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2020-12-31-accounts

Compton Verney House Trust

Annual Report and Financial Statements

31 December 2020

Charity Registration Number 1032478

Contents

Reports

Reports
Reference and administrative information 1
Chair’s introduction 2
CEO-Director’s overview 5
Governors’ report 7
Independent auditor’s report on the
financial statements 27
Financial statements
Consolidated statement of financial
activities 31
Balance sheets 32
Consolidated statement of cash flows 33
Principal accounting policies 34
Notes to the accounts 39

Compton Verney House Trust

Reference and administrative information

Governors Penny Egan, CBE (Chair)
Janet Bell Smith
Philip Bunt
Sarah Carthew
Oliver Cox
Loyd Grossman (retired 31 December 2020)
Samantha Henney
Howard Jones (retired 31 December 2020)
Helen Rose
Jon Sheaff
Ross Sleight
Paul Smith
Lydia Thomas
Peter Wilson
Chief Executive Julie Finch, CEO-Director
Strategic Leadership Team Sarah Bunney (Finance & Assets)
Amy Banks (Creative & Engagement)
Jess Wolinski (Marketing & Sales)
Registered address Compton Verney
Warwick
CV35 9HZ
Charity registration number 1032478
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers Barclays Bank plc
48B & 50 Lord Street
Liverpool
L2 1TD
Solicitors Bates Wells & Braithwaite
Scandinavian House
2-6 Cannon Street
London
EC4M 6YH

Compton Verney House Trust 1

Chair’s introduction Year to 31 December 2020

Chair’s Welcome

I am delighted to welcome you to our 2020 Annual report. I took over the Chair in January 2020 just as the pandemic struck: the impact has been significant, but it has been handled with resilience and determination, ensuring that we have done all that we could to keep visitors coming to site. It is a tribute to the wise guidance of my fellow governors, our amazing staff team and our loyal members, that that our visitor numbers for 2020 were 78,758, a triumph as we were closed for many weeks.

We have also raised £1.8m in fundraising which has supported all areas of lost income and allowed us to bring forwards our new strategy to make Compton Verney sustainable in the long term. We are grateful to our local politicians, council leaders for their support and to Department of Digital, Culture, Media and Sport (DCMS) in championing our applications for Cultural Recovery Funds.

We are fortunate that Compton Verney is set in an outstanding landscape, which has remained open for 32 weeks of the year. This beautiful, green space acts as a balm for mind and body, enabling our visitors to escape from pandemic fatigue. Our creative team have embraced all the changes in 2020 and developed a range of new opportunities to entertain and engage our visitors across the grounds.

Throughout the year we have focused on strengthening our charity. We are working towards incorporation, establishing transparent financial reporting, ensuring we are an inclusive organisation, formalising our structures and building the technical infrastructure to digitise tasks and streamline the interface with our visitors.

I am most proud of the resilience and positive attitude of everyone involved in keeping Compton Verney open for as much of the year as possible and of seeing those carefully curated, socially distanced events in the grounds draw in the local community.

I am looking forward to repositioning Compton Verney as a One Compton Verney offer, a place where everyone is welcomed, surprised, entertained and can engage in creative pursuits all year round.

Penny Egan CBE

Chair

Compton Verney House Trust 2

CEO-Director’s overview Year to 31 December 2020

Compton Verney House Trust 3

CEO-Director’s overview Year to 31 December 2020

Compton Verney House Trust 4

CEO-Director’s overview Year to 31 December 2020

Compton Verney House Trust (CVHT) is an outstanding cultural venue with huge potential to develop and contribute, as a creative institution, to the ‘Levelling Up’ agenda and convene all those interested in the arts and the natural environment. Building out from the foundations laid by Sir Peter Moores, during 2020 Compton Verney embarked upon the next phase of development.

The 2020 Forward Plan mapped a transitional year, however, Covid-19 intervened, but despite this, 2020 was genuinely an evolutionary year, we worked hard to reposition the organisation in developing a One Compton Verney proposition. We remain excited and committed to a truly activated cultural programme across the house, galleries and the landscape, year-round opening and deep engagement with the widest possible audiences in all that we do, in addition to ensuring that we are a financially sustainable and efficient organisation. On a practical basis, Covid-19 disrupted plans due to changing restrictions, enforcing several operational models throughout the year and in managing staff resources and finance, as follows:

The reduced operational hours resulted in a shift from gallery visitation to grounds engagement, highlights of the year are set out below:

Compton Verney House Trust 5

CEO-Director’s overview Year to 31 December 2020

Compton Verney is more ambitious than ever, as we reposition the venue, its reach and impact, the importance of excellence in cultural programming, digital fluency, environmental commitment, clarity of brand, efficiency in commercialising to support charitable objectives, building relationships with audiences and stakeholders and presenting a cultural venue which is open to everyone, as we embark on deepening our approach to equality, diversity and inclusion.

The Strategic Plan 2021-2024 will set out the direction of travel, objectives and Key Performance Indicators. This year has enabled Compton Verney to develop as a more agile organisation, one that can amplify and adapt activities in order to meet the needs of audiences, position the venue within the wider cultural infrastructure and adapt to the global drivers for change.

We are extremely grateful to the patience and endeavours of our Governors who have provided wise counsel at board level and through the Covid-19 Committee. We are also grateful to our staff who have persevered through the iterations of operational models and to our loyal volunteers. Our partners have enabled flexibility in the programme, supporting Compton Verney through this difficult time and we are especially grateful to our visitors, some of whom have discovered the venue for the first time and others as loyal members.

Our Benefactors, Patrons and Supporters have continued to support Compton Verney, believing in a better future and supporting our fundraising campaign, #CreativeVitality. We are also extremely indebted to National and Local Government, DCMS, ACE and the National Lottery Heritage Fund (NLHF) who have worked hard to support the cultural and heritage sectors. We have valued the support of local Members of Parliament and local leaders who have supported Compton Verney throughout the year.

Compton Verney House Trust 6

Governors’ report Year to 31 December 2020

The Board of Governors (the board) is pleased to present the annual report of Compton Verney House Trust together with the consolidated financial statements including the subsidiary company Compton Verney Publications Limited.

The financial statements have been prepared in accordance with accounting policies to the financial statements and comply with the charity's trust deed, applicable law and the requirements of the Statement of Recommended Practice - Accounting and Reporting by Charities: (SORP) applicable to charities preparing their accounts in accordance with FRS 102. The organisation is an unincorporated charity, constituted under a trust deed dated 27 August 1993 and registered as a charity on 1 February 1994.

Our Mission and Objectives

Our Mission

To care for, interpret and animate Compton Verney’s site and culture, engaging audiences with art, heritage and the environment, providing outstanding visitor experiences, and securing a sustainable and accessible future.

Our Values

Inspired by our founder, Sir Peter Moores, we believe that great art is for everyone, and that culture should have no boundaries. At Compton Verney, all are welcome and there is space for everyone.

How we achieve our objectives

Compton Verney House Trust 7

Governors’ report Year to 31 December 2020

How we achieve our objectives (continued)

The Board members confirm they have complied with their duty to have due regard to the Charity Commission’s guidance concerning public benefit. The Board considers all these initiatives as important means to delivering public benefit.

In order to finance these activities, Compton Verney House Trust and Compton Verney Publications Limited are engaged in generating income through a wide range of commercial activities, including membership, ticket sales, hires, weddings, events, publications, retail and sales of food and beverage. We also fundraise to activities, projects and undertake both of these income generation functions in order to financially support our charitable objectives.

Project Spotlight - Activating the Natural Environment during the Global Pandemic

Compton Verney began 2020 with a full exhibition programme, anticipating a year of transition as the organisation focused on strategic alignment with the needs of contemporary society. After reopening on 7 March 2020, and then closing fully for the first lockdown on 23 March, we recognised there was a potential opportunity to adapt the way in which Compton Verney operated, if we acted quickly.

Strategically, we had already identified that utilising the natural environment as part of the wider proposition was critical to our relevance to audiences, as we worked towards the ‘One Compton Verney’ proposition, bringing together art, heritage, the natural environment, ecology, creativity and people.

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Governors’ report Year to 31 December 2020

Project Spotlight - Activating the Natural Environment during the Global Pandemic

(continued)

During the first lockdown, the small (non-furloughed) core team began working up options to fully activate the grounds, as it was clear that gallery reopening could be many months away. Hyper local audience needs became very important, providing safe spaces for various configurations of groupings based on restriction requirements, and focusing on ensuring that local communities knew that Compton Verney sat on their door step. Adapting our model seven times during the Covid-19 period, with iterations of signage, PPE, toilet cleaning, queueing, ticket purchasing, food offers, types of programme, ways to keep visitors occupied during their visit as they took their daily exercise, levels of contact and non-contact visitor experiences, retail and no retail, social distancing and removal of ‘touch’ based aspects of the visitor experience were all part of our adaptations and flex during the 12 months that followed.

A year on, we have learnt much and significantly changed the way we work, this kind of organisational change would normally take two to three years. The teams grew in confidence as they successfully dealt with Health and Safety dilemmas, visitor experience scenarios and in reacting quickly to regular national Government announcements.

With income loss so significant, any cultural programme we developed did not only have to be low cost, of a quality and durability that would serve our visitor expectations, but also be time-ticketed to provide the much-needed income and visitor assurances. We focused on two strategies, firstly to engage communities in everything that we proposed and secondly to ensure that digital content and reach was maximised, with digital consultation a new part of the way we worked.

