Re9red numbgr: 082081)48 Charlty numb•r. 1149240 HARRIS (BELMONT) CHARITY IA Company Llmlled by Guarnnte•) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
(A Cwnpany UM1t by Guavanle•) 9-12 13 •ccounl Cgn•olldatsd Balanc• Sheat 14 C¢)mpany Baknc• Sh••t 15 Con•olldat•d St•t•m•nt of Cash Fl 18 Notss to th• Flnandal Stslemènts 17-41
REFERENCE AND ADIUNISTRATIVE DEfAILS OF THE COMPANY. rrs TRusfEES AND ADVISERS FOR THE YEAR ENDED 31 IAARCH 2021 Tnte•$ The Lord Colgrakn. Chalmwn A Mathewson V Jessel AJSRoss DMDelMar J A Stalnton (apFdnt&J 15 Odobor 2020) Company r•gl8t•red nwnb•r Clmrlty rnglst•r•d 1149240 Prfnelpl op•ratlng offlc• Belrkw)nt Pwk, Thrtrth, Favthsham, Krf ME13 OHH Henry Blrch & Salty Watts of Clathe & Svnpson (Ch¥ter1 SW¥e5). Well Clos8 Syre. Framllngham, Suff, IP13 9DU Indwndont audltors 8ankav• Coulls & Co, 440 Strand. L(Kth. WC2R OQS S•ll¢llo Prop•rty Consullants Clathg & Sinpson, Clce Swarn. Fram1mM. Suffdk. IP13 9DU Sthrc*Jer & Co Umlted {C8zenove Capital). 1 Loth Wal Place, L(Thkn, EC2Y SAU Pag8 1
HARRIS ELONT) CHARITY (A Compjny Umlt•d by Guarantse) FOR THE YEAR ENDED 31 IAARCH 2021 Trustees {who are the Directors tor Comparues Act pufwsesl present thelr annual report and financlal ststsmènts of Harris (B91Ml) Charity subsKllary (the Larity and the group) for the year ended 31 Marc 2021 which aro a150 pr8par8d to m88t the requirements for a dlrnctcrfs, report and attounts fty Companies Act purposes. The fin8ndal ststements have been pr8paRd In accordaTKe wrth the a¢countlng potlc$ sel wt In nole 1 to thè accounts, the Charws LM)veming dotsjment. Charities Act 2011, the Comp8nles Acl 2006 and thè Accounling and Rewling by Chatits: Ststemenl of Recommended Pracuce appH¢ab to tharlties preparing thelr acLX)unts in accordance the Finanaal RewbrwJ Standard in the UK and Republic of Ireland (FRS 102} (secijnd edition Odober 2019 effectr¥e 1 Janugry 2019). Slnce the grixsp quatr5 as small und8r sadion 383. Ihe strateglc report requtred of medlum and largg companies under Th8 Compardts Act 2{ (StratsgK Retrfyt arKI Dlrectorfs Report) Regulalons 2013 is not qulred. a. Pollcl•• Jnd obl• Tho Har IBelnThyrt) Charitys objectives are set (Krt In a meftm dAssttiatknn dated 10 S8ptember 2012 with tho princapal awré bgirwJ ststed as The preservaOn, MaIntenan and upkeep ofthe mansion hwse kn(ywn as Belmont HOLW, whlch has h18to 8rchitothr81 or artlth imiMytan¢e or b8èuty 8nd thè mak of the same availabk for the oducatlon, enjonent and benefft of the pu1¢.. The Trustees aims ar8. tlwough cargful moria to 4nthue to knprov8 th8 struthre and fabdc of tth Belmont House and the BeEmont estate for Ihg enjownent of the pubmc. by adopttswJ commercial buslness practices to ensure the vlthlity of the estate. and to alkm Iha continued enhancement of prop8ty as a Who the public benofiL In the exerclso of Its pmrs to that end. ts Ctwfty has ragvd to the publishwj guldance from the Charfty Comm1881on on the op8radon d the Pubk Benefrt rnqulNnent uTrJer the Chaiits Act 2011. The Trustees empty 12 full flme members rf staff to knk after and maintain the House aThd Grounds. and empby an afthtvlst and use voluntsor guKl8S to enable the public to Y1t the House aThJ garde for adLatIon and enjownent Events are ¢xganised throughsjut the and pted webstte. sc1 medla, skdall8t magazines and the bxal pross to raath our target s11nCe. Belmont is prOTled glsewherg by sp9¢ialt exht*ilions and kmns to v81ityJs ltUral arKI heritage exhibin9 ich have le(nty inctud8d lin lo the pemwient h)an of the Swingapatam Jewels to the V&AI vafiou ckxks fmm the Lord Harrfs Belmont o)Iledknn to Bonham's and th8 &i8nce Museum. There18 an ongolng programm6 of repalr and refubthhment to the at BQknct. Room dlsplays wltNn Bethont House enhance the visiior expernnce by informing and UCatirQ visitors in n8w and StknUlath ways. These displais are wewed annualty and are constanty devcd and llnpToved. Page 2
TRusfEES' REPORT {coimNUED) FOR THE YEAR ENDED 31 PAARCH 2021 maintalned in a sound cOndib( for the bgnefit of trt)th rrent ar future generatKns, ty thg nnItorIng of visitor numbers to the propety arjd th8 websko. tho revi1 of requests for historKal lafthlve) materlal and reviwng th9 thattgls reEX)rds arnl presavthn therf. Th8 familng on the Estste is Ixrt by Bglrw Faffl Lknlted. the Charfty8 8ubsldiary. whg farm 2.000 acres of land In hand oJmprisir#J prinap81ty ol conJn8Ne rAOPS {7tL od seed we, b8ans. peas, wlntsr bartey & spring wheat). downjand grass meadcME. p8rklarMI arKI oriarts . ci>mbining the (#)mmer(aal famng best pracVce thrOJh enthnmentsl st6waffJship. d. Tho ben•ficll• Th6 b8nefick8rles of ts Chaiity atg th& public the Houso. Garder¢s & Estate, as well a8 those who play crKket on the 4th Lord Harrfs's ctht W. Vlsitors to the House and Eslate kndude waekend and weekday vlsltors, IKY Makers, sp8ckl Inleresl byoups. organisalk>ns. and chlklrnn. The House L8 aLxess&J ty guided tours Staffwj ty wAunteers' thgse educatè ¥rylors the ImFQrtance of Beknont and Ils kn British hi&ryy 8ThJ Hte. Thgre is a progr8mme of everrts thffyjghcxrt the )ear to en¢))urage vi5ttors to vlslt Belmont and 8nioy the House and Grounds.. these Indude The Spring Fatr. Wocrt Plant Shcfivs 8nd open garden events, Garden Tours. 0rt Ar Theatre producttons. Speraalt Ck>J( Tours. Craft Workshops. and other bosFvJke tours. During 2020 there wo5 a reduced progpamme ofevents as there were restrKtsons plaixl upon holding ev8nts for groups larger than 6 to the Or0rj pandemK. Woodfest al wilh ofthe thr planned events had to be canclled. e. Voluntsern When the knue is open. the publlc galn a(xw to hse •Aa guKknJ tr$. These tours are guided by bcal Guides, who provide this ser¥k on a %Untary ba81s. The Guide$ meet as I8$8•ry (bLrt as a minimum at t Iwke a swrl for tralnlNJ to be Wted nSulted on any ch8ThJe8 proposgJ for the openlng of the House. Durfng 2020 il was not possible to open up Ihe House underthe guklanc4 ISS[1 by the Govemm8nt. Page 3
{A Ctynpany Umll•d by Guarant••) FOR THE YEAR ENDED 31 IAARCH 2021 Achl•v•m•nts •nd p•rforniwu (conUnuod} & R8¥l•w of a¢llvltl•• The maln Ob1ve$ and a(levements forthe yearto the 318t Marth 2021 Incbjded th8 ongolng malntenancé of the House and ground8 In accordance Ihe Arrhteds qukwuemtal repl Major proj&ts during the 2020r21 season TiShMent of the drive to the Stable Gourtyar(f and re4andscaping certain areas ofthe garden ur Ihe guidar¢4 ofth8 ggnlgn dgsigner Gwrgo Carter. Thg Haha was abo repaired up to thg park gatgs accfjss. It15 lo corrplgte thg repalrlrepdntlng work on the final stretch In 2021. VIS numbgrs durlry the year ended M8rth 221 were UndatstsblY redu1 to 3.838 ftom 11,936 In the wevlous year ag a resutt of the Covtd 19 pandenNc. b. Porfoftn¥n of Bolnor Forn Umlt•d The Trustees receive and challenge regular T8POrts from 8gricultUfdl ntractors. The annual fam tour took place In July'205ust before haryest, altlKxKJh som8 of the Tmstees were unable to attend because of Covid 19. oveaW of the larnilng year HaNest 2020 - wmther condit)ns (very w8t} durfng ALrtumn '19 and wtth the desire to drlll later lo alhy thé we&J grass to chK meant that Ire falbTh resulw than planned. Thg very dry sprtng also affe(ed ylebjs must be d8suib8d as Fwr. Overall th8 farrruTrJ ygar dks not deliver 8 profft. No donakn was therefore madg to HalS (Bdmont) Charity. After tho yaar end. a loan agr8gmont wa$ signed by the sdary where the parent made a k)an of £200.0Th) to the rJ)mpary for Ihg PUTP088 of a88i8tlng wlth ca8h Ilow managemènt whilst puthng up a tyain store at Northcourt. Twstees annu81ty rev the risks faced ty th8 Charity and have establlshed an knveStrrI pollcylo Identsfy and monltor the flnandal rlsks Hi the Invest polifoo. The bala of the portfolto Is almed al provSdlng a satlsfathry level ol income and athwing modest long4emi eapitsl grcNAh for fuiure needs. The Truslèes are satisfied wlth the p8rfom)anf of these 1n4Wtrr durrt the . Thern are no ethksl r8strldkM kn place over the Inve8tment ptrOl). Tho Twstees Caled out IndeFK5enI revivw otlhe inves1me advi88Tr h October 2018. foll(ywlng tho raW the Trustees agreed to remaHI with Iheir currènt ad¥iw. Fln•n¢l•l r•vl•w Page 4
