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2021-12-31-accounts

Registered Charity Number: 1155844

Stewart’s Burnby Hall Gardens and Museum Trust CIO

Trustees’ Annual Report and Financial Statements for the year ended 31 December 2021

Stewart’s Burnby Hall Gardens and Museum Trust CIO

Contents

Charity information .............................................................................................................. .1 Trustees’ report ................................................................................................................... .2 Independent Examiner’s report .............................................................................................. .7 Statement of financial activities ............................................................................................. .8 Balance sheet ..................................................................................................................... .9 Cash flow statement ............................................................................................................ 10 Notes to financial statements ................................................................................................ 11

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Charity information

Trustees

Mr C W Clubley Chair (from 19 January 2022) Mr R E Haynes Chair (until 19 January 2022) Mrs N Jennings Mr G Scaife Mrs F M Snelson Mr P Williams Mrs R Hodgson Mr D C Lockwood Mr S McCann (Appointed 19 January 2021) Ms S Clarke (Appointed 20 July 2021) Ms S E Carden (Appointed 2 August 2022)

Secretary

Mr R Wood

Charity number 1155844

Address for general enquiries/principal office 33 The Balk Pocklington York YO42 2QF

Independent Examiner

Mr A M Sidebottom FCA Azets Audit Services Limited Triune Court Monks Cross Drive York YO32 9GZ

Bankers

Barclays Bank plc Parliament Street York YO1 1XD

Solicitors

Harrowells Market Place Pocklington York YO42 2AQ

Investment Advisors

Brewin Dolphin Apollo House Eboracum Way York YO31 7RE

1

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Trustees’ report for year ended 31 December 2021

Introduction

The Trustees are pleased to present their annual report together with the financial statements for the year ended 31 December 2021, which comply with the Charities Act 2011, the Articles of Association, and 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

Constitution

Stewart’s Burnby Hall Gardens and Museum Trust CIO (the “Charity”) was registered as a charity 18 February 2014, number 1155844, succeeding Stewart’s Burnby Hall Gardens and Museum Trust, which is now a linked charity.

The Trustees have taken advantage of the Charity Commission concession to link charities which have a common Trustee board allowing preparation of one set of financial statements for both charities.

Reference and Administrative Information

Please see the Charity Information on page 1 which forms part of this report.

Charitable Objectives

The object of the Trust is the provision and maintenance of Burnby Hall Gardens and Museum as a public park, ornamental gardens and museum for the benefit of the inhabitants of Pocklington and the neighbourhood for the purpose of improving the conditions of life for the said inhabitants.

The Trustees consider that these objectives and the activities explained below, provide benefit both to those people who use the Trust’s facilities and the wider community of Pocklington and surrounding area. In planning our activities for the year we kept in mind the Charity Commission’s guidance on public benefit at our Trustees’ meetings.

Trustees

The following Trustees have held office since 1 January 2021:-

Mr C W Clubley Chair (from 19 January 2022) Mr R E Haynes Chair (until 19 January 2022) Mrs N Jennings Mr G Scaife Mrs F M Snelson Mr P Williams Mrs R Hodgson (Resigned 12 May 2022) Mr D C Lockwood Mr S McCann (Appointed 19 January 2021) Ms S Clark (Appointed 20 July 2021) Ms S E Carden (Appointed 2 August 2022)

Governance

The Trust is administered by ten trustees, six of whom are co-opted, with two being appointed by Pocklington Town Council. The co-opted members are appointed by resolution of the Trustees and two of them must be resident in Pocklington. On 31 December 2021, there were no vacancies on the Trust.

Between Trust meetings, day-to-day decisions are made by a Management Committee (formerly known as the Trust executive) consisting of the Chairman, Vice-Chairman and one other Trustee, who meet with the Estate Manager, Assistant Estate Manager and Accountant. Decisions of the Management Committee, which now meets quarterly, are endorsed at full meetings of the Trust.

