RCIGISTF.IIEI D CHARITY NUMBER.. 1085810 REPORT OF THE TIIUSTEI EIS AND AUDITE4D FINANCIAL STATEMEIYTS FOR THE YEAR CI NDED 31 MARCH 2024 FOR COMPTON VERNEY COLLECTION SETTLEMENT Wallwork Nelson & John%on Statutoi'y Aiiditor Cliaiidlcr House 7 Feri'y Road ()fficc PaTk Rivei'5way Pi'estoi) Lancasliii PR2 2YH
COMP'I'ON VE4 IINEIY COLLEICTION SCITTLEIMEbNT CONTLI NTS OF THE FIINANCIAL STATEMENTS FOR THE YEAR ENJ)ED 31 MAIiCH 2024 Page R¢porl of the Trustees I to 4 Report ofthe Indepeiideijt Auditors Stateinenl of Finaneixl Activities Balaiice Slieel Note5 to the Finaneial Statemeijts 9 to 15
COMPTON VERf4EY cOLLCTION SETTLEMENT BEPORT OF THE TRUSTEES FOR TUE YEAR ENDED 31 MARCH 2024 The trllslees present Ibeir report wiiFL Ib¢ fllwiciBI slRt¢ments tsf the tharily £or th¢ Y¢ ¢lld¢d 31 2024. The truslc¢3 have adopted the ptovisions of Accounting and R¢porting by Chsritics.. Stalemertt of Recomm¢nd¢d Pra¢tio¢ applicable ro cbarit1¢5 pr¢paring their oc¢ounis in occordance wAih the Financral RcportUJ8 Stand&td applicable in the UK pnd R¢public of Ircland IFRS 1021 Icffc¢liv¢ l January20191 OBCTIVEs AND ACTIVITIES ObJectlY¢5 and alm5 lor the publlc beneflt Clause l of theTntDe¢d itat¢s'. The eharAtable objects ("th¢ obj¢¢ts'} of the Settlemejjt shall be to promote, ellCQW4EQ, tnsittt&in, itllprove alld 8dvance educatiotL of the public in r¢lalion to P8ULlingJ sculptllre and the applied and other visual arts aftd in r¢l4tion to the fthe arts gcn¢rally in paThculJr by maklljg the Collection las defined in cl&vBC 2la) b¢low) dvailabl¢ to the publi¢ by all appropriatc means iticluding display? re5&qr¢h* publication and other eduealional activity at Compton Vemey Houso {whÉ¢h is It88ed by Cojwiton VeEw Hou8¢ Cknity ICVHCII atmvor its wch other places 88 th¢ CVCS TnLSte¢8 shall detennille froln tim¢ t(k ¢iry¢. The TN$le main p0r8 ll$8t4kd ittelause 2 of the TtU8t Decd arc.. (4) to acquire itcttLS of any nattlre whatso¢vGr {in¢ludiDg but not litnited tts mattuscripts. printed mgtt¢r, pldures, eEwavings. prints, musical instrumets, blIslg$, memorabili4 book8, documents and records) (thc ilwns in the &ttlctnent's tolle¢lion from timc to limc boing the"Collection"I by PUT¢hi$e. 108tt. 8ift. bequ¢8L ¢xchange, or (without limilationl any oth¢r lawfiLI meatss itl ac¢ord8ttce with a docum¢nt approd aud p¢tiodieally reviewcd by th¢ CVCS Trnstces as atticnded from tim¢ to tim¢ CVCS T[Usfr may cotssider lleceSs with r¢gpe¢¢ io the mallagemellt of the Collection (iticlttditig the a¢quLSLlion, fety. pr¢5¢rvalioJJ, traJisport4lion, display at Compton V¢rn¢y House or such other pl8¢c or pl5 th¢ CVCS Trustees may from time lo time del¢1¢, e, i]JSUTattce, loan and disposal or tbe CollECtiott) {the"Colk¢tion MaD3g¢DWt Policy'y. (b) to CODserve. restor¢, rcpBir, tec1K1nt alld preserve axy item or ilems in th¢ Colkction ttt cOrdance with the Collcction Management Polioyi (c) to lend, hir< sgll or oth¢rwig¢ dispose of any It or iteLKS ifL the Colle¢150n kn aceordattce with the Collectton Malla8ement Policy. The Collection MattagementPoli¢y isJn4d¢up of 3 i]iVIdual policAes'. a) Collcetion Dcvclopmcnt Paliey,. b) Coli¢¢ti0Tr5 Cpr¢ dcOU&r[w8tioll Policy. c) CollwtioJ)5 Do¢umentatiottPolicy. The trutstees thatthey have ref¢tr¢d to th¢ guidaDcewtrt¥illed iti the Charity Coromissivu'y B¢nernl guidrnI pubii¢benefLtwh¢n Tevlewkng tbe Trnst¥ aims and obje¢livc5 and inpJaDning fvtUTC activities. Slgn511¢aut w¢tlTAtIÈs CVCS Ècquires works of artprinGipal]y in th¢ fol1oivtt arts6: o. NeapolitsTr WOTk5 of Brt qnd Sculpture from the pwiod 1600- 1800,. b. North Europeall wwks of art from th¢ p10d 1450- 1650.. ¢. BritistrL works of 8rt fyoJD the period 1500- J900. d. Chillese at¢hai¢ broDZ¢S and pottcryi e. British Follt Art, f. Th¢ MgJx-L8mb¢rt Coll¢¢tionof EtttdMatxdesigDS folk art. The TnS of CVCS do not rewd this as precluding th¢ acquisition of wotks of art wFLich fall outsid¢ th¥5 e8tegories where they deem it bo in th¢ ijjterest of the tollection generally of thr display policies of CVHC. It ts thc policy of CVCS thnl it only own works of art that aT¢ inl¢nd¢d to bcon displayto the public or art to b¢u8cd for e4hJcational PU08t& Pag¢ I
