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2022-12-31-accounts

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

TRUSTEES REPORT & ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

TRUSTEES’ REPORT 2
LEGAL AND ADMINISTRATIVE INFORMATION 8
STRUCTURE, GOVERNANCE AND MANAGEMENT 9
FINANCIAL RESULTS 11
STATEMENT OF TRUSTEES’ RESPONSIBILITIES 13
INDEPENDENT AUDITOR’S REPORT 14
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 18
CONSOLIDATED AND CHARITY BALANCE SHEETS 19
CONSOLIDATED STATEMENT OF CASHFLOWS 20
NOTES TO THE ACCOUNTS 21 - 35

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

TRUSTEES’ REPORT

The Trustees of The Charleston Trust (Bloomsbury in Sussex), also referred to in the report and financial statements as ‘The Charleston Trust’, ‘the Trust’ and ‘the Charity’, are pleased to present their report and the financial statements for the year to 31 December 2022.

Charitable Objectives and Mission Statement

As a registered charity created to manage and conserve Charleston for the benefit of the public, our objectives are:

Mission:

Originally a gathering place for the Bloomsbury group, Charleston today offers an open round table where artists, writers and visitors can share a dialogue about the nature and value of art as a way of life.

Purpose:

At Charleston, we believe that art in all its forms has a clear social value with the power to provide new thinking and imagine society differently.

Vision:

Charleston is a bold, pioneering public space for art, championing experimental thinking, liberal values and social inclusion towards a different way of living.

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

Introduction

In 2022 we were delighted to see the return of the Charleston Festival, after a two year pause due to Covid. The house remained open throughout the year and removed the final restrictions on entry in March 2022. We programmed two free contemporary art installations during the summer, including the first art installation within the house itself.

Over the year we programmed over 100 events across our four festivals, delivered six exhibitions, including the two free installations and we sold over 60,000 tickets.

Charleston was also commissioned to deliver part of a UK Community Renewal Fund grant, on behalf of the Sussex Modern consortium. Funding was awarded to create an arts trail across several Sussex locations and increase promotion of Sussex as a destination, with a high-profile press and PR campaign.

2022 Achievements and Activity

The May 2022 Charleston Festival exceeded 2019 ticket numbers with a broader programme and a range of concession ticket prices offered for the first time. Some shift in audience demographics was noticed as a result, with student and under 30s ticket offers attracting a younger audience. A children and families strand was introduced to the programme for the first time to reach wider audiences. New commissions and events were also introduced, including the first Charleston Monologue, by award winning writer, Benedict Lombe, responding to current events with a piece written in the days immediately before the festival.

Festival of the Garden returned in July, featuring speakers including Arit Anderson, Alys Fowler and Claire Ratinon, delivering an increase of almost 50% on 2021 attendance.

Queer Bloomsbury was extended across a full weekend in September, to coincide with the opening of the Very Private? exhibition. Once again we partnered with Marlborough Theatre to deliver an eclectic programme of performers, poets and writers. Ticket numbers increased by a third compared to 2021.

Small Wonder was moved to October and featured a wider programme of short form literature, including Peaches discussing her boundary pushing lyrics and Claudia Roden on recipes. Ticket numbers more than doubled compared to 2021 as the festival returned to a four-day programme.

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

Following the close in March of the hugely successful Duncan Grant 1920 and Tunji Adeniyi Jones exhibitions, we opened Ideas of Utopia featuring works from across the career of the artist duo Langlands and Bell. This exhibition examined attempts to create utopias, whether domestic, religious, social or commercial. Alongside a retrospective of their own work in the Wolfson Gallery, Langlands and Bell curated Absent Artists, in the South Gallery, largely featuring works from the Katrin Bellinger collection. Absent Artists explored studios where the artists were conspicuously absent, connecting those works to Charleston itself.

‘The artist is absent from every single one of these depictions. Instead, what we’re left looking at are the spaces of creative and artistic production themselves.’ Architect Jack Self

Langlands and Bell also created Near Heaven, an installation in Vanessa Bell’s studio at Charleston. In the attic overlooking the garden, the installation explored the space as an artistic refuge, and a place of escape from the outside world and the demands of domestic life. This installation was free to visitors and offered the opportunity to visit a rarely open area of the house.

“Alongside each other, and within the context of the site at Charleston, these contributions from Langlands & Bell offer something rare, a creative engagement with the world that is intuitive and sensitive, asking serious questions, offering visual pleasure and elements of humour, and all while laying itself bare to the scrutiny of public gaze.” Studio International April 22

In September we opened Very Private? featuring the first public exhibition of the erotic drawings of Duncan Grant, which were donated to Charleston through the Acceptance in Lieu scheme in 2021. Alongside the drawings by Duncan Grant, we featured responses to the work by contemporary artists Somaya Critchlow, Harold Offeh, Kadie Salmon, Tim Walker, Alison Wilding and Ajamu X.

“Some exhibitions grab you with both hands. Very Private? is one of them, which is fitting, given all the grappling, clutching and caressing taking place on the walls.... These drawings are imaginative, playful and intensely sexual.” Guardian September 22

“By placing Grant’s collection within a broader spectrum of bodies and identities, the exhibition offers a more expansive portrait of queerness, moving from the proscribed pleasures of the ‘very private’ to a collective intimacy” Frieze Magazine, September 22

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

Our paid exhibition programme attracted 12,545 visits during 2022, with a further 6,000 free visits to Near Heaven. The trustees are grateful for the enhanced support available through the Museums Galleries and Exhibitions tax relief scheme, which allowed the additional investment we have made in our exhibition programmes.

In the grounds outside the house, we commissioned a new sculpture from Turner prize winning artist, Nathan Coley. The installation, I don’t have another land, was in place between April and September 2022 and formed part of the Sussex wide trail of Tentative Words Change Everything, an exhibition that brought together six of the artist’s sculptures across the landscape in and around the Lewes district, supported by a grant from the UK Community Renewal Fund.

During 2022 we welcomed 28,000 visitors to the house, an increase of 8% on 2019, our last full year precovid. In September we were able to reopen the Spare bedroom, following extensive conservation work.

