2023-12-31-accounts - The Charleston Trust (Bloomsbury In Sussex)

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX)

TRUSTEES REPORT & ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT	5 - 17
LEGAL AND ADMINISTRATIVE INFORMATION	18
STRUCTURE, GOVERNANCE AND MANAGEMENT	19
FINANCIAL RESULTS	21
STATEMENT OF TRUSTEES’ RESPONSIBILITIES	23
INDEPENDENT AUDITOR’S REPORT	24
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES	28
CONSOLIDATED AND CHARITY BALANCE SHEETS	29
CONSOLIDATED STATEMENT OF CASHFLOWS	30
NOTES TO THE ACCOUNTS	31 - 52

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

CHAIR’S INTRODUCTION

2023 was a year of significant expansion for Charleston both at the home of Vanessa Bell and Duncan Grant in Firle, and at our new pop-up site Charleston in Lewes.

Audiences grew by 44% to 81,143 visitors
Commercial and ticketing revenue grew by 33%
Our Under 30s membership more than doubled to 1,200 members
The charity’s green initiatives saved 4.1 tonnes of carbon
Philanthropy grew with £685k of donations.
Our digital content reached 5.5 million users through our social channels, and we received 175 press articles about Charleston from around the world.
We exhibited 38 artists through our exhibitions, and 43 new works
Loans from the house were seen by over 200,000 people in the UK and internationally and we brought 563 works of art into our eight exhibitions on loan from public and private collections.
86% of first-time visitors to our new site – Charleston in Lewes – said they intended to visit our historic site at Firle.
27% of our audiences engaged with our programme for free or at a concessionary rate including 1,000 £10 tickets to our festivals.

Increasing our ability to serve the whole of our community continues to be a strong priority for the charity and was a significant driver behind opening a second site, just 10 minutes’ walk from 8,000 young people in the centre of Lewes. We were delighted to appoint a new Head of Community Engagement in 2023 to restart our programmes with schools, families and community groups. Over the next year we will be undertaking an in-depth consultation process to inform a new learning and participation strategy which we will then share with our communities for further consultation.

Anyone working in the cultural, heritage, charity, education or creative sectors will know that it has been a difficult time with multiple challenges over the last decade. Our independence as a charity during the Covid pandemic placed our charity at very significant risk and we will never forget the 2,673 of you who came to our support during this period. But our independence has also ensured we have invested in our financial resilience and enabled us to make bold decisions which are now reaping reward.

I am delighted not just to be able to report the phenomenal growth in impact above, but also to be able to share our plans towards the 50th anniversary of the founding of the charity which saved Charleston in 1980. Over the coming years we will be working to build a £13 million endowment for the charity, as well as securing the gift or bequest of 50 of the most important Bloomsbury works in private collections in order to establish the National Bloomsbury Gallery at Charleston in Lewes.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

A huge thank you to all of our major partners who have supported this growth in the charity’s impact through 2023. The Trustees and I are grateful to the thousands of people who contribute time and resource to ensuring that Charleston is a thriving and resilient cultural organisation – a full list is included on page 18. I would particularly like to give my personal thanks to Lewes District Council, Chalk Cliff Trust, Fidelity Foundation, Royal Oak Foundation, Bloomberg Philanthropies, Kim Jones, Virginia and William Nicholson, Christian Dior Ltd and the family of Deborah K Holmes.

I would also like to congratulate our Director and CEO, Nathaniel Hepburn, on his MBE for Services to the Arts in the King’s New Years Honours list. It is a wonderful recognition of the work that he has delivered at Charleston. The work that our staff and volunteers do has transformed this special charity and it is a pleasure to support their ambitious plans to protect Charleston in perpetuity and build the organisation into an internationally significant cultural centre. Their passion and diligence ensure Charleston will always provide unforgettable experiences and meaningful engagement for everyone from our community.

With many thanks,

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Dame Pippa Harris DBE Chair of Trustees

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023.

1. OUR STRATEGY

Who we are

Charleston is a place that brings people together to engage with art and ideas. The modernist home and studio of the painters Vanessa Bell and Duncan Grant, Charleston was a gathering point for some of the 20th century’s most radical artists, writers and thinkers, known collectively as the Bloomsbury group.

It is where they came together to imagine society differently and has always been a place where art and experimental thinking are at the centre of everyday life.

Today, we present a dynamic year-round programme of exhibitions, events and festivals. We believe in the power of art in all its forms to provoke new ways of thinking and living.

In planning the activities of the charity, the trustees have given due regard to the Charity Commission’s guidance on public benefit.

Our vision: A different way of living

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

Our offer: Art as a way of life

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.

Our purpose: Provoking new thinking

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

Our strategic objectives

Since 2018, the charity’s decision making, and strategic transformation, have been informed by a set of ambitious ten-year objectives. These are divided across the four categories of Resilience, Audiences, Programmes and Heritage.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

2. RESILIENCE

Our aim is to build the financial resilience and environmental sustainability of the organisation. We will grow and diversify income, invest in green initiatives and a better resourced team, and become more data and evidence driven.

Invest in building a motivated, engaged and innovative team, through being an exemplary and caring employer.
Grow Charleston’s commercial enterprises as an integral part of the offer, fully aligned with our brand vision.
Diversify our income and funding to allow us to continue to fulfil our charitable objectives, investing in organisational resilience.
Minimise our environmental impact, protecting our home within the South Downs National Park and contributing to the fight against the global climate crisis.

Where does our income come from?

We continue to earn a significant proportion of our annual revenue through retail, ticketing and other commercial activities with 60% of our funding raised this way in 2023, and a further 32% raised through our friends, patrons, major donors and charitable foundations.

Charleston applied for £810,000 of public funding for the 2023-2026 Arts Council England multi-year funding round, and were recommended to receive this funding, but geographical weighting meant that we were ultimately unsuccessful.

In the year ahead we will start work on securing contributions towards a £13 million permanent endowment for the charity. With the significant financial risk of the pandemic still within memory, and with the 50[th] anniversary of the charity in 2030 in sight, the endowment will reduce the organisation’s financial exposure and will an annual return sufficient to permanently safeguard the house and its collection.

€125,000 sponsorship from Christian Dior for ‘Bring No Clothes: Bloomsbury and Fashion’
£415,653 gifted from Charleston’s trading subsidiary to support the charity’s learning, programmes and conservation activities
£70,000 grant from Arts Council England’s Culture Recovery Fund – Sustainability for the fit-out of a new retail space
8,000 volunteer hours donated
1,020 Friends, Patrons and Benefactors – with 239 new supporters joining in 2023
4 new funded posts: Head of Community Engagement, Volunteer Manager, Marketing and Audience Insight Manager, Festivals Marketing Manager

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

A new cultural centre for Charleston

As the charity stabilised post-pandemic, the Board of Trustees revisited four elements which had not been completed as part of the 2018 capital project. The Board recognised the charity’s ongoing need to deliver new retail spaces, expanded office provision, a learning centre, and a collection store and approved the creation of a pop-up second site for Charleston in partnership with Lewes District Council, in a former office in central Lewes. This decision was informed by environmental and access priorities, as well as minimising financial and business-interruption risks.

Having undergone a detailed feasibility study, the charity had 13 weeks between agreeing occupation with Lewes District Council and opening Charleston in Lewes on 14 September 2023. With only a five-year lease, the charity was unable to access grant funding from many trusts and foundations and delivered the project with £352k of funding. Charitable donations from residents of Lewes district contributed 80% of the amount fundraised.

Environmental impact

Charleston’s journey towards environmental sustainability has received little investment to-date but is an increasing priority for 2024 when we will establish a net zero target and timetable. Our decision to repurpose an existing building to create our capital requirements, and the launch of the Sussex Art Shuttle, were two high impact decisions driven by environmental ambitions during 2023.

98% of visitors to Charleston in Firle arrive by private transport and with both the location of our second site, and various transport initiatives, we are working to reduce this reliance on private cars. The new site in Lewes is incredibly well served by public transport, and in early 2023, a new Highways England cycle path opened connecting Lewes and Eastbourne. This gave us the opportunity to promote sustainable modes of transport to Charleston in our marketing, incentivising travel by ‘bike, train, foot, or shuttle bus’.

