**Registered number: 08208048 Charity number: 1149240** 

## **Harris (Belmont) Charity** 

**Trustees’ report and financial statements for the year ended 31 March 2024** 



## **Harris (Belmont) Charity** 

||Page|
|---|---|
|**Reference and administrative details of the charity, its trustees and advisers**|1|
|**Trustees' report**|2 - 7|
|**Independent auditors' report on the financial statements**|8 - 11|
|**Consolidated statement of financial activities**|12|
|**Consolidated balance sheet**|13|
|**Charity balance sheet**|14|
|**Consolidated statement of cash flows**|15|
|**Notes to the financial statements**|16 - 36|





## **Harris (Belmont) Charity** 

## **Reference and administrative details of the charity, its trustees and advisers** 

|**Trustees**|The Lord Colgrain, Chairman|
|---|---|
||A Mathewson|
||Lady Jessel|
||A J S Ross|
||D M Del Mar|
||J A Stainton|
|**Company number**|08208048|
|**Charity number**|1149240|
|**Registered office**|Well Close Square|
||Framlingham|
||Suffolk|
||IP13 9DU|
|**Principal operating office**|Belmont Park|
||Throwley|
||Faversham|
||Kent|
||ME13 0HH|
|**Chief executive officer**|Henry Birch & Sally Watts of Clarke Simpson (Chartered Surveyors)|
|**Independent auditors**|Chavereys Audit Limited|
||The Goods Shed|
||Jubilee Way|
||Faversham|
||Kent|
||ME13 8GD|
|**Accountants**|Chavereys Limited|
||The Goods Shed|
||Jubilee Way|
||Faversham|
||Kent|
||ME13 8GD|
|**Bankers**|Coutts & Co|
||440 Strand|
||London|
||WC2R 0QS|
|**Solicitors**|HCR Legal LLP|
||50-60 Station Rd|
||Cambridge|
||CB1 2JH|
|**Investment advisers**|Schroder & Co Limited (Cazenove Capital)|
||1 London Wall Place|
||London|
||EC2Y 5AU|
|**Property consultants**|Clarke & Simpson|
||Well Close Square|
||Framlingham|
||Suffolk|
||IP13 9DU|



1 



## **Harris (Belmont) Charity** 

## **Trustee’s report for the year ended 31 March 2024** 

The Trustees (who are the Directors for Companies Act purposes) present their annual report and financial statements for Harris (Belmont) Charity (the Charity) for the year ended 31 March 2024 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes. 

The financial statements have been prepared in accordance with the accounting polices set out in note 2 to the accounts, the Charity’s governing document, the Charities Act 2011, the Companies Act 2006 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 

Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. 

## **Policies and objectives** 

The Harris (Belmont) Charity was established in 1980 and is responsible for all aspects of the House and the wider estate at Belmont. 

The Trustees’ objectives are derived from the Original Trust Deed (1980), the Memorandum and Articles of Association (2012), and the Harris family’s wishes. To meet these objectives, the Trustees set out to achieve the following: - 

- To preserve and maintain Belmont House, its contents, gardens, and the surrounding land. Where appropriate, this may include acquiring adjacent land or properties, either as investments or to preserve the integrity of the estate, reflecting 6[th] Lord Harris’s view that “with all the building programmes now being envisaged in the South, I think to preserve the estate would be in everybody’s interest …” 

- To provide access to the House and gardens for the education, enjoyment, and benefit of the public 

- That Belmont should take its place and serve a purpose in both local community and the county of Kent 

- That when there is surplus income, this can be used to support grass roots cricket in the county of Kent (in memory of 4[th] Lord Harris) or other local causes the Trustees deem appropriate to Belmont 

Whilst these objectives are very long term in nature, this report details what the Trustees have done to meet the objectives during the financial year 2023/24. 

In the exercise of its powers to that end, the Charity has paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Charities Act 2011. 

## **Strategies for achieving objectives** 

_Managing the House, its grounds and opening to the public_ 

The House was completed in its current form in 1793 and is one of the finest examples of the architectural work of Samuel Wyatt. The grounds have been evolved by the family over time and as a Millennium Project, the Trustees invited Arabella Lennox- Boyd to create a new kitchen garden which was implemented by the Belmont Garden staff. 

The Trustees employ 16 full time members of staff to look after and maintain the House and Grounds and employ a part-time archivist. 

Events are organised throughout the year and promoted on the website, social media, specialist magazines and the local press to reach our target audience. These include The Spring Fair, Woodfest, plant shows, open garden events, garden tours, open air theatre productions, specialist clock tours, craft workshops and other bespoke tours. 

The House is accessed by guided tours staffed by volunteers; these guides educate visitors on the importance of Belmont and its place in British history and life. 

2 



## **Harris (Belmont) Charity** 

## **Trustee’s report for the year ended 31 March 2024** 

_Preserving and displaying the House, its clocks, pictures, and other chattels_ 

There is an ongoing programme of repair and refurbishment to the property and its content at Belmont. These are agreed and prioritised by the Trustees. Room displays within Belmont House enhance the visitor experience, informing and educating visitors in new and stimulating ways. These displays are reviewed annually and are constantly developed and improved. 

There are many remarkable items in the contents of the House, but the most significant is the clock collection. The 5[th] Lord Harris was the founding president of the Antiquarian Horological Society and is described by Jonathan Betts, our Curatorial Adviser, as “one of the twentieth century’s great horological celebrities”. 

## _The Farm_ 

The farming of the Estate is carried out by Belnor Farms Limited, the Charity's subsidiary, which farms 2,000 acres of land in hand, comprising mostly combinable crops (wheat, oil seed rape, beans, peas and spring barley) along with fallow land, downland grass meadows, parkland and orchards - combining commercial farming with best practice through environmental stewardship. 

## _Managing the assets_ 

The Trustees’ ability to achieve the Charity’s aims is dependent on the performance of the Charity’s core assets – rental property, farming & forestry operations, the investment portfolio and visitor revenue. 

The farming (2,034 acres), woodland (704 acres), properties, other tenanted land (298 acres) and investment assets need to justify themselves financially. This is less true of the House and gardens which whilst the Trustees aim to make a return on these assets, ultimately it is a central purpose of the Trust to provide access to the House and the estate. It is also inconceivable that visitor revenue will cover the costs of maintaining Belmont House and opening it to the public without a contribution from the other income sources. 

## **Achievements and performance** 

_Review of activities_ 

_House, its grounds and opening to the public_ 

Visitor numbers during the year were 14,397, an increase on normal numbers but less than last years when Belmont was the host to the Antiques Roadshow. 

