Re9￿￿red 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 Tn￿te•$ 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¥ter￿1 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, Clc*e Swarn. Fram1m*￿M. Suffdk. IP13 9DU Sthrc*Jer & Co Umlted {C8zenove Capital). 1 Loth Wal Place, L(Thkn, EC2Y SAU Pag8 1 HARRIS ￿EL￿ONT) 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 (B91M￿l) Charity subsKllary (the L*arity 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 Chatit*s: 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 quatr￿5 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 preserva￿On, 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, enjo￿nent and benefft of the pu￿1¢.. The Trustees aims ar8. tlwough cargful moria￿ to 4*nthue 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 Chaiit*s 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 Y￿1t the House aThJ garde￿ for adL￿atIon and enjownent Events are ¢xganised throughsjut the and p￿￿ted webstte. sc**1 medla, sk*dall8t magazines and the bxal pross to raath our target s￿11￿nCe. Belmont is prOT￿led glsewherg by sp9¢ial￿t exht*ilions and kmns to v81ityJs ￿ltUral arKI heritage exhibi￿n9 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 BQknc￿t. 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 dev￿c￿d 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 generatK*ns, ty thg n￿nItorIng of visitor numbers to the propety arjd th8 websko. tho revi￿1￿ of requests for historKal lafthlve) materlal and reviwng th9 thattgls reEX)rds arnl presavthn ther￿f. 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 con*Jn8Ne rAOPS {7*t￿L od seed we, b8ans. peas, wlntsr bartey & spring wheat). downjand grass meadcME. p8rklarMI arKI ori*arts . ci>mbining the (#)mmer(aal fam￿ng best pracVce thrO￿Jh enthnmentsl st6waffJship. d. Tho ben•ficl*l•* 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, *￿IK￿Y Makers, sp8ckl Inleresl byoups. organisalk>ns. and chlklrnn. The House L8 aLxess&J ty guided tours Staffwj ty wAunteers' thgse educatè ¥ry*lors ￿ 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. 0￿rt Ar Theatre producttons. Speraal￿t 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 Or0￿r￿j pandemK. Woodfest al￿ wilh ofthe thr planned events had to be canc*lled. e. Voluntsern When the ￿knu￿e is open. the publlc galn a(xw to h￿se •Aa guKknJ t￿r$. These tours are guided by bcal Guides, who provide this ser¥k* on a %￿Untary ba81s. The Guide$ meet as I￿8$8•ry (bLrt as a minimum at t Iwke a swrl for tralnlNJ to be Wted ￿nSulted on any ch8ThJe8 proposgJ for the openlng of the House. Durfng 2020 il was not possible to open up Ihe House underthe guklanc4 ISS[￿1 by the Govemm8nt. Page 3 {A Ctynpany Umll•d by Guarant••) FOR THE YEAR ENDED 31 IAARCH 2021 Achl•v•m•nts •nd p•rforniwu (conUnuod} & R8¥l•w of a¢llvltl•• The maln Ob￿￿1ve$ and a(*levements forthe yearto the 318t Marth 2021 Incbjded th8 ongolng malntenancé of the House and ground8 In accordance Ihe Arr*hteds qukwuemtal rep￿l Major proj&ts during the 2020r21 season T￿￿iShMent of the drive to the Stable Gourtyar(f and re4andscaping certain areas ofthe garden u￿r 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 2￿21 were Undatsts￿blY redu￿1 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. ove￿aW 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 Ir￿e 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 Ha￿lS (Bdmont) Charity. After tho yaar end. a loan agr8gmont wa$ signed by the s￿￿dary 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 knveStrr￿￿I pollcylo Identsfy and monltor the flnandal rlsks Hi the Invest￿ polifo￿o. 