2020-08-31-accounts

The Holfords of Westonbirt Trust

Charity No. 1124066

Company No. 06035589

Company Limited by Guarantee Trustees’ Report and Unaudited Accounts

31 August 2020

The Holfords of Westonbirt Trust REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020

Contents

	Page
Charity Information	2
Trustees’ Annual Report	2
Independent Examiner’s Report	8
Statement of Financial Activities	10
Summary Income and Expenditure Account	11
Balance Sheet	12
Statement of Cash Flows	13
Notes to the Accounts	14

1

The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT

The trustees are pleased to present their report together with the financial statements of the charity for the year ending 31 August 2020.

Reference and Administrative Details

Charity Number: 1124066 Company Number: 06035589 Registered Office: The Holfords of Westonbirt Trust, Westonbirt House. Tetbury, Gloucestershire, GL8 8QG Accountants: Grosvenor House, Priory Park, London Road, Tetbury, Gloucestershire, GL8 8HZ Bankers: Barclays Bank, 28 Market Place, Cirencester, GL7 2NP

Directors and Trustees

The Directors of the charitable company (the charity) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The trustees serving during the year 2019-20 were as follows:

Mr Richard Boggis Rolfe OBE Chairman Mrs Annabella Scott OBE Vice Chair Mrs Natasha Dangerfield Headmistress and CEO Mr Marcus Galea Lady Bland Chair – Fund raising

Mr Simon Tomlinson Mr Charles Ralph Mrs Angela Potter Lady Scruton

2

The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT

Structure, Governance and Management

Governing Document

The Holfords of Westonbirt Trust is a charitable company limited by guarantee, government by its Memorandum and Articles of Association dated 21 December 2006 and registered with the Charity Commission. (Charity Registered Number 1124066)

Appointment of Trustees

The Articles of Association state that the maximum and minimum number of Trustees may be amended by the Charity at an Annual General Meeting but unless amended the minimum shall be three and the maximum 16. It is further stated that the number of Trustees connected with Wishford Schools shall not exceed 40% of the total number. of the nine Trustees only one, Mrs Dangerfield as Headmistress, were connected with Wishford Schools. One third of the Trustees retires by rotation each year but may be re-elected Trustees.

Trustee Induction and Training

Any new Trustee is given all relevant documents (including the Memorandum and Articles of Association and the most recent Annual Report and Accounts). Trustees are referred to Charity Commission and other relevant guidance about the responsibilities under charity and company law.

Organisation

The Board of Trustees administers the charity. The Board holds plenary meetings three times a year. Committees are formed to deal with particular events or needs as required. Currently these are:

• The Executive Committee

• The Garden Committee

• Fundraising

The day-today activities of the Trust at Westonbirt are managed by the Heritage Officer, whose role is to implement and co-ordinate the development activities of the Holfords of Westonbirt Trust, with oversight from the Headmistress. Activity and decisions required are reported with regularity to the Executive Committee.

Related Parties

The Charity has a close relationship with Westonbirt School and has held a lease on the gardens from the School since the Trust’s inception. The School was sold to Wishford Schools Ltd in June 2018 and the leases on the garden remain with HoWT, with a reversion to Wishford Schools.

Risk Management

The Trustees manage risks to the Charity by reviewing annually the risks the Charity may face, and by establishing procedures to lessen the identified risks so as to minimize the impact on the Charity if they should materialise. A key risk for the Charity is the Safeguarding of students in the premises during periods when the House of Gardens are open for visitors. The Charity works closely with the School and their Designated Safeguarding Leads to ensure this risk is minimized at all times.

3

The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT

Objectives and Activities

The objectives of the Charity are:

• To protect and preserve for the benefit of the public and the nation, Westonbirt House and Gardens and the Estates previously in the ownership of the Holford family in the County of Gloucestershire and the Holford Heritage associated therewith.

