REGISTERED COMPANY NUMBER: 06779241 (England and Wales)
REGISTERED CHARITY NUMBER: 1127871
Report of the Trustees and
Financial Statements for the Year Ended 31st March 2021
for
Hartlebury Castle Preservation Trust
Richards Sandy Audit Services Limited (Statutory Auditor) Thorneloe House 25 Barbourne Road Worcester WR1 1RU
Hartlebury Castle Preservation Trust
Contents of the Financial Statements for the Year Ended 31st March 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report ofthe Trustees | 2 | to | 5 |
| Reportofthe IndependentAuditors | 6 | to | 8 |
| Statementof Financial Activities | 9 | ||
| Balance Sheet | 10 | ||
| Cash Flow Statement | 11 | ||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 25 |
| DetailedStatementofFinancialActivities | 26 | to | 27 |
Hartlebury Castle Preservation Trust
Reference and Administrative Details for the Year Ended 31st March 2021
TRUSTEES Mirs M S Arden-Davis (resigned 1.4.21) Ms S J Finch Mr R D Greenwood Mrs R C Tucker (resigned 10.11.20) Mr P West Ms HADM Rawles Ms V Floy Mr S K Munday Mr R J Earl Mr S L Ellis COMPANY SECRETARY Mr P B Copsey REGISTERED OFFICE Hartlebury Castle Hartlebury Kidderminster Worcestershire DY11 7XZ REGISTERED COMPANY NUMBER 06779241 (England and Wales) REGISTERED CHARITY NUMBER ~ 1127871 INDEPENDENT AUDITORS Richards Sandy Audit Services Limited (Statutory Auditor) Thorneloe House 25 Barbourne Road Worcester WR1 1RU DIRECTOR Mr S R Bagnall PROPERTY RENTAL AGENTS G Herbert Banks The Estate Office Hill House Great Witley Worcestershire WR6 6JB
Page 1
Hartlebury Castle Preservation Trust
Report of the Trustees
for the Year Ended 31st March 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st 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 Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Hartlebury Castle was the home of successive Bishops of Worcester for over 1000 years (from 855 to 2007) and is now owned and managed by Hartlebury Castle Preservation Trust. The Trust acquired the property and grounds in 2017 for the use and enjoyment of the community, and to allow the nationally important Hurd Library to remain intact and located within the Castle. The Trust opens the Bishop's Palace to the public, operates the café and shop and presents public entertainment, educational activities and private commercial events at the Castle. The Trust also hosts Worcestershire County Museum (operated separately by a partnership between Worcester City Council and Worcestershire County Council) on the site.
Our Vision is that:
Hartlebury Castle, through careful stewardship, is cherished, celebrated and understood, providing an unmissable experience that inspires, informs and delights all who visit.
We believe in:
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Sharing the diversity of historical and natural landscapes that contribute to the uniqueness of Hartlebury Castle.
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Treasuring Hartlebury Castle and its colfections and becoming recognised as a passionate and innovative leader in the guardianship and sharing of our heritage.
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Developing the gardens and grounds to provide an ecological haven for wildlife and telling the story of the Castle's estate over its 1000-year history.
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Enthusing partners and communities to nurture learning and engagement and to encourage wellbeing.
Public benefit
In setting the Trust's objectives and planning its activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.
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Hartlebury Castle Preservation Trust
Report of the Trustees
for the Year Ended 31st March 2021
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Trustees Statement
In this year the Trust faced its biggest challenge since it was first formed to buy Hartlebury Castle and estate and open the restored site as a major new visitor attraction in Worcestershire.
Following the lifting of lockdown in early summer 2020, the site reopened as soon as it was permissible to do so. Sadly, by then the whole summer events programme had been cancelled, and visitor numbers were understandably low at what should have been the peak summer period. In the light of the ongoing financial and operational challenges and the likelihood of further trading restrictions, the Trust took the difficult decision to close the Bishops Palace along with the grounds and café for an extended period from September 2020. The Trust used this time to develop a new 4-year business plan with the aim of ensuring its survival and delivering post pandemic recovery.
Throughout this year Trustees and the management team have worked hard to mitigate the impact of the pandemic. The Trust is grateful to the National Lottery Heritage Fund for their continued advice and support and to the Cultural Recovery Fund for vital emergency funding during this year. Trustees are also grateful to the many individuals and organisations who provided essential financial support during this year. Trustees expect that trading conditions in the coming year will continue to be difficult. Full visitor number recovery remains elusive and targets for both public and private commercial event are proving challenging to achieve. However, the Trust is fortunate to have the ongoing support of partners, funders and supporters and benefits from the services of a dedicated and enthusiastic team of volunteers and staff. Despite the challenges the Trust is confident in its future success and long-term sustainability.
Charitable activities
At no point during this year was the Trust able to operate in a fully open, normal trading manner. The site has been open to visitors to varying degrees as and when permissible under Government regulations. Despite limited activity this year Hartlebury Castle remains a valued and enjoyed regional visitor attraction.
The new business plan identified families as the priority growth demographic and during the year, a number of developments have been implemented aimed at supporting this growth and making a significant contribution to future business sustainability. These included a new Nature Trail for the grounds and an audio guide system for the Bishops' House. The audio guides help tell the stories of the many people who lived and worked at Hartlebury over the site's 1000 years of history. Both of these developments contribute to the strategic priorities set out in the Trustees Report for the previous financial year.
These developments have been made possible through the Cultural Recovery Fund and were specifically designed to contribute to the overall visitor offer and to aid the drive towards post pandemic recovery and future sustainability.
Throughout the pandemic the Trust have worked to maintain the relationship with volunteers and have been delighted and gratified to see so many volunteers returning to the Castle as re-opening has gathered pace.
Future ambition - Looking Forward
In the 2019-20 report the Trust identified a series of strategic priorities for future years.
