**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'. 

- In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. 

## **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** 

- To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates 

- - were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

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

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims; and 

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<br>Restricted<br>funds<br>funds<br>Notes<br>£<br>£<br>**INCOME AND**<br>**ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>**24,450**<br>**22,894**<br>**Charitable activities**<br>5<br>Historic house and grounds<br>**137,451**<br>**-**<br>Other trading activities<br>3<br>**96,957**<br>**-**<br>Investment income<br>4<br>**259,789**<br>**-**<br>Other income<br>6<br>**29,358**<br>**-**<br>**Total**<br>**548,005**<br>**22,894**<br>**EXPENDITURE ON**<br>Raising funds<br>7<br>**38,475**<br>**-**<br>**Charitable activities**<br>8<br>Historic house and grounds<br>**583,740**<br>**41,491 **<br>**Total**<br>**622,215**<br>**41,491**<br>**Net income/(expenditure)**<br>**before investment**<br>**gains/losses**<br>**(74,210)**<br>**(18,597)**<br>Net gains/(losses) on<br>investments<br>**-**<br>**-**<br>**NET**<br>**INCOME/(EXPENDITURE)**<br>**(74,210)**<br>**(18,597)**<br>**Transfers between funds**<br>22<br>**40,000**<br>**-**<br>**Net movement in funds**<br>**(34,210)**<br>**(18,597)**<br>**RECONCILIATION OF**<br>**FUNDS**<br>Total funds brought forward<br>**81,399**<br>**18,597**<br>**TOTAL FUNDS CARRIED**<br>**FORWARD**<br>**47,189**<br>**-**|**2022**<br> <br>Endowment<br>**Total**<br>fund<br>**funds**<br>£<br>**£**<br>**-**<br>**47,344**<br>**-**<br>**137,451**<br>**-**<br>**96,957**<br>**-**<br>**259,789**<br>**-**<br>**29,358**<br>**-**<br>**570,899**<br>**41,691**<br>**80,166**<br>**-**<br>**625,231 **<br>**41,691**<br>**705,397**<br>**(41,691)**<br>**(134,498)**<br>**(942,438) **<br>**(942,438) **<br>**(984,129)**<br>**(1,076,936)**<br>**(40,000) **<br>**-**<br>**(1,024,129**)<br>**(1,076,936)**<br>**10,458,255**<br>**10,558,251**<br>**9,434,126**<br>**9,481,315**|2021<br>Total<br>funds<br>£<br>83,402<br>126,324<br>64,922<br>268,151<br>28,952<br>571,751<br>88,763<br>574,848<br>663,611<br>(91,860)<br>679,487<br>587,627<br>-<br>587,627<br>9,970,624<br>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<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Net cash from investment transactions<br>Investment management fees<br>Dividends received<br>Net cash provided by investing activities<br>**Change in cash and cash equivalents**<br>**in the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end**<br>**of the reporting period**|**2022**<br>**£**<br>**(338,523)**<br>**(338,523) **<br>**(300)**<br>**32,555**<br>**(41,691)**<br>**259,789**<br>**250,353**<br>**(88,170)**<br>**223,066**<br>**134,896**|2021<br>£<br>(298,845)<br>(298,845)<br>(4,995)<br>131,682<br>(41,964)<br>268,151<br>352,874<br>54,029<br>169,037<br>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<br>Grants<br>Grants received, included in the above, are as follows:<br>Job retention scheme<br>East Riding of Yorkshire Council<br>Rural Payments Agency<br>Museum Yorkshire Development Cultural Recovery Scheme<br>DEFRA -Parklands management<br>Other grants<br>**OTHER TRADING ACTIVITIES**<br>Gift shop sales<br>Special event income<br>Rents received<br>Wedding income|**2022**<br>**£**<br>**6,313**<br>**41,031 **<br>**47,344**<br>**2022**<br>**£**<br>**-**<br>**3,036**<br>**15,491**<br>**-**<br>**19,857**<br>**2,647**<br>**41,031 **<br>**2022**<br>**£**<br>**18,071**<br>**43,563**<br>**27,906**<br>**7,417**<br>**96,957**|2021<br>£<br>7,480<br>75,922<br>83,402<br>2021<br>£<br>16,961<br>10,096<br>18,396<br>7,500<br>19,857<br>3,112<br>75,922<br>2021<br>£<br>14,016<br>26,725<br>20,056<br>4,125<br>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.