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 p￿trOl￿). Tho Twstees Ca￿led out ￿ IndeF￿K5enI revivw otlhe inves1me￿ advi88Tr h October 2018. foll(ywlng tho r￿aW 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 govern￿￿nt restrK1i￿$, the Ints)me d8rN8d I￿rn thesg sources r6 relallvety small. Whllst setting a balanced W annual￿, the tru8tees. mlrth of Ihe noed to F*eSe￿ the (Xp1t￿ values of thé AS such the charity has $ub3tantial rosourcos lo contlnug In Qwat￿81 exthncè for the for8segabEa future. For th18 reason tho Tn￿ rthinue to adopt the w4ng (x)rnxm ba81s In prnpaiiry thg finan¢Fal statement8. b. R•Mrv•s polky The 0blHty to fund tth the day to thy crtsts and the ca￿1 improvement programme Is dependent on the perfomwnce Lrf Ctrwiws oye assets - Int￿Me f￿M rental propety, f8milng & fofesty The Trust88s hokl desb3naled funds repres*rt its Herittige and Invesknent assets {listed investments and property porNollo of farmland and t*tt4es). Belmorrt House a￿1 grounds aThJ its coll&aton seNe the maln chartlable of the Chwity and the investmwrt assets provkje ts Incomg rgquir•J to mangge the eststa The Trustees conslder a baFance equlvatent to 6 months, worth of opor8tlng costs for the Charlty a wsortable balan(* to IK4d in r8seNes, this figure is c￿rrenty £250.￿0. The finandal statements S￿)W a free reserves balance (nc￿ deslgnated unRstrided funds not represenled by operatronal fixed assets) of £1,C69,76512020 - £1.287.1341. Beoring ￿ mind the cydtsl nature of the trMtslr*s$. the Yann, balance provNl8s the worklrvj I￿pital 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 d￿￿J. 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. p￿mbi￿j *) SUFptywvJ Ihg Hcwso. N6t k)ss bgfore InveSt￿lt galns was £139,675 (2020- £238.773 galn). The [*rfOrmar￿ of the In¥esth*nt (wKknling Inw$t￿nt prc4Xrtkn) was setsfactory, wlth nèt galns Inve8lmBnts totalling £3.575.457 compared to 8 k)ss of £455,467 last whtch w8$ atr*ad ofthe target gruwth for the InveSt￿nt 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 str￿g 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 s￿rCeS of fijnding LX)ntinuè to com8 from reS*Jen￿ 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 adopt*J 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¥a￿n programme con￿n￿O$ Ident￿n9 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 C￿￿Y Imw by guarante8. The Charfty18 Con81￿ wmjer its Mèmorandum of ASW(Xat￿ daknj 10 September 2012 and Is a roglsteT8d d￿rIty. numbw 1149240. Th8 rrvambws of tho company are Tntste8s nam8d on pagfj 1. In Iha event ofthe company belng wound up. Ihe tlablhty In rnS￿t ofthè guarnntsè Is lirTHtod tr1 £10 pw membw ofthg C￿VanY. The princtpal object of the Charity ts the preseFvatth, maEntenance aThl upkeep ofthe manslon hous6 known as 88lmont House for the ber*fft of the publ￿ of propèty of historic arthitethrnl or artistic Imp￿￿nce or beauty, the maklrnj of tr* same avallable for Ihè adu(alm enJownw)t and tvfft tsf￿ publ Page 6 lAC￿npanY 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 Cl￿rity hovo FKthWS to at4M)fftt a n￿1 Tnth. The numbw of Trt￿e$ sh811 te notloss than three but ￿ rNYe than seven. Potsntial ￿nd￿Ja￿S 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 I￿￿mental￿)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 Tn￿￿eS}. Tntsteès am remunèrated. •. Inv•slm•nt p¢Jw•rn f. Rltsk manag•m•nt Th8 Tntstses ha¥e Cond￿led thek ¢y*n 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(K*dures ar8 p￿IC￿lY 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 i￿ured 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 busir*ss Interruptton against the Lbsual Insurable risks. rent from the gcdf course. di¥*Jend Ir￿Me from the inveslment portfolk) and firtalty admiSS￿n$ Incorr￿ for the Pb)use and events. The Trustees ask Ihat weekty banklng 18 ￿rrIed oth duFing the sea8on 8nd th8t other authoriSa￿n 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 purF￿ses of (>ynpany E8w) are r8$k￿81ble foi preparfng