The events manager organised a varied and full programme of open air theatre events (Loves Labours Lost, and The Wizard of Oz), numerous workshops and meet the Head Gardener tours. The monthly clock tour hosted by Jonathan Betts, the clock curator continues to be well attended. The season culminated with the annual Woodfest weekend in September. 

Visitors have enjoyed the self – guiding on Tuesdays and Thursday afternoons and the group tours conducted by a Guide are also well attended on Wednesdays and Sundays. 

The Trustees have appointed Purcell, architects, to assist them in reviewing the visitor experience at Belmont and helping them to prepare a planning application with the aim of improving the tearoom café facilities, improving visitor orientation upon arrival and the provision of some extra residential service accommodation within the west wing of the House overlooking the courtyard. 

3 



## **Harris (Belmont) Charity** 

## **Trustee’s report for the year ended 31 March 2024** 

## _The Farm_ 

Revenue from farm activities was significantly down on last year as a result of lower sales prices, poorer yields on account of a cold spring and higher input costs, coupled with the continuing reduction in Basic Payment Scheme money from the government. 

## _Rental property_ 

Rental property continued to provide a significant proportion of the Charity’s income and there was an increase in rents of 11% over the previous year. Property maintenance on the Estate houses and cottages remains a significant area of expenditure and will be ongoing; cottages on the estate are externally redecorated by rotation every 5 years. Where possible the Trustees will make investment into energy saving features – an airsource heatpump has been installed in No 1 North Eastling Cottage this year along with double glazing. 

## _Investment portfolio_ 

The Trustees are satisfied with the performance of the investment portfolio which provided an important contribution to the Charities income in the year. Investment income increased by 38% (excluding one off exceptional distributions) over the previous year. 

## **Financial Review** 

## _Financial performance and position_ 

Income has decreased by 12% compared to the prior year. Expenditure however has also increased significantly with an increase of 8% compared to 2023. This has resulted in a net deficit before investment gains of £157,326 (2023 – surplus £228,508). 

The performance of investment portfolio (including investment properties) was satisfactory, with net gains on investments totalling £746,500. 

Overall there has been an increase of £679,624 (2023- decrease £783,378) in the net assets of the Charity which remains in a strong financial position to meet the challenges of future years. 

## _Reserves policy_ 

For long term planning, the Trustees estimate an average annual surplus based on the experience of previous years which, together with an element of capital withdrawal from the investment portfolio, is available for projects to maintain and enhance the house and estate, or charitable donations. The Trustees have a 5-year strategy for that expenditure, for which they draw on the advice of several external experts. 

The Trustees hold designated funds which represent its heritage and investment assets (listed investments and property portfolio of farmland and cottages). Belmont House and grounds and its collection serve the main charitable purpose of the Charity and the investment assets provide the income required to manage the estate as the Trustees do not actively fundraise for the Charity, therefore these funds do not form part of the free reserves of the Charity. 

4 



## **Harris (Belmont) Charity** 

## **Trustee’s report for the year ended 31 March 2024** 

The Trustees consider a balance equivalent to 6 months’ worth of operating costs for the Charity is the minimum balance to hold in reserves, this figure is currently around £500,000. The financial statements show a free reserves balance of £1,116,496 (2023: £1,382,140). However since the Charity is in the main dependent upon its own resources rather than seeking funding from the government or general public for its continuing existence a conservative policy of maintaining reserves in excess of the minimum level is considered prudent to enable the Charity to meet any unexpected liabilities as they fall due. 

## _Principal sources of funding_ 

Continues to come from residential property, commercial property, farming profits and income from the investment portfolio. The Charity runs events that are attended by the general public but as the above sources of funding provide the income required to manage the Estate, the Charity does not actively fundraise from the general public. 

## _Investment Powers_ 

The investment policy is to be prudent as regards risk and to maintain the capital value of the portfolio whilst providing a significant level of income to the Charity. 

## _Risk Management_ 

The Trustees have conducted their own review of the major risks to which the Charity is exposed, and systems have been established to mitigate those potential risks. Procedures have been put in place to minimise both external and internal risks and these procedures are periodically reviewed to ensure that they still meet the needs of the Charity. 

## _Plans for future periods_ 

A rolling programme of investment and expenditure is being established in collaboration with advisers. 

The primary objectives for the financial year to 31 March 2025 include agreeing a design for the tearoom and courtyard so that work can commence during 2025 with the new tearoom being opened for the 2026 season. The events programme will be maintained and enhanced, work will continue with the chattels’ conservation programme in the House to identify paintings and clocks on an annual basis that require conservation work. 

## **Structure, governance and management** 

## _Constitution_ 

The Charity is registered as a Charitable Company limited by guarantee and is constituted under its Memorandum of Association dated 10 September 2012 and is a registered charity, number 1149240. 

The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. 

## _Management of the charity_ 

The Trustees meet regularly and are actively involved with the operation of the Charity. The Trustees delegate the day to day running of the Charity and its farming subsidiary to the Executive Officers (Clarke and Simpson, Agents to the Trustees). The Charity employs specialist professional advisors who assist both on a day to day and a periodic basis. 

5 



## **Harris (Belmont) Charity** 

## **Trustee’s report for the year ended 31 March 2024** 

_Method of appointment or election of trustees_ 

The Trustees of the Charity have powers to appoint a new Trustee. The number of Trustees shall be not less than three but no more than seven. Potential candidates are identified, and their suitability assessed by the existing Trustees. New Trustees are required to be able to demonstrate the appropriate skills and experience necessary to be a Custodian of Belmont. Trustees are re-elected after 5 years should they wish to remain in the position; after 10 years of service, should they wish to remain, Trustees must demonstrate the skills that they are bringing to the post. 

## _Induction and training of Trustees_ 

New Trustees are provided with an information pack which includes copies of the Memorandum of Association, the Financial Accounts and other relevant documentation. 

## _Pay policy for Senior Staff_ 

The agreement with Clarke & Simpson is reviewed on a regular basis and is bench marked against charges by other similar agents. 

## **Statement of Trustees’ responsibilities** 

The Trustees (who are also directors of Harris (Belmont) Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) 

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Disclosure of information to the auditors** 

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: 

- so far as that Trustee is aware, there is no relevant audit information of which the Charity's auditors are unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the Charity's auditors in connection with preparing their report and to establish that the Charity's auditors are aware of that information. 