2

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Trustees’ report for year ended 31 December 2021

Review of Activities

The continuation of the Covid-19 Pandemic throughout 2021 inevitably impacted upon the Gardens and its operation. This was particularly evident in the early part of the year when restrictions on visitor numbers, regular changes in the lockdown legislation, and a brief period when the Gardens were only open 5 days a week, all restricted operational activity.

To help facilitate the best possible customer service and ensuring that numbers were kept to safe levels, our booking system was continually adapted and improved during the year, with a very positive impact on Gift Aid being achieved. Around £30k in Gift Aid was achieved as a result.

The health and safety of staff and customers remained the highest priority throughout the year, with regular changes and amendments to existing risk assessments and working practices being devised and adopted in full consultation with Richard Haynes, Chairman in the year, and Gordon Scaife, the trustee responsible for the oversight of safety policies on behalf of Stewart’s Trust. The Estate Management Team regularly reviewed practice and procedures in the light of any changes made nationally and ensured that detailed responses were fully planned, documented, and put into operation.

As the year progressed and restrictions were eased, we were able to return to seven-day a week opening and begin to restore some of the additional elements of our usual customer offer, including children’s events and band concerts. It should be noted, however, that these remained very much more restricted than usual, with only eight band concerts being performed (rather than the usual twelve), with these being held in the marquee which was adapted as an open-sided performance area to allow performers to be well spaced, and a limited approach to children’s activities with the emphasis again being on maintaining safety throughout.

The summer of 2021 also saw the re-opening of the Stewart Museum after a closure of over 12 months, the full re-opening of the children’s play area, and the lifting of the tight restrictions which had been placed upon the Lilypad Café by national Covid guidelines.

We successfully received a Business Interruption Insurance payment of £71,263 from Hiscox in relation to the pandemic’s impact upon our core business.

With the Gardens largely being an outdoor venue, and with safety restrictions such as a one-way route around the Gardens in place, it was possible to run a successful Tulip Festival in late April / early May, and to plant 600 waterlily plants in the Upper Lake, delayed from 2020. Routine gardens maintenance was possible throughout the year, with continued emphasis on increasing the horticultural excellence of the site, and we were able to successfully apply and secure a £74k grant from the East Riding of Yorkshire Council Commuted Sums Scheme, supplemented by a £4k grant from the Finnis Scott Foundation, and a further one of £1,800 from ERYC Active Towns scheme, to re-develop the Victorian Garden and re-design it as a contemporary Walled Garden, with work commencing in October 2021 and running throughout the winter and into the spring of 2022.

The Gift Shop was re-opened to customers in April 2021, under a new name, “Burnby Handmade Gifts”. The shop now features higher-end craft items, paintings and cards supplied to us on a commission basis by “Just Makers” based at Ripley Castle in North Yorkshire. This move represented a considerable change in approach in respect of our shop and it is steadily establishing itself as part of our overall offer.

April 2021 also saw the submission to the East Riding of Yorkshire Council of a Business Plan for the Asset Transfer of Burnby Hall to the Stewart’s Trust. The Council requested a delay on making a final decision on this document until October that year, which was later further extended until December, with negotiations currently ongoing.

In summary, this was an unusual year, but management and staff stepped up to the challenge and worked together to ensure that it proved a successful one notwithstanding the pressures placed upon us by the national situation.

3

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Trustees’ report for year ended 31 December 2021

Health and Safety

The Estate Management Team (Estate Manager and Assistant Estate Manager) regularly worked together to produce detailed Risk Assessments and Contingency Plans whenever these were required. Close liaison with the Management Committee ensured that the Trustees were closely consulted and involved in the decisions taken to ensure staff and visitor safety, with full briefings given to all members of staff as appropriate.

Financial Review

The financial performance of the Trust during 2021 continued to be affected by Covid restrictions, with visitor numbers being restricted.

Cash flows generated from operating activities amounted to £168,199 (2020 £50,957 net outflow). The net income before other gains and losses shown in the Statement of Financial Activities amounted to £116,087. The comparative figure for 2020 showed a net expenditure of £90,536.

