpture has been on display to the public at Burton Constable. This work was funded by the Association of Independent Museums / Pilgrim Trust

Page 4

The Burton Constable Foundation

Report of the Trustees for the year ended 31st December 2022

Humber Museums Partnership Project: North Wing

Work on the project to improve collections storage for our historic framed prints and music collection and to make the history of these collections more accessible was funded by the Humber Museums Partnership. Examples drawn from the music collections was performed by professional musicians in March and recorded and edited by staff from the University of Hull’s music department over the summer.

The recordings can now be played in the Hall for the enjoyment of our visitors. A new search room has been created for visiting researchers, and the music collections have been re-boxed in archival-quality materials and re-shelved so that they are easier to locate and can be handled more safely. A new unit of racking has been installed to house the collection of framed prints not currently on display and to hold empty frames, making these collections far safer. Written interpretation around the print and music collections using the research generated through the project has been installed, as well as the creation of a new guided tour for the space to be delivered by our excellent volunteer tour guides.

The ground floor of the North Wing have undergone a ‘light touch’ restoration, carried out by Heritage Buildings Manager, Gary Dewson to enable the rooms to be brought back into use for meetings, workshops, school visits, etc until such time as funding can be obtained to carry out a full restoration of this area.

Page 5

The Burton Constable Foundation

Report of the Trustees

for the year ended 31st December 2022

Collections Biography

Museum Development Yorkshire granted Burton Constable support in 2022 to conduct a Collections Biography, gaining a better overview of our collections and collections management practice. This has resulted in a report outlining the above and giving recommendations for improvements; funding is available to enact these recommendations, and this will be an ongoing area of work for the Curatorial Committee.

Curatorial Training

Philippa Wood was awarded a training bursary to attend the 2-day Attingham Trust conference The Horse and the Country House: Art, Politics and Mobility. The bursary included all expenses as well as the cost of the conference which explored the ways in which the horse has been central to the artistic, social, cultural, and political functions of the country house.

Loans

The painting of Thomas Fitzherbert, usually displayed in the Great Hall, is now on loan at Manchester Art Gallery until May 2023 as part of their exhibition ‘Dandy Style’.

The Friends of Burton Constable

The Friends have continued to work hard to fundraise to support the work of the Burton Constable Foundation. Projects funded in 2022:

Theatre Costumes

The red military jacket and green pantaloons from Burton Constable’s collection of theatrical costumes have now been conserved to a very high standard and returned to the Hall, with the jacket placed on display in the Long Gallery in December 2022.

Blinds for the windows in the Long Gallery

The blinds funded for the Long Gallery windows have been purchased and will be installed in time for reopening the Hall on 1 April 2023.

Page 6

The Burton Constable Foundation

Report of the Trustees

for the year ended 31st December 2022

Volunteers

The Foundation is grateful for the unstinting efforts of its volunteers who assist the Curator with research into the history and collections, the Heritage Buildings Manager in the maintenance of the house and the Grounds and Parkland Officer in looking after the gardens and grounds. In addition, the Foundation has 77 house guides who add so much to the visitor experience. In 2022 a total of 7625 volunteer hours were worked across the various roles. If the value of this to the Foundation is calculated based on the minimum wage, the volunteer contribution amounts to over £76,000.

Volunteer Christmas Party 2022

Page 7

The Burton Constable Foundation

Report of the Trustees for the year ended 31st December 2022

Fixed and Heritage Assets

The movements in fixed assets during the year are set out in notes 15 and 16.

As a result of the disclosures required under the Charities Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2019), heritage assets are shown at either the valuation on acquisition by way of gift or donation, or at the original cost.

The house known as Burton Constable Hall, built c.1570, together with the stable block, certain ancillary buildings, and approximately 320 acres of surrounding parkland was originally transferred to the National Heritage Memorial Fund by John Raleigh Chichester-Constable. This was subsequently gifted to the company on 23 March 1992 by The National Heritage Memorial Fund together with the Heritage collection of 'curiosities' and scientific instruments and an endowment of £3,300,000, now valued at £7,554,699.

The furniture, paintings and decorative art collections were transferred to Leeds City Council to be retained on display at Burton Constable Hall.

The Chichester-Constable family have also loaned some contents including the Chippendale Furniture in the Great Drawing Room.