"The Trustees are planning to enhance the visitor experience by sharing the untold stories of the lives of people who worked at the castle over the centuries. This will promote greater awareness of the weaith of social history that the site has witnessed over its 1000 year history. “The Trustees are working to develop the grounds and gardens to further enhance the visitor experience, providing education and learning opportunities about wildlife on the site as well as the importance of its conservation and protection. It will also encourage health and wellbeing for our visitors. “Whilst the Hurd Library is a nationally significant treasure there are challenges in sharing its importance and its key volumes with visitors and the wider community. The Trustees intend to explore ways in which the Library and _ its contents can be more widely enjoyed.
Despite the challenges experienced this year the Trust has made good progress with the first two priorities with the Nature Trail and audio guides projects. The Trust is committed to exploring ways to increase access to and awareness of the Hurd Library and its treasures and will be working towards this priority in the coming year.
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Hartlebury Castle Preservation Trust
Report of the Trustees
for the Year Ended 31st March 2021
FINANCIAL REVIEW
Financial position
The charity has received grant income totalling £301,479 (2020: £162,983) in the year, with £116,157 (2020: £114,890) being received from the Heritage Lottery Fund to help fund the refurbishment of the Castle and grounds and £166,500 (2020: £nil) from the Arts Council Cultural Recovery Fund to help the charity recover from months of lost income following the coronavirus pandemic. Other grants were received from Wychavon District Council as well as HMRC_ in relation to the Job Retention Scheme. The charity also benefits from being able to rent out several properties on the grounds of the castle which have generated income of £29,467 (2020: £25,628).
The balance sheet shows that the charity held cash of £285,169 the 31st March 2021, which is a decrease of £16,691 on the 2020 level of £301,860.
At 31st March 2021, the charity held net assets of £4,711,360 (2020: £4,675,479) of which £4,490,259 (2020: £4,448,778) is represented by the cost of the freehold property and subsequent refurbishment costs. There were unrestricted reserves at the year end of £76,654 (2020: £105,680) of which £16,152 (2020: £98,480) are considered free reserves, which can be spent on charitable activities as the trustees see fit. Free reserves are considered to be unrestricted funds, less the value of fixed assets not covered by restricted funds, the designated reserve fund and the designated deficit fund. More details regarding the funds can be found in note 24.
Reserves policy
The attached financial statements show the current state of the finances and of the charity's income and expenditure for the year. The trustees regularly examine the requirements for income reserves adequate to ensure the charity will continue to meet its future needs, and recognise that increased reserves are required.
The Trustees are committed io growing a unresiricted funds over the coming years in accordance with the business plan. The unrestricted reserves held at the 31st March 2021 of £76,654 (2020: £105,680) which represents just under ten months unrestricted fund expenditure at the level shown the accounts, which the trustees consider to be reasonable increase from the seven months included in the prior year.
Included in the above unrestricted funds are two designated funds as follows:
-
Reserve Fund: This fund of £20,500 represents 3 months unrestricted expenditure at current levels. The trustees believe this is the absolute minimum level of reserves that should be held in the charity at any one time, although will endeavor to exceed this level.
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Deficit Fund: Reserves of £40,000 have been designated by the trustees in order to cover the budgeted deficit for 2021/22.
FUTURE PLANS
Trustees anticipate that the financial year to March 2022 will continue to be challenging, with the speed of pandemic recovery and the extent of visitor appetite to return to tourist attractions unknown and unpredictable. General trading conditions for commercial events are equally uncertain. The prospect of further trading disruption in the Autumn and Winter period is also still a concern.
With this backdrop in mind Trustees are taking a cautious approach to financial activity in this year and are not anticipating full recovery until the financial year ending March 2023. Nonetheless Trustees are confident that they have a robust business plan in place and with the work undertaken this year are certain that Hartlebury Castle will continue to be an important contributor to the regional heritage sector.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, Memorandum & Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 4
for the Year Ended 31st March 2021
Hartlebury Castle Preservation Trust
Report of the Trustees
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
As defined in the Memorandum and Articles of Association of the charity, the trustees as charity trustees have contral of the charity and its property and funds. The trustees body when complete consists of at least three and not more than eleven individuals, all of whom must be members of the trust. One third (or the number nearest one third) of the trustees must retire at each AGM, with those longest in office retiring first and the choice between any of equal service being made by drawing lots. If the members at the meeting at which a trustee retires by rotation does not fill the vacancy, the retiring trustee shall, if willing to act, be deemed to have been reappointed unless at the meeting it is resolved not io fill the vacancy or unless a resolution for the appointment of the trustee is put to the meeting and lost.
All trustees give their time voluntarily and received no benefits from the charity, Any expenses reclaimed from the charity are set out in the notes to the accounts.
The board of trustees regularly reviews it composition in terms of practical skills, busineéss acumen and knowledge. Where a potential deficiency is identified, or in order to enhance the pool of trustees, the charity has, through selective advertising and networking, sough to identify persons who would be willing to become members and trustees and use their own experience to assist the charity. Potential new trustees are encourage to attend at least one board meeting to familiarise themselves with the operation and governance of the charity prior to appointment as a trustee. They are encouraged to familiarise themselves with the guidance produced by the Charity Commission, in particular the publication 'The Essential Trustee’.
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
KEY MANAGEMENT
The day to day operations of the charity are delegated by the trustees to Director, Steve Bagnall.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees (who are also the directors of Hartlebury Castle Preservation Trust for the purposes of company law) are responsible for preparing the Report of the Trustees 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 for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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- observe the metheds and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
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In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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- 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 auditors are aware of that information.