6 



Harris (Belmont) Charity
Trustee's report
for the year ended 31 March 2024
Approved by order of the members of the board of Trus￿% and signed on their behalf by.
The Lord Colgrain, Chairman
Trustee
Date:
23 October 2024

## **Harris (Belmont) Charity** 

## **Independent auditors' report to the members of Harris (Belmont) Charity** 

## **Opinion** 

We have audited the financial statements of Harris (Belmont) Charity (the 'parent charitable company') and its subsidiaries (the “group”) for the year ended 31 March 2024, which comprise the consolidated statement of financial activities, the consolidated balance sheet, the charity balance sheet, the consolidated statement of cashflows and the related notes including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the Group's and of the parent charitable company’s affairs as at 31 March 2024 and of the Group’s incoming resources, including income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustee’s with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon.  The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

8 



## **Harris (Belmont) Charity** 

## **Independent auditors' report to the members of Harris (Belmont) Charity (continued)** 

## **Opinion on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the trustees’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and 

- the trustees' report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- the parent charitable company has not adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ examinations in preparing the trustees’ report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees** 

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. 

9 



## **Harris (Belmont) Charity** 

## **Independent auditors' report to the members of Harris (Belmont) Charity (continued)** 

## **Auditors' responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- identification of the laws and regulations which were significant in the context of the Group through discussions with Trustees and other management, and from our commercial knowledge and experience of the charity sector; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including the Charities Act 2011, Companies Act 2006, and taxation legislation; and 

- we obtained an understanding of the Group’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance. 

We assessed the susceptibility of the Group and parent Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. 

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 bias and 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 directors and other management and the inspection of regulatory and legal correspondence, if any. 

10 



## **Harris (Belmont) Charity** 

## **Independent auditors' report to the members of Harris (Belmont) Charity (continued)** 

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. 


Iain Morris (senior statutory auditor) for and on behalf of 

**Chavereys Audit Limited** Chartered Accountants and Statutory Auditors Faversham Date: 23 October 2024 

11 



## **Harris (Belmont) Charity** 

## **Consolidated statement of financial activities (incorporating income and expenditure account)** 

## **for the year ended 31 March 2024** 

|**Note**<br>**Income from**<br>Charitable activities<br>4<br>Other trading activities<br>5<br>Investments<br>6<br>Other income<br>7<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>8<br>Charitable activities<br>9<br>**Total expenditure**<br>**Net**<br>**expenses**<br>**before**<br>**net**<br>**gains**<br>**on**<br>**investments**<br>Net gains/(losses) on investments<br>16<br>Net movement in funds before other recognised<br>gains<br>Gains on revaluation of fixed assets<br>14<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>**Total funds brought forward**<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**Funds**<br>**2024**<br>**£**<br>**117,619**<br>**959,298**<br>**665,310**<br>**9,452**<br>**1,751,679**<br>**925,598**<br>**983,407**<br>**1,909,005**<br>**(157,326)**<br>**746,500**<br>**589,174**<br>**90,450**<br>**679,624**<br>**50,649,241**<br>**679,624**<br>**51,328,865**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**117,619**<br>**959,298**<br>**665,310**<br>**9,452**<br>**1,751,679**<br>**925,598**<br>**983,407**<br>**1,909,005**<br>**(157,326)**<br>**746,500**<br>**589,174**<br>**90,450**<br>**679,624**<br>**50,649,241**<br>**679,624**<br>**51,328,865**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_95,102_<br>_1,329,719_<br>_531,900_<br>_32,233_|
|---|---|---|---|
||||_1,988,954_|
||||_949,646_<br>_810,800_|
||||_1,760,446_|
||||_228,508_<br>_(1,011,886)_|
||||_(783,378)_<br>_-_|
||||_(783,378)_|
||||_51,432,619_<br>_(783,378)_|
||||_50,649,241_|



12 



Harris (Belmont) Charity
Registered number:08208048
Consolidated balance sheet
a5 at 31 March 2024
2024
2023
Note
Fixed a$5ets
Tangible assets
14
20.478.723
19,915,527
Heritage assets
15
3.847.688
3,834,388
Investments
26,138,161
25.781.020
SO.464,572
49.530.935
Current a55ets
Stocks
473,993
524.267
Debtors.. amounts falling due within one year
169.831
211,119
Cash at bank and in hand
23
364.973
731.165
,008,797
1.466.551
Creditors.. amounts falling due within one year
(144,504)
{348.245)
Nèt eurrtnt assets
864.293
1,118,306
Total net assets
51,328 865
50.649.241
Charity funds
Unrestritted funds
20
51,328,865
50.649.241
51.328.865
50.649.241
The trustees atknowledge their r￿Ponsibl11t¥es for complying the requiremen￿ of the Act with respert to accounting
records and preparation of financial 512tements.
The financial St8￿Ments have been prepared in accordance wtth pro￿S1OnS applicable to entities subject to the 5rnall
Companies regime.
The finartrcial stttements were approved and authorised for Issue by the board and were signed on its beh￿f by..
The Lord Colgrain
Trustee
Date: 23 October 2024
The note5 on pages 16 to 36 fom part of these financial $ra￿mentS.
13

Harri5 (Belmont) Charity
Registered number:08208048
Charity balance sheet
as at 31 March 2024
2024
2023
Note
Fixed a55ets
Tangible assets
20,226.520
19.651.693
Herittge assets
15
3,847,688
3.834.388
Investments
16
26.446.248
26.112.849
50,520,456
49.598.930
Current assets
Stocks
17
1,851
1.851
Debtors.. amounts lalling due within ¢)ne year
18
616,618
728.113
Cash at bank and in hand
305.349
421.368
923.818
1.151.332
Creditors.. amounts falling due within one year
(115.409)
{101.021)
Net currÈnt assets
808.409
1,05Q,311
Total net assets
51 328865
50.649.241
Charity funds
Unrestritted funds
20
51.328,865
50.649.241
51.328.865
50,649.241
The ￿U$￿eS acknowledge their responsibiliDes for coMpl￿ng the requirements of the Att respect to accounting
records and preparatyon of financi￿ St8￿Ment
The financial sta￿MentS haye Lwi prepared in accordance with PrO￿s1onS applicable to entities su￿.ect tts the 5rnall
companies regime.
The financial statements were approved and authorised for issue by the l)oard and were signed on rt5 behalf br.
TheL
Trustee
Colgrain
Date: 23 Ottober 2024
The notes on pages 16 to 36 form part of these financi￿ Sta￿ment
14

## **Harris (Belmont) Charity** 

## **Consolidated statement of cash flows for the year ended 31 March 2024** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash generated in operating activities<br>22<br>**Cash flows from investing activities**<br>Dividends, interests and rents from investments<br>Purchase of tangible fixed assets<br>Proceeds from sale of investments<br>Purchase of investments<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>24<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>23|**2024**<br>**£**<br>**(896,444)**<br>**665,310**<br>**(524,416)**<br>**2,322,220**<br>**(1,932,862)**<br>**(366,192)**<br>**(366,192)**<br>**731,165**<br>**364,973**|**2023**<br>**£**<br>_(148,449)_<br>_531,900_<br>_(69,239)_<br>_2,674,785_<br>_(2,657,416)_<br>_480,030_<br>_480,030_<br>_251,135_<br>_731,165_|
|---|---|---|



The notes on pages 16 to 36 form part of these financial statements. 