The cash position on 31 December increased from £228,672 in 2020 to £364,061 in 2021. This was partly due to £71,263 being received in respect of a business interruption claim. The £70,000 borrowed from the Permanent Endowment in 2020 is being repaid from general reserves over a 10 year period in equal interest free instalments.

Income generated from shop sales during the year, which are reported through a separate trading company, increased over the previous year. The shop remained closed for part of the year due to the Covid restrictions.

Gross margins were increased from 30.8% in 2020 to 38.2% in 2021. In addition, commissions were received from a third party for the sale of their goods through the shop. No direct additional costs were involved in doing this.

Gift Aid, a very relevant contribution to income, was increased overall. This was due to a general increase in admission prices and the implementation of an online booking system.

Both visitor and membership numbers of the Gardens have increased in comparison to earlier years.

The trustees are satisfied that tight controls are being kept on costs in general.

Fundraising

Section 162A of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes”. Such amounts are presented in our financial statements within “Donations and legacies” which includes donations from individual supporters, non-performance grants and legacies.

In relation to the above, we confirm that all solicitations are managed internally, without the involvement of commercial participators, professional fundraisers or third parties. The day to day management of all income generated is delegated to the executive staff team who act under authority delegated by the Trustees.

We have received no complaints in relation to our fundraising activity for the year under review.

Remuneration Policy

Our approach to remuneration is designed to ensure we can attract and retain talented and motivated people to run our operations efficiently and deliver our strategic goals. We aim to treat staff fairly and consistently across the organisation. Salaries are competitive and bench marked with both the private and not for profit sectors. We oversee salaries to ensure we are competitive and in line with current employment practices. There is a system of staff appraisals to monitor performance.

4

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Trustees’ report for year ended 31 December 2021

Reserves Policy

The nature of the Trust's activities is such that there are large seasonal fluctuations in income. The low point of its cash reserves usually occurs at the end of March, prior to the summer season. The reserves policy of the Trustees is to aim to achieve a position where a cash reserve amounting to six months estimated total expenditure are held at the end of March each year. Free reserves on 31 December 2021 were £220,749.

Investments

The governing document provides for the trustees to invest monies held as part of the permanent endowment fund together with any monies not immediately required for use by the Trust. Investments are managed by the Trustees based on the recommendations of Brewin Dolphin, Investment Advisors.

Major Risks

There are two Risk Assessment registers in use by the Trust. The first one is mainly concerned with dayto-day operational activities whilst the second register covers the main strategic areas of:

Each strategic area is broken down into specific risks and measured on a matrix covering:

We believe that by regularly reviewing the above at both the Executive Trust Meeting and the full Trust Meeting we more than meet our risk assessment responsibilities.

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

5

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Trustees’ report for year ended 31 December 2021

This report was approved by the trustees on 2 August 2022 and signed on its behalf by:

C W Clubley Chair of Trustees

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Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Independent Examiner's report to the Trustees of Stewart’s Burnby Hall Gardens and Museum Trust CIO

I report to the trustees on my examination of the accounts of the Stewart’s Burnby Hall Gardens and Museum Trust CIO for the year ended 31 December 2021.

This report is made solely to the Charity's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s Statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

A M Sidebottom FCA Azets Audit Services Limited Chartered Accountants

……………………………………

Triune Court Monks Cross Drive York YO32 9GZ

7

Stewart’s Burnby Hall Gardens and Museum Trust CIO (Reg. no. 1155844)