TRUSTEES. REPORT (CONTINUED) F(hR THE YEAR ENDED 31 IAIRCH 2021 Golng conc•rn As dotsited in the Reser¥o8 pollw beknw, the Charity has a diverse number of IrKxKne streams most of which aro generated fmm Its core assets. the chief ongs b8ing its inveStrn portlolo O18ted Investments and Propety). Whll8 income frijm its charitable has fallen slrKe the yEar end as a resu of th8 temporary dosure of the estats due to governnt restrK1i$, the Ints)me d8rN8d Irn thesg sources r6 relallvety small. Whllst setting a balanced W annual, the tru8tees. mlrth of Ihe noed to FeSe the (Xp1t values of thé AS such the charity has $ub3tantial rosourcos lo contlnug In Qwat81 exthncè for the for8segabEa future. For th18 reason tho Tn rthinue to adopt the w4ng (x)rnxm ba81s In prnpaiiry thg finan¢Fal statement8. b. R•Mrv•s polky The 0blHty to fund tth the day to thy crtsts and the ca1 improvement programme Is dependent on the perfomwnce Lrf Ctrwiws oye assets - IntMe fM rental propety, f8milng & fofesty The Trust88s hokl desb3naled funds represrt its Herittige and Invesknent assets {listed investments and property porNollo of farmland and ttt4es). Belmorrt House a1 grounds aThJ its coll&aton seNe the maln chartlable of the Chwity and the investmwrt assets provkje ts Incomg rgquir•J to mangge the eststa The Trustees conslder a baFance equlvatent to 6 months, worth of opor8tlng costs for the Charlty a wsortable balan( to IK4d in r8seNes, this figure is crrenty £250.0. The finandal statements S)W a free reserves balance (nc deslgnated unRstrided funds not represenled by operatronal fixed assets) of £1,C69,76512020 - £1.287.1341. Beoring mind the cydtsl nature of the trMtslrs$. the Yann, balance provNl8s the worklrvj Ipital requtrement for the fami. The balanee ti¥$ for approximatePy 9 m(th$. worth of estste $ts and is hlgher than the Chwws reservè 16Y. The Trustees are salisfied that the8e addttional amounts will lund the kncrea8ed the ronl revkws until the sprirYJ of ?1. They atso agreed to rotsm to Sw Borough o)und th8 rates rebates glven on the ts¥o holklay cottages ond the House- £30.CrfJO. As noted above. the in¢orr fr(Nn faTmlr¥J has dJ. Income fTDm charitable actmks has dernsed thls ypar dua to the ImFwd kKkdOW a8 a of COV11>19. The Chartty sought prof85siDnal advi&9 tho utllltles (alamw. el&trldty. pmbij ) SUFptywvJ Ihg Hcwso. N6t k)ss bgfore InveStlt galns was £139,675 (2020- £238.773 galn). The [rfOrmar of the In¥esthnt (wKknling Inw$tnt prc4Xrtkn) was setsfactory, wlth nèt galns Inve8lmBnts totalling £3.575.457 compared to 8 k)ss of £455,467 last whtch w8$ atr*ad ofthe target gruwth for the InveStnt portfol c¢ 3% u5 RPI. Thls has resulted In an Increase of £3.512.125 (2020 - deryease of £216,493) in tho net assets of the Charity, whlch remains in a strg fmancial posilion to meetthe challenges of future JTrars. Page 5
IA Cmyany Umlt•d by TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 d. Prfnclpal funthng Prir[pa1 srCeS of fijnding LX)ntinuè to com8 from reSJen prop8rty. comm8roal propty {Golf Ccwr88 & Bèlnor Fam)s). familng wofft8 and ino)me fr(ffn the investrnent prthbo. The Charity Tuns events that are att8nd8d by the 98neTal publlc but as the obove provlde the Income requlred to manage the Eslate, the Charity does nol acw fundralse from the gener81 publlc. •. Plans ftwfuiur• p•rtods Thg Charity has a 5 yaar stratew forthe 202110 2026, was adoptJ In 2020 followllig on from previou$ Wans Greated In 1996, %MY). 2(M)5, 2010 and 201S. The prfmary objectsveg for finandal >ear to 31st Marth 2022 are to CDntinu9 to develop Ihg 8vents programme and to increase the number of popuLw th$hoP$. li is acknowl•Jged that th8 yaar Ss stlll Ilkoly to bè rtalled by th8 Covhl 19 njles and regulations. The chattels. ¢Thr¥an programme connO$ Identn9 paintings and cbcks requiring conservation work. Edward Bulmér. a ren¢Jwned desyner. has b99n q)p(Nntgd lo h thg Trusteos wlth mlght Ilk• lo present the House. Thg programTh of recru11 Guklos for thg Fkw tArfII (xythu Conslltuuon The Charity is reglst•red as a Chwil)18 CY Imw by guarante8. The Charfty18 Con81 wmjer its Mèmorandum of ASW(Xat daknj 10 September 2012 and Is a roglsteT8d drIty. numbw 1149240. Th8 rrvambws of tho company are Tntste8s nam8d on pagfj 1. In Iha event ofthe company belng wound up. Ihe tlablhty In rnSt ofthè guarnntsè Is lirTHtod tr1 £10 pw membw ofthg CVanY. The princtpal object of the Charity ts the preseFvatth, maEntenance aThl upkeep ofthe manslon hous6 known as 88lmont House for the berfft of the publ of propèty of historic arthitethrnl or artistic Impnce or beauty, the maklrnj of tr same avallable for Ihè adu(alm enJownw)t and tvfft tsf publ Page 6
lACnpanY Umltsd by Gu•r•Dto•) TrUSTEES' REpoKr (coptnNUED) FOR THE YEAR ENDED 31 MARCH 2021 b. Mglhod$ of •ppolnlm•nt lx •l•ctlon of TnwtM¥ The Tll of the Clrity hovo FKthWS to at4M)fftt a n1 Tnth. The numbw of Trte$ sh811 te notloss than three but rNYe than seven. Potsntial ndJaS are identified. and sufftabilrty assgswj by the exlstlrvd Trustees. Nthv Trustees aré Bdmont. Tnmtees sepie a twm of S aNI thère Is no the numbgr of tern that can seryed by an Indivklual. Poll¢l•s adopt•d forth• Inductlryh •nd Ir•lnlng of Tnmt Naw Tfusteas arn provthd wllh an InfmlKin Ththith irtkths of tho Memorandum of Assodatlon. the Flnanclal Accounts and other reknnt Imental)n. The Charity empbs¢ Speaalist Prdeswnal a(1Vw tr) a88lst both on a dayto day and a basls. Thoy ovlde up to date advica to Ihe TnEst8as on a regulgr b8SiS. The TNstees meet vegularly and arn Involved with Iho opwation of the Charity. The Trustee8 delegat8 tho day to day Funnirvj of the Charity and ils farmiry subsidiary to the Exe{artl Officers {Clarke and Simpson. nts to the TneS}. Tntsteès am remunèrated. •. Inv•slm•nt p¢Jw•rn f. Rltsk manag•m•nt Th8 Tntstses ha¥e Condled thek ¢yn the rna)r ri to ¥knith the Charfty Is exposèd. aThJ $ystem$ have been establlshgj to mw Ihose FM)tentlal rfsks. Pro(dures have been PLrt in placg to minlmiso both extemal arHI Intemai risks aTrJ theso pr(Kdures ar8 pIClY rev to ensure that they sllu meet the needs of the ChaW. The Truste8s reCryJni that ts key frnkial risk area 58 rwmiue. Thè inoJm8 indud85 houses and Ixrtt8ge rents {thg usual risks arg iured for an(1 number of properties the porwolio it Is hoped that thls Sncome stream Is falrly well prote(tsd}, f8milng InLx)m. agaln insuranc8 covers busirss Interruptton against the Lbsual Insurable risks. rent from the gcdf course. di¥Jend IrMe from the inveslment portfolk) and firtalty admiSSn$ Incorr for the Pb)use and events. The Trustees ask Ihat weekty banklng 18 rrIed oth duFing the sea8on 8nd th8t other authoriSan arKI r#yitroE pro(dur8s are in opeY811on. Ccthparisons are madg throughout the yaar Indu(lkng conyrlgM *lth wevk)us swrs. Pag8 7