15 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **1. General information** 

Harris (Belmont) Charity is a company incorporated in England and Wales. The address of the registered office is given on the company information page. The nature of the company's operations and its principal activities are set out in the trustees’ report on pages 2 to 7. 

These financial statements are presented in pound sterling because that is the currency of the primary economic environment in which the company operates. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS102)-Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Harris (Belmont) Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. 

The following principal accounting policies have been applied: 

## **2.2 Company status** 

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. 

## **2.3 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

16 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **2. Accounting policies (continued)** 

## **2.4 Income** 

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Income from other trading activities comprise farming activities, gift shop/tearoom sales, holiday cottage income and renewable heat incentive income. Income from farming activities is recognised in the period when the crop is sold. Holiday cottage income is recognised in the period when the cottage is let. Remaining income is recognised on receipt. 

Income from investments comprise rental property income, investment portfolio income and interest receivable. Investment income is recognised on a receivable basis. 

Income from charitable activities comprise admission fees from visitors to the House and grounds and other events held and are recognised on the date of admission or when the event is held. 

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. 

Interest on funds held on deposit Is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank 

## **2.5 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. It also includes the cost of generating funds and these comprise the costs associated with attracting voluntary income and the costs associated with running the giftshop and the farm. Support costs are those costs incurred directly in support of the expenditure on the objects of the company and include project management carried out at Headquarters. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Governance costs relate to professional fees and trustees' expenses. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.6 Going concern** 

The trustees have reviewed the budgets and forecasts for a period of twelve months from approval of these financial statements. The trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. 

17 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **2. Accounting policies (continued)** 

## **2.7 Government grants** 

Government grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred. 

## **2.8 Tangible fixed assets** 

## _Land and buildings_ 

Land is stated at valuation and is not depreciated. 

## _Belmont House and grounds_ 

Subsequent additions to Belmont House and grounds representing improvements to the property are depreciated over 10 years. General repairs and maintenance expenditure is written off in the year to which it relates. It also includes improvements to property through the trading subsidiary, which is also depreciated over 10 years. 

## _Other fixed assets_ 

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. 

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use. 

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. 

The estimated useful lives are as follows: 

Plant and machinery - Between 3 and 20 years 

## **2.9 Heritage assets** 

These are those fixed assets which are of historical significance and are held in order to advance the preservation and conservation objectives of the Charity. As such, they comprise Belmont House and grounds, which is carried at the original cost or valuation when it was transferred to the Charity, and The Belmont House Collection which comprises the contents of Belmont House, being works of art, paintings, furniture and other chattels together with a collection of clocks and watches which are deemed to be of historic or artistic importance. 

In accordance with the SORP, heritage assets are not depreciated, as the Trustees consider that the lives of these assets are sufficiently long and residual values, based on prices prevailing at the time of acquisition or subsequent valuation, are sufficiently high that their depreciation is insignificant. Impairment reviews for all heritage assets are undertaken whenever there is evidence that the value of the underlying assets may be less than their carrying amounts in the accounts. 

18 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **2. Accounting policies (continued)** 

## **2.10 Investment properties** 

Investment property is carried at fair value. Revaluation surpluses are recognised in the Statement of Financial Activities. 

## **2.11 Investments** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. 

Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities. 

Investments in subsidiaries are valued at net book value. 

## **2.12 Stocks** 

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 

## **2.13 Debtors** 

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

## **2.14 Cash and cash equivalents** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **2.15 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Group anticipates it will pay to settle the debtor the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost. 

## **2.16 Financial instruments** 

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

19 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **2. Accounting policies (continued)** 

## **2.17 Pensions** 

The Group makes contributions to various money-purchase schemes. 

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. 

## **2.15 Provisions for liabilities** 

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. 

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. 

When payments are eventually made, they are charged to the provision carried in the balance sheet. 

## **3. Judgments in applying accounting policies and key sources of estimation uncertainty** 

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

Critical accounting estimates and assumptions: 

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 

## Investment properties 

Investment properties are included in the Balance Sheet at their open market value in accordance with FRS102 and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the Trustees, necessary in order to give a true and fair view of the financial position of the Company and the Group. 

20 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

|**4.**<br>**Income from charitable activities**<br>Admissions and events<br>TOTAL 2023|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**117,619**<br>95,102|**Total**<br>**funds**<br>_Total_<br>_funds_<br>**2024**<br>_2023_<br>**£**<br>_£_<br>**117,619**<br>_95,102 _<br>95,102|
|---|---|---|



|**5.**<br>**Income from other trading activities**<br>Income from fundraising events<br>Shop and tea room income<br>Holiday cottage rent<br>Other income<br>TOTAL 2023<br>Income from other trading activities<br>Farming<br>TOTAL 2023|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**38,885**<br>**39,572**<br>**8,012**<br>**86,469**<br>84,230<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**872,829**<br>1,245,489|**Total**<br>**funds**<br>**2024**<br>**£**<br>**38,885**<br>**39,572**<br>**8,012**<br>**86,469**<br>84,230<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**872,829**<br>1,245,489|_Total_<br>_funds_<br>_2023_<br>_£_<br>_32,860_<br>_41,643_<br>_9,727_|
|---|---|---|---|
||||_84,230_|
||||_Total_<br>_funds_<br>_2023_<br>_£_<br>_1,245,489_|
|||||



21 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **6. Investment income** 

|Estate rents<br>Listed investments<br>Interest receivable<br>TOTAL 2023|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**460,434**<br>**195,613**<br>**9,263**<br>**665,310**<br>531,900|**Total**<br>**funds**<br>**2024**<br>**£**<br>**460,434**<br>**195,613**<br>**9,263**<br>**665,310**<br>531,900|_Total_<br>_funds_<br>_2023_<br>_£_<br>_416,374_<br>_113,200_<br>_2,326_|
|---|---|---|---|
||||_531,900_|
|||||



## **7. Other incoming resources** 

|Government grants receivable<br>TOTAL 2023|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**9,452**<br>32,233|**Total**<br>**funds**<br>_Total_<br>_funds_<br>**2024**<br>_2023_<br>**£**<br>_£_<br>**9,452 **<br>_32,233_<br>32,233|
|---|---|---|



Government grants receivable includes amounts receivable under the Renewable Heat Incentive scheme (RHI). 