Charleston’s Chief Executive, Nathaniel Hepburn, continued to act as Chair of the Sussex Modern consortium. On behalf of the consortium, Charleston delivered a substantial grant from the UK Community Renewal Fund, which included the creation of a local trail of six installations by Nathan Coley, Tentative words change everything. A high-profile press and PR campaign included a national advertising campaign, a new website and commissioned articles and photography on the tourism offer in Sussex.

This year we also worked with Kim Jones, Artistic Director of Dior Menswear, to create a collaboration which saw the inclusion of a number of paintings and images by Duncan Grant in the Dior 2023 menswear collection. This collaboration provides an amazing opportunity to share our collections and stories with a global audience, introducing them to the work of Duncan Grant and to Charleston itself. Charleston will benefit from royalties from the sale of the collection and Dior have also committed to support our 2023 exhibition Bring no clothes: Bloomsbury and Fashion.

In early 2022 we carried out a skills audit of the board and advertised externally for new trustees as previous trustees reached the end of their terms. We were delighted with the response, and appointed seven new trustees who bring a range of professional experience to the charity. The new trustees include two members of our Equity, Diversity and Inclusion group. In May Mark Burch stepped down as Chair of the Business and Finance Committee, after serving for six years. Caroline Price has now been appointed as Chair.

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

During 2022 we continued to develop plans for a new Charleston site in nearby Lewes. Our long-term vision includes the creation of an accessible public study centre, education and learning facility and archive store, additional exhibition space and a space to display a growing collection and long-term loans from national museum partners. The building would also offer much needed additional office and enterprise facilities. Funding was secured for further planning and development of the scheme and in November the board agreed to test the proposition with a ‘meanwhile use’ strategy including a temporary exhibition programme, an opportunity for community engagement and detailed consultation and including a retail and catering offer. A new charity and company limited by guarantee, Charleston Lewes Limited, was created to deliver the project.

Future Plans

In 2023 we will continue to focus on embedding the shifts in our programming to welcome more diverse audiences to Charleston and establishing a financially sustainable business model, supported by our enterprise activity.

In the coming year we have projected continued growth in visitor numbers at Charleston. We have introduced a change to the house visits in response to visitor feedback, with a free flow model which allows visitors to choose how they experience the house, spending as much time as they want in each room without a prescribed route. We will also reintroduce a guided tour experience for those visitors who want more in-depth knowledge of the house and collection.

The Charleston Festival returned again in May 23 with a wider programme of family and children’s events taking place in a new tent in the Orchard, new commissions and performances and a programme of workshops. Ticket sales for the 2023 festival were lower than 2022, which we attribute to the current economic challenges. Our other festivals will return later in 2023 and we hope to grow these events further and continue to welcome new audiences to Charleston.

Our summer 2023 exhibition includes the first joint UK exhibition of the works of artists Betty and George Woodman, alongside a retrospective of the work of South African artist, Hylton Nel. Our autumn exhibition will include drawings by David Hockney.

We have continued to develop plans for a new site in Lewes. In May 2023, project underwriting was secured for a ‘meanwhile use’ period and the board agreed that Charleston Lewes Limited could enter into a five-year lease with a flexible break clause. We currently expect to open the building to the public in

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

September 2023, with a high-profile exhibition Bring no clothes: Bloomsbury and Fashion, curated by fashion journalist and writer Charlie Porter alongside a programme of community outreach and consultation about our longer term plans for the building.

Supporters

The Trustees and staff are grateful to all the public bodies, trusts and foundations, individual supporters and sponsors who have supported Charleston in 2022.

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

FINANCE, GOVERNANCE AND ADMINISTRATIVE DETAILS

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY DETAILS

REGISTERED OFFICE & PRINCIPAL ADDRESS

TRUSTEES/DIRECTORS

Pippa Harris (Chair) Jolyon Brewis Mark Burch (resigned 4 May 2022) Judith Comyn (appointed 4 May 2022, resigned 12 May 2023) Marion Gibbs (resigned 5 December 2022) Katy Hessel (appointed 4 May 2022) Rohan Jerath (appointed 4 May 2022) Harriet Otoo David Pickard (resigned 4 May 2022) Caroline Price Piers Sanders (appointed 20 July 2022) Sarah Sergeant Nino Strachey (appointed 20 July 2022, resigned 27 February 2023) Hannah Wallace (appointed 4 May 2022) Kim Walker (appointed 5 December 2022)

COMPANY SECRETARY

Louise Zandstra

PRESIDENT

Virginia Nicholson

PATRON

Her Majesty the Queen (formerly HRH The Duchess of Cornwall)

CHIEF EXECUTIVE

Charleston Firle, Lewes, East Sussex, BN8 6LL

REGISTERED CHARITY NUMBER 1107313

REGISTERED COMPANY NUMBER 05212725

COMMITTEE MEMBERS

Business & Finance Committee: Caroline Price (Chair), Pippa Harris, Piers Sanders, Sarah Sergeant.

Nominations Committee: Jolyon Brewis, Harriet Otoo, Caroline Price

Directors of Charleston Enterprises Limited: Anne Morrison, Caroline Price, Nathaniel Hepburn

ADVISORS

AUDITORS Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE

BANKERS Barclays Bank plc 1 Churchill Place, London E14 5HP

Nathaniel Hepburn

SOLICITORS Mayer Brown International LLP 201 Bishopsgate London EC2M 3AF

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charleston Trust was founded in 1981 to save and restore Charleston for the public. The Charleston Trust (Bloomsbury in Sussex) is a charitable company limited by guarantee and governed by its Memorandum and Articles of Association. The Trust was incorporated on 23 August 2004 and registered as a charity on 17 December 2004.

Operation of the shop and other commercial activity is carried out through its wholly owned subsidiary, Charleston Enterprises Limited.

During 2022 Charleston Lewes Limited was established, a charitable company limited by guarantee which will be responsible for the operation of the new Charleston site in Lewes. The new charity is independent of The Charleston Trust (Bloomsbury in Sussex) but the Trustees of The Charleston Trust can appoint a majority of trustees of Charleston Lewes. Charleston Lewes was dormant throughout 2022.