Statement of Financial Activities for the year ended 31 December 2021

Unrestricted Restricted Permanent Total Total
Notes funds funds endowment 2021 2020
£ £ £ £ £
Income from:
Grants and donations
Donations 37,144 890 - 38,034 10,332
Fundraising - - - - 348
East Riding of Yorkshire Council
Covid Support Grant 14,143 - - 14,143 -
CJRS Grant 3,478 - - 3,478 18,721
Charitable activities
Operation of Garden and Museum 376,975 - - 376,975 186,297
Other trading activities
Other income 22,403 - - 22,403 25,218
Investments
Investment income and interest 4 18,561 1 - 18,562 20,725
Other income 61,286 - - 61,286 -
Total income 533,990 891 - 534,881 261,641
Expenditure on:
Investment management fees 5 - - 5,699 5,699 5,619
Charitable activities 5 389,878 23,217 - 413,095 346,558
Total expenditure 5 389,878 23,217 5,699 418,794 352,177
Net income/(expenditure) before
other recognised gains and losses 144,112 (22,326) (5,699) 116,087 (90,536)
Revaluation of investment
properties		 9 - - 50,000 50,000 -
Realised and unrealised
gains/(losses) on investments		 10 - - 60,663 60,663 (40,022)
Net income/(expenditure) 144,112 (22,326) 104,964 226,750 (130,558)
Transfers between funds (11,000) - 11,000 - -
Net movement in funds 133,112 (22,326) 115,964 226,750 (130,558)
Funds brought forward 539,221 562,484 885,342 1,987,047 2,117,605
Funds carried forward 16 672,333 540,158 1,001,306 2,213,797 1,987,047

All income and expenditure is derived from continuing activities. The Statement of Financial Activities includes all gains and losses recognised in the year.

A fully detailed Statement of Financial Activities for the year ended 31 December 2020 is shown at note 20.

8

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Balance sheet as at 31 December 2021

2021 2020 2020
Notes £ £ £ £
Fixed assets
Tangible assets 8 1,029,124 1,043,585
Investment property 9 200,000 150,000
Other investments 10 636,855 567,222
1,865,979 1,760,807
Current assets
Debtors 11 11,962 15,975
Cash at bank and in hand 364,061 228,672
376,023 244,647
Creditors: Amounts falling due
within one year 12 (28,205) (18,407)
Net current assets 347,818 226,240
Total assets less current liabilities 2,213,797 1,987,047
Funds of the Charity:
Unrestricted 13 672,333 539,221
Restricted 14 540,158 562,484
Permanent endowment 15 1,001,306 885,342
Total funds 16 2,213,797 1,987,047

The financial statements on pages 11 to 24 were approved by the trustees on 2 August 2022 and were signed on its behalf by:

C W Clubley Chair of Trustees

9

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Cash flow statement for the year ended 31 December 2021

2021 2020
£ £
Cash flows from operating activities:
Net cashgenerated by/(used in)operatingactivities(see below) 168,199 (50,957)
Cash flows from investing activities:
Interest received 15 182
Dividends received 18,457 20,183
Investment property rental 90 360
Purchase of investments (26,807) (108,475)
Proceeds from sale of investments 17,837 152,409
Purchase of tangible fixed assets (42,402) (3,036)
Net cash used in investing activities (32,810) 61,623
Change in cash and cash equivalents in the year 135,389 10,666
Cash and cash equivalents at the beginningof theyear 228,672 218,006
Cash and cash equivalents at the end of the year 364,061 228,672

Reconciliation of net income to net cash flow from operating activities

2021 2020
£ £
Net income/(expenditure) for the year 226,750 (130,558)
Depreciation charge 56,863 64,972
Dividends received (18,457) (20,183)
Interest received (15) (182)
Investment property rental (90) (360)
(Gains)/losses on investments (110,663) 40,022
Decrease in debtors 4,013 4,511
Increase/(decrease) in creditors 9,798 (9,179)
Net cash flow from operating activities 168,199 (50,957)

The trust had no net debt in either the current or preceeding year.

10

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Company information

Stewart’s Burnby Hall Gardens and Museum Trust CIO is registered as a charity. The address for general enquiries is 33 The Balk, Pocklington, York, YO42 2QF.

Accounting convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (“Charities SORP (FRS 102)”) and the Charities Act 2011.

Stewart’s Burnby Hall Gardens and Museum Trust CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment property and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern

The trustees are constantly monitoring the financial position of the charity and the ongoing uncertain situation in respect of Covid-19. A large part of the charity’s income is from garden visitors and, as such, the charity is reliant on this income stream. As the gardens and museum have been subject to visitor restrictions, the pandemic could again have a material effect on the charity’s results in 2022, although current indications are that there are unlikely to be further restictions.

