| Pa&ac | ||||
|---|---|---|---|---|
| Report of the Trustees | 1-8 | |||
| Independent | Auditor's | report | 9-12 | |
| Consolidated | Statement | of Financial Activities | 13 | |
| Consolidated | and Charity | Balance Sheet | ||
| Consolidated | Statement | of Cash Flow | 15 | |
| Notes to the | Consolidated | Accounts | 16-25 |
| THE STOWE | HOUSE PRESERVATION | HOUSE PRESERVATION | HOUSE PRESERVATION | TRUST | TRUST | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (A Company Limited by Guarantee) |
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| ADMINISTRATIVE DETAILS |
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| Com | an | Number: | Incorporated in England |
8 | Wales on 30 | June 1997 | |||||
| Company number |
3394958 | ||||||||||
| Re istered | Charit | Number: | 1066272 | ||||||||
| Board of Trustees: | 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 |
14 ** |
September | 2022) | ||||||||
| * | |||||||||||
| Mark Herrod | |||||||||||
| S~ecreta | Mark A Jackson-Stops | ||||||||||
| Re istered | Office and Princi | al Office: | Stowe House | ||||||||
| Stowe | |||||||||||
| Buckingham | |||||||||||
| MK18 5EH | |||||||||||
| Inde | endent | Auditor: | Saffery LLP | ||||||||
| 71 Queen Victoria Street |
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| London EC4V 4BE |
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| Bankers: | Barclays Commercial | Bank | |||||||||
| Oxford Team | |||||||||||
| PO Box 858, Wytham | Court | ||||||||||
| 11 West Way | |||||||||||
| Oxford OX2 OXP | |||||||||||
| Chief | Executive Officer: | Simon Wales | |||||||||
| Finance Officer: | Mark Greaves |
| Unrestricted | Restricted | 31-Mar | 31-Mar | 31-Mar | |||||
|---|---|---|---|---|---|---|---|---|---|
| Notes | Funds | Funds | 2023 | 2022 | |||||
| incoming resources | |||||||||
| incoming resources from generated |
funds | ||||||||
| Donations and legacies Income from Charitable activites |
10,906 | 438,709 | 449,615 | 160,994 | |||||
| Grants for restoration Other trading activities |
356,857 | 356,857 | 171,472 | ||||||
| Income oftrading subsidiary Rent receivable Furlough and CRF income Misc Income |
214,177 166,830 |
214,17? 166,830 |
168,038 155,162 19,432 700 |
||||||
| Interest receivable | 7,190 | 7,190 | 125 | ||||||
| Total income and endowments | 399,103 | 795,566 | 1,194,669 | 675,923 | |||||
| Resources expended | |||||||||
| Expenditure on raising funds |
|||||||||
| Cost oftrading subsidiary |
113,562 | 113,562 | 103,054 | ||||||
| Fundraising | |||||||||
| 113,562 | 113,562 | 103,054 | |||||||
| Expenditure on Charitable activities |
131,855 | 371,993 | 503,848 | 545,599 | |||||
| Other expenditure - taxation |
|||||||||
| Total resources expended | 245,417 | 371,993 | 617,410 | 648,653 | |||||
| Net incomel (expenditure) | 153,686 | 423,573 | 577,259 | 27,270 | |||||
| Net movement in funds |
153,686 | 423,573 | 57?,259 | 27,270 | |||||
| Reconciliation offunds |
|||||||||
| Total funds brought forward |
2,282,948 | 20,017,449 | 22,300,397 | 22,273,12? | |||||
| Total funds carried forward | 2,436,634 | 20,441,022 | 22,877,656 | 22,300,397 |
| Note | Group | Group | Charity | Charity | |||||
|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022f | 2023 | 2022 | ||||||
| Fixed assets | |||||||||
| Heritage assets investments |
21,953,588 | 21,508,496 | 21,953,588 2 |
