REGISTERED COMPANY NUMBER: 03249545 (England and Wales) REGISTERED CHARITY NUMBER: 1058526
Report of the Trustees and
Financial Statements
for the Year Ended 30 November 2024
for
STONELEIGH ABBEY LIMITED (A COMPANY LIMITED BY GUARANTEE)
STONELEIGH ABBEY LIMITED
Contents of the Financial Statements FOR THE YEAR ENDED 30 NOVEMBER 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Report of the Independent Auditors | 7 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Balance Sheet | 11 | ||
| Cash Flow Statement | 12 | ||
| Notes to the Cash Flow Statement | 13 | ||
| Notes to the Financial Statements | 14 | to | 28 |
STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Page 1
STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2024
OBJECTIVES AND ACTIVITIES Objectives and aims
The objectives of the Charity 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:
-
publicise the facilities available to the public;
-
maximise the other income of the Charity in order to fund ongoing maintenance and restoration projects;
-
apply for grants that may be available to assist with funding of further restoration projects.
The Charity furthers its objectives by pursuing a number of courses of activity.
The Charity 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.
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 2025 and beyond.
Page 2
STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2024
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.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The year to 30 November 2024 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 decreased by £342,146 to £567,728 (2023: £909,874) with 2023 income including £461,654 other income resulting from the lifting of a restrictive covenant. Total expenditure increased by £182,162 to £995,141 (2023: £812,979).
The Charity reports net expenditure of £427,413 (2023: net income of £96,895) before investment gains. In addition, there were investment gains of £74,595 (2023: losses of £9,508) and investment property revaluation gains of £nil (2023: gains of £629,147).
Total funds decreased from £20,456,297 to £20,103,479 during the year. This includes designated funds of £19,586,192 (2023: £18,579,956).
The admissions (entrance fees plus tea room and gift shop takings) brought in £153,595 (2023: £144,043), whilst the cost of tour guides and related costs amounted to £304,342 (2023: £231,009).
The cost of maintenance and upkeep of the Abbey, grounds and contents for the year was £520,269 (2023: £407,391).
Income from rents and related service charges raised £219,133 (2023: £217,433).
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.
Page 3
STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2024
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 2024 free reserves amounted to £517,287 (2023: £876,341).
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.. The Trust has an overdraft facility with its bankers.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
03249545 (England and Wales)
Registered Charity number
1058526
Page 4
STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2024
Registered office
The Estate Office Stoneleigh Abbey Kenilworth Warwickshire CV8 2LF
Trustees
A P M Bird OBE R Davies MBE (resigned 4.8.25) Mrs D Ingle R Beresford Pringle
Auditors
Gravita Audit 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Page 5
STONELEIGH ABBEY LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 NOVEMBER 2024
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:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
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, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 8 September 2025 and signed on its behalf by:
Mrs D Ingle - Trustee
Page 6
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 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 30 November 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 7
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:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 8
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:
-
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;
-
challenging assumptions and judgements made by management in its significant accounting estimates;
-
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;
-
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 BSc FCA (Senior Statutory Auditor) for and on behalf of Gravita Audit Western Limited Chartered Accountants & Registered Auditors 6-8 Bath Street Bristol BS1 6HL
8 September 2025
Page 9
STONELEIGH ABBEY LIMITED
Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 30 NOVEMBER 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 149,386 Charitable activities 6 Visitors to the Abbey 43,665 Raising funds 4 109,930 Investment income 5 249,023 Other income 7 15,724 Total 567,728 EXPENDITURE ON Raising funds 8 364,178 Charitable activities 9 Visitors to the Abbey 110,694 Maintenance and upkeep of the Abbey, grounds and contents 520,269 Total 995,141 Net gains on investments 74,595 NET INCOME/(EXPENDITURE) (352,818) RECONCILIATION OF FUNDS Total funds brought forward 20,456,297 TOTAL FUNDS CARRIED FORWARD 20,103,479 |
Restricted funds £ - - - - - - - - - - - - - - |
Endowment funds £ - - - - - - - - - - - - - - |
2024 Total funds £ 149,386 43,665 109,930 249,023 15,724 567,728 364,178 110,694 520,269 995,141 74,595 (352,818) 20,456,297 20,103,479 |
2023 Total funds £ 56,996 53,496 90,547 246,876 461,959 |
|---|---|---|---|---|
| 909,874 | ||||
| 287,913 117,675 407,391 |
||||
| 812,979 | ||||
| 619,639 | ||||
| 716,534 19,739,763 |
||||
| 20,456,297 |
The notes form part of these financial statements
Page 10
STONELEIGH ABBEY LIMITED
Balance Sheet 30 NOVEMBER 2024
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 16 24,207 Heritage assets 17 13,871,985 Investments Investments 18 461,998 Investment property 19 5,690,000 20,048,190 CURRENT ASSETS Debtors 20 253,924 Cash at bank 3,032 256,956 CREDITORS Amounts falling due within one year 21 (201,667) NET CURRENT ASSETS 55,289 TOTAL ASSETS LESS CURRENT LIABILITIES 20,103,479 NET ASSETS 20,103,479 FUNDS 24 Unrestricted funds TOTAL FUNDS |
Restricted funds £ - - - - - - - - - - - - |
Endowment funds £ - - - - - - - - - - - - |
2024 Total funds £ 24,207 13,871,985 461,998 5,690,000 20,048,190 253,924 3,032 256,956 (201,667) 55,289 20,103,479 20,103,479 20,103,479 20,103,479 |
2023 Total funds £ 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 |
|---|---|---|---|---|
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 8 September 2025 and were signed on its behalf by:
D Ingle - Trustee
The notes form part of these financial statements
Page 11
STONELEIGH ABBEY LIMITED
Cash Flow Statement FOR THE YEAR ENDED 30 NOVEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by 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 Transactions with subsidiary Movement in cash held in investments Net cash 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 |
2024 £ (553,965) (553,965) (10,696) (82,753) 551,142 9,307 84,468 30,792 (8,773) 573,487 (1,280) (1,280) 18,242 (24,428) (6,186) |
2023 £ 37,180 37,180 - (108,567) 121,620 10,212 75,433 (70,111) 13,365 41,952 (4,955) (4,955) 74,177 (98,605) (24,428) |
|---|---|---|
The notes form part of these financial statements
Page 12
STONELEIGH ABBEY LIMITED
Notes to the Cash Flow Statement FOR THE YEAR ENDED 30 NOVEMBER 2024
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Interest received Dividends received Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash (used in)/provided by 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 |
2024 £ (352,818) 4,460 (74,595) (9,307) (84,468) 81,836 (119,073) (553,965) 2024 £ 3,032 (9,218) (6,186) |
2023 £ 716,534 5,933 (619,639) (10,212) (75,433) (88,725) 108,722 37,180 2023 £ 15,323 (39,751) (24,428) |
|---|---|---|
3. ANALYSIS OF CHANGES IN NET DEBT
| At Net cash Cash at bank Bank overdraft Debt Finance leases Total |
1.12.23 Cash flow At £ £ 15,323 (12,291) (39,751) 30,533 (24,428) 18,242 (1,280) 1,280 (1,280) 1,280 (25,708) 19,522 |
30.11.24 £ 3,032 (9,218) (6,186) - - (6,186) |
|---|---|---|
The notes form part of these financial statements
Page 13
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements FOR THE YEAR ENDED 30 NOVEMBER 2024
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 £.
These financial statements are those of the parent company only and not that of the group, as the charitable parent company has taken advantage of the available exemptions not to prepare consolidated accounts.
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
continued...
Page 14
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
2. ACCOUNTING POLICIES - continued
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.
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.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
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.
Cash and short term investments
Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.
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
continued...
Page 15
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
2. ACCOUNTING POLICIES - continued
Financial instruments
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.
3. DONATIONS AND LEGACIES
| Donations Grants Grants received, included in the above, are as follows: Environmental Stewardship Schemes 4. RAISING FUNDS Gift Shop Tea Room |
2024 £ 123,382 26,004 149,386 2024 £ 26,004 2024 £ 7,967 101,963 109,930 |
2023 £ 43,834 13,162 |
|
|---|---|---|---|
| 56,996 | |||
| 2023 £ 13,162 |
|||
| 2023 £ 7,904 82,643 |
|||
| 90,547 |
The comparatives have been reclassified to reflect the nature of the income.
continued...