The trustees have prepared budgets and cash flows having regard to experience to date, cash and investment balances held and ongoing expenditure commitments and, as a consequence, at the time of approving the financial statements, the trustees are confident that the charity has adequate resources to continue in operational existence for the foreseeable future and not less than one year from the date of approval of these accounts.

Income

Income is the amount derived from ordinary activities, and stated after trade discounts and net of VAT. Income from all sources is recognised in full in the Statement of Financial Activities in the year in which it is receivable.

Income from government and other grants is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Income from the operation of the garden and museum includes season ticket sales, entrance fees, the sale of fish food and wedding income and is included in the period in which the charity supplies the goods or services.

Other income includes rent receivable for the café and other small sundry receipts.

Expenditure

Expenditure represents all costs incurred in the course of the trust’s activities but excludes gains/(losses) on investments. Expenditure is included in the Statement of Financial Activities (“SoFA”) on an accruals basis inclusive of any VAT that cannot be recovered and has been classified under headings that aggregate all costs related to the category.

11

Stewart’s Burnby Hall Gardens and Museum Trust CIO (Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

1. Accounting Policies (continued)

All direct costs have been allocated across the functional categories of resources expended in the SoFA. Where costs cannot be directly attributed to particular headings they have been apportioned on a basis consistent with the use of the resources.

Charitable activities include expenditure associated with the museum and gardens upkeep.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Fund accounting

Funds held by the Trust are either:

Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the Trust. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose.

Permanent endowment funds – represents those assets which must be held permanently by the Trust. Income arising on the endowment fund can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the endowment fund. Investment management charges and legal advice relating to the fund are charged against the fund. Charity Commission approval must be sought for transfers from the permanent endowment fund.

Pensions

The charity operates a defined contribution scheme for employees. Contributions are charged as an expense to the SoFA in the period in which they fall due.

Staff costs

The costs of short term employee benefits are recognised as a liability and an expense where settlement of obligations does not fall within the same period.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Investments

The investment portfolio is held to generate returns and gains for the charity and accordingly is designated as fair value through profit and loss (“FVTPL”). Under this designation the portfolio is revalued at each period end to its fair value, as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the SoFA.

Investments in subsidiaries are stated at cost and the Trustees review the carrying value annually for indications of impairment.

Investment property

Investment properties which are properties held to earn rentals and/or for capital appreciation, are measured using the fair value model and are stated at their fair value at the reporting date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

12

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

1. Accounting Policies (continued)

Fixed assets and depreciation

Tangible fixed assets, costing more than £500, are initially recognised at cost and are subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Buildings 2% and 4% Straight line Equipment 15% and 33% Straight line Assets under construction Not depreciated

No depreciation is provided on freehold land. It is the charity's policy to maintain the gardens in a continual state of sound repair and accordingly the Trustees consider that their value will not diminish whilst devoted to the charity's purpose. Any charge for depreciation would be immaterial.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value and is recognised in the SoFA.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity held for working capital.

Debtors

Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the SoFA.

Creditors, loans and provisions

Creditors, loans and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

13

Stewart’s Burnby Hall Gardens and Museum Trust CIO (Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

2. Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and judgements which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Depreciation of tangible assets

Depreciation policies have been set according to management's experience of the useful lives of the assets in each category, something which is reviewed annually.

Valuation of investment properties

Investment properties are periodically revalued on an open market value basis. Management takes into account advice from third parties, including valuations performed externally for insurance purposes and by using all knowledge and information available. Any gains or losses arising on re-valuation are recognised through the statement of financial activities.

3.

Taxation

Stewart’s Burnby Hall Gardens and Museum Trust CIO is a registered charity and as such is within the meaning of Schedule 6 of the Finance Act 2010. Accordingly, the Charity is potentially entitled to tax exemption under part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 in respect of income and gains arising.