COMPTON VERE4EY COLLECTIOTr4 SETfLEMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 NL4RCH 2024 Volunteers The Settletn¢ryt does notmik¢ use of volunte¢r8. ACHtEVEMKNT AND PEMFOIiMANCE Dllrhjg the yeor the Settioment a¢quiTed works of art ot a v4lu¢ of £436,474 (2023.. £2.8291. Most of the Settlemtnfs woikB of artate eith¢ron display at CVHC or on I FINANCIAI, REIryEW Prlnelpal sources Inveskn¢nt iThcome of £127.92812023.. £125,631) was received ID the year. Dwitig th¢ yw48ranl wa5 I¢1Ved of£50,000 froffj theViclNia and AlbertMus¢um. Colts itt¢UTred in Kspectof support aDd govemattt¢ G05ts amountEd to £65,42912023.. £59.550). Re¥trves poltey Revettue is allocated lo ÈepllTRt¢lyde8L8ll#ted fwjds for income knd capital. The aeneral Fund TO1¥e$ incothe from roysltie$ itLve8tsnent from the Bndowment Flllld •ud mccl$ the anj)1 Èdminislraliveand supportcosts of the charkty aDd reveDu¢ costs relad to the Collection. TheArtA¢quisltion Fund repr¢s¢llts tbevalue of th¢woiks of arth¢ld within Ihe Collection. The PurcFtase Fund i5 h¢ld topay forDCW purdusts tts Art Colleclitinllnd their ittitial ¢tsns¢rvatioJJ attd dlsp14y. The Pr¢5¢rvation of the S¢ttl¢mcJJt's colltiOn of mitsiatures is a scparale fund for ll$ttion work and other co8ts in rpect of the mtijiatures received frojn the Eslate of tAdy (3ralltchest¢r. The EttdovrnicntFund reprents the investtncllt value of the Bndowment. The iucomc from thi¥ fiwl now Bpplied to the Gen¢ral Futtd. STRUCTUR4 GOVERNANCE AFID MMACEMENr Goverlllng d•tNfftent The ¢h4rity 14 controlled by its govemioE do¢tullenL A deed of trust dated 14th (tot 1999 alld ¢onstitus 8rL incotporated Chlty. Recrultw¢n¢and appoltttweDt of new trustées Thc Supplemclltbry D¢ed dated 2 De¢¢mber 2010, ¢lau5¢ 11.4.2 giv¢5 Kirsten Suenson-Taylor the sole power to appoint uew tNslees. New appointmcjhts ale rnadc after advertising in the and chaTiry Ée¢tor pre88 attd otknr ed alld followillg an >ryl¢Thiew with th¢ Compton Verney CBO. the Chasrof Cv, ttDd oth¢r5elected Org#hi59tlonal strutlure Ail 8dmiJJistrAtiv¢ dcrisions are mad# joitltly by the Tru8lees. Followillg the death of tb$ Bettlor, de¢isiou¥ rogardill 4cquisition of works of rtrt 4T¢ thken by the trust¢C5, the CEO of Compton Vern¢y House Cb8rity, and th¢ setlletlleDI'5 professional 8rt adv150t8. Indueltoii and trakntht of tru8te• Th¢ tnducftoll proc¢$5 for ttewly appoiDlcd Tftuslees comprises * corDpreh¢nsive ]¢¢ pack of infotm4lion o Compton V¢mey Colle¢tioJk Settlement and ils related orgallisations, Copi of accoullts and ffjiout¢s of ftu$t¢¢s tJJ¢¢tingJ and att ]lUCIl0 me¢tity8 with the tNSte¢s of Ihesettlement. Relattd pArtles Compton Vemey Collection Settlement (CVCS) h88 co-opcr8t¢d with Jnother charity in order to m¢¢t its objectives. this being Compton Venw House Chari¢y {CVHQ. Both CILariiie5 were founded by Sir PelerMoor¢y Idcceased) CBE DL. CVHC staff co-opeiate with CVCS to en$ll the safe handjingj ¢Jocumentation and insuyanct of Works of Art, And Ille CEO otCVHC ¢o-opwates in dEGISiOllS r¢Jating lo Art llfqUi5itioL Pag¢ 2