HARRIS IBELMOHD CHARITY IA Company Umltsd by Gy•rnrrt••) TRUSTEES. REPORT {CONTINUEO) FOR THE YEAR ENDED 31 MARCH 2021 Th8 Trustees {who aro al80 the directors of the cx)mpany the purFses of (>ynpany E8w) are r8$k81ble foi preparfng the Trustees, Rewt arKI the finwKial staigmgnts In accordance wlth appllcatAe law arKI Unlted Klngdom Accounting Standards {United lfjngJom GernraltyAc(ed A¢{Trng PracUc8}. Company law requires the Trustees to preparg flnandal slatements for eaL fknanclal year. Undèr ts)mpany law, Trustees must not appwve Ihe fina181 staterrnts unless they are satlsfled that thèy gNe a tfU¢ and falr vtew of the stste of affairs of the Group arnl Ihe (1panY of thglr Incomlng resourcts and applicaknn of resources, induding thglr inoime and expendibjre. for that In preparing thes6 llnanctal statements. the Trusteas are requlred to: sdact suitable accounting rKkn arKI then (x)rthnty, obsèrve the mellhjds and principles of the Charilies SORP IFRS 102}: make judgments and aco)untwig estimates that are reasonable and pnjdent,. 8tate whether applk4blé UK A(xounting SlaThJards (FRS 102) havg been folk)wed, sut4eca to any materlal deparlures dlsdosed apd explained in the fjnapryal statements- prepare the flnanclal slalements on the gOj concem basis unless it is Inapprowlate to presume that the Group ww In buslne8& The Trustees are re8p¢Thible for ad8quate a(>J)unllr¥J records that are suffi¢ignt to show and expl8ln tha Group and the companls transactrlns arKI disdose wilh reasonable a¢xuraGy at any Ilme the financlal p0sOn of th8 Group 8TKI the ccrfnpany and enabl8 them to ertsure that tho finan31 statements comply wtth the Companies Ad 2006. They are o1$0 reSp(S1b1e safeguardirvJ th8 assets of the Group and the company and herth for tsking rgasonabie stops for the Fffovoniw dgtec1l crffraud ond othgr rregularitles. DlsGlosurg of Infornmtlon to •udltors Each oftho pgr¥ons v4tho aro T at the Ilm8 this Tnthes. ReFKKt18 apFKov&I ha8 Confirrd that 80 far as that Trusteo there is no FBleThrt autht information of whith th8 Charitab group's audltors 8re unaware, and that Trustee has tsken all the steps thal ought to have been taken as a Tnjstee In ord8r to be aware of any r818vant audit infmll0n and to 8ststAlsh that Ihe dthabIe group's audltors aro aware of that AudltopJ The 8uditOTS, Petsrs Ewthy & cKe, have Indltzted thelr VllllThJnes8 to ntInue kn offiL. The designated Trustees I11 proFose a mollM the audltixs at 8 medng ofthe Trustees. Approvgd by ordgr of thg mwnbgrs ofthe board ofTnlo0s 8j *ned on thglr bohaff by. Lord Colgrnln. cln•Th Tnte? Date: P8ge 8
HARRIS {BELMONT) CHARrrY INDEPENDEpif AUDrroRS' REPORT TO THE MEIABERS OF HARRIS {BELMOND CHARITY Oplnlon We have audlled tho finan1 Statne d HarrL% (Bekn(xrt) Charfty (thg ent thaiitablts compaty) 8nd Its subsldlartes (the 'gmup') for the year endod 31 March 2021 tpthlch LThIWi5e the Consolidated Ststement of FThncial ActsvI. the co[1at9d Balance SheeL Company Balance Sheet thg Corisolldoted St81ernent of Cash Flows and the related notes. induthng a summary of signrfKant aaUnting pol88. The flnanctal rerK)rting framgwork Ih8t has bn applled in thr Preparati 15 a01cab and UnFted Klngdom A(xount Star¥Jards. includlng FinKaal Rewtsng St8ThJ8rd 102 Yhe Fknandal Reporting Stsndard appliGablg In the UK and Ropublk rrf IrdaTr (Unitod KOrn GenerallyActepted Arnts¥ PraLtro). grrfe a tnje and falr of the slate of th8 and clthè reTht Ls81ilablg Mpan8 affalr8 as at 31 March 2021 and of the GfQUP'S resources aThJ •rvIKb)n of resourrx, In¢luding Ms Income and gXFenditUT8 for tho then en¢Jed' have bèen propety prgpaTe(l kn ac(xrdm Llnited KOffi G8n8raMy Aiyxpted AnIIng have be8n propwed In ac4>xdm the rewrements of the Compgnios Ad 2006 and the Charrligs Act2011. B•sls for oplnl(m Wè conduced our audit in aCcrdar vKlh InternatkThl Standards on Aling {LH(I (ISAS (UK)) and appllcablé taw. Our respons11¢$ under those sfandards are further desc¥1 in the Audil(Ys' rgsponslbllttles for the aud of th8 financial ststoments section of our report. We are indeFendenl of lh8 GroLP In accordance with the ethical requlreThnts that are relevant to ow audii of the fman(xal statgrrnts kn the Unlted KlIWom. in¢dIng the FIn8nd Reportkig CcyJncAfs Ethk41 Stsndard, atvj wa haby fumllwj our other ethKal r85p0ns1bll88 In accordance vAth tr$6 requirements. We b811gve that evklence havg <)btaln&J 18 sufflthnt arKI appropriate to provth a basis ts ouroFthk)n. Con¢luslon$ r•latlng to golng conc•rn In at¥JMFro the finanLlal Statorm, <xjrKl that the Tnthes. u88 of the golrwJ concom b8sls of condltsons that IndivkJu81ty oylethely, may (xst swJnsfirt th)ubt on tho Group's or the parent charitsble compan$ ablllty to txntlnue as a g(Ang tr)rKrn for a p8md of at 188st twdve mnth$ from when the financlal statèmnts are authori for15. Our responsilxlth8s and the resp1$ of th& Tntstees to goÈry conctm ar6 descrfb8d In the relevant sec11L of thls r0porL Page 9
(A Cwnp•ny Lhnltsd by Guarnnt••} INDEPENDEKf AUDITORS. REPORT TO THE MEMBERS OF HARRIS (BELMONTI CHARrrY {coTr¥nNUED Oth•r Infomballan Tho othèr infonnation compris8s the information induded in the knnual Report othgr than the Ilnanclal statements aThJ cwr Auditors. Report thereon. Tho Twstees are responslble for the other knformaOn cx)ntsined within the Annual Report. Our opinion on the finanaal statoments does rK)t cover the other Infomation and. exGepl to the extent othernise ststed In our iepcrt, not express any fomi of assuran(x cOndusn thereon. Our responsibibty is to read the other Inform aTrJ. doing so. (x)nSid whether the other Inform8tk)n18 matedalty In(x)nslstent wlth the finarthial StateMts or our knowledge obtsined in the Urse of the •udtt. or oth8Mse appears to bo materiaHy mis5tabJ. If we identify such mat81ial inconsKstenu85 or apparent material misstatements. we are UlTed to determine Vrtther this glves rlse to a materfal mlsslatement In the financial StateTrts themselves. If. bosed on the work we ho pgrfmd. W that there i¥ a material mlsstatement of this other irrformation, w8 are required to reFQrt Ihat faGL We have nothlry to re[rt in thls regwd. Oplnlon an oth•r m•tt•rs pr•sGrib•d by ts Ctynp•l•s 4t 2006 In our OF4nlon, basad on the Undtsken in thè oflhe audiL" tnfcm•tion glven in the TEUSteeg Report for the finanL¥al the finanaal st8tements are prepared18 nStent qth the finandal statern. the Trustees. ReFrf)rt has bo8n prepared In aCdanc 8tWknble al requlremwrts. Ilattorn on vthlch arn r•qulv•d to i•wt by exw In the Ilght of our knoledge and uThJerstsThJfvJ of ts dritabl& CCAry)any and gnvironmgnt obtslnod In the We have nothir4J to report in res4 of the fol(Mryy matt5 in rektion k> Compant85 Act 2006 requlres us to raport to y)u W. In CA alOn. the parent tharllable company has nol kept adw4uale suffident accounting reLxJrds. or r8tums adfjquats for our audn have rnt beén from branches not by us,. or the pargnt charftsble compony finaTriat stateThnts are not In agreement vAth the aCCnng records and returns; or we have not received all the infcKmakn and explanations we require for our aud c the Tr¥Jstees were not entrlled to prepare the financial Staterr in accordance with Ihe sm8H companies ragime and tske advantage of the small u)mpanies' exemptions in prepafwbg the Trustees. Report and from thè requinrnt to pwre a Strategk Rer Page 10