FINANCIAL REVIEW

Investment Powers, Policy and Performance

The Deed of Gift established the investment powers for the endowments received. The charity could invest the gift of the endowment of £3,300,000 in such manner as it saw fit and has therefore delegated the management of its investment portfolio to a specialist advisor, Investec Wealth and Investments. The objective of the advisors is to maximise the long-term capital return of the fund ahead of inflation.

Reserves Policy

The Foundation's reserves policy is to hold sufficient reserves to continue to maintain and run Burton Constable Hall for the public benefit.

Page 8

The Burton Constable Foundation

Report of the Trustees

for the year ended 31st December 2022

Endowment Fund - Permanently Endowed Funds

The Endowment Fund was established in 1992 with £3,300,000 endowed from The National Heritage Memorial Fund.

The aim was to provide the Foundation with sufficient investment income to fund the annual running costs of Burton Constable Hall and grounds. The endowment of £3,300,000 has restricted uses and must be used to generate investment income and cannot be used as income itself, except for the fact that the Foundation has been granted permission by the National Heritage Memorial Fund to draw down up to 1% per year of the capital of the endowment fund so long as the capital has grown ahead of inflation.

Since this fund was established, income from the investments has been used to cover the general running costs of the charitable company. The investment income has been supplemented by income generated from entrance fees to the Hall and grounds and donations received.

The initial endowment and any subsequent changes in market value of the investments it was used to purchase, are designated as the Main Fund within the total Endowment Fund.

The Endowment Fund was augmented at 1st January, 2001 by £1,845,188, being the reinstatement of Heritage assets which had previously been written off or which had been valued at nil, of £1,669,329 and reclassification of the riding school from investments of £175,859. These assets are designated as the Heritage Assets Fund within the total Endowment Fund. Since then, additional assets of £34,239 have been acquired and the total fund stands at £1,879,427.

The total balance of the Endowment Fund at 31st December 2022 amounted to £9,434,126 designated as the Main Fund £7,554,699 and the Heritage Assets Fund £1,879,427.

The Main Fund has decreased by £1,024,129 as a result of realised losses on disposals and by the decrease in the value of investments at the year end. A capital drawdown of £40,000 was used during the year, partly to cover legal costs and partly to fund the installation of a new environmental monitoring system in the Hall to assist in the preservation of the fabric of the building and the collections.

Total Reserves

The total reserves at 31st December 2022 amounted to £9,481,315. The high level of reserves is required in the Endowment Fund to generate sufficient investment income to cover the running costs of the Foundation. The directors and trustees are continually trying to increase and attract funding for curatorial and capital expenditure to continue with improvements to the Hall, contents and grounds.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 9

The Burton Constable Foundation

Report of the Trustees

for the year ended 31st December 2022

Directors and Trustees

The Sub-Committees are as follows:

Development Committee Executive Committee Family Liaison Committee Finance, Risk and Remuneration Committee Working Group – established 28 June 2021

The trustees of the charity during the year, and their respective memberships of sub-committees, were as stated below:

Committee Membership

Robert A H Sword FRICS FAAV Chair, Board of Trustees Finance, Risk & Remuneration (Acting Chair from 28 June 2021) Family Liaison Committee (Chair) Executive Committee (Chair) Rodrica C Straker DL, MA (Cantab) MRICS Curatorial Committee (Chair) Family Liaison Committee Development Committee Camilla J Nichol BSc, PG Dip, AMA, FRGS Development Committee (Chair) Executive Committee Working Group (Chair until October 2022) Yvonne L Hardman MA, AMA Curatorial Committee Development Committee Working Group Jack C Straker MBA MA (Oxon), FRSA Finance, Risk & Remuneration Committee Family Liaison Committee James Beardsworth-Shaw Development Committee – (resigned 28 March 2022) Christopher A Ussher Finance Risk & Remuneration Committee Working Group (Chair from October 2022)

The Working Group ceased to function following its recommendation to appoint the lawyers and surveyors and appointment of Penny Elliott.

The first appointed trustees were named in the Memorandum and Articles of Association and were limited to eight. New trustees must be nominated by two existing trustees and their appointment unanimously agreed by those trustees holding office. All trustees must retire after three years but can then offer themselves for re-appointment.