Page 16
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
5. INVESTMENT INCOME
| Rents received Income from listed investments Service charge income Deposit account interest INCOME FROM CHARITABLE ACTIVITIES Activity Entrance fees Visitors to the Abbey The comparatives have been reclassified to reflect the nature of the income. OTHER INCOME Other income Other income in the prior year is in respect of the lifting of a restrictive covenant. |
2024 £ 155,248 20,583 63,885 9,307 249,023 2024 £ 43,665 2024 £ 15,724 |
2023 £ 161,231 19,231 56,202 10,212 |
2023 £ 161,231 19,231 56,202 10,212 |
|---|---|---|---|
| 246,876 | |||
| 2023 £ 53,496 2023 £ 461,959 |
2023 £ 53,496 |
||
6. INCOME FROM CHARITABLE ACTIVITIES
7. OTHER INCOME
8. RAISING FUNDS Raising donations and legacies
| Raising donations and legacies | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Costs of obtaining grants | 4,889 | 3,428 |
| Included in the above is £3,242 (2023: £3,191) in respect of apportioned support staff costs. |
Other trading activities
| Events Publicity Gift Shop Tea Room Gift Shop/Tea Room - allocation of support staff costs |
2024 £ 14,615 13,421 4,264 169,930 19,454 221,684 |
2023 £ 14,886 15,029 3,933 90,258 19,143 |
|---|---|---|
| 143,249 |
Included in Tea Room is £124,553 (2023: £44,673) in respect of direct staff costs. Events includes £12,969 (2023: £12,743) in respect of the apportioned support staff costs and Publicity includes £6,485 (2023: £6,381) in respect of apportioned support staff costs.
continued...
Page 17
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
8. RAISING FUNDS - continued
Other trading activities - continued
The comparative figures have been reclassified to reflect the nature of the expenditure.
| Investment management costs Investment property management Residential property repairs Let property costs Service costs |
2024 £ 6,547 33,456 54,807 42,795 137,605 |
2023 £ 5,871 34,561 55,639 45,165 |
|---|---|---|
| 141,236 |
Apportioned support staff costs included in the above are: investment property management £3,242 (2023: £3,210) , let property costs £19,454 (2023: £19,143) and service costs include £19,454 (2023: £19,143).
| Aggregate amounts 9. CHARITABLE ACTIVITIES COSTS Visitors to the Abbey Maintenance and upkeep of the Abbey, grounds and contents |
Direct Costs (see note 10) £ 83,630 218,451 302,081 |
364,178 Support costs (see note 11) £ 27,064 301,818 328,882 |
287,913 |
|---|---|---|---|
| Totals £ 110,694 520,269 |
|||
| 630,963 |
continued...
Page 18
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
10. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Staff costs Light and heat Rates and water Repairs and replacements Property maintenance Cleaning Landscaping and gardening Depreciation |
2024 £ 55,291 55,472 4,103 1,551 112,732 42 68,430 4,460 302,081 |
2023 £ 69,185 49,634 1,882 1,291 62,222 261 55,795 5,933 |
|---|---|---|
| 246,203 |
Included in Landscaping and gardening is £33,258 (2023: £43,591) in respect of direct staff costs.
The comparative figures have been reclassified to reflect the costs relating to the gift shop and tea room as costs of raising funds.
11. SUPPORT COSTS
| Governance Management costs £ £ Visitors to the Abbey 8,795 18,269 Maintenance and upkeep of the Abbey, grounds and contents 261,119 40,699 269,914 58,968 Support costs, included in the above, are as follows: 2024 Maintenance and upkeep of the Abbey, Visitors grounds to the and Total Abbey contents activities £ £ £ Wages - 45,392 45,392 Office costs 3,390 3,628 7,018 Professional fees 5,405 64,861 70,266 Insurance - 123,408 123,408 Bank charges and interest - 13,657 13,657 Irrecoverable VAT - 10,083 10,083 Trustee expenses - 90 90 Carried forward 8,795 261,119 269,914 |
Totals £ 27,064 301,818 |
|---|---|
| 328,882 | |
| 2023 Total activities £ 45,108 6,057 87,792 71,157 11,056 - - |
|
| 221,170 |
continued...