Titania’s Dream – July - Our activities began with a contribution to the 2020 Make it West Midlands’ Midsummer Festival WM Weekenders: Democratising Creativity and Culture, partnering with Royal Shakespeare Company and Culture Central. We engaged both digitally and physically with audiences as they enjoyed Titania’s Dream , a 10-minute piece based around the single character of Titania, Queen of the Fairies, using the text of her speeches from Shakespeare’s play. There were three socially distanced performances and content was available online, this was possibly the first outdoor theatrical performance in the region.

The Open Arms: Foka Wolf with People United – July to October - We teamed up with participatory arts organisation, People United, who investigate kindness in the arts and its influence on prosocial behaviour, also exploring the theme of humour with our local communities. This led to public art interventions across the parkland, Foka Wolf was appointed following an open call with more than 40 artists applying to take part. His work was informed by our collection and conversations from our online laughter café, hosted by Janice Connolly, Artistic Director of Women & Theatre. This project celebrated young creatives in the West Midlands, with content both on line as well as in the grounds.

Music of the Spheres - August – Eye Music Trust Our first Covid-safe, sold out event brought 900 visitors to the grounds on an August Sunday to enjoy and experience a variety of visual artists and musicians on the front lawn, culminating on the lake in a 12m diameter floating sphere containing an Arial Silk Artist. Visitors were very pleased to attend a safe event, many attending an event for the first time since March 2020.

Compton Verney House Trust 9

Governors’ report Year to 31 December 2020

Project Spotlight - Activating the Natural Environment during the Global Pandemic

(continued)

Light in the Dark Event – October Half Term – NLHF - Culture Recovery Fund - We embarked on a project to involve local communities in dressing the grounds in advance of the Light in the Dark Event. A trail of over 500 lanterns was made by children and young people from local schools, community groups and after school clubs (after school children’s club, GoGo Makers, families at Kineton Ministry of Defence Base (MOD), Escape Arts, year 8 and 9 students from Futures Institute Banbury school and our volunteers). Visitors who came to see the installation were able to participate in a number of ways. Online sharing workshops with the Chinese Community Centre, Birmingham exploring the Chinese Moon Festival, were held making connections with the Chinese Collection at Compton Verney. The poems that were produced from sharing were ‘hidden’ across the grounds, and the public could explore these through a UV interactive light trail, day time activity included Rocket Launching delivered by Kineton MOD, lantern making and storytelling.

Winter Festival – December – ACE - Culture Recovery Fund - A Fire Garden across five nights by the acclaimed outdoor arts company Walk the Plank, became the first winter night time event that Compton Verney had held. This sell-out event formed part of the wider winter festival which included a giant art 3D advent calendar covering the house, created by local artists (24 selected from 90 diverse applications). We held Saturday Night Lates, opening for food by the fire and light trails. Other trails encouraged visitors to explore our site and the grounds were ‘dressed’ to create a magical experience.

As we look forward to reopening the site fully in 2021, our seasonal creative programme will make links between audiences, art and nature. We open with a visually arresting installation by Rebecca Louise Law (drawing on the work of Starfish Creative) and a retrospective exhibition on work by Mary Newcomb. We are excited about the wider programme, working with Woodland Tribe, Arts Night, Morag Myerscough, new residencies and our seasonal programme of wider events. Compton Verney has utilised this challenging time to refresh the cultural and creative programme, embrace diversity, inclusion and equity; capture the connections between audiences, creativity and the natural environment. We are positioning Compton Verney as a year-round creative kaleidoscope of activity for everyone.

Our achievements and performance

In addition to the aforementioned projects in the Project Spotlight, Compton Verney also presented:

Exhibitions and engagement

During 2020, there were two important exhibitions:

Cranach: Artist and Innovator - 14 March to 3 January 2021; Positioning Compton Verney’s four paintings by Cranach in the spotlight with loans from across the UK, both historical and contemporary, contributing to the ‘Levelling Up’ agenda, enabled people in the Midlands to gain access to national collections. The exhibition displayed works of art by modern and contemporary artists including Picasso, Claire Partington, Raqib Shaw, Michael Landy and Wolfe von Lenkiewicz.

Compton Verney House Trust 10

Governors’ report Year to 31 December 2020

Our achievements and performance (continued)

Exhibitions and engagement (continued)

Fabric: Touch and Identity running for the same period being curated by Professor Alice Kettle (Manchester Metropolitan University) and Professor Lesley Millar (University for the Creative Arts). The exhibition explored the many facets of fabric, touch and identity through the lens of art, design, fashion, film and dance.

Collections

During March 2020 we launched the redisplayed Northern European Collections including a rehang of the works, interpretation, digital content and a loan from Mullany Fine Art, a Millefleurs Tapestry. This project was undertaken with the assistance of a National Gallery Curatorial Trainee.

Our partnership with Outside-In, an organisation that supports artists who face significant barriers to the art world due to health, disability, social circumstance or isolation resulted in a project called ‘Signs’, as part of a redisplay of Folk-Art Collection.

The Compton Verney Collections Settlement (CVCS) accepted a donation of 70 portrait miniatures from the Estate of the late Lady Grantchester, which will form part of our engagement programme and new displays.

Performative art

Our work in this area is captured in the Project Spotlight

Public art

Ariel Schlesinger’s work was installed in July 2019, Ways to Say Goodbye. Ariel, an Israeli artist with a gallery in Berlin, produced a sculpture for the grounds and a curated gallery with related work. This is the second in a series of projects funded by ACE NPO Funds, exploring the links between the grounds, galleries and art. The sculpture settled in the landscape and remains a centre piece for visitors to the grounds until the autumn of 2021.

Engagement and volunteering

Our commitment to equalities, diversity and inclusion is deepening as we develop our strategy around audiences and audience needs, programming and organisational change.

During the year we combined digital and physical resources to build relationships with new audiences and worked with a wide range of organisations throughout the year, developing our practice and ensuring that new audiences were represented.

Our volunteers supported both seasonal festivals, set dressing the grounds and supporting events when safe to do so, they contributed over 2,500 hours in total during 2020. Importantly, they also supported the delivery of Compton Verney craft kits to Food Banks.

Compton Verney House Trust 11

Governors’ report Year to 31 December 2020

Our achievements and performance (continued)

Engagement and volunteering (continued)

Compton Verney donated Local Memberships to families in the local area throughout the Covid-19 period to those families where children receive Free School Meals or are from NHS Key Worker families.

Whilst the number of school visits was relatively low in 2020, the Forest School remained ever popular and will be refreshed for schools to return to in 2021.

Natural environment, sustainability and ecology

The Grounds Team remained on site throughout the whole year, ensuring that visitors had the best experience possible at all times. The team focused on expanding wildlife sites and habitats with trail cameras on fox dens and tracking otter access to the lake, leaving grass strips in the East Park to encourage small mammals and raptors. A new native hedge 160m long has been planted along the edge of the far meadows to encourage ecological habitation.

Visitor engagement

Visitors commented on how welcomed they felt throughout the year, Compton Verney successfully balanced opening the site, when possible, with visitor and staff safety. The complexities of different restrictions and lockdowns were well communicated throughout. We welcomed visitor feedback throughout opening periods. In addition, we ran evaluation exercises testing the response to the creative programme, worked with the Chinese Community on line, consulted on other projects in the grounds with local communities, and undertook a population survey which included 1,100 participants.

Corporate developments

Strategy

During 2020 we agreed that there were two parts to our strategy, a Core Strategy and an Agile Strategy, both being delivered simultaneously.

Our Core Strategy has enabled us to look at our systems, processes and ways of working, make improvements and address gaps. We have repositioned our expertise through a staff reorganisation, attracting new talent and enabling other staff to develop, streamlining our front-line team and operating with a more flexible model that can scale up and down as needed seasonally, this necessitated a small number of redundancies. We have improved financial reporting through automation, undertaken an internal audit, appointed a new auditor and introduced weekly performance reporting.

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Governors’ report Year to 31 December 2020

Corporate developments (continued)

Strategy (continued)

The Agile Strategy has been supported by the appointment of Morris Hargreaves McIntyre who worked with us to develop our revised Charitable Objects, a One Compton Verney Manifesto, a Culture Code and supported the development of a bold new vision and brand for the post Covid-19 period. Our business model will focus on increased commercial income through memberships and day tickets in tandem with a commitment to equalities, diversity and inclusion through projects and a broader pricing strategy.

Marketing and PR

Despite Covid-19, Compton Verney received a large amount of press coverage from across the UK and the globe. Cranach: Artist and Innovator has been a monumental exhibition digitally during 2020 with press coverage and digital reach overshadowing physical viewing. There have been over 100 pieces of international media coverage, and Compton Verney has been profiled nationally and regionally through all mediums. Compton Verney has developed a much higher social media profile during the pandemic.

Fundraising

We launched a campaign called #CreativeVitality a focused appeal related to the Covid-19 situation and in support of creativity, we are grateful to everyone who contributed and to our Benefactors, Patrons and Supporters.

As part of the support from National Government through DCMS, Compton Verney was able to apply for funding from NLHF Cultural Recovery Funds and ACE Cultural Recovery Funds. We were successful in bidding for £223,500 from NLHF and £980,000 from ACE.