The opening of Charleston in Lewes in September 2023 was the catalyst to enact a long-standing ambition to build on our regular festival bus service operated by Cuckmere Community Buses to create a year-round shuttlebus service between Lewes and Charleston in Firle. An initial four-month pilot was launched in partnership with Towner, Eastbourne and South Downs National Park, with funding from Visit Lewes. The Sussex Art Shuttle pilot received overwhelming public support and was featured in The Guardian, Wanderlust and Coast magazines, among others and was used by 2,900 travellers to visit Charleston.

“The Art Shuttle bus made is possible for us to visit and was brilliant! We are non-drivers and because of this my previous visit was more than 10 years ago.” Sussex Art Shuttle traveller

185 tonnes of carbon saved by repurposing an existing building rather than building new
43% increase in Green Traveller visitors to Charleston in Firle with 1,555 visitors choosing to cycle, walk or use the Sussex Art Shuttle or public transport
17% of ticket holders to Charleston Festival arrived by shuttle bus
48% of visitors to Charleston in Lewes arrived on foot or by public transport
2,900 passengers used the Sussex Art Shuttle during its pilot phase between September – December

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

3. PROGRAMME

Our aim is to pivot the organisation from a seasonal heritage tourism site to a contemporary cultural centre through distinctive year-round programming that drives repeat engagement.

Create interdisciplinary artistic programming with local, national and international impact, reach and repute.
Build on Bloomsbury’s social, intellectual, artistic and political legacy, demonstrating its contemporary relevance
Enable and share new perspectives from a diverse range of voices across our content and programming.

Artistic Programme 2023

Our artistic programme is dynamic and distinctive to our site and our history. The progressive philosophy of the Bloomsbury group is at the centre of our programming, both of our exhibitions and our festivals and events. With the opening of Charleston in Lewes, our gallery spaces grew to 672 sqm with eight exhibitions across two seasons. We loaned 563 works from public institutions and private collections for exhibitions which included contemporary visual arts commissions alongside research-led historical shows. This included the first exhibition in the world to explore the partnership between Betty Woodman and her husband George Woodman and a major survey exhibition on the influence of the Bloomsbury group on contemporary fashion design.

Our festivals attracted extraordinary international talent, with cultural heavyweights including Deborah Levy, Lemn Sissay, Ben Okri, Annie Ernaux, Sally Rooney, Jamaica Kincaid and Edmund de Waal featuring on our stages. Our programme continued to become increasingly multi-disciplinary and we welcomed spoken word poet Hollie McNish, musician Romy from The XX and cult fashion designer Susie Cave, alongside her husband Nick Cave who delivered a surprise performance.

Very Private? and Linder: A Dream Between Sleeping and Waking 17 September 2022–12 March 2023

Betty Woodman and George Woodman and Hylton Nel: this plate is what I have to say 25 March–10 September 2023

Charleston Festival 17–29 May 2023

Festival of the Garden 13–16 July 2023

David Hockney: Love Life and Osman Yousefzada 23 September 2023–14 April 2024

Bring No Clothes: Bloomsbury and Fashion and Jonathan Baldock 13 September 2023–3 March 2024

Small Wonder 9–22 October 2023

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

Commissioning new work

Across Charleston’s festivals, exhibitions and events, commissioning original work remains an important part of bringing excellent experiences to our audiences and developing a distinctive programme that responds to the history of the Bloomsbury group and the contemporary relevance of its ideas. Our commissioning extends to the digital space, where we create new content that allows our international digital audience to delve deeper into programmatic themes.

We were delighted that this year our sculptural commission from Nathan Coley (supported in 2022 by Bloomberg Philanthropies) was purchased for the permanent collection of Towner, Eastbourne.

2023 commissions

Contemporary artists Somaya Critchlow, Harold Offeh, Kadie Salmon, Linder Sterling, Tim Walker, Alison Wilding and Ajamu X made new work in response to Duncan Grant’s erotic drawings for ‘Very Private?’.
Osman Yousefzada created a new body of work entitled ‘Queer Feet’ which went on to inform his V&A supported exhibition at the Venice Biennale in 2024.
Fashion designers Jawara Alleyne and Ella Boucht made new work to feature in ‘Bring No Clothes: Bloomsbury and Fashion’, alongside an original recording by poet Victoria Adukwei Bulley.
Dramatist and poet Inua Ellams was commissioned to write the annual Charleston Monologue, written in the weeks immediately prior to Charleston Festival and performed by Ṣọpẹ́ Dìrísù.
With Clod Ensemble and Nu Civilisation Orchestra, we premiered a newly commissioned production of jazz masterpiece ‘Black Saint & the Sinner Lady’ at Charleston Festival, combining music, dance and a spoken word element read by Jade Anouka.
We produced a one-of-a-kind celebration of the music of Benjamin Britten and the poetry of W.H. Auden with readings by Simon Russell Beale, also for Charleston Festival.
We staged a performance of Virginia Woolf’s diaries, with a script edited by Holly Dawson and performed by Joanna Scanlon, Miranda Richardson and Anjana Vassan.

Artistic programme in numbers

8 exhibitions
3 festivals
563 artworks loaned to Charleston for our exhibitions
38 artists featured across our exhibitions, including 24 living artists
43 new works created by 10 artists for our exhibitions
244 speakers featured in our festival programme
5 original events commissioned for our festival programme

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

4. HERITAGE

Our aim is that Charleston will be preserved in perpetuity and will lead Bloomsbury research internationally.

Invest to share, safeguard and expand Charleston’s world-class collection for the benefit of future generations.
Protect and celebrate Bloomsbury heritage, innovating with new and best practices in conservation and interpretation.
Lead and inspire a research community across diverse disciplines, expanding the Bloomsbury story.

Sharing the collection

Charleston worked with major institutions and galleries in the UK and Europe on delivering new research through exhibitions that featured works from our collection. Lending externally means that our world-leading Bloomsbury collection can be shared with increasingly wider audiences. In 2023, 34 items from our collection were lent to six exhibitions in the UK and Europe. Our own exhibitions also provided opportunities for collection works to be conserved and publicly displayed, some for the first time.

Our collection was seen by over 200,000 people in museums and galleries across the UK and Europe. We were particularly pleased to support the UK's first and only LGBTQ+ museum, Queer Britain, in their opening exhibition in London.

Two erotic drawings by Duncan Grant Walter Sickert, One of Madame Villain’s Stephen Tomlin, Bust of Virginia Woolf Sons, 1904 ‘We Are Queer Britain’ Mary Constance Lloyd, Still Life with Fan 13 July 2022 – 15 May 2023 1920 Queer Britain ‘Gwen John: Art and Life in London and Paris’ Duncan Grant’s 1913 Omega screen 13 May – 8 October 2023 ‘Paraventi: Folding Screens from the 17th Pallant House Gallery, touring to to 21st Centuries’ Holbourne Museum, Bath

Duncan Grant’s 1913 Omega screen ‘Paraventi: Folding Screens from the 17th to 21st Centuries’ 25 October 2023 – 26 February 2024 Fondazione Prada, Milan

Three major sculptures including Stephen Tomlin, Bust of David Garnett, 1923 ‘Bloomsbury Stud: The Art of Stephen Tomlin’ 5 June – 11 August 2023 Philip Mould & Co

24 Omega workshop objects including Roger Fry ceramics and Vanessa Bell’s Madonna and Child , 1915 ‘Virginia Woolf and Bloomsbury: Inventing Life’ 26 October 2022 to 12 February 2023 Palazzo Altemps, Rome

14 objects including never-beforedisplayed portraits, the original rag rug from John Maynard Keynes’s bedroom and Duncan Grant’s designs for a fire curtain ‘Bring No Clothes: Bloomsbury & Fashion’ 13 September 2023 – 3 March 2024 Charleston in Lewes

Vanessa Bell, The Pond at Charleston, 1916 ‘Sussex Landscape: Chalk, Wood & Water’ 12 Nov 2022 - 23 April 2023 Pallant House Gallery

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

House conservation

We reopened the spare bedroom after a three-year closure for major conservation work and structural improvements. On reopening we launched a programme of annual room closures with ‘open conservation’ of the dining room. This programme will facilitate structural investigations, deep cleaning of objects and restoration of wall surfaces whilst allowing visitors to experience the rooms and ask questions of our programme of care, highlighting the ongoing care required for the delicate internal fabric of the house, and its decorations. Work on the dining room and our five yearly structural survey of the house completed in 2023 indicated the need for improvements to the “French drain” to the south of the room to improve air flow around this particularly damp and vulnerable area.

