Compton Verney House Trust Annual Report and Financial Statements 15 months ended 31 March 2023 Charity Registration Number 1032478
Contents Reports Reference and adminislratNe information Chair's introduction Governor's report Independent audilorfs report on the financial statements 15 Financial ststements statement of financial activities 19 Balance sheets 20 statement of cash flows 21 Principal accounting policies 22 Notes to the accounts 27 r.nmntnn Vp.mp.v Hni i•. Tn it
Reference and administrative information Govemor8 Penny Egan, CBE (Chairl (resigned 29 March 20221 Janet Bell Smith (retired 15 February 20221 Philip Bunt Iresigned 29 March 20221 Sarah Carthew Irelired 15 February 20221 Oliver Cox (resigned 29 March 20221 Julie Finch (resigned 29 March 2022) Samantha Henney (resigned 29 March 2D221 Helen Rose {resigned 29 March 20221 Jon Sheaff (resigned 29 March 2022} Ross Sleight (resigned 29 March 20221 Paul Smith (resigned 29 March 20221 Lydia Thomas (resigned 29 March 20221 Peter Wilson (resigned 29 March 20221 Compton Verney House Charity lappoinled 29 March 20221 Chief Executive Julie Finch (resigned 31 October 20221 Geraldine Collinge lappoinled 31 October 20221 Registered address Compton Verney Warwick CV35 9HZ Charity registration numbgr 1032478 Audttor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Barclays Bank plc 48B & 50 Lord Street Liverpool L2 1TD Sollcltors Bates Wells & Brailhwaite Scandinavian House 2-6 Cannon Street London EC4M 6YH Pnmntnn Ilprnpv Hni i*p Triist 1
Chalr's Introducllon 15 months endod 31 March 2023 Chal8 Welcomè Th18 Annud Report and Account¥ is unusual as it only presents 3 months ol a¢Wvity by the chartty. Compton Vemey Housg Trust ICVHTI has been ¥lwciufed as an unlncorporaled ¢harftable trust 55nce its in¢8ptlcr¢. After a revlèw of the gov8manc8 arrdngemenls ot CVHT, the Board of Govemor resolvgd to change the structure of the TnJs110 8 charllable company limited by guarantee, which is rnore appropriale lagal stnjclure for an oper8tlonal charity. On 31 Mar( 2022, the buslness, Slaff gnd assets ol CVHT were transfeTred to th8 now incorpDf3tèd charity. Th8 ongoing buslness and tharitable acknvlti&s of CVHT thèrefore Inl]nUeS in the new legal entlty Cornpton Vern?y House Chority Limited ICVHC) ICh8rfty Regl$lratlon Number 1196705. Company Registratlon Number 13754286) from 11 April 2022. The accounn9 rgfgrance date was also changed to 31 M¥rch to align wfth CVHC. Charfties frequ8ntty incvrporate in thls ¥vay and so thls procedure Is not unvsu8J, and WIU TrJt aet our activibs. The main revlew of Iha activilw of the charity and Ille ongolng succ8s$ of Cornpton Vgmey is now included in the annual Teport and accountsforcornpton VeTney House Charity Llrnfted. Compton Vemèy House Ch8TSty is now tha sole Gov8mor ofCVHT CVHT rem8lns as a ch8rlty In Ils own rfghl registered with the Charity Commlsslon. As of 11 April 2022, the charlty no longer has arTry aotlvsties. However. there artr a numb8r of contracts Ihal have not been nov8led to CVHC and VAII be serviced wlhin CVHT unlll they expirÈ. At thal poinL CVHT will bgcome doTm8nl. During this P91ir)d all IncoTh and costs wli I be passed onto CVHC 8nd will be regnised in thg accounts of that èntity. Ponny Egan Ch?Ir & r•pr8s•nttha ofthe 10 Governor CVHC Compton Vemey HOuTrust 2
Governor's report 15 months ended 31 March 2023 The Governor is pleased to present the annual report of Compton Verney House Trusl together with the financial statements The report besow covers the operational period from 1 January 2022 to 31 March 2022 when the business, staff and assets were transferred to Compton Verney House Charity. The financial slalemen15 have been prepared in accordance with accounting policies lo 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.. ISORPI applicable to charities preparing their accounts in accordan with FRS 102. The organisation is an unincorporated charity, conslituled under a trust deed dated 27 August 1993 and registered as a charity on 1 February 1994. Our Mlssion and Objectlves Our Mission To care for, interpret and animate Compton Vemey's site and culture, engaging audiences with 8rt, 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 achieved our objectives Compton Verney. having been restored by the Peter Moores Foundation, opened in 2004 with the intention of attracting visitors who would not nom)ally visit galleries or museums. We actively welcomed the broadest audiences. The Grade l-listed house and 120 acres of Grade Il'_listed landscape includes the park commissioned from Lancelot 'Capability' Brown in 1768, restored in 2018 as a result of a successful bid to National Lottery Heritage Fund. The Assets are open to the public either through ticket purchase, subsidised or free Ichildren and project parti¢ipantsl entry lo enable the development of audiences who have not visited before. This work continues in CVHC. We presented world-class art providing access to six permanent collections of national and international standards supporting the Government's 'Levelling Up, agenda, providing access to outstanding art in the regions, and global reach through digital content In addition, we enSUd interventions and engagement across the whole site drawing together art, nature and creativity. This work continues in CVHC. P.nmnlnn VPrnv HnI1 Tri Iqt .7
GovemoT'S report 15 months ended 31 March 2023 How we achievgd our objectives {continued) We ensured our creative programme engaged with new and existing audiences. Our annual exhibition programme was dlverse and dynamic, drawing on loans from across the UK and abroad. CVHT secured Arts Council England {ACEI National Portfolio Funding INPOI of £152,760 per annum to 2023, we experimented in creating connections between the landscape, art, collections and the exhibrtion programme to engage the most diverse aUdIenS in pursuing CVHT'S own strategy and that of ACE, the Lel's Create Strategy. This work continues in CVHC. We commissioned, loaned and originated art, working with artists across all art fomis. including digital and performance artists. ThS work continues in CVHC. We maintained and developed our natural environment in a sustainable way through planting new species, undertaking carefvl land management and recording ecological developments. We sought proactively to ensure the whole of the estate become activated socially, environmentally and creatively, underpinned by an Environmental and Ecological Grounds Master Plan. This work continues in CVHC. The Board member confirms they have complied with their duty lo 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 actsvities, CVHT and CVPL engaged in generallng income through a wide range of commercial activities, induding membership. ticket sales, hires, weddings. events, publulions, retai5 and sales of food and beverage. We also fundraised for activities and projects, and undertook both of these income generation functions in order to financially support our charitable objectives and meet our responsibilities as a charity. This work continues in CVHC. Our achleverngnts and performance Strateg1¢ The strategic planning and forward d)allenges have been taken up by the Board of Trustees and management team of CVHC and are reported in the Annual report and financial statements of that entity. Only activity that occurred during January2022- March 2022 is referred to in this report. Exhibitions The 2022 exhibition programme18unched with Through the Lens of M8Steryi and Portrait Artist of the Year." The Exhibition. The former was part of the Coventry City of Culture programme and brought both regional profile and audiences to Compton Verney. Portrait Artist of the Year.. The Exhibition achieved some of the highest ever visitor numbers of around 25,000 with the dl¢ated Sky Arts TV show dnving a lot of new visitor5. n.nmn*nn Ilprnpv HniiAp Tri i<t d