GOVERNANCE

The Charity is governed by the Board of Trustees with members of the Board acting as both its Trustees for the purposes of the Charities Act 2011 and Directors under the Companies Act 2006. The Members of the Charity are the Trustees.

The Board meets at least four times a year and is responsible for strategy and establishing and monitoring the policies for the Trust. The Board approves the Trustees’ Report and Accounts, annual budget and forward plan.

Trustees are appointed on the basis that they have a broad and diverse range of expertise in a number of fields relevant to the Trust including fundraising, education, arts and finance. A thorough induction process is followed for all new Trustees. They are given an outline of the various areas of activity that the Charity covers, a full set of current policy and procedure documents and an induction session with the Chief Executive.

The current Trustees and those who served during the year are listed on page 11.

Charleston Enterprises Limited is a wholly owned trading subsidiary and has an independent board of Directors.

COMMITTEES

In addition to the Board, the Charity operates through the following committees, each with its own terms of reference:

The members of each ongoing committee are listed on Page 11.

Day-to-day management of the operations and activities of the Trust is delegated by the Board to the Chief Executive.

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

RISK MANAGEMENT

Each year the Trustees undertake a review of the major risks to which the Charity is exposed, putting in place appropriate systems to mitigate and manage those risks. A detailed risk register has been established and is reviewed quarterly by the Business & Finance Committee. Major risks and action points are reviewed and discussed by the Board. The Charity also has separate risk assessment and emergency plans which cover the House, the collection, the site, festivals and events.

The Trustees have identified the most significant risks as the potential impact of the new Charleston site on Lewes on staff and operational resources, the risk of not achieving challenging 2023 targets for income from trusts and donations to support the Trust activity, the failure to grow earned income and commercial income streams and the impact of inflation and the cost-of-living crisis on our activity levels.

REMUNERATION POLICY

The Trust is committed to paying staff a fair salary that is competitive within the charity sector locally, proportionate to the complexity of each role and in line with the charitable objectives. The Trust meets all national pay standards and provides all staff with at least the National Living Wage, regardless of age. The Trustees, with recommendations from the Business and Finance Committee, delegate responsibility for approving any annual pay increases to the Chief Executive. The Trustees consider the key management personnel to be the Chief Executive and senior members of staff listed in note 8. The remuneration of the Chief Executive is considered annually by the Business & Finance Committee and the remuneration of the other senior managers is approved by the Chief Executive within available budgets.

All Trustees give their time on an unremunerated basis.

INVESTMENT POLICY

The Trust’s investments (see note 13 of the accounts) consist of the trading subsidiary, Charleston Enterprises Limited.

FUNDRAISING POLICY

The Charity takes seriously its responsibilities under the Charities (Protection and Social Investment) Act 2016. The Charity receives donations from a number of different sources including members of the public who visit the house, trusts, foundations and corporate partners. The Charity is registered with the Fundraising Regulator.

The Charity does not work with third party fundraisers.

No complaints have been received during the year in relation to fundraising.

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

FINANCIAL RESULTS

INCOME AND EXPENDITURE

In 2022, the Charity delivered a surplus on net incoming resources of £319,315 (2021: surplus of £122,538).

The net movement on unrestricted funds was a deficit of £130,331, which included £2,606 of transfers from restricted funds (2021: £350,992 surplus after transfers from restricted funds of £264,412). The Board set a deficit budget for 2022, recognising that the organisation was still facing restrictions in the first half of the year due to covid and that we faced increasing cost pressures. Although visitor numbers and event attendances were strong in the year, we invested more in our exhibitions programme and faced significant inflationary cost increases on utilities and site costs. Additional costs were offset by the increased recovery rate for Museums Exhibitions and Galleries tax relief and income generated by Charleston Enterprises in our collaboration with Dior.

Total incoming resources were £3,428,753 (2021: £2,475,760). Income from admission and events totalled £771,523, up from £416,442 in 2021 due to the return of the Charleston Festival and the removal of capacity restrictions in the house. Retail income from in person and online sales grew to £415,185 from £297,889 in 2021. During 2021 we agreed a rent-free period with our catering partners to provide them with financial security during the re-opening period, in 2022 we received a share of cafe turnover for a part year, totalling £8,342. In 2022 Enterprise income included an advance on royalties and fees paid by Christian Dior in respect of the Duncan Grant collaboration on their Summer 23 menswear collection.

Unrestricted donations included donations of Heritage Assets valued at £310,000, including a donation of paintings and ceramics by long term supporters of Charleston.

Taxation relates to the projected claim for Museums, Galleries and Exhibitions tax relief. The claim has increased to £130,120 (2021 £22,688) due to the enhanced recovery rates set out in the 2021 autumn statement and the increased investment in our exhibition programme in 2022 made possible by this relief.

Total resources expended increased to £3,239,558 (2021: £2,375,910), this amount included £498,150 of expenditure on an art trail and tourism and PR campaign funded by the UK Community Renewal Fund, delivered on behalf of the Sussex Modern consortium. Activity and operation costs were significantly higher than 2021 as we were open for a full year and programmed a full range of festivals and events, including two additional art installations.

Support costs, including Governance costs, have been allocated in direct proportion to the direct costs of each line of expenditure in the SOFA. Depreciation charges amounted to £160,357 largely due to the depreciation of the Centenary Project assets (2021: £195,478).

RESERVES

As at 31 December 2022, the Trust had total funds of £8,720,692 (2021: £8,401,376), of which £7,813,668 was general unrestricted funds (2021: £7,943,999), £208,177 (2021: £208,177) was endowment funds and £698,845 (2021: £249,200) was restricted funds.

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

The £7,813,668 of general unrestricted funds consists of £7,600,013 (2020: £7,450,371) tangible fixed assets and £253,654 surplus (2020: £573,628) on free reserves, excluding creditors falling due in more than one year of £40,000.