House visitation model

As part of our plans to reduce barriers to visitor access, we trialled a move away from guided tours to a free-flow model for house visits, using invigilators to provide security for the collection and answer visitors’ questions. The change was met with overwhelming positivity and has become the primary visitor model with specialist guided tours available for those seeking deeper learning. Use of the Bloomberg Connects digital guide grew by 58% as visitors used the guide to learn more about the collection and its history both during their visit and post visit.

“I appreciated so much that we were given the freedom to roam between the rooms, unhurried, with chairs even available to sit and draw. Truly one of the most beautiful and memorable experiences ever.” House visitor

Building our collection

In early 2023, Charleston announced our ambition to create the National Bloomsbury Gallery at Charleston in Lewes through a strategic and innovative partnership with Tate, V&A and National Portrait Gallery to provide a permanent home for the nation’s collection of Bloomsbury paintings.

“We are deeply enthusiastic for the opportunity to bring together three national organisations to share the national collection’s significant holdings of Bloomsbury

art, and to form a definitive and important Bloomsbury gallery within the

building.” Maria Balshaw, Director at Tate

Our long-term plans for this site include the creation of a much-needed environmentally controlled and accessible collection store and study centre to house our permanent collection, which currently contains 10,000 works on paper, sketchbooks, painting and furniture.

50 for 50

2030 will mark the 50[th] anniversary of the foundation of the charity that saved Charleston in 1980. Work began in 2023 to secure the gift and bequest of 50 of the most important Bloomsbury works in private ownership, with a view to building an internationally significant and representative collection of the Bloomsbury group.

As part of this campaign, launching in 2024 at London Art Fair, several works were secured in 2023 including Simon Bussy’s Mansion House, c.1901. This important work is to be returned to Clive Bell’s library where it hung until the 1970s after extensive conservation enabled thanks to a grant from The Worshipful Company of Arts Scholars.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

Acquisitions

Other gifts and loans acquired in 2023 include:

Four early works by Duncan Grant as a child: three bookplates from c1895 and a landscape painted in the Netherlands, c.1900
A study by Vanessa Bell for Madame de Pourtales, an early, rejected idea for the Famous Women Dinner Service
Several new Duncan Grant works on long-term loan including two still life paintings and his portrait Angelica Sewing , c.1932
Books from Quentin and Olivier Bell’s library

Research

Foregrounding research into the Bloomsbury group remains a priority and 2023 included several research initiatives:

A volunteer-led project to catalogue our large collection of historic photographs that numbers approximately 2000 prints and negatives, mostly gifted by descendants of the Bloomsbury group.
The gift of 422 of Duncan Grant’s erotic drawings to Charleston in 2021 remained a focus with our AHRC-funded collaborative doctoral award with University of Sussex supporting research for our Very Private? exhibition accompanying publication featuring essays by Dr Darren Clarke, CDA candidate Samson Dittrich, Toby Upson and Ian Massey.
Charlie Porter’s book Bring No Clothes: Bloomsbury and the Philosophy of Fashion published by Penguin to coincide with our exhibition broke new ground in Bloomsbury research.
Our higher education partnerships engaged 44 students from the University of Sussex Curating and Art History MA course and 40 students from the Royal College of Art Interiors MA, through hands-on innovative projects and career talks.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

5. AUDIENCES

Our aim is to significantly expand reach and commit to increasing the diversity of all our

audiences.

Deliver exceptional experiences for Charleston’s audiences wherever they engage with us.
Be open and relevant to diverse audiences, actively breaking down barriers to access.
Drive growth of our local and regional visitor economy for mutual benefit.
Widen reach and deepen engagement with audiences, informed by data insight.

Growing our free offer

We are committed to reducing and removing our pay wall which provides a barrier for many to access Charleston. We continue to transform the demographic of our audiences through a variety of access initiatives.

27% of visitors engaged with Charleston on either free or concessionary tickets
Over 3,000 under 18s visited the house and exhibitions for free
Our Under 30s membership more than doubled to 1,200 members
1,000 £10 tickets were available for Charleston Festival events
Over 900 participants enjoyed our free Festival of the Garden fringe programme
9,500 visitors experienced our free-to-enter exhibition ‘Jonathan Baldock: through the joy of the senses’ (over 13,500 for full season into 2024) at Charleston in Lewes
Charleston’s historic walled garden and the Famous Women Dinner Service remained free to visit for all.

Consultation towards a learning and participation strategy

Opening our new space in the centre of Lewes was driven by a deep commitment to increasing access. The new cultural centre enabled work on a new learning and participation strategy informed by extensive consultation in Lewes that will continue through 2024. The strategy is identifying new routes into Charleston’s existing programmes as well as new initiatives, prioritising LGBTQ+ communities, mental health, and children and young people.

Local community leaders, grassroots charities and local education institutions were consulted prior to the new venue opening, and during our initial season we ran a public consultation asking what a cultural centre in their town should be, and what the Bloomsbury group’s legacy might mean to their community.

Partnership-building is central to our participation strategy. Through a growing relationship with Tenants of Lewes District and Lewes District Council’s tenant involvement team we delivered free workshops, both onsite and offsite at food banks, for over 100 families, 57% of which stated they were living in social housing. We are committing to ringfencing 50% of future free workshop tickets for families in social housing.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

A second significant partnership has developed with East Sussex College Group. Their art and design students, our first visitors through the doors at Lewes, enjoyed an exhibition tour from curator Charlie Porter and a career’s talk with Dior Menswear Artistic Director Kim Jones about his route into the creative industry. The partnership is developing towards the college becoming cohabitants in the building with the creation of a new creative skills studio.

Increasing reach

We saw positive increases in both visitation and digital engagement in 2023. It marked the fifth year that the house had been opened through the winter and although we are still seeing seasonal trends, we saw our strongest winter to date supported by the opening of Charleston in Lewes, the launch of the Sussex Art Shuttle, and strong international press coverage around the Dior collaboration, ‘Bring No Clothes: Bloomsbury and Fashion’, and the Sussex Modern-coordinated visitor campaign around the Turner Prize at Towner, Eastbourne.

81,143 visitors enjoyed Charleston’s house, garden, exhibitions at both sites, and festivals, a 44% increase on 2022
31,000 visitors to the house, a 12% increase on 2022
175 pieces of press coverage were generated on Charleston including in the New Yorker, Financial Times, Sunday Times, The Guardian, House & Garden, Vogue and the New York Times.
124% growth in our Under 30 Friends ending the year with 1053 members
488,000 web users, a 35% increase on 2022
9973 downloads of our Bloomberg Connects digital guide
We reached 100,610 followers across social media channels, a 23% increase on 2022
10,856,410 impressions were generated for our 2023 social content, a 16% increase on 2022
Our commissioned content for our 2023 exhibition programme generated over 400,000 impressions across social channels.
Our Instagram Reels featuring members of the curatorial team talking about collection care grew record engagement with one short film achieving 720,000 impressions, 1 million plays and over 3,550 hours of watch time

Generating audience insights

Charleston successfully applied to the Fidelity Foundation for a three-year audience research programme to drive progress in becoming a data-led charity.

This project will help the charity build an understanding of its existing and potential audiences for the historic visit, contemporary programming and live events offer, develop insights into historic and current membership demographics and behaviours, and improve organisational processes of data capture, sharing and analysis.

It will support insight-driven targeted marketing and programming, test awareness and perceptions of Charleston externally, and deliver an audience development plan intended to underpin growth into the future.

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THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

Visitor economy

Through 2023, Charleston continued to take a leadership position in building the visitor economy in Sussex working alongside partners in the Sussex Modern business-led tourism consortium, working with local authorities as part of the new Local Visitor Economy Partnership and supporting the emerging wine industry with the Sussex Wine Tourism: a Plan for Growth which was launched at the Houses of Parliament during English Wine Week. Charleston and Sussex Modern were key partners in the delivery of the Arts Council England funded project to maximise the impact of Turner Prize at Towner, Eastbourne on the wider cultural visitor economy.