ACE awarded Compton Verney a Kick Start Grant of £30,000, funds are still to be received on completion of work in 2021. There was in-kind support from Eye Music Trust, Moreton Morrel College, Woodland Trust and Ardon Farming and Wildlife Network totalling over £12,000.

Technological and digital development

Compton Verney has focused on developing digital content and will continue to shape and prioritise digital creative content to reach audiences across the globe. A new CRM system and website have been commissioned to enable ease of visitor journey and access. To improve financial processes, we have invested in SAGE Commercials. PC equipment has been updated and home working enabled through the use of Zoom accounts. The Digital Group will continue to meet to drive forward these developments.

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Governors’ report Year to 31 December 2020

Corporate developments (continued)

Compton Verney’s Environmental Sustainability Approach

The Green Team Committee meets to assess progress on Compton Verney’s commitment to environmental sustainability. We continue to report against ACE’s, Julie’s Bicycle, sustainability reporting model. We are focusing on improving: reduction of energy consumption, water usage and waste, recording travel statistics, exploring carbon offsetting for activities that cannot be avoided, establishing a long term environmental and biodiversity strategy.

Human Resources

Throughout 2020 staff were furloughed, flexibly furloughed or worked full time. Communications have been regular utilising Zoom for general staff updates weekly and a biweekly newsletter has been circulated to all staff and volunteers. The staff reorganisation changed the focus and shape of the organisation, new skills were brought in, including: commercial, cultural programming, fundraising, creative production, engagement, learning and equalities, diversity and inclusion, digital and environmental communications. The overall structure is focused on a core team with the ability to upscale depending on activity, with a number of staff on casual contracts, being based on an income surplus creating model. The business model for the reorganisation was based on the need to reduce the overall costs of staffing, and develop a readily skilled and agile organisation that can deliver against the strategic objectives of the charity.

Compliance and asset improvements

Health and Safety has been an extremely high priority throughout 2020, with significant expenditure on measures to enable a safe environment for staff and visitors.

We have focused on the conservation and maintenance of the asset base; a full Impairment Review has been commissioned with the results due in April 2021. In the meantime, maintenance projects have included: lift repairs, lighting and IT updates, implementation of safe dog walking, installation of lighting and Wi-Fi in the grounds, safe storage of food, completion of the car parking project, resolution of the catering contract and updating the Old Servants Hall.

CVHT commissioned an internal audit to ensure that appropriate financial processes were in place. The report highlighted a small number of improvements and policy changes which are currently being drafted. This project will tighten controls, HMRC reporting, streamline purchase and sales processing, ensure compliance in reporting to the Charity Commission and the across Audit process. The internal controls and financial procedures manual will form part of the induction manual. Buzzacott was appointed as auditor in 2020 to audit the 2019 accounts, and have undertaken a site visit in 2020 to complete this audit.

CVHT concluded an historic Value Added Tax (VAT) matter that arose in 2014, resolving this through a detailed and transparent assessment working with VAT specialists and HM Revenue and Customs (HMRC), finalising the issue with an agreed settlement of £710,000. CVHT has received confirmation of closure of this matter from both HMRC and the Charity Commission.

Compton Verney House Trust 14

Governors’ report Year to 31 December 2020

Future Plans

Our future plans are based on a ‘One Compton Verney’, a Manifesto for an extraordinary place. This new manifesto has been approved by the Board of Governors and forms the basis of our three-year strategy which will be published in the spring 2021. Our strategy is to develop an offer that is more inclusive, and recognisable by a wider range of people, grow revenues and surpluses and improve the overall financial position of the charity. The basis of the strategy is rooted in the new Manifesto and brand development.

One Compton Verney – A Manifesto for an extraordinary place

An extraordinary place

We are One Compton Verney; more than an art gallery, a house and a park. Rather than separate elements, our exhibits, interpretation, education, activities, experiences, events, facilities, services and digital presence are deeply integrated. We deliberately blur the perceived boundaries between visual and performing arts, indoor and outdoor, architecture and landscape, science and nature, creativity and learning, digital and analogue, and visiting and participating.

We connect everyone to art, nature and creativity

Our galleries, spaces and grounds are places for contemplation, conversation, music, performance, storytelling, learning, making, gardening, play and creative response. This fascinating and ever-changing cultural kaleidoscope is magical, it envelops you and invites your engagement. This engagement promotes visitors’ wellbeing, physical and mental health.

We are a catalyst for ideas

We are a platform for dialogue, debate and interaction with society; a generator of new ideas and a facilitator of how to action them. To do this, we convene artists, creatives, writers, dancers, musicians, scientists, academics and specialists with our audiences. Together, through discussion, debate, research, experiment, co-creation, dynamic encounters and unique experiences, we explore contemporary ideas, innovative solutions to pressing problems, new interpretations, multiple perspectives and challenge traditional narratives.

We invite you to spend deep, meaningful time

A visit to Compton Verney is an extraordinarily immersive experience with a profound sense of place. We want you to relax and spend deep, meaningful time in our landscape, and with our art. But we can also animate and provoke, stimulate and heighten all of our senses. We invite you to roam, explore and discover, to be yourself, lose yourself and find yourself, feel free, and maybe try something you have never done. For you and those you love, we want your visit to be joyful, playful, surprising and delighting. Your search for truth and beauty will bring food for thought and a feast for the soul. A visit to Compton Verney is a tonic; it energises, nourishes, rejuvenates and uplifts.

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Governors’ report Year to 31 December 2020

One Compton Verney – A Manifesto for an extraordinary place (continued)

We experiment, influence, ignite and inspire

Everything we do is done with careful reflection, great commitment and attention to detail. Our knowledge base, expertise, reach and international standing give us the authority to innovate. We are agile and proactive, inventive and entrepreneurial and have the courage to take and manage risks, learning from every experiment. We influence arts practitioners, environmentalists and scientists, igniting and inspiring the next generation.

We think globally and act locally

We take a stand and contribute to a better, kinder world. Specifically, we champion environmental sustainability, build audience diversity and equity, deliver transformative learning outcomes and commit to social responsibility in everything we do.

We are for everyone

We reach out to engage the widest possible audience. We welcome you and your family to ours and invite you to join us. We support our visitors to feel safe, at ease and at home. We count on your support to sustain Compton Verney for the future. We want one visit to mean that you will carry a piece of us with you until you return.

Brand and strategic objectives

Through the intensive change programme that has been developed throughout 2020, the three-year Strategic Plan will focus on the following areas:

The Lived Brand

The Experienced Brand

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Governors’ report Year to 31 December 2020

Brand and strategic objectives (continued)

The Communicated Brand

 To establish Compton Verney as a singular destination (brand and marketing, PR, social media).

The Engaged Brand

Financial review

Overview

Group funds increased by £903,981 (2019 increase £191,839).

Group income of £3,872,657 and costs of £2,909,865 in 2020 resulted in a surplus before net losses on investments of £962,792. This was above our internal plan and an improvement on the previous year’s deficit of £333,298.

Group income has risen by £1,004,591 despite the pandemic. This is because of the timing of recording the income from the ACE Cultural Recovery Funding where SORP requires we show all the £980,000 income in 2020, with £40,079 of restricted expenditure in 2020. The remaining restricted funding of £339,921 will be spent in 2021.

Group investments fell by £58,811 in 2020, compared to an increase of £525,136 in 2019.

Total income

Group income came from three main income sources: 84% from donations and grants (£3,244,717), 12% from charitable activities (£459,296) and 4% from trading income (£164,227).

Pre-Pandemic, the three main income sources relied less on donations and grants, with 60% of Group 2019 income from donations and grants (£1,736,142), 17% from charitable activities (£473,579) and 23% from trading income (£651,332).

Donations and grants

Income from donations and grants rose 87% – an increase of £1,508,575.

Our largest donor was the Compton Verney Fund, which donated £1,400,000 in both years.

In 2020 Compton Verney received £1,507,625 of donations and grants linked to the pandemic. This comprised £980,000 from ACE Culture Recovery Fund, £223,500 from Culture National Lottery Heritage, £228,018 from Coronavirus Job Retention Scheme, £70,000 from Compton Verney Settlements Collection and £6,107 from local recovery grants.

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Governors’ report Year to 31 December 2020

Financial review (continued)

Donations and grants (continued)

In March 2020, Compton Verney completed its four-year Chapel and Landscape Restoration Project. Total project costs of £3,406,011 were 1% below plan. The final NLHF payment of £96,767 was received in March (NLHF project funding totalled £2,277,489).

The organisation received £152,760 of income from ACE as part of the band 1 NPO status (2019: £150,000). Wider work was supported by other trusts and foundations as set out in note 1b to the financial statements.

Charitable activities

Opening restrictions due to the Pandemic saw admissions income fall in the year. Income from charitable activities (mainly admissions income) amounted to £459,296 (2019: £473,579) a 3% decrease.

Sales of day tickets showed a larger decline than our annual membership schemes. Day tickets sales of £179,221 (2019: £297,819) fell 40%. Membership sales of £212,164 (2019: £155,841) fell 36%, Income from events, talks and lectures £67,911 (2019: £19,919) increased by 240% with successful autumn and winter events supported by grants encouraging paid visitors.

Income from other trading activities and investments

Income from other trading activities amounted to £164,227 (£651,332 in 2019) a reduction of 75% as the Pandemic severely impacted on trading opportunities in hire, shop and catering.

Operational review

Review for the year

Compton Verney House Trust delivered an operating surplus of £962,792. This includes £470,031 of grant income recognised in the year for 2021 activity. Adjusting for this, the Group generated an underlying operating surplus of £492,761.