Governor's report 15 months ended 31 March 2023 In spring we installed an intervention on the pillars at the front of the house and The Village in Old Town Meadow which responded lo the architecture of the lost village of Compton Murdak by the distinctive and acclaimed artist Morag Myerscough. Compton Verney's first collections focused Artist in Residence, Gayle Chong Kw8n, h8S been working with Compton Verney since early 2022 researching and developing new work in response lo the Chinese and Miniatures cOltiOns. Her residency is part of the 20120 programme launched in November 2021 by University of the Arts London's Decolonising Arts Institute, working with 8 network of 20 UK public collections, museum and gallery partners, and with funding from Freelands Foundation. Arts Council England's National Lottery Project Grants Programme and UAL. The residency supports ethnica51y dwerse artists to create new work that is then acquired by the host UK organisalionlcolleclion Public engagement & Learnlng programmes Schools We developed models for an ambitious pilot project with a longitudinal multi-year offsite schools programme working with a secondary school, its feeder primary schools and 61h form college tracking the impact of access to art, artists, making and creativity activity lo pupil allainment and its impact on wider school community. Family activty Vve worked successfvlly with Woodland Tribe who engaged children and families to build extraordinary play-grounds onsite. Go paint, the new colour focused family app, offered a new way for families and schools to engage with Compton VeTney onsite and oftsite. We reimagined our Forest School activity by combining the imagination and creativty of the Art ga15ery and the wildness of the woodland to create Get Mucky, Gel Making sessions. Every Tuesday we offered Tiny Tuesdays for early years young people. An offer that proved incredibly popular and filled the galleries with young voices every week. Adult programme We ran an expanded programme of courses and workshops for adu$ including cyanolype photography, beginners carving course, pottery classes and object handling, talks and tours which have successfully engaged adult5. Publlc programme Meet the Makers event on 22 and 23 January 2022 was highly successful with over 400 people attending across both days. There were perfomiances from Warwickshire Baroque in the chapel. behind the scenes tours, live carving demonstrations and lino cutting workshops. The Women's Library hosted a guest curation project led by partner organisations such as Make Space for Girls, Human Library and the Youth Panel. to select books. write texts and provide audio recordings related to our programme and their wo¥k. r.nmntnn Vprn*v I¢ Tni¢t 4
Governor's report 15 months ended 31 March 2023 Future plans The strategic planning and future risks and challenges now sil with the Trustees and management team of CVHC. Our govemance and admlnlstratlon Thè Charlty 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. The Board of Governors was responsible for governance and overall control of the charity and mel five Iirnes a year. The staff of the Charity, under the direction of the CEO-Direclor. were responsible for the day-to-day delivery of the charity's objectives and the policy decisions, as agreed by the Board. After a review of the governance arrangement5 of CVHT, the Governors decided to change the structure of the Trust to a charitable company limited by guarantee. which is a more appropriate legal structure for an operational charity and Teflects best practi. On 31 March 2022. the business, staff and assets of CVHT were transferred lo the new incorporated charity. Directors and Govemors The following Governors were in office during the year and sin¢e the period-end.. Penny Egan, CBE (Chairl (resigned 29 March 20221 Janet Bell Smith (retired 15 February 20221 Philip Bunt Iresigned 29 March 20221 Sarah Carthew (retired 15 February 20221 Oliver Cox {resigned 29 March 20221 Julie Finch (resigned 29 March 20221 Samantha Henney (resigned 29 March 20221 Helen Rose (resigned 29 March 20221 Jon Sheaff Iresigned 29 March 20221 Ross Sleight Isigned 29 March 20221 Paul Smith Iresigned 29 March 20221 Lydia Thomas (resigned 29 March 20221 Peter Wilson (resigned 29 March 20221 Compton Verney House Charity lappointed 29 March 20221 Compton Verney House Charity is now the sole Governor of the charity and oversight and direction of the ongoing CVHT charity is exercised through its representative Penny Egan (Chair of Trustees) and Gerakline Collinge ICEOI. In the three months of this reporting perlod in which CVHT was operational, the govemance arrangements were as follows.. .hmntnn IIFthrnpv Hniiqp Triiq* R
Governor's report 15 months ended 31 March 2023 All members of the Board constitute as Governors of the charity fr)r the purpose of charity law. The Board comprised a maximum of 13 elected GovemoTS, each of whorn was recruited through an open call, and appointments are finalised through the Nominations Committee and one appointed Ex-officio Governor. The Governors were recruited for their expertise in diverse areas, including g0veman, 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 were sent a comprehensive pack of relevant documents to enable them lo understand their legal responsibilities to fulfil their roles as Governors. Govemors were generally appointed for a term of up to four years, which was sel lo conclude al the end of the Icalendarl financial year. At the end of their term of office. Governors either retired or may have been asked by the Nominations Committee to offer themselves for one four-year term of re-8ppoinlment. All members ofthe Board received regular information from the CEO-Dire¢tor, Executives and Corporate Manager on matters related to CVHT. Governor$ gave their lime voluntarily and receive no benefrts from the charity, but their expenses were covered to ensure that an individual's ability lo participate is not dependent upon their financial means. The CEO- Director was remunerated for hef executive capacity and not for her role as a Governor. From 1 April 2022, there is one Governor in place, Compton Verney HoL¢se Charity. Executive Team (January- March 2022J Julie Finch CEO-Director Sarah Bunney Finance and Assets Director Bernadette O Sullivan Commercial Director Thomas Williams Head of Fundraising Head of Exhibitions, Creative Programme. and Audien Abigail Viner Organisation The Govemor considered that they, together wlh the executive team, comprised the key management personnel of the charity, in charge of directing and controlling, running and operating the charity on a day-lo-day basis. The CEO-Direclor was responsible for the day- to-day management of the charity and for implementing all policy decisions as determined by the Board. While still retaining final responsibility, the Board delegated oversight of certain important afeas of governance to committees. each of which reports to and is accountable to the Board. These committees were the Finance arsd Audit Committee and the NominalKins Committee. Remuneration of the Executive Team was overseen by the Nominations Committee, with reference to sector benchmarks. e.nmntnn Vornpv Hni Iqp Tri IRtr 7
Governor's report 15 months ended 31 March 2023 Our governance and administration Icontinuedl OrganiTsation (Gontinued) Compton Verney House Trust was an equal opportunities employer, recruitrnent criteria and proceduffts ensured that individuals were selected, promoted and treated on the basis oftheir relevant merits and abilities. Wherever possible. employees were provided with further speciali51 Irainlng to enable them to broaden their knowledge and skills and lo advance their careers in the charity and arts sector. We also employed consullanls and specialists able to support certain areas of change ir¢ relation lo audience and business development, finance and VAT. governance and marketing and Public Relations. Our charitsble work was 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, we are very grateful forthe support of our members, Benefactors, Patrons 2nd Supporters. From 1 January 2022 10 31 March 2022. trading activities were mainly undertaken through Compton Verney Publications Limited, a trading company registered with Cornpanies House Iregislered number 31013271. Ownership of CVP was transferred to CVHC from 1 April 2022. Fundraising Compton Verney House Trust is registered with the Fundraising Regulator, and has been compliant with regulations throughout the period. The Charity was reliant on its own team for all fundraising a¢livib'es and for attracting donations to the charity. Any funded project was carefully managed to ensure that outcomes are met. The Governor received regular reports of compliance as part of their meetings. No complaints relating to fundraising have been reNed during the period. Going fOnard, no further fundraising is anticipated within this charty. Ourpolicies The charity had 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 were required to understsnd and comply with these policies. which were reviewed biannually to ensure that they are suitable for the organisation's structure and objecb'ves. We strive to update our policies through on-going consultations with Governor. staff, volunteers and the public. r.ftmnlnn Vprnpv Hni Trii¢t