The Trust continues to work within its guiding principles which are:

• The Trust will work to ensure that the various, separate aspects of Westonbirt today – the house, the gardens, the estates and the Aboretum – are considered as a whole, the owners working in partnership whenever possible to respect the Holfords’ wider vision.

• Westonbirt’s sustainability will depend on an ability to accommodate the changing values of the 21[st] century without compromising its value for future generations.

• The conservation, and where necessary restoration, of Westonbirt should preserve and evoke Robert Stayner Holford’s original ambition to represent the most impressive skills of his day.

• Westonbirt should be treated as a place of valuable cultural and educational resource – including archaeological, scientific and historical material – worthy of preservation and interpretation to the fullest possible degree.

• Westonbirt should make its resources available to as wide a public as possible and the Trust will work to ensure that his is achieved through a variety of media and an increased number of open days.

4

The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT

Garden Restoration Project, Publicity and Events

In 2020 Westonbirt House and Gardens closed to visitors due to the COVID19 pandemic. Once restrictions allowed however, the Heritage Officer, Head Gardener and Project Manager for the Trust were able to work outside and a great deal of conservation, renovation and general upkeep was completed. This included the renovation of the long empty lake and the installation of a bore hole, the clearing and restoration of stone work in the grotto, along with work to several stone seats within the grounds, to the pavilions and the South terrace wall. Work also commenced to convert the Old Tuck Shop into a volunteer and visitor hub along with repairs to Camellia House and the restoration of one of the historic glasshouses which are in a dangerous and dilapidated state. Work was put on hold over the winter and will be completed in the Spring/Summer of 2021. These projects were largely funded by the Heritage Lottery Fund with two smaller grants awarded by the Pilgrim Trust and Historic Houses and a sizable donation from a past pupil for works to the lake specifically. This was overseen by the Trust Project Manager, Chris Rice. Alix Chalk, Head Gardener, although without her usual team of volunteers was able to keep the Italian gardens in excellent condition with the help of the Heritage Officer, her daughter and school staff who lived on site volunteering with the vast job of weeding.

Whilst volunteer guides, gardeners and trustees were unable to visit the site due the restrictions, they were kept well informed and up to date with ongoing works with regular pictorial reports from both the Project Manager and Alan Bishop Themeworks Ltd who completed the works to the lake and grotto. Regular updates were also posted to Facebook by the Heritage Officer and the Project Manager enabling a wider audience to appreciate and enjoy the results, albeit online.

Planned Future Events

With all being well for the lifting of COVID restrictions in June 2021, it is planned that a series of Open House and Garden days will go ahead as in previous years along with a National Heritage Open Day in September and a celebration garden party or dinner. The gardens will re-open on Tuesday and Wednesday afternoons once the appropriate systems are in place for online and contactless booking.

Financial Review

Investment Policy

Under the Memorandum and Articles of Association, the Charity has the power to invest in any ways the Trustees wish. The Trustees will develop an investment policy once sufficient funds are available.

5

The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT

Reserves Policy

The Trustees’ strategy is to build reserves through planned operating surpluses. The Charity’s present main source of funding, however, has no element allowed for operating surpluses, so the Trustees are well aware that it will take many years to reach the desired level of reserves. In the meantime the Trustees have a contingency plan to reduce expenditure by curtailing the Charity’s activities, should lack of resources make that necessary. At the end of the year the Trustees had no funds other than those committed to current liabilities.

Principal Funding Sources

The Charity’s current principal sources of funding are private donations, grants from charitable trusts and foundations, and income generated from specialist tours and activities.

Plans for future periods

The Trust will continue to seek private donations and grants from charitable trusts and foundations. In addition, the Trust will now work more locally and liaise with the Westonbirt Association, the Friends of Westonbirt and Westonbirt Schools’ Marketing Department to build on relationships that are sustained by ongoing contact with the School and its heritage assets.