## **8. Expenditure on raising funds** 

Costs of raising voluntary income 

|Shop and tea room purchases<br>Event costs<br>Holiday cottage costs<br>Postage, stationery and advertising<br>Subscriptions<br>Management fees<br>TOTAL 2023|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**30,215**<br>**18,815**<br>**24,960**<br>**13,892**<br>**6,122**<br>**26,389**<br>**120,393**<br>106,002|**Total**<br>**funds**<br>**2024**<br>**£**<br>**30,215**<br>**18,815**<br>**24,960**<br>**13,892**<br>**6,122**<br>**26,389**<br>**120,393**<br>106,002|_Total_<br>_funds_<br>_2023_<br>_£_<br>_18,341_<br>_17,459_<br>_23,299_<br>_17,489_<br>_6,777_<br>_22,637_|
|---|---|---|---|
||||_106,002 _|
|||||



22 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

**8. Expenditure on raising funds (continued)** 

|Fundraising trading expenses<br>Farming trading expenditure<br>TOTAL 2023<br>**Investment management costs**<br>Investment management fees<br>TOTAL 2023<br>**9.**<br>**Analysis of expenditure on charitable activities**<br>**Summary by fund type**<br>Belmont House and grounds<br>Estate costs<br>TOTAL 2023|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**768,323**<br>805,597<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**36,882**<br>38,047<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>527,507<br>455,900<br>983,407<br>810,800|**Total**<br>**funds**<br>**2024**<br>**£**<br>**768,323**<br>805,597<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**36,882 **<br>38,047<br>**Total**<br>**funds**<br>**2024**<br>**£**<br>**527,507**<br>**455,900**<br>**983,407**<br>810,800|_Total_<br>_funds_<br>_2023_<br>_£_<br>_805,597_|
|---|---|---|---|
||||_Total_<br>_funds_<br>_2023_<br>_£_<br>_38,047_|
||||_Total_<br>_funds_<br>_2023_<br>_£_<br>_431,006_<br>_379,794_|
||||_810,800_|
|||||



23 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **10. Analysis of expenditure on charitable activities** 

|Belmont House and grounds<br>Estate costs<br>TOTAL 2023<br>**Analysis of direct costs**|**Activities**<br>**Undertaken**<br>**directly**<br>**2024**<br>**£**<br>467,713<br>435,780<br>903,493<br>726,252|**Support**<br>**costs**<br>**2024**<br>**£**<br>59,794<br>20,120<br>79,914<br>84,548|**Total**<br>**funds**<br>**2024**<br>**£**<br>**527,507**<br>**455,900**<br>**983,407**<br>810,800|_Total_<br>_funds_<br>_2023_<br>_£_<br>_431,006_<br>_379,794_|
|---|---|---|---|---|
|||||_810,800_|
||||||



|Staff costs<br>Equipment repairs<br>Motor vehicle expenses<br>Light and heat<br>Insurance<br>Property rates<br>Repairs to property<br>House restoration<br>House opening<br>Grounds and garden maintenance<br>Woodland maintenance<br>Depreciation<br>TOTAL 2023|**Belmont**<br>**House and**<br>**grounds**<br>**2024**<br>**£**<br>278,969<br>26,781<br>22,446<br>23,735<br>23,713<br>10,108<br>47,942<br>6,839<br>8,378<br>18,802<br>-<br>-<br>467,713<br>366,591|**Estate**<br>**costs**<br>**2024**<br>**£**<br>113,946<br>21,272<br>9,168<br>-<br>24,263<br>10,108<br>199,957<br>-<br>-<br>18,756<br>11,912<br>26,398<br>435,780<br>359,661|**Total**<br>**funds**<br>**2024**<br>**£**<br>**392,915**<br>**48,053**<br>**31,614**<br>**23,735**<br>**47,976**<br>**20,216**<br>**247,899**<br>**6,839**<br>**8,378**<br>**37,558**<br>**11,912**<br>**26,398**<br>**903,493**<br>726,252|_Total_<br>_funds_<br>_2023_<br>_£_<br>_319,165_<br>_20,239_<br>_14,780_<br>_18,718_<br>_37,044_<br>_22,083_<br>_220,450_<br>_3,294_<br>_8,008_<br>_21,588_<br>_19,410_<br>_21,473_|
|---|---|---|---|---|
|||||_726,252 _|
||||||



24 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **10. Analysis of expenditure on charitable activities (continued)** 

## **Analysis of support costs** 

|**Belmont**<br>**House and**<br>**grounds**<br>**2024**<br>**£**<br>Finance costs<br>3,017<br>Professional fees (governance costs)<br>46,290<br>Trustee expense (governance costs)<br>351<br>Telephone<br>7,703<br>Bad debts<br>-<br>Other costs<br>2,433<br>59,794<br>TOTAL 2023<br>64,415|**Estate**<br>**costs**<br>**2024**<br>**£**<br>3,017<br>11,077<br>88<br>1,926<br>3,100<br>912<br>20,120<br>20,133|**Total**<br>**funds**<br>**2024**<br>**£**<br>**6,034**<br>**57,367**<br>**439**<br>**9,629**<br>**3,100**<br>**3,345**<br>**79,914**<br>84,548|_Total_<br>_funds_<br>_2023_<br>_£_<br>_4,533_<br>_60,262_<br>_1,731_<br>_17,667_<br>_(17)_<br>_372_|
|---|---|---|---|
||||_84,548_|
|||||



## **11. Auditors’ remuneration** 

The auditors’ remuneration amounts to an auditor fee of £11,000 (2023 - £11,000), and non-audit services of £9,200 (2023 - £9,700). 

## **12. Staff costs** 

|Wages and salaries<br>Social security costs<br>Defined contribution<br>pension scheme|**Group**<br>**2024**<br>**£**<br>**359,666**<br>**26,248**<br>**7,001**<br>**392,915**|Group<br>2023<br>£<br>293,704<br>20,656<br>4,805<br>319,165|**Charity**<br>**2024**<br>**£**<br>**359,666**<br>**26,248**<br>**7,001**<br>**392,915**|Charity<br>2023<br>£<br>293,704<br>20,656<br>4,805|
|---|---|---|---|---|
|||||319,165|



25 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **12. Staff costs (continued)** 

The average number of persons employed by the Charity during the year was as follows: 

|Employees|**Group**<br>**2024**<br>**No.**<br>Group<br>2023<br>No.<br>**16**<br>13|
|---|---|



The key management personnel of the Charity comprise the Trustees and Clarke & Simpson who are considered part of key management. Fees were paid to Clarke & Simpson in the year totalling £61,601 (2023- £85,968) comprising £55,601 (2023 - £47,150) in relation to Harris (Belmont) Charity and £6,000 (2023 - £38,818) in relation to Belnor Farms Limited. 