Govgmor's report 15 months ended 31 March 2023 Our governancg and admlnistration Icontinuedl The Finance and Audit CommiTttee Chaired by Philip Bunt, the Finance and Audit Committee reported lo the CVHT Board of Governor. The CVHT Finance and Assets Director submitted quarterly accounts and strategic financial reports to each sub-committee meeting,. the meeting minutes were then Circulated to the CVHT Governor. who were ultlmalely responsible for reviewing financial perforrnan. The Chair and CEO-Direclor of CVHT also attended on a regular basis. The Finance and Audit Committee provided high-level oversight of the accounting systems, procedures and policies and financial reporting, including budgets and medium-term plans, and made recommendations to the CVHT Board on any changes that were required. Nominations Committee The Nominations Committee, chaired by Lydia Thomas, was responsible for recruiting new Govemor within a defined process, ¢onsidering staff remuneration and staff reorganisations. Related partles Compton Verney House Trust {CVHTI co-operated with related chaTlties and one related company in order to achieve its objectives. The charities were the Compton Verney Collections Setllemenl ICVCSI and the Compton Verney Fund ICVFI. both founded by Sir Peter Moores. Compton Vgrney Collection Settlement (CVCS) CVCS is a charitable trust Inumber 10858101, set up al the same time as CVHT in 1993. CVCS is chaired by Brian Allen. The trustee5 of CVCS oversee the permanent collection at Compton Verney, and a loan deed, now with CVHC, outlines the terms UF)on which the collection is displayed_ 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 lo be museum professionals, able lo advise on colleclion-related issues. The CVHT Chair and CEO-Direclor plus other senior CVHT staff attend meetings as appropriate. The Compton Vemgy 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 a CVF trustee. f.nmntnn vM9v Hniigg Tri IEt Q
Governor's report 15 months ended 31 March 2023 Our governance and administration Icontinuedl Compton Verney Publications Limited (CVPL) Chaired by Helen Rose, Compton Verney Publications Limited was wholly owned by CVHT until 31 March 2022 prior to its ownership transfer lo CVHC, and undertakes the educational, hire. catering and retail ackn'vity at Compton Vemey. The Chair of CVHT'S Board of Governor Penny Egan. Helen Rose and Julie Finch CEO-Director. were unpaid directors of CVPL during 2022. Manag•ment ofrisk The executive and the Board had a strategy for the management of risks faced by the charity. Risk processes were kept under constant review and comprise the following key controls.. Weekly exe¢utive meetings with an aim of identifying potential risks at any earfy stage and escalating them when appropriate A formal quarterly assessment of all the risks by the Finance and Audit Committee, in conjunctron with the senior charity staff, which led to the updating. monitoring and circulation of a Risk Register to MItate these risks throughout the period A fomial annual review of the charity's risk management process by the Finance and Audit Committee A review of the charity's Risk Register is carried out at each meetin9 of the Board Through the implementation of these risk management controls, the Board evaluated the main financial and non-financial risks to the organisation and is satisfied that the risks identified are adequately monitored and managed The key risks for the charity when it was operational, as identified by the Governoi, are described below, together with the principal ways in which they were miligaled.. If CVHT lacks strategic direction, the future of the Trust could be at risk from deterioration of assets, lack of refreshment of assets and lack of investment in the future. CVHTS Ihree-year strategy had been further reviewed as a INing document was reviewed and conlexlualised alongside changes in the extemal environment. If CVHT fails to identify capital and revenue growth opportunities. increased income will not be achieved and the future sustainability of CVHT will be threatened. This w8S addressed through shorter term capital projects to raise commercial income including the temporary car park, catering outlet in the grounds and Garden House upgrade, longer term the Site Master Plan addresses our growth strategy. If CVHT introduces unplanned additional worl or is not aliStIC about the capacity of the team this can affect morale and delivery. This was addressed through the Strategic Plan, clear person objectives. regular monitoring. board and staff meetsngs, data collection and evaluation. .nmnlnn Vprnpv Hniiqp. Tri Iqt in
Govemor's report 15 months ended 31 March 2023 Management of risk fconlinued) If CVHT failts to comply with legal requirements (Charrty. Equalities, Data Protection. Employment. tax, Health and Safety, National Government legisI8tion related to Covid- 19 restrictiorssl there Could be an impact on reputation. Updates from the Charity Commission were acted upon, Cyber Security policy in place as a living document, all pollcies under review on an annual basis. updated Disaster Plan and Health and Safety plans in place. Statement of responslbllities of the Governor Law applicable to charities in England and Wales requires the Governor to prepare fi'nancial 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 Governor should follow best practice and." Select suitable accounting policies and then apply them consistently., Observe the methods and principles in Accounting and Reporling by Charitie$.' Statement of Recommended Practice applicable to ¢harilies preparing their accounting in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Iland., Make judgements and estimates th* are reasonable and prudent", State whether applicable UK Ac¢ounling Standards and statements of recommended practi have been followed, subject to any material departures disclosed and explained in the financial slalements,. and Prepare the finan81 statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation. The Govemor is responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Governor is respon$ible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United lfjngdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Thank you Our charitable work is reliant on the commitment of our loyal 5UPPOrters. In particular. lo 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 and we are also very grateful for their support, with special acknowledgement and thanks to Janet Smith for her work as Chair of Benefactors at Compton Vemey. f.nmntnn Vprnpv Hni Tritot
Governor's report 15 months ended 31 March 2023 Flnan¢ial review Overview The resutts reported in these financial statements refer to the activity undertaken during the 3 months January- March 2022. From 1 April 2022, the trade and activity of CVHT is condueted by Compton Verney House Charity and the results can be seen in the financial statements of that company. Charity funds reduced by £28.302,819 to £nil as all reserves accumulated within CVHT as at 31 March 2022 were transferred to CVHC12021 decrease £227,931). Charty income of £741.622 and costs of £953,841 generated in the trading period resulted in a deficit before nel losses on investments of £212.219. Charity investments fell by £112,521 in the period to 31 March 2022. compared to a loss of £10.788 in 2021. Total income Income Came from three main income sources.. 52010 from rjonations and grants1£382.067}, 30¥0 from charitable activities1£224,1571 and 16¥0 from trading income1£121,3761. Donations and grants Income from donations and grants of £382.067, an annual reduction of 840A from the fully year 20211£2,334.7931. Our largest donor was the Compton Verney Fund, which donated £350,000 12021.. £1,400,000). The income from ACE as part of the band 1 NPO investment was £nil, the payment being made lo CVHC following the transfer12021.. £152,760). The Grinling Gibbons Exhibition received £7.286 of funding from The Grinling Gibbons Society12021.. £53,621}. Widerwork was SUpped by olhertrusls and foundats'ons as set out in note 1 b lo the financial statements. P.nmntnn Vmpv Hni ip Tni*t 1?
Governor's report 15 months ended 31 March 2023 Flnanclal review Icontinuedl Charitable actlvltles Income from Charitable activities (mainly admissions & membership income) amounted to £224,15712021". £720,9571. The sucTrss ofthis quarter's income was due lo the Portr8lt Artist of the Year exhibition whiGh saw a record number of visitors for a Q1 exhibition. Income from other trading activlties and investments Income from other trading activities amounted to £121,376 12021.. £583,61618s sel out in note 3 of the financial statements. Retail and Catering income benefitted from the successful exhibition programme and larger audiences. Our commercial events programme delivered £39,468 in the period to 31 March 2022. AII activity delivered post April 2022 is recorded in the accounts of CVHC12021: £87,643). Operational review Revlew for the period Compton Verney House Trust delivered an operating deficit of £212,219 prior lo the transfer to Compton Vemey House Charity12021. deficit £217,143). Expenditure The Charity saw the expenditure grow in line with budget. Staffing costs represented our largest area of expenditure bul our people were also the charity's most valued asset. Costs of £341,375 were 360/0 {2021.. 35¥0} of expenditure. The direct costs of public display of the permanent collections were £305,430 {2021." £983,524) and the direct costs of special exhibitions and projects were £170,097 12021.. £981,841). These changes reflect the mix of fixed and variable costs of activities and the different length of trading periods. The dlrect costs of raising fvnds were £ 231,265 (2021". £705,339) Trflecting the increase of activity, with increased expenditure on staffing £132,579 {2021". £452,804) and cost of sales and exhibitions £80.41612021: £251,474). Support and Govemance costs were £247,048 {2021". £1.166.0401. Professional fees on legal and laxalion in relation to the incorporation of the charity were bome by CVHC. r.nmnfrsn vp.rnpv HnI1 TriiRt 4.2