INDEPENDENT AUDrroR REPORT TO THE MEIIBERS OF HAgIs(BELlIoFlT) CHARITY (COIffiNUED) RMponslbllltlo% of InMt••b As ewalned n8 fijlty in the Trustees, ReswlbllNl88 Ststemwtt. the Tnths (WI are also the dirg¢tors of tha Laritae company for the wrtthes cl tsjmpany wI are respo[blO for preparation of the financlal ststements and for bekng salsfied that they gre a t and fair vithv, and for such intemal control as th8 Trustees determine Is necessary to enabte the Ikwxlal slatemertts that are fr88 from material mlsststemenL whethèr dué to fraLvJ OT grror. In prepadng the finanaal ststements, th8 Tntstees are responstt>Ee for a5s9sslng fv Group'$ and the parnnt ¢harÈlable compBnYs abllty to fXY¢tinu8 as a going ¢Xrn. disdoslng, as 8ppElCab. matters related to golng concem and n9 the gokvJ cxwthm basi5 of accountiFWJ unlgss the Trustees ellher Intend to Itquldate the Group or the parent charttable u)mpany or to Orwati(S. or have realL8ttc aEt8mative but to do so. Chjr eCtNeS are to obtakn Tgag)nable as8urarK• about Th8th0r the fingndal slatements as a are free from matsiial mlsstat8mfjnt. vknelhr due to fraud or error. aTKI to issue an Aud6tOTS' Report that Include8 our opinK)n. Reasonable assurance Is a hNJh of assuran. Ixrt rKrt a warantèe that an audll conducted in accord8nce vAth ISA8 (UK) wll aw d9# a matertal mlsstatement kn it exists. mrnents can arfse from fraud or error and are considergd Materf rf. lTrJNHlualty or n the aggregate, they could r8ason8bly be expecknj to Infiu8nc8 the oconomlc dedslons of takm on thg basis ofthese Ilnanaal ststements. IrT8gularlli8s, Indudkn fra1, are of wlth twws ar rngulations. We deslgn pro¢adure8 in line vlih our responslblllties. Ounl atthw, to detect m8lero1 mlsstatements In respect of iwularitigs. IndLMllng fraud. The extent to whKh our tc(jure$ arn capth of d8t8cling irregul8rf1i86. indudlrwJ fraud Is detalled beknw.. Audlt procedures parfomd by the engagement team to Idenbfy and 8S5es5 the risks of material mi5ststement In SpecI of lffewlarfues. Indla f¥aud end re¢m[e ith laws and regulath)ns. wèrn as foll(Ys. IderrttrKth ofthe laws and regulatK>ns were siffiant kn the conigxt of Ihg Group through of the (arlty $6ctor. We focused on sperific I and regulal(Th nsId8Td m8y have a dlrect materlal affect on the financial statements, IndudlNJ the charl Act 2011. CompanS8s Act 2006 arKI t8X8lbn IegisL8flc. We obtaed an understsndlfig crf the Group's Fthes a{ prrxedure5 rxNnpIlan th laws and regulalons, Indudlrw docntal?n ofany InStar of r(lMPlianCfj. We assessed the $lPtibl1ty of the group and parent financlal statements to materfal m188LeMenI, induding obtainirrfJ On understsndkng of fraud m3hl c¢cur. by making 8nquiries of management as to whore they consldered thern was susceptibilty to fraud, Ihwr krned9e of aLtsI. suspg(ed arKI alleged fraud and consSd8rfng the Intemal C*)ntrols in place to Mle rtsks offrnud and nowomplfance wlth kws and rngulatkns. We dIsoSed among the audft aagement team rggardlng tho oppnitE5 and hKenbves that may oxlst wtthln the cffganlsallon forfraud and and V4tsre fraud mlghl (Mr In th8 finan(id Statemènts. Page 11
HARRIS (BELMONT) CHARITY
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARRIS (BELMONT) CHARITY (CONTINUED)
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management override of controls we:
-
Tested the appropriateness of a sample of journal entries and other adjustments;
-
Designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the validity of such postings;
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Assessed whether the significant accounting judgements and estimates made in the financial statements, as detailed in the principal accounting policies, were indicative of potential bias; and
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Evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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Agreeing financial statement disclosures to underlying supporting documentation;
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Reading the minutes of meetings of those charged with governance; and
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Enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Auditors' Report.
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, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Jayne Rowe (Senior Statutory Auditor)
for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA
17 December 2021
Page 12
(A comp Lknlt•d by GuaTant••) CONSOUDATED STATEMENT OF FIPIANc ACTivmES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 IAARCH 2021 TolAI funds 2020 fun 2021 2021 INCOME FROM: 17.570 687.550 $03.$29 23,913 17,SlO 687,550 56,169 1.060.323 550,001 Other trading aolivi158s Inv8strn8nts Olhgr Inoorrnj 23.913 TOTAL INCOME EXPENDMJRE ON: Raising funds charitab aotsvit 1.232.5tr2 1,232,S62 1,666,493 630.785 741.452 630,785 741.452 779.795 647,925 TOT EXPENDITURE 1.372337 1.371237 1.427,720 NET {EXPENDITUREyINCOME BEFORE IET GAINSI{LOSSES> ON INVESTMEKrs (139MS) (139.675) 238.773 Net g8ln81(Ic658s) on invfjstm 1939280 2,939,280 (455.266) NE[ IAOVEMENT IN FUNDS BEFORE OTHER RECOGNISED GAINS OTHER RECOGNISED GAINS: Galns on r6vaiuatlon assets ITJgm5 2.799.60S (216,493) 712.520 711520 NET MOVEMEKf IN FUNDS 1512,125 3.512.12S {216,493) Total fuThds brought fonyard Net movemnt In funds 44,511,599 &512.125 44,511,599 3,512.125 44,728.092 (216.493) TOTAL FUNDS CPRRIED FORWARD 023,n4 48.023,724 44,511,599 Page 13
HARRIS18ELMONTI CHARITY IA Company Limited by Guarantee) REGISTERED NUMBER: 08208048 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note FIXED ASSETS Tangible assets Herrtage assets Inve51menls 14 18.263,807 3.834,388 24.855,764 17,459,289 3,834,388 21,950.788 15 16 46.953,959 43,244,465 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 18 19 270.449 197,081 758.571 318,396 288,463 8B2,998 1.226.101 1.489,857 Credrtors.. amounts falling due within one year 20 1156,3361 1222.7231 NET CURRENT ASSETS 1.069,765 1,267,134 TOTAL NET ASSETS 48.023,724 44,S11,S99 CHARITY FUNDS Unreslricle11 funds 48,023,724 44,511,599 TOTAL FUNDS 48,023.724 44,511,599 The Trustees acknowledge their resrKJnsibilrtiès lor cornp"ng wrth the requiremgnls of Ihe Aci with respect lo accounting records and preparation of financkgl statements. The financial statements have been prepared in accordance wrth the provisK)ns appIab to enlrties subject lo the small companies wime. The financial statements were approved and authoris&l for issue by the Trustees and signed on their behalf by.. The Lord Colgrain. Chalmian Date.. 18. 12 7è2, The notes on pages 17 10 41 fomi part of these financial 5&1tents. Page 14