21,508,496 2 |
|||||
| 21,953,588 | 21,508,496 | 21,953,590 | 21,508,498 | ||||||
| Current Assets | |||||||||
| Stock | 6,611 | 8,190 | |||||||
| Debtors and prepayments Cash at bank and in hand |
102,484 1,031,550 |
135,471 851,336 |
102,318 861,671 |
141,599 708,206 |
|||||
| 1,140,645 | 994,997 | 963,989 | 849,805 | ||||||
| Current Liabilities |
|||||||||
| Amounts falling due |
within | one year | 10 | 216,577 | 203,096 | 199,732 | 186,829 | ||
| Net current assets | 924,068 | 791,901 | 764,257 | 662,976 | |||||
| Total assets less current | liabilities | 22,877,656 | 22,300,397 | 22,717,847 | 22,171,474 | ||||
| The funds ofthe charity | |||||||||
| Unrestricted fund: |
Designated | 11 | 1,613,788 | 1,592,904 | 1,613,788 | 1,592,904 | |||
| Unrestricted fund: General Funds retained within non-charitable |
subsidiary | 663,037 159,809 |
561,121 128,923 |
663,037 | 561,121 | ||||
| Total unrestricted Restricted funds |
funds | 2,436,634 20,441,022 |
2,282,948 20,017,449 |
2,276,825 20,441,022 |
2,154,025 20,017,449 |
||||
| Total Funds | 22,877,656 | 22,300,397 | 22,717,847 | 22,171,474 |
| Notes | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| Cash flows from operating | activities: | |||||
| Net cash provided for operating activities |
17 | 984,288 | 195,807 | |||
| Cash flows from investing | activities: | |||||
| Deposit interest received | 7,190 | 125 | ||||
| Payments to restore heritage |
assets | (811,264) | (222,482) | |||
| Net cash provided used in |
investing | activities | (804,074) | (222,357) | ||
| Change in cash and cash equivalents |
in | |||||
| the reporting period |
180,214 | (26,550) | ||||
| Cash and cash equivalents | at the beginning | of | ||||
| the reporting period |
851,336 | 877,886 | ||||
| Cash and cash equivalents |
at the end of the | |||||
| reporting period |
1,031,550 | 851,336 |
| NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 |
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|---|---|---|---|---|---|---|
| Summarised | Statement | of Financial Position ofSHEL at 31 March 2023 | 2023 | 2022 | ||
| F | ||||||
| Current assets Creditors: Amounts |
falling | due within one year | 183,264 23,453 |
152,786 ~23,661 |
||
| Net assets | 159,811 | 128,925 | ||||
| Share capital | 2 | 2 | ||||
| Reserves | 159,809 | 128,923 | ||||
| 159,811 | 128,925 | |||||
| 4) | Staff costs | |||||
| No employees | were | paid | in excess off60,000 per annum. | |||
| Total Staff Costs were: | 2023 | 2022 | ||||
| Salaries | 147,461 | 133,410 | ||||
| Social security | costs | 12,748 | 10,874 | |||
| Pension costs | 10,026 | 9,729 | ||||
| 170,235 | 154,013 |
| Charitable activities |
|||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Charitable expenditure |
comprises: | ||||
| Depreciation ofcompleted |
phases ofthe restoration | 366,172 | 359,090 | ||
| Support costs | 122,698 | 174,421 | |||
| Governance costs |
14,978 | 12,088 | |||
| 503,848 | 545,599 | ||||
| Support costs includes: | |||||
| Salaries - permanent | staff | 106,385 | 90,199 | ||
| Other project costs | 8,878 | 3,480 | |||
| Maintenance costs |
1,579 | 69,988 | |||
| Administration costs |
5,856 | 10,754 | |||
| 122,698 | 174,421 | ||||
| Net income/(Expenditure) | for the year is stated after charging: | ||||
| 2023 | 2022 | ||||
| F | |||||
| Depreciation | 366,172 | 359,090 | |||