**<br>**INVESTMENT INCOME**<br>Listed securities<br>**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>Activity<br>Hall and grounds<br>admissions<br>Historic house and grounds<br>Sale of guidebooks<br>Historic house and grounds<br>**6.**<br>**OTHER INCOME**<br>Sundry income<br>Renewable Heat Incentive Scheme<br>**7.**<br>**RAISING FUNDS**<br>**Raising donations and legacies**<br>Advertising<br>Marketing<br>**Other trading activities**<br>Purchases<br>Special event costs|**2022**<br>**£**<br>**259,789**<br>**2022**<br>**£**<br>**135,450**<br>**2,001**<br>**137,451 **<br>**2022**<br>**£**<br>**251**<br>**29,107**<br>**29,358**<br>**2022**<br>**£**<br>**10,087**<br>**500**<br>**10,587**<br>**2022**<br>**£**<br>**11,605**<br>**16,283**<br>**27,888**|2021<br>£<br>268,151<br>2021<br>£<br>124,968<br>1,356<br>126,324<br>2021<br>£<br>1,258<br>27,694<br>28,952<br>2021<br>£<br>7,581<br>200<br>7,781<br>2021<br>£<br>13,246<br>25,772<br>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**<br>**2022**<br>**£**<br>Portfolio management<br>**41,691 **<br>Aggregate amounts<br>**80,166**<br>**8.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Support<br>Direct<br>costs (see<br>Costs<br>note 9)<br>£<br>£<br>Historic house and grounds<br>**406,691**<br>**218,540**<br>**9.**<br>**SUPPORT COSTS**<br>Governance<br>Administration<br>costs<br>£<br>£<br>Historic house and grounds<br>**153,544**<br>**64,996**<br>Support costs, included in the above, are as follows:<br>**Administration**<br>**2022**<br>Historic<br>house and<br>grounds<br>**£**<br>Rates and water<br>**3,006**<br>Insurance<br>**46,942**<br>Light and heat<br>**51,390**<br>Telephone<br>**3,521**<br>Postage and stationery<br>**926**<br>Sundry expenses<br>**2,397**<br>Motor and travel<br>**7,063**<br>Bank charges<br>**3,644**<br>Volunteer expenses<br>**11,618**<br>Training<br>**953**<br>Health and safety expenses<br>**3,951**<br>Consultancy<br>**2,342**<br>Subscriptions<br>**582**<br>Depreciation of tangible and heritage<br>assets<br>**15,209**<br>**153,544**|2021<br>£<br>41,964<br>88,763<br>Totals<br>£<br>**625,231**<br>Totals<br>£<br>**218,540**<br>2021<br>Total<br>activities<br>£<br>5,094<br>47,759<br>46,607<br>3,711<br>839<br>7,526<br>5,969<br>5,269<br>8,598<br>1,518<br>1,995<br>2,862<br>762<br>16,729<br>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**<br>Historic<br>house and<br>grounds<br>**£**<br>Travel and subsistence<br>**1,985**<br>Auditors' remuneration<br>**5,775**<br>Accountancy fees<br>**1,274**<br>Legal fees<br>**55,962**<br>**64,996**<br>**10.**<br>**NET INCOME/(EXPENDITURE)**<br>Net income/(expenditure) is stated after charging/(crediting):<br>**2022**<br>**£**<br>Auditors' remuneration<br>**5,775**<br>Depreciation - owned assets<br>**15,209**|2021<br>Total<br>activities<br>£<br>1,503<br>5,500<br>2,756<br>17,056<br>26,815<br>2021<br>£<br>5,500<br>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<br>**12.**<br>**STAFF COSTS**<br>Wages and salaries<br>Social security costs<br>Other pension costs<br>The average monthly number of employees during the year was as follows:<br>Full time<br>Part time<br>Seasonal|**2022**<br>**£**<br>**1,985**<br>**2022**<br>**£**<br>**280,645**<br>**16,916**<br>**8,865**<br>**306,426**<br> <br>**2022**<br>**7**<br>**6**<br>**10**<br>**23**|2021<br>£<br>1,503<br>2021<br>£<br>275,215<br>15,660<br>8,939|2021<br>£<br>1,503<br>2021<br>£<br>275,215<br>15,660<br>8,939|
|---|---|---|---|
|||299,814||