COMPTON VEIITrIEY COLLECTllof4 sETTLEThN REPORT OF TllE TRuKfEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE At+lD ADMJNISTRATniE DETAILS Riglrtored CtrLgrlty number 1085810 Prirtclp#l wddr¢5S o WallworkNeison& Johrwtl chIdlerKoUse 7 Feny Road Offic¢ Park, Rir$waY Presto PR2 2YH Tru5teei Appoin*duntLI K Glenneysler (Chgir) Dr A Bostrom J SbJbb$ MBE, MOM K Suen80n-Taylor CJ Baktr R M Jon¢s Dr C Campbcll M Zuifjq DrQCao K s fwley 30 S¢pl¢mbBr2026 30 Seplember2025 30 S¢pleDib¢r2024 30 September 2026 YO SepiernbEr2025 I S¢pt¢mb¢r2025 30 September 2025 015¢ptcmber2027 30 Sept¢mber2026 30 S¢pt¢mber2026 Au<lltarJ WallwoTkN¢150ll & Jobson StalOryAd110r ChandlerHou8e 7 Feny Rod Office Park RiverBway Prutoll Lanta3hiTe PR2 2YH Soll¢ltor$ Bat¢$ W¢llB & Btaithwaite 2-6 Connon Strctt London EC4M 6YH Correspondent Lady L Mills o Wailwork Nelson &Jokn8on Chandl¢T Hous¢ 7 Fetry lioad Offi¢e Park Riversway Pr6Btott PR2 2YH STATEMENT OF TRUSTEESI RESPONSIBJLITIES Tbc trustccs are responsible for prepatiDg the Report ofthe Tn1¢¢5 gnd th¢ fwDcial 5ts1¢Jn¢nts in occordance with appli¢able law and United A¢wwitiLE Stttnd8Td8 (UJJitedKingdom Gonorally A£¢ept¢dAc¢ounting Pra¢ti¢¢). Page 3
COMPTON VKRF4EY COLLECTION SEThLEMENT REPORT OF TIIE TRUSTEL8 FOR THE YEAJI ENDED 31 MARCR 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- ¢ontlDued Th¢ law applicable to charitie8 Bngland attd Wa1¢5, tbc Chatities Act 2011. Ch&Thy (Accouttts and R¢portsl Regulations 2008 and the proviSlODS of the trust deed reqDircs th¢ ttuste&8 to pr¢paTe financial Statements for fiDall¢ial year which givo & and fBir view of the stat¢ of a(fatts of th¢ ¢knity and of th¢ illcomtttg r¢s(kurccs attd application of reyour¢cB. including the incojlle Cxpejjdit¢, of tb¢ thitity for that period. Ill preparing tbos¢ fJJJancial 8t8t6ments. the truste¢5 arereqUIr to select 8uiiabl¢ accounting poli¢i¢8 andthett apply them cett&iil¢ntly bserv¢ the metbod& Bndprincipleg in the Cb&rity SORP., make judgeffl¢nts aod esttmaies that arereosonabl¢ and prndellt., prepare th¢ fancIal statetDents on the 80ing ¢oncem bB¥is unl¢s5 it is inlppropriate to presum¢ that the eharity will ¢on(KtLue in bu6itte&. The tru$t¢¢5 Ore respoJJ$ible forkeepitig PTOPW acctiullting TKords which dtsc105¢ Witb reasollabl• accuracy otgny time th¢ finCla[pOSjtlQ of the charity and lo enable th¢m to ensure IhA¢ th¢ financidl ststemcnts comply with Ihc Chatitie5 A¢t 2011, th¢ Charity (Accounts alld R¢port8J Regulatiolls 2008 and the provisions of the trust deed. They at¢ also rtip)ll5iblo for safeguarding the assets of the ¢lwity and knettce for tskillg relnIbl0 steps fer the pr¢v¢ntion BtLd d¢tectioJJ of frHud and other irregul9riti. Approvcd byoth of the board of trust& on... on itsbchalf by: K Gle2Jnersler- Tnlee Pa8¢ 4
REPORT OFTEIE1Tr4DEPENDE14T AUDITORS TO THE TRUSTEES OF COMPTOF4 VERf4EY COLLECTION SETTLEMENT Opknlon We hNv¢ audited the rtllancial stat¢fftPDts of CoJJ)pttsL Verney ColledioD Sotil¢rrMt {the 'chariry'l for the y¢Jr ¢Dded 31 March 2024 which ¢otupti$e the Statement of FinanGial A¢liviti¢s, the Bo18nce Sheet and no¢ey to the finfincial 3tstetnents, includit)g a sunary gf siguificllllt ACCOUttiuJg policies. TtrLe fillaucial reporti8 framework that has bc¢n applied in th¢ir prepata¢iott is applicabl¢ law and UtLit¢d Kin£doJn Attounling Standards (United KIllEd0 GeDerally Accepted Accounting Pra¢ti¢¢). In OUT opillioll the fmanciil itstemettts.. give N true Itsd fair vicw of th¢ slatG of the chBrity8 affatrs B8 at 31 Marcb 2024 and of its iticomillg reyourcc% and application of reBources, for thc year Ib¢ll ¢nd¢d.. have beett pwerty pr¢par¢d in a¢Id8Ce with Uttited Kingdom G¢nerdlly A¢CEpt Aecouoting Pra¢ti¢e,' •nd h&ve been prepared in accordancc with the reqlliretllenls of the Charities Act 2011. Ba8L4 for oplnlo We conductcd our pudit itt &e¢otdancewitb Intemational StaDdards on Auditijjg IUKI (JSA5 IUKII and applicable law. Our responsibilities ulld¢r those StadardS are futr describcd in Auditorf iesponsibilitics for