2020-12-31-accounts - The Charleston Trust (Bloomsbury In Sussex)

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TRUSTEES' REPORT
LEGAL AND ADMINISTRATIVE		INFORMATION
STRUCTURE, GOVERNANCE	AND MANAGEMENT		10
FINANCIAL RESULTS			12
STATEMENT OF TRUSTEES'	RESPONSIBILITIES		14
INDEPENDENT AUDITOR'S	REPORT		15
ANNUAL ACCOUNTS 2020
CONSOLIDATED STATEMENT		OF FINANCIAL ACTIVITIES	19
CONSOLIDATED AND CHARITY BALANCE SHEETS			20
CONSOLIDATED STATEMENT		OF CASHFLOVVS	21
NOTES TO THE ACCOUNTS			22 - 36

OR THE YEAR ENDE	D 31	DECEM	BER 2020 (Inc	orporating In	come and Ex	penditure A	ccount)
				2020			2019
			Unrestricmd A Designated Funds	Restricted Funds	Endowment Funds	Total Funds	Total Funds
		N
INCOME AND ENDOWMENTS		FROM:
Donations and legacies			364,981	109,500		474,481	355,588
Charitable acthdtles
Public open days and learning			87,720			87,720	510,166
House conservation			8,470			8,470
Festival			14,180			14,180	282,610
Grants and donations			739,095	430,583		1,169,678	46,405
			849,465	430,583		1,280,048	839,181
Other trading activities
Friends snd Patrons			60,709			60,709	56,204
Shop snd cafe			198,647			198,647	672,430
Other acdvidas for ganaradng funds			64,119			64,119	27,042
			323,475			323,475	755,676
Interest receivable			174			174	455
TOTAL INCOME AND ENDOWMENTS			1,530,095	540,083		2,078,178	1,950,900
EXPENDITURE ON:
Raising Funds
Fundraising			116,331	21,853		138,184	82,135
Friends snd patrons			34,775	6,533		41,308	44,426
Shop and cafe			338,142	63,520		401,662	744,418
Other costs ofgenerating	funds		25,967	4,878		30,845	14,433
			515,215	96,784		611,999	885,412
Charitable activities
Public open days and learning			283,278	70,753		354,031	640,107
House conservation			68,516	62,127		130,643	136,721
Festival			167,398	31,446		198,844	392,793
			519,192	164,326		683,518	1,169,621
TOTAL EXPENDITURE		s	I 03 407	2II I 110		I 295517	2,055 033
NET INCOME l(EXPENDITURE) FOR THE YEAR			503,688	278,973		782,661	(104,133)
TRANSFERS BETWEEN FUNDS			(5,824)	5,824
NET MOVEMENT IN FUNDS			497,864	284,797		782,661	(104,133)
TOTAL FUNDS BROUGHT FORWARD			7,095,143	1922157	208,177	7,496,177	7,600,310
TOTAL FUNDS CARRIED
FORWARD			7,593,007	477,654	208,177	8,278,838	7,496,177

			Group	Group	Charity	Charity
			2020	2019	2020	2019
				E
		Notes
Fixed Assets
Tangible Assets		IO	6,332,4 I7	6,518,098	6,316,434	6,496,143
Heritage Assets		II	1,001,941	962,691	1,001,941	962,691
Investment in Subsidiary		I2			2
Company
			7,334,358	7,480,789	7,318,377	7,458,836
Current Assets
Stock			72,218	128,703
Debtors			240,467	69,908	480,729	66,946
Cash at Bank and in	Hand		971,962	288,853	705,987	226,667
			1,284,647	487,464	1,186,716	293,613
Liabilities
Creditors: amounts within one year	falling due	I5	(220,167)	(405,076)	(175,385)	(377,233)
Net Current Assetsl(Liabilities)			1,064,480	82,388	1,011,331	(83,620)
Total Assets less current liabilities			8,398,838	7,563,177	8,329,708	7,375,216
Creditors: amounts after one year	falling due	I6	(120,000)	(67,000)	(120,000)	(67,000)
Total Net Assets			8,278,838	7,496,177	8,207,708	7,308,216
Funds ofthe charity
Endowment Funds			208,177	208,177	208,177	208,177
Restricted Income Funds			477,654	192,857	477,654	192,857
Unrestt icted and Designated			7,593,007	7,095,143	7,523,877	6,907,182
Funds
Total Funds		l7	8,278,838	7,496 177	8,209,708	7308216