Page 19
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
11. SUPPORT COSTS - continued
| Brought forward subsidiary Auditors' remuneration Auditors' remuneration for non audit work |
Maintenance and upkeep of the Abbey, Visitors grounds to the and Abbey contents £ £ 8,795 261,119 - - - 10,000 18,269 30,699 27,064 301,818 |
2024 Total activities £ 269,914 - 10,000 48,968 328,882 |
2023 Total activities £ 221,170 (440) 9,500 48,633 |
|---|---|---|---|
| 278,863 |
12. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 10,000 | 9,500 |
| Auditors' remuneration for non audit work | 48,968 | 48,633 |
| Depreciation - owned assets | 4,460 | 5,933 |
13. 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 2024, Mrs D Ingle claimed £1,146 (2023: £1,613) in expenses for travel and costs of phone calls and Mr A P M Bird claimed £90 (2023: £274) in expenses for travel.
continued...
Page 20
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
14. STAFF COSTS
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages & salaries | 313,092 | 261,965 |
| Social security costs | 21,078 | 16,085 |
| Other pension costs | 8,624 | 7,461 |
| 342,794 | 285,511 | |
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 £8,624 (2023: £7,461). There are unpaid pension contributions of £1,734 as at the year end (2023: £1,654).
Remuneration of Key Management Personnel
Within the year, key management personnel received remuneration of £18,380 (2023: £41,872). Employers NI costs totalled £1,536. (2023: £3,538) for the year.
Mr D Eaves was a tenant in Stoneleigh Abbey during the year and paid rent on the same basis as the other residents. Mr D Eaves resigned from the charity during the year.
The average monthly number of employees during the year was as follows:
| 2024 Average staff 14 No employees received emoluments in excess of £60,000. 15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Endowment funds funds funds £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 56,996 - - Charitable activities Visitors to the Abbey 53,496 - - Raising funds 90,547 - - Investment income 246,876 - - Other income 461,959 - - Total 909,874 - - EXPENDITURE ON Raising funds 287,913 - - Charitable activities Visitors to the Abbey 117,675 - - |
2023 13 Total funds £ 56,996 53,496 90,547 246,876 461,959 |
|
|---|---|---|
| 909,874 | ||
| 287,913 117,675 |
continued...
Page 21
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
| 15. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment funds funds funds £ £ £ Maintenance and upkeep of the Abbey, grounds and contents 407,391 - - Total 812,979 - - Net gains on investments 619,639 - - NET INCOME 716,534 - - RECONCILIATION OF FUNDS Total funds brought forward 19,739,763 - - TOTAL FUNDS CARRIED FORWARD 20,456,297 - - |
Total funds £ 407,391 |
|---|---|
| 812,979 | |
| 619,639 | |
| 716,534 19,739,763 |
|
| 20,456,297 |
The allocation of prior year income and expenditure has been subject to recategorisation in order to make the information presented better reflect the undrlying operation of the charity. There has been no change in the net income or net assets in respect of that year.
16. TANGIBLE FIXED ASSETS
| COST At 1 December 2023 Additions At 30 November 2024 DEPRECIATION At 1 December 2023 Charge for year At 30 November 2024 NET BOOK VALUE At 30 November 2024 At 30 November 2023 |
Plant and machinery £ 117,469 10,309 127,778 101,736 3,912 105,648 22,130 15,733 |
Fixtures and fittings £ 55,433 387 55,820 53,195 548 53,743 2,077 2,238 |
Totals £ 172,902 10,696 |
|---|---|---|---|
| 183,598 | |||
| 154,931 4,460 |
|||
| 159,391 | |||
| 24,207 | |||
| 17,971 |
continued...
