| THE STOWE | HOUSE PRESERVATION TRUST | HOUSE PRESERVATION TRUST | HOUSE PRESERVATION TRUST | ||||
|---|---|---|---|---|---|---|---|
| tA Company Limited by Guarantee} |
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| ADMINISTRATIVE DETAILS |
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| Com | an Number: |
incorporated in England |
8 Wales on 30June 1997 | ||||
| Company number 3394958 |
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| Re istered | Charit | Number: | 1066272 | ||||
| Board ofTrustees | Andrew W M Fane (Chairman) | ||||||
| John R C Arkwright" | |||||||
| Richard Broyd * |
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| * | |||||||
| Jeffrey P Haworth | |||||||
| Mark A Jackson-Stops | |||||||
| Robert C Morley | |||||||
| Annabel Westman Simon Creedy Smith ** |
**" | ||||||
| Julie Brunskill | |||||||
| David Adshead (Resigned Elizabeth de Burgh Sidley |
14September 2022) ** |
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| Mark Herrod | |||||||
| Secretarer: | Mark A Jackson-Stops | ||||||
| Re istered | Office and Princi | al Office: | Stowe House | ||||
| Stowe | |||||||
| Buckingham | |||||||
| MK18 5EH | |||||||
| Inde | endent | Auditor: | Saffery Champness | LLP | |||
| 71 Queen Victoria Street | |||||||
| London EC4V4BE | |||||||
| Bankers: | Barclays Commercial | Bank | |||||
| Oxford Team | |||||||
| PO Box858, Wytham | Court | ||||||
| 11West Way | |||||||
| Oxford OX2 OXP | |||||||
| Chief | Executive Officer: | SWales | |||||
| Finance Officer: | M Greaves |
| Report ofthe Trustees | Report ofthe Trustees | |
|---|---|---|
| Independent | Auditor's report |
|
| Consolidated | Statement | of Financiai Activities |
| Consolidated | and Charity | Balance Sheet |
| Consolidated | Statement | ofCash Flow |
| Notes to the | Consolidated | Accounts |
| Project | Cost | |||
|---|---|---|---|---|
| Phase 1 |
||||
| North Front Colonnades |
E6,238,663 | |||
| Phase 2 | ||||
| Central Pavilion |
F6,444,297 | |||
| Marble Saloon | 8705,463 | |||
| Phase 3 | ||||
| Library, Ante-Library |
and Pilot Study | E1,049,460 | ||
| East Pavilion Exterior |
E3,425,783 | |||
| West Pavilion Exterior |
E2,464,178 | |||
| Interiors | ||||
| Music Room | 2759,556 | |||
| Blue Room, East Corridor | including | Fame and Victory | F761,020 | |
| Visitor Centre | E1,360,850 | |||
| North Hall including |
statury | 2767,604 | ||
| Misc | 897,014 | |||
| External | ||||
| including balustrade |
and statuary | f.762,147 |
| lncorAB BAd expenditure | accoUfl't | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 31-Mar | 31-Mar | |||
| Funds | Funds | 2022 | 2021 | |||
| E | ||||||
| Incoming resources | ||||||
| Incoming resources from |
generated | funds | ||||
| Donations Bndlegacies |
18,168 | 142,826 | 160,994 | 725,480 | ||
| income from Charitable | activites | |||||
| Grants for restoration | 171,472 | 171,472 | 125,000 | |||
| Other trading activities | ||||||
| Income oftrading subsidiary |
168,038 | 168,038 | 11,491 | |||
| Rent receivable | 155,162 | 155,162 | 155,162 | |||
| Furlough and CRF Income |
19,432 | 19,432 | 123,260 | |||
| Misc Income | 700 | 700 | 5,103 | |||
| Income from Investments | -interest | receivable | 125 | 125 | 160 | |
| Total income and endowments | 342,193 | 333,730 | 675,923 | 1,145,656 | ||
| RBSOUrces expended | ||||||
| Expenditure on raising funds |
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| Cost oftrading subsidiary |
97,656 | 5,398 | 103,054 | 104,196 | ||
| FundraIslng | 7,020 | |||||
| 5,398 | 103,054 | 111,216 | ||||
| Expenditure on Charitable |
activities | 193,787 | 351,812 | 545,599 | 529,782 | |
| Other expenditure -taxation |
(2,332) | |||||
| Total resoUrces expended | 29'I,443 | 357,210 | 648,653 | 638,666 | ||
| Net income/ (expenditure) | 50,f50 | (23,480) | 27,270 | 506,990 | ||
| Net movement in funds |
50,750 | (23,480) | 27,270 | 506,990 | ||
| Reconciliation offunds |
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| Total funds brought forward | 2,232,198 | 20,040,929 | 22,273,127 | 21,766,137 | ||
| Total funds carried forward | 2,282,948 | 20,017,449 | 22,300,397 | 22,273,127 |