Initial economic impact assessments indicate that, once established, Charleston in Lewes will deliver £4.2 million of economic impact annually on businesses in the town. We have worked closely with the local authority to deliver this impact with particular focus on independent businesses on the High Street in Lewes. A new town map was printed and distributed with the opening of the new cultural centre. Further economic impact research will be commissioned and interim findings indicate that 62% of visitors to Charleston in Lewes go on to spend money in the town with 25% visiting local shops & 39% visiting local bars & restaurants.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

6. 2024 PRIORITIES

Our priorities for 2024 are:

Resilience

Secure funding to expand the development team with the appointment of a Head of Development to build further resilience through growth of philanthropic funding, deliver capital investment into Charleston in Lewes and further develop plans for a permanent endowment.
Establish new processes to capture, share and analyse organisational data, investing in building staff confidence with using audience insight, and collating historic data into a central data warehouse.
Promote 2030 anniversary plans including the launch of the “50 for 50” campaign to build an international significant Bloomsbury collection, and secure pledges of first £1 million of legacies towards Charleston’s permanent endowment.
Establish a net zero target for the charity and a robust action plan to monitor, report and deliver on annual carbon reductions.
Deliver growth in retail income through creating Charleston own-line product ranges, with a view to wholesaling.

Programme

Expand lead times and deliver a plan for excellence across festivals and exhibitions to increase commissioning and build national and international profile for programming.
Review and update exhibition programme strategy across all four gallery spaces to ensure diversity of programme and balance of research-led historical exhibitions and programmes of international contemporary art.

Heritage

Lead Bloomsbury scholarship and promotion of new voices through support of international Bloomsbury research-led exhibitions.
Establish a national research network with Paul Mellon Centre for British Art, Tate, University of Sussex, Kings College Cambridge and other research institutions.

Audience

Develop plans and partnerships to expand educational, cultural and economic impact of Charleston in Lewes including with local community partners, creative industries, local galleries, national partners and East Sussex College Group.
Develop a new Community Learning and Creative Participation strategy informed by community consultation to inform the growth of our impact with young people, families and priority areas of our local community.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

THANK YOU

The Charleston Trust is a charity and does not receive regular public funding.

We rely on the generosity of our supporters to offer a bold, pioneering public space for art — championing experimental thinking, liberal values, and social inclusion in pursuit of a different way of living.

We would like to thank the following organisations and individuals for their particularly generous support.

Trusts and Foundations

Nira Wright

Art Fund Bloomberg Philanthropies Bloomsbury Publishing plc Chalk Cliff Trust Fidelity UK Foundation Rothschild Foundation The Consuelo and Anthony Brooke Trust The Kilroot Foundation The Mercer's Company The Spencer Wills Trust

Benefactors

Robert Archer Jolyon Brewis Camilla Davidson Dame Pippa Harris DBE Colin Horswell and Elliot Vaughn Philip Hughes Dean Malone Virginia and William Nicholson Vanessa Rowlands

Major donors

Patrons

Ginny Battcock Neil and Sarah Brener Peter Chater and David Hooper Norman Coates Eileen Davidson Maryam Eisler Marion Gibbs CBE Dame Pippa Harris DBE Julia Hett Kim Jones Prue MacLeod Nigel and Joanne Newton William and Virginia Nicholson Cate Olson and Nash Robbins Nick Skinner Gabrielle Tana

Lady Jennie Bland Edward Cole and Christopher Wigand Will Emmett Michael Farthing and Alison McLean Nathaniel Hepburn MBE David Herbert Jane Kersel Sarah Latham Philips Maureen Paley Eleftheria Pinakoulaki Anne Sebba Nick Skinner Robert Stuart Prudence Watts

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCE, GOVERNANCE AND ADMINISTRATIVE DETAILS

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY DETAILS

TRUSTEES/DIRECTORS

REGISTERED OFFICE & PRINCIPAL ADDRESS

Pippa Harris (Chair) Jolyon Brewis Katy Hessel Rohan Jerath Harriet Otoo Caroline Price Piers Sanders Sarah Sergeant Hannah Wallace Kim Walker

Charleston, Firle, Lewes, East Sussex, BN8 6LL

REGISTERED CHARITY NUMBER 1107313 REGISTERED COMPANY NUMBER 05212725

COMMITTEE MEMBERS

COMPANY SECRETARY

Jennifer Allchorn

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

Nominations Committee: Jolyon Brewis, Harriet Otoo, Caroline Price

ROYAL PATRON

Her Majesty the Queen

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

PRESIDENT

ADVISORS

Virginia Nicholson VICE PRESIDENTS

Kim Jones Sigrid Rausing CHIEF EXECUTIVE Nathaniel Hepburn

AUDITORS Saffery LLP 71 Queen Victoria Street London EC4V 4BE

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

SOLICITORS Mayer Brown International LLP 201 Bishopsgate London EC2M 3AF

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charleston Trust was founded in 1980 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 Limited.

Both Charleston Enterprises Limited and Charleston Lewes Limited are included in the consolidated financial statements.

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 19.

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

Charleston Lewes Limited is a charity limited by guarantee without share capital, there are five Trustees of which three are which are on The Charleston Trust (Bloomsbury in Sussex) Board.

Both Charleston Enterprises Limited and Charleston Lewes Limited are included in the consolidated Financial Statements.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

COMMITTEES

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

Business & Finance Committee
Nominations Committee

The members of each ongoing committee are listed on page 19.

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

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.

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 9. 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. The other subsidiary of the Trust is Charleston Lewes Limited, a charity limited by guarantee without share capital.

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.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL RESULTS

INCOME AND EXPENDITURE

In 2023, the Charity delivered a deficit of £787,082 (2022: surplus of £319,315).

The net movement on unrestricted funds was a deficit of £432,142 (2022: £130,331 deficit after transfers from restricted funds of £2,606). The Board set a breakeven budget for 2023, recognising that the organisation was facing increasing cost pressures. Visitor numbers and fundraising was strong in the year however retail and festival income didn’t achieve budget, the staffing model for the house and galleries were more expensive than budgeted, and more was spent on the exhibitions programme. In 2024 the retail function has been reviewed, the festival programme has been curated for a wider audience appeal.

Total incoming resources were £2,957,726 (2022: £3,428,753). Income from admission and events totalled £999,171, up from £771,523 in 2022 due to the opening of Charleston in Lewes and a popular exhibition programme. Retail income from in person and online sales grew to £439,752 from £415,185 in 2022.

Last year unrestricted donations included £310,000 of donated heritage assets, however in 2023 there were no donated heritage assets.

Taxation relates to the projected claim for Museums and Galleries Exhibition Tax Relief. The claim has increased to £202,813 (2022 £130,120) due to the increased investment in our exhibition programme in 2023.

Total resources expended increased to £3,947,621 (2022: £3,239,558), activity and operation costs were higher than 2022, included in the expenditure are the set up costs for Charleston in Lewes.

In 2022 an amount of £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 offset by no costs relating Sussex Modern. In 2023 there were no costs relating to Sussex Modern in the accounts.

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 £164,070 largely due to the depreciation of the Centenary Project assets (2022: £164,357).

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

RESERVES

As at 31 December 2023, the Trust had total funds of £7,933,608 (2022: £8,720,691), of which £7,381,525 was general unrestricted funds (2022: £7,813,668), £208,177 (2022: £208,177) was endowment funds and £343,905 (2022: £698,845) was restricted funds.

The £7,813,525 of general unrestricted funds consists of £7,441,139 (2022: £7,600,014) tangible fixed assets and £19,615 deficit (2022: £253,654) 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 £764,000 based on the 2024 budget. This is intended to provide security against risks within the operating budgets and capital to enable investment in new opportunities as appropriate. The group will bring the free reserves in line with the plans outlined in the Trustees Report above.

RESTRICTED FUNDS

Note 18 of the Annual Accounts provides information regarding the £343,905 (2022: £698,845) restricted funds including amounts received and expended during the year.

ENDOWMENT FUNDS

Endowment funds of £208,177 (2022: £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 2024 and a draft budget for 2025, the Trustees have considered a range of possible scenarios and the risks inherent in each.