The Reserves Policy as agreed by the Trustees is to build up free reserves to a level equivalent to at least six months’ overhead costs including salaries of permanent staff, which we estimate is an amount of £592,000 based on the 2023 budget. This is intended to provide security against risks within the operating budgets and capital to enable investment in new opportunities as appropriate. As at December 2022 free reserves were equivalent to 2.5 months of overheads and the Trustees plan to develop a long-term financial plan during 2023 to build reserves to the target level.

RESTRICTED FUNDS

Note 18 of the Annual Accounts provides information regarding the £698,845 (2021: £249,200) restricted funds including amounts received and expended during the year.

ENDOWMENT FUNDS

Endowment funds of £208,177 (2021: £208,177) represent an investment in the fixed assets of the Trust.

GOING CONCERN

The Trustees have a reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future.

In reviewing a reforecast budget for 2023 and a draft budget for 2024, the Trustees have considered a range of possible scenarios and the risks inherent in each.

Our updated projections for 2023 indicate that we continue to face pressures from inflation and the current economic climate and we remain reliant on additional fundraising.

The Trustees have reviewed the outline budget for 2024 and are satisfied that the projected income levels are realistic and that the level of fundraising already secured or projected, alongside projected earned income and available free reserves will allow Charleston to underwrite planned activity in 2024 without incurring an unsustainable operating deficit.

Having considered the period for at least twelve months from the date of approval of this report, the Trustees confirm that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors of The Charleston Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each Trustee is aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ Report, which includes the Strategic Report, has been approved by the Board of The Charleston Trust (Bloomsbury in Sussex) on 20 July 2023 and is signed on its behalf by

Dame Pippa Harris

Chair

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS

Opinion

We have audited the financial statements of The Charleston Trust (Bloomsbury in Sussex) (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2022 which comprise the consolidated statement of financial activities, consolidated and charity balance sheets, consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 14, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sectors in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include the Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement

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disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Wills (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4V 4BE

Date: 24 July 2023

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (SOFA)

FOR THE YEAR ENDED 31 DECEMBER 2022 (Incorporating Income and Expenditure Account)

Not
e
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
Charitable activities
House and Galleries
Festivals and Events
Grants and donations
3
Other trading activities
Fundraising income
Enterprise income
Interest receivable
4
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Charitable activities
Sussex Modern
Festivals and Events costs
House and Galleries costs
Raising funds
Fundraising costs
Enterprises costs
TOTAL EXPENDITURE
5
NET INCOME /(EXPENDITURE) FOR
THE YEAR
TAXATION
7
TRANSFERS BETWEEN FUNDS
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED
FORWARD
18		 2022
2021
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
Funds
Total
Funds
£
£
£
£
£
376,008
132,500
-
508,508
590,595
434,442
-
-
434,442
207,852
379,592
-
-
379,592
187,114
112,900
1,153,620
-
1,266,520
1,045,056
926,934
1,153,620
-
2,080,554
1,440,022
107,660
-
-
107,660
48,088
731,924
-
-
731,924
397,019
839,584
-
-
839,584
445,107
107
-
-
107
36
2,142,633
1,286,120
-
3,428,753
2,475,760
-
498,150
-
498,150
-
772,496
29,632
-
802,128
578,025
1,050,031
183,959
-
1,233,990
1,217,197
1,822,527
711,741
-
2,534,268
1,795,222
168,036
-
-
168,036
201,846
415,127
122,127
-
537,254
378,842
583,163
122,127
-
705,290
580,688
2,405,690
833,868
-
3,239,558
2,375,910
(263,057)
452,252
-
189,195
99,850
130,120
-
-
130,120
22,688
2,606
(2,606)
-
-
-
(130,331)
449,646
-
319,315
122,538
7,943,999
249,200
208,177
8,401,376
8,278,838
7,813,668
698,846
208,177
8,720,691
8,401,376

The SOFA includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes on pages 21 to 35 form part of these financial statements. A comparative SOFA is shown in note 23.

18

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

CONSOLIDATED AND CHARITY BALANCE SHEETS

FOR THE YEAR ENDED 31 DECEMBER 2022

Company Registration 05212725

Notes
Fixed Assets
Tangible Assets
11
Heritage Assets
12
Investment in Subsidiary
Company
13
Current Assets
Stock
14
Debtors
15
Cash at Bank and in Hand
Liabilities
Creditors: amounts falling due
within one year
16
Net Current
Assets/(Liabilities)
Total Assets less current
liabilities
Creditors: amounts falling due
after one year
17
Total Net Assets
Funds of the charity
Endowment Funds
Restricted Income Funds
Unrestricted Funds
Total Funds
18		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
5,996,250
6,156,607
5,978,058
6,131,821
1,811,941
1,501,941
1,811,941
1,501,941
-
-
2
2
7,808,191
7,658,548
7,790,001
7,633,764
91,032
71,524
-
-
692,861
269,040
553,232
278,606
576,050
934,277
342,368
816,072
1,359,943
1,274,841
895,600
1,094,678
(407,443)
(452,013)
(355,912)
(392,821)
952,500
822,828
539,688
701,857
8,760,691
8,481,376
8,329,689
8,335,621
(40,000)
(80,000)
(40,000)
(80,000)
8,720,691
8,401,376
8,289,689
8,255,621
208,177
208,177
208,177
208,177
698,846
249,200
698,846
249,200
7,813,668
7,943,999
7,382,666
7,798,244
8,720,691
8,401,376
8,289,689
8,255,621

A separate Statement of Financial Activities for the charity alone has not been produced, as permitted by section 408 of the Companies Act 2006. The Charity’s net movement in funds for the year was a surplus of £34,068 (2021 surplus £45,912)

Approved and authorised for issue by the Board of The Charleston Trust (Bloomsbury in Sussex) on 20 July 2023 and signed on its behalf by

