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2022-11-30-accounts

STONELEIGH ABBEY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2022

Company Registration Number 03249545 Registered Charity Number 1058526

STONELEIGH ABBEY LIMITED TRUSTEES REPORT YEAR ENDED 30 NOVEMBER 2022

The Trustees present their report and the audited financial statements of the charity for the year ended 30 November 2022. The trustees have adopted the provisions of the Charities Statement of Recommended Practice (SORP) (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

OBJECTIVES AND ACTIVITIES

The objectives of the Trust as set out in the Memorandum and Articles of Association are:

iii) to facilitate and encourage access to and the study and appreciation of such buildings and chattels and the estate by the general public.

The charity has the general aim of preserving the historic mansion Stoneleigh Abbey and encouraging access to and the study and appreciation of the buildings, The strategies employed to achieve the charity’s objectives are to:

The Trust furthers its objectives by pursuing a number of courses of activity.

The Trust acquired land and buildings at Stoneleigh Abbey, Warwickshire in December 1996, and contracts were placed for major repair works to the Abbey West Wing, the Riding School, Stables and Coach House, the Abbey Gatehouse, important Park structures - two bridges and weirs and sluices - and improvements to the infrastructure including power, water supply and drainage. All these contracts have been completed.

A further contract was completed in 2002 for the conversion of the Riding School into an events function suite. This was supported by Heritage Lottery Fund.

A major contract has been fulfilled for the renovation of the Repton landscape and bridges, weirs and the "lake" financed to a significant extent by Natural England, a division of Defra. In 2014/15 grants were received from Natural England to further restore the Repton Landscape. In 2016/17 grants were received from Natural England to restore the Water Wheel.

In addition to admission charges a retail outlet and tea rooms and an information point operate on the site.

A property management plan has been implemented for the ongoing maintenance of the building, grounds and chattels. This deals in detail with separate elements of the mansion, the remaining building, the park, the public rooms, the furnishings and the chattels, and the ancillary properties held as investment properties by the Trust.

The Trustees have responsibility for a number of properties near to the estate where the income arising is used for the general purposes of the charity. Some properties may become development properties and it is policy to enhance and realise those assets where appropriate. Endowment Fund property income is used for the purposes for which the endowment was established.

The charity has been successfully established as a venue for events from music to corporate hospitality and weddings with a renewed emphasis in this area. The charity’s trading subsidiary, Stoneleigh Abbey Events Limited, accrues material profits from events and hire of its facilities which it is intended will be paid to Stoneleigh Abbey Limited. The company has a substantial number of bookings for weddings and events through 2022 and beyond. However this has been impacted significantly due to the pandemic resulting in weddings being postponed or cancelled.

Affordability and access to the Abbey and grounds is important to the Trustees and this is reflected in the pricing policy for entry to the Abbey and grounds. The Trustees have had due regard to guidance published by the Charity Commission on Public Benefit. The charity has been successfully established as a venue for events from music to corporate hospitality and weddings with a renewed emphasis in this area.

Short term objectives of the charity is to increase visitor numbers & associated income. The trustees long term objectives of the charity is to have a dedicated visitor centre which will enable the charity to provide educational opportunities and enhance the visitor experience.

1

STONELEIGH ABBEY LIMITED TRUSTEES REPORT YEAR ENDED 30 NOVEMBER 2022

ACHIEVEMENTS AND PERFORMANCE

2021/2022 has been a year of transition for the charity and trading subsidiary as the group faced challenges when reopening following the global pandemic, which heavily impacted the two previous financial years. Despite limited financial support from the government , the charity has continued to support it's employees, customers and local community. Enhancements have been made to improve the experience of visiting the Abbey for their visitors. The trustees look forward to building on their plans to enhance visitor experience along with supporting each other through the challenges ahead.

In normal trading years, the parkland is open to the public between Easter and the 24th December and the walks and views of the house and lake planned by Humphrey Repton will be enjoyed by a wider public.

The trustees continue to explore the links with Jane Austen, Oriel College Oxford, Sir Henry Parkes (five times Premier of New South Wales), Lord Byron and Sir William Dugdale (a renowned Warwickshire historian and 17th Century man of letters) to further promote public interest in Stoneleigh Abbey.

FINANCIAL REVIEW

The trustees report total income increased by £52,011 to £494,217 and total expenditure increased from £596,283 to £647,637.

The charity reports a net deficit of £153,420 before investment gains and a net deficit movement on funds of £398,979 including investment losses of £245,559 (2021: deficit £154,077, investment gains of £145,771 respectively).

Total funds decreased from £20,153,360 to £19,754,381 during the year. This including restricted funds of £2,649,018 (2021: £2,646,707) and endowment funds of £16,280,491 (2021: £16,436,618).

The admissions and related income brought in £124,504 (2021: £75,808), whilst the cost of tour guides and related costs amounted to £218,946 (2021: £184,079).

The cost of maintenance and upkeep of the Abbey, grounds and contents for the year was £288,132 (2021: £254,570).

Income from rents and related service charges raised £187,141 (2021: £185,022).

Events income brought in £126,170 (2021: £12,833) for the year.

Income on investment assets has partially financed the partnership funding element of Natural England grants for restoration of the Repton landscape.

Investment powers and policy

Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees wish, subject to taking appropriate professional investment advice. The trustees have regard to the liquidity requirements of operating the charity and to the reserves policy.

Endowment funds have been placed with an investment manager under a discretionary agreement with an investment strategy for capital growth and moderate risk and no individual investment to comprise more than 10% of the portfolio without written instructions from the trustees.

Reserves policy

Reserves are principally represented by tangible fixed assets, and for endowment funds, investments. The Charity’s policy on reserves is that free reserves should be held at a level to enable it to develop its level of activity, and to provide adequate working capital for the Charity to continue operations.

