REGISTERED COMPANY NUMBER: 03249545 (England and Wales) REGISTERED CHARITY NUMBER: 1058526
Report of the Trustees and
Financial Statements
for the Year Ended 30 November 2023
for
STONELEIGH ABBEY LIMITED (A COMPANY LIMITED BY GUARANTEE)
Haines Watts (Western) Limited Chartered Accountants & Registered Auditors 6-8 Bath Street Bristol BS1 6HL
STONELEIGH ABBEY LIMITED
Contents of the Financial Statements FOR THE YEAR ENDED 30 NOVEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Report of the Independent Auditors | 7 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Statement of Financial Position | 11 | ||
| Statement of Cash Flows | 12 | ||
| Notes to the Statement of Cash Flows | 13 | ||
| Notes to the Financial Statements | 14 | to | 29 |
STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2023
The Trustees present their report and the audited financial statements of the Charity for the year ended 30 November 2023. 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.
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STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2023
OBJECTIVES AND ACTIVITIES Objectives and aims
The objectives of the Trust as set out in the Memorandum and Articles of Association are:
i) to preserve as an historic national monument buildings of historic or architectural or artistic interest and importance, including in particular the mansion Stoneleigh Abbey, and to protect and improve the amenities of such buildings and their surroundings;
ii) to preserve for the benefit of the nation the furniture, pictures and other chattels of historic and artistic interest; 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, chattels and the estate by the general public.
In shaping the objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. The charity relies on grants, investment income and the income from fees and charges to cover its operating costs. In setting the level of fees, charges and concessions, the trustees give careful consideration to the accessibility of the Abbey for those on low incomes.
The strategies employed to achieve the Charity's objectives are to:
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publicise the facilities available to the public;
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maximise the other income of the Charity in order to fund ongoing maintenance and restoration projects;
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apply for grants that may be available to assist with funding of further restoration projects.
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 2024 and beyond.
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STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2023
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.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The year to 30 November 2023 has been a positive year for the Charity. The Charity has focused on enhancing the visitor experience at the Abbey which has led to positive reviews and greater visitor numbers. Despite limited financial support from the government, the Charity has continued to support it's employees, customers and local community. The Trustees look forward to building on their plans to improve visitor experience along with supporting each other through the challenges ahead.
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
Financial position
The trustees report total income increased by £436,716 to £909,874 and total expenditure increased by£187,093 to £812,979 (2022: £625,886)
The Charity reports a net surplus of £96,895 before investment gains and a net surplus movement on funds of £716,034 including investment losses of £9,508 (2022: deficit £398,287, investment losses of £245,559 respectively) and investment property revaluation gains of £629,147 (2022: £nil).
Total funds increased from £19,739,763 to £20,456,297 during the year. This includes designated funds of £19,579,956 (2022: £18,956,742 following the prior year adjustment),
The admissions and related income brought in £144,043 (2022: £124,504), whilst the cost of tour guides and related costs amounted to £231,009 (2022: £218,946).
The cost of maintenance and upkeep of the Abbey, grounds and contents for the year was £407,391 (2022: £288,132).
Income from rents and related service charges raised £217,433 (2022: £187,141).
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.
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.
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STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2023
FINANCIAL REVIEW
Reserves policy
Reserves are principally represented by tangible fixed assets and 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 is measured as general unrestricted funds, excluding designated funds. At 30 November 2023 free reserves amounted to £876,341 (2022: £784,356). The prior year free reserves have been restated, see note 14.
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.
FUTURE PLANS
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.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Resources available
The Charity 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.