Our updated projections for 2024 indicate that we continue to face pressures from inflation and whilst we remain reliant on additional fundraising, a lot has been secured, leaving a small amount still to be fundraised to break even for 2024. The Trustees have reviewed the outline budget for 2025 and are satisfied that the projected income levels are realistic.

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.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS102);
make judgments and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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:

there is no relevant audit information of which the charitable company’s auditors are unaware; and
the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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 27th September 2024 and is signed on its behalf by

Dame Pippa Harris

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Chair

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023 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:

give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 December 2023 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

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:

the information given in the Trustees’ Report which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ Report which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.

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:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 24, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are 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.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

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 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.

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Claire Wills (Senior Statutory Auditor) for and on behalf of Saffery LLP, Statutory Auditors, 71 Queen Victoria Street, London, EC4V 4BE

Date: 27 September 2024

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

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (SOFA)

FOR THE YEAR ENDED 31 DECEMBER 2023 (Incorporating Income and Expenditure Account)

Note 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	2023 2022 Unrestricted Funds Restricted Funds Endowment Funds Total Funds Total Funds £ £ £ £ £ 223,966 461,288 - 685,254 508,508 719,736 - - 719,736 434,442 347,360 - - 347,360 379,592 65,470 177,470 - 242,940 1,266,520
	1,132,566 177,470 - 1,310,036 2,080,554 97,791 - - 97,791 107,660 863,626 - - 863,626 731,924
	961,417 - - 961,417 839,584 1,019 - - 1,019 107
	2,318,968 638,758 - 2,957,726 3,428,753
	- - - - 498,150 881,777 110,623 - 992,400 802,128 844,460 742,571 - 1,587,031 1,233,990
	1,726,237 853,194 - 2,579,431 2,534,268 214,413 - - 214,413 168,036 1,013,273 140,504 - 1,153,777 537,254
	1,227,686 140,504 - 1,368,190 705,290
	2,953,923 993,698 - 3,947,621 3,239,558

	(634,955) (354,940) - (989,895) 189,195 202,813 - - 202,813 130,120 - - - - -
	(432,142) (354,940) - (787,082) 319,315 7,813,668 698,846 208,177 8,720,691 8,401,376
	7,381,526 343,906 208,177 7,933,609 8,720,691

The SOFA includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes on pages 32 to 52 form part of these financial statements. A comparative SOFA is shown in note 23.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

CONSOLIDATED AND CHARITY BALANCE SHEETS

FOR THE YEAR ENDED 31 DECEMBER 2023

Company Registration 05212725

ompany Registration 05212725
Note 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 2023 2022 2023 2022 £ £ £ £ 5,837,377 5,996,250 5,825,778 5,978,058 1,811,941 1,811,941 1,811,941 1,811,941 - - 2 2
	7,649,318 7,808,191 7,637,721 7,790,001 94,541 91,032 - - 433,238 692,861 485,988 553,232 323,544 576,050 189,743 342,368
	851,323 1,359,943 675,731 895,600 (527,032) (407,443) (444,665) (355,912)
	324,291 952,500 231,066 539,688
	7,973,609 8,760,691 7,868,787 8,329,689 (40,000) (40,000) (40,000) (40,000)
	7,933,609 8,720,691 7,828,787 8,289,689
	208,177 208,177 208,177 208,177 343,906 698,846 322,303 698,846 7,381,526 7,813,668 7,288,307 7,382,666
	7,933,609 8,720,691 7,828,787 8,289,689

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 deficit of £450,902 (2022 surplus £34,068)

Approved and authorised for issue by the Board of The Charleston Trust (Bloomsbury in Sussex) on 27 September 2024 and signed on its behalf by

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Dame Pippa Harris, Chair

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

CONSOLIDATED STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022 £ £ Cashflows from operating activities Net cash provided by or (used in) operating activities (248,328) (358,334) Cashflows from investing activities Dividends and interest received 1,019 107 Purchase of fixed assets (5,197) - Net cash provided by or (used in) investing activities (4,178) 107 Change in cash and cash equivalents (252,506) (358,227) Cash and cash equivalents at the beginning of the period 576,050 934,277 Cash and cash equivalents at the end of the period 323,544 576,050 RECONCILIATION OF NET INCOME(EXPENDITURE) TO NET CASHFLOW FROM OPERATING ACTIVITIES 2023 2022 £ £ Net income (expenditure) for the reporting period (787,082) 319,315 Adjustments for: Depreciation charges 164,072 160,356 Dividends, interest and rents (1,019) (107) Donation of Heritage Assets - (310,000) (Increase)/Decrease in stock (3,509) (19,507) Decrease /(Increase) in debtors 259,623 (423,821) (Decrease)/Increase in creditors 119,587 (84,570) Net cash provided by operating activities (248,328) (358,334) NALYSIS OF CHANGES IN NET DEBT 1 January 2023 Cashflows 31 December 2023 £ £ £ Cash and Cash Equivalents 576,050 (252,506) 323,544 Loans: amounts falling due within one year (40,000) - (40,000) Loans: amounts falling due after more than one year (40,000) - (40,000) Total 496,050 (252,506) 243,544	2023 2022 £ £ Cashflows from operating activities Net cash provided by or (used in) operating activities (248,328) (358,334) Cashflows from investing activities Dividends and interest received 1,019 107 Purchase of fixed assets (5,197) - Net cash provided by or (used in) investing activities (4,178) 107 Change in cash and cash equivalents (252,506) (358,227) Cash and cash equivalents at the beginning of the period 576,050 934,277 Cash and cash equivalents at the end of the period 323,544 576,050 RECONCILIATION OF NET INCOME(EXPENDITURE) TO NET CASHFLOW FROM OPERATING ACTIVITIES 2023 2022 £ £ Net income (expenditure) for the reporting period (787,082) 319,315 Adjustments for: Depreciation charges 164,072 160,356 Dividends, interest and rents (1,019) (107) Donation of Heritage Assets - (310,000) (Increase)/Decrease in stock (3,509) (19,507) Decrease /(Increase) in debtors 259,623 (423,821) (Decrease)/Increase in creditors 119,587 (84,570) Net cash provided by operating activities (248,328) (358,334) NALYSIS OF CHANGES IN NET DEBT 1 January 2023 Cashflows 31 December 2023 £ £ £ Cash and Cash Equivalents 576,050 (252,506) 323,544 Loans: amounts falling due within one year (40,000) - (40,000) Loans: amounts falling due after more than one year (40,000) - (40,000) Total 496,050 (252,506) 243,544	2023 2022 £ £ Cashflows from operating activities Net cash provided by or (used in) operating activities (248,328) (358,334) Cashflows from investing activities Dividends and interest received 1,019 107 Purchase of fixed assets (5,197) - Net cash provided by or (used in) investing activities (4,178) 107 Change in cash and cash equivalents (252,506) (358,227) Cash and cash equivalents at the beginning of the period 576,050 934,277 Cash and cash equivalents at the end of the period 323,544 576,050 RECONCILIATION OF NET INCOME(EXPENDITURE) TO NET CASHFLOW FROM OPERATING ACTIVITIES 2023 2022 £ £ Net income (expenditure) for the reporting period (787,082) 319,315 Adjustments for: Depreciation charges 164,072 160,356 Dividends, interest and rents (1,019) (107) Donation of Heritage Assets - (310,000) (Increase)/Decrease in stock (3,509) (19,507) Decrease /(Increase) in debtors 259,623 (423,821) (Decrease)/Increase in creditors 119,587 (84,570) Net cash provided by operating activities (248,328) (358,334) NALYSIS OF CHANGES IN NET DEBT 1 January 2023 Cashflows 31 December 2023 £ £ £ Cash and Cash Equivalents 576,050 (252,506) 323,544 Loans: amounts falling due within one year (40,000) - (40,000) Loans: amounts falling due after more than one year (40,000) - (40,000) Total 496,050 (252,506) 243,544
	496,050	(252,506) 243,544

ANALYSIS OF CHANGES IN NET DEBT

The notes on pages 32 to 52 form part of these financial statements.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 group has adequate resources to continue activities for the foreseeable future.

The Trustees have reviewed the projected budgets for 2024 and 2025, which show visitor numbers and event income exceeding 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 2024 and 2025.