						2020	2019
							6
Cashflows from operating activities
Net cash provided by or (used in) operating		activities				702,465	(729,502)
Cashflows from investing activities
Dividends and interest received						174	455
Purchase offixed assets						19,530	21,130
Net cash (used in)l provided	by investing		activities			(19,356)	(20,675)
Cashiiows from financing activities
Cash inflows from new borrowing							120,000
Change in cash and cash equivalents						683,109	(630,177)
Cash and cash equivalents atthe beginning		ofthe period				288,853	919,030
Cash and cash equivalents at the end		ofthe		period		971,962	288,853
RECONCILIATION OF NET INCOME(EXPENDITURE)					TO NET
CASHFLOW FROM OPERATING ACTIVITIES
						2020	2019
							E
Net income (expenditure) for the reporting		pei	iud			782,661	(104,133)
Adjustments for:
Depreciation charges						187,211	186,878
Dividends, interest and rents						(174)	(455)
Donation of Heritage Assets						(21,250)	(215,000)
Decrease (Increase) in stock						56,485	(38,070)
(Increase) Decrease in debtors						(366,914)	358,572
Increase (Decrease) in creditors						64,446	(917,294)
Net cash provided by l(used in)	operating		activities			702,465	729,502
ANALYSIS OF CHANGES IN	NET DEBT
		I)anuary 2020				Cashflows	31 December 2020
					E	6	6
Cash and Cash Equivalents				288,853		683,109	971,962
Loans: amounts falling due within one year			(53,000)			53,000
Loans: amounts falling due after more than one year			(67,000)			(53,000)	(120,000)
Total				168853		683,109	851 962

		Unrestricted	Restricted	Total Funds	Total Funds
		2020	2020	2020	2019
			6
Donations	and grants
ofa general	nature	344,981	109,500	454,481	344,588
Legacies		20,000		20,000	11,000
		364,981	109,500	474,481	355,588

	Public Open		Emergency
	Days and	House	and Reopen
	Learning	Conservation	Charleston	Acquisitions	Total	Total
	2020	2020	2020	2020	2020	2019
	6			6		6
Government
Funding
National Heritage
Lottery Fund			234,100		234,100
Arts Council England			224,995		224,995
Coronavirus job
Retention Scheme			204,878		204,878
Lewes District Council
Retail Leisure &
Hospitality grant			25,000		25,000
Historic England			33,333		33.333
Trusts and
Foundations
Wolfson Foundadon			145,000		145.000
Art Fund			94,464	6,000	100,464	5,625
Bloomberg
Philanthropies	50,000		10,000		60,000
Sigrid Reusing Foundadon		12,500	30,000		42,500
Chalk Cliff Trust			30,000		30,000
Rothschild Foundadon	25,000				25,000
Paul Mellon Fund	10,000				10,000
Rockefeller Foundation						19,611
						25