Trustees’ responsibilities in relation to the financial statements

The Trustees (who are also directors of The Holfords of Westonbirt Trust Ltd for the purpose of the 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. 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;

• Make judgements 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 charitable company will continue in operation.

6

The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT

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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware:

• There is no relevant audit information of which the charitable company’s auditor is 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.

Accountants

Grosvenor House Chartered Accountants of Tetbury, Gloucestershire continue to be the accountants to the Charity for the following year.

By order of the Trustees

Richard Boggis-Rolfe OBE Chairman 14 April 2021

7

The Holfords of Westonbirt Trust

Report of the Independent Examiner to the Trustees of the charitable company on the accounts for the year ended 31 August 2020

I report to the Trustees on my examination of the financial statements of the charitable company on pages 10 to 23 for the year ended 31 August 2020 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1[st] January 2016) as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP), published by the Charity Commission in England and Wales (CCEW), and under the historical cost convention and the accounting policies set out on pages 14 to 17.

Respective responsibilities of the Trustees and the Independent Examiner and the basis of the report

As described on page 9, you, the charitable company’s Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with the Companies Act 2006, the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.

The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the memorandum and articles of the charity for the conducting of an audit, and that the accounts do not require an audit in accordance with Part 16 of the Companies Act 2006 and that no member or members have requested an audit pursuant to Section 476 of the Companies Act 2006. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.

Having satisfied myself that the financial statements are not required to be audited under any legal provision, or otherwise, and are eligible for independent examination, it is my responsibility to:

• examine the financial statements of the charity under Section 145 of the Act;

• follow the applicable procedures in the Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of Independent Examiner’s Statement and scope of work undertaken

I report in respect of my examination of the charity’s financial statements carried out under s145 of the Act. In carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act setting out the duties of an independent examiner in relation to the conducting of an independent examination. An independent examination includes a review of the accounting records kept by the charitable company and of the accounting systems employed by the charitable company and a comparison of the financial statements presented with those records. It also includes the consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements comply with the SORP.

The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries and does not cover all the matters that an auditor would consider arriving at an opinion. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide.

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The Holfords of Westonbirt Trust

Consequently, I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.

I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report, I obtained written assurances from the Trustees of all material matters.

Independent Examiner’s Statement, Report and Opinion

Subject to the limitations upon the scope of my work as detailed above, I have completed my examination and can confirm that:

• i. The accounts of the charitable company are not required to be audited under Part 16 of the Companies Act 2006;

• ii. This is a report in respect of an examination carried out under 145 of the Act and in accordance with the Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;

• iii. And that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• accounting records were not kept in respect of the charity as required by Section 386 of the Companies Act 2006 and Section 130 of The Charities Act 2011;

• the financial records do not accord with those records; or

• the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in section 396 of the Companies Act 2006 other than the requirement that the accounts give a ‘true and fair’ view, which is not a matter considered as part of an independent examination;

• have not been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP).

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 financial statements to be reached.

Signed:

Timothy William Brown FCCA – Independent Examiner

Chartered Certified Accountant

Grosvenor House Avening, Priory Park Tetbury Gloucestershire GL8 8HZ

This report was signed on 14 April 2021

9

The Holfords of Westonbirt Trust STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 August 2020

Notes Income and endowments from: Donations and legacies 4 Other trading activities 5 Investments 6 Total Income Expenditure on: Raising funds 7 Charitable activities 8 Other 9 Total Expenditure Net gains on investments Net income/(expenditure) 10 Net income/(expenditure) before other gains/(losses) Other gains and losses: Net income/(expenditure) after other gains/(losses) Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Current year Unrestricted funds 2020 Current year Restricted funds 2020 Current year Total funds 2020 Prior Year Total funds 2019 £ £ £ £ 1,747 105,000 106,747 338,741 22,490 - 22,490 12,262 1,146 - 1,146 1,196
	25,383 105,000 130,383 352,199 2,411 1,150 3,561 5,509 10,969 244,966 255,935 45,582 140 66 206 348
	13,520 246,182 259,702 51,439 - - - -
	11,863 (141,182) (129,319) 300,760
	11,863 (141,182) (129,319) 300,760 (3,396) - - -
	8,467 (141,182) (132,715) 300,760 1,372 393,277 394,649 93,889 8,467 (141,182) (132,715) 300,760 9,839 252,095 261,934 394,649