the Trustees, Rewt arKI the finwKial staigmgnts In accordance wlth appllcatAe law arKI Unlted Klngdom Accounting Standards {United lfjngJom GernraltyAc(*ed A¢{￿Tr￿ng PracUc8}. Company law requires the Trustees to preparg flnandal slatements for eaL* fknanclal year. Undèr ts)mpany law, Trustees must not appwve Ihe fina￿181 staterr*nts 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 gO￿￿j 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 p0s￿On of th8 Group 8TKI the ccrfnpany and enabl8 them to ertsure that tho finan￿31 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 Confirr￿d 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 inf￿m￿ll0n and to 8ststAlsh that Ihe d￿thabIe group's audltors aro aware of that AudltopJ The 8uditOTS, Petsrs Ewthy & ￿cKe, have Indltzted thelr V*llllThJnes8 to ￿ntInue kn offiL*. The designated Trustees I￿11 proFose a mollM the audltixs at 8 medng ofthe Trustees. Approvgd by ordgr of thg mwnbgrs ofthe board ofTn*lo0s 8￿j *ned on thglr bohaff by. Lord Colgrnln. c￿l￿n•Th Tn￿te? Date: P8ge 8 HARRIS {BELMONT) CHARrrY INDEPENDEpif AUDrroRS' REPORT TO THE MEIABERS OF HARRIS {BELMOND CHARITY Oplnlon We have audlled tho finan￿1 Stat*ne￿ 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 aa￿Unting pol￿88. The flnanctal rerK)rting framgwork Ih8t has b￿n applled in th￿r Preparati￿ 15 a01cab￿ and UnFted Klngdom A(xount Star¥Jards. includlng Fin*Kaal Rewtsng St8ThJ8rd 102 Yhe Fknandal Reporting Stsndard appliGablg In the UK and Ropublk rrf IrdaTr* (Unitod K￿￿Orn GenerallyActepted Ar￿￿nts¥ PraLtro). grrfe a tnje and falr of the slate of th8 and clthè ￿reTht L*s81ilablg ￿Mpan￿8 affalr8 as at 31 March 2021 and of the GfQUP'S resources aThJ •rvIK￿b)n of resourrx, In¢luding Ms Income and gXFenditUT8 for tho then en¢Jed' have bèen propety prgpaTe(l kn ac(xrdm ￿ Llnited K￿￿Offi G8n8raMy Aiyxpted A￿￿nIIng have be8n propwed In ac4>xdm the rewrements of the Compgnios Ad 2006 and the Charrligs Act2011. B•sls for oplnl(m Wè conduc*ed our audit in aCc￿rdar￿ vKlh InternatkThl Standards on A￿li￿ng {LH(I (ISAS (UK)) and appllcablé taw. Our respons1￿1￿￿¢$ 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 statgrr*nts kn the Unlted KlIWom. in¢￿dIng the FIn8nd￿ Reportkig CcyJncAfs Ethk41 Stsndard, atvj wa haby fumllwj our other ethKal r85p0ns1bll￿88 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￿, Compant85 Act 2006 requlres us to raport to y)u W. In CA￿ a￿lOn. 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 aCC￿n￿ng 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 requinr*nt to pwre a Strategk Rer Page 10 INDEPENDENT AUDrroR* REPORT TO THE MEIIBERS OF HA￿gIs(BELlIoFlT) CHARITY (COIffiNUED) RMponslbllltlo% of InMt••b As ewalned n￿￿8 fijlty in the Trustees, Resw*lbllNl88 Ststemwtt. the Tnths (WI￿ are also the dirg¢tors of tha L*arita￿e company for the wrtthes cl tsjmpany ￿wI are respo￿[blO for preparation of the financlal ststements and for bekng salsfied that they gr￿e 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 ¢X￿￿rn. 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 T*h8th0r 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. m￿rnents 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￿ fra￿1, are of wlth twws ar￿ rngulations. We deslgn pro¢adure8 in line vlih our responslblllties. Ou￿n￿l atthw, to detect m8lero1 mlsstatements In respect of iwularitigs. IndLMllng fraud. The extent to whKh our t￿c(￿jure$ arn capth of d8t8cling irregul8rf1i86. indudlrwJ fraud Is detalled beknw.. Audlt procedures parfom*d by the engagement team to Idenbfy and 8S5es5 the risks of material mi5ststement In ￿SpecI of lffewlarfues. Ind￿l￿a f¥aud end r￿￿e¢m[￿*￿e *ith laws and regulath)ns. wèrn as foll(Y￿s. 