th¢ 4udit of th¢ fuJan¢L81 stst¢rnentS 8e¢tiorL of our r¢port. W¢ arc iudependellt of the charity itl 0rdall¢e wAlh the ethical requiremetsls tbat ar¢ r6l¢v8Dt to OUT audit of the fmancial slalun¢nts in the UK, including th¢ FRC'S Bthic&l Stsndard, d we hllv¢ fu]filld Dur otbcr ethics1 r¢sponsibiliti¢5 io sc¢ordaJJce with th¢5¢ f4uiTemtsts. We believe that the tsudit eYiden¢¢w¢ have obtaitsed is suffi¢itiit andappropriot¢ to piovi¢k4 basi8 forout opinion. relatlllg to golng con¢ern In auditing the financi 8t4tement8. wehave eoncludedthat th¢ tThuiees' u$e of the Kohttg ¢onc6rn b83is of 9tin8 Ill th¢ prcpaT&tion of th¢ financial slitem¢nts is appropriate. Basrd oll the work havcp¢rfonned, w¢ bave Jwl xdetttifLed ally mat¢rial utLC¢rt#illties relatlttg to events orcoudJ'tion¥ that. indiytduglly or collectively. MAY cast si1c8t doubt on the eharity* ability to continu¢ &5 a 8oitig concem for a period of at Ieasttwelffj0thS from when the fLnallci81 ststcmAt5 are ttutbotised fer issue. Our r¢sponsibilitic$ èrtd the responsibilities of thc trustC¢S With respect to 8Oillg ton¢¢rn ore dcseribed in the relevant SlI0n$ of tius repoxl. Olbor lrttorm#tlDn The tnJste¢s 8r¢ r¢spon5ible for the othet ijJfomJatioL. The othrr inforulfjll compri%s the Infoation incltsded ill the knual Report, otherlhanthtrlnaial stJtellLwts OUrRe10t the Jndty¢ThJ¢ntAuditi)rs thereoJL Our opthion oll the fillancili sl&t¢m¢Lts does Dot cover the oiller iDforniatioD Jlld, exce to tb¢ cxtent oth¢nvis¢ explicitly stutryj ill owreport,we do not 9xpr any forn of 8ssutattce conclu8ion Ihcr¢oll. In ¢onnectitsn with our auditof the fJnBn¢i&l 3talement$. OUT tespojjsibility is ¢0 T¢ad th¢ other ijjforttution al, in doiD8 so, cotlsider whether the Olher infomialion is mal¢Tially in¢on5LStertt with the finan¢i8l stat¢m¢Dts or our knowledge obtsined in the audit or otFL¢fwis¢ appe$ io b¢ matetially LlliS5tstcd. If we idenlify suckn material in¢oDsi51encies or appaT¢nt material misstaiethenls. we arc requir¢d to d¢l¢nnine whether this give3 rise to a material missralement in the fittaL¢iol statemellts Ib¢mselve& If, based on the work we bav¢ p¢rforffjed, we ¢on¢lude tbal ¢h¢¥¢ is & tl1 isgtstement of tbis other infonn8tlOD, we ore required to reportthat fact. W¢have notbittgto teport iti thisrcgard. Matteri on wlLl¢h weare r¢qulT¢d to report by ¢xeeptloll We havc nothing to report in respect of tbc following matt¢r5 where the Cknities (Ac¢ounls and Reports) Re8ulatsotts 2008 iequLres us to report to you if, ijj ouropinion: tb¢ iJJforniRtiOfk 8LveJJ io the R¢port of th¢ Trustees is ilLMllBislent in jny mBt¢rial respect with th¢ fillall¢ial Sthl¢m¢nts.' or sufficieut accounting records have notb¢¢n kept. or tbc fuwicial statejllettts are tsot io awemeLtwith the cOwtIgrordS and rethllns. or we hav¢ skot receivcd all th¢ iDforrnation ajjd Bxplanations wc require for our &udit. Pc5
REPORT OF THE INDEPEDMXNT AUDITOIIS TO THK TRUSTEES OF COMPTON VERNEY COLLBcfioN SErrLEMBNT Respo5bUL1Iej of trujtee A5 explained tnote fully ill ibe Statement of Tn78¢s' Re¥ponsibilities, tb¢ tNstees are responsible fot the ptepaTation of the fllwLGiaJ statotnetsts whith give a true and fair view, aud for such illiernaj control a8 the trusl¢¢8 deltTmin¢ is teSary lo ellable tbe Prep1]0 of fill8nci81 staieffj¢nls that are free from matttial 15staI¢m¢llt, whether du¢ to frwd or etror. In prepatirtg tbe fuJan¢ial stsietn¢nts, the tntslees 4rc responsible for a5S¢5sin8 the ability to continu¢ ts 80itLB cO¢m, dtsclo$illgp ¥ applicablE. mattery related to going eoncem And using the going concettt baai$ of acwwjting unle58 th¢lru8tc¢s eithcr iDt¢nd to liquidate th¢ cbarily or lo teas¢ opEratiens. orhave no realisti¢ atlern&tive but to do so. Our responslbilldes