||||2021<br>7<br>5<br>9<br>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.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>Restricted<br>funds<br>fund<br>£<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>60,682<br>22,720<br>**Charitable activities**<br>Historic house and grounds<br>126,324<br>-<br>Other trading activities<br>64,922<br>-<br>Investment income<br>268,151<br>-<br>Other income<br>28,952<br>-<br>**Total**<br>549,031<br>22,720<br>**EXPENDITURE ON**<br>Raising funds<br>46,799<br>-<br>**Charitable activities**<br>Historic house and grounds<br>559,994<br>14,854<br>**Total**<br>606,793<br>14,854<br>Net gains on investments<br>-<br>-<br>**NET INCOME/(EXPENDITURE)**<br>(57,762)<br>7,866<br>**Transfers between funds**<br>1,183<br>(1,183)<br>**Net movement in funds**<br>(56,579)<br>6,683<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>137,978<br>11,914<br>**TOTAL FUNDS CARRIED FORWARD**<br>81,399<br>18,597|<br> <br>Endowment<br>fund<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>41,964<br>-<br>41,964<br>679,487<br>637,523<br>-<br>637,523<br>9,820,732<br>10,458,255|Total<br>funds<br>£<br>83,402<br>126,324<br>64,922<br>268,151<br>28,952<br>571,751<br>88,763<br>574,848<br>663,611<br>679,487<br>587,627<br>-<br>587,627<br>9,970,624<br>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**<br>At 1 January 2022<br>Additions<br>At 31 December 2022<br>**DEPRECIATION**<br>At 1 January 2022<br>Charge for year<br>At 31 December 2022<br>**NET BOOK VALUE**<br>At 31 December 2022<br>At 31 December 2021|Plant and<br>machinery<br>£<br>**146,663**<br>**-**<br>**146,663**<br>**53,775**<br>**7,333**<br>**61,108**<br>**85,555**<br>92,888|Fixtures<br>and<br>fittings<br>£<br>**128,375**<br>**300**<br>**128,675**<br>**122,289**<br>**2,765**<br>**125,054 **<br>**3,621**<br>6,086|Motor<br>vehicles<br>£<br>**21,844**<br>**-**<br>**21,844**<br>**16,731**<br>**5,111**<br>**21,842**<br>**2**<br>5,113|Totals<br>£<br>**296,882**<br>**300**<br>**297,182**<br>**192,795**<br>**15,209**<br>**208,004 **<br>**89,178**<br>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**<br>At 1 January 2022 and<br>31 December 2022<br>**NET BOOK VALUE**<br>At 31 December 2022<br>At 31 December 2021|Total<br>£<br>**1,879,427**<br>**1,879,427**<br>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**<br>At 1 January 2022<br>Additions<br>Disposals<br>Realised and unrealised gains /(losses)<br>net of management fees<br>Withdrawals<br>Equalisation receipts<br>Management fees<br>At 31 December 2022<br>**NET BOOK VALUE**<br>At 31 December 2022<br>At 31 December 2021|Listed<br>investments<br>£<br>**8,327,791**<br>**1,398,829**<br>**(1,431,384)**<br>**(942,438)**<br>**-**<br>**-**<br>**-**<br>**7,352,798**<br>**7,352,798**<br>8,327,791|Cash and<br>settlements<br>pending<br>£<br>**106,037**<br>**(1,398,829)**<br>**1,431,384**<br>**-**<br>**(40,000)**<br>**442**<br>**(41,691) **<br>**57,343**<br>**57,343**<br>106,037|Totals<br>£<br>**8,433,828**<br>**-**<br>**-**<br>**(942,438)**<br>**(40,000)**<br>**442**<br>**(41,691) **<br>**7,410,141**<br>**7,410,141**<br>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.**<br>**STOCKS**<br>**2022**<br>**£**<br>Gift shop stock and guide books<br>**6,285**<br>**19.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>**2022**<br>**£**<br>Trade debtors<br>**17,511**<br>Other debtors<br>**43,481**<br>VAT<br>**5,698**<br>Prepayments<br>**63,610**<br>**130,300**<br>**20.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>**2022**<br>**£**<br>Trade creditors<br>**68,559**<br>Social security and other taxes<br>**5,854**<br>Other creditors<br>**24,033**<br>Accruals<br>**13,123**<br>**111,569**<br>**21.**<br>**ANALYSIS OF NET ASSETS BETWEEN FUNDS**<br>**2022**<br>Unrestricted<br>Restricted<br>Endowment<br>Total<br>funds<br>funds<br>fund<br>funds<br>£<br>£<br>£<br>**£**<br>Fixed assets<br>**89,178**<br>**-**<br>**1,879,427**<br>**1,968,605**<br>Investments<br>**442**<br>**-**<br>**7,409,699**<br>**7,410,141**<br>Current assets<br>**214,138**<br>**-**<br>**-**<br>**214,138**<br>Current liabilities<br>**(111,569)**<br>**-**<br>**-**<br>**(111,569)**<br>Loan between funds<br>**(145,000) **<br>**-**<br>**145,000**<br>**-**<br>**47,189**<br>**-**<br>**9,434,126**<br>**9,481,315**|2021<br>£<br>6,913<br>2021<br>£<br>7,468<br>57,761<br>4,643<br>45,657<br>115,529<br>2021<br>£<br>58,861<br>5,960<br>21,823<br>11,918<br>98,562<br>2021<br>Total<br>funds<br>£<br>1,983,514<br>8,433,828<br>239,471<br>(98,562)<br>-<br>**1**0,558,251|
|---|---|