Go¥grnoPs report 15 rnonths ended 31 March 223 Opgratlorrdl fgvlow {¢wtlnuedl Prfclng polky Accessibilty was 8 kèy element ofourpublic ben8fitoff8rir@. We were committad to 8nabllt)g as many p8ople as possible to vlew8rt and enjoy Ihe grounds reg8rdl8ss ol Ih8lr income and ablllty to pay. No chan9es were rnade in th8 poriod to April 2022 Inv8s(mentpolky CVHT Lt)mmlssioned a proparty in 2020 which has Infomied the amr)unt of funds requlred to main(aln and develop the assgts. Al thè BalancB Sheel datè. rèquirèment to follow up on this actNIty has translerred lo CVHC. ReseThespolky The Balan shèet shows total reserves of £NII Ternainlng at 31 March 2023. The level of Restricted fijnds and Deslgnated fund8 is £NII followlng the transf8T (rfthe assets lo CVHC12021-. £9,954 and £27,246.864). Unrestricted general résèrves at the end of March 2023 ware £NII12021= £1.045.999} The Chwtys Assèts ulsltlons and di5pDsals of fixed assets during thè Pe0d are 8hown in note 9 to the accounts. IncoTporatkn Under the Incorporatlon prcKAss. the aCcoUng policies 8tats Ihat because ofthe transfvrof thg undgrtaklng ti was appropriate lo prepare thè financlal statements oft 8 b8Sts olher tha a golng concem, atthough this did not result in any changes to the amounts at which the assats and liabllltles were reLxJgnlsed In Ihe balance 5hÈ8t 81 the date of tr8nsf8T. Details of the amounts tranSfe¢d Ère set out in note 22. The Govemor notss thè emphasi5 of matter requlred In these circurllstans in the report ol the auditor, butthe undartBklng is conunuing t) QP8fd18 Withln the new corporats strudure. The firstfinanclal ststaments of CVHC be prepared from incorporatlon to 31 March 2023 Ènd the 8ccountng reference date of CVHT has beèn ehanged to ensurg CDn51Stency. Whlle CVHT no longer oper8téd after 1 April 2022, 8 number of supplier contracts wdl be sew1 wlthln CVHT untll they expire. At Ih81 polnt, CVHT will becomè dormant. During this Feriod all income and cogls 1} be pa88ed onlo CVHC and wlll be Tecognisgd In Ihèaccounts of that entity. enny Egan Chalr & T•prns•ntatlve ofth8 solè Govornor CVHC Compton Vemey House Trust 14
Independent auditor's report on the financial statements 15 months ended 31 March 2023 Independent audltor's report to the Governor of Compton Vemgy House Trust Oplnion We have audited the accounts of Compton Verney House Trust (the 'charily'l for the period ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the ststemenl of cash flows principal accounting policies and the notes lo 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, Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion. the accounts: give a true and fair view of the slate of the charity's affairs as at 31 March 2023 and of its income and expenditure for Ihe period then ended.. have been properfy piepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion Vve conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicabSe law. Our responsibilities under those standards are furthei described in the auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of matter- accounts prepared on a basis other Ihan golng concern We draw attention to the statement regarding going concern in the princlpal accounting policies, which indicates that the Governor has prepared the accounts on a basis other than a going concern basis. This is due to the activities, assets and liabilities of the charity being transferred to Compton Verney House Charity on 31 March 2022 and plan5 to wind down the charity in due course. Our opinion 15 not modified in respect of this matter. Other information The Governor is responsible for the other information. The other infomation comprises the information included in the annual report and accounts, other than the accounts and our audilorfs report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. r.nmntnn Vg.mg.v Hniiqp. Tn i_*t 14
Independent auditorf$ report on the flnancial statements 15 months ended 31 March 2023 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 OT Otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo 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 onclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing lo report in this regard. Matters on which wg arg rgquired to report by exception We have nothing lo report in respect of the following matters in relation to which the Charities Act 2011 requires u5 to report to you if, in our opinion.. the 1nfomiation given in the Governor's annual report is inconsislenl in any material respect with the accounts", or sufficient accounting records have not been kept., or the accoun15 are not in agreement with the accounting records and returns.. or we have not reiVed all the information and explanations we require for our audit. Re$pon$ibilities of the Governor A$ explained more fully in the Govemorfs responsibilities ststement. the Govemor is responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such intemal control as the Governor determines is necessary lo enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the Governor is responsible for asse55ing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Governor either intends to liquidate the charity or to cease operations, or have no realistic alternative but lo do so. Auditor's rgsponsibilltles for the audit of the accounts Our objectives are to obtain reasonable assurance about whether the accounts as a whose are free from material misstatement. whether due to fraud or error, and lo Issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guatantee that an audit conducted in accordancewith ISAS IUKI will always detecta material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of these accounts. e.nmntnn Vg.rnp.v Hni Iq@ Trii8t I
Independent auditor's report on the financial Statements 15 months ended 31 March 2023 Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delect material misstatements in respect of irregularities. including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is delailed below.. Our approach to identifying and assessing the risks of rrtaterial mksslatemenl in respect of irregularities. including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills lo idents'fy or recognise non-compliance with applicable laws and regulations.. and we obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant lo specific assertions in the accounts are those that relate to the reporting framework Islatemenl of Recommended Practice.. Accountin9 and Reporting by Charities preparing their accounts in accordance with the Financia1 Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) and the Charities Act 20111 and those that relate to data protection (General Data Protection Regulalionl. We assessed the susceptibility of the charity's accounts to material misslalemenl, including obtaining an understanding of how fraud might occur. by.. making enquiries of management as to their knowledge of actual. suspected and alleged fraud", and considering the inlemal controls in place to miligale risks of fraud and non-compliance with laws and regulab'ons. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relab'onships., tested journal entries to identify unusual transactions.. and assessed whether judgements and assumptions made in detemiining the accounb'n9 estimates were indicative of potential bias. In response to the risk of irregularrties and non<ompliance with laws and regulab"ons, we designed procedures which included, but were not limited to.. reading the minutes of meetings of those Charged with governance- and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-¢ompliance. Auditing standards also limitthe audit prOdureS required .nmntnn Vp_rnp.v HniJxF* TTI IRt 17