HARRIS18ELMONT) CHARITY IA Company Limited by Guarantee) REGISTERED NUMBER: 08208048 COMPANY BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note FIXED ASSETS Tangible assets Heritage assets Inveslmenl$ 14 15 16 18,232,562 3,834,388 25,091,581 17,421,014 3.834,388 22.262,948 47,158,631 43,518,350 CURRENT ASSETS Stocks Debtors Cash al bank and in har 18 19 782 314,242 655,860 782 447,S2S 651,932 970,884 1.100.239 Credrtors.. amounts fallir¥J due wrthin one yegr 20 (105.6911 1106.9901 NET CURRENT ASSETS 865.193 993,249 TOTAL NET ASSETS 48.023.724 44,511,599 CHARITY FUNDS unrestrted funds 48,023.724 44,511,599 TOTAL FUNDS 48,023,724 44,511,S99 The Trustees acknowwge their responsibilities for CoMp1ng with the wuirements of the Act with Spect lo accounting records and preparalDn of financkgl ststements The financial sl8tewenls have been ppad in accothnce wrth the provisions applicable lo enlilies subject lo the Small companies re9imè. The Company has taken advantage of the exemption allowed under SeCtn 408 of the Companies Act 20Cfj and has not presented its own Statement of Financial ActivrtS In these finanal statements. The financ l statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Tho LordSOlgraln. Chalm)an D*e'. The notes on pages 17 to 41 fomi part of these financial slalements. Page15
HARRIS {BELMONn CHARITY CONSOUDATED STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 CPSH FLOWS FROM OPERATING AcnvmES Net cash used kn operatlng acthltss (533,571) <376,936) C FLOWS FRIX INVESTING ACTMTIES Cividends, Inl8rests and rents from investmts PLsrthase ol iangible fixed assets 503.529 550,001 (119A201 188.613) 2,169,734 2.634,573 {2.13&4301 (2.619,76S) Purchase of InVestrts NET Cfv3H PROVH)ED BY INVESnNG ACTiillTIES 41U13 476.196 CHANGE IN CPSH AND CASH EQUIVALEiifs IN THE YE (115,1581 874729 99,260 Cash and cash equNa]ents at the teginniry ofthg 774,469 CASH AND CASH EQUIVALEiifs AT THE END OF THE YEAR 756,571 873,729 The rEot88 on pages 17 to 41 fomi part ofthe8e finarthl statements Page 16
IA Company Lknltod by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IIARCH 2021 1.1 WIS OF PREPPRATION OF FINANCIAL STATEMEp¥rs ACUnting and Rewling ty Chare5. Statemwt of Re(#)TrThnded Practlc8 appllcable to charWe$ prepariTh3 tholr a(unts in a¢cordarKe wlth the Flnan(aal Rewtlng Stsndard 8pplicable In the UK 8nd Republic of Ir8Eand (FRS 102} seo)nd edltion Odober 2019 leffectlve 1 January 2019). the Flnanclal ReFKwOng Stsr#Jard appts in Ihek UK and Repubk of Ireland IFRS 102) 8rxl the Compani88 Act 20C6. H8Tts (Bgknont) Chaty meets the delh)Nkn (rf 8 pubk benefit entity under FRS 102. Assgts aTrJ IlabUIUes are Inhlally re(wnlsed at hiskni(zl cost tranSaK value unless otherwise slated In th8 Thg Conso]ated Statement (rf AcJvlks (SOFA) arxl Consolkjated Balance Sheet cOnsoE financlal Statem ofth8 ¢c¥npany its subsidh?ry undeTtd(w. The resuts of the subsldlary are (x)nsdldated on a kne ty Ine basls. 12 COMPANY STATUS The c¢Jmpany Is a company Mtted by gu8rnrrtee. Th8 memb8rs of the company are the Tntse8 named on page 1. In ts eventol the wnpany being wnd , the In reyct of tha gurarrtee limited to £10 per mgmb8rof the CAynpany. 1J FUND ACCOUNTING General funds arn unrest11( funts or8 avaHalJle for use at the dlscfetlon of the Trustees in fvrtheran¢e of the gerwal obiecbvgs of the GrOL and ¥thka) have not bèèn desh3natad for other wrpose& Dè81gnatsd funds comprtse unre8lrthd fu that have en set asfjde by the Tnths for Foriityjlar purpo. The akn and ol d8synatod fund Is set (Art kn thè Th)ts& to tha finanryal stalBments. P8ge 17
IA Company Lknlted by Guarante•) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POUCIES {¢ontlnu•d) 1.4 INCOME AJI Inm18 rwnised or8 the grcrtw ha5 entitlement to th8 inc4Jme. It is probabb that the Inco rfll be reeelvthy the amount cl in(xrfne receiNble can be mewed reliabty. ottage incomo and renewable heat IrnIe Inm8. Inwne from f8rnwng aclivrties is reC0gnrd in the perK)d when the crop Is haped. Holhjay 03ttage Incomè is rewnised in the perisxl when the Is let. RemainiNJ inrAlTh is rnwgntsed on recipL Income from InVeStts c(Mnpite rental pmpty investsnent wrtrol) Inco and Interest Income from ¢th&Ftable adwknes c4Jnyise admiss foes from visitors to the House and grounds and other everts hekl and are recognrsed on the date of admlssion or w.en the event Is held. DlviderKls arn recconised on¢0 di¥idwKI has b88n dedared and nofftakn ha8 b88n ree8lv8d of the dMdeThJ dug. Interest (m fvFK15 hekl on deposit is Ythen reo%ivable arwj the amount be measured rolk8bly bythe thariiy. this is Trmal upon notfication of the interest pahl or payabl8 by the bank. 1.5 EXPENDtruRE Expenditure 1$ rgcognlsed orKe there is a lryal or construc8 obllgatlon to tr8nsf8r econ¢)mlc noffl to a third paty. It Is prcl)ab18 thal a transfer of etxinomlc beneflts VAII be Nulred In settlement and tho amount (rf the oblvJation can be ffasured Telk4bty. Expondlture Is classthad by a¢tlvity. The costs of each are made up of the tolal of (Sts 8nd sh8r6d Costs. Induding support costs Involved In undertaklng each athty. Dlrect attrltMJlab to a ngle are altocated diractly to that acbvity. Shared rxjsts trIbUte to moro than one aclivity and support o)sts whlch aro not attrlbulable to a slngle a• are apwlh)rd betr+n those actlvitle5 on a basis nsIstent wlth the uso of f8soufc8s. Central staff c(6ts aro allo(2t8d tho basis of Ilmo spenL and deprnda tharges althated on the oftr assefs use. Fundrawng cosls ar8 th(>se incuffed fft Seokng voluntsry c(mttJutrons do Mt Indude the CC#sts of dlssemlnatlng Infomiatlon In support d Ihe dwritsble a(Alvltles. ft also incEudes the cost of gwk8rating fvnds armj these n¥)rISe tho Ists associated with attrathg voluntary Incomè and the costs assodated w5th runnlng the glft stKJp and the fam). Sukwt Costs arè th¢Jse c4Jsts incurred dlrecty In 8UPPOrt of 8xpendibJre on I ot4eds of thè cx4npany and includ8 proJ8ct marwement ExpefKlibJre caiilable activikn i5 ifKuTred on directy undertaking the a¢ti¥thgs whth further the Group's objeclives. as well as any ass support costs.GovamancB o)sts relate to profOlOnal All eyryllbjrn Is Inckfve of Irrecove1 VAT. Pag8 18