Page 22
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
17. HERITAGE ASSETS
| HERITAGE ASSETS | |
|---|---|
| MARKET VALUE At 1 December 2023 and 30 November 2024 NET BOOK VALUE At 30 November 2024 At 30 November 2023 |
Total £ 13,871,985 |
| 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 2024.
18. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Shares in group Listed undertakings investments £ £ MARKET VALUE At 1 December 2023 1,000 846,019 Additions - 82,753 Disposals - (551,142) Revaluations - 83,368 At 30 November 2024 1,000 460,998 NET BOOK VALUE At 30 November 2024 1,000 460,998 At 30 November 2023 1,000 846,019 |
Totals £ 847,019 82,753 (551,142) 83,368 |
| 461,998 | |
| 461,998 | |
| 847,019 |
Included in the revaluation figure of £83,368 is an increase in the cash holdings in the investment portfolios of £8,773.
There were no investment assets outside the UK.
continued...
Page 23
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
18. FIXED ASSET INVESTMENTS - continued
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
19.
| % Class of share: holding Ordinary 100 Aggregate capital and reserves Loss for the year INVESTMENT PROPERTY FAIR VALUE At 1 December 2023 and 30 November 2024 NET BOOK VALUE At 30 November 2024 At 30 November 2023 |
30.11.24 £ 14,685 (410) |
30.11.23 £ 15,095 (523) £ 5,690,000 5,690,000 5,690,000 |
|---|---|---|
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 carried out a revaluation in 2024 and consider that the market value of the investment properties as at30 November 2023 has not materially changed since the valuation at 30 November 2023 of £5,690,000.
Due to the nature of the properties being part of a historical estate, the historical cost of the properties is not ascertainable.
continued...
Page 24
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Prepayments and accrued income 21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 22) Hire purchase (see note 23) Trade creditors Amounts owed to group undertakings Social security and other taxes Other creditors Deferred income Accrued expenses 22. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts |
2024 £ 52,169 5,516 196,239 253,924 2024 £ 9,218 - 17,068 78,860 13,424 1,734 13,581 67,782 201,667 2024 £ 9,218 |
2023 £ 43,465 11,834 280,461 |
|---|---|---|
| 335,760 | ||
| 2023 £ 39,751 1,280 166,916 48,068 10,409 1,654 16,695 36,988 |
||
| 321,761 | ||
| 2023 £ 39,751 |
The bank overdraft of £9,218 (2023: £39,751) with Barclays Bank UK Plc is secured by charges over seven 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:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations repayable: | |||
| Within one year | - | 1,280 |
continued...
Page 25
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
24. MOVEMENT IN FUNDS
| At 1.12.23 £ Unrestricted funds General fund 876,341 Heritage assets land and chattels designated fund 13,871,985 Investment properties designated fund 5,690,000 Fixed assets NBV designated fund 17,971 20,456,297 TOTAL FUNDS 20,456,297 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 567,728 Fixed assets NBV designated fund - 567,728 TOTAL FUNDS 567,728 |
Net movement in funds £ (348,358) - - (4,460) (352,818) (352,818) Resources expended £ (990,681) (4,460) (995,141) (995,141) |
Transfers between funds £ (10,696) - - 10,696 - - Gains and losses £ 74,595 - 74,595 74,595 |
At 30.11.24 £ 517,287 13,871,985 5,690,000 24,207 |
At 30.11.24 £ 517,287 13,871,985 5,690,000 24,207 |
||
|---|---|---|---|---|---|---|
| 20,103,479 | ||||||
| 20,103,479 | ||||||
| Movement in funds £ (348,358) (4,460) (352,818) (352,818) |
||||||
| (352,818) | ||||||
| (352,818) |
Comparatives for movement in funds
| Unrestricted funds General fund 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 |
continued...
Page 26
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
24. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund 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 |
|---|---|---|---|
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.
25. 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.
Mr R Davies MBE, was a trustee during the year and is also a director of RDP Law. During the year, the Charity engaged the services of RDP Law LLP and paid professional fees of £31,157. Mr Davies resigned as trustee on 4 August 2025.
There were no other related party transactions for the year to 30 November 2024 or 2023.
continued...
Page 27
STONELEIGH ABBEY LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
26. 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 28