AUDITORS The auditors, Richards Sandy Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board ofney 12th October 2021 and signed on its behalf by:
MrRD Gr ood - Trustee
Page 5
Report of the Independent Auditors to the Members of Hartlebury Castle Preservation Trust
Opinion
We have audited the financial statements of Hartiebury Castle Preservation Trust (the ‘charitable company’) for the year ended 31st March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31st March 2021 and of its 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 Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant io our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 27 to the financial statements, 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 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.
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 Report of the Independent Auditors 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. In connection with our audit of the financial statements, 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 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.
Opinions on 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 Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
Other than the item noted in the emphasis of matter paragraph, we confirm that we have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements or - the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 6
Report of the Independent Auditors to the Members of Hartlebury Castle Preservation Trust
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the 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 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 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 charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 io 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the charity operates in and how the charity is complying with the legal and regulatory framework;
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- Inquired of management, and those charged with governance, about their own identification and assessment of the risks and irregularities, including known actual, suspected or alleged instances of fraud; and
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- Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are the Charities SORP (FRS 102) ‘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 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, the Companies Act 2006 {and related legislation), the Charities Act 2011 (and related legislation)), and laws and regulations relating to the employment and payment of staff including, but not limited to, the Employment Rights Act 1996, the National Minimum Wage Act 7998 and the Pensions Act 2008. VAT legislation, specificaily partial exemption, is also considered significant to the charity. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements, which included reviewing the financial statement disclosures. This includes sample testing of monthly payroll records for the calculation of gross wages, payroll taxes and pension costs. We have also reviewed VAT calculations for the year for indications of material errors, including testing of the VAT treatment on a sample of sales and purchases.
We identified the areas of the financial statements most susceptible to fraud to be management's judgement in allocating expenditure to individual restricted and unrestricted funds, including the allocation of wage costs and general staff overheads. Audit procedures performed included, but were not limited to, reviewing managements reasoning and workings behind these allocations of expenditure.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk ts also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 7
Report of the Independent Auditors to the Members of Hartlebury Castle Preservation Trust
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. audit work has been undertaken so that we might state to the charitable company's members those matters we ar@ required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Nicholas Paul Sandy FCA (SeniorFin
for and on behalf of Richards Sandy Audit Services Limited (Statutory Auditor)
Thorneloe House 25 Barbourne Road Worcester WR1 1RU
12th October 2021
Page 8
Hartlebury Castle Preservation Trust
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Statement|of|Financial|Activities|
|{Incorporating|an|Income|and|Expenditure|Account)|
|for the|Year|Ended|31st|March|2021|
|2021|2020|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|E|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|2|56,453|283,655|340,108|214,996|
|Charitable|activities|5|
|Preservation|of Hartlebury|Castle|11,247|-|11,247|27,128|
|Education|of the|public|in|local|history|and|
|architecture|940|-|940|8,030|
|Other trading|activities|3|350|-|350|3,444|
|Investment|income|4|29,467|-|29,467|25,628|
|Other income|6|-|-|.|1,728|
|Total|98,457|283,655|382,112|280,954|
|EXPENDITURE|ON|
|Raising|funds|Z|5,678|”|5,678|6,708|
|Charitable|activities|8|
|Preservation|of Hartlebury|Castle|79,815|252,790|332,605|272,850|
|Education|of the|public|in|tocal|history|and|
|architecture|3,749|-|3,749|10,510|
|Total|89,242|252,790|342,032|290,068|
|NET INCOME/(EXPENDITURE)|9,215|30,865|40,080|(9,114)|
|Transfers|between|funds|24|(38,244)|38,244|-|-|
|Net movement|in funds|(29,029)|69,109|40,080|(9,114)|
|RECONCILIATION|OF|FUNDS|
|Total funds brought forward|105,680|4,569,799|4,675,479|4,684|593|
|TOTAL|FUNDS CARRIED FORWARD|76,651|4,638,908|4,715,559|4,675,479|
----- End of picture text -----
The notes form part of these financial statements
Page 9
Hartlebury Castle Preservation Trust
| Balance Sheet | Balance Sheet | |||||
|---|---|---|---|---|---|---|
| 31st | March 2021 | |||||
| 2021 | 2020 | |||||
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible assets | 16 | 6,896 | 98,944 | 105,840 | 125,719 | |
| Heritage assets | 17 | - | 4,490,260 | 4,490,260 | 4,448,778 | |
| Investments | 18 | 1 | - | 1 | 1 | |
| 6,897 | 4,589,204 | 4,596,101 | 4,574,498 | |||
| CURRENTASSETS | ||||||
| Debtors | 19 | 42,771 | 88,085 | 130,856 | 68,879 | |
| Cash atbank | 92,914 | 192,254 | 285,168 | 301,860 | ||
| 135,685 | 280,339 | 416,024 | 370,739 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | 20 | (65,931 | ) | (130,635) | (196,566) | (269,758) |
| NETCURRENTASSETS | 69,754 | 149,704 | 219,458 | 100,981 | ||
| TOTALASSETS LESS CURRENT LIABILITIES | 76,651 | 4,738,908 | 4,815,559 | 4,675,479 | ||
| CREDITORS | ||||||
| Amounts falling due aftermorethan one year | 21 | - | (100,000) | (100,000) | - | |
| NETASSETS | 76,651 | 4,638,908 | 4,715,559 | 4,675,479 | ||
| FUNDS | 24 | |||||
| Unrestricted funds | 76,651 | 105,680 | ||||
| Restricted funds | 4,638,908 | 4,569,799 | ||||
| TOTALFUNDS | 4,715,559 | 4,675,479 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 12th October 2021 and were signed on its behalf by: (« Mr R D Greenwood - Trustee
The notes form part of these financial statements
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Hartlebury Castle Preservation Trust
Cash Flow Statement for the Year Ended 31st March 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash flowsfrom operating activities | |||
