REGISTERED COMPANY NUMBER: 05241501 (England and Wales)
REGISTERED CHARITY NUMBER: 1120792
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 March 2021 for ‘Croome Heritage Trust
Gorman Darby & Co Limited Chartered Certified Accountants Regal House 70 London Road Twickenham TWI 3QS
Croome Heritage Trust
Contents of the Financial Statements for the Year Ended 30 March 2021
Page Report of the Trustees 1 to 3 Independent Examiner's Report 4 Statement of Financial Activities 5) Balance Sheet 6 to 7 Notes to the Financial Statements 8 to 12 Detailed Statement of Financial Activities 13
Croome Heritage Trust Report of the Trustees for the Year Ended 30 March 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present theit report with the financial statements of the charity for the year ended 30 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102) (effective 1 January 2019),
OBJECTIVES AND ACTIVITIES
Objectives and aims To conserve preserve and educate the public on the historical significance of the Earls of Coventry, Croome, the landed estates, the heritage chattels and the archives of the Earls of Coventry;
To conserve the historic property of the Earls of Coventry as a heritage centre for the Charity in perpetuity;
To help children who are bereaved or who suffer from mental or physical disabilities.
Significant activities During the year, the charity was involved in producing booklets in order to educate the public in accordance with the objectives and aims stated above. Public benefit The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives. ACHIEVEMENT AND PERFORMANCE Charitable activities The Trustees have continued actively to Support the current activities of the National Trust at Croome Court as well as exploring with various academics the relationship of the 6th Earl of Coventry and "Capability" Brown and the effect of that patronage on the re-shaping of the landscape ofthe great houses of England.
Additional work has been carried out on the integration/interpretation of the Coventry Archive as it will affect the National Trust/Croome Heritage Trust's plans for Croome,
Prospects for the preservation of the Coventry family history at Croome over more than 400 years are excellent, and currently getting increased interest from Croome's visitors, and we are hopeful that in time the place has a good chance to become one of the National Trust's premier sites.
Investment performance The trustees have invested in assets in order to derive a reasonable level of income to fund the trust's charitable activities in the future. They are satisfied with the level of performance achieved and are confident that investment gains will continue to be achieved in the medium term.
FINANCIAL REVIEW
Financial review Income from donations and legacies for the year ended 30th March 2021 was £217,560 (2020: £224,858) and expenditure was £13,120 (2020: £24,963). Total unrestricted funds at the year end were £4,055,086 (2020: £3,850,953) including heritage assets of £3,409,395 (2020: £3,409,395).
Reserves policy Surplus funds are used to provide some cover against risk and to provide a sinking fund to meet future expenditure. STRUCTURE, GOVERNANCE AND MANAGEM ENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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Croome Heritage Trust
Report of the Trustees for the Year Ended 30 March 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees The Trust is administered by a Board of Trustees, Trustees are appointed by the Board, There is no set tenure of office. New Board members are provided with a pack of information containing details of the constitution of the Trust, accounts, minutes of recent meetings and papers dealing with current issues, which can then be discussed with other Board members. Trustees meet at least twice each year,
Organisational structure The Trustees meet on a regular basis and conduct the business of the Trust at their meetings; between meetings matters needing urgent attention are brought to the Chair of the Board of Trustees for discussion with other trustees.
Induction and training of new trustees
The existing trustees are responsible for the induction of any new trustee. This involves awareness of a trustee's responsibilities, the trust deed and the history of the charity.
Risk management
The trustees review the major risks to which the Trust is exposed on a regular basis. The Trustees believe that there is a satisfactory system of internal controls, which are also reviewed on a regular basis.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 05241501 (England and Wales)
Registered Charity number 1120792
Registered office 22 Mount Ephraim Road Tunbridge Wells Kent TN4 8AS
Trustees
P J Beresford (resigned 31.3.20) PJM Scott J B Henderson The Earl of Coventry J Tovey SJ A Hoare DDS Coventry
Company Secretary
PJM Scott
Independent Examiner Gorman Darby & Co Limited Chartered Certified Accountants Regal House 70 London Road Twickenham TW1 3QS
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Croome Heritage Trust
Report of the Trustees for the Year Ended 30 March 2021
This report has been prepared in accordance will the special provisions of Part 18 of the Companies Act 2006 rebing toApprovedsmall companies.by| order of the board of trustees an... Qe3 * Noha?.NeaseFand signed an its behatf by:
IW Henderson. Urostee
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Independent Examiner's Report to the Trustees of Croome Heritage Trust
Independent examiner's report to the trustees of Croome Heritage Trust (‘the Company’) I report to the. charity trustees on my examination of the accounts of the Company for the year ended 30 March 2021.
Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation ofthe accounts in accordance with the requirements ofthe Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company are not requited to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity's accounts as. carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act: or 2: the accounts do not accord with those records; or 3; the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew Darby
Gorman Darby & Co Limited Chartered Certified Accountants Regal House 70 London Road Twickenham TWI1 3QS Date: De, Norevbber |
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Croome Heritage Trust
Statement of Financial Activities for the Year Ended 30 March 2021
----- Start of picture text -----
|||||
|---|---|---|---|
|2021|2020|
|Unrestricted|Total|
|Notes|fund|funds|
|INCOME AND ENDOWMENTS FROM|£|£|
|Donations and legacies|217,560|224,858|
|Activities for generating funds|2|45|1,233|
|Investment income|3|8|35|
|Total|217,613|226,126|
|EXPENDITURE ON|
|Charitable|activities|
|Management fees|6,284|8,605|
|Sundry expenses|4,561|14,487|
|Accountancy|1,344|1,440|
|Depreciation|431|431|
|Donation|local collection|500|-|
|Total|13,120|24,963|
|NET INCOME|204,493|201,163|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|3,850,593|3,649,430|
|TOTAL FUNDS CARRIED FORWARD|4,055,086|3,850,593|
----- End of picture text -----
The notes form part of these financial statements
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Croome Heritage Trust
Balance Sheet - continued 30 March 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The finanejal, statements were approved by the Board of ‘Trustees and authorised for issue on BOT pegyg and were signed an its behalfby:
R421
11) Henderson - Trustee
The notes form part of these financial statements
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Croome Heritage Trust
Notes to the Financial Statements for the Year Ended 30 March 2021
1, ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, with the exception of listed investments which are included at market value, and 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 (FRS 102) effective from 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from | January 2015. The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from | April 2005 which has since been withdrawn.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that ageregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost Heritage assets Heritage assets are measured at cost less any impairment losses. Heritage assets are not depreciated since their long economic life, expenditure on maintenance and residual value mean that any depreciation would not be material.
Fixed asset investments Listed investments are carried at market value.
Debtors Debtors are measured at cost.
Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.
Taxation The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion ofthe trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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Croome Heritage Trust
Notes to the Financial Statements - continued for the Year Ended 30 March 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation ofthe nature and purpose of each fund is included in the notes to the financial Statements.
| 2: | ACTIVITIESFORGENERATING FUNDS | |||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Shopincome | £ | 45 | £ 1,233 |
|
| J: | INVESTMENTINCOME | |||
| 2021 | 2020 | |||
| Depositaccountinterest | £ | 8 | £ 35 |
|
| 4, | NETINCOMEAEXPENDITURE) | |||
| Netincome/(expenditure) isstatedaftercharging/(crediting): | ||||
| 2021 | 2020 | |||
| Depreciation -ownedassets | £ 431 |
£ 43] |
||
| §, | TRUSTEES'REMUNERATIONANDBENEFITS | |||
| There werenotrustees’ remuneration or other benefits fortheyearended 30March2020. |
30March 2021 nor for | theyear ended |
Trustees’ expenses
There were no trustees' expenses paid for the year ended 30 March 2021 nor for the year ended 30 March 2020. 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| INCOMEANDENDOWMENTSFROM | £ |
| Donationsand legacies | 224,858 |
| Activities forgeneratingfunds Investmentincome |
1,233 35 |
| Total | 226,126 |
| EXPENDITURE ON | |
| Charitable activities | |
| Management fees Sundryexpenses Accountancy Depreciation |