## **13. Trustees’ remuneration and expenses** 

During the year, no Trustees received remuneration or other benefits (2023 - £nil). 

During the year ended 31 March 2024, expenses totalling £243 were reimbursed or paid directly to 1 Trustee (2023 - £365 to 1 Trustee). 

26 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

|**14.**<br>**Tangible fixed assets**<br>**Group**<br>**Freehold**<br>**land**<br>**£**<br>**Cost or valuation**<br>At 1 April 2023<br>**19,489,000**<br>Additions<br>**397,550**<br>Disposals<br>**-**<br>Revaluations<br>**90,450**<br>At 31 March 2024<br>**19,977,000**<br>**Depreciation**<br>At 1 April 2023<br>**-**<br>Charge for the period<br>on owned assets<br>**-**<br>Charge for the period<br>on leased of use<br>assets<br>**-**<br>Disposals<br>**-**<br>At 31 March 2024<br>**-**<br>**Net book value**<br>At 31 March 2024<br>**19,977,000**<br>At 31 March 2023<br>19,489,000|**Property**<br>**improvements**<br>**£**<br>**1,037,265**<br>**1,437**<br>**-**<br>**-**<br>**1,038,702 **<br>**779,138**<br>**11,573**<br>**-**<br>**-**<br>**790,711**<br>**247,991 **<br>258,127|**Plant and**<br>**machinery**<br>**£**<br>**551,238**<br> <br>**112,129**<br>**-**<br>**-**<br>**663,367**<br>**382,838**<br>**26,798**<br>**-**<br>**-**<br>**409,635**<br>**253,732 **<br>168,400|**Total**<br>**£**<br>**21,077,503**<br>**511,116**<br>**-**<br>**90,450**|
|---|---|---|---|
||||**21,679,069**|
||||**1,161,976**<br>**38,371**<br>**-**<br>**-**|
||||**1,200,346**|
||||**20,478,723**|
||||19,915,527|



27 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **14. Tangible fixed assets** 

## **Charity** 

|**Cost or valuation**<br>At 1 April 2023<br>Additions<br>Disposals<br>Revaluations<br>At 31 March 2024<br>**Depreciation**<br>At 1 April 2023<br>Charge for the period<br>on owned assets<br>Charge for the period<br>on leased of use<br>assets<br>Disposals<br>At 31 March 2024<br>**Net book value**<br>At 31 March 2024<br>At 31 March 2023|**Freehold**<br>**land**<br>**£**<br>**19,489,000**<br>**397,550**<br>**-**<br>**90,450**<br>**19,977,000**<br>**-**<br> <br>**-**<br> <br>**-**<br>**-**<br>**19,977,000**<br>19,489,000|**Property**<br>**improvements**<br>**£**<br>**311,332**<br>**1,356**<br>**-**<br>**-**<br>**312,688**<br>**299,604**<br>**1,405**<br>**-**<br>**-**<br>**301,009**<br>**11,679**<br>11,728|**Plant and**<br>**machinery**<br>**£**<br>**482,928**<br> <br>**111,868**<br>**-**<br>**-**<br>**594,796**<br>**331,963**<br>**24,992**<br>**-**<br>**-**<br>**356,955**<br>**237,841**<br>150,965|**Total**<br>**£**<br>**20,283,260**<br>**510,774**<br>**-**<br>**90,450**|
|---|---|---|---|---|
|||||**20,884,484 **|
|||||**631,567**<br>**26,397**<br>**-**<br>**-**|
|||||**657,964 **|
|||||**20,226,520**|
|||||19,651,693|



The freehold land was revalued at 31 March 2024, on a basis of market value, by qualified professional valuers working for Clarke & Simpson, acting in the capacity of independent valuers which valued the freehold land at £19.977m. 

The revaluation model has been adopted and the trustees consider the valuation of the freehold land to be materially consistent with the net book value 31 March 2024. 

If the historic cost basis of accounting has been used, the freehold land would have had a carrying value of £1.016M (2023 - £618K). 

28 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **15. Heritage assets** 

## **Assets recognised at cost** 

|Carrying value at 1 April 2023<br>Additions<br>Carrying value at 31 March 2024<br>**2024**<br>**£**<br>**Purchases**<br>Collection<br>**13,300**<br>Revaluations<br>**-**<br>Total additions<br>**13,300**|**2023**<br>**£**<br>**-**<br>**-**<br>**-**|**Belmont**<br>**House and**<br>**grounds**<br>**2024**<br>**£**<br>489,482<br>-<br>**489,482**<br>**2022**<br>**£**<br>**-**<br>**-**<br>**-**|**Belmont**<br>**House**<br>**Collection**<br>**2024**<br>**£**<br>3,344,906<br>13,300<br>**3,358,206**<br>**2021**<br>**£**<br>**-**<br>**-**<br>**-**||**Total**<br>**2024**<br>_£_<br>3,834,388<br>13,300|
|---|---|---|---|---|---|
||||||**3,847,688**|
||||||**2020**<br>**£**<br>**-**<br>**-**<br>**-**|
|||||||



## **Heritage asset management policy** 

The Charity holds in trust Belmont House and grounds, along with the house collection. National and international standards in the care of its collection are followed with every endeavour to protect and safeguard the collection in its care for future generations. 

## **16. Fixed asset investments** 

## **Group** 

|**Cost or valuation**<br> <br>At 1 April 2023<br>Additions<br>Disposals<br>Revaluations<br>At 31 March 2024|**Listed**<br>**investments**<br>**£**<br> <br> <br>**8,730,728**<br>**1,777,253**<br>**(2,331,889)**<br>**866,169**<br>**9,042,261 **|**Cash**<br>**investments**<br>**£**<br> <br> <br>**37,772**<br>**155,608**<br>**-**<br>**-**<br>**193,380**|**Investment**<br>**properties**<br>**£**<br> <br>**17,012,520**<br>**-**<br>**-**<br>**(110,000)**<br>**16,902,520  **|**Total**<br>**£**<br>**25,781,020**<br>**1,932,861**<br>**(2,331,889)**<br>**866,169**|
|---|---|---|---|---|
|||||**26,138,161 **|



29 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **16. Fixed asset investments (continued)** 

## **Charity** 

|**Cost or valuation**<br>At 1 April 2023<br>Additions<br>Disposals<br>Revaluations<br>At 31 March 2024|**Share in group**<br>**undertaking**<br>**£**<br> <br>**331,829**<br>**-**<br>**-**<br>**(23,742)**<br>**308,087**|**Listed**<br>**investments**<br>**£**<br> <br> <br>**8,730,728**<br>**1,777,253**<br>**(2,331,889)**<br>**866,169**<br>**9,042,261 **|**Cash**<br>**investments**<br>**£**<br> <br> <br>**37,772**<br>**155,608**<br>**-**<br>**-**<br>**193,380**|**Investment**<br>**properties**<br>**£**<br> <br>**17,012,520**<br> <br>**-**<br>**-**<br> <br>**(110,000)**<br>**16,902,520**|**Total**<br>**£**<br>**26,112,849**<br>**1,932,861**<br>**(2,331,889)**<br>**732,427**|
|---|---|---|---|---|---|
||||||**26,446,248**|



The Trustees annually review the risks faced by the Charity and have established an investment policy to identify and monitor the financial risks in the investment portfolio. Consideration is given to the inroads of inflation overtime, currencies, volatility and liquidity and discretionary investment managers have been appointed. The investments are diversified across asset classes, regions and managers. 