IACompMy Lknltad ty lknranlo•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUPrnNG POUCIES (contlnu 1.6 GOING CONCERN these financial statemants. Tollact tho impad of COVID.19 on ts ÉnooTh and planned expenditure. The trusteos have a re&sonth expect8th)n that the charfty has adequate r88ource8 to continue in operatlonal ex1 for the fctrreseeable fUre. 1.7 GOVERNIAENT GRANTS expendule k Inrred. 1.8 TMGIBLE FIXED SE[s W4D DEPRECIATION Subsequgnt addikn to Beknont Fkjuse and grounds repreSOntr Improvements to the propety aro deprecbted over 10 sws. General rewrn and maintwtance expen(rrture Is Itten off In the year to whlth 11 relates. It alxtr Indud8s wnwoveThnts to propety through the tradlng subsklkqry, whlch 13 Tanglblo fixod a88ets am ttled at nèt of deweaatkn WKI any for Impalment. DeprecÈath)n is provwjed at rates ¢2lculatad to writ8 off the costs of assets, 1888 tr1r •8tlmat6d Plant ond ma¢hinery 1.9 HERrrAGE SSET5 Thèse oro knd èssets are of hlstorKg1 slgnifKanc8 aThl are hakl In ordw to advance the preservation and consalvan owves of drity. As SLK. thty MprIse Belmont House and grounds, whlch canied at the orlglnal t$1 or vahjalton when it Wds transfelrgd to the Chority, and The 8eknont H(Se CleCtion bth complFises the ¢))ntents of B8lrrvJnt House, beSng wDrks of art. palntings. fumlbjre and othér chattèls togdlw ilh a of clocks and watthE lch are de8med to b8 of historic or artistc vnFthan(. In aOnI% the SORP. assets are not depre, as the Trustees c4)nslder that the INes of these assets arn suffictenty lory and re5bJual values. based on prtcos prevailling at the time ¢if acquisitson or subsequent Valuation, are sullkknty hhJh that thelr dep181n is insignmcant. Any permanent dlmlnutlon In value USed by obsolesn¢t is tharged to th8 Statement of financlal Page 19
IA Comp•ny Umltod by Guarantso) NOTES TO THE RIIANCIAL STATEMENTS FOR THE YEAR EKOED 31 IAARCH 2021 ACCOUNTING POUCIES {MTrtlnu•d) 1.10 INVESTMENT PROPERTIES Investrnent ar8 Indjed h) Ihe Balance sheet al th8tr m8rket value fn accordane8 FRS102 8nd are nol depreclaled. This treatment is ccffltrary to the Companles Act 2006 which states that flxed assets shouha be dewecth bul is, in thg opinSon of the Tmstees. n¢sOry in orderto give a true and fair view cl finandal t8111n ofthe (x)mpany and the group. 1.11 W4VESTMEltts FExed asset InvgStm8nts are a fonn of financ4al instrument and are Inttlally renISed at thelr tranSacn w4t and subseqty measurnd at fr vah al the Balance Shegl dale, unless tho value cannot be Mured re118bly In whk ose1115 measured at ¢xét loss ImpMnL Investhert gn8 and k)sses. realised or unroattsed. are mbIned and presèntod as 'GalnsllLosses) on in.Ve5trnts, n the ConsolKlated Slaternen. of Flnandal ALkn4bes. Invesknents In subsKliaFies are at not tKx)k val. 1.12 ST(KKS stLth are ¥aed at the kTh¥er of w8t and net realiSab v8lu8 after maklTr3 due atlowanc8 for Fam) stock indudes Ihe revant propo d available aAJ arnl sel aslde subsldles. Whero subshli8s 1.13 DEBTORS Trad8 and other detrtors are Tetwlsed at Ihe settlement amcwnt after any trade dI8nt offerèd. Pfepayments org al the anYAmt prgpaKI netofany lrnde dlscounts dug. 1.14 CASH AT BANK AND IN HAND Cash at bank arwj kn harKI indudes osh arKI short-twm hh3hty Mqukl investrnents ith a short maturlly of three mcffiths or18ss Injm the date of arawl(lon or opening of thè dep)slt or mllar account. 1.15 UABIUTIES AND PROVISIOIIS Liabilltlgs arg reLX)gniwJ Ihere Is an ottykn at the Balance Sheet date as a re8Urt of a past evenL il Is probable that 8 translor (rf 8(xJwn benefit wdl be requireil in selUom8nÉ, and tha amount ofthg setuement can be estlmated rew. are rnMgn18ed at am¢xxbt that the compary Pate5 It pay to sott18 thè debt or Provisions arg asurl at the best gsllm8te ol the 8momts reqLsIr to ¥ettbg th8 obllgatk)n. Whore the effect of the time vatue of rrnry 15 matertal, the prOV10n Is based on tha prosent value of those arrv)unts. dlscwnted at Ihe pre-tax dls(¥)unt rats that refiecas the risks $peufic to the Ilablllty. Th8 unvAndlng of the (18¢1 18 reco in the Cons0ted Ststement of Flnanclal Acbvitles as a finance cosL Page 20
{A Comp•ny Lknlt•d by Gtslrnntw) NOTES TO THE FINANCIAL STATEMEiirs FOR ThE YEAR ENDED 31 MARCH 2021 AccouKnNG POUCIES (Co• 1.16 FINANCIAL INSTRUMENTS The company only has ffinKyal as50ts arnl Tn(W Ilablltlgs of a klrnj that quallfy as b8slo financlal Instruments. Basic finaTraI ithments are inilially rwnlsed at transaction value an(1 subsequently measLTrr at thelr settkn value wllh the excepth)n of bank knans wthi¢h ar8 sub8thwentty moasurwj at amoftised cost using the efflIVe interest melh(xl. 1.17 PENSIONS the amounts payabk byts wroany to fund in res&t of the CRMCAL AccoupifiNG ESTIIAATES AND AREAS OF JUDGEMEKr factors. indudlrvJ e>Wakns of fuiure are ba8¥•j to b8 rea80nable und8r tho The company makes estlrth assumpkns ctswning the fUre. The resulti aCuntIng ostimates and assumpllons wlll. by definllhjn. sehjom e¢wal tho rel81od a(aual results. The esttmates and assumpttons that have a SignifnI rssk of causvwJ a matwial ad}usb7wnt to the Carrng amounts of Invastmgnt woperues are In the Balarte sheet at thelr OFen market valuo In aCrdanCe wlth FRS102 and 8re Mt deIected. This trealmont is contrary to th8 Companies Ad 20C whkh stales that fixed assets shwld t• d8preclated but Is, In the otkn the Trustegs. Iss8ry In order to gfve a trua and fair Vie&¥ ofthe flnancJal tK*llkJn of ts Cl and the group. INCOME FROM CHARITABLE ACTivrrES Total funds 2020 2021 2021 Admlsskjns and events 17.570 17A70 56.169 Total 2020 56.169 56.169 Poge 21
HARRIS IBELMOIffj CHARITY (A CryDpany Lknllod by Guarnntsol NOTES TO ThE HNANCIAL STATEMENTS FOR THE YE*R ENDED 31 MARCH 2021 FUNDRAISING INCOPAE Total funds fund• 2021 funds Shcy 8rKI tea rocffi in¢))m8 Hollday cottap rent Other In(t¥xe Speaal èvents 5.623 25.663 73.742 5.623 25,663 73,742 26.478 31.528 105,028 105.028 136,404 Total 2020 136,404 136,404 Incom• from non charflabh trndlng acllvll Unr•strl¢ted lunds 2021 Tolal Total fund8 2020 2021 Farmtr $82.522 SB2.$22 Y23.919 T¢)tal 2020 923,919 923.919 Page 22
N¢JfES TO THE FINANcL STATEMEIITS FOR THE YEAR ENDED 31 IAARCH 2021 INVESTMEP4T INCOME Tolal Totsl funds 2020 fvnd• 2021 2021 Estate rents Ltsted nvestmwts Interest recelvable 406.859 96,236 406.859 96236 390.081 1S8.320 503.529 503.529 550.001 Total 2020 550,001 550,001 OThER INCOMING RESOURCES Total funds 2021 TOL21 funds 2020 nds 2021 23,913 23.913 Government grants recefvabl8 (x)rts&ts of 8mcAKts I•rIaLO under the Coronoyiws Job Relenlh)n Scheme (CJRS). Page 23
IACompony Llmlt•d by Gu•rnnt••) NOTES TO THE FIN*J4CIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2021 COST OF RAISING FUNDS Costs of rnlslng voluntary Incon Unrutrlthd funds 2021 Total funds 2021 Totsl lunds 2020 14.$69 2,924 13.665 3.924 3.017 22.745 14A69 1>24 13J65 3M24 3,017 22,745 26.808 Event tts Hollday u)8ts 18.969 15,830 8.565 22.746 Sub8¢p0nS Marwment lees 60.744 60,744 118.486 Total 2020 118.486 118.486 Fundrnlllng tradlng exp• Unr•Btrict•d fiEnds 2021 Total Total nds 2020 2021 Famn9 expendlbjre 535.136 535.136 627.637 Totsl 2020 627,637 627.637 Page 24
IAComyy Llmlt•d by Gu•rnnt•• NOTES TO THE FINMICIAL STATEMEpirs FOR THE YEAR ENDED 31 MPACH 2021 INVESTIAEpif IAANAGEMEKf COSTS Total ftsnds 2020 funds 2021 fund• 2021 Investmwt monagemert fg8s ¥905 33.672 Totsl 2020 33,672 33.672 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTMTIES Total funds 2021 Totsl fvnds 2020 funds 2021 Belmont Houso aThl grounds 452.039 452.039 384.759 289.413 289A13 263.166 741.452 741,452 647,925 Total 2020 647.925 647.925 Page 25