the audIt of the IlnAndl ¥14tement& We have been appointed a5 Ruditors under Section 144 of the Ch4Tities Act 2011 and r¢port iti accord¢ with theA¢t 8ttdr¢l¢vantre8ulatioD¥ made orbaviti8 effectthereunth. Our objNtiv¢s are to obtain r¢a8oJJable assurCe aboul wh¢tber the fLttauciai st8tements a5 & whole are free from tngt¢rial mis&t8tem¢nt, whether due ¢0 fraud or ettor, 4nd to issue A Keport of tile IndcpEnd¢nt Auditor8 th8t in¢ludes our i)pinion. R¢950nablc assuran¢c 18 a higb Icvel of 8s5uranc¢, but is Lot # 8UaT9nlee tbat an Rudil ¢OLdu¢led in accordallce with ISAS (UK) will alwttys d6tect a Jnllt¢Trnl misEtai¢meDt wh¢n IT l$t$. Mi55tal¢menls catt hTi8$ from ftaud or ern)r and al¢ considEred rnaterial if, individually or ill the aggregate, they wvld reas0ts2bly bc cxpted to itttiuellce th¢ e¢oLOJni¢ deci&ion8 of u8ers t¢ll on the bui¥ of thcs¢ fiLattcial statcm¢nls. The extent ¢0 which ourprocedur¢s Hre ¢ap8bl¢ofdete¢tin8 itt¢gului¢i¢5. including fraud is detaiIedbeJow.' Enqully ofllw)ag¢rnellt attd tb05¢ obged with govern8tt¢e around 8Gtual al sx)t¢Dtial liligatioll atsd Glaitus. Bnquiry of ettlity 8t&ff in tsK and compliane¢ fvncliotts to ideDtify atty itsstallccs of noll-¢oJJJpll&nce with lttws regulatiotis. Reviewing minutes of tneetings of Ihoseeharged with 8OV¢rngJtC¢. Reviewing financikl statement di$o105UTCS and testsD8 to support docum¢DtationtO 8ss&%s Complianeewith applicable IBw5 and reguiaiions. Auditing th¢ risk of manag¢mffl¢override of coThtroEs aNd cv4luating the business rationale of SigrIc¢ IransacttoTr& outside the nonJJai course of busittw. A furf&¢r des¢riplion of our re8PQD5ibilities for th¢ audit of Ihe finan¢i?I stalemettts is located ots th¢ Firysncial Reportitig CouDGiI's websitc al www.frLorg.uk14wljtorsspottsjbIjItte5. This desuiptioll fornjs part of ourRq)ort of th¢ depend¢ntAudiloE& Use of our repoTt Thls r¢port is made 801dy to the chaTiW¥ trustee8. 4s a body. in accordottee with Part 4 of th¢ Charitte5 (Accounts and Rcports) Regulations 2008. Our &udit work b¢¢n undertaken so that we migbt slat¢ to tile ¢barity'5 tnJstee5 those maii¢N we Bre required to stat¢ to therll in 8n auditots, report alld for llo oth¢r purpose. To th¢ fullcst exl¢rLt pern)itted by law, we th) not 8CC¢Pt or assuzne re5ponsibiljty to aDyono other thttn th¢ charity aLd the charitys tnjstees 55 a body, forour au¢Jitwork. fortbiB teport, orforthe opinionswehave forn. WollworkN¢150ll & Johnstsn Siatulory Auditor chdIer Houso 7 Fw Road Office Pwk River8way Preston LllLcuhirc PR2 2YH Date.. PBge 6
COMPTON VERNEY COLLECTIof4 SEThLEMENT STATEMENf OF FINANCL4L ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 P¢riod 614f22 Yw Btld 3113124 Total 3113123 Totsl UDTG5triGt¢d bjnds RlriG1¢d fvllds Bndowm¢Tht fund Nottt CONffj AM) ENDOWMENTS FROM Donation6 2nd gr4Dts S0.OIX) 50,(M)O 154.600 eharltble i¢tlvitlt$ Royalties 4,577 4.577 5,453 ILV¢3tm¢nt ujcorno 127 928 125631 Total 131652 182 505 XPED4DITURE ON Chrltible *ctlvitle$ (3ov6rn8DCC¢05ts 29 51 Net gaitisl{Ios8es) on ittvestments 251327 307 370 NET INCOMEI(EXPENDITiIRE) 14,975 278,310 75,118 368.403 {81,236) Tr1tt8fera b¢twetn fullds io Iytt movement 18,191 278,310 71,902 368,403 (81,236) RECONCILIATtor4 OF W(JNDS Totsl fixlldsbrought forward 49.320.340 1.783.838 51.104,178 51,185,414 TOTAL TUNDS CARRIED VORWARD 49 598 650 1855 740 51472 $81 51104 178 The note5 fornipart of the5¢ financial st&temonts