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 ￿nsId8T￿d m8y have a dlrect materlal affect on the financial statements, IndudlNJ the charl￿ Act 2011. CompanS8s Act 2006 arKI t8X8lbn IegisL8flc￿. We obta￿ed an understsndlfig crf the Group's Fthes a￿{ prrxedure5 rxNnpIlan￿ th laws and regulalons, Indudlrw doc￿￿ntal￿?n ofany InStar￿ of r￿￿(￿lMPlianCfj. We assessed the $l￿Ptibl1ty of the group and parent financlal statements to materfal m188L￿eMenI, induding obtainirrfJ On understsndkng of fraud m*3hl c¢cur. by making 8nquiries of management as to whore they consldered thern was susceptibilty to fraud, Ihwr krn￿￿ed9e of aLtsI. suspg(*ed arKI alleged fraud and consSd8rfng the Intemal C*)ntrols in place to M￿le rtsks offrnud and nowomplfance wlth kws and rngulatkns. We dIso￿Sed among the audft a￿agement team rggardlng tho opp￿￿nitE5 and hKenbves that may oxlst wtthln the cffganlsallon forfraud and and V4tsre fraud mlghl (M￿r 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; - 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 - 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: - Agreeing financial statement disclosures to underlying supporting documentation; - Reading the minutes of meetings of those charged with governance; and - 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 appI￿ab￿ 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&1te￿￿nts. 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 unrestr￿ted funds 48,023.724 44,511,599 TOTAL FUNDS 48,023,724 44,511,S99 The Trustees acknowwge their responsibilities for CoMp￿1ng with the wuirements of the Act with ￿Spect lo accounting records and preparalDn of financkgl ststements The financial sl8tewenls have been p￿pa￿d in accothnce wrth the provisions applicable lo enlilies subject lo the Small companies re9imè. The Company has taken advantage of the exemption allowed under SeCt￿n 408 of the Companies Act 20Cfj and has not presented its own Statement of Financial Activrt￿S In these finan￿al 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 investm￿ts 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 InVestr￿ts 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 AC￿Unting and Rewling ty Char￿e5. 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 ￿ tranSa￿K￿ 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 Tn￿tse8 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 or￿8 the grcrtw ha5 entitlement to th8 inc4Jme. It is probabb that the Inco rfll be reeelvthy the amount cl in(xrfne receiN*ble can be mewed reliabty. ottage incomo and renewable heat Ir￿nI￿e In￿m8. Inwne from f8rnwng aclivrties is reC0gnr￿d in the perK)d when the crop Is hap￿￿ed. Holhjay 03ttage Incomè is rewnised in the perisxl when the Is let. RemainiNJ inrAlTh is rnwgntsed on rec*ipL Income from InVeSt￿ts 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 T￿rmal￿ upon notfication of the interest pahl or payabl8 by the bank. 1.5 EXPENDtruRE Expenditure 1$ rgcognlsed orKe there is a lryal or construc￿8 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 ff*asured 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)r*d 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 I￿sts 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 c*aiilable 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 profO￿lOnal All eyryllbjrn Is Inck*fve of Irrecove￿1￿ 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 ex￿1￿ for the fctrreseeable fU￿re. 1.7 GOVERNIAENT GRANTS expend￿ule k In￿rred. 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 tr￿1r •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 consalva￿n owves of d￿rity. 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 C￿leCtion ￿*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 a￿O￿nI% 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 dep￿18￿1n is insignmcant. Any permanent dlmlnutlon In value ￿USed by obsoles￿n¢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 Ind￿jed 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 t￿811￿1n ofthe (x)mpany and the group. 