The level of free reserves, excluding endowment, restricted and designated funds and general reserves represented by fixed assets, held at 30 November 2022 amounted to a deficit of £153,743 (2021: surplus £89,979). From reviewing the 2023 financials, the results are positive and the level free reserves are expected to return to a surplus.

Going concern

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

2

STONELEIGH ABBEY LIMITED

TRUSTEES REPORT

YEAR ENDED 30 NOVEMBER 2022

PLANS FOR FUTURE PERIODS

The trustees are committed to continuing the restoration and enhancement works undertaken in recent times to the Abbey's landscape and river setting, and associated structures. Funding for additional projects is being sought.

The trustees are exploring the possibility of realising non-income generating assets in order to provide funds for future enhancements to the estate and visitor facilities and to carry out further restoration works to the historic properties.

The trustees have an obligation to Natural England to increase the number of visitors. The target is to attract 100,000 visitors per year. In order to achieve the target, major funds will be needed for a visitor centre and for major works on the historical Repton pathways and medieval routes throughout the landscape setting and associated structures.

The charity has not received any grants from HLF or Historic England since 1996. Those grants were expended on restoring and stabilising the heritage buildings at Stoneleigh Abbey.

Trustees’ responsibilities in relation to the financial statements

The trustees (who are also directors of Stoneleigh Abbey Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• there is no relevant audit information of which the charitable company’s auditor is unaware; and

3

STONELEIGH ABBEY LIMITED TRUSTEES REPORT YEAR ENDED 30 NOVEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Stoneleigh Abbey Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 13 September 1996. It is registered as a charity with the Charity Commission. No person can become a member of the Company unless their application for membership is approved by the trustees. There are currently 2 members (2 in 2021), each of whom agree to contribute £10 in the event of the charity winding up.

Appointment and retirement of trustees

As set out in the Articles of Association new trustees are chosen by the Board to bring the required skills to the Charity. Trustees proposed appointments are notified to H M Revenue and Customs for approval by them. In the year, there were no changes to the trustees.

Trustee induction and training

Trustees are encouraged to consider the relevant Charity Commission publications where these will facilitate the undertaking of their role.

Organisation

The board of trustees, which must have a minimum of 3 members, administers the charity. The board meets regularly. The principal matters of the charity continue to be outsourced to outside providers including estate management. The providers report directly to the Chairman and appropriate Trustees.

Related parties

The charity’s wholly owned subsidiary, Stoneleigh Abbey Events Limited was established to operate the commercial events held in the state rooms and grounds of the Abbey. Stoneleigh Abbey Events Limited donates its profits to the charity (see note 5 to the accounts).

None of the trustees receive remuneration or other benefits from their work with the charity. Any connection between a trustee or senior manager of the charity with a supplier or visitors of the charity must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.

Risk management

The trustees have a risk management strategy which comprises:

Resources available

The Trust is governed by an involved and experienced body of trustees, who oversee the development plans, investments and finances, and management of the estate. The Trustees employ the services of professionals for project management, estate management, investment management and legal and accountancy services to supplement their own expertise, and to ensure the complete range of management skills necessary to manage such a high profile and public interest undertaking. New trustees are appointed by the Board and require approval by H M Revenue and Customs before appointment.

The Trustees bring years of experience in their specialist skills. The Chairman, Tony Bird, brings his experience in industry and property. He is supported by Mrs Dorothy Ingle, a company director, who brings her experience in the advertising, marketing and public relations industry, dealing mainly with Blue Chip companies. Mr Roger Pringle is a noted historian, who was the Director of the Shakespeare Birthplace Trust and is now a life trustee of that trust. Mr Marcus Binney is an eminent journalist on historic properties and British heritage.

The financial resources available to the Trust comprise grants for capital expenditure and revenue deficit funding, which have all been utilised and a permanent endowment fund. The Trust has an overdraft facility with its bankers.

4

STONELEIGH ABBEY LIMITED TRUSTEES REPORT YEAR ENDED 30 NOVEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS

The Company is a registered charity, number 1058526, and is a company limited by guarantee, registered number 03249545.

Directors and trustees

The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

The trustees serving during the year and since the year end were as follows:

Mr A P M Bird, OBE Chairman Mrs D Ingle Mr R J B Pringle, DUniv, DL, FRSA Mr M Binney, CBE Key Personnel Management

Mr D Eaves - General Manager

Registered office and principal office

Estate Office Stoneleigh Abbey Kenilworth Warwickshire CV8 2LF Accountants

Haines Watts Bristol Limited Chartered Accountants 6-8 Bath House Bath Street Bristol BS1 6HL Auditors Moffat Gilbert Chartered Accountants 5 Clarendon Place Leamington Spa Warwickshire CV32 5QL Bankers Barclays Bank plc 150 Parade Leamington Spa Warwickshire CV32 4AZ Investment advisers Harris Allday Church Mews Ombersley Worcestershire WR9 0EW

5

STONELEIGH ABBEY LIMITED TRUSTEES REPORT YEAR ENDED 30 NOVEMBER 2022

Auditors

Moffat Gilbert were reappointed to act as auditor.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

ON BEHALF OF THE TRUSTEES

A P M BIRD Director

5 July 2023

6

STONELEIGH ABBEY LIMITED INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS

Opinion

We have audited the financial statements of Stoneleigh Abbey Limited for the year ended 30 November 2022 which comprise the Consolidated Statement of Financial Activities, Group Summary Income and Expenditure Account, the Consolidated and Charity Balance Sheets, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 . Our audit work has been undertaken so that we might state to the charitable company’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 charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

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 financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustee's Report, other than the financial statements and our auditor's report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements 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 (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

7

STONELEIGH ABBEY LIMITED INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS (Continued)

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 3, the trustees (who are also the directors of Stoneleigh Abbey Limited for the purposes of company law) are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and 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.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 financial statements.