| 2021 | |||||
|---|---|---|---|---|---|
| Cash flows from operating | activities: | ||||
| Net cash provided for operating activities |
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| Cash flows from investing | activities: | ||||
| Deposit interest received | 125 | 160 | |||
| Payments to restore heritage |
assets | (222,482) | (1,171,326) | ||
| Net cash provided used in |
investing | activities | (1,171,166) | ||
| Change ln cash and cash equivalents |
ln the | ||||
| the reporting period |
(26,550) | (125,250} | |||
| Cash and cash equivalents | at the beginning | of | |||
| the reporting period |
87?,886 | 1,003,136 | |||
| Cash and cash equivalents | at the end of the | ||||
| reporting period |
877,886 |
| NOTES TO THE CONSOLlDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 |
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|---|---|---|---|---|---|
| Summarlsed | Statement | ofFinancial Posltton ofSHEL at 31 March 2022 | 2022 | 2021 | |
| Current assets | 152,786 | 121,648 | |||
| Creditors: Amounts | falling | due within one year | |||
| Net assets | 59,105 | ||||
| Share capital | 2 | ||||
| Reserves | 59,103 | ||||
| 59,105 | |||||
| Staffcosts | |||||
| No employees | were | paid | in excess of260,000per annum. | ||
| Total Staff Costs were: | 2022 | 2021 | |||
| F | |||||
| Salanes | 133,410 | 143,613 | |||
| Social security | costs | 10,874 | 11,672 | ||
| Pension costs | 9,729 | 10416 | |||
| 165,701 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Charitable expenditure |
comprises: | F | F | |||
| Depreciation ofcompleted |
phases ofthe restoration | 359,090 | 366,767 | |||
| Support costs | 174,421 | 152,815 | ||||
| Governance costs | 12,088 | 10,200 | ||||
| Support costs includes: | ||||||
| Salaries - permanent | staff | 90,199 | 109,210 | |||
| Other project costs | 3,480 | 4,049 | ||||
| Maintenance costs |
69,988 | 26,734 | ||||
| Administration costs |
10,754 | 12,822 | ||||
| 174,421 | 152,815 | |||||
| 6) | Net incomel(Expenditure) | for the year is stated after charging: | ||||
| 2022 | 2021 | |||||
| F | E | |||||
| Depreciation | 359,090 | 366,767 | ||||
| Auditor Remuneration | - | all | audit services | 12,688 | 10,200 |
| 7) | Heritage assets | Heritage assets | |||
|---|---|---|---|---|---|
| Completed | Current | ||||
| Restoration | Restoration | Total | |||
| Cost | E | F | |||
| As at 1 April | 2021 | 24,836,035 | 1,434,396 | 26,270,431 | |
| Restoration | work done in the year | 222,482 | 222,482 | ||
| Disposai | |||||
| As at 31 March 2022 | 24,836,035 | 1,656,878 | 26,492,913 | ||
| Depreciation | |||||
| As at 1 April | 2021 | 4,625,327 | 4,625,327 | ||
| Charge for the year | 344,004 | 359,090 | |||
| Disposal | |||||
| 4,969,331 | 15,086 | 4,984,417 | |||
| 19,866,704 | 1,641,792 | 21,508,496 | |||
| 20,210,708 | 1,434,396 | 21,645,104 |
| Year | to | 31 | March | 2018 | 108,196 |
|---|---|---|---|---|---|
| Year | to | 31 | March | 2019 | 514,050 |
| Year | to | 31 | March | 2020 | 332,433 |
| Year | to | 31 | March | 2021 | 1,171,326 |
| Year | to | 31 | March | 2022 | 222,482 |
| 2022 | 2021 |
|---|---|
| Unlisted | Unlisted |
| As at the bal | ance s | heet date the Co | mpany held the f |
ollowing investm |
ents in subsidiary |
undertakings: | |
|---|---|---|---|---|---|---|---|
| Nature of | Country of | ||||||
| SUbsldlIIU | ~Holdin | business | ~inoor ration |
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| Stowe House | Enterprises Ltd |
"l00%ordinary | E1shares | Fund raising | England 8 Wales |
||
| for Stowe House | |||||||
| 2022 | 2021 | ||||||
| Group | Charity | Group | Charity | ||||
| E | |||||||
| Due from Group company | 7,595 | 6,036 | |||||
| Trade debtors | 1,879 | 1,000 | 1,037 | 1,000 | |||
| Prepayments | and Accrued Income | 13,488 | 13,144 | 10,226 | 17,107 | ||
| VAT recoverable | 119,860 | 119,860 | |||||
| Taxation recoverable | 244 | 2,332 | |||||
| 13,595 | 24,143 | ||||||
| Creditors: Amounts | falling due within one year | ||||||
| 2022 | 2021 | ||||||
| Group | Chadty | Group | Charity | ||||
| E | E | E | F | ||||
| Accrued expenditure | 13,975 | 10,230 | 33,635 | 9,219 | |||