1.11 W4VESTMEltts FExed asset InvgStm8nts are a fonn of financ4al instrument and are Inttlally re￿nISed at thelr tranSac￿n w4t and subseq￿ty measurnd at f￿r vah* al the Balance Shegl dale, unless tho value cannot be M￿ured re118bly In whk* ose1115 measured at ¢xét loss Imp￿M￿nL Investhert g￿n8 and k)sses. realised or unroattsed. are ￿mbIned and presèntod as 'GalnsllLosses) on in.Ve5tr￿nts, n the ConsolKlated Slaternen*. of Flnandal ALkn4bes. Invesknents In subsKliaFies are at not tKx)k val￿. 1.12 ST(KKS stLth are ¥a￿ed at the kTh¥er of w8t and net realiSab￿ v8lu8 after maklTr3 due atlowanc8 for Fam) stock indudes Ihe re￿vant 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 dI8￿￿nt 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 araw￿l(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 ￿asur￿l at the best gsllm8te ol the 8momts reqLsIr￿ to ¥ettbg th8 obllgatk)n. Whore the effect of the time vatue of rrnr￿y 15 matertal, the prOV￿10n 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 Cons0￿￿ted 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 ffin*Kyal as50ts arnl ￿T￿n(W Ilablltlgs of a klrnj that quallfy as b8slo financlal Instruments. Basic fina￿TraI 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 eff￿lIVe 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 ba￿8¥•j to b8 rea80nable und8r tho The company makes estlrth assumpkns ctswning the fU￿re. The resulti￿ aC￿untIng ostimates and assumpllons wlll. by definllhjn. sehjom e¢wal tho rel81od a(aual results. The esttmates and assumpttons that have a Signif￿nI rssk of causvwJ a matwial ad}usb7wnt to the Carr￿ng amounts of Invastmgnt woperues are In the Balarte sheet at thelr OFen market valuo In aC￿rdanCe wlth FRS102 and 8re Mt deI*ec￿ted. This trealmont is contrary to th8 Companies Ad 20C￿ whkh stales that fixed assets shwld t• d8preclated but Is, In the otkn ￿ the Trustegs. I￿ss8ry 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 FINANc￿L 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•￿rIaL￿O 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.$69 2,924 13.665 3.924 3.017 22.745 14A69 1>24 13J65 3M24 3,017 22,745 26.808 Event t￿ts Hollday u)8ts 18.969 15,830 8.565 22.746 Sub8¢￿p￿0nS Marwment lees 60.744 60,744 118.486 Total 2020 118.486 118.486 Fundrnlllng tradlng exp￿• Unr•Btrict•d fiEnds 2021 Total Total nds 2020 2021 Fam￿n9 expendlbjre 535.136 535.136 627.637 Totsl 2020 627,637 627.637 Page 24 IAComyy Llmlt•d by Gu•rnnt•• NOTES TO THE FINMICIAL STATEMEpirs FOR THE YEAR ENDED 31 MPACH 2021 INVESTIAEpif IAANAGEMEKf COSTS Total ftsnds 2020 funds 2021 fund• 2021 Investmwt monagemert fg8s ¥905 33.672 Totsl 2020 33,672 33.672 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTMTIES Total funds 2021 Totsl fvnds 2020 funds 2021 Belmont Houso aThl grounds 452.039 452.039 384.759 289.413 289A13 263.166 741.452 741,452 647,925 Total 2020 647.925 647.925 Page 25 HARRIS {BELAIONTI CHAR[ {ACompwy Lknlt•d by Guwant••} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEJA ENDED 31 MARCH 2021 10. ANALYSIS OF EXPENDMJRE BY ACTivmES und•rtaken dlr•ctly 2021 Support T¢>tal nds 2021 Total ffiJnd$ 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 am￿nts to an fee of£9.844 P020. £10.758). and nOn-8￿j11 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 G￿rnn￿OI 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 Con￿dered part of key managemenL Fees V•we paid to C￿rke & 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 Be￿rK￿ LimI￿j. 13. TRUSTEES REMUNERATION AND EXPENSES Durfng th8 swr, Truslees reCe￿￿d anyremunef8tk)n or ott*r ivth12020- £NIL}. DurfrKJ the ended 31 Marth 2021. exF*nses tdall¥¥ £286 ￿re rgiml)ursed or pald dlrrtuy to 2 Tn￿tee$ {2020- £313 to 2 T￿￿}. Page 28 (AComp#ny Lknlt•d by G￿￿nI¥•) 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 s*ar 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 Add￿oTrs 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 revalu￿1 at 31 March 2021, on a basls of market vdue. by quallfigd PTofesstonal valueTS v￿￿ng 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(￿nI￿V h&J been U￿1. 