Artisa Foundation								9,000
Henry Moore Fund							9,000	9,000
Royal Oak Foundadon				6,068				6,068
Victoria and Albert Museum									6,000
Other grants					9465		875	10340	IS 169
		85,000	27,568		I 041 235		15,875	I 169678	46405
4. INVESTMENT INCOME
						2020			2019
Interest receivable						174			455
5.TOTAL EXPENDITURE
		Direct staff COStS		Direct costs		Support Costs		Total	Total
			2020		2020	2020		2020	2019
						E		E	E
Raising funds
Fundraising			80,620		9,008	48,557		138,185	82,136
Friends & Patrons			22,569		4,223	14,515		41,307	44,427
Shop &cafe			198,170		62,350	141,141		401,661	744,418
Other costs ofgenerating	funds		19,893		114	10,839		30,846	14,431
Charitable activities
Public open days & learning			182,683		46,944	124,403		354,030	640,107
The Charleston Festival			104,034		24,938	69,872		198,844	392,792
House conservation			65,477		19,260	45,907		130,644	136,722
Total expenditure			673,446		166,837	455,234	1.295,517		2,055,033

costs ofE89	,840 within 'S	upport c	osts' set out in n	ote 6.
			Direct staff costs	Direct costs	Support costs	Toial
			2019	2019	2019	2019
				E	f.	E
Raising funds
Fundraising			48,136	12,220	21,779	82,135
Friends & Patrons			24,890	7,756	11,781	44,427
Shop &cafe			211,790	335,234	197,394	744,418
Other costs	ofgenerating	funds	9,756	849	3,826	14,431
Charitable	activities
Public open	days & learning		298,801	171,729	169,577	640,107
House conservation			79,465	21,003	36,254	136,722
The Charleston Festival			112,210	176,427	104,155	392,792

Total expenditure	2,055,032
6.ANALYSIS OF SUPPORT COSTS
	2020	2019
	E
Staff costs	89,840	127,158
Other costs	365,394	417,608
	455,234	544,766

Net income/(expendi	ture)	for the	year is stated after charging:
				2020	2019
Auditors' remuneration:
Audit ofthe Charity	(current
year)				11,650	11,100
Audit ofthe Charity	(re	previous	year)	1,552
'Audit ofsubsidiary	(current
year)				2,750	2,750
Non-audit fees (current		year)		5,996	3,685
Non-audit fees re previous year				116	1,940
Depreciation offixed assets				187,211	186,878
Operating lease rentals		in respect	ofequipment	4,106	4,106
8.STAFF COSTS
				2020	2019
					E
Salaries and wages				626,101	845,758
Social security costs				47,714	50,120
Pension costs				14,615	16,328
Redundancy costs				16,645
				705,075	912,206

	Freehold
	land and	Leasehold land	Portable	Fixtures, fittings
	Buildings	and Buildings	office cabins	and equipment	Total
Cost or Valuation
I January 2020	225,000	6,478,748	10,888	227,390	6,942,026
Additions				1,530	1,530
31 December 2020	225,000	6,478,748	10,888	228,920	6,943,556
Depreciation
I January 2020		300,790	10,888	112,250	423,928
Charge for the year		150,395		36,816	187,211
31 December 2020		451,185	10,888	149,066	611,139
Net BookValue
31 December 2020	225,000	6,027,563		79,854	6,332,417
31 December 2019	225,000	6,177,958		115,140	6,518,098
					28

	Freehold
	Land and	Leasehold Land	Portable	Fixtures, gttings
	Buildings	and Buildings	office cabins	and equipment	Total
Cost or Valuation
Ijanuary 2020	225,000	6,478,748	10,888	190,991	6,905,627
Additions				1,530	1,530
31 December 2020	225,000	6,478,748	10,888	192,521	6,907,157
Depreciation
l)anuary 2020		300,790	10,888	97,806	409,484
Charge for the year		150,395		30,844	181,239
31 December 2020		451,185	10,888	128,650	590,723
Net Book Value
31 December 2020	225,000	6,027,563		63,871	6,316,434
31 December 2019	225,000	6,177,958		93,185	6,496,143

	Group and	Group and	Group and	Group and	Group and
	charity	charity	charity	charity	charity
	2020	2019	2018	2017	2016
		f
Cost or valuation
Brought forward	962,691	735,411	138,365	138,365	5,365
Additions	21,250	227,280			89,000
donated
Additions	18,000		597,046		44,000
purchased
Carried forward	1,001,941	962,691	735,411	138,365	138,365