Independent audltor's report on the finan¢ial ststements 15 months ended 31 March 2023 to identify non-compliance with laws an(S regulations to enquiry of the trustees and other management and the inspection of regLJlatory and legal correspondence, if any. Material misslatemenls that arise due lo fraud can be harder to detect than those Ih8t arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the accounts S located on the Financial Reporting Council's website at www.fr¢.org.ukJaudilorsresponsibilities. This description forms part of our auditoff s report. Use of our report This report is made solely to the charity's Governor, in accordance with section 144 of the Charities Ael 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might stale to the charity's Governor those matter5 we are required to stale to them in an auditorfs report and for no other purpose. To the fullest exlenl permitted bylaw, we do not accept or assume responsibility to anyone other than the charity and the charity's Governor, for our audit work, for this report, or for the opinions we have formed. Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date.. 15 August 2023 Buzzacott LLP Is eligible to act a$ an auditor in terms of section 1212 of the Companies Act 2006 .nmntnn Vp.rng.v Hnii%p. Tri 1st IR
statement of financial activitigs 15 months ended 31 March 2023 Perlod end 31 March 2023 Unrestricted Restricted Total fvnds funds Unr•stricted Restricted nds funds 2021 Total Notss In¢¢me from: Donations and legac8 Charitab18 activitb?5'. Public di5pLgys of art ¢olle¢tk)ns Other trading actwilie5 Investments Total incom• 374,781 7.286 382,067 1.6,$?7 428,196 2,334.793 224,157 121,376 14,022 734,336 224,157 121,376 14.022 741.622 720,957 3.616 234 3,191,404 720.957 563.616 234 7,286 428.196 3.819.600 ExpendItU on.. Raislng funds.. Fundraising costs Trading activities Charitable ad1vit$.. Publi¢ displays of pemanent cellections . Spedal exhibitionlproject costs 76,830 218.688 76.B30 218.668 266.349 742,160 286,349 742,160 451,189 205,154 9S1,841 461,189 207.154 953.841 1.671.487 501.060 3.181.056 1.671.487 655.687 1.156.747 655.687 3.836.743 2.000 2.000 Tran5ferto compton Verney House Charity (Company Registratbjn Number 137542861 22 27.962.837 1&240 27.978.077 Total expendlture 28.914,678 17,240 28.931.918 3,181,088 655.687 3,836,743 Net lexpenditurel in¢om* l>pfore net losses on investments 128,180,342) 19.9S41 128,190,296) 10.348 1227,4911 1217.1431 Net ksses on investments 1112.5211 1112.5211 110,7881 110,7881 Net18xpenditurel in¢ome S 128,2918631 19,9641 128,302.8171 14401 1227,4911 1227,9311 Translers btheen fu5 19 112,674 1112.6741 Net movement in lunds 128.292,8631 19,9541 128,302.817 112,234 1340,1651 1227,9311 ReconGiliatiort tyf funds Total funds broughl fonNard Total fund5 carried forward 28.292.863 9,954 28.302.817 28,180.629 28.292.863 350,11g 28,530,748 9,954 28,302,817 19 On 31 March 2022 the assets. liabilities and activities of Compton Verney House Trust were transferred to Compton Verney House Charity (see note 221. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 19 to the financial ststements. .nmntnn IIMmpii Hniiqp Tri i<t 1A
Balancg Sheets As at 31 Morch 2023 Charmy 31 08cemt 2021 31 2023 DecBmbar 2021 Flxed a55¢ts Tangib a858ts Inv8Stmersts 4791.369 2,118,179 ?5,9,542 23.791,3Q9 2.118.173 25.909.542 10 Stock Debtors 8*] at bank 8rd In hand 13 14 34,515 621,9 2.395.64 3.052,066 s75.? 2.37t,119 2,946,952 1,Q06.$59 I.Q06.561 Lkbllltl88 Credltor5.' 8m(¥JTts laTrlng due wthln orts year 15 11.1I18,5611 I,67 1658.791 Il•t cuvr8ntQsaots 2.393275 2,393,277 rotainet a880ts 28.302.B17 28,302,819 Fund5 19 9,gS4 Un$eterS IrLom8 fiJn¢Js Oeslonated fvnd5 G8nÈral fiJnd5 Total unrèstrlct&l lund$ 18 18 18 27246,864 1.045.995 1,045,999 28.291865 rotsl r•sen 18 28.202.817 28202,819 /7125 Approved by the Board on 2 7 and sTrJned on th9Sr behalf by.. ny Egan Chalr & r8pr•sèntatlve otthe sole GovgTnor CVHC Conwn Vemey House 20
Statement of cash flows 15 months ended 31 March 2023 2023 2021 Notes Cash fiows from op&rating activitles Nel cash provided by operating activities 572,545 474,013 Cash flows from investing activiti•s Dividends. interest and rents from investments Purchase of fixed assets Purchase of COIF deposit Sales of COIF inve51merit fr)r ¢a$h Net eash used in Investing activities 14,022 233 125,0421 1200,7751 12.128.961) 2.128,981 1200.5421 111,0201 Changè in eash and eash Èqulvalents in the period Cash transferred to Compton Vemey House Charity Cash and cash equivalents at the beginning of the perii)d Cash and eash equivalents at the end ofthe pèriod 561,525 11,950,614) 2,395,648 B 1,006,559 273,471 2.122,177 2,395.648 Notes to the statement of cash flows for the perlod A Reconciliation of net incomg to net cash flow from operating activitles 2023 2021 Net lexpenditurel income for tht perlod las per the ststem¢nt of rinan¢ial activities) Adjustments for: Transfer to Compton Verney House Charty Depreciation charged Losses on investments Dividends, interest and rent from investments Decrease lincreasel in stocks Decrease in debtors Increase in creditors Net cash provided by op8rating aetivlties 128,302,817} (227,9311 27,978,077 SB,952 112,521 114,0221 34,515 263,552 441,767 572,545 248,538 10,788 1233} 16.792} 163.913 284,729 474.013 B Analysis ofeash and cash equivalents A11 January At31 2022 Cash flows Mar¢h 2023 Cash 81 bank and In hand Totsl cash and cash equivalents 2,395.648 11.389,0891 2,395,848 11.389.089) 1,006,559 1,006.559 No separate reconciliation of net debt has been prepared as there is no drffen¢e beeen the nel cash Idebtl of the charity and the above cash and cash equivalents. r.nmntnn Vprnp.v Hnijqp. Txi 18t 21
PTincipal accounting policies 15 months ended 31 March 2023 Statutory inforrnalion Compton Verney House Trust is a charitable trust. The registered office address and principal plaoe of business is Compton Verney, Watwickshire. CV35 9HZ. Basls of preparation The aoUnt$ (financial stalemenlsl have been prepared in accordan with the Statement of Recommended Practice.. AG¢ounling and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- (Charibes SORP FRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. A$sels and liabilities were initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or nole. These financial statements consolidated the results of the charity and its wholly-owned subsidiary Compton Verney Publications Limited on a line-by-line basis for the year ended 31 December 2021. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies were 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 period is disclosed in the notes to the accounts. For the period ended 31 March 2023. consolidaled financial statements were not prepared, as the charity did not have a subsidiary at 31 March 2023. Public benefrt entlty The charity meets the definition of a public benefit entity under FRS 102. Criti¢al accounting estlmates and areas of judgement Preparation of the accounts requires the Governor and management to make signifKant judgements and estimates. The items in the accounts where these judgements and estimates have been made include.. the usefvl econom lives attributed to tsngible fixed assets used lo determine the annual depreciation charge., • the allocatr'on of support costs between charitable expenditu categories., Going con¢em The Governor has assessed whether the use of the going concem assumption is appropriate in preparing these financial statements. The Governor has made thls assessment in respect to a period of one year from the date of approval of these financial statements .nmntnn IIArnAv Hniiqp. Tri i¢* 22
Principal accounting policies 15 months ended 31 March 2023 Going concern Iconlinuedl As described in the Governorfs report, the charity's assets. liabilities and activities were transferred to Compton Verney House Charity on 31 March 2022. The Governor has prepared the financial statements on a basis other than a going concern basis. The Governor does not consider that there are any sources of estimation uncertainty at the reporting date that have significant risk of causing material adjustment lo the carrying amounts of assets and liabilities within the next reporting period. Income Income is reco9nised when the charity has entitlement to the fvnds, any performance conditions attached to the income have been mel, 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 enlillemenl to the funds. any performance conditions attached lo the grants have been mel, It is probable that the income will be received and the amount can be measured reliably and is not defeffed. Income reiVed in advance of the provision of a specified service is deferred until the criteria for income and recognition were 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 accountlng Restricted funds were to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged lo the fund. Unreslricled funds were donations and other income received or generated forthe charitable purposes. Designated funds were unrestricted funds earmarked by the Governor ft)r parhcular purposes. Expenditure and irrecoverable VAT Expenditure is reeognised once there is a legal or constructive obligation to make a payment lo a third party, il is probably that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is dassified under the following aclivty headings.. Cost of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with 8 fundraising purpose. f.nmntnn Vg.rnp.v Hniiqp. TriJ8t 23