COMPTON VERNKY COLLECTION SETfLEhiENT BALANCE SHEET JI MARCH 2024 3113124 Total 3113123 Total UllTe5tticled funds ReJtii¢i¢d nds Elldowm¢nt Not¢5 FIM) ASSETS Tangible asseL¥ InVeSt[eI$ 46,465,868 3 127.184 46.465,868 4 982 924 46,029,394 4 762 593 1855 740 49,593,052 1,855,740 51,448.792 50.791,987 CUIUiEf4T ASSETS Debtors C48h atbaDk 1292 1292 1.364 315545 23280 5,718 28,998 316,909 CREDrroRS Amounts fallLU8 dttewiihÉnonc year (5.089) {120) {5,209) (4,718) NET cifRBINf A&8ET$ 31219] TOTALASSKTS LESS CUIUiENT LtABILITllES 18.191 49598.650 1,855,740 51,472,581 51,lQ4,178 NET ASSKTS 49 598 650 1855 740 51472 581 51104 178 10 UnTes(TiCted funds R¢5ttieted fuudl Endowm¢nt fi5 18,191 49,598,650 1855.740 49,320,340 1783 838 TOTAL FUNI)S 51472581 $1104 178 h¢ fi ¢ry¢nts were approved by the Board of Tru¥tees and 4uthoris¢d for iswe on d w¢rc slgtted on its b¢balf by-. K Gl¢JJLer81er- Truste¢ Th¢ notes forn) partof thcse fIanCial statcmetlts Pag¢ 8
COMPTON VERNEYCOLLECTION sELEI&T NOTES TO THE FINANCIAL STATEMENTS IroR THE YEAR ENDED JI MARCH 2024 ACCOUNTING POLICIES Bas18 of preparlng thellDkDd#l 6titÈments The financial 5tAtem¢nts of the ehaTLty. which is a publi¢ beDefit entity under FRS [02, have beeth ptephred in A¢¢ord8nee witk the Ch8rilj¢s SOBF (FRS 102) 'Accounling atld RcpottiDg by 1¢$.. Ststcm¢nl of RecoJKmeThded Pra¢li¢e applicablc lo chariti¢5 pr¢paring thcir accounts irt a¢cordanc¢ wilb the FinaD¢ial Reporting Standard applicable ill the UK and Republic of Ireland {FRS 102) leffe¢tive l January 20191,, Fillancial Reporting Standard 102 The FillaDciai ReporfiJJg Staodard appli¢&bl¢ in the UK attd R¢publi¢ of Ireland. aud th¢ Ctwities Act 2011. The finanoial slat¢m¢Dt5 httve been prepared wjdcr thc hi$torital cost velllion, with th¢ cx¢eptlOD of investmcllts whtch at¢ io¢lud¢d at rnket Value, as nwdifi¢d by th¢ r¢vRlu&tlon of certaitt assets. All incom¢ is T¢w8]Sed itt the Ststemenl of Fin4ncig1 A¢liviti¢8 once the chnrity has ¢ntiilem¢Dt t(Tr th¢ fids, it is probable that the In¢0e will b¢ r¢r¢ived andtbe amountcaD be mc85urdT¢liHbly. ExpeDdlture Liabiliti¢s are I¢COKni8ed a8 ¢xp¢nditur¢ as soon g¥ (here is è legal or constnKtiv¢ oblig8tioJJ commirting the charity to that expenditute, it is probablt that a tratt$fv of ecorlomic bettefjls Mll bc requircd in settlemeDt the ajnourtt of ibe oblig81ion ¢80 be m¢88Uted ieliably. Expenditure is g¢¢ovtsi¢d forots &tt ae¢Nalsbasis tl b¢¢n ¢las5ified undBr headitigs that aggreg&t¢ all ¢ost reJ8ted to the category. Whttt ¢0515 ¢gnnot be directly atttibuted to p3rticul h¢adbhgS they haye been allo¢8ted to activiti¢s on a bAsis ¢ODsislent with the w of resources. Alloeldon apportlonmeRtof e05t8 Ail costs are ajlocaled betwe¢n support governall¢e costs. Support Costs ilde ally gelleial expettses rd4t¢d to tIL¢ r¢stOrntion, con8ervatioJ). traosport. Vi¢WiDg or v8lu&tiott of Art. All mallag¢llt and thnitiistrative costs are includ¢d in governats¢e¢osis. Taxltlon The ehBrity is eMpt from1 orl its Charitable adivities. Fund actouDtlng Ujjresiricied fiLnds can be used in acc4)r&nrK with the Bharit8blt objectives at th¢ di1¢110 of the tnJstte3. R¢stri¢ted fuods can only k uscd for particular r&%tricted puryos¢5 Within the objects of the c]Mrity. REstriGtioD5 ?risE when specifiedby the dooor orwh¢D lljrtds are raised forparti¢uJAr r¢$¢rid¢d puryo&es. Furtberexplaoationof thenattuoandpuTPDu¢of fvttdi5 included in the Dotrs to tf2CiAl 8tatem¢llts. T*ll¢lble fixed &ssets Tall8ibl¢ ass¢ts Ar¢ 5t&ted at costless acDJmulakd d¢pr¢¢i&lion attd aDyprovisioll for iD)paiTm¢n¢ illva]u Depreciation is provided at the following aD7 rites LD order to WTite off caGh as( over its estimated usefvl lifr. Di8play equipment - 25% on c051 A¢quir¢d works of art ere iocluded in th& bol#Dce $heei 81 ¢OSt and gifts at v4lu&tion. Try are held in fib¢All¢t of th¢ chlbI¢ obj¢ctives ofcomplojj V¢yLcy Colle£tiou Settle]nent, and at thc pr¢5¢llt liThe it 15 not wusid¢red Ap[opI181e to depreciat¢ or r¢vAIu¢ iteAn3. Major rc5totalion ¢xp¢llditure has beeL added to th¢St of th¢woTks ofjrt. Page 9 conlinucd...