| Cash generated from operations | 1 | 60,422 | 36,449 |
| Net cash provided by operating activities | 60,422 | 36,449 | |
| Cash flows from investing activities | |||
| Purchase oftangible fixed assets | (35,632) | (33,040) | |
| Purchase ofheritage assets | (41,482) | (5,427) | |
| Sale oftangible fixed assets | - | 2,425 | |
| Net cash used in investing activities | (77,114) | (36,042) | |
| Cash flows from financing activities | |||
| New loans in year | - | 125,000 | |
| Netcash provided by financing activities | - | 125,000 | |
| Change in cash and cash equivalents in | |||
| the reporting period | (16,692) | 125,407 | |
| Cashand cash equivalents atthe | |||
| beginning ofthe reporting period | 301,860 | 176,453 | |
| Cashand cash equivalents atthe end of | |||
| thereportingperiod | 285,168 | 301,860 |
The notes form part of these financial statements
Page 11
Hartiebury Castle Preservation Trust
Notes to the Cash Flow Statement for the Year Ended 31st March 2021
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
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||||||||
|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Net|income/(expenditure)|for the|reporting|period|(as|per the|
|Statement of Financial|Activities)|40,080|(9,114)|
|Adjustments|for:|
|Depreciation|charges|55,511|48,427|
|Profit|on|disposal|of fixed|assets|-|(1,728)|
|(Increase )/decrease|in|debtors|(61,977)|5,664|
|Increase/(decrease)|in|creditors|26,808|(6,800)|
|Net cash|provided|by|operations|60,422|36,449|
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- ANALYSIS OF CHANGES IN NET FUNDS
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||||||||
|---|---|---|---|---|---|---|
|Other|
|non-cash|
|At|1.4.20|Cash|flow|changes|At 31.3.21|
|£|og|£|£|
|Net|cash|
|Cash|at|bank|301,860|(16,692)|285,168|
|301,860|(16,692)|285,168|
|Debt|
|Debts|falling|due|
|within|7|year|(225,000)|~|100,000|(125,000)|
|Debts|falling|due|
|after|1|year|-|-|(100,000)|(100,000)|
|(225,000)|-|-|{225,000}|
|Total|76,860|(16,692)|-|60,168|
----- End of picture text -----
The notes form part of these financial statements
Page 12
Hartlebury Castle Preservation Trust
Notes to the Financial Statements for the Year Ended 31st March 2021
4: ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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 freland (FRS 102) (effective 1 January 2079)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financia} statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
GOING CONCERN
The accounts have been prepared on a going concern basis as the post year end closure (see note 26) is expected to be temporarily only, due to the UK-wide coronavirus outbreak and not due to any issues specific to the charity, is expected to recommence operations once the current lockdown restrictions have lifted and that the charity is considered to have sufficient reserves to cover overheads during the close down period. After assessing whether the going concern assumption is appropriate, taking into account all available information about the future, which is at least, but is not limited to, twelve months from the date when the financial statements are authorised, the trustees consider the charity able to continue as a going concern.
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about The Hartlebury Castle Preservation Trust as an_ individual charity and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 and the Charities Act 2011 Section 139(2) from the requirements to prepare consolidated financial staternents.
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The charity makes estimates and assumptions concerning the future. The resulting estimates wilt, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Depreciation
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimates, based on the technological advancement, future investment, economic utilisation and the physical condition of the assets. Rates of depreciation are considered on a category basis and disclosed within the accounting policy for depreciation. Valuation of Heritage Assets Heritage Assets form a significant part of the balance sheet valuation. The financial statements are therefore sensitive to the change in value of these assets. Heritage Assets are recorded at cost as they are typically unique and therefore no active market is available. The Trustees assess Heritage Assets annually for impairment.
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. Income from grants (including government grants) and donations is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income from grants is only deferred when the charity has to fulfil conditions not yet met before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Admissions and subscriptions are considered to be, in substance, donations rather than payment or services. Admissions are recognised on entry. Subscriptions are recognised over the period to which they relate on a straight-line basis.
Rental income is recognised in line with the periods to which such income relates, up to ihe extent that is is probable that such income is recoverable. Where recoverability of rental income is in doubt, such income is instead recognised on a cash basis.
Interest income is recognised for all interest-bearing instruments on an accrual basis.
Page 13
continued...
Hartlebury Castle Preservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2021
ACCOUNTING POLICIES - continued
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 aggregate all cost related to the category. Where cosis 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. Plant and machinery - 20% on cost Fixtures and fittings - 20% on cost Computer equipment - 33% on cost
Fixed assets are costing less than £100 are not capitalised
HERITAGE ASSETS
Heritage assets are recognised at cost and are considered to have indefinite useful lives. As such, Heritage assets are not depreciated and are instead reviewed annually for impairment.
FIXED ASSET INVESTMENTS IN SUBSIDIARIES
Fixed asset investments in subsidiaries are measured at cost less impairment.
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 of the 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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
PENSION COSTS
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
FINANCIAL INSTRUMENTS
The charity has elected to apply the provisions of Section 11' Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instrumenis.
Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic Financial Assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are_ initially measured at transaction price including transaction casts and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic Financial Liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured atthe present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Page 14
continued...
Hartlebury Castle Preservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2021
1: ACCOUNTING POLICIES - continued
FINANCIAL INSTRUMENTS
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost.
CONCESSIONARY LOANS
Concessionary loan received from third parties on which no interest is to be charged are measured at historical cost.