Principal accounting policiès 15 months ended 31 March 2023 Expendrture on ¢h8rit8ble actiVitS includes the cosls of exhib¢tions undertaken to further the purposes of the charity and their associated support and governance. other expenditure represents those items not falling into any other heading. Allocatlon of support and governan¢e costs Resources expended were allocated to the particular activity where the cost relates directly lo 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 were an estimate, based on staff time, of the amount attributable lo each activity. Cost of raising funds 260 Public display of permanent collections 59¥0 Special exhibilionslprojects 15¥0 Governance costs were the costs associated with the govemance arrangements of the charity. These costs were associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity's acti'vities. Operating leases Rental charges were charged on a straighl-line basis over the term of the lease. Tangible fixed assets Items of equipment were capitalised where the purchase pri exceeds £500. Depreciation costs were allocated to activities on the basis of the use ol the related assets in those activities. Assets were 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 lo its eslimaled residual value over its expected useful life. The depreciation rates in use were a$ follows.. Freehold property see below Plant and machinery 4 years Fixtures and fittings 4 years Motor vehicles 5 years P.nmhtnn Vp.rn•i Hniiqp. Tri IRI 24
Principal accounting policies 15 months ended 31 March 2023 Tangible fixed assets (Continued) The Governor considers the residual value of the freehold propety to be at least equal lo its cost, and therefore there is no depreciation charge on the propety. The Govemor carries out a review of the propety at least annually to ensure there is no indication ofan impairment to the propety. The balance sheet included £21.324,213 for the value of the House and Garden House which was transferred lo CVHC on 31 March 2022. However, the cost of the freehold property included fit out costs such as gallery lighting. In 2016 new buildings weff constructed on the estate and in 2017 an additional property. Garden House, was purchased by the estate. The Car Park was treated as frt out cost. The assets were written down to eslimaled 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 were a fomi of basic financial instrument and were initially recognised at their tfftnsaclion value and subsequently measured at their fair value as al the balance sheet date using the ¢losing 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 histori¢ cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and k)sses, whether realised or unrealised, were combined and shown in the heading 'Net gains Ilossesl on investrnenls" in the statement of financia1 ackn'vilies. The charity does not acquire put options, derivatives or other complex financial instruments. Inv95tment in subsidiaries Investments in subsidiaries were at cost. stocks Stocks were stated at the lower of cost and nel realisable value. In general, cost is determined on a first in first out basis and includes transport and handling co$ls. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of Ealisation. Provision is made where necessary for obsolete, slow moving and defective stocks. f.nmntnn Vp.mp.v Hni I. Trii%t 24
Prlnclpal accounting policies 15 months ended 31 March 2023 Debtors Trade and other debtors were recognised at the settlement amount due after any trade discount offered. ppaYments were valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash al bank and cash in hand includes cash and short lerm highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions were recognised where the charity has a present obligation resulting from a pa51 event that will probably result in the transfer of funds to a third party and the amount due to setue the obligation can be measured or estimated reliably. Creditors and provisions were normally recognised at their settlement amount after allowing for any trade discounts due. Penslons Compton Verney operates a defined contribution pension scheme. The assets of the scheme were held separately from Compton Verney in an independently administered fund. The pension cost charge represents contributions payable under the scheme by Compton Vemey lo 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 sel criteria based on earnings and age. If new staff meet the criteria, they were typically enrolled into the scheme after a 3 months postponement period. Staff who do not meet the criteria were given the option of joining the scheme on a voluntary basis if they wish. Conlribulions were in line with the statutory minimums set out under the auto enrolment legislation although the is an option for staff to have their contributions matched at a higher level. On 31 March 2022. the Aegon administered pension schemes was transferred lo Compton Vemey House Charity. .nmntnn Vp.rnp.v Hnijqp. Triiqt 2fi
Notes to the accounts 15 months ended 31 March 2023 Income from donations and lega¢ieg Period ended 31 March 2023 Total Unrestricted Restricted Donations l$ee note 1a} Grants Isee note 1 bl 361,495 13,286 374.781 7,286 368,781 13,286 382,067 7,286 Yearended 31 December 2021 Total UnrestlFCted Restricted Donalions (see note 18? Grants (se& note 1b) 1,434,320 472,277 1,906,59T 2, 742 426,054 428, 196 1,436,462 898.331 2,334, 793 la Donations Period Ènded 31 March 2023 Totsl Unreslri¢ted Restricted Compton Vemey Fund- Endowment fjjnding Other donations 350,000 11,495 361.495 350,000 18,781 368,781 7.286 7,288 Other donations indude unrestricted wft In kind donations of £Nil 12021..£12.2801, valued in accordance with the Challlies SORP. Yearended 31 December 2021 Total UnrestiiGted Restricted Compton Vemey Fund- Endowment funding other donations 1,400,000 34.320 1,434,S20 1,400,000 36,462 1.436,462 2, 142 2,142 .rtmntnn Vp.TnAv Hnijqp. Tn i¢t 27
Note8 to the accounts 15 Months ended 31 March 2023 1 b Grants recelved Period ended 31 March 2023 Total Unrestricted Restricted Grinling Gibbons Society Local Authority Grant Other Grants (under £1,5tK)I 7,286 6.000 7,286 6.000 13.286 13,286 Yearended 31 DecemlRr 2021 Total Unrestricted Restiicted Arts Council England- CulluTrl ReGovery Fund Arts Council England- National Portfolio Arts Council England- Small Captèl Grant Grinling Gibbons Society Coronakynis Job Retention Scheme Local Recovery Grant Arts Councffl England- Kick Start Gtsnt Art Fund Weston Loan PrOgrnme Henry Moore Foundation Othergrants (under£l,500) 236.000 152.760 224.OOQ 460,000 152, 760 90,333 53,621 46. 708 36.750 25.000 22,500 10.600 59 898,331 90,333 53,621 46. 708 36,750 25,OQO 22,5QO 10,6QO 59 472,277 426,054 2 Income from charitablg activities Period ended 31 Pltarch 2023 Total Unreslricled Restricted Membership Admissions Informal Learning, Digital & Evenl$ Benefactors. Patrons, Supporters & Corpor8tes Garden House rental Sundry income Total 76,164 116,408 8,058 16,462 1,065 6,000 224,157 76,164 116,408 8,058 18,998 1,065 6,000 224,157 .nmnr)n Vp.rnp.v Hnrisp. TriJf ?A
Notes to the a¢counts 15 months ended 31 March 2023 2 In¢ome from ¢harltable a¢tlvities Iconlinued) Yearended 31 December 2021 Tot81 Unrestricled Reslrioted MembeFship Admissions Infofflial Leaming, Digital & Events Benefacto. Patmns, supporte & Coniorntes Ganlen Hotrse ntaI Sundry Income rotèl 317,597 301,698 63,5Q2 18,998 10,800 8,362 720.957 377,597 301.698 63,502 18,998 10,800 8,362 720,957 3 Income frorn other tradlng actlvltles Period ended 31 March 2023 Totsl Unrestricted Restricted Retail Hire Commercial Events In house Catering commlsslon Hire Catering Educational activities Sundry income Total fj3,488 13501 39,468 3.446 3,718 63.488 13501 39.468 3,446 3,718 11,6C 121,376 11,6 121.378 Year ended 31 December 2021 Total Unrosbicted Restricted Retail Hire Commer¢i81 Events In House Catering Commission Hire Catering Educational acttvities Sundry income 201,824 204,489 87.S43 52,446 8,987 8,227 201.824 204,489 87,643 52.446 8,987 8.227 563,616 563,616 f.nmntnn Vftrnp.v Hnijqp. TM 1st 29