HARRIS {BELAIONTI CHAR[ {ACompwy Lknlt•d by Guwant••} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEJA ENDED 31 MARCH 2021 10. ANALYSIS OF EXPENDMJRE BY ACTivmES und•rtaken dlr•ctly 2021 Support T¢>tal nds 2021 Total ffiJnd$ 2020 2021 Beknont Hw8e and ground8 412.496 39.543 452m9 21,893 289A13 384.759 263.166 680.016 61.436 741A52 647.925 Tot812020 75,881 647,925 B•lmonl House and gr¢wnds 2021 Estat• Total funds 2021 Total funds 2020 2021 127.867 3.704 133.4(N) 5,755 13,232 891 2,039 16,678 69.234 261267 270.644 8.710 19.178 11.907 32.712 22.078 153.575 4.739 15.038 12.891 20,572 Equipment repai Motor vehtde expenses Light and h8at Insurance 13232 7.033 34.152 20.586 281687 1,583 10.S59 18.809 6.142 31113 Propety rates Repatrs lo propgrty H¢yJs8 resloratton Grounds 8fKI garth maintewK• Woodland mwntenanf* Depredallon 213.453 1.3 3.077 18.809 20.649 412,496 267.520 680,016 572,044 Tolal 2020 335.391 236.653 572,044 Pag8 26
{A c Umll•d by ¢aMrwht••) NOTES TO THE F114ANCIAL STATEMENTS F(kR ThE YEAR ENDED 31 MARCH 2021 10. *J4ALYSIS OF EXPENDITURE BY ACTiVr IGwtlny•d) B•lmont and Total Total funds 2020 2021 2021 2021 Finan costs Professlonal fees {go¥om costs) 2.297 33,819 4.361 49,829 524 4.618 33M19 T8leplH)ne Bad dèbts 4,433 4.433 1.383 15.166 Management fees 1S.163 11103 39.543 21,893 61A36 75,881 Tcéal 2020 49,388 26.513 75.881 11. AUDITORS. REMUNERATION The audith. renwrwalk)n amnts to an fee of£9.844 P020. £10.758). and nOn-8j11 sepAca8 of£8.5Yd (2LY20- £8.146). 11 STAFF COSTS Group 2020 Char 2020 2021 2021 Wages and salaries Soclal secuTIty costs 243.521 14675 251.085 17.137 243.521 15.67S 251.085 17,137 1071 2,422 1071 2,422 2612SI 270.844 261.267 270,644 Pag6 27
{ACompary Umltsd ty GrnnOI NOTES TO THE HmANC STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 11 STAFF COSTS (conllnu•d) The average nthythr of petscw emrAoywJ bythg wmparythwing the w88 88 follth¥s: Group 2020 No. 2021 Direci Charrtab acilvlu 16 19 No empk)yee recelved remuner8tk 8mountlThJ to tt¥)re than £60.OLK) in ellhgr Jpor. The key managemenl personnel of the tharity ojmpiise the Tnthes and Clarf(e & Shnpson are Condered part of key managemenL Fees V•we paid to Crke & Simpson in the totslllng £44.029 {2020 - £60,721) comprising £37.908 (2020 - £37.914) in retalion to Harrls18elmont} Charity and £6.121 {2020- £22.807) In relatkjn to BerK LimIj. 13. TRUSTEES REMUNERATION AND EXPENSES Durfng th8 swr, Truslees reCed anyremunef8tk)n or ottr ivth12020- £NIL}. DurfrKJ the ended 31 Marth 2021. exFnses tdall¥¥ £286 re rgiml)ursed or pald dlrrtuy to 2 Tntee$ {2020- £313 to 2 T}. Page 28
(AComp#ny Lknlt•d by GnI¥•) NOTES TO THE FINANCIAL STATEMEPll8 FOR THE YEAR ENDED 31 IAARCH 2021 14. ¢J• Group Fre•hold ImprovomM Planl and machlnery Totol Cost or valuaflon At 1 Aprfl 2020 1724S,080 425,•31 861,813 18,532.W24 27,370 119.420 711520 711520 At 31 MarL 2021 18.040.01 435,581 889.183 19.364.764 At 1 Pgri12020 Charg8 for the sar 411597 1712 660.938 24,710 1.073,535 27A22 At 31 Marth 2021 414309 685.648 1,100.9Yf N•t bo•)k v• At 31 March 2021 18.040.0 203.535 18263.807 At 31 Marth 2020 17.245.080 13.334 200,875 17.459.289 Page 29
HARRIS IBELMONT) CHAIIYY (A Compw LIMIt ty Guarants•l NOTES TO THE HNANCIAL STATEIIENTS FOR THE YEAR ENDED 31 MARCH 2021 1& TANGIBLE FIXED ASSETS (canflnu•d) Charlty Property Frnehold Inyornn Pl•nl and m•¢hln•ry Total Cost or valuatlon At 1 April 2020 AddoTrs 17245.080 82A( 712,520 182 447.058 17.990A20 27.370 110,420 711520 Revaluatkms At 31 Marth 2021 18.040.000 307.832 474.428 18.821260 D•preclatlon Al 1 Aprll 2020 Charge for the 204109 1.182 274,197 19,210 20,392 At 31 Marth 2021 296291 293A07 N•1 book At 31 Marth 2021 18.1140.000 181,021 18.232.562 At 31 Marth 2020 1724S,080 3.073 172.861 17,421.014 Th8 frfjohokl land an waro revalu1 at 31 March 2021, on a basls of market vdue. by quallfigd PTofesstonal valueTS vng for Q¥ke & SlmpsLm, In th8 c4)arAly of irtyiend8nt valu8rs whlth valued the freehcAd18nd at £18.04m. The TevaluatkM model has t)8en •Jopled and the trustees th8 valuatlon of the freohokl land to be m8terlalty nSIStent with Ihe net book value as at 31 March 2021. I Ihe hlstLvlc rnst basL8 of ac(nIV h&J been U1. the fre8h larKI w(xAd have had a carryrfng value 01£618k (2020.. £618k>. Pago 30
NOTES TO THE FIPIANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2021 15. HERtTAGE ASSETS Bfrlmont 8•lmont House and House grounds Collg¢Uon 2021 Total Canfv9 vauo at 1 Awil 2020 489,482 3,344,906 3.831.388 Group and Cohyny 2019 2018 2017 Works of art ag]IHred Total addltlons HERITAGE sEr MANAGEMEiir poucy Thg Charity IK4ds kn trust 8¢knt H(xtso grounds, th8 IKMJse llectIon. N*tnI1 and Intematiortr81 st8ndar(Is In Ihe care of its arg fokwd wlth every erhJ8avour to protect and Page 31
(A Company Umlt•d by f•uw•nt••l NOTES TO THE HNANCIAL STATEMEKrs FOR THE YEAR ENDED 31 IAARCH 2021 16. Totsl Group Cost or valuallon At 1 Aprfl 2020 Addltson$ DI$Fosal¥ Revaluaticffls Cash movements 983,T14 2,107.310 {1.860.600) 1.6115n 167,662 14,799,352 21.950.788 2.107.380 {1.860,600) 2.630,146 28,050 1.017.574 050 At 31 2021 8.843.126 191712 15.816.926 ¥855.764 Net book val At 31 2021 843.126 19&712 14810M 24.83S764 At 31 2020 6,983.714 167,662 14,799,352 21.950.788 Sh•r• In Tolal Company Cost or valuallon At 1 Apru 2020 Addmlor D18posa Revalualmins 311160 Q983.774 1107.380 (1.860.600) (76.3431 1.61im 167.662 14799.352 21281948 2.107.380 (1,880.600) 2.553.803 28.050 1,017,514 28.050 At 31 Marth 2021 234817 843.126 195,712 1&816.926 25.091.581 N•1 Ipook valu• At 31 Marth 2021 234817 V41126 195.712 15,818M 25.091.581 At 31 Marth 2020 312.160 6.983.774 167.862 14,799,352 22,262,948 Page 32
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IiARCH 2021 1& FIXED INVESTMEIITS (¢onllnwd) The Tn88 annualty review the Fisks fa1 by Ihe Chartty and have estabhshed an investmont pollcy to identify and MrtOr the fnancial risks wi the Invesbrnnt portfdio. Consideration is glven to the Inroads of Innatton over tlme, rrenth, vo18ts1tty and Iw]uldty arHI dis(xeticThiry wwestm8nt manag8rs have been appoknted. The inve8fm8nts are dIVeIr1 a¢yoss asset classes. regbons and managèfs. dggrge of Voktdty b anlcipated and toler8ted. The plf01[0 is a small part of the overall assets but Is nonetheless an Important Ct)mponent. Income has been paid to th8 Ch8rfty hlstorfcalty thich has allvwed the Tru8te8S to invest in a numter of projects to improve aTrJ enhanr the fabric of the Estate rath8r than 17. INVESTMEiif IN TRADING SUBSA)IRY Tho folltrAing wos a sub5kJlary WKlertaW of the Belnor Lvtryle(I Sallsbury How. Statbn Road. Fam)I CantshSJ8. CB12LA Holdlng The fmanGial reth of the subskjlgry the Namfr Incom• Exp•nthre Profftl{Loss) Not a••ots I Surplusl ID•l¢lt} for tho ye•r BelM)r F8nns Lunliad 54587 {658 176J43) 235,817 Page 33
NOTES TO THE RNANCIAL STATEIIJEp¥rs FOR THE YEAR ENDED 31 MARCH 2021 18. STOCKS Group Group 2020 ¢h•r 2021 Charlty 2020 317,614 782 782 782 318.396 782 782 19. DEBTORS Group 2021 Group 2020 Ch•rfty 2021 Charty 2020 26,636 22974 27.996 30236 27.998 370.865 18.367 30,295 Amounts owed by group urthtakw Othw debto Pr8payTh8nts and arthi8d Incom8 22.503 227.375 101,311 197,081 288,463 314.242 447.525 CREDtroRS: AMOUNTS FALLWG DUE iymiipi ONE YE Gr¢wp 2tr21 Group 2020 Charfty 20 Char 2020 Bank overdrats Trade creditcffs Oiher taxation and soclal secwlty Oihw creditors 9.218 44.175 5.120 6.223 42.254 82,133 5,120 6.223 119.978 S853 1Q134 10.134 36,704 156,336 222.723 10&691 1,990 Page 34