2: DONATIONS AND LEGACIES
| 2: | DONATIONS ANDAND LEGACIES | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Donations Grants Subscriptions |
30,965 301,479 989 |
7,697 162,983 687 |
|
| Admissions | 6,675 | 43,629 | |
| 340,108 | 214,996 | ||
| Grants received, included in the above, are as follows: | |||
| 2021 | 2020 | ||
| = | = | ||
| Heritage Lottery Fund | 116,157 | 114,990 | |
| Historic Houses Foundation | - | 35,000 | |
| Sandy's Trust | ~ | 10,000 | |
| Tesco | - | 2,993 | |
| Arts Council | 166,500 | - | |
| Othergrants | 18,822 | - | |
| 301,479 | 162,983 | ||
| 2: | OTHER TRADING ACTIVITIES | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Fundraising events | 350 | 3,444 | |
| 4. | INVESTMENT INCOME | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Rentsreceived | 29,467 | 25,628 |
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continued...
Hartlebury Castie Preservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2021
| 5. | INCOME FROM CHARITABLE ACTIVITIES | INCOME FROM CHARITABLE ACTIVITIES | |||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Activity | £ | £ | |||
| Other income | Preservation ofHartlebury Castle | 11,247 | 27,128 | ||
| Education ofthe public in local history and | |||||
| Learning & education | architecture | 940 | 8,030 | ||
| 12,187 | 35,158 | ||||
| 6. | OTHER INCOME | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Gain on sale oftangible fixed assets | - | 1,728 | |||
| T | RAISING FUNDS | ||||
| RAISING DONATIONS AND LEGACIES | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fundraising costs | - | 633 | |||
| INVESTMENTMANAGEMENT COSTS | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Property management costs | 5,678 | 6,075 | |||
| Aggregate amounts | 5,678 | 6,708 | |||
| 8. | CHARITABLE ACTIVITIES COSTS | ||||
| Direct | Support | ||||
| Costs (see | costs (see | ||||
| note 9) | note 10) | Totals | |||
| £ | £ | £ | |||
| Preservation ofHartlebury Castle | 232,337 | 100,268 | 332,605 | ||
| Education ofthe public in local | history | ||||
| and architecture | 3,749 | - | 3,749 | ||
| 236,086 | 100,268 | 336,354 |
Page 16
coniinued...
Hartlebury Castle Preservation Trust
- DIRECT COSTS OF CHARITABLE ACTIVITIES
Notes to the Financial Statements - continued for the Year Ended 31st March 2021
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2021|2020|
|£|E|
|Staff cosis|103,033|99,383|
|Rates|and|water|1,424|(1,753)|
|Insurance|27,950|26,581|
|Light|and|heat|3,843|10,608|
|Telephone|3,361|3,847|
|Advertising|4,070|12,381|
|Sundries|3,426|2,970|
|Health|and|safety|-|606|
|Property|maintenance|80,031|29,565|
|Computer|Costs|5,576|4,638|
|Security|429|1,142|
|Course|cosis|2,943|10,510|
|236,086|200,478|
|10.|SUPPORT COSTS|
|Governance|
|Management|Finance|costs|Totals|
|£|E|£|£|
|Preservation|of|Hartlebury|Castle|2,204|612|97,452|400,268|
|Support|costs,|included|in|the|above,|are|as|follows:|
|2021|2020|
|Preservation|
|of|
|Hartlebury|Total|
|Castle|activities|
|£|£|
|Postage|and|stationery|214|2,383|
|Training|700|999|
|Travel|and|subsistence|-|106|
|Licences|and|subscriptions|1,290|748|
|Bank|charges|612|1,143|
|Auditors’|remuneration|3,535|3,150|
|Auditors'|remuneration|for|non|audit work|7,338|4,742|
|Legal|and|professional|fees|29,983|5,747|
|Bookkeeping|services|1,085|15,437|
|Depreciation|of tangible|fixed|assets|55,511|48,427|
|100,268|82,882|
|11.|NET INCOME/(EXPENDITURE)|
|Net|income/{expenditure)|is|stated|after|charging/(crediting):|
|2021|2020|
|£|£|
|Depreciation|- owned|assets|55,511|48,427|
|Surplus|on|disposal|of fixed|assets|-|(1,728)|
----- End of picture text -----
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- AUDITORS' REMUNERATION
Hartlebury Castle Preservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2021
| AUDITORS' REMUNERATION | ||
|---|---|---|
| 2021 | 2020 | |
| & | £ | |
| Fees payable to the charity's auditors forthe audit ofthe charity's financial | ||
| statements Othernon-auditservices |
3,535 7,338 |
3,150 4,742 |
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.
TRUSTEES’ EXPENSES
Two trustees were reimbursed expenses totalling £1,367 in relation to gardening and repair materials purchased for the castle (2020: Four trustees totalling £2,868).
- STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Wagesand salaries | 97,364 | 94,917 |
| Social security costs | 3,718 | 3,180 |
| Otherpension costs | 1,951 | 1,286 |
| 103,033 | 99,383 |
Key management remuneration (including employer national insurance and pension costs) in the year totalled £45,322 (2020: £12,659).
Pension costs relate to defined contribution schemes only.
The average monthly number of employees during the year was as follows:
| 2021 | 2020 | ||
|---|---|---|---|
| Trust | staff | 5 | 6 |
No employees received emoluments in excess of £60,000.
Page 18
continued...