8,605 14,487 1,440 43] |
| Total | 24,963 |
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Croome Heritage Trust
Notes to the Financial Statements - continued for the Year Ended 30 March 2021
| 6. | COMPARATIVES FOR THESTATEMENTOFFINANCIALACTIVITIES -continued | |
|---|---|---|
| Unrestricted | ||
| fund | ||
| NETINCOME | £ 201,163 |
|
| RECONCILIATIONOFFUNDS | ||
| Totalfundsbrought forward | 3,649,430 | |
| TOTALFUNDSCARRIEDFORWARD | 3,850,593 | |
| Ts | TANGIBLE FIXEDASSETS | |
| Fixtures | ||
| and | ||
| fittings | ||
| COST | £ | |
| At31 March2020and 30March2021 | 2,155 | |
| DEPRECIATION | ||
| At31 March2020 Charge foryear |
1,293 431 |
|
| At 30March2021 | 1,724 | |
| NETBOOKVALUE | ||
| At30March2021 | 431 | |
| At30March2020 | 862 | |
| 8. | HERITAGEASSETS | |
| Total | ||
| MARKET VALUE | £ | |
| At31 March2020and30March2021 | 3,409,395 | |
| NETBOOKVALUE | ||
| At30March2021 | 3,409,395 | |
| At30March2020 | 3,409,395 |
in pursuance of the Charity's objects, to preserve the historic Coventry family Mansion House, Croome Court, and 10 ensure its accessibility to the public in perpetuity, a full repairing and insuring lease for 999 years was granted to the National Trust on 21st December 2012. Within that property the Charity has rétained certain rights of use to ensure the Charity's volunteers and administration can be accommodated.
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Croome Heritage Trust
Notes to the Financial Statements - continued for the Year Ended 30 March 2021
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||||||
|---|---|---|---|---|
|9.|FIXED ASSET INVESTMENTS|
|Listed|
|investments|
|MARKET VALUE|£|
|At 31|March 2020|400,000|
|Additions|200,000|
|At 30 March 2021|600,000|
|NET BOOK VALUE|
|At 30 March 2021|600,000|
|At 30 March 2020|400,000|
|There were no|investment|assets|outside|the UK,|
|10.|DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|
|2021|2020|
|Other|£|£|
|debtors|11,235|-|
|11,|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|
|2021|2020|
|Accruals|£|£|
|and deferred income|1,500|1,440|
|12.|MOVEMENT IN FUNDS|
|Net|
|At|movement|At|
|31.3.20|in|funds|30,3.21|
|Unrestricted|funds|£|£|£|
|General fund|3,850,593|204,493|4,055,086|
|TOTAL FUNDS|3,850,593|204,493|4,055,086|
|Net movement|in funds,|included|in the above are as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|Unrestricted|funds|£|£|£|
|General fund|217,613|(13,120)|204,493|
|TOTAL FUNDS|217,613|(13,120)|204,493|
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Croome Heritage Trust
- RELATED PARTY DISCLOSURES
Notes to the Financial Statements - continued for the Year Ended 30 March 2021
12, MOVEMENT IN FUNDS- continued
Comparatives for movement in funds
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||||||
|---|---|---|---|---|
|Net|
|At|movement|At|
|313.19|in|funds|30.3.20|
|Unrestricted|funds|5|£|£|
|General fund|3,649,430|201,163|3,850,593|
|TOTAL FUNDS|3,649,430|201,163|3,850,593|
|Comparative net movement in|funds,|included|in the above are as follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|Unrestricted|funds|£|£|£|
|General fund|226,126|(24,963 )|201,163|
|TOTAL FUNDS|226,126|(24,963 )|201,163|
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There were no related party transactions for the year ended 30 March 2021.
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Croome Heritage Trust
Detailed Statement of Financial Activities for the Year Ended 30 March 2021
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|||||
|---|---|---|---|
|2021|2020|
|£|£|
|INCOME AND ENDOWMENTS|
|Donations and|legacies|
|Donations|204,141|211,600|
|Donated services and|facilities|13,419|13,258|
|217,560|224,858|
|Activities for generating|funds|
|Shop income|45|1,233|
|Investment|income|
|Deposit account interest|8|35|
|Total incoming resources|217,613|226,126|
|EXPENDITURE|
|Charitable|activities|
|Management fees|6,284|8,605|
|Accountancy|1,344|1,440|
|Sundry expenses|4,561|14,487|
|Depreciation|431|431|
|Donation|local collection|500|-|
|13,120|24,963|
|Total resources expended|13,120|24,963|
|Net income|204,493|201,163|
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This page does not form part of the statutory financial statements
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