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

Moffat Gilbert 5 July 2023
Chartered Accountants 5 Clarendon Place
Statutory Auditor Leamington Spa
Warwickshire
CV32 5QL

Moffat Gilbert is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

8

STONELEIGH ABBEY LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 NOVEMBER 2022

Notes
Income and endowments from:
Donations and legacies:
Donations
Grants receivable
4
Other trading activities:
Events including associated room hire
5
Service charges
Sundry income
Investments:
6
Rents receivable
Dividends and interest
Charitable activities:
Visitors to the Abbey
Total income
Expenditure on:
Raising funds
Costs of obtaining grants
7
Events
Service costs
Publicity
Taxation
Let property costs
Other investment management costs
Charitable activities
9
Visitors to the Abbey
Maintenance & upkeep of the Abbey, grounds & contents
Total resources expended
Net incoming resources before transfers
Transfers between funds
Gains (losses) on investment assets
Net income/(expenditure) for the year
Net movements in funds
Total funds at 1 December 2021-2020
Total funds at 30 November 2022-2021
Net incoming / (outgoing) resources before other
recognised gains and losses		 Unrestricted
funds 2022
Restricted
funds 2022
Endowment
funds 2022
Total funds
2022
Unrestricted
funds 2021
Restricted
funds 2021
Endowment
funds 2021
Total funds
2021
£
£
£
£
£
5
-
-
5
525
-
-
525
20,777
-
-
20,777
92,881
-
-
92,881
126,170
-
-
126,170
12,833
-
-
12,833
53,584
1,828
-
55,412
47,375
1,574
-
48,949
405
-
-
405
43,218
-
-
43,218
-
125,190
6,539
-
131,729
129,533
6,540
-
136,073
35,215
-
-
35,215
30,462
1,457
-
31,919
124,504
-
-
124,504
75,808
-
-
75,808
485,850
8,367
-
494,217
432,635
9,571
-
442,206
3,123
-
-
3,123
3,651
-
-
3,651
35,288
-
-
35,288
19,164
-
-
19,164
37,260
-
-
37,260
36,221
-
-
36,221
10,125
-
-
10,125
35,507
-
-
35,507
-
-
-
-
-
-
-
-
47,558
-
-
47,558
59,354
-
-
59,354
7,205
-
-
7,205
3,737
-
-
3,737
218,946
-
-
218,946
184,079
-
-
184,079
288,004
92
36
288,132
254,402
120
48
254,570
647,509
92
36
647,637
596,115
120
48
596,283
(161,659)
8,275
(36)
(153,420)
(163,480)
9,451
(48)
(154,077)
-
-
-
-
-
-
-
-
(161,659)
8,275
(36)
(153,420)
(163,480)
9,451
(48)
(154,077)
(83,504)
(5,964)
(156,091)
(245,559)
49,161
6,556
90,054
145,771
(245,163)
2,311
(156,127)
(398,979)
(114,319)
16,007
90,006
(8,306)
(245,163)
2,311
(156,127)
(398,979)
(114,319)
16,007
90,006
(8,306)
1,070,035
2,646,707
16,436,618
20,153,360
1,184,354
2,630,700
16,346,612
20,161,666
824,872
2,649,018
16,280,491
19,754,381
1,070,035
2,646,707
16,436,618
20,153,360

9

STONELEIGH ABBEY LIMITED SUMMARY CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 30 NOVEMBER 2022

Incoming resources
Donations and legacies
Other trading activities
Investment income
Incoming resources from charitable activities
Resources expended
Raising funds
Charitable expenditure
Operating surplus for the year
Realised gain on sale of investments
Surplus for the year before taxation
Taxation
(Deficit)/Surplus for the year
All activities relate to continuing operations		 2022
£
20,782
181,987
166,944
124,504
494,217
140,559
507,078
647,637
(153,420)
(245,559)
(398,979)
-
(398,979)		 2021
£
93,406
105,000
167,992
75,808
442,206
157,634
438,649
596,283
(154,077)
145,771
(8,306)
-
(8,306)

10

STONELEIGH ABBEY LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS 30 NOVEMBER 2022

STONELEIGH ABBEY LIMITED
CONSOLIDATED AND CHARITY BALANCE SHEETS
30 NOVEMBER 2022 Company registration number: 03249545
Notes
Fixed assets
Tangible assets
17
Heritage assets
18
Investments
19
Current assets
Debtors
20
Short term deposits
Cash at bank & in hand
Liabilities: amounts falling due within one year
21
Net current liabilities
Liabilities: amounts falling due after one year
22
Provisions for Liabilities
Net assets
Capital funds
Endowments
-
-
Income funds
Unrestricted
-
-
Restricted
-
-
-
-		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
26,125
27,693
23,904
24,780
13,871,985
13,871,985
13,871,985
13,871,985
5,942,798
6,390,157
5,943,798
6,391,157
19,840,908
20,289,835
19,839,687
20,287,922
257,796
151,469
247,035
149,497
12,810
12,800
12,810
12,800
8,831
13,679
2,234
1,841
279,437
177,948
262,079
164,138
(364,629)
(308,188)
(360,668)
(307,775)
(85,192)
(130,240)
(98,589)
(143,637)
(1,335)
(6,235)
(1,335)
(6,235)
-
-
-
-
19,754,381
20,153,360
19,739,763
20,138,050
16,280,491
16,436,618
16,280,491
16,436,618
824,872
1,070,035
810,254
1,054,725
2,649,018
2,646,707
2,649,018
2,646,707
19,754,381
20,153,360
19,739,763
20,138,050

For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies but as this company is a charity, it is subject to audit under the Charities Act 2011 .

Directors’ responsibilities:

• The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006;

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with the Financial Reporting Standard 102.