CONSOLIDATION

The financial statements consolidate the results and the assets and liabilities of the Charity, a wholly owned subsidiary, Charleston Enterprises Limited and Charleston Lewes Limited, on a line-by-line basis. The results for the activities carried out by Charleston Enterprises Limited and Charleston Lewes 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 group obtains the right to consideration and the amount can be quantified with reasonable accuracy. The following policies apply to particular sources of income:

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

i. Donated services and facilities are included at the value to the Charity where this can be quantified. No amounts are included in the financial statements for services donated by volunteers.
ii. Gifts in kind are included at current market value where their value is ascertainable and material. The estimated valuation of gifts in kind is based on the value of the contribution to the Charity or the value the Charity would have had to pay to acquire the assets.
iii. Income received by way of grants, donations and gifts is included in the SOFA when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the Charity, are recognised when the Charity becomes unconditionally entitled to the grant. Where grants are related to performance and specific deliverables, these are accounted for as the Charity earns the right to consideration by its performance.
iv. Legacy income is recognised at the earlier of the Charity being notified of a distribution and the receipt of the legacy.
v. Investment income is included when received.
vi. Other income from trading activities is accounted for when earned.
vii. Income from annual subscriptions is recognised when received.

Income is included in the SOFA under the following categories:

i. Donations & legacies: donations 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 group, and are allocated to the activities set out in note 5. Support costs include governance costs which are those expenses incurred in the governance of the group, and are primarily associated with constitutional and statutory requirements including audit of the group’s, accounts and include an appropriate proportion of senior management time.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

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

CURRENCY

The financial statements are prepared in sterling, which is the functional currency of the group. 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 2023 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 5 years 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.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

FINANCIAL INSTRUMENTS

The group 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. The Taxation on the Consolidated Statement of Financial Activities (SOFA) relates to the projected claim for Museums, Galleries and Exhibitions tax relief.

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.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

2. DONATIONS AND LEGACIES

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

Donations and grants of a general nature	Unrestricted Restricted Total Funds Total Funds 2023 2023 2023 2022 £ £ £ £ 223,966 461,288 685,254 508,508
	223,966 461,288 685,254 508,508

COMPARATIVE DONATIONS AND LEGACIES

Included in the 2022 SOFA under Donations and Legacies are the following:

Donations and grants of a general nature	Unrestricted Restricted Total Funds 2022 2022 2022 £ £ £ 376,008 132,500 508,508
	376,008 132,500 508,508

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

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 Government Kickstart grants Lewes District Council project support Lewes District Council Retail Leisure & Hospitality grant Trusts and Foundations Royal Oak Foundation Art Fund USA Chalk Cliff Trust Tavolozza Foundation Bloomberg Philanthropies Mercers Foundation Sigrid Rausing Foundation Kilroot Foundation Fidelity UK Foundation The Staples Trust Granta Trust Other grants (under £10,000)	House and Galleries Festivals and Events Enterprise Other Total Total 2023 2023 2023 2023 2023 2022 £ £ £ £ £ £ - - - - - 498,471 - - 26,000 - 26,000 284,400 - - - - - 23,909 - - - 5,000 5,000 16,800 - - - - - 8,000 35,540 - - - 35,540 183,507 - - - - - 97,683 - 20,000 - - 20,000 52,500 - - - - - 41,250 10,000 - - - 10,000 15,000 15,000 - - - 15,000 15,000 - - - - - 12,500 10,000 - - - 10,000 12,000 - - - 93,400 93,400 - 10,000 - - - 10,000 - - 10,000 - - 10,000 - 8,000 - - - 8,000 5,500
	88,540 30,000 26,000 98,400 242,940 1,266,520

Government Funding
UK Community
Renewal Fund
Arts Council England
Government Kickstart
grants
Lewes District Council
project support
Lewes District Council
Retail Leisure &
Hospitality grant
Trusts and
Foundations
Royal Oak Foundation
Art Fund USA
Chalk Cliff Trust
Tavolozza Foundation
Bloomberg
Philanthropies
Mercers Foundation
Sigrid Rausing
Foundation
Kilroot Foundation
Fidelity UK
Foundation
The Staples Trust
Granta Trust
Other grants (under
£10,000)

House and
Galleries
Festivals
and
Events
Enterprise
Other
Total
Total
2023
2023
2023
2023
2023
2022
£
£
£
£
£
£
-
-
-
-
-
498,471
-
-
26,000
-
26,000
284,400
-
-
-
-
-
23,909
-
-
-
5,000
5,000
16,800
-
-
-
-
-
8,000
35,540
-
-
-
35,540
183,507
-
-
-
-
-
97,683
-
20,000
-
-
20,000
52,500
-
-
-
-
-
41,250
10,000
-
-
-
10,000
15,000
15,000
-
-
-
15,000
15,000
-
-
-
-
-
12,500
10,000
-
-
-
10,000
12,000
-
-
-
93,400
93,400
-
10,000
-
-
-
10,000
-
-
10,000
-
-
10,000
-
8,000
-
-
-
8,000
5,500

88,540
30,000
26,000
98,400
242,940
1,266,520

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

COMPARATIVE GRANTS RECEIVED

During the 2022, the Charity received the following grants which are included in the SOFA under Income from Charitable Activities.

	House	Festivals
	and	and		Sussex
	Galleries	Events	Enterprise	Modern	Other	Total
	2022	2022	2022	2022	2022	2022
	£	£	£	£	£	£
*Government*
*Funding*
UK Community Renewal Fund	-	-	-	498,471	-	498,471
Arts Council England	50,400	-	234,000	-	-	284,400
Get Building Fund	-	-	-	-	-	-
Architectural
Heritage Fund	-	-	-	-	-	-
Government Kickstart grants	23,909	-	-	-	-	23,909
Lewes District
Council project	-	-	-	-	16,800	16,800
support
Lewes District
Council Retail Leisure &	8,000	-	-	-	-	8,000
Hospitality grant
Coronavirus Job
Retention Scheme	-	-	-	-	-	-
*Trusts and*
*Foundations*
Royal Oak Foundation	183,507	-	-	-	-	183,507
Art Fund USA	97,683	-	-	-	-	97,683
Chalk Cliff Trust	-	27,500	-	-	25,000	52,500
Tavolozza Foundation	41,250	-	-	-	-	41,250
Linbury Trust	-	-	-	-	-	-
Bloomberg Philanthropies	15,000	-	-	-	-	15,000
Mercers Foundation	15,000	-	-	-	-	15,000
Sigrid Rausing Foundation	12,500	-	-	-	-	12,500
Kilroot Foundation	12,000	-	-	-	-	12,000
Rockefeller
Foundation	-	-	-	-	-	-

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

4. INVESTMENT INCOME

Other grants (under £10,000) Interest receivable	3,000 2,500 -	2023 2022 £ £ 1,019 107

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 2023 2023 2023 2023 2022 £ £ £ £ £ 596,020 422,554 568,457 1,587,031 1,233,990 289,878 347,056 355,466 992,400 802,128 - - - - 498,150 102,715 34,898 76,800 214,413 168,036 170,112 570,395 413,270 1,153,777 537,254
	1,158,725 1,374,903 1,413,993 3,947,621 3,239,558

Staff costs of £1,275,532 are set out at note 9 and comprise direct staff costs of £1,141,538 allocated	Staff costs of £1,275,532 are set out at note 9 and comprise direct staff costs of £1,141,538 allocated	Staff costs of £1,275,532 are set out at note 9 and comprise direct staff costs of £1,141,538 allocated	Staff costs of £1,275,532 are set out at note 9 and comprise direct staff costs of £1,141,538 allocated	Staff costs of £1,275,532 are set out at note 9 and comprise direct staff costs of £1,141,538 allocated
staff costs of £133,994 within ‘Support costs’		set out in note 6.
	Direct staff	Direct	Support	Total
	costs	costs	costs
	2022	2022	2022	2022
	£	£	£	£
Charitable activities
House and Galleries	532,007	315,238	386,746	1,233,991
Festival and Events	244,071	306,661	251,395	802,127
Sussex Modern	28,695	469,455	-	498,150
	804,773	1,091,354	638,141	2,534,268
Raising funds
Fundraising	91,881	23,491	52,664	168,036
Enterprises	155,540	213,333	168,381	537,254
Total expenditure	1,052,194	1,328,178	859,186	3,239,558

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

6. ANALYSIS OF SUPPORT COSTS

6. ANALYSIS OF SUPPORT COSTS
Staff costs Other costs	2023 2022 £ £ 133,994 95,325 1,289,999 763,861
	1,423,993 859,186

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 £31,203 of governance costs (2022: £32,793).