COMPTON VERNEY COLLECTION SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS- eontluued Foll THE YEAR ENDED 31 MARCH 2024 DOP4ATIONS Af4D GRANTS PEriod 614122 Year Ended 3113124 3l13123 Donations Gronts 154,600 The Charity Tcceived a 8raD¢of £50,000 from theVi¢tQTi& aDdA[bertMllsllll. 4VESTMEFll CoME P¢riod 614122 to 3113123 YeaT Bttd¢d 3113124 DividFnd5, inlcrestatyi¢4pitsl distrtbuti¢)ns 127 928 125631 TRUSTEESI REMiJ14ERATION ATrID BENEFrrs There w¢re no tteel rcmuneyation or other bettefits for the ye4r ended 31 March 2024 nor for th# period ¢ndcd 31 MaTeh2023. Try¥tees' PÈ¢ Tnjslees, ¢XP¢DS¢S of £1,12312023- £9861 r¢lale to th¢ ]mbr8e¢t of tr&v¢llinB expen5e5 to 5 tNslee& Thi%lees' Audernllity iJÉurèn¢e of £349 12023 - £3341 bas BiEO been incurrrd lo protect th¢ Charity from IoF8 aTising from any tsegl¢ot or d¢faull of tht Trustees. It also iDd¢thllifies th¢ TNslee8 agaillst the eollse4uEnC of any tLe8le¢t otdefwlton IheirpsrL COMPARATIV WOR THE STATEMENT OF FINANCIAL AcfIvITIES UNestriclcd fiJtLd Restricted fund5 Endowmettt fvnd Total INCOME AFM ETrIDOWMENTS FROM DotsstsoDS and grallts 154.600 154,000 ChArttabJe actlvltks Royaltie5 5,453 5.453 Illvesttn¢JJt incom Total 233495 189 EXPENDITURE ON Charltibl¢ artlvlflts Gov¢rnance coÉi$ N¢1 gaitislOosge$) on investtllents 188835 118535 Pjgo 10 ¢¢)nti1Md...
COMPTON VERNEY COLLECTIof4 sELEMENT NOTOS TO THE FINANCIAL STATEM&NTS- nI1med OKTHE YEAR ENDED 31 MARCH 21J24 COMPARATIVES FOR THE sfATEMENT OF FINANCIALACTKVITIES- tolltlnlled Ullrestricled kEstrtc*d Endowment fund funds Total INCOMEI{EXPENDITifREI 14,028 195,204) (81,236) RECONCILIATION OF FtJNDS Totsl fjjnds broughtforward 49,306.312 1,879,102 51,185,414 TOTAL FIJNDS CARRIED VORWARD 49 320 340 1783 838 5) 1(14 178 TANGIBLE FIXED ASSETS Display ipmellt eollection TotHts COST A¢ l April 2023 Additiolls 46,029,394 436 474 28.607 46,058,001 436 474 At 31 Match 2024 46 46 494 475 DEPRECIATION At I ApTII 2023 attd 31 MaT¢h 2024 NET BOOK VALUE At 31 Mar¢h 2024 46 465 868 46 465 868 At31 March 2023 46 029 394 46 029 394 FIXED ASSZT INVK¥ThENTS alld settl¢m¢nls peodillg Li51ed xttv¢stm¢nts Totsjs At l April 2023 AdditiOOS DI5al8 Re2li8ed gains Unr¢&lis¢d gaius 4.717.350 389,253 (310,833) (121,400) 220 762 45,243 42,549 4,762,593 431,802 (310.833) (121,400) 220 762 At JI March 2024 4 895 132 4 982 924 NKT HOOKVALUE At 31 March 2024 4 895 132 4 982 924 At31 March 2023 4 717 350 45 243 593 Pag¢ll ¢ontiJMed...