| Deferred income | 38,791 | 38,791 | 38,791 | 38,791 | |||
| Other creditors | 104,854 | 97,247 | 183,774 | 162,749 | |||
| Corporation Tax and |
VAT payable | 6,852 | 9,077 | ||||
| Building work | retention | 39,914 | 39,914 | ||||
| Provision for unpaid | holiday pay | 5,562 | 647 | 9,243 | |||
| 203,096 | '186,821! | 272,295 | 225,896 |
| THE STGWE HGUSE PRESERVATIGN TRUST (A Company Limited ByGuarantee) |
THE STGWE HGUSE PRESERVATIGN TRUST (A Company Limited ByGuarantee) |
THE STGWE HGUSE PRESERVATIGN TRUST (A Company Limited ByGuarantee) |
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|---|---|---|---|---|---|---|
| NQTES TG THE CGNSQLIDATED ACCOUNTS | ||||||
| FQR THE YEAR ENDED | 31 MARCH 2022 | |||||
| 11) Total funds | ~Dssl aatad | General | Restricted | |||
| Unrestricted | Unrestricted | |||||
| Fund | Fund | |||||
| F | F | F | ||||
| As at 1 April 2021 | 1,?06,029 | 526,169 | 20,040,929 | 22,273,127 | ||
| Incoming rasaurces Resources expended |
and | taxation | 342,193 (291,443) |
333,730 {357,210) |
675,923 (648,653} |
|
| Transfers | 113,125 | |||||
| 'I,592,904 | 690,044 | 20,017,449 | 22,300,397 | |||
| As at 1 April 2020 | 1,533,956 | 682,501 | 19,549,680 | 21,766,137 | ||
| Incoming resources | 174,343 | 971,313 | 1,145,656 | |||
| Resources expended | and | taxation | (158,602) | (480,064) | (638,666) | |
| Transfers | 172,0?3 | (172,073) | ||||
| 1,?06,029 | 526,169 | 20,040,929 | 22,273,127 | |||
| Represented by: |
Unrestricted | |||||
| Funds | ||||||
| Tangtble fixed assets Current assets |
1,592,904 756,029 |
19,915,592 238,968 |
21,508,496 994,997 |
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| Current liabilities |
(65,985} | (137,111) | (203,096) | |||
| Total net assets - 2022 | 2,282,948 | 20,017,449 | 22,300,397 | |||
| Tangible fixed assets Current assets |
1,706,029 627,410 |
19,939,075 272,908 |
21,645,104 900,318 |
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| Current liabilities |
(101,241) | (171,054) | {272,295) | |||
| Total net assets - 2021 | 2,232,198 | 20,040,929 | 22,273, 'l27 |
| Western Suite phas payable as foiiows:- |
es of the restoration programme and |
the Marine V |
enus statue. Commi |
tments are |
|
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| In iess than one year | 547,296 | 401,925 | |||
| In one to two years | 33,158 | 36,964 | |||
| Capital commitments | at 31 March 2021 | 438,889 | |||
| Commitments fulfilled |
in year | (65„949) | |||
| New commitments | 207,514 | ||||
| Capital commitments | at 31 March 2022 | ||||
| "l3) | Operating Leases |
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| Commitmenta relating to operating leases: Equipment |
2022 | ||||
| Less than 1 year |
403 | ||||
| Between 2 and 5years | |||||
| Greater than 5 years | |||||
| 403 | |||||
| During the year F2,132(2021:K2,079) was spent on operating | leases. |
| 20) Consolidated State |
ment ofFi | nancial Activities includin |
g income and expenditure |
account - pri | or year |
|---|---|---|---|---|---|
| Unrestricted | Restricted | 31-liar | |||
| Fund | Funds | 2021 | |||
| f. | Z | ||||
| Incoming resources | |||||
| Incoming resources from |
generated | funds | |||
| Donations and legacies | 2,427 | 723,053 | 725,480 | ||
| income fram Charitable | activites | ||||
| Grants for restoration | 125,000 | 125,000 | |||
| Other trading activities | |||||
| Income oftrading subsidiary |
11,491 | 11,491 | |||
| Rent receivable | 155,162 | 155,162 | |||
| Furlough and CRF Income |
123,260 | 123,260 | |||
| Misc Income | 5,103 | 5,103 | |||
| income from lnvestrnents | -interest | receivable | 160 | 160 | |
| 174,343 | 971,313 | 1,'i 45,656 | |||
| Expenditure | |||||
| Expenditure on raising funds |
|||||
| Cost of trading subsidiary | 22,095 | 82,101 | 104,196 | ||
| Fundraising | 7,020 | 7,020 | |||
| 22,095 | 89,121 | 111,216 | |||
| Expenditure on Charitable |
activities | 138,839 | 390,943 | 529,782 | |
| Other Expenditure —taxation |
(2,332) | ||||
| Total Expenditure | 158,602 | 480,064 | 638,666 | ||
| Net, incomel(expenditure) | 15,741 | 491,249 | 506,990 | ||
| Net movement ln funds |
15,741 | 491,249 | 506,990 |