Dame Pippa Harris, Chair

19

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

CONSOLIDATED STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Cashflows from operating activities
Net cash provided by or (used in) operating activities
Cashflows from investing activities
Dividends and interest received
Purchase of fixed assets
Change in cash and cash equivalents
Cash and cash equivalents at the beginning of the
period
Cash and cash equivalents at the end of the period
RECONCILIATION OF NET INCOME(EXPENDITURE) TO NET
FROM OPERATING ACTIVITIES
Net income (expenditure) for the reporting period
Adjustments for:
Depreciation charges
Dividends, interest and rents
Donation of Heritage Assets
(Increase)/Decrease in stock
(Increase) in debtors
(Decrease)/Increase in creditors
Net cash provided by operating activities		 2022
2021
£
£
(358,334)
(18,054)
107
36
-
(19,667)
(358,227)
(37,685)
934,277
971,962
576,050
934,277
CASHFLOW
2022
2021
£
£
319,315
122,538
160,356
195,478
(107)
(36)
(310,000)
(500,000)
(19,507)
693
(423,821)
(28,573)
(84,570)
191,846
(358,334)
(18,054)

ANALYSIS OF CHANGES IN NET DEBT

Cash and Cash Equivalents
Loans: amounts falling due
within one year
Loans: amounts falling due
after more than one year
Total		 1 January 2022
Cashflows
31 December 2022
£
£
£
934,277
(358,227)
576,050
(20,000)
(20,000)
(40,000)
(80,000)
40,000
(40,000)
834,277
(338,227)
496,050

The notes on pages 22 to 36 form part of these financial statements.

20

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

BASIS OF PREPARATION

The financial statements are prepared under the historical cost convention. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Companies Act 2006 and UK Generally Accepted Practice.

GOING CONCERN

The Trustees have a reasonable expectation that the Charity has adequate resources to continue activities for the foreseeable future.

The Trustees have reviewed the projected budgets for 2023 and 2024, which show visitor numbers and event income returning to pre-covid levels and continued growth in earned income. The Trustees have satisfied themselves that the level of fundraising already secured or projected, alongside projected earned income and available free reserves will allow Charleston to deliver planned activity in 2023 and 2024.

Having considered the period for at least twelve months from the date of approval of this report, the Trustees confirm that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. No capital commitments are made without sufficient funding secured.

CONSOLIDATION

The financial statements consolidate the results and the assets and liabilities of the Charity and its wholly owned subsidiary, Charleston Enterprises Limited, on a line-by-line basis. The results for the activities carried out by Charleston Enterprises Limited are set out in note 13.

FUND ACCOUNTING

Unrestricted general funds are available for the use of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Unrestricted designated funds have been set aside by the Trustees for a particular future project or commitment. These funds remain part of the unrestricted funds of the Charity as the designation has an administrative purpose only and does not legally restrict the Trustees’ discretion in how to apply the funds.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or by the purpose of an appeal.

Permanent Endowment funds are held as capital. Expendable endowment funds are applied at the discretion of the Trustees unless otherwise instructed by the donor.

INCOME

All income is included in the SOFA when the Charity obtains the right to consideration and the amount can be quantified with reasonable accuracy. The following policies apply to particular sources of income:

21

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

Income is included in the SOFA under the following categories:

i. Donations & legacies: donations to the Charity from individuals and personal trusts and includes associated Gift Aid.

ii. Public open days & learning: income from visitors to the House and Garden and to the exhibition spaces, and income generated through our programme of festivals and events.

iii. House conservation: includes restricted grants received for conservation and maintenance of the House and Garden and donations from individuals to the Annual Fund.

iv. The Charleston Festival: income generated by the annual Charleston literary festival held in May including ticket income, associated grants and donations and sponsorship income.

v. Acquisitions: grants and donations made to support acquisition of additions to the Charleston collection.

vi. Grants and donations: public and government funding and grants and donations from trusts and foundations given either on a restricted or unrestricted basis.

vii. Friends and Patrons: annual subscriptions to the Friends of Charleston and Patrons of Charleston schemes including the gift aid received thereof.

viii.Shop & café: income generated by the Charity’s trading subsidiary, Charleston Enterprises Limited, through operation of the shop and café.

ix. Other activities for generating funds: income from fundraising events and activity.

EXPENDITURE

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Expenditure is allocated to categories in accordance with the main activity of the staff concerned or the substance of the costs as set out in note 5. Expenditure includes the costs of generating funds and charitable expenditure including support, management and administration costs.

Support costs are those costs incurred in support of expenditure on the objectives of the Charity and are allocated to the activities set out in note 5 on the basis set out in note 6. Support costs include governance costs which are those expenses incurred in the governance of the Charity and are primarily associated with constitutional and statutory requirements including audit of the Charity’s accounts and include an appropriate proportion of senior management time.

Redundancy and other termination costs are calculated in accordance with statutory requirements in the UK and are recognised in full when paid to employees.

22

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

CURRENCY

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these statements are rounded to the nearest £.

GUARANTEE

The Charity is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is £10 per member of the Charity. At 31 December 2022 the total of such guarantees was £80.

TANGIBLE FIXED ASSETS

All tangible fixed assets are capitalised, subject to a cost threshold of £1,000. Tangible fixed assets are stated at cost including any incidental expenses of acquisition. Depreciation is provided against all tangible fixed assets on a straight-line basis at rates calculated to write off the cost over their expected useful economic lives as follows:

Freehold land and buildings See below Leasehold land and buildings 50 years External works 25 years New water supply 5years Portable office cabins 4 years Fixtures & fittings 10 years Audio visual and office equipment 4 years

No depreciation is provided on the freehold land & buildings as the Trustees consider the economic life to be indefinite with adequate maintenance.

HERITAGE ASSETS

The house and garden and items in the collection acquired up to 31 December 2013 are heritage assets which are not capitalised under the provisions of paragraph 18.14 of the SORP (FRS102). Assets acquired from 1 January 2014 onwards are capitalised where cost and valuation information is available.

Depreciation is not charged on heritage assets as they have an indefinite life span.

Expenditure that is required to preserve or prevent further deterioration of individual collection items is recognised in the SOFA when it is incurred.

FOREIGN CURRENCIES

Transactions in foreign currencies are translated into sterling at the date of the transaction. Any exchange differences are recognised through the SOFA. Foreign exchange monetary assets and liabilities are recognised at the rate of exchange ruling at the balance sheet date.