There were two Trustee resignations in 2022, James Beardsworth-Shaw (resigned 28 March 2022) and Rosanna Baines (resigned 5 April 2022). These positions remain vacant.

It is with sincere sadness that Trustees record the death of James Straker on 7th July 2022. James served as a family trustee on the Board from 2008 until 2019. His gentle good humour is greatly missed by his fellow board members.

Page 10

Tho Burton Con•latkn Foundatktrn Roport ol the Trustees ft4rth• y•w •nd•d 31st Decombor 2022 Rlsk Manag•m•nt The trustees have debaled risk management issues and have deVdOp￿ a StralwJic Risk R8gister and an Operatiollal Risk Register whth are reVithV￿I by the Finance. Risk Remuneration Committee and by the Board of Trustees. Prfnclp•l Officer The principal officer of thè company is the Dyeclcff. Susan Hopklnson. STATEMENT OF TRUSTEES RESPONSIBILITIES The Irustees {who are also the directors d Th& Burton CTh)$tsbl• Foundatlon for the purposes of company lawl are reswnsible for preparing the Repcxt of the Twslees aThJ the financkgl st818menls in arAxJrdan¢e wlth applicable law and United Kingdom AccoJnling Standards (United Kingdom Generally A￿pIed A¢¢4iuntlng Prdcknl, including Finanual Rewiing StaThJard 102 Tr Financ$￿ Re￿t￿l9 Stsndard appl￿ble in the UK and Republic of Ireland.. Company law requires thé trustees to prepare financial slatements each ffinancial year which give a true and fair view of the slate of affairs of the charitable tknmpany and of th8 incoming resources and application of resources. including the income and expenditure. of the charitable company for that pwiod. In preparSng those financial statements, the trustees are required to select suitable ac¢wnling [X)I￿leS and then apply thèm consistently: observe the methods and prI￿lpleS in the Charity SORP., make judgements and estimales that are reasona1￿8 and prud8nL' prepare th& finarrial statements on the going ¢¢xK¢m basis unless It is inappropriate to presume that the charitable company will Continue in business. Tho trustees are reSp￿lS1b1frf0r keeping proper a(￿￿ntIng r&>yds ￿1¢h disclose reasonable accuracy al any lime the financial position of the charitable company and lo enal￿e them to ensure that the financial Statements comply with the Ctynpanies Act 2(X)6. They are also responsible for safeguarding the assets of the ¢harilable company and hen¢e for taking reas(mable steps for th8 pwvention and detection of fraud and other Irrewlarities. In so far as the Iru3te8s are 8Wdre'. there Is no ￿leVant audlt irrfLYmaliM of which the th￿table companys audltors are unaware. and the trustees have taken all steps that they ought lo have taken to make themselves aware of any relevant audit infomation aThJ lo establish that the auditors are aware of that information. AUOITORS The auditors, Smalles Goldk, wll be woposed rwp(Mntment at the forthcoming Annual General M*ting. Approved by order of the board of trustees on 2023 arKi signed on its behalf by: RAHS RICS FAAV- Chair of Trustees PwJB11

Report of the Independent Auditors to the Members of The Burton Constable Foundation

Opinion

We have audited the financial statements of The Burton Constable Foundation (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 12

Report of the Independent Auditors to the Members of The Burton Constable Foundation

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Charity Act 2011, Companies Act 2006, tax legislation, data protection, antibribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Page 13

Report of the Independent Auditors to the Members of The Burton Constable Foundation

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance

with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Bramall BSc FCA (Senior Statutory Auditor) for and on behalf of Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA

21st March 2023 Date: .............................................

Page 14

The Burton Constable Foundation

Statement of Financial Activities for the year ended 31 December 2022

Unrestricted
Restricted
funds
funds
Notes
£
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
24,450
22,894
Charitable activities
5
Historic house and grounds
137,451
-
Other trading activities
3
96,957
-
Investment income
4
259,789
-
Other income
6
29,358
-
Total
548,005
22,894
EXPENDITURE ON
Raising funds
7
38,475
-
Charitable activities
8
Historic house and grounds
583,740
41,491
Total
622,215
41,491
Net income/(expenditure)
before investment
gains/losses
(74,210)
(18,597)
Net gains/(losses) on
investments
-
-
NET
INCOME/(EXPENDITURE)
(74,210)
(18,597)
Transfers between funds
22
40,000
-
Net movement in funds
(34,210)
(18,597)
RECONCILIATION OF
FUNDS
Total funds brought forward
81,399
18,597
TOTAL FUNDS CARRIED
FORWARD
47,189
-		 2022