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.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03249545 (England and Wales)
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STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2023
Registered Charity number
1058526
Registered office
The Estate Office Stoneleigh Abbey Kenilworth Warwickshire CV8 2LF
Trustees
A P M Bird OBE M H C Binney (resigned 22.8.23) R Davies MBE (appointed 23.8.23) Mrs D Ingle R Beresford Pringle
Auditors
Haines Watts (Western) Limited Chartered Accountants & Registered Auditors 6-8 Bath Street Bristol BS1 6HL
Investment Advisers
Harris Allday Church Mews Ombersley Wrcestershire WR9 0EW
Bankers
Barclays Bank plc 150 Parade Leamington Spa Warwickshire CV32 4AZ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Stoneleigh Abbey Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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 that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Haines Watts (Western) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 30 September 2024 and signed on its behalf by:
Mrs D Ingle - Trustee
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Report of the Independent Auditors to the Members of Stoneleigh Abbey Limited
Opinion
We have audited the financial statements of Stoneleigh Abbey Limited (the 'charitable company') for the year ended 30 November 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 30 November 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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Report of the Independent Auditors to the Members of Stoneleigh Abbey Limited
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Members of Stoneleigh Abbey Limited
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
i) We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We determined the following laws and regulations of most significance were: Charity SORP 2019 and UK GAAP.
(ii) We obtained an understanding of how the charity complies with those legal and regulatory frameworks by making inquiries of management. We corroborated our enquiries through our review of board minutes and other relevant meeting minutes.
(iii) We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
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identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud; - understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
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challenging assumptions and judgements made by management in its significant accounting estimates;
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identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;
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and assessing the extent of compliance with the relevant laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Matthew Bracher FCA (Senior Statutory Auditor) for and on behalf of Haines Watts (Western) Limited Chartered Accountants & Registered Auditors 6-8 Bath Street Bristol BS1 6HL
30 September 2024
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STONELEIGH ABBEY LIMITED
Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 30 NOVEMBER 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 56,996 Charitable activities 6 Visitors to the Abbey 144,043 Other trading activities 4 518,161 Investment income 5 190,674 Total 909,874 EXPENDITURE ON Raising funds 7 174,579 Charitable activities 8 Visitors to the Abbey 231,009 Maintenance & upkeep of the Abbey, grounds & contents 407,391 Total 812,979 Net gains/(losses) on investments 619,639 NET INCOME/(EXPENDITURE) 716,534 RECONCILIATION OF FUNDS Total funds brought forward 19,739,763 TOTAL FUNDS CARRIED FORWARD 20,456,297 |
Restricted funds £ - - - - - - - - - - - - - |
Endowment funds £ - - - - - - - - - - - - - |
2023 Total funds £ 56,996 144,043 518,161 190,674 909,874 174,579 231,009 407,391 812,979 619,639 716,534 19,739,763 20,456,297 |
2022 Total funds as restated £ 125,893 124,504 55,817 166,944 473,158 118,808 218,946 288,132 625,886 (245,559) (398,287) 20,138,050 19,739,763 |
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The notes form part of these financial statements
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STONELEIGH ABBEY LIMITED
Statement of Financial Position 30 NOVEMBER 2023
| Notes FIXED ASSETS Tangible assets 15 Heritage assets 16 Investments Investments 17 Investment property 18 CURRENT ASSETS Debtors 19 Cash at bank CREDITORS Amounts falling due within one year 20 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 21 NET ASSETS FUNDS 25 Unrestricted funds TOTAL FUNDS |
2023 £ 17,971 13,871,985 847,019 5,690,000 20,426,975 335,760 15,323 351,083 (321,761) 29,322 20,456,297 - 20,456,297 20,456,297 20,456,297 |
2022 as restated £ 23,904 13,871,985 882,945 5,060,853 19,839,687 247,035 15,044 262,079 (360,668) (98,589) 19,741,098 (1,335) 19,739,763 19,739,763 19,739,763 |
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These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 September 2024 and were signed on its behalf by:
D Ingle - Trustee
The notes form part of these financial statements
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STONELEIGH ABBEY LIMITED
Statement of Cash Flows FOR THE YEAR ENDED 30 NOVEMBER 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends received Repayments to subsidiary Movement in cash held in investments Net cash (used in)/provided by investing activities Cash flows from financing activities Capital repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 2 Cash and cash equivalents at the end of the reporting period 2 |