| Auditor Remuneration | - | audit services | 14,352 | 11,518 | |
| Auditor Remuneration | - | tax | services | 626 | 5?0 |
| ) Heritage assets | FOR THE YEAR E | NDED 31 MARCH 2023 | ||
|---|---|---|---|---|
| Completed | Current | |||
| Restoration | Restoration | Total | ||
| Cost | E | E | ||
| As at 1 April 2022 | 24,836,035 | 1,656,878 | 26,492,913 | |
| Restoration work done |
in the year | 811,264 | 811,264 | |
| Disposal | ||||
| As at 31 March 2023 | 24,836,035 | 2,468, 142 | 27,304,177 | |
| Depreciation | ||||
| As at 1 April 2022 | 4,969,331 | 15,086 | 4,984,417 | |
| Charge for the year | 343,942 | 22,230 | 366,172 | |
| Disposal | ||||
| As at 31 March 2023 | 5,313,273 | 37,316 | 5,350,589 | |
| Net Book Value | ||||
| As at 31 March 2023 | 19,522,762 | 2,430,826 | 21,953,588 | |
| As at 31 March 2022 | 19,866,704 | 1,641,792 | 21,508,496 |
| 2023 | 2022 |
|---|---|
| Unlisted | Unlisted |
| E |
| Nature of | Country of | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Subsidiaru | ~Holdin | business | ~incor oration |
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| Stowe House | Enterprises | Ltd | 100%ordinary | E1 shares | Fund raising | England &Wales |
|||
| for Stowe House | |||||||||
| Debtors | |||||||||
| 2023 | 2022 | ||||||||
| Group | Charity | Group | Charity | ||||||
| f. | |||||||||
| Due from Group company | 7,595 | ||||||||
| Trade debtors | 64,864 | 62,532 | 1,879 | 1,000 | |||||
| Prepayments | and Accrued | Income | 8,021 | 3,578 | 13,488 | 13,144 | |||
| VAT recoverable | 29,599 | 36,208 | 119,860 | 119,860 | |||||
| Taxation recoverable | 244 | ||||||||
| 102,484 | 102,318 | 135,471 | 141,599 | ||||||
| Creditors: Amounts | falling | due within | one year | ||||||
| 2023 | 2022 | ||||||||
| Group | Charity | Group | Charity | ||||||
| F | E | E | E | ||||||
| Accrued expenditure | 19,213 | 15,121 | 13,975 | 'I0,230 | |||||
| Deferred income | 49,864 | 49,864 | 38,791 | 38,791 | |||||
| Other creditors | 85,355 | 70,395 | 104,854 | 97,247 | |||||
| VAT payable | 3,211 | ||||||||
| Building work |
retention | 59,413 | 59,413 | 39,914 | 39,914 | ||||
| Provision for unpaid |
holiday | pay | 2,732 | 1,728 | 5,562 | 647 | |||
| 216,577 | 199,732 | 203,096 | 186,829 |
| 11) Total funds | ~Desi sated | General | Restricted | Total | |
|---|---|---|---|---|---|
| Unrestricted | Unrestricted | Funds | |||
| Fund | Fund | ||||
| E | |||||
| As at 1 April 2022 | 1,592,904 | 690,044 | 20,017,449 | 22,300,397 | |
| Incoming resources |
399,103 | 795,566 | 1,194,669 | ||
| Resources expended Transfers |
and taxation | 20,884 | (245,417) (20,884) |
(371,993) | (617,410) |
| As at 31 March 2023 | 1,613,788 | 822,846 | 20,441,022 | 22,877,656 | |
| As at 1 April 2021 | 1,706,029 | 526,169 | 20,040,929 | 22,273,127 | |
| Incoming resources | 342,193 | 333,730 | 675,923 | ||
| Resources expended Transfers |
and taxation | (113,125) | (291,443) 113,125 |
(357,210) | (648,653) |
| As at 31 March 2022 | 1,592,904 | 690,044 | 20,017,449 | 22,300,397 | |
| Represented by: |
Unrestricted | Restricted | Total | ||
| Funds | Funds | ||||
| Tangible fixed assets | 1,613,788 | 20,339,800 | 21,953,588 | ||
| Current assets | 917,788 | 222,857 | 1,140,645 | ||
| Current liabilities |
(94,942) | (121,635) | (216,577) | ||
| Total net assets - 2023 | 2,436,634 | 20,441,022 | 22,877,656 | ||