STOCK

Stock is valued at the lower of cost and net realisable value.

CASH AT BANK AND IN HAND

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

23

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.

PENSIONS

The Charity offers a stakeholder pension scheme to eligible employees. Contributions are charged to the SOFA as they fall due.

LEASING COMMITMENTS

Rentals payable under operating leases are charged to the SOFA on a straight-line basis over the lease term.

TAXATION

No tax provision is included in the financial statements on the basis that all income for the registered charity is derived from wholly charitable activities.

KEY ESTIMATES AND JUDGEMENTS

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. On transition to FRS102 the Charity took the option to treat the previous valuation of the freehold land and property as deemed cost. Going forward the freehold land and buildings will therefore be held at deemed cost. The Trustees consider the freehold land and buildings to have an indefinite useful economic life with adequate maintenance and therefore no depreciation charge is deemed necessary.

2. DONATIONS AND LEGACIES

Included in the SOFA under Donations and Legacies are the following:

Donations and grants
of a general nature
Donation of artwork
via Acceptance in
Lieu Scheme		 Unrestricted
Restricted
Total Funds
Total Funds
2022
2022
2022
2021
£
£
£
£
376,008
132,500
508,508
90,595
-
-
-
500,000
376,008
132,500
508,508
590,595

24

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

3. GRANTS RECEIVED

During the year, the Charity received the following grants which are included in the SOFA under Income from Charitable Activities.

Government
Funding
UK Community
Renewal Fund
Arts Council England
Get Building Fund
Architectural Heritage
Fund
Government Kickstart
grants
Lewes District Council
project support
Lewes District Council
Retail Leisure &
Hospitality grant
Coronavirus Job
Retention Scheme
Trusts and
Foundations
Royal Oak Foundation
Art Fund USA
Chalk Cliff Trust
Tavolozza Foundation
Linbury Trust
Bloomberg
Philanthropies
Mercers Foundation
Sigrid Rausing
Foundation
Kilroot Foundation
Rockefeller
Foundation
Other grants (under
£10.000)		 House and
Galleries
Festivals
and
Events
Enterprise
Sussex
Modern
Other
Total
Total
2022
2022
2022
2022
2022
2022
2021
£
£
£
£
£
£
£
-
-
-
498,471
-
498,471
-
50,400
-
234,000
-
-
284,400
510,254
-
-
-
-
-
-
293,126
-
-
-
-
-
-
50,000
23,909
-
-
-
-
23,909
29,639
-
-
-
-
16,800
16,800
-
8,000
-
-
-
-
8,000
28,357
-
-
-
-
-
-
9,159
183,507
-
-
-
-
183,507
-
97,683
-
-
-
-
97,683
-
-
27,500
-
-
25,000
52,500
-
41,250
-
-
-
-
41,250
10,000
-
-
-
-
-
-
25,000
15,000
-
-
-
-
15,000
-
15,000
-
-
-
-
15,000
15,000
12,500
-
-
-
-
12,500
12,500
12,000
-
-
-
-
12,000
-
-
-
-
-
-
-
30,000
3,000
2,500
-
-
-
5,500
32,021
462,249
30,000
234,000
498,471
41,800
1,266,520
1,045,056

25

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

4. INVESTMENT INCOME

Interest receivable

2022 2021
£ £
107 36

5. TOTAL EXPENDITURE

Charitable activities
House and Galleries
Festival and Events
Sussex Modern
Raising funds
Fundraising
Enterprises
Total expenditure		 Direct staff
costs
Direct
costs
Support
costs
Total
Total
2022
2022
2022
2022
2021
£
£
£
£
£
532,007
315,238
386,746
1,233,991
1,206,051
244,071
306,661
251,395
802,127
589,171
28,695
469,455
-
498,150
-
91,881
23,491
52,664
168,036
201,847
155,540
213,333
168,381
537,254
378,841
1,052,194
1,328,178
859,186
3,239,558
2,375,910

Staff costs of £1,084,885 are set out at note 9 and comprise direct staff costs of £989,560 and allocated staff costs of £95,325 within ‘Support costs’ set out in note 6.

Charitable activities
House and Galleries
Festival and Events
Raising funds
Fundraising
Enterprises
Total expenditure		 Direct staff
costs
Direct
costs
Support
costs
Total
2021
2021
2021
2021
£
£
£
£
323,632
526,407
356,012
1,206,051
162,147
253,108
173,916
589,171
485,779
779,515
529,928
1,795,222
91,356
50,907
59,584
201,847
113,841
153,170
111,830
378,841
690,976
983,592
701,342
2,375,910

6. ANALYSIS OF SUPPORT COSTS

Staff costs
Other costs		 2022
2021
£
£
95,325
97,425
763,861
603,917
859,186
701,342

Support costs, included in the expenditure reported in the SOFA, consist of governance costs, IT, premises, finance, marketing and depreciation. They are allocated in proportion to the direct costs of each line of expenditure in the SOFA. Support costs include £32,793 of governance costs (2021: £26,242).

26

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

7. TAXATION

Domestic current year tax
UK corporation tax credit		 2022
2021
£
£
130,120
22,688

Income from UK corporation tax relates to a credit for Museums, galleries and exhibitions tax relief.

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) for the year is stated after charging:

Net income/(expenditure) for the year is stated after charging:
2022 2021
£ £
Auditors’ remuneration:
Audit of the Charity (current year) 16,275 12,400
Audit of subsidiary (current year) 4,500 2,900
Non-audit fees (current year) 3,831 7,559
Depreciation of fixed assets 160,356 195,478
Operating lease rentals in respect of equipment 6,347 5,855

9. STAFF COSTS

Salaries and wages
Social security costs
Pension costs		 2022
2021
£
£
986,130
718,199
76,646
52,844
22,109
17,358
1,084,885
788,401

The average number of staff employed during the year, including part-time and temporary contracts, was 61 (2021 – 37). Please note this does not include volunteers.