Endowment
Total
fund
funds
£
£
-
47,344
-
137,451
-
96,957
-
259,789
-
29,358
-
570,899
41,691
80,166
-
625,231
41,691
705,397
(41,691)
(134,498)
(942,438)
(942,438)
(984,129)
(1,076,936)
(40,000)
-
(1,024,129)
(1,076,936)
10,458,255
10,558,251
9,434,126
9,481,315		 2021
Total
funds
£
83,402
126,324
64,922
268,151
28,952
571,751
88,763
574,848
663,611
(91,860)
679,487
587,627
-
587,627
9,970,624
10,558,251

The notes form part of these financial statements

Page 15

The B￿ton Con8table Foundatlon Balan¢0 Sheet 31 Dec¢mber 2022 2022 2021 FIXED ASSETS Tangible assets Heritage assets Investrnents 89.178 1.879.427 7 410 141 104,087 1,879,427 8 433,828 16 17 9,378,746 10.417.342 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 18 6,285 130,300 6,913 115,529 117029 214,138 239,471 CREDITORS Amounts f￿ling due wlthln one year (111.569) 198,5621 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 9,481,315 10,558.251 NET AsseTS 9,481,315 10.558,251 FUNDS Unreslricled funds Reslri¢ted funds Endowment fuTh18 22 47,189 81,399 18,597 9434 128 10,458.2S5 TOTAL FUNDS 9 481,315 10.558,251 These flnancial stslemenls have been prepared in ￿dar￿e wlth the provisions applicable to charitable companles subjecl to the small companies regime. Th ial statemen wwe approv￿ by the Board of Trustees and authorised for issue on arKI were signed on its behalf by". R A H Sword FRICS FAAV- Trustee The Th)tes fLvm part of these financial stateménts Page 16

The Burton Constable Foundation

Cash Flow Statement for the year ended 31 December 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash from investment transactions
Investment management fees
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2022
£
(338,523)
(338,523)
(300)
32,555
(41,691)
259,789
250,353
(88,170)
223,066
134,896		 2021
£
(298,845)
(298,845)
(4,995)
131,682
(41,964)
268,151
352,874
54,029
169,037
223,066

The notes form part of these financial statements

Page 17

The Burton Constable Foundation

Notes to the Cash Flow Statement for the year ended 31 December 2022

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2022 2021
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) (1,076,936) 587,627
Adjustments for:
Depreciation charges 15,209 16,729
Losses/(gain) on investments 942,438 (679,487)
Dividends received (259,789) (268,151)
Investment management fees 41,691 41,964
Decrease/(increase) in stocks 628 (1,502)
(Increase)/decrease in debtors (14,771) 2,757
Increase in creditors 13,007 1,218
Net cash used in operations (338,523) (298,845)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.22 Cash flow At 31.12.22
£ £ £
Net cash
Cash at bank and in hand 117,029 (39,476) 77,553
Cash held in investment portfolio **106,037 ** (48,694) 57,343
Total 223,066 (88,170) 134,896

The notes form part of these financial statements

Page 18

The Burton Constable Foundation

Notes to the Financial Statements for the year ended 31 December 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Company status

The charity is a company limited by guarantee. The members of the company are the trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member.

Income recognition

Income is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of income are as follows:

Charitable activities

Income from charitable activities is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured reliably.

Investment income

Income from listed investments is recognised as the charity's right to receive payment is established.

Sale of goods

Income from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the charity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Donations and grants

Income from donations, government and other grants, whether capital or revenue, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

Page 19

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

1. ACCOUNTING POLICIES - continued

Allocation and apportionment of costs

Support costs have been allocated between administration and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice such as costs related to statutory audit and legal fees.

There has been no apportionment of costs.

Intangible fixed assets

Intangible assets are amortised on a straight line basis over their useful lives of five years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 5% on cost Fixtures and fittings - 25% on cost Motor vehicles - 25% on cost

Heritage assets

Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less any provisions for impairment. Fair values for donated assets are estimated by reference to market prices.