7. TAXATION

7. TAXATION
	2023	2022
	£	£
UK corporation tax credit	202,813	130,120
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:
	2023	2022
	£	£
Auditors’ remuneration:
Audit of the Charity (current year)	12,915	16,275
Audit of Charleston Enterprises Limited (current year)	3,480	4,500
Audit of Charleston Lewes Limited (current year)	4,150	-
Group VAT advice (current year)	4,979	3,831
Depreciation of fixed assets	164,071	160,356
Operating lease rentals in respect of equipment	2,435	6,347

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

9. STAFF COSTS

9. STAFF COSTS
Salaries and wages Social security costs Pension costs	2023 2022 £ £ 1,148,318 986,130 100,776 76,646 26,438 22,109
	1,275,532 1,084,885

The average number of staff employed during the year, including part-time and temporary contracts, was 62 (2022 – 61). Please note this does not include volunteers.

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

£80,001 - £90,000	2023 2022 No. No. 1 1
	1 1

Contributions totalling £5,618 were made to a stakeholder pension for the above employee (2022: £4,255).

Key management personnel are considered to be the Chief Executive, the Director of Finance and HR, Director of Communications, Head of Operations and Visitor Experience, the Head of Programme and Events, the Head of Collections and Research, Head of Community Engagement and the Head of Exhibitions. The total amount paid to key management personnel in the year was £403,293 (2022: £352,985). This amount includes stakeholder pension contributions of £12,071 (2022: £9,926).

10. TRUSTEES

None of the Trustees received any remuneration during the year for their services. Trustee expenses totalling £0 were reimbursed during the year (2022: £383).

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS

GROUP Cost 1 January 2023 Additions 31 December 2023 Depreciation 1 January 2023 Charge for the year 31 December 2023 Net Book Value 31 December 2023 31 December 2022 CHARITY Cost or Valuation 1 January 2023 Additions 31 December 2023 Depreciation 1 January 2023 Charge for the year 31 December 2023 Net Book Value 31 December 2023 31 December 2022		Freehold Land and Buildings Leasehold Land and Buildings Fixtures, fittings and equipment Total 225,000 6,478,748 227,589 6,931,337 5,197 5,197 225,000 6,478,748 232,786 6,936,534 - 751,974 183,113 935,087 - 150,394 13,676 164,070 - 902,368 196,789 1,099,157 225,000 5,576,380 35,997 5,837,377 225,000 5,726,774 44,476 5,996,250 Freehold Land and Buildings Leasehold Land and Buildings Fixtures, fittings and equipment Total 225,000 6,478,748 181,294 6,885,042 5,197 5,197
		225,000 6,478,748 186,491 6,890,239 - 751,974 155,010 906,984 - 150,394 7,083 157,477
		- 902,368 162,093 1,064,461 225,000 5,576,380 24,397 5,825,778
		225,000 5,726,774 26,284 5,978,058

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.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023 2022 2021 2020 2019 £ £ £ £ £ 1,811,941 1,501,941 1,001,941 962,691 735,411 - 310,000 500,000 21,250 227,280 - - - 18,000 -
	1,811,941 1,811,941 1,501,941 1,001,941 962,691

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 £14.2 million (2022 £13.2 million).

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

13. FIXED ASSET INVESTMENTS

Subsidiary undertaking - Charleston Enterprises Limited

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 Profit (loss) on ordinary activities before and after taxation	2023 2022 £ £ 757,427 730,192 (481,402) (191,779) 276,025 538,413 (198,155) (129,152) 77,870 409,261 (415,653) (124,014) (337,783) 285,247

At 31 December 2023 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	2023 2022 £ £ 11,599 18,193 218,879 629,431 (137,256) (216,619)
	93,222 431,005

	93,222 431,005

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking - Charleston Lewes Limited

Charleston Lewes Limited (company number 02203968, charity number 1202910) has three trustees in common with Charleston Trust (Bloomsbury in Sussex), the immediate and ultimate parent company of Charleston Lewes Limited is The Charleston Trust.

Charleston Lewes Limited is a company limited by guarantee. It was incorporated 31 October 2022 and it is governed by its Memorandum and Articles of Association, dated 21 April 2023. The first accounting period was extended from 31 October 2023 to 31 December 2023 to be 14 months.

Charleston Lewes Limited trading results for the first period are below:

INCOME AND ENDOWMENTS FROM: Donations and legacies Gift in Kind TOTAL INCOME AND ENDOWMENTS EXPENDITURE ON: Charitable activities Build and site costs Salaries TOTAL EXPENDITURE NET INCOME /(EXPENDITURE) FOR THE PERIOD TAXATION TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD	2023 Unrestricted Funds Restricted Funds Total Funds £ £ £ - 26,000 26,000 273,300 - 273,300
	273,300 26,000 299,300
	- 14,397 14,397 273,300 - 273,300
	273,300 14,397 287,697
	- 11,603 11,603 - - - - - -
	- 11,603 11,603 - - -
	- 11,603 11,603

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

At 31 December 2023 the aggregate amount of Charleston Lewes Limited’s assets, liabilities and share capital and reserves was:

£ Tangible Fixed Assets Current assets 35,850 Creditors: amounts falling due within one year (24,247) Net current assets Net assets Funds of the charity Restricted Funds Total charity funds 14. STOCK Group Group 2023 2022 £ £ Goods for resale 94,541 91,032 15. DEBTORS Group Group 2023 2022 £ £ Trade debtors 93,675 69,989 Amounts due from subsidiary company - - Other debtors 203,985 140,400 Taxation and social security 110,772 25,333 Prepayments and accrued income 24,806 457,139 433,238 692,861	£ Tangible Fixed Assets Current assets 35,850 Creditors: amounts falling due within one year (24,247) Net current assets Net assets Funds of the charity Restricted Funds Total charity funds 14. STOCK Group Group 2023 2022 £ £ Goods for resale 94,541 91,032 15. DEBTORS Group Group 2023 2022 £ £ Trade debtors 93,675 69,989 Amounts due from subsidiary company - - Other debtors 203,985 140,400 Taxation and social security 110,772 25,333 Prepayments and accrued income 24,806 457,139 433,238 692,861	£ 35,850 (24,247)	2023 £ - 11,603 11,603 11,603 11,603 Charity Charity 2023 2022 £ £ - -
	Group Group 2023 2022 £ £ 93,675 69,989 - - 203,985 140,400 110,772 25,333 24,806 457,139		Charity Charity 2023 2022 £ £ 68,520 42,805 79,133 165,089 202,814 140,400 110,772 25,333 24,749 179,605
	433,238 692,861		485,988 553,232

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Taxation and social security Other creditors Loan repayments due Accruals and deferred income	Group Group Charity Charity 2023 2022 2023 2022 £ £ £ £ 98,381 140,025 84,385 124,678 42,306 48,326 2,132 24,023 194,554 77,826 189,717 74,822 40,000 40,000 40,000 40,000 151,791 101,266 128,431 92,389
	527,032 407,443 444,665 355,912

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

Deferred income: Balance at 1 January 2023 Amounts released from previous years Incoming resources deferred Balance at 31 December 2023	Group and Charity 2023 Group and Charity 2022 £ £ 29,647 19,384 (29,647) (19,384) 36,928 29,647
	36,928 29,647

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

Loan repayments due within one to two years	Group Group Charity Charity 2023 2022 2023 2022 £ £ £ £ 40,000 40,000 40,000 40,000
	40,000 40,000 40,000 40,000

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. The 2023 repayment was paid in March 2024 as the SELEP financial year is April to March.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