2023 a £ 93,382 - 93,382 - (108,567) 121,620 10,212 19,231 (70,111) 13,365 (14,250) (4,955) (4,955) 74,177 (98,605) (24,428) |
2022 s restated £ (220,777) (9,152) (229,929) (6,400) - 237,005 10,644 24,571 (35,205) - 230,615 (4,734) (4,734) (4,048) (94,557) (98,605) |
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The notes form part of these financial statements
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STONELEIGH ABBEY LIMITED
Notes to the Statement of Cash Flows FOR THE YEAR ENDED 30 NOVEMBER 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges (Gain)/losses on investments Interest received Interest paid Dividends received Increase in debtors Increase in creditors Net cash provided by/(used in) operations 2. ANALYSIS OF CASH AND CASH EQUIVALENTS Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year Total cash and cash equivalents 3. ANALYSIS OF CHANGES IN NET DEBT |
2023 a £ 716,534 5,933 (619,639) (10,212) - (19,231) (88,725) 108,722 93,382 2023 a £ 15,323 (39,751) (24,428) |
2022 s restated £ (398,287) 7,276 245,559 (10,644) 9,152 (24,571) (97,538) 48,276 (220,777) 2022 s restated £ 15,044 (113,649) (98,605) |
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| At 1.12.22 Cash flow At £ £ Net cash Cash at bank 15,044 279 Bank overdraft (113,649) 73,898 (98,605) 74,177 Debt Finance leases (6,235) 4,955 (6,235) 4,955 Total (104,840) 79,132 |
30.11.23 £ 15,323 (39,751) (24,428) (1,280) (1,280) (25,708) |
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The notes form part of these financial statements
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STONELEIGH ABBEY LIMITED
Notes to the Financial Statements FOR THE YEAR ENDED 30 NOVEMBER 2023
1. GENERAL INFORMATION
Stoneleigh Abbey Limited is a company limited by guarantee (number 03249545) and is a registered charity (number 1058526), registered in England and Wales. The registered office is The Estate Office, Stoneleigh Abbey, Kenilworth, Warwickshire, CV8 2LF.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in the financial statements are rounded to the nearest £.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make some judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for income and expenditure. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following significant judgements have been made by management in preparing these financial statements;
- valuation of investment properties
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance Fixtures and fittings - 25% on reducing balance
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.
continued...
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STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
2. ACCOUNTING POLICIES - continued
Heritage assets
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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The Charity 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 charity 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
Basic financial assets, which include trade and other debtors 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 charity 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
Basic financial liabilities, including trade and other creditors, 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 charity's contractual obligations are discharged, cancelled, or they expire.
continued...
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STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
| 3. DONATIONS AND LEGACIES Donations Grants Grants received, included in the above, are as follows: Environmental Stewardship Schemes 4. OTHER TRADING ACTIVITIES Service charge income Sundry income 5. INVESTMENT INCOME Rents received Income from listed investments Deposit account interest |
|
|---|---|
continued...
Page 16
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
6. INCOME FROM CHARITABLE ACTIVITIES
| INCOME FROM CHARITABLE ACTIVITIES | ||
|---|---|---|
| Activity Entrance fees Visitors to the Abbey Gift Shop Visitors to the Abbey Tea rooms Visitors to the Abbey |
2023 a £ 53,496 7,904 82,643 144,043 |
2022 s restated £ 36,678 6,710 81,116 |
| 124,504 |
7. RAISING FUNDS Other trading activities
| Cost of obtaining grants Events Service costs Publicity Repairs residential property Investment management costs |
2023 a £ 3,428 14,886 45,165 15,029 90,200 5,871 174,579 |
2022 s restated £ 3,123 13,537 37,260 10,125 47,558 7,205 |
|---|---|---|
| 118,808 |
8. CHARITABLE ACTIVITIES COSTS
| Visitors to the Abbey Maintenance & upkeep of the Abbey, grounds & contents |
Direct Costs £ 187,609 152,785 340,394 |
Support costs (see note 9) £ 43,400 254,606 298,006 |
Totals £ 231,009 407,391 |
|---|---|---|---|
| 638,400 |
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Page 17
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
9. SUPPORT COSTS
| Governance Management costs £ £ Visitors to the Abbey 28,752 14,648 Maintenance & upkeep of the Abbey, grounds & contents 211,121 43,485 239,873 58,133 |
Totals £ 43,400 254,606 |
|---|---|
| 298,006 |
10. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| as restated | ||
| £ | £ | |
| Auditors' remuneration | 9,500 | 7,500 |
| Auditors' remuneration for non audit work | 48,633 | - |
| Depreciation - owned assets | 5,933 | 7,276 |
11. TRUSTEES' REMUNERATION AND BENEFITS
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.