The portfolio is managed on a total return basis with the emphasis on growth. As a consequence a degree of volatility is anticipated and tolerated. The portfolio is a small part of the overall assets but is nonetheless an important component. Income has been paid to the Charity historically which has allowed the Trustees to invest in a number of projects to improve and enhance the fabric of the Estate rather than being used for the day-to-day operational running. 

## **Principal subsidiaries** 

The following was a subsidiary undertaking of the Charity: 

|**Name**|**Company**|**Registered office**|**Principal activity**|**Holding**|
|---|---|---|---|---|
||**number**||||
|Belnor Farms Limited|00457383|Well Close Square,|Farming|100%|
|||Framlingham, Suffolk|||
|||IP13 9DU|||



The financial results of the subsidiary for the year were: 

||||**Profit for the**||
|---|---|---|---|---|
|**Name**|**Income**|**Expenditure**|**year**|**Net assets**|
||**£**|**£**|**£**|**£**|
|Belnor Farms Limited|826,182|(885,924)|(23,742)|308,087|



30 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **17. Stocks** 

|Farm stocks<br>Goods for resale<br>**18.**<br>**Debtors**<br>**Due within one year**<br>Trade debtors<br>Amounts owed by group<br>undertakings<br>Other debtors<br>Prepayments and accrued<br>income|**Group**<br>**2024**<br>**£**<br>**472,142**<br>**1,851**<br>**473,993**<br>**Group**<br>**2024**<br>**£**<br>**65,843**<br>**-**<br>**40,886**<br>**63,102**<br>**169,831 **|Group<br>2023<br>£<br>522,416<br>1,851<br>524,267<br>Group<br>2023<br>£<br>37,191<br>-<br>13,052<br>160,876<br>211,119||**Charity**<br>**2024**<br>**£**<br>**-**<br>**1,851**<br>**1,851**<br>**Charity**<br>**2024**<br>**£**<br>**57,484**<br>**485,351**<br>**10,681**<br>**63,102**<br>**616,618**||Charity<br>2023<br>£<br>-<br>1,851|
|---|---|---|---|---|---|---|
|||||||1,851|
|||||||Charity<br>2023<br>£<br>36,415<br>657,185<br>-<br>34,513<br>728,113|
||||||||



**19. Creditors: amounts falling due within one year** 

|Trade creditors<br>Other taxations and social<br>security<br>Other creditors<br>Accruals|**Group**<br>**2024**<br>**£**<br>**89,000**<br>**7,084**<br>**7,075**<br>**41,345**<br>**144,504 **|Group<br>2023<br>£<br>75,253<br>-<br>14,861<br>258,131<br>348,245|**Charity**<br>**2024**<br>**£**<br>**64,605**<br>**7,084**<br>**5,075**<br>**38,645**<br>**115,409**|Charity<br>2023<br>£<br>41,120<br>6,877<br>5,984<br>47,040|
|---|---|---|---|---|
|||||101,021|



31 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **20. Statement of funds** 

**Statement of funds – current year** 

|**Balance at 1**<br>**April 2023**<br>**£**<br>**Unrestricted**<br>**Funds**<br>Designated funds<br>Investment funds<br>25,781,020<br>Estates – farm<br>land<br>15,969,000<br>House and<br>grounds fund<br>3,834,388<br>Fixed asset fund<br>3,682,693<br> <br> <br>49,267,101<br>**General funds**<br>General funds<br>1,382,140 <br> <br>**Total**<br>**unrestricted**<br>**funds**<br>**50,649,241**|**Balance at 1**<br>**April 2023**<br>**£**<br>**Unrestricted**<br>**Funds**<br>Designated funds<br>Investment funds<br>25,781,020<br>Estates – farm<br>land<br>15,969,000<br>House and<br>grounds fund<br>3,834,388<br>Fixed asset fund<br>3,682,693<br> <br> <br>49,267,101<br>**General funds**<br>General funds<br>1,382,140 <br> <br>**Total**<br>**unrestricted**<br>**funds**<br>**50,649,241**|Income<br>**£**<br>-<br>-<br>-<br>-|Expenditure<br>**£**<br>-<br>-<br>-<br>-|Transfers<br>in/(out)<br>**£**<br> <br>(389,359)<br>397,550<br>13,300<br> <br>86,827|Gains<br>/(losses)<br>**Balance at**<br>**31 March**<br>**2024**<br>**£**<br>**£**<br> <br>746,500<br>26,138,161<br>90,450<br>16,457,000<br> <br>-<br>3,847,688<br> <br>3,769,520|
|---|---|---|---|---|---|
||<br>49,267,101<br>1,382,140 <br> <br>**50,649,241**|-<br> 1,751,679<br>**1,751,679**|-<br>(1,909,005)<br>**(1,909,005)**|108,318<br> <br>(108,318)<br>**-**|836,950<br>50,212,369|
||||||<br>-<br>1,116,496<br> <br>**836,950**<br>**51,328,865**|



The investments fund includes the Investment Properties and Investment Portfolio which the Trustees are holding for the long term to secure an ongoing income for the Charity and as such there is no intention to reduce the value of the investment assets. The balance on the fund is equivalent to the balance of the investments. The transfers in the year represent funds withdrawn from the investment portfolio and gains realised in the year. 

The Belmont House and grounds designated fund was established at the same time that the Charity was founded. The purpose of the Charity is the preservation, maintenance and upkeep of Belmont House, the surrounding land and property and the contents which are deemed to be of historic architectural or artistic importance or beauty which are available for the education and benefit of the public. The primary assets transferred to the Charity when it was founded are central to the continuation of the Charity and as such will remain intact for as long as the Charity exists. The Trustees are empowered to add to and dispose of items from the collection and contents of Belmont House for the benefit of the Charity as long as the collection and contents are not fundamentally diminished. The fund is represented by heritage assets. 

The Estates - farm land designated fund represents the value of farm land utilised by Belnor Farms. 