Heritage assets stated at cost are not depreciated on the basis they have a very long useful life, thus making any depreciation charge immaterial.

Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly outweighs any benefit to the users of the accounts then heritage assets are not recognised on the balance sheet.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow- moving stock where appropriate.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Page 20

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

1. ACCOUNTING POLICIES - continued

Fund accounting

Unrestricted funds can be used, at the discretion of the trustees, in accordance with the charitable objectives.

Restricted funds can only be used for particular purposes within the objects of the charity.

Endowment funds represent those assets that must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income, in addition, up to 1% of the capital of the endowment fund may be used on outstanding repairs. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the statement of financial activities if the shares are publicly traded, using the closing quoted middle price, or their value can otherwise be measured reliably.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities allocated to the appropriate heading.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of financial activities unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Page 21

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

2. DONATIONS AND LEGACIES

Donations
Grants
Grants received, included in the above, are as follows:
Job retention scheme
East Riding of Yorkshire Council
Rural Payments Agency
Museum Yorkshire Development Cultural Recovery Scheme
DEFRA -Parklands management
Other grants
OTHER TRADING ACTIVITIES
Gift shop sales
Special event income
Rents received
Wedding income		 2022
£
6,313
41,031
47,344
2022
£
-
3,036
15,491
-
19,857
2,647
41,031
2022
£
18,071
43,563
27,906
7,417
96,957		 2021
£
7,480
75,922
83,402
2021
£
16,961
10,096
18,396
7,500
19,857
3,112
75,922
2021
£
14,016
26,725
20,056
4,125
64,922

Grants received, included in the above, are as follows:

3. OTHER TRADING ACTIVITIES

Page 22

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

4.
INVESTMENT INCOME
Listed securities
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Hall and grounds
admissions
Historic house and grounds
Sale of guidebooks
Historic house and grounds
6.
OTHER INCOME
Sundry income
Renewable Heat Incentive Scheme
7.
RAISING FUNDS
Raising donations and legacies
Advertising
Marketing
Other trading activities
Purchases
Special event costs		 2022
£
259,789
2022
£
135,450
2,001
137,451
2022
£
251
29,107
29,358
2022
£
10,087
500
10,587
2022
£
11,605
16,283
27,888		 2021
£
268,151
2021
£
124,968
1,356
126,324
2021
£
1,258
27,694
28,952
2021
£
7,581
200
7,781
2021
£
13,246
25,772
39,018

Page 23

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

7. RAISING FUNDS - continued

Investment management costs
2022
£
Portfolio management
41,691
Aggregate amounts
80,166
8.
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 9)
£
£
Historic house and grounds
406,691
218,540
9.
SUPPORT COSTS
Governance
Administration
costs
£
£
Historic house and grounds
153,544
64,996
Support costs, included in the above, are as follows:
Administration
2022
Historic
house and
grounds
£
Rates and water
3,006
Insurance
46,942
Light and heat
51,390
Telephone
3,521
Postage and stationery
926
Sundry expenses
2,397
Motor and travel
7,063
Bank charges
3,644
Volunteer expenses
11,618
Training
953
Health and safety expenses
3,951
Consultancy
2,342
Subscriptions
582
Depreciation of tangible and heritage
assets
15,209
153,544		 2021
£
41,964
88,763
Totals
£
625,231
Totals
£
218,540
2021
Total
activities
£
5,094
47,759
46,607
3,711
839
7,526
5,969
5,269
8,598
1,518
1,995
2,862
762
16,729
155,238

Page 24

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

9. SUPPORT COSTS - continued Governance costs

2022
Historic
house and
grounds
£
Travel and subsistence
1,985
Auditors' remuneration
5,775
Accountancy fees
1,274
Legal fees
55,962
64,996
10.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2022
£
Auditors' remuneration
5,775
Depreciation - owned assets
15,209		 2021
Total
activities
£
1,503
5,500
2,756
17,056
26,815
2021
£
5,500
16,729

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

Trustees' expenses
12.
STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Full time
Part time
Seasonal		 2022
£
1,985
2022
£
280,645
16,916
8,865
306,426

2022
7
6
10
23		 2021
£
1,503
2021
£
275,215
15,660
8,939		 2021
£
1,503
2021
£
275,215
15,660
8,939
299,814
2021
7
5
9
21

No employees received emoluments in excess of £60,000.