Garden House

The Garden House tenancy ended in December 2019 and the property remained unlet during 2020.

Expenditure

The Group continued to maintain a tight control over its expenses and savings were made in several areas including staffing, maintenance, office and travel costs and reduction in exhibition spend. Expenditure in total reduced by 9%.

Staffing costs represent our largest area of expenditure but our people are also the charity’s most valued asset. Costs of £1,285,062 were 44% (2019: 43%) of expenditure, as staffing costs fell by £107,607.

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Governors’ report Year to 31 December 2020

Operational review (continued)

Expenditure (continued)

The Board approved the new structure and appointment of the Commercial Director, Head of Content and Engagements. Creative Producer and Head of Fundraising. We conducted a spending review and business modelling exercise to establish the staff structure that would best serve the business and the post Covid-19 period.

As a result, we have established a dedicated front-line staffing to complement our permanent back of house staff team. We will use casual roles to manage additional activity on a commercial basis.

The direct costs of public display of the permanent collections rose 5% to £1,025,232 (2019: £979,243). The direct costs of special exhibitions and projects fell 16% to £389,366 (2019: £464,945). These changes reflect the mix of fixed and variable costs of Group activities.

The direct costs of raising funds fell 44% to £376,612 (2019: £668,125) with significant reductions in the cost of exhibitions and catering due to lower activity levels.

Support and Governance costs rose by 3% to £1,118,655 (2019 £1,089,047). There were savings due to lower activity levels. Professional fees on legal and taxation work increased to £98,024 (2019 £26,284) as work progressed on governance work for incorporation.

The VAT matter was resolved in 2020 without penalties. The agreed settlement comprised of £667,282 of tax and £40,040 of interest, with £45,528 of the £750,000 provision being reversed, against which CVHT incurred professional fees of £50,444 (2019 and 2020) CVHT have received confirmation from HMRC and the Charity commission in 2020 that the matter is now closed.

Pricing policy

Accessibility is a key element of our public benefit offering. We are committed to enabling as many people as possible to view art and enjoy the grounds regardless of their income and ability to pay. Our commercial pricing policy is underpinned by a series of concessions. During 2020 we particularly focused on Blue Light workers, families with children who receive free school meals, local communities and young people.

Investment policy

CVHT has commissioned an Impairment Review which will inform the amount of funds required to maintain and develop the assets. This will inform the Investment Policy which is currently being considered in the post Covid-19 era.

Reserves policy

The Group balance sheet shows total reserves of £28,530,750 comprising restricted funds of £350,119, designated funds of £27,344,009 and general funds of £836,622.

Compton Verney House Trust 19

Governors’ report Year to 31 December 2020

Operational Review (continued)

Restricted funds

Of a total of £350,119, the largest restricted fund is the unspent balance on the ACE – Culture Recovery Fund of £339,921. A broad range of activities is expected to utilise this during 2021.

Designated funds

Designated funds are ring-fenced by the Governors for special purposes and the largest is the Building and gallery fund of £23,840,132. This represents the investment in the development of the gallery, grounds and other fixed assets. The value of the fund fell by £87,364 in 2020 – being the excess of annual depreciation of £249,647 over capital investments of £162,283. With the exception of the Garden House investment of £900,000 which could be sold if needed, the most of this fund is represents sunk costs.

The second largest fund is the Building and gallery sustainability fund which is valued at £3,360,631 – an increase of £489,280 in the year. The purpose of this fund is to support ongoing development, conservation and maintenance of the estate as well as provide funding for strategic, artistic and commercial activities.

The Arts Council NPO fund includes £23,300 brought forward for the deinstallation of the grounds art installation and £119,912 spent on the Rebecca Louise Law exhibition (originally programmed for 2020 but rescheduled to Spring 2021).

Unrestricted funds

The Governors have set a level of reserves consistent with our ability to protect future activities prior to the pandemic, nominally unexpected financial risk as a minimum of three months of expenditure would have been sufficient, however, this is currently under review. The current level equates to 3.5 months expenditure.

The Charity’s Assets

Acquisitions and disposals of fixed assets during the period are recorded in the notes to the financial statements.

Our governance and administration

The Charity structure

CVHT was established by the Peter Moores Foundation under the leadership of Sir Peter Moores and the venue opened in 2004, under the original Articles. Compton Verney House Trust is currently in the process of incorporating and is updating its governing document to reflect this and current best practice.

A Board of Governors is responsible for governance and overall control of the charity and meets up to five times a year. The staff of the Charity, under the direction of the CEO-Director, is responsible for the day-to-day delivery of the charity’s objectives and the policy decisions, as agreed by the Board.

Compton Verney House Trust 20

Governors’ report Year to 31 December 2020

Our governance and administration (continued)

Directors and Governors

The following Governors were in office during the year and since the year-end:-

Penny Egan CBE – Chair

Janet Bell Smith Philip Bunt Sarah Carthew Oliver Cox Julie Finch (1 February 2020) Ex-Officio (Staff appointed role)

Loyd Grossman (retired 31 December 2020)

Samantha Henney Howard Jones (retired 31 December 2020) Helen Rose (appointed 1 January 2021)

Jon Sheaff Ross Sleight Paul Smith Lydia Thomas Peter Wilson

All members of the Board constitute as Governors of the charity for the purpose of charity law.

The Board comprises a maximum of 13 elected Governors, each of whom is recruited through an open call, and appointments are finalised through the Nominations Committee and one appointed Ex-Officio Governor. The Governors are recruited for their expertise in diverse areas, including governance, finance and risk management, HR, marketing, commercial skills, culture and heritage, environmental sustainability and natural environment, digital development and major projects. On appointment to the Board, Governors are sent a comprehensive pack of relevant documents to enable them to understand their legal responsibilities to fulfil their roles as Governors. Governors are generally appointed for a term of up to four years, which is set to conclude at the end of the (calendar) financial year. At the end of their term of office, Governors either retire or may be asked by the Chair to offer themselves for one four-year term of re-appointment.

All members of the Board receive regular information from the CEO-Director, Executives and Corporate Manager on matters related to CVHT. Governors give their time voluntarily and receive no benefits from the charity, but their expenses are covered to ensure that an individual’s ability to participate is not dependent upon their financial means. The CEODirector is remunerated for her executive capacity and not for her role as a Governor.

Compton Verney House Trust 21

Governors’ report Year to 31 December 2020

Our governance and administration (continued)

Executive Team

Executive Team
Julie Finch CEO-Director
Sarah Bunney Finance and Assets Director
Bernadette O Sullivan Commercial Director (November 2020)
Thomas Williams Head of Fundraising (January 2021)
Abigail Viner Head of Content and Engagement (March 2021)

Organisation

The Governors consider that they, together with the executive team, comprise the key management personnel of the charity, in charge of directing and controlling, running and operating the charity on a day-to-day basis. The CEO-Director is responsible for the day-today management of the charity and for implementing all policy decisions as determined by the Board.

While still retaining final responsibility, the Board delegates oversight of certain important areas of governance to two committees, each of which reports to and is accountable to the Board. These committees are the Finance and Audit Committee and the Nominations Committee. During the Covid-19 period a Covid-19 Governors Committee has operated, this will come to an end once full reopening is achieved in 2021. Remuneration of the Executive Team is overseen by the Nominations Committee, with reference to sector benchmarks.

Compton Verney House Trust is an equal opportunities employer, recruitment criteria and procedures ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. Wherever possible, employees are provided with further specialist training to enable them to broaden their knowledge and skills and to advance their careers in the charity and arts sector.

The Charity has welcomed interns and those seeking work experience during the year, the interns receiving a short contract. We have also employed consultants and specialists able to support certain areas of change in relation to audience and business development, finance and VAT, governance and marketing and Public Relations.

Our charitable work is reliant on the commitment of our loyal supporters. In particular, to the teams of volunteers who share a range of diverse skills, we are grateful for all of this support. In addition, our members, benefactors, patrons and supporters have remained loyal throughout the pandemic period, we are also very grateful for their support.

Trading activities are mainly undertaken through Compton Verney Publications Limited, a trading company registered with Companies House (registered number 3101327).

Compton Verney House Trust 22

Governors’ report Year to 31 December 2020

Our governance and administration (continued)

Fundraising

Compton Verney House Trust is registered with the Fundraising Regulator, and has been compliant with regulations throughout the year. The Charity is reliant on its own team for all fundraising activities and for attracting donations to the charity. Any funded project is carefully managed to ensure that outcomes are met. The Governors receive regular reports of compliance as part of their meetings. No complaints relating to fundraising have been received during the year.

Our policies

The charity has policies and guidelines in place to cover wide ranging areas of our business encompassing financial management, asset management, HR, operational management including Health, Child Protection and Safeguarding Vulnerable Adult Policy, Equal Opportunities Policy.

All staff are required to understand and comply with these policies, which we review biannually to ensure that they are suitable for the organisation’s structure and objectives. We strive to update our policies through on-going consultations with Governors, staff, volunteers and the public.

The Finance and Audit Committee

Chaired by Philip Bunt, the Finance and Audit Committee reports to the CVHT Board of Governors. The CVHT Finance and Assets Director submits quarterly accounts and strategic financial reports to each sub-committee meeting; the meeting minutes are then circulated to the CVHT Governors, who are ultimately responsible for reviewing financial performance. The Chair and CEO-Director of CVHT also attend on a regular basis.