Notes to the accounts 15 months ended 31 March 2023 4 Analysls of expendlture Perlod ended 31 March 2023 Total Public Cost of drsplay of Special raisin9 permanent 8xhibilionsi Governance funds ColkclnS projects osts Support costs Staff costs Consullancy-tsniDorary staff COV8r Co$¢ of sales and exhibitlons Arts Council England Cuttufal Recovery Fund 1 Arts Council England_ Cuttural Rewvery Fund 2 Fun(Jed projocts 132,579 97,363 16,230 32,901 62.302 341,375 80.416 12,483 153,867 246,766 76,301 2,843 58,952 747 79.144 58,962 4.779 Depreaalion Office Costs and other Feop costs Maint&nan¢e Strategy prqects Marteting & PR Governance incluthng tax8tbJn. leg81 and audit fees Security Insurance Cleaning, fates, $t¢rage InfotrDation technOgY Cost of sales of c2tering Capital Goods Scheme VAT rebate 4,032 43,198 43,198 49,913 16.978 23,987 18,270 15.550 16.093 16.978 23.987 28.937 13.829 29,287 28,937 13,829 29,287 16.696 16.696 231,265 305.430 170.097 72,438 174,611 953,841 Support ¢osts Governance costs Totsl expenditur8 2023 45,399 18.834 295,498 103.020 42.739 451.189 26.192 10,865 207,154 r12,4381 953,841 e.nmntnn IIF*rnp.v Hnijqp. Trii¢t in
Notes to the accounts 15 months ended 31 March 2023 4 Analysis of expenditure (continued) Y88r gndsd 31 December 2027 Total Public Cosl of di5p18yor Speciel r8ising penFJ8n8nt exhibifvonsj GovemaF funds collecfvons project5 ¢osts Support costs StaVc0515 Consult8ncy- temmr8rystsff cover 428,716 335,458 77,523 123,183 254.885 1.219,765 24,088 251,474 1,210 12, 141 12,519 68,838 106,655 680,976 Cost off sales and eXhibitS Arts CounulEftwl8nd- CulÈupxl Recovery Fund I Arts coUnlEngI8nd- Cultur81 Re¢overyFund 2 Ulilitias Depr8usln ¢osl$ olherpeople 477,361 310,746 310,746 IT6,211 176,211 249.989 249,538 249,989 249,538 costs Maintenanc& Str8tegypiDiects Martrefvng & PR Govem8nce indudingtsKetion. legal 8nd 8udiÈ fees Se¢urily Insurance Cleaning, r81es, stor898 Infonnation t8chnology Cost of sales GateiFng Cawtal Goods Sch8m8 VAT rebate 7,871 42,774 118,778 99,303 149.948 118,778 114,602 102.075 23,992 90,610 102,075 101,524 101,524 95.936 83,325 55.287 49,274 2,988 95,936 80,839 46,400 2,486 8.887 49,274 2,915 73 130,875) 705.339 130,8751 239. 712 926.326 3.836.743 983,525 981,841 Supportcosts Gov8mance ¢i)sts Total expendilure 2021 240,845 546,532 138,949 62,325 141,430 35,957 1,006.509 1,671,48T 1,756,747 26.326) (239,7721 3,836,743 5 Net {expenditurel income for the period This is slated after charging.. Period Year ended ended 31 31 March Dember 2023 2021 Total Total Depreciation Govemorf indemnity insurance Govemorf reimbursed expenses Operating lease ientsls.. Other Auditorfs remuneration (excluding VATI Auditorfs related company laxalion servlces Other services 58,952 249,538 2.486 973 550 395 7,006 1.579 19,949 9,358 1.925 .nmnlnn Ilp.rnAV HniJ%p. TTI l%t Iq
Notes to the accounts 15 months ended 31 March 2023 6 Analysis of staff costs Staff costs were as follows.. Period Year ended endad 31 31 March December 2023 2021 Total Total Salaiies and wages Social security costs Employerfs contribution lo defined ¢onlribution pension schemes 299,414 1,106,188 26,337 91,085 15,624 35.248 341.375 1,232,521 Consuttancy- temporary stsff cover 49,913 106.655 391,288 1,339,176 The following number of employees received employee benefits (excluding employer pension and employer's national insurance coslsl during the year beeen.. Period Yèar ended endèd 31 31 Mareh Dember 2023 2021 Totsl Total No. £80,000- £89,999 The total employee benefits including employer's pension contribution and employerfs national Insuran of the key management personnel were £77,44812021.' £319,610). The Board of Governors of the charity did not receive any income or other benefits in their individual ¢apa¢ity as Governors of the charity in the period12021.. £nil). Board of Govemors, expenses represents the payment or reimbursement of travel and subsistence costs tolalling £55012021.. £9731 incurred by 312021.. 3) members relating to attendance al meetings of the Governors. One Governor has been paid remuneration for employment within the charity. in accordance with the Compton Verney House Trust Deed variation 10 February 2020, which appointed the role of CEO to the Govemor. In her role as CEO, Julie Finch received gross pay of £22.993 12021.. £88.434} and employer pension contributions of £1.380 12021.. £5,306)- There were no other benefits within the remuneration. .nmnlnn Vp.rng.v HniJRg_ TniRt 22
Notes to the accounts 15 months ended 31 March 2023 6 Analysis of staff costs {conlinued} Staff numbers The average number of employees (head count based on number of staff employed) during the period was as follows.. Year ended Period 31 ended December 31 March 2021 2023 Total No. No. Raising funds Public display of collections Support Governance 33 21 34 25 62 The aveoge number of employees for the 3 months of activity of 6212021. 661 consists of 40 permanent staff12021'. 461 and 22 seasonal staff12021.. 201. 7 Related party transactions Compton Verney House Trust received endowment income annually from the Compton Vemey Fund. From April 2022, this income is received by Compton Verney House Charity. In 2023 Compton Verney House Trust received £350,00012021.' £1.4 million). Philip Bunt is trustee of Cornplon Vemey Fund. On resignation as Govemor of Compton Verney House Trust, the followng were appointed as trustees of Compton Verney House Charity.. Penny Egan. Philip Bunt, Oliver Cox, Julie Finch, Samantha Henney, Helen Rose, Jon Sheaff, Ross Sleight, Paul Smith, Lydia Thomas and Peter Vvilson. A number of Governor had voluntsrily contributed to the Benefactor scheme. total value £777 {2021.. £1,650) and qualify for the same benefits as all Benefactors. Further details of the related paty organisation were included in the Govemols report. Details of the related party transactions with Compton Vemey Publications Limited are in note 11. 8 Taxation As an unincorporated Irusl the Charity is exempt from corporation and income lax. The charity's former trading subsidiary Compton Verney Publications Limited donated available profits to the parent charity under gift aid. No corporation tax was liable for Compton Verney Publications Limited in 2023 and 2021. .nmntnn Vp.rnp.v Hniiqp. Tri1 11
Notes to the accounts 15 months ended 31 March 2023 9 Tangiblè fixed assets Main Cornpton Verney land New buildings & estate & frt out costs Fixtures, fittings & motor vehicles Plant and machin8ry Total Group and charity Cost At the stsrt of the period Additions DIsPOS815 Transfer to Compton Vemey House Charity At the end of the perh)d 9.227,297 2,850 16,325,145 14.799 639,851 1,342 118,6671 515,324 26,707,617 6.050 25,041 116,6671 19,230.1471 116,339,9441 1624,5261 1521.3741 126.715.9911 DeprecSatlon At the start olthe ll0d Charge for the period Disposa Tran5ferto Compton Verney House Charrty At the end ol Ihe period 1,919,938 39,076 $46,269 11.474 116,6671 1541,0761 450.041 8,402 2.916,248 58,952 116,6671 1458,4431 12,958.5331 11,959,014) Net book value At the end olthe period At the start of th8 P8riod All of the above assets were used for charitable purposes. 9,227.297 14.405.207 93.582 65,283 23,791,369 10 Investments At the start of the period. the charity held 102.991.04 units of the COIF Charity Investment Fund at a mid-markel valuab'on of £2,056,64 On transfer of these investments to CVHC on 31 March 2022 the 102,991.04 units of the COIF Charity Investment Fund were held at a mid-market valuation of £1,947.35 Charity Perlod ended Year ended 31 March 31 Dernber 2023 2021 Total Total Group Year ended 31 December 2021 Total COIF Investment Fund Fair valua al the start of the period Disp0581 proceeds PiJr¢h8se value Net loss on change in fair value Fair value Transfer to Compton Vemey House Charity 2.118,173 2.129,214 111,0411 2,118,173 2,129.214 111,0411 2,118,173 1112,S211 2,005,652 12,005,652) Fair value at end of the rIOd Historical wst at the end of the period 2,118,173 2,129,214 2.118,173 2.129,214 .nmntnn Vg.rnp.v HniJqp_ Trti*t Id
Notes lo the accounts 15 months ended 31 March 2023 10 Investments {continued) Charity Period ended Year ended 31 March 31 December 2023 2021 Total Tol81 Group Year ended 31 December 2021 Total COIF Deposit Awounl Fair value al the start of the period Disposal preedS Purchase value Net gain on change in fair value Fair valuè Transfer lo Compton Vemey House Charity 2.128,1 12,129,214) 2,128,961 12.129,2141 (2531 12531 Fair value at ernl of the period Historical cost al the end of the perd 11 Subsidiary undertaking The charity owned 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 031013271. The subsidiary is used for non-primary purpose trading 8CtNiities. All activities have been consolidated on a lin&by-line basis until 31 December 2021 in the statement of financial activities. From January 2022 until the transfer of shares to Compton Verney House Charity, the board of the subsidiary was-. Helen Rose Ichairl, Mark Adams (independent Non-Executive Director). Julie Finch ICEOI and Penny Egan (Chair of CVHTI. Three directors. Helen Rose, Julie Fin¢h and Penny Egan were Governor of the Charity. Two shares were held by individuals in trust for the Charity. Available profits were gift aided to the parent charity under a deed of covenant. A summary of the results of the subsidiary is shown below.. Year ended 31 December 2021 Total Tumover Cost of sales Gross profit Administrative expenses Management tharge from parenl undertaking Profil on ordinary activities Total comprehensive income for the finaneial pèriod Changes In èquity Total equity brought forward Total comprehensive income forthe period Gift aid distribution lo parent charity Totsl equity carried fon¥ard 5S3,616 1245,9851 317,631 {10,6381 1173.1551 133,838 133,838 133.838 1133.828) The aggregate of the assets, Ilabllttles and fund$ was: Assels 123,794 {123,7921 Funds f.nmntnn vp.rngv Hniiqp. Tri 1st 14