Approved and authorised for issue by the trustees on 5 July 2023 and signed on their behalf by:

………………………………………………………………

APM Bird OBE, Chairman

Signed on behalf of the Trustees

11

STONELEIGH ABBEY LIMITED CONSOLIDATED CASH FLOW STATEMENT 30 NOVEMBER 2022

STONELEIGH ABBEY LIMITED
CONSOLIDATED CASH FLOW STATEMENT		 STONELEIGH ABBEY LIMITED
CONSOLIDATED CASH FLOW STATEMENT
30 NOVEMBER 2022
Company registration number: 03249545
Notes
Cash flow from operating activities
1
Interest paid
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Receipts from sales of investments
Hire purchase payments
Interest received
Rents received from investment properties
Net cash flow from investing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of reporting period
Cash and cash equivalents at end date of reporting period
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
Overdraft balances
Cash and cash equivalents at end of reporting period
1 Reconciliation of the net income/(expenditure) to the net cash flow from operating activities
Net income/(expenditure) for the reporting period
Depreciation charges for charity
Depreciation charges for trading subsidiary
(Gain)/losses on investments
Interest paid
Dividends and interest received
Rents received from investment properties
Decrease/(increase) in debtors for charity
Decrease/(increase) in debtors for trading subsidiary
(Decrease)/increase in creditors for charity
(Decrease)/increase in creditors for trading subsidiary		 Group
Group
2022
2021
£
£
(357,747)
(365,007)
(9,152)
(6,152)
(366,899)
(371,159)
(6,400)
-
237,005
214,271
(4,734)
(4,500)
10
13
131,729
136,073
357,610
345,857
(9,289)
(25,302)
(82,719)
(57,417)
(92,008)
(82,719)
8,831
13,679
12,810
12,800
(113,649)
(109,198)
(92,008)
(82,719)
Group
Group
2022
2021
£
£
(398,979)
(8,306)
7,276
8,258
692
917
245,559
(145,771)
9,152
6,152
(35,215)
(31,919)
(131,729)
(136,073)
(97,538)
9,212
(54,205)
15,621
48,276
(76,484)
48,964
(6,614)
(357,747)
(365,007)

12

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

1 PRINCIPAL ACCOUNTING POLICIES

Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The 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 involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

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

Group financial statements

These financial statements consolidate the results of the charity and its wholly owned subsidiary Stoneleigh Abbey Events Limited on a line by line basis. No separate SOFA has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006 and paragraph 397 of the SORP.

Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Income from other trading activities

Incoming resources from other trading activities includes commercial trading income from the running of events by the trading subsidiary and service charges from tenants and residents of properties on the estate.

Income from charitable activities

Income from charitable activities includes income received from visitors to the Abbey together with other costs recovered in respect of the upkeep of the Abbey.

Deferred income

Trading income in respect of events taking place after the balance sheet date is deferred until the period in which the event occurs. Rental income is recognised in the period to which the rent applies.

Donations

Donations to the charity are recognised when the charity is notified of its entitlement to the donation. Donated assets for the charity's own use are recognised when donated at estimated market value.

Grants receivable

Grants receivable without a performance-related condition are accounted for on a receivable basis, and are allocated to the appropriate fund. Grants with performance -related conditions are recognised when the conditions are met. Grants receivable comprise both capital and income grants.

Investment income

Investment income is accounted for in the period in which the charity is entitled to receipt.

13

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

1 PRINCIPAL ACCOUNTING POLICIES (Continued)

Resources expended

Expenditure is included on an accruals basis.

Raising funds comprises costs of let property, costs of fund raising events and related taxation suffered.

Charitable activities include expenditure associated with the visitors to the Abbey and with the maintenance and upkeep of the Abbey, grounds & contents.

Support costs comprise salary, office, communication and other costs of the central functions of the charity and have been allocated to activity cost categories on a basis consistent with the use of resources, eg staff costs by the time spent and other costs by their usage. Governance costs include those incurred in the governance of the charity and its assets, and are primarily associated with constitutional and statutory requirements and are recognised as part of support costs.

Pension costs

The charitable company operates a defined contribution scheme for the benefit of its employees. The costs of contributions are written off against profits in the year they are payable.

Irrecoverable VAT

All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Tangible fixed assets and depreciation

Expenditure charged to the cost of fixed assets is direct capital cost together with an allocation of attributable overheads based on activity levels.

The cost of tangible fixed assets is written down to their expected residual value at the end of their estimated useful economic lives, at the following annual rates:

Abbey furniture & fittings 25% reducing balance Plant & equipment 25% reducing balance

No depreciation is charged on land & buildings, which comprise the administrative offices of the charity and are part of the historic estate. The residual value is considered to be at least as high as the carrying value.

Heritage assets

These comprise the historic assets of Stoneleigh Abbey and the surrounding estate, and the furniture, pictures and other chattels, of historic and artistic interest at the Abbey. The Abbey was built in 1150 and added to up until the mid 19th Century.

Heritage assets are included at cost, except for certain donated properties included in land and buildings that were not capitalised at valuation at the date of donation. They are let out from time to time but form part of the overall historic site. It is not considered necessary for them to be valued, as this would involve significant cost compared to the benefit obtained.

Depreciation is not charged on historic land and buildings, and chattels, as the residual value is considered to be at least as high as the carrying value.

It is the policy of the charity not to dispose of the heritage assets held. Further assets may be acquired to enhance the items on display, as funds permit.

Fixed asset investments

Fixed asset investments are shown at market value at the financial year end date.

Investment properties are shown at estimated market value at the balance sheet date. No depreciation is charged on investment properties. Any realised and unrealised gain or loss on revaluation is taken to the Statement of Financial Activities.

Investment in the subsidiary company is shown at cost.

14

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

1 PRINCIPAL ACCOUNTING POLICIES (Continued)

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Donated assets and services

Donated goods, services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

Fund accounting

General funds are unrestricted funds that are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent those assets that must be held permanently by the charity, principally tangible fixed assets and investments. Income arising on the endowment funds can only be applied for the maintenance, preservation, management and running costs of the Abbey property, or for the purposes of benefiting the property, and is therefore included as restricted income. Any capital gains or losses arising on the investments form part of the fund.