| Tangible fixed assets |
1,592,904 | 19,915,592 | 21,508,496 | ||
| Current assets | 756,029 | 238,968 | 994,997 | ||
| Current liabilities |
(65,985) | (137,111) | (203,096) | ||
| Total net assets - 2022 | 2,282,948 | 20,017,449 | 22,300,397 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| E | E | ||||
| ln less than one year | 246,832 | 547,296 | |||
| In one to two years | 59,413 | 33,158 | |||
| 306,245 | 580,454 | ||||
| Movement during the |
year:- | ||||
| E | |||||
| Capital commitments | at 31 March 2022 | 580,454 | |||
| Commitments fulfilled |
in year | (704,736) | |||
| New commitments | 430,527 | ||||
| Capital commitments | at 31 March 2023 | 306,245 | |||
| 13) | Operating Leases |
||||
| Commitments relating to operating leases: Equipment |
2023 | 2022 | |||
| Less than 1 year |
559 | 403 | |||
| Between 2 and 5 years | |||||
| Greater than 5years | |||||
| 559 | 403 | ||||
| During the year F2,235 (2022:E2,132)was spent on operating | leases, |
| Notes to consolidat | Notes to consolidat | ed cash flow stateme |
ed cash flow stateme |
ed cash flow stateme |
nt | ||
|---|---|---|---|---|---|---|---|
| Reconciliation of net |
income/(expenditure) | to net cash flow | |||||
| 2023 | 2022 | ||||||
| Net movement in funds for |
the year: | ||||||
| Net income for the | reporting | period | 577,259 | 27,270 | |||
| Adjustment for: |
|||||||
| Deduct interest received | (7,190) | (125) | |||||
| Depreciation charges |
366,172 | 359,090 | |||||
| Decrease in stock |
1,579 | 647 | |||||
| (increase)/decrease | in debtors | 32,987 | (121,876) | ||||
| (Decrease)/increase | in creditors | 13,481 | (69,199) | ||||
| Net cash provided | for operating | activities | 984,288 | 195,807 |
| Analy | sis of | Changes in Net Debt |
||
|---|---|---|---|---|
| F | ||||
| Cash | at bank | 1 April 2022 | 851,336 | |
| Cash | outflow | 180,214 | ||
| Cash | at bank | 31 March 2023 | 1 | 031 550 |
| 20) Consolidated Statem |
ent of Fi |
nancial Activities includin |
g income and expenditure |
account - p | rior year | ||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 31-Mar | |||||
| Fund | Funds | 2022 | |||||
| F | E | ||||||
| Incoming resources | |||||||
| incoming resources from |
generated | funds | |||||
| Donations and legacies Income from Charitable |
activites | 18,168 | 142,826 | 160,994 | |||
| Grants for restoration | 171,472 | 171,472 | |||||
| Other trading activities | |||||||
| Income of trading subsidiary Rent receivable Furlough and CRF Income Misc Income |
168,038 155,162 700 |
19,432 | 168,038 155,162 19,432 7QQ |
||||
| Income from Investments | -interest | receivable | 125 | 125 | |||
| Total income and endowments | 342,193 | 333,73Q | 675,923 | ||||
| Resources expended | |||||||
| Expenditure on raising funds |
|||||||
| Cost oftrading subsidiary |
97,656 | 5,398 | 103,054 | ||||
| Fundraising | |||||||
| 97,656 | 5,398 | 103,054 | |||||
| Expenditure on Charitable |
activities | 193,787 | 351,812 | 545,599 | |||
| Other Expenditure - taxation |
|||||||
| Total resources expended | 291,443 | 357,210 | 648,653 | ||||
| Net income/(expenditure) | 50,750 | (23,480) | 27,270 | ||||
| Net movement in funds |
50,750 | (23,480) | 27,270 | ||||
| Reconciliation offunds |
|||||||
| Total funds brought forward |
2,232,198 | 20,040,929 | 22,273,127 | ||||
| 2,282,948 | 20,017,449 | 22,300,397 |