## ## |||||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)|||||||| |||||ADMINISTRATIVE
DETAILS|||||||| |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||||||| ||||||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||||||| ||||||London
EC4V 4BE||||||| |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||| |---|---|---|---|---|---|---| ||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|| |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||