Investment management charges and legal advice relating to the fund are charged against the fund.

15

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

2 Legal status of the company

The charity is a company limited by guarantee which is registered in England and Wales and has no share capital. The liability of members is limited to £10 on the winding up of the charity. There are two members of the charity.

3 Financial activities of the charity

The financial activities shown in the consolidated statement includes those of the charity's wholly owned subsidiary, Stoneleigh Abbey Events Limited.

A summary of the financial activities undertaken by the charity alone is set out below:

Gross incoming resources
Total expenditure on charitable activities
Fundraising costs of grants, events, service charges and publicity
Investment management costs
Investment gains
Net incoming resources
Total funds brought forward
Total funds carried forward
Represented by:
Restricted income funds
Unrestricted income funds
Endowment funds		 2022
2021
£
£
473,159
429,372
(507,079)
(438,650)
(64,045)
(82,280)
(54,763)
(63,091)
(245,559)
145,771
(398,287)
(8,878)
20,138,050
20,146,928
19,739,763
20,138,050
-
2,649,018
2,646,707
810,254
1,054,725
16,280,491
16,436,618
19,739,763
20,138,050

16

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

4 Grants receivable

Capital grants
Revenue grants
-
-		 2022
2021
£
£
-
-
20,777
92,881
20,777
92,881

Revenue grants comprise COVID 19 support grants and other grants receivable under the Environmental Stewardship Schemes.

5 Incoming resources from trading activities

The wholly owned trading subsidiary Stoneleigh Abbey Events Limited, which is incorporated in the United Kingdom, pays all but a small proportion of its profits to the charity by donation. The deficit in the subsidiary is £692 (2021: £573 surplus). No donation was made to the charity in 2021.

Stoneleigh Abbey Events Limited operates the commercial trading operation of arranging events such as weddings to be held in the state rooms and grounds of Stoneleigh Abbey. The charity owns the entire share capital of 1,000 ordinary shares of £1 each. A summary of the trading results is shown below.

Turnover
Cost of sales
Gross profit
Administrative expenses
Taxation
Net profit/(loss)
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Net assets
1000 Ordinary shares of £1
Profit & loss account		 2022
2021
£
£
126,170
12,833
(11,461)
(633)
114,709
12,200
(115,401)
(11,627)
-
-
(692)
573
137,758
89,486
(122,140)
(73,176)
15,618
16,310
1,000
1,000
14,618
15,310
15,618
16,310

Stoneleigh Abbey Events Limited receives free access to the grounds and buildings for events held.

6 Investment income

Rents receivable
Dividends receivable
Interest receivable
-
-		 2022
2021
£
£
131,729
136,073
24,571
22,491
10,644
9,428
166,944
167,992

17

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

7 Cost of obtaining grants

These are incurred in connection with the negotiations with DEFRA (Natural England) and Country Houses Foundation and other bodies for grants for further restoration work on the bridges, buildings and other structures associated with the lake and river on the estate.

The costs of administering grants obtained amounted to £3,123 (2021: £3,651).

8 Allocation of support

The charity allocates its support costs as shown in the table below and then further apportions those costs between the two charitable activities undertaken (see note 9). Support costs are allocated on a basis consistent with the use of resources.

Support cost
General office
Insurance
Finance costs
Accountancy professional services
External audit
Legal and other professional services
Support staff costs
Governance costs reanalysed		 Allocated to
Charitable
activities
Raising funds
Governance
costs
Total
2022
£
£
£
3,825
1,841
-
5,666
58,966
-
-
58,966
8,237
915
-
9,152
35,324
12,411
-
47,735
-
-
7,500
7,500
57,560
30,311
-
87,871
62,464
62,464
-
124,928
7,500
(7,500)
-
233,876
107,942
-
341,818

9 Analysis of charitable expenditure

The charity undertakes direct charitable expenditure only and does not make grant payments.

Maintenance & upkeep of Abbey,
Grounds and Contents		 Maintenance & upkeep of Abbey,
Grounds and Contents		 Visitors to the
Abbey		 Total
2022
£ £ £
Direct staff costs 32,351 104,016 136,367
Property maintenance 42,133 - 42,133
Parkland and landscape gardens 8,585 - 8,585
Equipment repairs 3,208 - 3,208
Depreciation 7,275 - 7,275
Teashop and guidebooks - 46,485 46,485
Light and heat to State rooms - 29,149 29,149
Support costs 194,580 39,296 233,876
- - 288,132 218,946 507,078

10 Staff costs

Wages & salaries
Social security costs
Other pension costs		 2022
2021
£
£
245,660
209,462
14,061
11,533
6,582
6,071
266,303
227,066

There were no employees whose emoluments amounted to over £60,000 in the year.

11 Pension costs

The charity operates a non-contributory pension scheme. It is a defined contribution scheme and contributions are charged in the statement of financial activities as they accrue. The charge for the year was £6,582 (2021: £6,071)

18

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

12 Staff numbers

2022 2021
No No
Average total number of staff in year 13 12
Average full time equivalents 7 9

The charity has a high proportion of part-time staff owing to its seasonal operations.

13 Remuneration of Key Management Personnel

Within the year, key management personnel received remuneration of £41,760 (2021: £40,692). Employers NI costs totalled £4,756 (2021: £4,399) for the year.

Mr D Eaves is a resident in Stoneleigh Abbey and pays rent on the same basis as the other residents.

14 Trustees' remuneration and related party transactions

Trustees are not remunerated. They are paid expenses for attending meetings and duties directly related to their duties as trustee. In 2022, Mrs D Ingle claimed £1,432 (2021: £1,309) in expenses for travel and costs of phone calls and Mr A P M Bird claimed £191 in expenses for travel. The balance owing to Mrs D Ingle at 30 November 2022 was £56 (2021: £NIL).