10

The Holfords of Westonbirt Trust

SUMMARY INCOME AND EXPENDITURE ACCOUNT

For the year ended 31 August 2020

Income Interest and investment income Gross income for the year Expenditure Interest Payable Depreciation and charges for Impairment of fixed assets Total expenditure for the year Net income/(expenditure) before tax For the year Net income/(expenditure) for the year	2020 £ 129,237 1,146 130,383 259,636 - 66 259,702 (129,319) (129,319)	2019 £ 351,003 1,196
		352,199
		51,439 - -
		51,439
		300,760 300,760

11

The Holfords of Westonbirt Trust BALANCE SHEET

at 31 August 2020

Company No. 06035589	Notes	2020	2019
		£	£
Fixed Assets
Tangible assets	12	266	-
Current Assets
Debtors	13	50,229	21,405
Cash at bank and in hand		233,488	410,381
		283,717	431,786
Creditors:Amount falling due within one year	14	(22,049)	(37,137)
Net current assets		261,668	394,649
Total assets less current liabilities		261,934	394,649
Creditors:Amounts falling due after more than one year	15	-	-
The total net assets of the charity		261,934	394,649
The total net assets of the charity are funded by the funds of
the charity, as follows:
Restricted funds	16
Restricted Revenue funds		252,095	393,277
			393,277
Unrestricted funds	16
Unrestricted Revenue funds (general funds)		9,839	1,372
			1,372
Reserves (Designated funds)	16	-	-
Total charity funds		261,934	394,649

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 August 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 14 April 2021

And signed on its behalf by:

Richard Boggis-Rolfe OBE Chairman 14 April 2021

12

The Holfords of Westonbirt Trust STATEMENT OF CASH FLOWS

For the year ended 31 August 2020

Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Dividends, interest and rents from investments Depreciation of property, plant and equipment Decrease/(increase) in trade and other receivables Increase/(decrease) in trade and other payables Net cash provided by/(used in) operating activities Cash flows from investing activities Dividends, interest and rents from investments Purchases of property, plant and equipment Net cash from investing activities Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances	2020 £ (132,715) (1,146) 66 (28,824) (15,087) (177,706) 1,146 (333) 813 - (176,893) 410,381 233,488 233,488 233,488	2019 £ 300,760 (1,196) (18,008) (5,390)
		275,166 1,196 -
		1,196 - 277,362 133,019
		410,381
		410,381 410,381

13

The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS

For the year ended 31 August 2020

1. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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 Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting
Unrestricted funds	These are available for use at the discretion of the trustees
	in furtherance of the general objects of the charity.
Designated funds	These are unrestricted funds earmarked by the trustees for
	particular purposes.
Revaluation funds	These are unrestricted funds which include a revaluation
	reserve representing the restatement of investment assets
	at their market values.
Restricted funds	These are available for use subject to restrictions imposed
	by the donor or through terms of an appeal.
Income
Recognition of income	Income is included in the Statement of Financial Activities
	(SoFA) when the charity becomes entitled to, and virtually
	certain to receive, the income and the amount of the
	income can be measured with sufficient reliability.
Income with related expenditure	Where income has related expenditure the income and
	related expenditure is reported gross in the SoFA.
Donations and legacies	Voluntary income received by way of grants, donations and
	gifts is included in the SoFA when receivable and only when
	the Charity has unconditional entitlement to the income.
Tax reclaims on donations and gifts	Income from tax reclaims is included in the SoFA at the
	same time as the gift/donation to which it relates.
Donated services and facilities	These are only included in income (with an equivalent
	amount in expenditure) where the benefit to the Charity is
	reasonably quantifiable, measurable and material.
Volunteer help	The value of any volunteer help received is not included in
	the accounts.
Investment income	This is included in the accounts when receivable.
Gains/(losses) on revaluation of	This includes any gain or loss resulting from revaluing
fixed assets	investments to market value at the end of the year.
Gains/(losses) on investment	This includes any gain or loss on the sale of investments.
assets