The total cost of employing key management personnel was £97,486 (2021: £93,812).

Page 25

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
60,682
22,720
Charitable activities
Historic house and grounds
126,324
-
Other trading activities
64,922
-
Investment income
268,151
-
Other income
28,952
-
Total
549,031
22,720
EXPENDITURE ON
Raising funds
46,799
-
Charitable activities
Historic house and grounds
559,994
14,854
Total
606,793
14,854
Net gains on investments
-
-
NET INCOME/(EXPENDITURE)
(57,762)
7,866
Transfers between funds
1,183
(1,183)
Net movement in funds
(56,579)
6,683
RECONCILIATION OF FUNDS
Total funds brought forward
137,978
11,914
TOTAL FUNDS CARRIED FORWARD
81,399
18,597

Endowment
fund
£
-
-
-
-
-
-
41,964
-
41,964
679,487
637,523
-
637,523
9,820,732
10,458,255		 Total
funds
£
83,402
126,324
64,922
268,151
28,952
571,751
88,763
574,848
663,611
679,487
587,627
-
587,627
9,970,624
10,558,251

Page 26

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

14. INTANGIBLE FIXED ASSETS

INTANGIBLE FIXED ASSETS
Intangible
fixed
assets
£
COST
At 1 January 2022 and
31 December 2022 11,745
AMORTISATION
At 1 January 2022 and
31 December 2022 11,745
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

Intangible fixed assets comprise entitlement rights to receive income under the Single Payment Scheme.

15. TANGIBLE FIXED ASSETS

COST
At 1 January 2022
Additions
At 31 December 2022
DEPRECIATION
At 1 January 2022
Charge for year
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Plant and
machinery
£
146,663
-
146,663
53,775
7,333
61,108
85,555
92,888		 Fixtures
and
fittings
£
128,375
300
128,675
122,289
2,765
125,054
3,621
6,086		 Motor
vehicles
£
21,844
-
21,844
16,731
5,111
21,842
2
5,113		 Totals
£
296,882
300
297,182
192,795
15,209
208,004
89,178
104,087

Page 27

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

16. HERITAGE ASSETS

MARKET VALUE
At 1 January 2022 and
31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Total
£
1,879,427
1,879,427
1,879,427

Burton Constable Hall, together with the stable block, certain ancillary buildings and approximately 320 acres of surrounding parkland, was gifted to the Foundation by the National Heritage Memorial Fund (NHMF) on 23 March 1992. It is included in the accounts at the value of £1,070,000 for which the NHMF acquired the Hall in 1992. In 1992 the NHMF also gifted a collection of scientific instruments, dating from the 18th century, valued at £72,650. Further collections and artefacts have been acquired, details of which can be obtained at Burton Constable Hall, increasing the value of the assets to £1,879,427. The hall and stable block are insured for £50,536,199. The collections are insured for £16,953,500. The furniture, paintings and decorative art collections were transferred to Leeds City Council to be retained on display at Burton Constable Hall.

17. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2022
Additions
Disposals
Realised and unrealised gains /(losses)
net of management fees
Withdrawals
Equalisation receipts
Management fees
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Listed
investments
£
8,327,791
1,398,829
(1,431,384)
(942,438)
-
-
-
7,352,798
7,352,798
8,327,791		 Cash and
settlements
pending
£
106,037
(1,398,829)
1,431,384
-
(40,000)
442
(41,691)
57,343
57,343
106,037		 Totals
£
8,433,828
-
-
(942,438)
(40,000)
442
(41,691)
7,410,141
7,410,141
8,433,828

There were no investment assets outside the UK.

Page 28

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

18.
STOCKS
2022
£
Gift shop stock and guide books
6,285
19.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Trade debtors
17,511
Other debtors
43,481
VAT
5,698
Prepayments
63,610
130,300
20.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Trade creditors
68,559
Social security and other taxes
5,854
Other creditors
24,033
Accruals
13,123
111,569
21.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2022
Unrestricted
Restricted
Endowment
Total
funds
funds
fund
funds
£
£
£
£
Fixed assets
89,178
-
1,879,427
1,968,605
Investments
442
-
7,409,699
7,410,141
Current assets
214,138
-
-
214,138
Current liabilities
(111,569)
-
-
(111,569)
Loan between funds
(145,000)
-
145,000
-
47,189
-
9,434,126
9,481,315		 2021
£
6,913
2021
£
7,468
57,761
4,643
45,657
115,529
2021
£
58,861
5,960
21,823
11,918
98,562
2021
Total
funds
£
1,983,514
8,433,828
239,471
(98,562)
-
10,558,251