Mrs D Ingle (Trustee) is a resident in Stoneleigh Abbey. The Charity charges a landlords structure service charge and other management fees to the residents of the abbey. Mrs D Ingle paid these charges on the same basis as the other residents.

No other trustee or person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year.

15 Movement in total funds for the year

This is stated after charging / (crediting):
Auditors' remuneration:
Audit fee
Depreciation
-		 2022
2021
£
£
8,000
8,000
7,968
9,175

16 Taxation

The company is a registered charity and no provision is considered necessary for taxation as charities are not taxed on non trading income. The trading subsidiary has retained profits carried forward of £14,618 (2021: £15,310).

Profits of the subsidiary are generally paid to the charity by donation and those profits become exempt from tax.

17 Tangible fixed assets

Group
Cost
30 November 2021
Additions
Disposals
30 November 2022
Depreciation
30 November 2021
Charge
Disposals
30 November 2022
Net Book Value
30 November 2022
-
30 November 2021
-		 Abbey furniture
& fittings
Plant &
equipment
Total
£
£
£
55,433
142,489
197,922
-
6,400
6,400
-
-
-
55,433
148,889
204,322
51,486
118,743
170,229
976
6,992
7,968
-
-
-
52,462
125,735
178,197
2,971
23,154
26,125
3,947
23,746
27,693

19

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

17 Tangible fixed assets (Continued)

Charity
Cost
30 November 2021
Additions
Disposals
30 November 2022
Depreciation
30 November 2021
Charge
Disposals
30 November 2022
Net Book Value
30 November 2022
-
30 November 2021
-
18
Heritage assets
Group and Charity
Cost
30 November 2021
-
Additions
Disposals
30 November 2022
-		 Abbey furniture
& fittings
Plant &
equipment
Total
£
£
£
55,433
111,069
166,502
-
6,400
6,400
-
-
-
55,433
117,469
172,902
51,486
90,236
141,722
976
6,300
7,276
-
-
-
52,462
96,536
148,998
2,971
20,933
23,904
3,947
20,833
24,780
Land & buildings
Chattels
Total
£
£
£
12,936,727
935,258
13,871,985
-
-
-
-
-
-
12,936,727
935,258
13,871,985

Heritage assets comprise Stoneleigh Abbey and the surrounding estate, and the furniture, pictures and other chattels of historic and artistic interest at the Abbey.

The Abbey is a Grade I listed building which was built in 1150 and added to through to the mid 19th century. The grounds comprise a Grade II listed park and gardens containing further architectural features.

The Abbey includes state rooms of architectural and historic importance together with chattels collected by the owners over the life of the Abbey, and comprising collections of historic furniture and furnishings, bedspreads; jewellery, porcelain and glass; works of art, miniatures, prints and drawings; pictures, maps, patents and heraldic pedigrees, books and arms and armour.

Land and buildings includes certain donated properties that were not capitalised at valuation at the date of donation. They are let out from time to time but form part of the overall historic site. It is not considered necessary for them to be valued as this would involve significant cost compared to the benefit to be obtained.

20

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

19 Fixed asset investments

All investments are held primarily to provide an investment return for the charity.

Movement in fixed asset investments
Market value brought forward
Add: additions to investments at cost
Disposals at carrying value
Add net gain (loss) on revaluation
Market value as at 30 November 2022
-
-
Investments at market value comprise:
Investment in subsidiary
Investment properties
UK fixed interest bonds
UK securities
Cash deposits		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
6,390,157
6,426,750
6,391,157
6,427,750
-
-
-
-
(235,000)
(200,000)
(235,000)
(200,000)
(212,359)
163,407
(212,359)
163,407
5,942,798
6,390,157
5,943,798
6,391,157
-
-
-
-
-
-
1,000
1,000
5,060,853
5,060,853
5,060,853
5,060,853
178,796
228,735
178,796
228,735
684,742
1,084,623
684,742
1,084,623
18,407
15,946
18,407
15,946
5,942,798
6,390,157
5,943,798
6,391,157

The historical cost at 30 November 2022 was £2,778,904 (2021: £2,930,975).

The latest date that certain investment properties were valued on an open market basis, in accordance with the guidelines issued by the Royal Institute of Chartered Surveyors, by an independent valuer, Sheldon Bosley, was at 30 November 2012. Certain investment properties outside the historic estate were valued at £229,000 by the Trustees as at 30 November 2012 and this has been backed up by an independent valuation provided for a different purpose. The Trustees consider that the valuations dated 30 November 2012 remain appropriate as at 30 November 2022.

20 Debtors

Debtors
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
28,510
22,433
19,260
22,433
-
-
-
-
2,257
10,351
2,257
10,144
227,029
118,685
225,518
116,920
257,796
151,469
247,035
149,497

21

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

21 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year

Bank overdraft (secured)
Trade creditors
Corporation tax
Other taxes and social security
Other creditors and accruals
Deferred income
Hire purchase contracts
Amounts owed to group undertakings and undertakings in which the company has
a participating interest		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
113,649
109,198
113,649
109,198
70,235
66,722
69,938
66,347
-
-
118,179
72,763
-
-
-
-
8,961
3,007
8,961
3,007
32,841
40,598
31,485
40,598
134,043
83,929
13,556
11,128
4,900
4,734
4,900
4,734
364,629
308,188
360,668
307,775

The bank overdraft is secured by a legal charge over various investment properties.

22 Creditors: amounts falling due over one year

Creditors: amounts falling due over one year

Hire purchase contracts		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
1,335
6,235
1,335
6,235
1,335
6,235
1,335
6,235

23 Deferred income

Deferred income comprises rent and service charges invoiced in advance under the terms of the leases and service charge agreements.