The Fixed asset designated fund represents the net book value of fixed assets at the year end. 

32 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **20. Statement of funds (continued)** 

The Trustees consider a balance equivalent to 6 months’ worth of operating costs for the Charity a reasonable balance to hold in reserves, this figure is currently £500,000. The financial statements show a free reserves balance (non-designated unrestricted funds not represented by operational fixed assets) of £1,382,140 (2023-£1,069,650). Bearing in mind the cyclical nature of the business ,the 'farm' balance provides the working capital requirement for the farm. The balance provides for approximately 9 months’ worth of estate costs and is higher than the Charity's reserve policy. The Trustees are satisfied that these additional amounts will fund the increased expenditure expected in the maintenance plan in the next few years. 

## **Statement of funds – prior year** 

|**Balance at 1**<br>**April 2022**<br>**£**<br>**Unrestricted**<br>**Funds**<br>Designated funds<br>Investment funds<br>26,815,774<br>Estates – farm<br>land<br>15,721,000<br>House and<br>grounds fund<br>3,834,388<br>Fixed asset fund<br>3,991,807<br> <br> <br>50,362,969 <br>**General funds**<br>General funds<br>1,069,650  <br> <br>**Total**<br>**unrestricted**<br>**funds**<br>**51,432,619**|Income<br>**£**<br>-<br>-<br>-<br>-<br>-<br> 1,988,954<br>**1,988,954 **|Expenditure<br>**£**<br>-<br>-<br>-<br>-<br>-<br>(1,760,446)<br>**(1,760,446)**|Transfers<br>in/(out)<br>**£**<br> <br>(76,250)<br>248,000<br>-<br>(309,114)<br> <br>(137,364)<br>137,364<br>**-**|Gains<br>/(losses)<br>**£**<br> <br>(958,504)<br>-<br> <br>-<br> <br>-|**Balance at**<br>**31 March**<br>**2023**<br> <br>**£**<br> <br>25,781,020<br> <br>15,969,000<br> <br>3,834,388<br> <br>3,682,693|
|---|---|---|---|---|---|
|||||(958,504)|49,267,101|
|||||<br>(53,382)|1,382,140|
|||||**(1,011,886)**|**50,649,241**|



33 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **21. Summary of funds** 

## **Summary of funds – current year** 

|**Balance at 1**<br>**April 2023**<br>Income<br>**£**<br>**£**<br>Designated funds<br>49,267,101<br>-<br>General funds<br>1,382,140<br>1,751,679<br> <br>**Total**<br>**unrestricted**<br>**funds**<br>**50,649,241**<br>**1,751,679**<br>**Summary of funds – prior year**<br>**Balance at 1**<br>**April 2022**<br>Income<br>**£**<br>**£**<br>Designated funds<br>50,362,969<br>-<br>General funds<br>1,069,650<br>1,988,954<br> <br>**Total**<br>**unrestricted**<br>**funds**<br>**51,432,619**<br>**1,988,954**|Expenditure<br>**£**<br>-<br>(1,909,005)<br>**(1,909,005)**<br>Expenditure<br>**£**<br>-<br>(1,760,446)<br>**(1,760,446)**|Transfers<br>in/(out)<br>**£**<br>108,318<br>(108,318)<br>**-**<br>Transfers<br>in/(out)<br>**£**<br>(137,364)<br>137,364|<br>|Gains<br>/(losses)<br>**£**<br>836,950<br>-<br>**836,950**<br>Gains<br>/(losses)<br>**£**<br> <br>(958,504)<br> <br>(53,382)|**Balance at**<br>**31 March**<br>**2024**<br>**£**<br>50,212,369<br>1,116,496|
|---|---|---|---|---|---|
||||||**51,328,865**|
||||<br> <br> <br> <br>||**Balance at**<br>**31 March**<br>**2023**<br> <br>**£**<br> <br>49,267,101<br> <br>1,382,140|
|||**-**||**(1,011,886)**|**50,649,241**|



34 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **22. Reconciliation of net movement in funds to net cash flow from operating activities** 

|**Net income for the year as per Statement of Financial Activities**<br>**Adjustments for:**<br>Depreciation charges<br>Gains on investments<br>Dividends, interest and rents from investments<br>Decrease in stocks<br>Decrease in debtors<br>Decrease in creditors<br>**Net cash expended in operating activities**<br>**23.**<br>**Analysis of cash and cash equivalents**|**Group**<br>**2024**<br>**£**<br>**679,624**<br> <br>**38,371**<br>**(836,950)**<br>**(665,310)**<br>**50,274**<br>**41,288**<br>**(203,741)**<br>**(896,444)**|_Group_<br>_2023_<br>**£**<br> <br>_(783,378)_|
|---|---|---|
|||_34,379_<br>_1,011,886_<br>_(531,900)_<br>_(176,674)_<br>_194,107_<br>_103,131_|
|||_(148,449)_|
||||



|Cash at bank and in hand<br>**24.**<br>**Analysis of changes in net debt**<br>**At 1 April**<br>**2023**<br>**£**<br>Cash at bank and in hand<br>731,165|**Group**<br>**2024**<br>_Group_<br>_2023_<br>**£**<br>**£**<br>**364,973**<br>_731,165_<br>**Cash flows**<br> **At 31 March**<br>**2024**<br>**£**<br>£<br>(366,192)<br>**364,973**|
|---|---|



35 



## **Harris (Belmont) Charity** 

## **Notes to the financial statements for the year ended 31 March 2024** 

## **25. Contingent liabilities** 

A number of fixed asset investments were passed to the Charity upon the death of The Rt. Hon G R J Baron Harris (Sixth Baron Harris) who in turn had inherited them from the Fifth Baron Harris who died in 1984. The assets in question were granted conditionally exempt status. However, because the Sixth Baron Harris died within 30 years of the Fifth Baron Harris, HM Revenue & Customs would be entitled to claim Inheritance Tax at rates applicable at the time of death on whichever estate proved to be more beneficial to them. The Inheritance Tax liability will only crystallise if the Charity sells these assets in the future. The Trustees have a list of these assets and do not intend to sell them in the foreseeable future. Therefore no provision has been included in the accounts in respect of the future liability. 

## **26. Related party transactions** 

The Charity rents farmland to its subsidiary, Belnor Farms Limited, and receives a deed of covenant from the company at the year end. The rental charge in the year totalled £114,497 (2023 -£113,472). The deed of covenant in the year amounted to £nil (2023 - £269,466). 

As at 31 March 2024 £746,718 (2023 - £657,185) was outstanding. This includes a loan advanced to the subsidiary of £400,000 (2023 - £250,000). This loan bears interest at 5% per annum, over the Bank of England base rate and has a fixed repayment date. 

36