The number of employees receiving a salary over £60,000 in the year was:

£60,001 - £70,000
£80,001 - £90,000		 2022
2021
No.
No.
-
1
1
-
1
1

Contributions totalling £4,255 were made to a stakeholder pension for the above employee (2021: £3,282).

Key management personnel are considered to be the Chief Executive, the Director of Finance, Director of Communications, Head of Operations and Visitor Experience, the Head of Programme and Events, the Head of Collections and Research and the Head of Exhibitions. The total amount paid to key management personnel in the year was £352,985 (2021: £297,663). This amount includes stakeholder pension contributions of £9,926 (2021: £8,078).

27

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

10. TRUSTEES

None of the Trustees received any remuneration during the year for their services. Trustee expenses totalling £383 were reimbursed during the year (2021: £Nil).

11. TANGIBLE FIXED ASSETS

GROUP
Cost
1 January 2022
Disposal
31 December 2022
Depreciation
1 January 2022
Charge for the year
On disposals
31 December 2022
Net Book Value
31 December 2022
31 December 2021
CHARITY
Cost or Valuation
1 January 2022
Disposals
31 December 2022
Depreciation
1 January 2022
Charge for the year
On disposals
31 December 2022
Net Book Value
31 December 2022
31 December 2021		 Freehold
Land and
Buildings
Leasehold Land
and Buildings
Fixtures, fittings
and equipment
Total
225,000
6,478,748
248,587
6,952,335
(20,998)
(20,998)
225,000
6,478,748
227,589
6,931,337
-
609,201
186,528
795,729
-
142,773
17,583
160,356
(20,998)
(20,998)
-
751,974
183,113
935,087
225,000
5,726,774
44,476
5,996,250
225,000
5,869,547
62,059
6,156,606
Freehold
Land and
Buildings
Leasehold Land
and Buildings
Fixtures, fittings
and equipment
Total
225,000
6,478,748
192,488
6,896,236
(11,194)
(11,194)
225,000
6,478,748
181,294
6,885,042
-
609,201
155,214
764,415
-
142,773
10,990
153,763
(11,194)
(11,194)
-
751,974
155,010
906,984
225,000
5,726,774
26,284
5,978,058
225,000
5,869,547
37,274
6,131,821

The value of the freehold building is considered by the Trustees to be equivalent to its historic cost. Due to the unique nature of the property, the Trustees believe that a reliable estimate cannot be made of the asset’s fair value and any financially based valuation would be misleading to the cultural value and significance of the property.

28

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

12. HERITAGE ASSETS

Cost or
valuation
Brought
forward
Additions
donated
Additions
purchased
Carried forward		 Group and
charity
Group and
charity
Group and
charity
Group and
charity
Group and
charity
2022
2021
2020
2019
2018
£
£
£
£
£
1,501,941
1,001,941
962,691
735,411
138,365
310,000
500,000
21,250
227,280
-
-
-
18,000
-
597,046
1,811,941
1,501,941
1,001,941
962,691
735,411

Heritage assets consist of items acquired for the collection from 1 January 2014 onwards. Heritage assets are capitalised at the point of acquisition where cost or valuation information is available. Heritage assets include items donated to and purchased for the collection. Heritage assets are not depreciated or re-valued as a matter of routine.

The house and garden and items in the collection acquired up to 31 December 2013 are heritage assets which are not capitalised under the provisions of paragraph 8.14 of the SORP as the Trustees believe that the cost of obtaining an accurate valuation for these assets outweighs the benefit of doing so. The insured value of these assets is £13.2 million (2021 £11 million).

13. FIXED ASSET INVESTMENTS

Subsidiary undertaking

The Charity owns 100% of the issued share capital of £2 of Charleston Enterprises Limited (company number 02203968) which is incorporated in the UK. The main activities of the subsidiary are retail, licencing and the operation of the café. Taxable net profits are donated to the parent charity annually.

Charleston Enterprises Limited trading results for the year are summarised below:

Sales
Cost of Sales
Gross Profit
Administrative expenses
Net profit for the year before donation
Gift Aid donation to the Charity		 2022
2021
£
£
730,192
347,587
(191,779)
(121,504)
538,413
226,083
(129,152)
(100,894)
409,261
125,189
(124,014)
(48,562)

29

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

Profit (loss) on ordinary activities before and after taxation

285,247 76,627

At 31 December 2022 the aggregate amount of Charleston Enterprises Limited’s assets, liabilities and share capital and reserves was:

Tangible Fixed Assets
Current Assets
Creditors: amounts falling due within one year
Total assets less current liabilities
Represented by
Share capital and reserves		 2022
2021
£
£
18,193
24,787
629,431
199,717
(216,619)
(78,746)
431,005
145,758
431,005
145,758

14. STOCK

Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Goods for resale 91,032 71,524 - -

15. DEBTORS

Trade debtors
Amounts due from subsidiary company
Other debtors
Taxation and social security
Prepayments and accrued income		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
69,989
17,022
42,805
12,477
-
-
165,089
19,555
140,400
31,867
140,400
31,700
25,333
24,229
25,333
24,229
457,139
195,922
179,605
190,645
692,861
269,040
553,232
278,606

30

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social security
Other creditors
Loans repayments due
Accruals and deferred income		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
140,025
156,101
124,678
135,748
48,326
31,689
24,023
18,300
77,826
34,616
74,822
28,420
40,000
20,000
40,000
20,000
101,266
209,607
92,389
190,353
407,443
452,013
355,912
392,821

The movement on deferred income included within creditors amounts falling due within one year is analysed below

Deferred income:
Balance at 1 January 2022
Amounts released from previous years
Incoming resources deferred
Balance at 31 December 2022		 Group and Charity
2022
Group and Charity
2021
£
£
19,384
26,190
(19,384)
(25,190)
29,647
18,384
29,647
19,384

Deferred income consists mainly of advance income for events and admission to the house and galleries and income received for activities taking place in future periods.