Balance as at 01 December 2021
Amount released to incoming resources
Amount deferred in year
Balance as at 30 November 2022		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
83,928
136,823
11,128
57,034
(83,928)
(136,823)
(11,128)
(57,034)
134,043
83,928
13,556
11,128
134,043
83,928
13,556
11,128

22

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

24 Analysis of charitable funds

Group
General fund
Total unrestricted funds
Restricted funds
Heritage Lottery Fund endowment income
Mary Lodge fund
Warwick District Council grant fund
Country Houses Foundation Cast Iron Bridge
Natural England Repton Landscape & River Structures
Total restricted funds
Endowment funds
Heritage Lottery Fund endowment fund
Land and chattels fund
Fees and contingencies fund
Heritage Lottery Fund restoration and public access
fund
European Regional Development Fund restoration
fund
English Heritage necessary repairs fund
The proceeds of Cunnery & Kennels fund
Total endowment funds
Total funds
Group
General fund
Total unrestricted funds
Restricted funds
Heritage Lottery Fund endowment income
Mary Lodge fund
Warwick District Council grant fund
Country Houses Foundation Cast Iron Bridge
Natural England Repton Landscape & River Structures
Total restricted funds
Endowment funds
Heritage Lottery Fund endowment fund
Land and chattels fund
Fees and contingencies fund
Heritage Lottery Fund restoration and public access
fund
European Regional Development Fund restoration
fund
English Heritage necessary repairs fund
The proceeds of Cunnery & Kennels fund
Total endowment funds
Total funds		 At 1 December
2021
Incoming
resources
Outgoing
resources
Gains/ (losses)
& prior year
adjustments
At 30 November
2022
£
£
£
£
£
1,070,035
485,660
(647,319)
(83,504)
824,872
1,070,035
485,660
(647,319)
(83,504)
824,872
-
-
601,570
8,367
(92)
(5,964)
603,881
75,000
-
-
-
75,000
808
-
-
-
808
50,000
-
-
-
50,000
1,919,329
-
-
-
1,919,329
2,646,707
8,367
(92)
(5,964)
2,649,018
-
-
2,185,348
-
-
(156,248)
2,029,100
6,067,433
-
-
-
6,067,433
66,220
-
-
157
66,377
3,506,286
-
(36)
-
3,506,250
1,246,023
-
-
-
1,246,023
1,351,696
-
-
-
1,351,696
2,013,612
-
-
-
2,013,612
16,436,618
-
(36)
(156,091)
16,280,491
20,153,360
494,027
(647,447)
(245,559)
19,754,381
At 1 December
2020
Incoming
resources
Outgoing
resources
Gains/ (losses)
& transfers
At 30 November
2021
£
£
£
£
£
1,184,354
432,636
(596,116)
49,161
1,070,035
1,184,354
432,636
(596,116)
49,161
1,070,035
-
585,563
9,571
(120)
6,556
601,570
75,000
-
-
-
75,000
808
-
-
-
808
50,000
-
-
-
50,000
1,919,329
-
-
-
1,919,329
2,630,700
9,571
(120)
6,556
2,646,707
-
2,095,373
-
-
89,975
2,185,348
6,067,433
-
-
-
6,067,433
66,141
-
-
79
66,220
3,506,334
-
(48)
-
3,506,286
1,246,023
-
-
-
1,246,023
1,351,696
-
-
-
1,351,696
2,013,612
-
-
-
2,013,612
16,346,612
-
(48)
90,054
16,436,618
20,161,666
442,207
(596,284)
145,771
20,153,360

23

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

24 Analysis of charitable funds (Continued)

Charity
General fund
Total unrestricted funds
Restricted funds
Heritage Lottery Fund endowment income
Mary Lodge fund
Warwick District Council grant fund
Country Houses Foundation Cast Iron Bridge
Natural England Repton Landscape & River Structures
Total restricted funds
Endowment funds
Heritage Lottery Fund endowment fund
Land and chattels fund
Fees and contingencies fund
Heritage Lottery Fund restoration and public access
fund
European Regional Development Fund restoration
fund
English Heritage necessary repairs fund
The proceeds of Cunnery & Kennels fund
Total endowment funds
Total funds		 At 1 December
2021
Incoming
resources
Outgoing
resources
Gains/ (losses)
& prior year
adjustments
At 30 November
2022
£
£
£
£
£
1,054,725
464,601
(625,568)
(83,504)
810,254
1,054,725
464,601
(625,568)
(83,504)
810,254
-
-
601,570
8,367
(92)
(5,964)
603,881
75,000
-
-
-
75,000
808
-
-
-
808
50,000
-
-
-
50,000
1,919,329
-
-
-
1,919,329
2,646,707
8,367
(92)
(5,964)
2,649,018
-
-
2,185,348
-
-
(156,248)
2,029,100
6,067,433
-
-
-
6,067,433
66,220
-
-
157
66,377
3,506,286
-
(36)
-
3,506,250
1,246,023
-
-
-
1,246,023
1,351,696
-
-
-
1,351,696
2,013,612
-
-
-
2,013,612
16,436,618
-
(36)
(156,091)
16,280,491
20,138,050
472,968
(625,696)
(245,559)
19,739,763
Charity
General fund
Total unrestricted funds
Restricted funds
Heritage Lottery Fund endowment income
Mary Lodge fund
Warwick District Council grant fund
Country Houses Foundation Cast Iron Bridge
Natural England Repton Landscape & River Structures
Total restricted funds
Endowment funds
Heritage Lottery Fund endowment fund
Land and chattels fund
Fees and contingencies fund
Heritage Lottery Fund restoration and public access
fund
European Regional Development Fund restoration
fund
English Heritage necessary repairs fund
The proceeds of Cunnery & Kennels fund
Total endowment funds
Total funds		 At 1 December
2020
Incoming
resources
Outgoing
resources
Gains/ (losses)
& transfers
At 30 November
2021
£
£
£
£
£
1,169,616
419,803
(583,855)
49,161
1,054,725
1,169,616
419,803
(583,855)
49,161
1,054,725
-
585,563
9,571
(120)
6,556
601,570
75,000
-
-
-
75,000
808
-
-
-
808
50,000
-
-
-
50,000
1,919,329
-
-
-
1,919,329
2,630,700
9,571
(120)
6,556
2,646,707
-
2,095,373
-
-
89,975
2,185,348
6,067,433
-
-
-
6,067,433
66,141
-
-
79
66,220
3,506,334
-
(48)
-
3,506,286
1,246,023
-
-
-
1,246,023
1,351,696
-
-
-
1,351,696
2,013,612
-
-
-
2,013,612
16,346,612
-
(48)
90,054
16,436,618
20,146,928
429,374
(584,023)
145,771
20,138,050