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The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS

Expenditure
Recognition of expenditure	Expenditure is recognised on an accruals basis. Expenditure
	includes any VAT which cannot be fully recovered and is
	reported as part of the expenditure to which it relates.
Expenditure on raising funds	These comprise the costs associated with attracting
	voluntary income, fundraising trading costs and investment
	management costs.
Expenditure on charitable	These comprise the costs incurred by the Charity in
activities	the delivery of its activities and services in the furtherance
	of its objects, including the making of grants and governance
	costs.
Grants payable	All grant expenditure is accounted for on an actual paid
	basis plus an accrual for grants that have been approved by
	the trustees at the end of the year but not yet paid.
Governance costs	These include those costs associated with meeting the
	constitutional and statutory requirements of the Charity,
	including any audit/independent examination fees, costs
	linked to the strategic management of the Charity, together
	with a share of other administration costs.
Other expenditure	These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the Statement of Financial Activities. No depreciation is provided in respect of investment properties. This treatment conflicts with the requirements of the Companies Act 2006 that all properties should be depreciated. The directors consider that, because these properties are not held for consumption, but for their investment potential it is necessary to adopt the requirements of the FRSSE in order to give a true and fair view.

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

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

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The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation.

Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

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The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet.

The assets of the plan are held separately from the company in independently administered funds.

2. Company status

The company is a private company limited by guarantee and consequently does not have share capital.

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The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS

3. Statement of Financial Activities – prior year

Income and endowments from: Donations and Legacies Other trading activities Investments Total Income Expenditure on: Raising funds Charitable activities Other Total expenditure Net income for the year Net income before other gains/(losses) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward	Unrestricted Restricted Total funds funds funds 2019 2019 2019 £ £ £ 6,441 332,300 338,741 12,262 - 12,262 1,196 - 1,196
	19,899 332,300 352,199 4,009 1,500 5,509 36,321 9,261 45,582 348 - 348
	40,678 10,761 51,439
	(20,779) 321,539 300,760
	(20,779) 321,539 300,760
	(20,779) 321,539 300,760 22,151 71,738 93,889 1,372 393,277 394,649

4. Income from donations and legacies

Donations Wishford Schools National Heritage Lottery Fund Pilgrim Trust Total Donations and Legacies	Unrestricted funds Restricted funds Total funds Total funds 2020 2020 2020 2019 £ £ £ £ 1,747 - 1,747 81,441 - - - 250,000 - 90,000 90,000 7,300 - 15,000 15,000
	1,747 105,000 106,747 338,741

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The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS

5. Income from other trading activities

Visits to the house and gardens Hire of gardens Total . Income from investments Bank interest receivable Total . Expenditure on raising funds Costs of generating voluntary income Donations Total	Unrestricted funds Total funds Total funds 2020 2020 2019 £ £ £ 2,490 2,490 12,262 20,000 20,000 - 22,490 22,490 12,262 Unrestricted funds Total funds Total funds 2020 2020 2019 £ £ £ 1,146 1,146 1,196 1,146 1,146 1,196 Unrestricted funds Restricted funds Total funds Total funds 2020 2020 2020 2019 £ £ £ £ 2,411 1,150 3,561 5,509 2,411 1,150 3,561 5,509	Unrestricted funds Total funds Total funds 2020 2020 2019 £ £ £ 2,490 2,490 12,262 20,000 20,000 - 22,490 22,490 12,262
		Unrestricted funds Total funds Total funds 2020 2020 2019 £ £ £ 1,146 1,146 1,196
		1,146 1,146 1,196