Trustees' expenses
Trustees are not remunerated. They are paid expenses for attending meetings and duties directly related to their duties as trustee. In 2023, Mrs D Ingle claimed £1,613 (2022: £1,432) in expenses for travel and costs of phone calls and Mr A P M Bird claimed £274 (2022: £191) in expenses for travel. The balance owing to Mrs D Ingle at 30 November 2023 was £nil (2022: £56).
12. STAFF COSTS
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Wages & salaries | 261,965 | 245,660 |
| Social security costs | 16,085 | 14,061 |
| Other pension costs | 7,461 | 6,582 |
| 285,511 | 266,303 | |
There were no employees whose emoluments amounted to over £60,000 in the year.
Pension costs
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Page 18
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
12. STAFF COSTS - continued
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 £7,461 (2022: £6,582). There are unpaid pension contributions of £1,654 as at the year end (2022: £1,346).
| Staff Numbers | ||
|---|---|---|
| 2023 | 2022 | |
| Average total number of staff in the year | 13 | 13 |
| Average full time equivalents | 7 | 7 |
The charity has a high proportion of part-time staff owing to its seasonal operations.
Remuneration of Key Management Personnel
Within the year, key management personnel received remuneration of £42,749 (2022: £41,760). Employers NI costs totalled £3,538 (2022: £4,756) for the year. Mr D Eaves has resigned from the charity post year end.
Mr D Eaves was a tenant in Stoneleigh Abbey during the year and paid rent on the same basis as the other residents.
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Visitors to the Abbey Other trading activities Investment income Total EXPENDITURE ON Raising funds Charitable activities Visitors to the Abbey Maintenance & upkeep of the Abbey, grounds & contents Total Net gains/(losses) on investments |
Unrestricted funds £ 125,893 124,504 53,989 160,405 464,791 118,808 218,946 288,004 625,758 (83,504) |
Restricted funds £ - - 1,828 6,539 8,367 - - 92 92 (5,964) |
Endowment funds £ - - - - - - - 36 36 (156,091) |
Total funds as restated £ 125,893 124,504 55,817 166,944 473,158 118,808 218,946 288,132 625,886 (245,559) |
|---|---|---|---|---|
continued...
Page 19
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward As previously reported Prior year adjustment As restated TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ (244,471) 1,054,725 18,929,509 19,984,234 19,739,763 |
Restricted funds £ 2,311 2,646,707 (2,649,018) (2,311) - |
Endowment funds £ (156,127) 16,436,618 (16,280,491) 156,127 - |
Total funds as restated £ (398,287) 20,138,050 - 20,138,050 19,739,763 |
|---|---|---|---|---|
14. PRIOR YEAR ADJUSTMENT
The Trustees have undertaken a review of the nature of the restricted and endowment funds this year, and determined that they relate to historic funding which has since been expended.
Previously, the funds in use to 30 November 2022 were based upon the receipts of grant income towards the purchase and restoration of Stoneleigh Abbey and its grounds, as well as receipts from sales of properties.
The funds have been adjusted to reflect the fact that the amounts received in the grants and property sales above have all been used in the purchase and restoration works, leaving the heritage assets, investment properties on the Abbey grounds, and the Charity's fixed assets. These new funds are treated as designated funds.
A prior year adjustment has been made to accurately disclose the funds as unrestricted with designated funds reflecting the net book value of respective fixed asset classes.
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Page 20
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
15. TANGIBLE FIXED ASSETS
| COST At 1 December 2022 and 30 November 2023 DEPRECIATION At 1 December 2022 Charge for year At 30 November 2023 NET BOOK VALUE At 30 November 2023 At 30 November 2022 16. HERITAGE ASSETS MARKET VALUE At 1 December 2022 and 30 November 2023 NET BOOK VALUE At 30 November 2023 At 30 November 2022 |
Plant and machinery £ 117,469 96,536 5,200 101,736 15,733 20,933 |
Fixtures and fittings £ 55,433 52,462 733 53,195 2,238 2,971 |
Totals £ 172,902 148,998 5,933 154,931 17,971 23,904 Total £ 13,871,985 |
Totals £ 172,902 |
|---|---|---|---|---|
| 148,998 5,933 |
||||
| 154,931 | ||||
| 17,971 | ||||
| 23,904 | ||||
| 13,871,985 | ||||
| 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.