COMPTON VERf4EY COLLECTION SKTTLEMKNT NOTES TO THE FINANCIAL STATEMENTS- tollllttued FOR THE YEAR ENDED 31 MARCH 2024 FL¥ED ASSET INVEsfMENTS- contlr4ued The lttwtments are held as foltOW6'. 2024 2023 Investments wiihln UK IDYeslmettts tsver5¢85 Cash balon¢e5 2.234,828 2,660,304 2J99.484 1317,866 4.982 924 4 762 593 Th¢r¢ were tto individual listed investrttents in excess of 5Yi of theiotal portfolio value. Cost orvaluation Rt 31 hlardj 2ff24 isrepr¢llted by: CH5h and 5¢ttlements pending Li8led Inve8tm¢nts Thtsls Valuatioll in2022 Valuation in 2023 Valuation in 2024 Cost 1,163515 (351,1181 220,761 3 861974 1.163,515 (351,118) 220,761 3 949 766 4895 132 DEBTORS: AMOIJNTS FALLING DUE WITH4 ONE YEAR 3113n4 3113123 Prwym¢nts CREDITORS; AMOTJNTS FALLING DUE ONZYEAR 3113n4 3113123 bercreditors Page 12 ¢oJJtinu¢d...
COMPTON VERr4y COLLECTION SETTLEMEf4T NOTES TO THE FINANCIAL STAI'EMIGNTS- ¢orhllnued FOR THEYEAR ENDED 31 MARCH 2024 io. MOVEMEf4T fN FUNDS Nel ovement ill fi]nds Trgnscers between fiJDds At 3113124 At 114123 UreStrIcted fund¥ GeJJet81 Fund 14,975 3.216 18,191 Restrltted fund5 ArtAcquisition Fujjd Purchase Fund PTeSEr¥ation of the Scttl¢menV8 ¢ollwts¢)n of miniatsres 46,029.593 3.269.495 46,029,393 3.547.805 278,310 49,320,340 278,310 49.598.650 Endowment lund5 Bndomqnenl Fulld 1,783.838 75,118 13,216) ,855,740 TOTAL FUNDS 51 104 178 51472 581 Netmovetnentiti fijllds. includcd in th¢ 9b0 sr¢ a¥ follows.. Incvmth8 Resources resourc¢s expended Gains ADd losses Moverneut ID thds Ullr£strl¢ted lund5 c[81 Fund 50,653 (35,8781 14,975 Rtltrffi< fundB Puwhas¢ Fund 13),652 (29,5511 17A209 278,310 Endoiymellt funds Blldowment FNDd 75.118 75.118 TOTAL Fuf4DS 368 251327 3 P¥g¢ 13 contiDUQI...
COMPTON VERNZY COLLECTION SEThLEMENT NOTES TO THE FINANCJAL STAT&MZNTS- colltlnued FOR THE ITAR ENDED 31 MARCH 2024 io. MOVEMENT IN FUNDS- ¢ontlnlld comp@v¢S for movemeDt lu fullds N¢t movemettt iti futyds Trwn5f¢rs behveen At 313 At 614122 Rutrltted funds ArtAcquisitiOPyll0 Purchasc Fwjd Prestryalion of thB S¢ttlemeJJttoll¢ctioll of miniature 46.027.175 3,257.685 2218 (2.2181 46.029,393 3,269.495 14,02B 21 49.306,312 dOWmellt lund8 EndoTrTrinent Fund 14,028 49,320,340 1,879.102 (95.2641 J,783,838 TiyfAL FUNDS 51 185414 51 104 178 CompHrJtiYe nel movffl)¢Dt in fuDd5, in¢luded ill Ihc above aTe as follow8.. InwmLD8 resources Rrsource8 oxpettded Gains attd 105se5 MovcmeDt itt funds Restricted funds Pw¢hHse Futtd 233,495 130,632) (188,835) I4,13 Endowment lulld8 Bndowm¢nt Fund 52.189 (28,9181 (118,S351 195,2641 TOTAL FUNDS 307 370 The G¢ll¢ral Fund iec¢iv¢5 income from royalliES and iryve%mient income frotn th¢ Endowment Fund and m¢ th¢ HDnual administrative and5UPPOrtCOBts of th¢ chBtityATJd r¢venue costs rclaled lo thecollcction. Th¢Arf Acquisiti¢)n Fund represtDts the value otthe works of &rth¢ld within ¢&¢ eollEclion. The Purcbase Fund is hcld Io PAY (or new put¢ba5 to the Art Colleclioll their illitial CoDs¥0tOtt display. Th¢ Pre8ervation of the Settlement's collecti1 of miwalures is a separate fiwd for collswation woik aDd other ¢osts in r¢&pect of the minialure&received from the Bstste ofL4dy GrsDtclLeslu. The Ettdowm¢Dt llund repr¢Jvllts the ittv¢stment valu¢ of th¢ EJhdowt. Thc tucom¢ from thi8 fmnd is now applied to th¢ General Fuud. Page 14 ¢ttinUed...
COMVTONVERNEY COLLECTION SEfTLEMENT NOTES'I'O fHE FJNANCIAL STATLI INTS- ¢onllnu¢d FOR YXAR ENDED 31 LRCll 2024 11. IIXLATED PARTY DISCLOSURES Kitsien Suen50n-Taylor is also a tNsl¢e of ikne Cojnptoll V¢rn¢y FuJLd the Chlb]e eJhlowmetLt whieh he]ps to ffijttd Compton VemeyHous¢. Pag¢ 15