The Finance and Audit Committee provides high-level oversight of the accounting systems, procedures and policies and financial reporting, including budgets and medium-term plans, and makes recommendations to the CVHT Board on any changes that are required.

Nominations Committee

The Nominations Committee, chaired by Janet Smith, is responsible for recruiting new Governors within a defined process, considering staff remunerations and staff reorganisations.

Related parties

Compton Verney House Trust (CVHT) co-operates with two related charities and one related company in order to achieve its objectives. The two charities are the Compton Verney Collections Settlement (CVCS) and the Compton Verney Fund (CVF), both founded by Sir Peter Moores.

Compton Verney House Trust 23

Governors’ report Year to 31 December 2020

Our governance and administration (continued)

Compton Verney Collection Settlement (CVCS)

CVCS is a charitable trust (number 1085810), set up at the same time as CVHT in 1993. CVCS is chaired by Brian Allen, the trustees of CVCS oversee the permanent collection at Compton Verney, and a loan deed outlines the terms upon which the collection is displayed at CVHT.

New CVCS trustees are appointed on either the recommendation of the executive or of existing trustees on the basis of their relevant expertise. They tend to be museum professionals, able to advise on collection-related issues. The CVHT CEO-Director and other staff attend every board meeting; other senior CVHT staff attend meetings as appropriate.

The Compton Verney Fund (CVF)

CVF (number 1134907) was established by trust deed in March 2010 to hold an endowment of £25 million on Compton Verney's behalf. CVF is a separate trust, with a separate Board from CVHT, and stands independently to ensure its assets cannot be compromised by any potential difficulty encountered by CVHT. During the year Philip Bunt was appointed as a CVF trustee.

Compton Verney Publications Limited (CVPL)

Chaired by Helen Rose, Compton Verney Publications Limited is wholly owned by CVHT, and undertakes the educational, hire, catering and retail activity at Compton Verney. The Chair of CVHT's Board of Governors, Penny Egan and Julie Finch CEO-Director, were unpaid directors of CVPL during 2020.

Management of risk

The executive and the Board have a strategy for the management of risks faced by the charity. Risk processes are kept under constant review and comprise the following key controls:

Compton Verney House Trust 24

Governors’ report Year to 31 December 2020

Our governance and administration (continued)

Management of risk (continued)

The key risks for the charity, as identified by the Governors are described below, together with the principal ways in which they are mitigated:

Compton Verney instructed a Covid-19 Governor Committee to oversee the operational and strategic progress from March 2020, it continues to monitor risk and revert to the Board as appropriate. A full revised risk assessment was established in April 2020, action has been taken to mitigate risks, reopening under a new model assessing the cost basis, a restructure to reduce fixed costs, slowing down and stopping some expenditure, assessment of new business units, use of the grounds and diversification of income streams.

Statement of responsibilities of the governors

Law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Governors should follow best practice and

Compton Verney House Trust 25

Governors’ report Year to 31 December 2020

Statement of responsibilities of the governors (continued)

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

During 2020, Buzzacott was appointed as the auditor.

Approved by the Governors on 21 June 2021 and signed on their behalf by:

Penny Egan Chair

Compton Verney House Trust 26

Independent auditor’s report on the financial statements 31 December 2020

Independent auditor’s report to the members of Compton Verney House Trust

Opinion

We have audited the accounts of Compton Verney House Trust (the ‘parent charity’) and its subsidiary (the group) for the year ended 31 December 2020 which comprise the consolidated statement of financial activities, the balance sheets, the consolidated statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

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 auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these. 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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 group and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts 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.

Compton Verney House Trust 27

Independent auditor’s report on the financial statements 31 December 2020

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

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

Compton Verney House Trust 28

Independent auditor’s report on the financial statements 31 December 2020

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable 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 accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 as follows:

We assessed the susceptibility of the group’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

Compton Verney House Trust 29

Independent auditor’s report on the financial statements 31 December 2020

Auditor’s responsibilities for the audit of the accounts (continued)

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP 9 July 2021 Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Compton Verney House Trust 30

Consolidated statement of financial activities Year to 31 December 2020

Notes Unrestricted
funds
£
Restricted
funds
£
2020
Total
£		 Unrestricted
funds
£


Restricted
funds
£
2019
Total
£
Income from:
Donations and legacies
1
Charitable activities:
. Public displays of art collections
2
Other trading activities
3
Investments
Total income
Expenditure on:
Raising funds:
. Fundraising costs
. Trading activities
Charitable activities:
. Public displays of permanent collections
. Special exhibition/project costs
Total expenditure
4
Net income (expenditure) before net
(losses) gains on investments
Net (losses) gains on investments
Net income (expenditure)
5
Transfers between funds
19
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19		 2,538,950
459,296
164,227
4,417		 705,767
—
—
—		 3,244,717
459,296
164,227
4,417		 1,593,012
473,579
651,332
7,013
143,130

—

—

—		 1,736,142
473,579
651,332
7,013
3,166,890 705,767 3,872,657 2,724,936
143,130		 2,868,066
140,338
527,124
1,685,239
266,308		 —
—
—
290,856		 140,338
527,124
1,685,239
557,164		 311,381
639,897
1,621,402
472,059
—

—

381

156,244		 311,381
639,897
1,621,783
628,303
2,619,009 290,856 2,909,865 3,044,739
156,625		 3,201,364
547,881
(58,811)		 414,911
—		 962,792
(58,811)		 (319,803)
525,136
(13,495)

—		 (333,298)
525,136
489,070
32,761		 414,911
(32,761)		 903,981
—		 205,333
22,836
(13,495)

(22,836)		 191,838
—
521,831
27,658,800		 382,150
**(32,031) **		 903,981
27,626,769		 228,169
27,430,631
(36,331)

4,300		 191,838
27,434,931
28,180,631 **350,119 ** 28,530,750 27,658,800
(32,031)		 27,626,769

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 19 to the financial statements.

Compton Verney House Trust 31

Balance sheets 31 December 2020

Notes Group Group Charity Charity
2020
£		 2019
£		 2020
£		 2019
£
Fixed assets
Tangible assets
9
Investments
10
Current assets
Stock
13
Debtors
14
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
15
Net current assets
Total net assets
Funds
19
Restricted income funds
Unrestricted income funds
. Designated funds
. General funds
Total unrestricted funds
Total reserves
18		 23,840,133
2,128,961		 23,927,496
2,187,775		 23,830,133
2,128,961		 23,927,496
2,187,777
25,969,094 26,115,271 25,969,094 26,115,273
27,723
785,818
2,122,177		 31,376
296,169
2,235,146		 —
778,912
2,112,007		 31,376
258,098
2,214,792
2,935,718 2,562,691 2,890,919 2,504,266
(374,062) (1,051,193) (329,265) (1,152,576)
2,561,656 1,511,498 2,561,654 1,351,690
28,530,750 27,626,769 28,530,748 27,466,963
350,119 (32,031) 350,119 (32,031)
27,344,009
836,622		 26,822,177
836,623		 27,344,007
836,622		 26,822,177
676,817
28,180,631 27,658,800 28,180,629 27,498,994
28,530,750 27,626,769 28,530,748 27,466,963

Approved by the Board of Governors on 21 June 2021 and signed on their behalf by:

Penny Egan Chair

Compton Verney House Trust 32

Consolidated statement of cash flows 31 December 2020

Notes 2020
£		 2019
£
Cash flows from operating activities
A
Net cash provided by (used in) operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of fixed assets
Purchase of COIF deposit

Sales of COIF investment for cash
Net cash (used in) provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of theyear
B
44,898
4,417
(162,284)
(2,218,189)
2,218,189		 (219,926)
7,013
(736,272)
—
1,000,000
(157,867) 270,741
(112,969)
2,235,146		 50,815
2,184,331

2,122,177		 2,235,146

Notes to the statement of cash flows for the year to 31 December 2020.

A Reconciliation of net income to net cash flow from operating activities

2020
£		 2019
£
Net income for the year (as per the statement of financial activities)
Adjustments for:
Depreciation charges
Losses (gains) on investments
Dividends, interest and rent from investments
Decrease (increase) in stocks
(Increase) decrease in debtors
Decrease in creditors
Net cashprovided by (used in) operating activities
903,981
249,647
58,811
(4,417)
3,653
(489,646)
(677,131)		 191,838
242,978
(525,136)
(7,013)
(1,068)
10,657
(132,182)
44,898 (219,926)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
At 1
January
2020
£
Cash flows
£
At 31
December
2020
£
Cash at bank and in hand
Total cash and cash equivalents		 2,235,146
(112,969)		 2,122,177
2,235,146
(112,969)		 2,122,177

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

Compton Verney House Trust 33

Principal accounting policies 31 December 2020

Statutory information

Compton Verney House Trust is a charitable trust. The registered office address and principal place of business is Compton Verney, Warwickshire, CV35 9HZ.

Basis of preparation

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involve following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Compton Verney Publications Limited on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charity’s balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented as the summary of the result for the year is disclosed in the notes to the accounts.

Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the Governors and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Compton Verney House Trust 34

Principal accounting policies 31 December 2020

Going concern

The Governors consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

The Governors acknowledge and recognise the potential impact of Covid-19 on the future operations of the charity, its beneficiaries, partners and stakeholders and on wider society. As well as the personal risk to health of its staff, the charity may lose planned income as the result of the cancellation of events and/or the absence of key personnel, although there may also be some compensating expenditure savings. The reduced opportunities for scheduled face to face interaction may well impact on the ability to plan effectively for the medium term but, at the current time, it is not anticipated that the financial solvency of the charity is materially threatened. As detailed in the Governors’ report we continue to take account of the challenges and opportunities that the pandemic poses. This will help ensure Compton Verney remains relevant and can meet its charitable objects.

The Governors do not consider that there are any sources of estimation uncertainty at the reporting date that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, 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 and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income and recognition are met.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other income received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the Governors for particular purposes.

Compton Verney House Trust 35

Principal accounting policies 31 December 2020

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probably that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Allocation of support and governance costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Cost of raising funds 26%
Public display of permanent collections 59%
Special exhibitions/projects 15%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Operating leases

Rental charges are charged on a straight line basis over the term of the lease

Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold property see below Plant and machinery 4 years

Compton Verney House Trust 36

Principal accounting policies 31 December 2020

Tangible fixed assets (continued)
Fixtures and fittings 4 years
Motor vehicles 5 years

The Governors consider the residual value of the freehold property to be at least equal to its cost, and therefore there is no depreciation charge on the property. The Governors carry out a review of the property at least annually to ensure there is no indication of an impairment to the property. The balance sheet includes £21,324,213 for the value of the House and Garden House.

However, the cost of the freehold property includes fit out costs such as gallery lighting. In 2016 new buildings were constructed on the estate and in 2017 an additional property. Garden House, was purchased by the state. The Car Park is treated as fit out cost. The assets will be written down to estimated residual value over their expected useful life and depreciated as follows:

New buildings 25 years
Fit out costs 10 years
Garden House no impairment

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet.

Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains (losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Investment in subsidiaries

Investments in subsidiaries are at cost.

Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks.

Compton Verney House Trust 37

Principal accounting policies 31 December 2020

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pensions

Compton Verney operates a defined contribution pension scheme. The assets of the scheme are held separately from Compton Verney in an independently administered fund. The pension cost charge represents contributions payable under the scheme by Compton Verney to the fund. Compton Verney has no liability under the scheme other than for the payment of those contributions.

Since the onset of auto enrolment in April 2015, the charity has been required to enrol staff who meet set criteria based on earnings and age. If new staff meet the criteria they are typically enrolled into the scheme after a 3 months postponement period. Staff who do not meet the criteria are given the option of joining the scheme on a voluntary basis if they wish. Contributions are in line with the statutory minimums set out under the auto enrolment legislation although there is an option for staff to have their contributions matched at a higher level.

.

Compton Verney House Trust 38

Notes to the accounts Year to 31 December 2020

1 Income from donations and legacies

Income from donations and legacies
Unrestricted
£		 Restricted
£		 2020
Total
£
Donations (see note 1a)
Grants (see note 1b)		 1,476,077
1,062,873		 2,500
703,267		 1,478,577
1,766,140
2,538,950 705,767 3,244,717
Unrestricted
£
Restricted
£		 2019
Total
£
Donations (see note 1a)
Grants (see note 1b)		 1,436,094
156,918
11,370

131,760		 1,447,464
288,678
1,593,012
143,130		 1,736,142

1a Donations

Donations
Unrestricted
£		 Restricted
£		 2020
Total
£
Compton Verney Fund – Endowment
funding
Other donations		 1,400,000
76,077		 —
2,500		 1,400,000
78,577
1,476,077 2,500 1,478,577

Other donations includes unrestricted gift in kind donations of £12,280, valued in accordance with the Charities SORP.

Unrestricted
£
Restricted
£		 2019
Total
£
Compton Verney Fund – Endowment funding
Other donations		 1,400,000
36,094
—

11,370		 1,400,000
47,464
1,436,094
11,370		 1,447,464

1b Grants received

Grants received
Unrestricted
£		 Restricted
£		 2020
Total
£
Arts Council England – Cultural Recovery
Fund
Coronavirus Job Retention Scheme
National Lottery Heritage Fund – Cultural
Recovery
Arts Council England – National Portfolio
National Lottery Heritage Fund
Compton Verney Collection Settlement
Local Recovery Grant
Rural Payments Agency
University of Warwick
Other grants (under £1,500)		 600,000
228,018
—
152,760
—
70,000
6,107
5,988
—
—		 380,000
—
223,500
—
96,767
—
—
—
2,000
1,000		 980,000
228,018
223,500
152,760
96,767
70,000
6,107
5,988
2,000
1,000
1,062,873 703,267 1,766,140

Compton Verney House Trust 39

Notes to the accounts Year to 31 December 2020

1b Grants received (continued)

Grants received(continued)
Unrestricted
£		 Restricted
£		 2019
Total
£
National Lottery Heritage Fund
Arts Council England
Compton Verney Collection Settlement
Rural Payments Agency
Daiwa Foundation Grant
Finnis Scott Foundation
Paul Mellon
Digital, Culture, Media & Sport
Rowlands Trust
GB SASAKAWA
Bonham Carter
Saintbury Trust
Other grants (under £1,500)		 —
150,000
—
5,918
—
—
—
—
—
—
—
—
1,000		 90,318
31,142
—
—
2,000
2,350
—
—
1,000
2,000
—
—
2,950		 90,318
181,142
—
5,918
2,000
2,350
—
—
1,000
2,000
—
—
3,950
156,918 131,760 288,678

2 Income from charitable activities

Income from charitable activities
Unrestricted
£		 Restricted
£		 2020
Total
£
Public display of permanent collections:
. Gallery grounds and admissions
. Membership
Talks and lectures
Total		 179,221
212,164
67,911		 —
—
—		 179,221
212,164
67,911
459,296 — 459,296
Unrestricted
£
Restricted
£		 2019
Total
£
Public display of permanent collections:
. Gallery grounds and admissions
. Membership
Talks and lectures
Total		 297,819
155,841
19,919
—

—

—		 297,819
155,841
19,919
473,579
—		 473,579

3 Income from other trading activities

Income from other trading activities
Unrestricted
£		 Restricted
£		 2020
Total
£
Shop turnover
Educational activities
Hire and onsite catering
Catering income
Touring income
Sundry income		 70,895
8,201
50,714
20,032
8,048
6,337		 —
—
—
—
—
—		 70,895
8,201
50,714
20,032
8,048
6,337
164,227 — 164,227

Compton Verney House Trust 40

Notes to the accounts Year to 31 December 2020

3 Income from other trading activities (continued)

Income from other trading activities(continued)
Unrestricted
£		 Restricted
£		 2019
Total
£
Shop turnover
Educational activities
Hire and onsite catering
Catering income
Property rental
Touring income
Sundry income		 139,511
32,894
208,308
207,401
23,979
36,109
3,130		 —
—
—
—
—
—
—		 139,511
32,894
208,308
207,401
23,979
36,109
3,130
651,332 — 651,332

4 Analysis of expenditure

Analysis of expenditure
Cost of
raising
funds
£
Public
display of
permanent
collections
£


Special
exhibitions/
projects
£
Governance
costs
£


Support
costs
£
2020
Total
£
Staff costs
Consultancy – temporary staff
cover
Depreciation
Utilities
Funded projects
Cost of sales and exhibitions
Marketing and PR
Security
Office costs and other people
costs
Governance including taxation,
legal and audit fees
Maintenance
Insurance
Cleaning, rates and storage
Information technology
Cost of sales of catering
Strategy projects
Irrecoverable VAT on charitable
activities
Support costs
Governance costs
Total expenditure 2020		 278,164
—
—
—
—
68,875
—
—
8,618
—
—
—
—
—
20,954
—
—		 471,844
20,790
—
206,329
—
—
—
116,047
43,484
—
109,917
70,400
50,231
—
—
—
(63,810)		 78,802
—
—
—
205,805
89,120
—
—
15,640
—
—
—
—
—
—
—
—		 131,893
—
—
—
—
—
—
—
—
114,511
—
2,933
—
—
—
—
—
277,409

29,978

249,647

—

—

—

156,278

—

46,774

—

1,796

1,339

8,495

44,365

21,137

32,100

—		 1,238,112
50,768
249,647
206,329
205,805
157,995
156,278
116,047
114,516
114,511
111,713
74,672
58,726
44,365
42,091
32,100
(63,810)
376,611 1,025,232 389,367 249,337
869,318		 2,909,865
226,023
64,828		 512,898
147,109		 130,397
37,400		 —
(249,337)
(869,318)
—		 —
—
667,462 1,685,239 557,164 —
—		 2,909,865

Compton Verney House Trust 41

Notes to the accounts Year to 31 December 2020

4 Analysis of expenditure (continued)

Cost of
raising
funds
£

Public
display of
permanent
collections
£


Special
exhibitions/
projects
£
Governance
costs
£


Support
costs
£
2019
Total
£
Staff costs
Consultancy – temporary staff
cover
Cost of sales and exhibitions
Cost of sales and catering
Utilities
Insurance
Security
Marketing
Telephone/postage/stationery
Travel/subsistence/entertaining
Maintenance
Information technology
Cleaning
Consultancy/professional fees
Recruitment/training
Governors’ expenses
Auditor’s remuneration
General rates
Volunteers’ expenses/temporary
staff
Other expenses
Storage
Signage and print
Depreciation
Grounds restoration
Irrecoverable VAT on charitable
activities
Support costs
Governance costs
Total expenditure 2019		 336,161
—
115,261
202,019
—
—
—
—
—
977
—
—
—
—
—
—
—
—
—
5,328
—
8,379
—
—
—		 563,110
—
—
—
190,117
68,585
116,502
—
—
1,857
136,957
—
79,385
—
—
—
—
—
—
35,383
1,961
6,298
—
—
(220,912)		 —
—
388,315
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
33,911
—
—
—
42,719
—		 —
—
—
—
—
3,420
—
—
—
—
—
—
—
—
—
715
17,110
—
—
—
—
—
—
—
—
433,755