24

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

24 Analysis of charitable funds (Continued)

The General fund represents the free funds of the charity which are not designated for particular purposes.

Heritage Lottery Fund running costs fund was established in 1996 to provide funds for the running costs of the charity during the carrying out of the restoration work on Stoneleigh Abbey.

Heritage Lottery Fund endowment income fund was established in 1996 to deal with the income arising from the £1,500,000 grant received in the Heritage Lottery Endowment Fund. The income is to be applied only for the maintenance, preservation or running costs of Stoneleigh Abbey.

The Mary Lodge fund was established in 1999 following a donation received from the purchaser of the Cunnery and Kennels, and has been expended on the restoration of Mary Lodge.

The Warwick District Council grant fund was established in 1999 to carry out repair works to the property 1 The Bank. Warwick District Council provided a 50% grant against certain of the works that were required.

The Country Houses Foundation Cast Iron Bridge restoration fund was established in 2010 to provide part of the funding towards the restoration of the Cast Iron Bridge in the parkland.

The Land and chattels fund was set up in 1996 to provide funds for the acquisition of the land and chattels at Stoneleigh Abbey. The income was provided by a grant from the Heritage Lottery Fund.

The Fees and contingencies fund was set up in 1996 to provide funds for the payment of fees in connection with the acquisition of the property at Stoneleigh Abbey. The fund was set up with a grant from the Heritage Lottery Fund.

Heritage Lottery Fund restoration and public access fund was set up in 1996 to provide funds for the restoration of and provision of public access to Stoneleigh Abbey. The income was provided by a grant from the Heritage Lottery Fund.

European Regional Development Fund restoration fund was set up in 1996 to provide funds for the restoration of Stoneleigh Abbey. The fund was set up with a grant from the European Regional Development Fund.

English Heritage necessary repairs fund was set up in 1996 to provide funds towards the necessary repairs to the West Wing, Stable Block, Conservatory and Gatehouse, all at Stoneleigh Abbey. The income was provided by a grant from English Heritage.

The proceeds of Cunnery and Kennels fund was set up in 1998 to provide funds for the restoration of and provision of public access to Stoneleigh Abbey. The fund was set up with the proceeds from the sale of the Cunnery and Kennels.

The Natural England Repton River Structures fund was established in 2007 to provide funds for the survey of and restoration of the bridges, buildings and other structures associated with the lake and river in the grounds originally designed by Repton. The income is provided by a grant from Natural England.

25

STONELEIGH ABBEY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 NOVEMBER 2022

25 Analysis of net assets between funds

Group
Tangible fixed assets
Inalienable and historic fixed assets
Investments
Current assets
Current liabilities
Non current liabilities
Provisions for liabilities and charges
Net assets at 30 November 2022
Company
Tangible fixed assets
Inalienable and historic fixed assets
Investments
Current assets
Current liabilities
Non current liabilities
Net assets at 30 November 2022		 General funds Restricted funds
Endowment
funds
Total funds
£
£
£
£
25,743
273
109
26,125
952,873
2,505,634
10,413,478
13,871,985
334,078
63,931
5,544,789
5,942,798
174,942
80,261
22,000
277,203
(661,428)
(1,081)
300,115
(362,394)
(1,335)
-
-
(1,335)
-
-
-
-
824,873
2,649,018
16,280,491
19,754,382
23,522
273
109
23,904
952,873
2,505,634
10,413,478
13,871,985
335,078
63,931
5,544,789
5,943,798
157,584
80,261
22,000
259,845
(657,467)
(1,081)
300,115
(358,433)
(1,335)
-
-
(1,335)
810,255
2,649,018
16,280,491
19,739,764
Group
Tangible fixed assets
Inalienable and historic fixed assets
Investments
Current assets
Current liabilities
Non current liabilities
Provisions for liabilities and charges
Net assets at 30 November 2021
Company
Tangible fixed assets
Inalienable and historic fixed assets
Investments
Current assets
Current liabilities
Non current liabilities
Net assets at 30 November 2021		 General funds Restricted funds
Endowment
funds
Total funds
£
£
£
£
27,183
365
145
27,693
952,873
2,505,634
10,413,478
13,871,985
393,878
89,877
5,906,402
6,390,157
75,554
80,261
22,000
177,815
(373,218)
(29,430)
94,593
(308,055)
(6,235)
-
-
(6,235)
-
-
-
-
1,070,035
2,646,707
16,436,618
20,153,360
24,270
365
145
24,780
952,873
2,505,634
10,413,478
13,871,985
394,878
89,877
5,906,402
6,391,157
61,744
80,261
22,000
164,005
(372,805)
(29,430)
94,593
(307,642)
(6,235)
-
-
(6,235)
1,054,725
2,646,707
16,436,618
20,138,050

26 Capital commitments

At 30 November 2021 and 2022 the charity and group had no capital commitments.

27 Company limited by guarantee

The charity is a company limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute £10 towards the costs of dissolution and liabilities incurred by the charity in the event of the company being wound up.

26