Hartlebury Castle Preservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2024
| 15. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 62,014 | 152,982 | 214,996 | |
| Charitable activities | ||||
| Preservation ofHartlebury Castle | 22,311 | 4,817 | 27,128 | |
| Education ofthe public in local history and | ||||
| architecture | 8,030 | - | 8,030 | |
| Othertrading activities | 3,444 | - | 3,444 | |
| Investment income | 25,628 | - | 25,628 | |
| Other income | - | 1,728 | 1,728 | |
| Total | 121,427 | 159,527 | 280,954 | |
| EXPENDITUREON | ||||
| Raising funds | 6,155 | 553 | 6,708 | |
| Charitable activities | ||||
| Preservation of Hartlebury Castle | 90,909 | 181,941 | 272,850 | |
| Education ofthe public in local history and | ||||
| architecture | 40,510 | - | 10,510 | |
| Total | 107,574 | 182,494 | 290,068 | |
| NETINCOMEAEXPENDITURE) | 13,853 | (22,967 ) | (9,114) | |
| Transfers between funds | (12,178) | 12,178 | - | |
| Netmovement in funds | 1,675 | (10,789) | (9,114) | |
| RECONCILIATION OF FUNDS | ||||
| Total funds broughtforward | 104,004 | 4,580,589 | 4,684,593 | |
| TOTALFUNDSCARRIEDFORWARD | 105,679 | 4,569,800 | 4,675,479 |
Page 19
continued...
Hartlebury Castle Preservation Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2021
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|16.|TANGIBLE|FIXED ASSETS|Fixtures|
|Plant and|and|Computer|
|machinery|fittings|equipment|Totals|
|£|B|£|£|
|COST|
|At|1st April|2020|106,708|131,248|4,358|242,314|
|Additions|6,135|24,302|5,195|35,632|
|At 31st|March|2021|112,843|155,550|9,553|277,946|
|DEPRECIATION|
|At|1st April|2020|63,279|49,210|4,106|116,595|
|Charge|for year|22,569|31,111|1,831|55,511|
|At|31st|March|2021|85,848|80,321|5,937|172,106|
|NET|BOOK|VALUE|
|At 31st|March|2021|26,995|75,229|3,616|105,840|
|At 31st March|2020|43,429|82,038|252|125,719|
|17.|HERITAGE|ASSETS|
|Total|
|£|
|MARKET|VALUE|
|At|1st|April|2020|4,448,778|
|Additions|41,482|
|At|31st|March|2021|4,490,260|
|NET BOOK VALUE|
|At|31st|March|2021|4,490,260|
|At|31st|March|2020|4,448,778|
----- End of picture text -----
The heritage assets comprise of Hartlebury Castle and its grounds. It is one of the objectives of the charity to preserve and manage Hartlebury Castle and its grounds. Following the completion in the current year of initial improvements and restoration work following its acquisition considered necessary in order to bring the property to a suitable condition before it could be opened to the public as a visitor attraction, the charity is not expected to make any additions to or disposals of the heritage assets held.
The heritage assets are subject to a charge over the freehold title held by the National Heritage Memorial Fund. More details are provided in Note 22.
FIVE-YEAR SUMMARY OF TRANSACTIONS
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2021|2020|2019|2018|2017|
|£|£|£|£.|£|
|Cost|ai|start|of year|4,448,778|4,443,351|4,210,449|2,272,000|2,272,000|
|Additions|in|the|year|41,482|5,427|232,902|1,938,449|-|
|Cost at the|year end|4,490,260|4,448,778|4,443,351|4,210,449|2,272,000|
----- End of picture text -----
Cost in 2017 of £2,272,000 relates to the initial purchase of Hartlebury Castle and grounds. All subsequent additions relate to significant improvements and restoration work which were considered necessary in order to bring the property to a suitable condition before it could be opened to the public as a visitor attraction. All such improvements and restoration work is considered to have been completed during the current year
Page 20
continued...
Hartlebury Castle Preservation Trust
- FIXED ASSET INVESTMENTS
Notes to the Financial Statements - continued for the Year Ended 31st March 2021
| FIXED ASSET INVESTMENTS | ||
|---|---|---|
| Shares | in | |
| group | ||
| undertakings | ||
| £ | ||
| MARKET VALUE | ||
| At 1st Apri! 2020 and 34st March 2021 | 1 | |
| NET BOOK VALUE | ||
| At 34st March 2021 | 1 | |
| At31stMarch2020 | 4 |
The company's investments at the balance sheet date in the share capital of companies include the following:
Hartlebury Castle Company Limited (No:09248664)
Registered office: Hartlebury Castle, Hartlebury, Kidderminster, England, DY11 7XZ Nature of business: To run the Cafe, Shop & Events at the Castle.
| % | ||||
|---|---|---|---|---|
| Class of share: | holding | |||
| Ordinary | 100 | |||
| 2021 | 31.3.20 | |||
| £ | £ | |||
| Aggregate capital and reserves | (14,967) | (5,852) | ||
| Loss forthe year | (9,115) | (5,853) | ||
| 19. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Trade debiors | - | 1,549 | ||
| Amountsowed by group undertakings | 17,433 | 912 | ||
| VAT | 12,270 | - | ||
| Prepayments and accrued income | 101,153 | 66,418 | ||
| 130,856 | 68,879 | |||
| 20. | CREDITORS: AMOUNTS FALLING DUEWITHINONEYEAR | |||
| 2021 | 2020 | |||
| £ | £5 | |||
| Other loans (see noie 22) | 125,000 | 225,000 | ||
| Trade creditors | 52,892 | 7,361 | ||
| Social security and other taxes | 3,571 | 1,705 | ||
| VAT | - | 10,519 | ||
| Other creditors | 374 | 481 | ||
| Accrued expenses | 14,729 | 24,692 | ||
| 196,566 | 269,758 |
Page 21
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Hartlebury Castle Preservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2021
24 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Other loans (see note 22) | 100,000 | - | |
| 22. | LOANS | ||
| An analysis ofthe maturity of loans is given below: | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Amounts falling due within one year on demand: | |||
| Concessionary loans | 125,000 | 225,000 | |
| Amounts falling due between two and five years: | |||
| Concessionaryloans | 100,000 | - |
During the prior year Worcestershire County Council made available an unsecured loan facility to aid the charity with cashflow until the remaining Heritage Lottery Funds are received. In the current year Worcestershire County Council agreed to defer the original repayment plan re Covid-19 (new plan as disclosed). At the year end £225,000 was owed to the Council. £100,000 is to be repaid in October 2027, with a further £100,000 to be repaid in March 2024. The remaining £25,000 has been earmarked to be converted into a restricted fund grant to support the construction of a new adventure playground, but this has yet to be finalised.