IA Company Umltsd by Guarnnt••} NOTES TO THE FINANCWL STATEMEpirs FOR THE YEAR ENDED 31 IAARCH 2021 21. FINANCIAL INSTRUMENTS Group Group 2020 Char 2020 2021 Final401 assets m&asurod al fair valu• 758.571 882.998 655,860 651,932 Financial assets measured at falr through IrTh and expendliure <Thipr158 Cosh and ca8h equfvalen Page 35
IA C<xnpany Lknltsd by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YE*R ENDED 31 IAARCH 2021 21 STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 March 2021 Balm at I Aprll 2020 Transf•rs Inlout Galn {LOs5) Unre8trlct•d fund$ D•slgnat•d funds Investrnents ftsnd Eststgs . farm land House and grounds fund 3.834.388 Flxe(l assèt fund 1533,209 21.950.788 2748YJ 2.630,148 24,84764 14.926J180 712.520 15.721.000 3.83(388 2.542,807 43,244 366.828 3.342.666 46.9S3,959 Gen•ral funds General fvnds 1,267,134 1331562 11Jn,2371 (36628) 309.134 1.069,765 Totsl 44,511,599 1,231562 1lJ71237) 3.651.800 48,023,724 Page 36
NOTES TO THE FINA14CIAL STATEMEiirs FOR THE YEAR EPI)ED 31 IAARCH 2021 St•t•m•nt (rffund• (conllnu The Investrnents fvnd iludeS the Investnrt PrO[w and Inv8stsnent Porlfr)Ik) whlch tho Trn8te85 are Wing for the ILry temi to seujre an rMqolEwJ for the Chadty aThJ as therè is rlo Intentson to redw the value of the Investrmnt assets. The balan( on the fund is equivalent to the balance the tnv8sbMnts. The transfer5 in the represent funds TMthdran from the investment pothlio. The Belmont House and grour#Js deskjnatsd ftmd was establlshed al the saTh tlmo that the Chartty was founded. The purrrt)se ofth8 Charity is the preservation. maintenance and upkeep of BelnY)nt House, the surrounding Land and prty and the wntents whth arg doemed to bg of historic archFtecluTal or 8rii¥tic IMpnC or beauty ar8 available for Ihe edu¢8tiori or¥J bgnfjfit of the pubNc. The prlmary assets transferred to Charity It was fountsj are central to th8 ij)nVnuatlon of the Charity and as suth will rgmaln intact for as long as the Charity exists. The Trust8e8 are emp)wer&J to add to and dk8pose of Items from the coElecllon and contents of Belmont House for the benefft of tho Charity as long 88 the The Estatgs . Farm Land dg$ign8led fund rewewts Iha v0h of farm 18Th1 ulilknd by Belnor Fa$. The transfers durfng the relate to addblkw. Thé red asset desvJnated fvEbJ represents thg ngl book value (rf red assets at the and. Tho transfers in the year r8tff8sent the reallocatkn from gen6ral funts and movements within the fixed assets. Th8 TTUStees consider a balanca 8qurd8nt to 6 months. vA)rth of orrnbng fA)sts for the ChaTrty a roasonabk baFanGe to Fw)Id in reser4es, thls fwo Is currenty £25),OLKJ. The financial statements show 8 free reserves balance (non designated unrestrK#ed fund8 not rerrtsented by opwalbnal fixed assets) of £1,069,765 {2020 - £1.267.134). Bearing in trÉ c>rlical natUTe of the business, the Y8rn1' balance provths thè vthing tapknl reqUIrent for the tann. The balaTr provwJes for apprnatelY 9 months. worth ofesL Gosts and is hI3r than the Chariils r8¥erye polcy. Tho Ttee$ arè 5atisfMd that these gdditional amounts will fund ts incr88sed eypendiiure oxp8clod kn th8 maintenarKe pkn In the nexl few Pa 37
IACompany Umltod by Gu•rnntw) NOTES TO THE HIIANCIAL STATEMENTS FOR THE YEAR ENDED 31 I•ARCH 2021 Stat¢monl of funds {¢ontlnu•d) STATEMENT FUNDS . PRIOR YEAR 88Lqnc at 31 March 2020 Balance al 1 Apnl 2019 IrKJ)me Expw Trnnsfe Gainsl (Lossas) Unr•strlctod funds Doslgntsd nd• Investmerrt5 fund Estates- larm nd House and grounds fvnd Ftxgd assgt fLEnd 22.420.862 9.201 (479.2751 21.9.783 14,850,1XXI 76.080 14,926.080 3.834,388 3,834,388 2,533,209 2,$33.209 41.105.2 2.618.490 (4792751 43,244.465 G•n•r•l fund• General funds Revalu8tlon 1.921.842 1.666.493 (1.427.720) {917.490) 24,009 1,267.134 1.701.Iyxi (1,701.() 3.622.842 1.686,493 (1.427.720) (2,618.4> 24.009 1,267,134 Tol•l fvnd$ 44,728.092 {1.427.720} {455,266) 44.511.599 Page 38
IA C¢mpany Umltsd by Guw4nlo•) NOTES TO THE FIIIANCIAL STATEMENTS FOR THE YEWi ENDED 31 PAARCH 2021 SUMMfvRY OF FUNDS SUMIAARY OF FUNDS. CURRENT YEAR BlanM •1 31 M•r¢h 2021 Balance at I Trnnshrn lrnlout Galn (LOS1) Designatwj funds General fd8 366,828 3.342.666 46,953,959 1.267,134 1232,562 11J72337) 1366.828} 309,134 1,,765 H511.599 1231562 (1J72237) 3,651,800 48.023,724 SUMMly OF FUNDS. PRIOR YEAR Balanc8 at 31 March 2020 Balancè at 1 2019 Trarfe Gal cmjt (Losses) funds General funds 41.105250 3.622.842 1618,490 1,666,¥J3 (1.427.720) R618,490) (479.2751 43,244.465 24.009 1267.134 44,728,092 1.666.493 11.427.720) 1455.2661 44,511,599 Page 39
HARs PELMONT) CHARITY NOTES TO THE FINANCIAL STATEPIENT8 FOR THE YEAR ENDED 31 IAARCH 2021 RECONCIUATION OF NEf IAOVEMENT IN FUNDS TO CASH FLOW FROM OPERATING AcTlEs Group 2021 Group 2020 Net Incomelexpendlurn for thè {as pfjr Statern of Flnancial Actmlles) 2,799,605 1216A93) 27A22 31.168 {2.939280) 455.266 (503.$29) {550.001 } 47.947 30,187 91.382 {68204) (58.859) (Gainsyl05 on wweslments DlvSdends. inteTrsts arnl rents lrnn H)5¢ts Decrease in slocks Deueasel(Inuease) In debtors Dernse In cred611Ys N•1 ¢88h u•ed In op•ratlng xdvlU•s {533.571} {376,936) 2& ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2021 Group 2020 Cash in hand Overdraft I¥Ity repayth on dem 758.571 882.998 (9,269> Totsl ush and cash •qulval•nls 758,571 873.729 AP14LYSIS OF cHGEs IN NEf DEBT At1WII 2020 Cash flows At 31 Mar¢h 2021 Cash at bank aNI in hand Bank overdfafis repayable on dwnand 882.998 11¥4271 (9.269) 9,269 758,571 873.729 1115.158) 758.571 Page 40
(A Compary Umltsd by Guwa> NOTES TO THE FINANCIAL STATEMEP4TS FOR YEAR ENDED 31 MARCH 2021 CONTINGEPIT LIABILMES A numbgr of assèt InveStrn were passed to the Charity upon tho death crf The Rt. Hon G R J Baron Harrls {SLxth Baron H8rrlsl wlh) in tttrn had Inherf1 th8m from the Frfth Baron Harris who dled In 1984. The assets in qwllon were cJ)nditionaMy exempt slatus. Htr4vevw, because the Slxth Bar(fft Haffis died wlthln 30 of th8 Flfth Baft HaTVi5. HM Raue & Customs would bo entltled to clalm Inhetrlancg Tax at rates aWic8blè at the lime of death on thleVer 08tats proved to be moro benefi¢Fal to Ihem. Inhsrilance Tax liabÈlty only cry8talEise rf the ChatFty sells these assets In the future. The TTUStees have a Ilst of these &ss8ts 8nd do not intend lo sell them in the foreseeable fLrture. Thorefor8 no proviSn has been ifK4tKl8d In the aCxXnts in respect of the firtLFTe Habllity. The Charrty ftnts fannland to ris substthory. Belnor Fam Llmttgd. and rats8$ a deèd of covenant from the company at the end. The rentsl (*arge in the tolalled £116.294 {2020 - £104,340) and the deed ol covenant In thè ar amounted to £nl2020- £195,888). In ldIon. there arg a numbw rrf ami's length rtharges to the subshJiaryfor costs pabj by the Charity. As at 31 Marth 2021, £229.374 {2ml- £370.8651 Trmain&J outstanrfing. Thls Includes a loan advarKed to the subsidiary of £150.000 {2020- £150.orKIi. Thi5 loon bears interest at 5% per annum over the Bank After the end. 8 Eoan agreement stgned ty Belnor FaThr6 Ltmtted whare the parènt mado a loan of £200.000 to the ccrfnpany for Ihe puw 88s1slir•J wlth cash managemènt vknllst puwng up a new graln store al Northcou P8g841