There have been no movements to heritage assets for the five years to 30 November 2023.
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Page 21
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
17. FIXED ASSET INVESTMENTS
| Shares in group Listed undertakings investments £ £ MARKET VALUE At 1 December 2022 1,000 881,945 Additions - 108,567 Disposals - (121,620) Revaluations - (22,873) At 30 November 2023 1,000 846,019 NET BOOK VALUE At 30 November 2023 1,000 846,019 At 30 November 2022 1,000 881,945 |
Totals £ 882,945 108,567 (121,620) (22,873) 847,019 847,019 882,945 |
|---|---|
Included in the revaluation figure of £22,873 are unrealised losses on investments of £9,508 and a decrease in the cash holdings in the investment portfolios of £13,365.
There were no investment assets outside the UK.
Cost or valuation at 30 November 2023 is represented by:
| Shares in group Listed undertakings investments £ £ Valuation in 2023 - 35,436 Cost 1,000 810,583 1,000 846,019 |
Totals £ 35,436 811,583 847,019 |
|---|---|
The company's investments at the balance sheet date in the share capital of companies include the following:
Stoneleigh Abbey Events Limited
Registered office: The Estate Office, Stoneleigh Abbey, Kenilworth, Warwickshire, CV8 2LF Nature of business: Holding of events, marketing & merchandising
| % | |||
|---|---|---|---|
| Class of share: | holding | ||
| Ordinary | 100 | ||
| 30.11.23 | 30.11.22 | ||
| £ | £ | ||
| Aggregate capital and reserves | 15,095 | 15,618 | |
| Loss for the year | (523) | (692) |
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Page 22
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
18. INVESTMENT PROPERTY
| FAIR VALUE At 1 December 2022 Revaluation At 30 November 2023 NET BOOK VALUE At 30 November 2023 At 30 November 2022 |
£ 5,060,853 629,147 |
|---|---|
| 5,690,000 | |
| 5,690,000 | |
| 5,060,853 |
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 have carried out a revaluation in 2024 and consider that the market value of the investment properties as at 30 November 2023 is £5,690,000.
Fair value at 30 November 2023 is represented by:
| Valuation in 2012 Valuation in 2023 |
£ 5,060,853 629,147 |
|---|---|
| 5,690,000 |
19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Trade debtors Other debtors Prepayments and accrued income |
2023 a £ 43,465 11,834 280,461 335,760 |
2022 s restated £ 19,260 2,257 225,518 |
| 247,035 |
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Page 23
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2023 a £ Bank loans and overdrafts (see note 22) 39,751 Hire purchase (see note 23) 1,280 Trade creditors 166,916 Amounts owed to group undertakings 48,068 Social security and other taxes 10,409 Other creditors 1,654 Deferred income 16,695 Accrued expenses 36,988 321,761 21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 a £ Hire purchase (see note 23) - 22. LOANS An analysis of the maturity of loans is given below: 2023 a £ Amounts falling due within one year on demand: Bank overdrafts 39,751 |
2022 s restated £ 113,649 4,900 69,938 118,179 8,961 1,346 13,556 30,139 360,668 2022 s restated £ 1,335 2022 s restated £ 113,649 |
|---|---|
The bank overdraft of £39,751 (2022: £113,649) with Barclays Bank UK Plc is secured by charges over 5 properties as registered with Companies House. The total overdraft facility is £150,000.