No interest is charged on the loan.
23: LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| £ | 2 | ||||
| Within one year | 418 | 839 | |||
| Between one and five years | - | 418 | |||
| 418 | 1,257 | ||||
| Operating lease payments of£837 (2020: | £418)weremade during | the year. | |||
| 24. | MOVEMENT IN FUNDS | ||||
| Net | Transfers | ||||
| At 1.4.20 | movement in funds |
between funds |
At 31.3.21 |
||
| £ | £ | £ | 5S | ||
| Unrestricted funds | |||||
| General fund | 98,480 | 9,215 | (91,544) | 16,151 | |
| Reserve fund | 7,200 | - | 13,300 | 20,500 | |
| Projected deficit forfuture years | - | - | 40,000 | 40,000 | |
| 105,680 | 9,215 | (38,244 } | 76,651 | ||
| Restricted funds | |||||
| Restoration and preservation fund | 4,562,571 | (10,038) | 26,932 | 4,579,465 | |
| Magic Mirror Fund | 1,800 | (600) | - | 1,200 | |
| HLF Resiliance Fund | 5,428 | (16,606) | 11,312 | 134 | |
| Tesco | - | 278 | - | 278 | |
| Cultural Recovery Fund | - | 57,831 | - | 57,831 | |
| 4,569,799 | 30,865 | 38,244 | 4,638,908 | ||
| TOTALFUNDS | 4,675,479 | 40,080 | - | 4,715,559 |
continued...
Page 22
Hartlebury Castle Preservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2021
24. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|98,457|(89,242)|9,215|
|Restricted|funds|
|Restoration|and|preservation|fund|91,157|(101,195)|(10,038)|
|Magic|Mirror Fund|-|(600)|(600)|
|HLF|Resiliance|Fund|25,000|(41,606)|(16,606)|
|Tesco|998|(720)|278|
|Cultural|Recovery|Fund|166,500|(108,669)|57,831|
|283,655|(252,790)|30,865|
|TOTAL FUNDS|382,112|(342,032)|40,080|
|Comparatives|for movement|in funds|
|Net|Transfers|
|movement|between|At|
|At|1.4.19|in|funds|funds|31.3.20|
|£|F|£|£|
|Unrestricted|funds|
|General|fund|96,804|13,854|(12,178)|98,480|
|Reserve|fund|7,200|-|-|7,200|
|404,004|13,854|(12,178)|105,680|
|Restricted|funds|
|Restoration|and|preservation|fund|4,578,189|(62,395)|46,777|4,562,571|
|Magic|Mirror Fund|2,400|(600)|~|1,800|
|HLF|Resiliance|Fund|-|5,428|-|5,428|
|Historic|Houses|Foundation|-|35,000|(35,000)|-|
|Tesco|-|(401)|401|-|
|4,580,589|(22,968)|12,178|4,569,799|
|TOTAL FUNDS|4,684,593|(9,114)|-|4,675,479|
|Comparative|net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|421,427|(107,573)|13,854|
|Restricted|funds|
|Restoration|and|preservation|fund|96,659|(159,054|}|(62,395)|
|Magic|Mirror|Fund|-|(600)|(600)|
|HLF|Resiliance|Fund|24,875|(19,447)|5,428|
|Historic Houses|Foundation|35,000|-|35,000|
|Tesco|2,993|(3,394)|(401)|
|159,527|(182,495)|(22,968)|
|TOTAL FUNDS|280,954|(290,068)|(9,114)|
----- End of picture text -----
Page 23
continued...
Hartlebury Castle Preservation Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2021
- MOVEMENT IN FUNDS- continued
UNRESTRICTED FUNDS
The general fund is that part of the unrestricted funds which the trustees may choose to spend on any activity within the purposes of the charity.
The designated reserve fund has been set up by the trustees to ensure that sufficient reserves are held by the Charity in order to fund any unexpected expenditure in the future. The trustees believe that the current balance of £20,500 is sufficient. This represents 3 months of unrestricted expenditure based upon the current year's figures.
The projected deficit for future years fund has been set up by the trustees to ensure sufficient reserves are set aside to absorb deficits in the near future caused by the Covid-19 pandemic. The trustees believe that the current balance of £40,000 is sufficient.
RESTRICTED FUNDS
The restoration and preservation fund has been restricted by the donor specifically to fund the purchase and restoration of Hartlebury Castle.
The charity received £3,000 towards the purchase and installation of a magic mirror. This purchase was made last year and the remaining funds represent the depreciated asset.
The charity is in receipt of a grant from the National Lottery Heritage Fund Resilient Heritage programme. This grant supports organisational development and commercial income generation as the charity transitions from delivering the restoration and re-opening to becoming a sustainable heritage attraction. During the year the charity was awarded £166,500 from the Cultural Recovery Fund, a fund designed to support the reopening of cultural and heritage sites across the UK following the coronavirus pandemic. The money will help the charity to recover from months of lost income whilst the site was closed, support its reopening, fund improvements to accessibility of the grounds and complete vital maintenance works to preserve the future of the castle.
The charity received £35,000 from the Historic Houses Foundation towards funding the restoration of the Long Gallery. This work was completed in prior years.
The charity received a grant from the Tesco Bags of Help scheme. This grant supported the restoration and replanting of the Queen Elizabeth Walk.
TRANSFERS BETWEEN FUNDS
Heritage Lottery Funds (HLF) are paid to the charity once the charity has displayed it has incurred costs outlined within the grant application for the project. HLF then reimburse 69% of the expenditure to the trust. The transfer between funds therefore represents the trusts own coniribution to the project.