37,975

—

—

—

1,859

—

124,166

21,432

8,104

9,984

45,414

—

96,274

7,716

—

—

24,149

11,100

—

2,900

—

242,978

—

—		 1,333,026
37,975
503,576
202,019
190,117
73,864
116,502
124,166
21,432
10,938
146,941
45,414
79,385
96,274
7,716
715
17,110
24,149
11,100
74,622
4,861
14,677
242,978
42,719
(220,912)
668,125 979,243 464,945 21,245
1,067,806		 3,201,364
277,629
5,524		 630,005
12,535		 160,172
3,186		 —
(21,245)		 (1,067,806)
—		 —
—
951,278 1,621,783 628,303 —
—		 3,201,364

5 Net income (expenditure) for the year

This is stated after charging:

2020
Total
£		 2019
Total
£
Depreciation
Trustees’ indemnity insurance
Trustees’ reimbursed expenses
Operating lease rentals:
. Other
Auditor’s remuneration (excluding VAT)
. Auditor’s related company taxation services
. Other services		 249,647
2,933
737
1,579
14,600
32,444
1,150		 242,978
3,420
715
1,533
14,577
18,000
2,520

Compton Verney House Trust 42

Notes to the accounts Year to 31 December 2020

6 Analysis of staff costs

Staff costs were as follows:

2020
Total
£		 2019
Total
£
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Consultancy – temporary staff cover		 1,113,272
82,778
38,244		 1,224,470
88,910
41,314
1,234,294
50,768		 1,354,694
37,975
1,285,062 1,392,669

The following number of employees received employee benefits (excluding employer pension and employer’s national insurance costs) during the year between:

2020
No.		 2019
No.
£80,000 – £89,999 1 —

The total employee benefits including employer’s pension contribution and employer’s national insurance of the key management personnel were £236,632 (2019: £264,534).

The Board of Governors were not paid nor received any other benefits from employment with the charity in the year (2019: £nil).

Board of Governors’ expenses represents the payment or reimbursement of travel and subsistence costs totalling £737 (2019: £715) incurred by 2 (2019: 3) members relating to attendance at meetings of the trustees.

One Governor has been paid remuneration for employment within the charity, in accordance with the Compton Verney House Trust Deed variation 10[th] February 2020, which appointed the role of CEO to the Governors. In her role as CEO, Julie Finch received gross pay of £86,700 and employer pension contributions of £5,202. There were no other benefits within the remuneration. No 2019 figures are quoted, since the CEO role was not a Governor in that year.

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

2020
No.		 2019
No.
Raising funds
Public display of collections
Support
Governance		 6
47
23
2		 7
51
26
3
78 87

Compton Verney House Trust 43

Notes to the accounts Year to 31 December 2020

6 Analysis of staff costs (continued)

The average number of employees for the year of 78 (2019: 87) consists of 34 permanent staff (2019: 37) and 44 seasonal staff (2019: 50). Permanent staff rose to 42 in December 2020 with the new front of house organisation.

7 Related party transactions

Compton Verney House Trust receives endowment income annually from the Compton Verney Fund. In 2020 Compton Verney received £1.4 million (2019: £1.4 million).

During the year, Howard Jones was a trustee of both Compton Verney Fund and Compton Verney House Trust and on his retirement, Philip Bunt became a trustee of both.

A number of Governors have voluntarily contributed to the benefactor schemes total value £3,050 (2019: £4,800) and quality for the same benefits of all beneficiaries.

Compton Verney Collections Settlement Trust gave a £70,000 grant in 2020 to help fund the fixed costs of management of the permanent art collections during the Pandemic.

Further details of the related party organisation are included in the Governors’ report.

8 Taxation

As an unincorporated trust the Charity is exempt from corporation and income tax.

The charity’s trading subsidiary Compton Verney Publications Limited donates available profits to the parent charity under gift aid. No corporation tax was liable for Compton Verney Publications Limited in 2020 (and 2019).

9 Tangible fixed assets

Tangible fixed assets
Groupand charity Main
Compton
Verney land
& estate
£		 New
buildings &
fit out costs
£		 Plant and
machinery
£		 Fixtures,
fittings &
motor
vehicles
£		 Total
£
Cost
At the start of the year
Additions
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of theyear		 9,227,297
—		 16,141,639
64,319		 557,109
48,645
418,513

49,320
26,344,558

162,284
9,227,297 16,205,958 605,754
467,833
26,506,842
—
—		 1,613,793
148,560		 408,059
78,790
395,209

22,297
2,417,062

249,647
— 1,762,354 486,849
417,506
2,666,709
9,227,297 14,443,604 118,905
50,327
23,840,133
9,227,297 14,527,846 149,050
23,304
23,927,496

All of the above assets are used for charitable purposes.

Compton Verney House Trust 44

Notes to the accounts Year to 31 December 2020

10 Investments

Investments
Group Charity
2020
£		 2019
£		 2020
£		 2019
£
Fair value at the start of the year
Disposal proceeds
Purchase value
Net (loss) gain on change in fair value
Fair value at the end of the year
Historical cost at the end of theyear		 2,187,775
(2,218,189)
2,218,189		 2,662,639
(1,000,000)
—		 2,187,775
(2,218,189)
2,218,189		 2,662,639
(1,000,000)
—
(58,814) 525,136 (58,814) 525,136
2,218,961 2,187,775 2,218,961 2,187,775
— 900,000 — 900,000

At the start of 2020 the Charity held 11,651.84 units of the COIF Investment fund. On 21 May 2020 these units were sold at a price of £18,264.83 per unit and the proceeds of £2,128,189 were placed in the COIF Charity Deposit account.

11 Subsidiary undertaking

The charity owns the whole of the issued ordinary share capital of Compton Verney Publications Limited, a company incorporated in the United Kingdom and registered in England and Wales (company number 03101327). The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Kirsten Suenson-Taylor (retired chair of Charity) retired as a director in September 2020 and was replaced by Penny Egan (current chair of Charity). Julie Finch was a director of the subsidiary through 2020. Two shares are held by individuals in trust for the Charity. Available profits are gift aided to the parent charity. A summary of the results of the subsidiary is shown below:

the results of the subsidiary is shown below:
2020
Total
£		 2019
Total
£
Turnover
Cost of sales
Gross profit
Administrative expenses
Management charge from parent undertaking
Profit on ordinary activities
Total comprehensive income for the financial year
Changes in equity
Total equity brought forward
Total comprehensive income for the year
Gift aid distribution to parent charity
Total equity carried forward
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 158,523
(69,295)		 644,650
(310,150)
89,228
(28,718)
(59,734)
776		 334,500
(60,527)
(114,166)
159,806
776 159,806
159,808
776
(160,582)		 2
159,806
—
2 159,808
111,246
(111,244)		 341,127
(181,318)
2 159,808

Compton Verney House Trust 45

Notes to the accounts Year to 31 December 2020

11 Subsidiary undertaking (continued)

Amounts owed from the parent to undertaking £66,140 (2019: £258,705) are shown in note 15.

12 Parent charity

The parent charity’s gross income and the results for the year are disclosed as follows:

13 2020
£		 2019
£
Gross income
Result for theyear		 3,799,643
962,017		 2,337,583
(493,104)
Stock
13 Stock
14 Group Charity
2020
£		 2019
£		 2020
£		 2019
£
Finishedgoods 27,723 31,376 — 31,376
Debtors
2020
£		 2019
£		 2020
£		 2019
£
Trade debtors
Other debtors
VAT
Accrued grant income
Prepayments and accrued income		 9,116
11,290
83,376
533,607
148,429		 102,788
32,008
21,225
—
140,148		 4,556
9,880
83,412
533,607
147,457		 54,993
26,909
45,221
—
130,975
785,818 296,169 778,912 258,098

15 Creditors: amounts falling due within one year

Group Group Charity Charity
2020
£		 2019
£		 2020
£		 2019
£
Trade creditors
Taxation and social security
Amount due to group undertaking
VAT liability
Accruals and deferred income		 167,956
23,735
—
—
182,371		 114,177
31,030
—
750,000
155,986		 160,122
23,735
66,410
—
78,998		 96,025
31,030
258,705
717,000
49,816
374,062 1,051,193 329,265 1,152,576

Compton Verney House Trust 46

Notes to the accounts Year to 31 December 2020

16 Deferred income

Deferred income comprises unexpended grants received and deposits for private hires.

Group Group Charity Charity
2020
£		 2019
£		 2020
£		 2019
£
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of theyear		 77,467
(59,290)
78,294		 48,693
(39,110)
67,884		 4,160

(910)
12,090		 7,940
(4,173)
393
96,471 77,467 15,340 4,160

17 Pension scheme

As at 31 December 2020, contributions amounting to £5,416 (2019: £7,003) were outstanding or owed to the defined contribution pension schemes. At the year end the Aegon administered pension schemes had a total of 36 active members (2019: 41 active members).