23. LEASING AGREEMENTS
Minimum lease payments under hire purchase fall due as follows:
| Net obligations repayable: Within one year Between one and five years |
2023 2022 as restated £ £ 1,280 4,900 - 1,335 1,280 6,235 |
|---|---|
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Page 24
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
24. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed assets Investments Current assets Current liabilities Long term liabilities |
Unrestricted Restricted funds funds £ £ 13,889,956 - 6,537,019 - 351,083 - (321,761) - - - 20,456,297 - |
Endowment funds £ - - - - - - |
2023 Total funds £ 13,889,956 6,537,019 351,083 (321,761) - 20,456,297 |
2022 as restated Total funds £ 13,895,889 5,943,798 262,079 (360,668) (1,335) 19,739,763 |
|---|---|---|---|---|
25. MOVEMENT IN FUNDS
| Unrestricted funds Unrestricted Heritage assets land and chattels designated fund Investment properties designated fund Fixed assets NBV designated fund TOTAL FUNDS |
At 1.12.22 £ 783,021 13,871,985 5,060,853 23,904 19,739,763 19,739,763 |
Net movement in funds £ 93,320 - 629,147 (5,933) 716,534 716,534 |
At 30.11.23 £ 876,341 13,871,985 5,690,000 17,971 20,456,297 20,456,297 |
|---|---|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds Unrestricted Investment properties designated fund Fixed assets NBV designated fund TOTAL FUNDS |
Incoming resources £ 909,874 - - 909,874 909,874 |
Resources expended £ (807,046) - (5,933) (812,979) (812,979) |
Gains and Movement losses in funds £ £ (9,508) 93,320 629,147 629,147 - (5,933) 619,639 716,534 619,639 716,534 |
|---|---|---|---|
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Page 25
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
25. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds Unrestricted Heritage assets land and chattels designated fund Investment properties designated fund Fixed assets NBV designated fund 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 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 FUNDS |
At 1.12.21 £ 1,054,725 - - - 1,054,725 601,570 75,000 808 50,000 1,919,329 2,646,707 2,185,348 6,067,433 66,220 3,506,286 1,246,023 1,351,696 2,013,612 16,436,618 20,138,050 |
Prior year adjustment £ (27,233) 13,871,985 5,060,853 23,904 18,929,509 (603,881) (75,000) (808) (50,000) (1,919,329) (2,649,018) (2,029,100) (6,067,433) (66,377) (3,506,250) (1,246,023) (1,351,696) (2,013,612) (16,280,491) - |
Net movement in funds £ (244,471) - - - (244,471) 2,311 - - - - 2,311 (156,248) - 157 (36) - - - (156,127) (398,287) |
At 30.11.22 £ 783,021 13,871,985 5,060,853 23,904 |
|---|---|---|---|---|
| 19,739,763 - - - - - |
||||
| - - - - - - - - |
||||
| - | ||||
| 19,739,763 |
continued...
Page 26
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
25. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds Unrestricted Restricted funds Heritage Lottery Fund endowment income Endowment funds Heritage Lottery Fund endowment fund Fees and contingencies fund Heritage Lottery Fund restoration and public access fund TOTAL FUNDS |
Incoming resources £ 464,791 8,367 - - - - 473,158 |
Resources expended £ (625,758) (92) - - (36) (36) (625,886) |
Gains and Movement losses in funds £ £ (83,504) (244,471) (5,964) 2,311 (156,248) (156,248) 157 157 - (36) (156,091) (156,127) (245,559) (398,287) |
|---|---|---|---|
The General fund represents the free funds of the Charity which are not designated for particular purposes.
The Heritage assets land and chattels designated fund reflects the value of the heritage assets, consisting of Stoneleigh Abbey itself, the surrounding grounds and buildings, and antique chattels.
The Investment Properties designated fund reflects the fair value of the investment properties on the Stoneleigh Abbey grounds.
The Fixed Assets NBV designated fund reflects the value of the Charity's tangible fixed assets, consisting of the plant and machinery, and the non heritage fixtures and fittings.
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. The fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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.he fund has ben fully expended and a prior year adjustment has been made to reflect this.The fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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 fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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 fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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Page 27
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
25. MOVEMENT IN FUNDS - continued
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 fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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 fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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. The fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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. The fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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. The fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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 fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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 fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
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. The fund has been fully expended and a prior year adjustment has been made to reflect this (see note 14).
26. RELATED PARTY DISCLOSURES
The Charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
There were no related party transactions for the year to 30 November 2023 or 2022.
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Page 28
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
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.
Page 29