Page 29

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

22.
MOVEMENT IN FUNDS
Net
movement
At 1.1.22
in funds
£
£
Unrestricted funds
General fund
81,399
(74,210)
Restricted funds
Restricted funds
18,597
(18,597)
Endowment funds
Endowment fund
10,458,255
(984,129)
TOTAL FUNDS
10,558,251
(1,076,936)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
548,005
(622,215)
Restricted funds
Restricted funds
22,894
(41,491)
Endowment funds
Endowment fund
-
(41,691)
TOTAL FUNDS
570,899
(705,397)
Transfers
between
funds
£
40,000
-
(40,000)
-
Gains and
losses
£
-
-
(942,438)
(942,438)
At
31.12.22
£
47,189
-
9,434,126
9,481,315

Movement
in funds
£
(74,210)
(18,597)
(984,129)
(1,076,936)

Page 30

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

22. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.1.21
in funds
£
£
Unrestricted funds
Unrestricted fund
137,978
(57,762)
Restricted funds
Restricted funds
11,914
7,866
Endowment funds
Endowment fund
9,820,732
637,523
TOTAL FUNDS
9,970,624
587,627
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
Unrestricted fund
549,031
(606,793)
Restricted funds
Restricted funds
22,720
(14,854)
Endowment funds
Endowment fund
-
(41,964)
TOTAL FUNDS
571,751
(663,611)		 Transfers
between
funds
£
1,183
(1,183)
-
-

Gains and
losses
£
-
-
679,487
679,487		 At
31.12.21
£
81,399
18,597
10,458,255
10,558,251
Movement
in funds
£
(57,762)
7,866
637,523
587,627

Main endowment fund

The endowment fund was established in order to provide investment income to fund the annual running costs of the house and grounds. In addition the foundation has been granted permission to spend up to 1% of the capital of the fund per year so long as capital has grown ahead of inflation.

Heritage assets endowment fund

The heritage assets fund was established with the reinstatement of fixed assets previously included in the accounts at no value. These were the assets donated to the charity on commencement of its activities. The balance on this fund represents the value of the Hall and various collections and artefacts reinstated in 2001 together with subsequent additions.

Page 31

The Burton Constable Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2022

22. MOVEMENT IN FUNDS - continued

Opening balance at 01.01.22
Net movement in fund
Permitted transfer of capital
Closing balance at 31.12.22		 Main Fund
£
8,578,828
(984,129)
(40,000)
7,554,699		 Heritage
assets
£
1,879,427

-

-
1,879,427		 Total
£
10,458,255
(984,129)
(40,000)
9,434,126

In 2014, the foundation obtained permission to withdraw £145,000 from the main endowment to fund a major capital project. It is the intention of the foundation to repay this amount over a period of not more than 15 years.

Restricted funds

The charity receives various grants to fund projects and initiatives. Due to the number of such projects, the relatively modest amounts involved and the fact that expenditure is generally incurred in the year of receipt of the grant to which it relates, the trustees consider it unnecessary to disclose each restricted fund separately. The main funds operated in the year and the comparative period relate to parkland management; organisational resilience and financial sustainability; curatorial projects and events; and restoration projects. At 31 December 2022 restricted funds were fully expended.

23. CONTINGENT LIABILITIES

Over the years, the Foundation has received some grants that may be partly repayable should the historic assets to which they relate ever be sold. There is no intention that any such assets will be sold and the last grant with such conditions attaching was received in 2017.

24. RELATED PARTY DISCLOSURES

Burton Constable Hall is subject to a 250 year lease on the South Wing in favour of Mrs R C Straker. The lease was issued prior to the donation of the building by the National Heritage Memorial Fund to the Foundation. The lease is a full repairing lease with an annual rent of £260 per annum.

25. SHARE CAPITAL

The company is limited by members' guarantees and therefore has no share capital. The members' liability on a winding up is limited to £1 each. The company currently has eight members.

Page 32