Page 29 



**The Burton Constable Foundation** 

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

|**22.**<br>**MOVEMENT IN FUNDS**<br>Net<br>movement<br>At 1.1.22<br>in funds<br>£<br>£<br>**Unrestricted funds**<br>General fund<br>**81,399**<br>**(74,210)**<br>**Restricted funds**<br>Restricted funds<br>**18,597**<br>**(18,597)**<br>**Endowment funds**<br>Endowment fund<br>**10,458,255**<br>**(984,129)**<br>**TOTAL FUNDS**<br>**10,558,251**<br>**(1,076,936)**<br>Net movement in funds, included in the above are as follows:<br>Incoming<br>Resources<br>resources<br>expended<br>£<br>£<br>**Unrestricted funds**<br>General fund<br>**548,005**<br>**(622,215)**<br>**Restricted funds**<br>Restricted funds<br>**22,894**<br>**(41,491)**<br>**Endowment funds**<br>Endowment fund<br>**-**<br>**(41,691)**<br>**TOTAL FUNDS**<br>**570,899**<br>**(705,397)**|<br>|Transfers<br>between<br>funds<br>£<br>**40,000**<br>**-**<br>**(40,000)**<br>**-**<br>Gains and<br>losses<br>£<br>**-**<br>**-**<br>**(942,438)**<br>**(942,438)**|<br>At<br>31.12.22<br>£<br>**47,189**<br>**-**<br>**9,434,126**<br>**9,481,315**<br> <br>Movement<br>in funds<br>£<br>**(74,210)**<br>**(18,597)**<br>**(984,129)**<br>**(1,076,936)**|
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**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<br>movement<br>At 1.1.21<br>in funds<br>£<br>£<br>**Unrestricted funds**<br>Unrestricted fund<br>137,978<br>(57,762)<br>**Restricted funds**<br>Restricted funds<br>11,914<br>7,866<br>**Endowment funds**<br>Endowment fund<br>9,820,732<br>637,523<br>**TOTAL FUNDS**<br>9,970,624<br>587,627<br>Comparative net movement in funds, included in the above are as follows:<br>Incoming<br>Resources<br>resources<br>expended<br>£<br>£<br>**Unrestricted funds**<br>Unrestricted fund<br>549,031<br>(606,793)<br>**Restricted funds**<br>Restricted funds<br>22,720<br>(14,854)<br>**Endowment funds**<br>Endowment fund<br>-<br>(41,964)<br>**TOTAL FUNDS**<br>571,751<br>(663,611)||Transfers<br>between<br>funds<br>£<br>1,183<br>(1,183)<br>-<br>-<br> <br>Gains and<br>losses<br>£<br>-<br>-<br>679,487<br>679,487|At<br>31.12.21<br>£<br>81,399<br>18,597<br>10,458,255<br>10,558,251<br>Movement<br>in funds<br>£<br>(57,762)<br>7,866<br>637,523<br>587,627|
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## **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. 

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## **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<br>Net movement in fund<br>Permitted transfer of capital<br>Closing balance at 31.12.22|**Main Fund**<br>**£**<br>**8,578,828**<br>**(984,129)**<br>**(40,000) **<br>**7,554,699**|**Heritage**<br>**assets**<br>**£**<br>**1,879,427**<br> <br>**-**<br> <br>-<br>**1,879,427**|**Total**<br>**£**<br>**10,458,255**<br>**(984,129)**<br>**(40,000) **<br>**9,434,126**|
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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. 

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