6. Income from investments

7. Expenditure on raising funds

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The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS

8. Expenditure on charitable activities

	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2020	2020	2020	2019
	£	£	£	£
Expenditure on charitable activities
Conservation, education and research	2,025	213,315	215,340	31,076
Support costs – landscaping and planting	3,072	27,584	30,656	8,047
Support costs – administrative overheads	767	4,067	4,834	4,459
Governance costs
Audit and accountancy fees	5,105	-	5,105	2,000
Total	10,969	244,966	255,935	45,582
9. Other expenditure
		Unrestricted	Total	Total
		funds	funds	funds
		2020	2020	2019
		£	£	£
Amortisation, depreciation, impairment, profit/loss
on disposal of fixed assets		66	66	-
General administrative costs		140	140	348
Total		206	206	348
10. Net income/(expenditure) before transfers
			2020	2019
			£	£
This is stated after charging:
Depreciation of owned fixed assets		(129,319)		300,760

11. Staff Costs

No employee received emoluments in excess of £60,000.

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The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS

12. Tangible fixed assets

Cost or revaluation At 1 September 2019 At 31 August 2020 Depreciation and impairment At 1 September 2019 At 31 August 2020 Net book values At 31 August 2020 At 31 August 2019	Heritage assets Fixtures, fittings and equipment Total £ £ £ 6,797 48,043 54,840
	6,797 48,376 55,173
	6,797 48,043 54,840
	6,797 48,110 54,907
	- 266 266 - - -

13. Debtors

Trade debtors VAT recoverable Prepayments and accrued income 14. Creditors Amounts falling due within one year Trade creditors Other creditors Accruals and deferred income 15. Creditors Amounts falling due after more than one year Other creditors	2020 2019 £ £ 25,474 - 23,830 17,072 925 4,333
	50,229 21,405
	2020 2019 £ £ 15,673 32,843 2,876 1,794 3,500 2,500
	22,049 37,137
	2020 2019 £ £ - -
	- -

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The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS

16. Movement in funds

Restricted funds: Restricted income funds: Other Wishford Schools Lake Heritage Lottery Fund Pilgrim Trust Total Unrestricted funds: General funds Revaluation Reserves: Total funds	Incoming resources At 1 September 2019 (including other gains/losses) Resources expended Adjustments At 31 August 2020 £ £ £ £ £ 60,977 - (9,147) 51,830 250,000 - (105,776) 144,224 75,000 - (71,850) 3,150 7,300 90,000 (59,409) 37,891 15,000 - 15,000
	393,277 105,000 (246,182) 252,095
	1,372 25,383 (13,520) (3,396) 9,839 - - - -
	394,649 130,383 (259,702) (3,396) 261,934

Purposes and restrictions in relation to the funds: Restricted funds:

Other

Other restricted funds represent donations given solely for the charitable activities of the charity to include conservation, education and research, subject to a permitted 15% contribution towards the charity's annual administration costs. this permitted transfer was £9,147.

Wishford Schools

Donation given for either the delivery of the HLF funded project or, if the bid is not successful, for purposes in furtherance of the charitable objectives.

Lake

Donation given for the purpose of making essential repairs to the Westonbirt Lake.

Heritage Lottery Fund Heritage Lottery Funds represents donations given solely for work towards a three-year development project to transform access and restore the built features of Westonbirt Gardens.

Pilgrim Trust

Donation given solely for restoration works on stone seats in the Westonbirt Gardens.

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The Holfords of Westonbirt Trust

NOTES TO THE ACCOUNTS

17. Analysis of net assets between funds

Net current assets	Unrestricted Funds Restricted Funds Total £ £ £ 31,811 229,857 261,668
	31,811 229,857 261,668

18. Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital, this no single party controls the company.

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