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Loan repayments due within
one to two years		 40,000 40,000 40,000 40,000
Loan repayments due within
three to five years		 - 40,000 - 40,000
40,000 80,000 40,000 80,000

During 2019, the charity secured a loan of £120,000, repayable over 3 years from 2020, with a discounted interest rate equivalent to 0%. The loan was made by the South East Local Enterprise Partnership Growing Places Fund to facilitate the completion of the capital project. Following the closure of Charleston due to Covid the Trustees negotiated an extended repayment plan over five years with the first repayment due by March 2022. Repayments have been made as scheduled in 2021 and 2022.

31

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

18 . FUNDS

Unrestricted Funds
General
Restricted Funds
House Conservation
Acquisition Fund
Asham Literary Fund
Other restricted funds
Endowment Funds
Permanent
Expendable
Total Funds
Unrestricted Funds
General
Designated Funds
Chalk Cliff
Restricted Funds
House Conservation
Acquisition Fund
Coronavirus Job Retention Fund
Reopen Charleston
Asham Literary Fund
Other restricted funds
Endowment Funds
Permanent
Expendable
Total Funds		 1 January
2022
Income
Expenditure
Transfers
31 December
2022
£
£
£
£
£
7,943,999
2,315,253
(2,448,190)
2,606
7,813,668
1,000
-
-
-
1,000
8,584
-
-
-
8,584
135,828
-
(10,000)
-
125,828
103,788
1,243,620
(781,368)
(2,606)
563,434
249,200
1,243,620
(791,368)
(2,606)
698,846
133,000
-
-
-
133,000
75,177
-
-
-
75,177
208,177
-
-
-
208,177
8,401,376
3,558,873
(3,239,558)
-
8,720,691
1 January
2021
Income
Expenditure
Transfers
31 December
2021
£
£
£
£
£
7,563,007
2,007,352
(1,890,772)
264,412
7,943,999
7,563,007
2,007,352
(1,890,772)
264,412
7,943,999
30,000
-
(30,000)
-
-
1,000
-
-
-
1,000
8,584
-
-
-
8,584
-
9,159
(9,159)
-
203,964
-
-
(203,964)
-
135,828
-
-
-
135,828
128,278
481,937
(445,979)
(60,448)
103,788
477,654
491,096
(455,138)
(264,412)
249,200
133,000
-
-
-
133,000
75,177
-
-
-
75,177
208,177
-
-
-
208,177
8,278,838
2,498,448
(2,375,910)
-
8,401,376

32

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

Restricted Funds and Endowment Funds

Transfers between funds

In 2022 £2,606 of funds were transferred to unrestricted funds to sundry project costs.

In 2021 the following transfers between funds were made:

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds		 Tangible
Fixed
Assets
Net
Current
Assets
Liabilities
falling due
in more
than one
year
Total
Tangible
Fixed
Assets
Net
Current
Assets
Liabilities
falling
due in
more
than one
year
Total
2022
2022
2022
2022
2021
2021
2021
2021
£
£
£
£
£
£
£
£
7,600,014
253,654
(40,000)
7,813,668
7,450,371
573,628
(80,000)
7,943,999
-
698,846
-
698,846
-
249,200
-
249,200
208,177
-
-
208,177
208,177
-
-
208,177
7,808,191
952,500
(40,000)
8,720,691
7,658,548
822,828
(80,000)
8,401,376

33

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

20. LEASE COMMITMENTS

At 31 December 2022 the Charity had the following commitments payable relating to non-cancellable leases:

Operating leases in respect of
equipment
Payable in one year
Payable in the second to fifth year
Rent payable under long lease of land
and buildings
Payable in one year
Payable in the second to fifth year
Payable after five years		 2022
2021
£
£
6,720
6,720
8,930
8,930
330
330
1,320
1,320
28,050
28,050
45,350
45,350

The above amounts include an estimate for irrecoverable VAT where applicable. They do not include an estimate for the annual indexation allowance on ground rent as it cannot be predicted with certainty.

21. PENSION COMMITMENTS

The Charity operates a stakeholder pension scheme for eligible employees. The assets of the scheme are held separately from those of the charity in independently administered funds. The pension cost charge represents contributions payable by the Charity to the funds and amounts to £22,109 (2021 £17,358).

22. RELATED PARTIES

At the year-end £165,089 was due to the Charity from Charleston Enterprises Limited (2021 £19,555). During 2022 a total of £105,035 (2021 £66,815) was recharged from the Charity to Charleston Enterprises in respect of staff time for retail and venue hire activities.

During the year one trustee made an unrestricted donation to the charity totalling £20,000 (2021 £3,000).

34

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

23. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Charitable activities
Public open days and learning
House conservation
Festival
Grants and donations
Other trading activities
Friends and Patrons
Shop and cafe
Other activities for generating funds
Investments
TOTAL INCOME AND ENDOWMENTS
EXPENDITURE ON:
Raising Funds
Fundraising
Friends and patrons
Shop and café
Other costs of generating funds
Charitable activities
Public open days and learning
House conservation
Festival
TOTAL EXPENDITURE
NET INCOME FOR THE YEAR
TAXATION
TRANSFERS BETWEEN FUNDS
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 2021
Unrestricted
Funds
Restricted Funds
Endowment
Funds
Total Funds
£
£
£
£
553,095
37,500
-
590,595
393,754
-
-
393,754
1,213
-
-
1,213
-
-
-
-
591,459
453,596
-
1,045,055
986,426
453,596
-
1,440,022
48,088
-
-
48,088
297,889
-
-
297,889
99,130
-
-
99,130
445,107
-
-
445,107
36
-
-
36
1,984,664
491,096
-
2,475,760
106,652
-
-
106,652
95,194
-
-
95,194
346,961
-
-
346,961
31,881
-
-
31,881
580,688
-
-
580,688
1,218,597
426,306
-
1,644,903
121,487
28,832
-
150,319
-
-
-
-
1,340,084
455,138
-
1,795,222
1,920,772
455,138
-
2,375,910
-
-
-
-
63,892
35,958
-
99,850
22,688
-
-
22,688
264,412
(264,412)
-
-
350,992
(228,454)
-
122,538
7,593,007
477,654
208,177
8,278,838
7,943,999
249,200
208,177
8,401,376

35