18 . FUNDS

	GROUP Unrestricted Funds General Restricted Funds Funds for the Collection Acquisition Fund	1 January 2023 Income Expenditure Transfers and Taxation 31 December 2023 £ £ £ £ £ 7,813,668 2,318,968 (2,953,923) 202,813 7,381,526 8,584 - - - 8,584
	House Conservation	1,000 - - - 1,000
	Asham Literary Fund	125,828 - (100,591) - 25,237
	Radev Collection - Charleston Press #8	- 15,000 (32) 14,968
	Curatorial Manager salary	97,683 - (27,500) 70,183
	House, garden and collection conservation, and supporting visitor engagement	197,800 4,770 (197,800) 4,770
	Embroidery and needlework conservation	- 15,000 - 15,000
	Heritage Emergency Fund	23,824 - - 23,824

	Charleston in Lewes	100,672 369,988 (438,587) 32,073

	Generating Insight, Delivering Impact with data	- 93,400 (23,903) 69,497

	Charleston Festival 2024 Learning and Participation	- 10,000 - 10,000
	Head of Learning and Participation salary	- 40,050 (29,319) 10,731
	Learning and Participation	- 25,000 - 25,000

	Other restricted funds Endowment Funds Permanent Expendable Total Funds	143,455 65,550 (175,966) - 33,039
		698,846 638,758 (993,698) - 343,905 133,000 - - - 133,000 75,177 - - - 75,177
		208,177 - - - 208,177
		8,720,691 2,957,726 (3,947,621) 202,813 7,933,609

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

		THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023
	CHARITY Unrestricted Funds General Restricted Funds Funds for the Collection Acquisition Fund	1 January 2023 Income Expenditure Transfers and Taxation 31 December 2023 £ £ £ £ £ 7,382,665 1,977,193 (2,274,366) 202,813 7,288,305 8,584 - - - 8,584
	House Conservation	1,000 - - - 1,000
	Asham Literary Fund	125,828 - (100,591) - 25,237
	Radev Collection - Charleston Press #8	- 15,000 (32) 14,968
	Curatorial Manager salary	97,683 - (27,500) 70,183
	House, garden and collection conservation, and supporting visitor engagement	197,800 4,770 (197,800) 4,770
	Embroidery and needlework conservation	- 15,000 - 15,000
	Heritage Emergency Fund	23,824 - - 23,824

	Charleston in Lewes	100,672 369,988 (438,587) 32,073

	Generating Insight, Delivering Impact with data	- 93,400 (23,903) 69,497

	Charleston Festival 2024 Learning and Participation	- 10,000 - 10,000
	Head of Learning and Participation salary	- 40,050 (29,319) 10,731
	Learning and Participation	- 25,000 - 25,000

	Other restricted funds Endowment Funds Permanent Expendable Total Funds	143,455 39,550 (161,568) - 21,437
		698,846 612,758 (979,301) - 332,303 133,000 - - - 133,000 75,177 - - - 75,177
		208,177 - - - 208,177
		8,289,688 2,589,951 (3,253,667) 202,813 7,828,785

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

GROUP

Unrestricted Funds General Restricted Funds House Conservation Acquisition Fund 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

Restricted Funds and Endowment Funds

I. House Conservation: represents grants and donations received to maintain and conserve the house, garden and collection and related expenditure.
II. Acquisition Fund: represents a fund to be used for acquisitions for the Charleston collection.
III. Asham Literary Fund: represents a transfer of assets from the Asham Literary Trust to Charleston in support of literary activities.
IV. Other restricted funds represent grants and donations received for various purposes, which are held until spent in accordance with the donors’ wishes. In 2023 grants were received and spent to support the Trust to invest in our retail and enterprises income generation, to develop a project to open a new building in Lewes and deliver a campaign to promote Sussex as a cultural and tourism destination.
V. Permanent: arising from endowment gifts where the Trustees do not have the power to convert the capital into income.
VI. Expendable: where the Trustees do have the power to convert all or part of the capital into income.
VII. In 2022 transfer £2,606 wrote off sundry balances from Boat Appeal £2,210, Bloomberg £75 and UK Community Renewal Fund £321.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP 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 2023 2023 2023 2023 2022 2022 2022 2022 £ £ £ £ £ £ £ £ 7,441,141 (19,615) (40,000) 7,381,526 7,600,014 253,654 (40,000) 7,813,668 - 343,906 - 343,906 - 698,846 - 698,846 208,177 - - 208,177 208,177 - - 208,177
	7,649,318 324,291 (40,000) 7,933,609 7,808,191 952,500 (40,000) 8,720,691

GROUP
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
2023
2023
2023
2023
2022
2022
2022
2022
£
£
£
£
£
£
£
£
7,441,141
(19,615)
(40,000)
7,381,526
7,600,014
253,654
(40,000)
7,813,668
-
343,906
-
343,906
-
698,846
-
698,846
208,177
-
-
208,177
208,177
-
-
208,177

7,649,318
324,291
(40,000)
7,933,609
7,808,191
952,500
(40,000)
8,720,691

CHARITY 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 2023 2023 2023 2023 2022 2022 2022 2022 £ £ £ £ £ £ £ £ 7,429,540 (142,560) (40,000) 7.246.980 7,581,814 (356,478) (40,000) 7,185,336 - 332,303 - 332,303 - 698,846 - 698,846 208,177 - - 208,177 208,177 - - 208,177
	7,637,717 189,743 (40,000) 7,787,460 7,789,991 342,368 (40,000) 8,092,359

CHARITY
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
2023
2023
2023
2023
2022
2022
2022
2022
£
£
£
£
£
£
£
£
7,429,540
(142,560)
(40,000)
7.246.980
7,581,814
(356,478)
(40,000)
7,185,336
-
332,303
-
332,303
-
698,846
-
698,846
208,177
-
-
208,177
208,177
-
-
208,177

7,637,717
189,743
(40,000)
7,787,460
7,789,991
342,368
(40,000)
8,092,359

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

20. LEASE COMMITMENTS

At 31 December 2023 the Charity had the following commitments payable relating to noncancellable 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	2023 2022 £ £ 2,614 6,720 3,703 8,930 330 330 1,320 1,320 27,390 28,050
	35,357 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 £26,269 (2022 £22,109).

22. RELATED PARTIES

At the year-end £54,886 was due to the Charity from Charleston Enterprises Limited (2022 £165,089). During 2023 a total of £210,500 (2022 £105,035) was recharged from the Charity to Charleston Enterprises in respect of staff time for retail and venue hire activities.

During the year two trustees made unrestricted donations to the charity, one Trustee donated £60,000 (2022 £20,000), the second Trustee donated £800.

During the year Pippa Harris, a trustee, made a loan to the charity of £113,000. The loan was outstanding at the year end and the full amount is included in other creditors. The loan is repayable on 31 December 2024 and is interest free

At the year-end £24,247 was due to the Charity from Charleston Lewes Limited (2022 £0). During 2023 a total of £273,300 (2022 £0) was calculated as a Management Charge and given as a Gift in Kind from the Charity to Charleston Lewes Limited to cover the staff time associated with the fit out, set up, ongoing running and administration of Charleston in Lewes.

THE CHARLESTON TRUST (BLOOMSBURY IN SUSSEX) FOR THE YEAR ENDED 31 DECEMBER 2023

23. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

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

INCOME AND ENDOWMENTS FROM: Donations and legacies Charitable activities House and Galleries Festivals and Events Grants and donations Other trading activities Fundraising income Enterprise income Interest receivable 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 NET INCOME /(EXPENDITURE) FOR THE YEAR TAXATION TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD	2022 Unrestricted Funds Restricted Funds Endowment Funds Total Funds £ £ £ £ 376,008 132,500 - 508,508 434,442 - - 434,442 379,592 - - 379,592 112,900 1,153,620 - 1,266,520
	926,934 1,153,620 - 2,080,554 107,660 - - 107,660 731,924 - - 731,924
	839,584 - - 839,584 107 - - 107
	2,142,633 1,286,120 - 3,428,753
	- 498,150 - 498,150 772,496 29,632 - 802,128 1,050,031 183,959 - 1,233,990
	1,822,527 711,741 - 2,534,268 168,036 - - 168,036 415,127 122,127 - 537,254
	583,163 122,127 - 705,290
	2,405,690 833,868 - 3,239,558

	(263,057) 452,252 - 189,195 130,120 - - 130,120 2,606 (2,606) - -
	(130,331) 449,646 - 319,315 7,943,999 249,200 208,177 8,401,376
	7,813,668 698,846 208,177 8,720,691