In the year £26,931 was transferred to the HLF Restoration Fund and £15,845 to the HLF Resilience Fund (totalling £42,77) from unrestricted general reserves to cover project costs not reimbursed by grant income. Transfers were also made within general reserves to specific designated general reserves based upon the trustees expectations. £13,300 was transferred to the Reserve fund to cover any unexpected expenditure in future. £40,000 was transferred to the Projected Deficit For Future Years fund to cover anticipated deficits in the near future as a result of the Covid-19 pandemic.
Page 24
continued...
Notes to the Financial Statements - continued for the Year Ended 31st March 2021
- CONTINGENT LIABILITIES
Hartlebury Castle Preservation Trust
The purchase of Hartlebury Castle and grounds during the period ended 31 March 2016 was made possible due to the support of the National Heritage Memoria! Fund (NHMF) by means of substantial grants as shown in previous financial statements. The NHMF has registered a charge over the property and the Trust would not be in a position to dispose of the estate without the express agreement of the NHMF.
Should the Trustees intend at any time that the property be sold, transferred or other rights over the property be granted, the NHMF retains the right under the terms of its grant to require repayment of such amount of the proceeds of the sale or of the original grant as it shall at its sole discretion determine.
As Hartlebury Castle Preservation Trust was established for the principal purpose of acquiring and maintaining the property and its contents as a heritage asset for the public benefit, the possibility of the Trust disposing of the estate is unlikely.
As a result, it is not possible to determine what amount, if any, would be repayable to NHMF as a result of such a remote event.
- RELATED PARTY DISCLOSURES
Last year the charity transferred its trading aspect of the organisation to its trading subsidiary, Hartlebury Castle Company Limited. At the year end it was owed £17,434 (2020: £912) from its subsidiary, this balance includes a gift aid donation of ENil as losses were made in the year (2020: Enil).
4 Trustees made unrestricted donations to the charity totalling £1,636 (2020: £Nil)
- FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
28. POST BALANCE SHEET EVENTS
As a result of Covid-19 restrictions, ihe Trust decided to close from September 2020 until Easter 2021. The Trust has since reopened during the 2022 accounting year.
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Hartlebury Castle Preservation Trust
| Detailed Statement ofFinancial Activities | Detailed Statement ofFinancial Activities | |||
|---|---|---|---|---|
| forthe Year Ended 31stMarch 2021 | ||||
| 2021 | 2020 | |||
| Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
|
| £ | 2 | £ | £ | |
| INCOME AND ENDOWMENTS | ||||
| Donations and legacies Donations Grants Subscriptions Admissions |
29,967 18,822 989 6,675 |
998 282,657 - - |
30,965 301,479 989 6,675 |
7,697 162,983 687 43,629 |
| 56,453 | 283,655 | 340,108 | 214,996 | |
| Othertradingactivities | ||||
| Fundraising events | 350 | - | 350 | 3,444 |
| Investment income | ||||
| Rents received | 29,467 | - | 29,467 | 25,628 |
| Charitable activities | ||||
| Learning & education Otherincome |
940 11,247 |
- - |
940 11,247 |
8,030 27,128 |
| 12,187 | - | 12,187 | 35,158 | |
| Other income | ||||
| Gain on sale oftangible fixed assets | - | - | - | 1,728 |
| Total incoming resources | 98,457 | 283,655 | 382,112 | 280,954 |
| EXPENDITURE | ||||
| Raising donations and legacies Fundraising costs |
- | - | - | 633 |
| Investmentmanagementcosts Propertymanagementcosts |
5,678 | - | 5,678 | 6,075 |
| Charitable activities | ||||
| Wages Social security Pensions Rates andwater |
16,391 781 - 1,407 |
80,973 2,937 1,951 17 |
97,364 3,718 1,951 1,424 |
94,917 3,180 1,286 (1,753) |
| Insurance Lightand heat Telephone Advertising Sundries Health and safety Property maintenance ComputerCosts Security Course costs |
27,110 3,831 3,361 110 2,056 - 11,618 607 429 2,943 |
840 12 - 3,960 1,370 - 68,413 4,969 - - |
27,950 3,843 3,361 4,070 3,426 - 80,031 5,576 429 2,943 |
26,581 10,608 3,847 12,381 2,970 606 29,565 4,638 4,142 10,510 |
| 70,644 | 165,442 | 236,086 | 200,478 |
Support costs
This page does not form part of the statutory financial statements
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Hartlebury Castle Preservation Trust
Detailed Statement of Financial Activities for the Year Ended 31st March 2021
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|||||||||
|---|---|---|---|---|---|---|---|
|2021|2020|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|£|£|£|£|
|Support|costs|
|Management|
|Postage and|stationery|50|164|214|2,383|
|Training|-|700|700|999|
|Travel|and|subsistence|-|.|-|106|
|Licences and|subscriptions|144|1,146|1,290|748|
|194|2,010|2,204|4,236|
|Finance|
|Bank charges|419|193|612|1,143|
|Governance|costs|
|Auditors'|remuneration|3,535|-|3,535|3,150|
|Auditors’|remuneration|for non|audit work|6,080|1,258|7,338|4,742|
|Legal|and|professional|fees|136|29,847|29,983|5,747|
|Bookkeeping|services|2|1,083|1,085|45,437|
|Plant and|machinery|485|22,084|22,569|21,342|
|Fixtures and|fittings|2,069|29,042|31,111|26,250|
|Computer equipment|-|1,831|1,831|835|
|12,307|85,145|97,452|77,503|
|Total|resources expended|89,242|252,790|342,032|290,068|
|Net (expenditure)/income|9,215|30,865|40,080|(9,114)|
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This page does not form part of the statutory financial statements
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