Notes to the accounts 15 months ended 31 March 2023 11 Subsldlary undertaking Icontinuedl Amounts owed from the parent to undertaking were £Nil12021' £12,324} are shown in note 15. 12 Parent charity The parent charity's gross income and the results for the year are disclosed as follows.. Period Year endèd ended 31 31 March Decembar 2023 2021 Total To181 Gross income Result for the period 712,338 1276,7051 3,362,978 {350,9821 13 Stock Charity Asat Asat 31 March 31 December 2023 2021 Total Total Group Asat 31 D0mber 2021 Total Finished goods 34,515 14 Debtors Chari Group Asat Asal As8t 31 March 31 December 31 December 2023 2021 2021 Total Total Total Trade debtors Other debtors VAT Accrued grant income Prepayments and accrued inc<xne 8,039 55,107 88,942 267,721 156.U24 575.833 56,589 57,364 82,588 267,721 157,663 621,905 P.nmntnn v.rrt Hniiqp. Triist 1
Notes to the accounts 15 months ended 31 March 2023 15 Creditors: amounts falling due within one year Charity Period ended Year ended 31 Mareh 31 December 2023 2021 Totsl Total Group Year ended 310ecember 2021 Total Trade creditors Other Creditois Taxation and social security Amount due lo group undertaking Accruals and deferred income 20,386 982.675 314.563 374.213 31.839 12,324 194,951 553.677 31.839 3.500 1,006.561 252,739 658,791 16 Deferred Income Deferred income comprises unexpended grants received and deposits for private hires. Charity Period ended Year ended 31 March 31 December 2023 2021 Total Total Group Year ended 31 December 2021 Total Balance al Ihe beginning of the rIOd Amount released to income in the period 76.769 151,5611 15.340 18,9811 96.471 185,8541 Amourrt deferred in the period 20.685 27.044 66,150 76.767 2S,198 125,1981 Transfer to Compton Verney House Charity Balanc& atthe end of the riod 27.044 7e.767 17 Penslon $¢heme As al 31 March 2023, contributions amounting to £Nil {2021.. £6,375} were outstanding or owed lo the defined contribution pension schemes. On 31 March 2022, the Aegon administered pension schemes was transferred to Compton Verney House Charity. Al the Balan Sheet date, there a total of Nil active members12021.' 35 active members) in Compton Verney House Trust. P.nmntnn Vp.rng.v Hni Isg. Triigt 17
Notes to the accounts 15 months ended 31 March 2023 18 Analysis of net assets between funds General Unrtricted funds Oe5ignated fund5 Restricted funds Total funds Tangble fixed assets Investments Nel current a5yets Net 8$sets at 3t March 2023 G8ner81 unStricted funds Desneld fUrS Restrici8d funds Tolal ful5 Tanb ed8SSeS lff>vesbnent5 Npl currenl ass8ts Netassets et 31 D8cember2021 23.791.369 2,118,175 1.337.324 27.246.866 23,791,369 2. 118. 173 2.393,277 28.302,819 1.045.999 1.045.999 9.954 9.954 19 Movement in funds Tiansfer to Compton Verney House Charity Asat1 January 2022 Asat31 Mar¢h 2023 Income Expenditu Gains Transfers Restricted lunds Park restoration rmjecl INLHF funded) EKhibition funding Dementia café Creatlve & Eroagen*nt Endowment Totsl restri¢ted funds 5.854 (S,4) 17,2861 (2,1001 7.286 2,100 2.000 9.954 12,WOI 12.CQOI 7.286 115,2401 Unrestricted funds De8ignat8d funds". Building and gallery fund Arts Council NPO Building and gallery sustainabilty fund Total designated funds 23.791.367 94,864 3,360.635 27,246.866 1331,8231 123,459.5441 194,8641 13.360.635) 1331.8231 128.915.0431 GeneNI lunds 1.045,999 734,338 1951.8411 1112.5211 331.823 11.047.797) Total unrostdcted lund$ 28,282,865 734,336 1951,8411 1112.5211 127,962,837) Total funds at 31 March 2023 28.302.819 741.622 1953.8411 1112.5211 127.978,0771 .nmntnn VArng.v HniJ%p. Tn IRt IA
Notes to the accounts 15 months ended 31 March 2023 19 Movement in funds Icontinuedl Ati January 2027 At31 D&c8mber 2021 Income Expendilur8 Gains Tr8nsfers Restricted funds Arts Counci7 Engl&nd- Cullur81 ReCory FLind I Arts Council England- Culltsol RÈcov&ry 2 Arts Council Eng18nG4- Sm811 Capit81 Gr8nt Arts Counci7 Enoland- lti¢k Start Gr8nÈ National LotteryH8fit8ge Fund- Park Restoration Exhibition lunding E¥hibition lunding.. Grirrting Gibbons Soty, Weston and Henry MO0 Found8fron Demenfvs C8fé GTrats"ve and enoagemont EffTdowmenl TOtal$t¢$efUTrs 339,921 1340.270) 349 224,000 (224,210) 210 90,333 (90.333) 25,OOQ (25,000) 6.098 2, 100 (244) 12, lOQJ 5,854 86.721 300 1.842 186.721) 1300) (1.842) 2,100 2,lOQ 350. 119 428. 196 (65&687) (112.674) 9.954 Unrestncfedlund8 D8slgna¢edfynds.' Buildjng and galleryfvn Arts COunlp0 Building and galIerysustaabJlitY 23,840. 132 143,242 152,760 {48.765J 23. 791.367 94,864 (201,138) 3,360.635 27.344.009 3,360,635 (48.T651 27,246,866 Tot81desatedfuns Arts CounolEngland- Cultural RecoveryFund 2 Coron8virus Job RebnJon Schem@ GeF>wylfunds To181 unr8sfpYeledlurtd$ 52, 760 (201.1381 236.000 1236.000) 46,708 {4S,708) 836.622 2.755.936 (2.697,2101 (10.788) 28. 180.631 3. 191.404 (3.181,0561 110,788) 161.438 1.045.999 112,674 28,282,865 Tot81 fufr7d$ 8t31 De¢ember2021 28.530.750 3.6t9.600 (3.836.743J (10.788) 28.302,819 f.nmntnn vp.rngv HniiRp. TriJ%t 1
Notes to the accounts 15 months ended 31 March 2023 19 Movement In funds Icontirtuedl Purposes of rgstricted funds The Park Restoration project- funded by the National Lottery Herrtage Fund, concluded in 2020. The balance has been transferred to CVHC to fund future works. Purposes of designated funds Designated funds represent funds ring-fenced by the Govemor for special purposes. The largest fund was the Building and Gallery fund £nil12021.. £23,791,367) and il shows the value of monies already invested in the development of the gallery, grounds and other fixed assets. The balance has been transferred to CVHC. The second largest fund, the Building & Sustainability fund is £nil {2021.' £3,360,635). This has been built up over the past few years with the help of the Matched Funding from CVF. The purpose of this fund is lo support ongoing development, conservation and maintenance of the estate as well as provide funding for strategic artistic and commercial initiatives. The balance has been transferred to CVHC Unrestrieted funds The Governor retains unrestricted reserves to provide for future expenditure, whether of capital or revenue nature, which cannot be covered by incoming resources. The Governor reviews the l@vel 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 infiastruclure of the estate. The Governor believes that unrestricted general funds should be held lo cover between three and six months. running and reorganisation costs, in order to finance operations should events beyond the Trust's control affect ils revenue streams or operating costs. The intention is lo grow the level of this General Fund to match increased running costs. Al the period end, the balance on the reserves was £nil following the transfer to CVHC 20 Operatlng lease cornmitments The charity's operating lease commitments were transferred to CVHC at 31 March 2022. Period Year ended ended 31 31 March December 2023 2021 Total Total Less than 1 year 1-5years 884 1,326 2,210 f.nmt)tnn vrAS.v Hnii¢p. Tn 14t 4n
Notes to the accounts 15 months ended 31 March 2023 21 Capital commitments Al the balance sheet date, the charity had no commitments in respect of capital projects 12021.. £nill. 22 Transfer to Compton Verney House Charity A new charity, Compton Verney House Charity {CVHCI. company registration number 13754286, was incorporated on 19 November 2021. The assets, liabilities and activities of Compton Verney House Trust were transferred lo CVHC on 31 March 2022. The assets and liabil¢ties were represented by the following funds.. 31 March 2022 Tangible fixed assets Cost Depreciation 26,715,991 12,958,533) 23.757.458 Investments Debtors Cash at bank and in hand Crèditors.. amounts falliro due within one year 2,005.652 358,349 1,950,614 193,9961 27,978,077 31 March 2022 Restricted funds General funds Designated funds 1 5,240 1,047,797 26,915,040 27,97B.077 f.nmntnn Vp.rnp.v Hnijqp. Tnist 41