18 Analysis of group net assets between funds

General
unrestricted
funds
£		 Designated
funds
£
Restricted
funds
£		 Total funds
£
Tangible fixed assets
Investments
Net current assets
Net assets at 31 December 2020		 —
—
836,622		 23,840,133
2,218,961
1,374,915
—

—

350,119		 23,840,133
2,218,961
2,561,656
836,622 27,434,009
350,119		 28,620,750
General
unrestricted
funds
£		 Designated
funds
£
Restricted
funds
£		 Total funds
£
Tangible fixed assets
Investments
Net current assets
Net assets at 31 December 2019		 —
—
836,623		 23,927,496
2,187,775
706,906
—

—

(32,031)		 23,927,496
2,187,775
1,511,498
836,623 26,822,177
(32,031)		 27,626,769

Compton Verney House Trust 47

Notes to the accounts Year to 31 December 2020

19 Movement in funds

19 Movement in funds
At 1 January
2020
£		 Income
£		 Expenditure
£		 Gains
£		 Transfers
£		 At 31
December
2020
£
Restricted funds
Arts Council England – Cultural
Recovery Fund
National Lottery Heritage Fund –
Cultural Recovery Fund
National Lottery Heritage Fund – Park
Restoration
Exhibition funding
Endowment
Outdoor activities
Gallery
Total restricted funds
Unrestricted funds
Designated funds:
Building and gallery fund
Arts Council NPO
Building and gallery sustainability fund
Total designated funds
Arts Council England – Cultural
Recovery Fund
Coronavirus Job Retention Scheme
General funds
Total unrestricted funds
Total funds at 31 December 2020		 —
—
(36,880)
1,000
2,000
—
1,849		 380,000
223,500
96,767
2,100
—
900
2,500		 (40,079)
(224,719)
(19,809)
(1,000)
—
(900)
(4,349)		 —
—
—
—
—
—
—		 —
1,219
(33,980)

—

—

—

—		 339,921
—
6,098
2,100
2,000
—
—
(32,031) 705,767 (290,856) —
(32,761)		 350,119
23,927,496
23,330
2,871,351		 —
152,760
—		 —
(32,848)
—		 —
—
—
(87,364)

—

489,284		 23,840,132
143,242
3,360,635
26,822,177
—
—
836,623		 152,760
600,000
228,018
2,186,112		 (32,848)
(600,000)
(228,018)
(1,758,143)		 —
—
—
(58,811)
401,920
—

—
(369,159)		 27,344,009
—
—
836,622
27,658,800 3,166,890 (2,619,009) (58,811) 32,761 28,180,631
27,626,769 3,872,657 (2,909,865) (58,811) — 28,530,750

Compton Verney House Trust 48

Notes to the accounts Year to 31 December 2020

19 Movement in funds (continued)

At 1 January
2019
£		 Income
£		 Expenditure
£		 Gains
£		 Transfers
£		 At 31
December
2019
£
Restricted funds
Park restoration project
Gallery redisplay
Exhibition funding
Art for café walls/sensory wall
Endowment
Dementia Café
House & Garden upkeep
Health & safety equipment
ACE small capital grant
Pigment garden
Total restricted funds
Unrestricted funds
Designated funds:
Building and gallery fund
Arts Council NPO
Christina Lee
Building and gallery sustainability fund
Total designated funds
General funds
Total unrestricted funds
Total funds at 31 December 2019		 —
—
2,000
500
2,000
—
—
—
—
(200)		 90,319
2,230
5,500
3,050
—
2,100
7,658
257
29,666
2,350		 (105,445)
(381)
(6,500)
(3,550)
—
(2,100)
(7,658)
(257)
(29,666)
(1,068)		 —
—
—
—
—
—
—
—
—
—
(21,754)

—

—

—

—

—

—

—

—

(1,082)		 (36,880)
1,849
1,000
—
2,000
—
—
—
—
—
4,300 143,130 (156,625) —
(22,836)		 (32,031)
23,434,201
16,098
3,545
3,176,244		 —
150,000
—
—		 —
(140,470)
(3,545)
—		 —
—
—
—
493,295

(2,298)

—

(304,893)		 23,927,496
23,330
—
2,871,351
26,630,088 150,000 (144,015) —
186,104		 26,822,177
800,543 2,574,936 (2,900,725) 525,136
(163,268)		 836,623
27,430,630 2,724,936 (3,044,739) 525,136
22,836		 27,658,800
27,434,930 2,868,066 (3,201,364) 525,136
—		 27,626,769

Purposes of restricted funds

Arts Council England – Cultural Recovery Fund awarded £380,000 of restricted funds for the period from October 2020 to March 2021 to assist the cultural recovery of the Charity from the impact of the pandemic. In 2020 £40,079 helped finance the Winter creative programme. Further funding of £90,000 will be used in 2021 towards staffing of the gallery and house to meet new socially distancing requirements, interpretation of the collections and culture, a young persons project and a research project into the decentralisation of collections narratives. Funding of £50,000 will be used in 2021 towards digital signage to build younger audiences, a campaign to reach a broad range of audience and social distancing cleaning costs and measures. We will work with consultants in the creative industry and spend £85,000 on a new learning model, market testing for non-visiting focus groups, a redesign of the grounds play area with an artist intervention, and a redesign of our indoor family area. We will spend £40,000 to purchase equipment for our young people’s project and for catering equipment to build resilience in an area fraught with commercial issues. We will spend a further £40,000 on programme delivery at the start of 2020, including a digital programme element. We plan to spend £35,000 for improved access for a broad range of visitors.

A further £600,000 of unrestricted funds were awarded.

Compton Verney House Trust 49

Notes to the accounts Year to 31 December 2020

19 Movement in funds (continued)

Purposes of restricted funds (continued)

National Lottery Heritage – Cultural Recovery Fund awarded £223,500 of restricted funds for the period July 2020 to December 2020. This funded £60,000 of staffing costs to enable the House and Park to open during the many changes in Covid-19 restrictions, £32,000 of additional PPE and cleaning costs, £11,500 to adapt the retail shop and signage needs, £15,000 to adapt and reopen our Forest school, £25,000 investment in grounds equipment for an outdoor offer, £30,000 towards our October half term project which included community heritage work, £35,000 towards redeveloping a website and integrated CRM system to meet the needs of digital consumer, £10,000 to develop community digital content and £5,000 for project evaluation. There was an overspend on the project of £1,219 which was funded by a transfer from the General Fund.

The Park Restoration project – funded by the National Heritage Lottery Fund, concluded in 2020. Further funding of £96,767 for activities included spend on engagement, staff, management costs and the installation of the second eye catcher project, Green Dwelling. Costs incurred in prior years of £33,980 were transferred to the General Fund. The fund balance of £6,098 is for future decommissioning costs.

The Cranach exhibition was funded £1,000 (received in 2019) for general exhibition costs. £2,100 of funding was received for two exhibition activities which have been reimagined (On Colour) or delayed (Mary Newcombe) to 2021. Other outdoor activities received funding of £900.

The redisplay of the Northern European Gallery concluded in 2021, using the £1,849 of 2020 restricted monies. £2,500 was received in an adoption of an artwork.

Purposes of designated funds

Designated funds represent funds ring-fenced by the Governors for special purposes. The largest fund is the Building and Gallery fund £23,840,132 (£23,927,496 – 2019) and it shows the value of monies already invested in the development of the gallery, grounds and other fixed assets. The value of the fund decreased in the year by £87,364 – being the difference between capital investments of £162,283 and annual depreciation £249,647.

The second largest fund is the Building & Sustainability fund which has been built up over the past few years with the help of the Matched Funding from CVF. The purpose of this fund is to support ongoing development, conservation and maintenance of the estate as well as provide funding for strategic artistic and commercial initiatives. There were no major initiatives in 2020 (due to the pandemic). The historic VAT issue was settled in 2020 (at a value in line with the accrual in the 2019 statutory accounts. The balance on this fund is £3,360,634. The fund benefitted from the transfer of £489,283 from the General Fund – representing the net increase in “free” funds in the year.

The designated Arts Council NPO funding was used to fund a number of artistic interventions in the Park. The majority of the NPO 2020/2021 fund has been invested in the commission of Rebecca Louise Law work, which will be shown early in 2021.

Compton Verney House Trust 50

Notes to the accounts Year to 31 December 2020

19 Movement in funds (continued)

Unrestricted funds

The Governors retain unrestricted reserves to provide for future expenditure, whether of a capital or revenue nature, which cannot be covered by incoming resources. The Governors review the level of unrestricted reserves carried forward annually to ensure they provide a sound underpinning, in terms of cash flow, strategic planning and risk management for ongoing investments in the capital infrastructure of the estate.

The Governors believe that unrestricted general funds should be held to cover between three and six months’ running and reorganisation costs, in order to finance operations should extraordinary events beyond the Trust’s control affect its revenue streams or operating costs. At the year end, current general reserves stood at £836,623 and was in line with the policy. The net transfer on the fund was a decrease of £369,158.

20 Operating lease commitments

The group’s total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

2020
£		 2019
£
Less than 1 year
1 – 5 years		 1,579
2,210		 1,579
3,789
3,789 5,368

21 Capital commitments

At the balance sheet date, the group had no commitments in respect of capital projects (2019: £nil).

Compton Verney House Trust 51