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¢kn￿t H(xtso grounds, th8 IKMJse ￿llectIon. N*t￿nI1 and Intematiortr81 st8ndar(Is In Ihe care of its arg fokw￿d 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 Tn￿88 annualty review the Fisks fa￿1 by Ihe Chartty and have estabhshed an investmont pollcy to identify and M￿rtOr 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 dIVe￿Ir￿1 a¢yoss asset classes. regbons and managèfs. dggrge of Voktdty b anlcipated and toler8ted. The p￿lf01[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)I*RY 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 26,636 229￿74 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 S8￿53 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 Final￿401 assets m&asurod al fair valu• 758.571 882.998 655,860 651,932 Financial assets measured at falr through Ir￿Th and expendliure rlical natUTe of the business, the Y8rn1' balance provths thè vthing tapknl reqUIre￿nt for the tann. The balaTr￿ provwJes for app￿rnatelY 9 months. worth ofesL* Gosts and is hI3￿r than the Chariils r8¥erye polcy. Tho T￿￿tee$ 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 Doslgn*tsd 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 B*lanM •1 31 M•r¢h 2021 Balance at I Trnnshrn lrnlout Galn (LOS￿1) Designatwj funds General f￿d8 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 SUMM￿ly OF FUNDS. PRIOR YEAR Balanc8 at 31 March 2020 Balancè at 1 2019 Trar*fe 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 HAR￿s 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 AcT￿￿lEs 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.$29) {550.001 } 47.947 30,187 91.382 {68204) (58.859) (Gainsyl0￿5 on wweslments DlvSdends. inteTrsts arnl rents lrnn H)￿5¢￿￿ts Decrease in slocks Deueasel(Inuease) In debtors Dernse In cred611Ys N•1 ¢88h u•ed In op•ratlng xdvlU•s {533.571} {376,936) 2& ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2021 Group 2020 Cash in hand Overdraft I¥￿Ity repayth on dem 758.571 882.998 (9,269> Totsl ush and cash •qulval•nls 758,571 873.729 AP14LYSIS OF cH￿GEs IN NEf DEBT At1WII 2020 Cash flows At 31 Mar¢h 2021 Cash at bank aNI in hand Bank overdfafis repayable on dwnand 882.998 11¥4271 (9.269) 9,269 758,571 873.729 1115.158) 758.571 Page 40 (A Compary Umltsd by Guwa￿> NOTES TO THE FINANCIAL STATEMEP4TS FOR YEAR ENDED 31 MARCH 2021 CONTINGEPIT LIABILMES A numbgr of assèt InveStrn￿ were passed to the Charity upon tho death crf The Rt. Hon G R J Baron Harrls {SLxth Baron H8rrlsl wlh) in tttrn had Inherf￿1 th8m from the Frfth Baron Harris who dled In 1984. The assets in qwllon were cJ)nditionaMy exempt slatus. Htr4vevw, because the Slxth Bar(fft Haffis died wlthln 30 of th8 Flfth Baft￿ HaTVi5. HM Ra￿ue & Customs would bo entltled to clalm Inhetrlancg Tax at rates aWic8blè at the lime of death on t￿hl￿eVer 08tats proved to be moro benefi¢Fal to Ihem. Inhsrilance Tax liabÈlty only cry8talEise rf the ChatFty sells these assets In the future. The TTUStees have a Ilst of these &ss8ts 8nd do not intend lo sell them in the foreseeable fLrture. Thorefor8 no proviS￿n has been ifK4tKl8d In the aCxX￿nts in respect of the firtLFTe Habllity. The Charrty ftnts fannland to ris substthory. Belnor Fam￿ Llmttgd. and rats￿8$ 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 £n￿l2020- £195,888). In ￿ldI￿on. 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