		2020	2019
Sales		200,800	687,374
Cost ofsales		(108,959)	(290,450)
Gross Profit		91,841	396,924
Administrative expenses		(48,951)	(240,807)
Net profit for the year before donation		42,890	156,117
Gift Aid donadon to the	Charity	(161,722)	(84,298)
Profit (loss) on ordinary after taxation	activities before and	(118,832)	71,819

		2020	2019
			f
Tangible Fixed Assets		15,983	21,955
Current Assets		347,651	247,214
Creditors: amounts falling due within one year		(294,503)	(81,207)
Total assets less current	liabilities	69,131	187,962
Represented by
Share capital and reserves		69,131	187,962

13.STOCK
				Group	Group	Charity	Charity
				2020	2019	2020	2019
Goods for resale				72,218	128,704
14.DEBTORS
			Group		Group	Charity	Charity
			2020		2019	2020	2019
Trade debtors			9,728		1,668	780	274
Amounts due from subsidiary company						249,720
Other debtors			23,418		10,203	23,418	8,635
Taxation and	social security		35,318		10,759	35,319	10,759
Prepayments income	and accrued		172,003		47,278	171,492	47,278
			240,467		69,908	480,729	66,946
15.CREDITORS: AMOUNTS			FALLING DUE	WITHIN	ONE YEAR
			Group		Group	Charity	Charity
			2020		2019	2020	2019
			E		E
Trade creditors			93,397		147,487	85,372	100,429
Amounts due companies	to subsidiary						53,364
Taxation and secudty	social		31,699		31,325	15,174	14,710
Other creditors			33,913		9,761	24,827	7,270
Loans repayments		due			53,000		53,000
Accruals and	deferred
income			61,158		163,503	50,011	148,460
			220,167		405,076	175,384	377,233

he movem elow	ent on deferred income included with	in creditors amounts falling due wit	hin one year is analysed
		Group and Charity	Group and Charity
		2020	2019
		E
Deferred	income:
Balance at	I January 2020	19,292	7,717
Amounts	released from previous years	(I9,292)	(7,717)
Incoming resources deferred		26,190	19,292
Balance at	31 December 2020	26,190	19,292

		Group	Group	Charity	Charity
		2020	2019	2020	2019
				f
Loan within	repayments due one to two years	20,000	36,000	20,000	36,000
Loan within	repayments due three to five years	100,000	31,000	100,000	31,000
		120,000	67,000	120,000	67,000

				I January 2020	Income	Expenditure	Transfers	31 December 2020
					6	6
Unrestricted Funds
General				7,095,143	1,508,095	(1,034,407)	(5,824)	7,563,007
				7,095,143	1,508,095	(1,034,407)	(5,824)	7,563,007
Designated		Funds
Chalk Cliff					30,000			30,000
					30,000			30,000
Restricted		Funds
House Conservation				1,594		(594)		1,000
Acquisition	Fund			13,163	15,875	(2,454)	(18,000)	8,584
Coronavirus		Job Retention	Fund		204,878	(204,878)
Reopen Charleston					203,964			203,964
Charleston	Festival
Asham Literary Fund				135,828				135,828
Other restricted funds				42,272	115,366	(53,184)	23,824	128,278
				192,857	540,083	(261,110)	5,824	477,654
Endowment		Funds
Permanent				133,000				133,000
Expendable				75,177				75,177
				208,177				208,177
Total Funds				7,496,177	2,078,178	(1,295,517)		8,278,838

				Ijanuary 2019	Income	Expenditure	Transfers	31 December 2019
Unrestricted			Funds
General				7,162,542	1,862,237	(1,945,651)	16,015	7,095,143
				7,162,542	1,862,237	(1,945,651)	16,015	7,095,143
Restricted		Funds
House Conservation				1,309	7,846	(21,844)	14,283	1,594
Acquisition	Fund			6,678	23,500		(17,015)	13,163
Education				30,719	1,010	(31,729)
Charleston	Festival				15,758	(45,758)	30,000
Asham Literary			Fund	165,828			(30,000)	135,828
Other restricted			funds	25,057	40,549	(10,051)	(13,283)	42,272
				229,591	88,663	(109,382)	(16,015)	192,857
Endowment		Funds
Permanent				133,000				133,000
Expendable				75,177				75,177
				208,177				208,177
Total Funds				7,600,310	1,950,900	(2,055,033)		7,496,177

			Liabilities				Liabilities
			falling				falling
	Tangible Fixed	Net Current	due in more	Total	Tangible Fixed	Net Current	due in more	Total
	Assets	Assets	than one		Assets	Assets	than one
			year				year
	2020	2020	2020	2020	2019	2019	2019	2019
	E	E		E
Unrestricted
Funds
General	7,126,181	556,826	(120,000)	7,563,007	7,272,611	(110,468)	(67,000)	7,095,143
Designated		30,000	-	30,000
	7,126,181	586,826	(120,000)	7,593,007	7,272,611	(110,468)	(67,000)	7,095,143
Restricted Funds		477,654		477,654		192,857		192,857
Endowment Funds	208,177			208,177	208,177			208,177
Total Funds	7,334,358	1,064,480	(120,000)	8,278,838	7,480,788	82,388	(67,000)	7,496,177

19.LEASE COMMITMENTS	19.LEASE COMMITMENTS	19.LEASE COMMITMENTS
At 31 December 2020the Charity			had the following commitments	payable reladng to non-cancellable		leases:
				2020		2019
Operating	leases in	respect of
equipment
Payable in	one year			4,106		4,106
Payable in	the second to fifth year			4,106		8,213
Rent payable under		long lease of land
and buildings
Payable in	one year			330		330
Payable in	the second to fifth year			1,320		1,320
Payable after gve years				28,380	28,710
				38,242	42,679

						2019
					Unrestricted Funds	Restricted Funds	Endowment Funds	TMN Funds
					6		6	6
INCOME AND ENDOWMENTS				FROM:
Donations and legacies					329,000	26,500		355,588
Charitable activities
Public open days and learning					510,166	26,059		536,225
House conservation						7,846		7,846
Small Wonder
Charleston Centenary	Project
Acquisitions						12,500		12,500
					510,166	46,405		556,571
Other trading activities
Friends and Patrons					5&,204			56,204
Festival					266,852	15,758		282,610
Shop and cafe					672,430			672,430
Other activities for generating			funds		27,042			27,042
					1,022,528	15,758		1,038,286
Investments					455			455
TOTAL INCOME AND ENDOWMENTS					1,862,237	88,663		1,950,900
EXPENDITURE ON:
Raising Funds
Fundraising					82,135			82,135
Friends and patrons					44,426			44,426
Festival					347,035	45,758		392,793
Shop and cafe					744,418			744,418
Other costs ofgenerating		funds			14,433			14,433
					1,232,447	45,758		1378,205
Charitable actnrities
Public open days and learning					597,733	41,780		639,513
House mnservation					114,877	21,044		136,721
Small Wonder					594			594
Charleston Centenary	Project
					713,21H	63,624		776,828
TOTAL EXPENDITURE					I 945 651	109382		2 055 033
NET (EXPENDITURE)/INCOME YEAR		FOR		THE	(83,414)	(20,719)		(104,133)
TRANSFERS BETWEEN FUNDS					16,015	(16,015)
NET MOVEMENT IN FUNDS					(67,399)	(36,734)		(104,133)
					7,162,542	229,591	208, 177	7,600,310
TOTAL FUNDS CARRIED
FORWARD					7,095,143	192,857	208,177	7,496,177