4. Investment income and interest

2021 2020
£ £
UK listed securities 18,457 20,183
UK cash deposits 15 182
Investment property rental 90 360
18,562 20,725

14

Stewart’s Burnby Hall Gardens and Museum Trust CIO (Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

5. Analysis of total expenditure
Permanent Total
Year ended 31 Dcember 2021 Unrestricted Restricted endowment 2021
£ £ £ £
Investment management costs:
Investment management fees - - 5,699 5,699
- - 5,699 5,699
Charitable activities (including museum and gardens):
Staff costs 199,947 - - 199,947
Other staff expenses 5,359 - - 5,359
Rates 4,933 - - 4,933
Insurance 9,240 - - 9,240
Fuel and light 18,872 - - 18,872
Cleaning 6,874 - - 6,874
Repairs and renewals 13,588 - - 13,588
Events expenses 9,986 - - 9,986
Printing, stationery, postage and
advertising		 9,118 - - 9,118
Telephone 2,583 - - 2,583
Computer costs 5,304 - - 5,304
Motor expenses 1,309 - - 1,309
Independent examination 1,800 - - 1,800
Accountancy 12,500 - - 12,500
Legal and professional fees 50 - - 50
Bank and credit card charges 13,575 72 - 13,647
Subscriptions 2,863 - - 2,863
Miscellaneous 4,233 890 - 5,123
Depreciation 35,863 21,000 - 56,863
Trustees’ meeting expenses 1,863 - - 1,863
Garden and museum upkeep 24,751 - - 24,751
Other equipment 5,267 - - 5,267
Hall acquisition project costs - 1,255 - 1,255
389,878 23,217 - 413,095
Total expenditure 389,878 23,217 5,699 418,794

15

Stewart’s Burnby Hall Gardens and Museum Trust CIO (Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

5. Analysis of total expenditure (continued)

Permanent Total
Year ended 31 Dcember 2020 Unrestricted Restricted endowment 2020
£ £ £ £
Investment management costs:
Investment management fees - - 5,619 5,619
- - 5,619 5,619
Charitable activities (including museum and gardens):
Staff costs 182,612 - - 182,612
Other staff expenses 1,032 - - 1,032
Rates 1,495 - - 1,495
Insurance 7,172 - - 7,172
Fuel and light 13,419 - - 13,419
Cleaning 3,379 - - 3,379
Repairs and renewals 10,400 - - 10,400
Events expenses 244 - - 244
Printing, stationery, postage and
advertising		 9,030 - - 9,030
Telephone 2,825 - - 2,825
Computer costs 6,394 - - 6,394
Motor expenses 1,798 - - 1,798
Independent examination 1,500 - - 1,500
Accountancy 10,285 - - 10,285
Legal and professional fees - 2,650 - 2,650
Bank and credit card charges 5,684 59 - 5,743
Subscriptions 1,600 - - 1,600
Miscellaneous 3,556 - - 3,556
Depreciation 39,559 25,414 - 64,973
Garden and museum upkeep 16,367 - - 16,367
Hall acquisition project costs - 84 - 84
318,351 28,207 - 346,558
Total expenditure 318,351 28,207 5,619 352,177

16

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

6. Employment costs

2021 2020
£ £
Staff costs comprise:
Wages and salaries 183,395 168,499
Social security costs 12,811 11,665
Pension costs 3,741 2,448
199,947 182,612

Average number of employees: 12 (2020: 12).

No employee (2020: no employee) received remuneration amounting to more than £60,000.

The trustees received no remuneration, benefits or out of pocket expenses (2020: £nil).

The key management personnel of the Trust comprise the Estate Manager, the Assistant Estate Manager, and the Shop Manager. The total employee benefits of the key management personnel of the Trust were £81,324 (2020: £73,260).

7. Net movements in funds

2021 2020
£ £
Is stated after charging:
Independent examiner’s remuneration 1,800 1,500
Examiner’s remuneration for other services 2,400 2,500

17

Stewart’s Burnby Hall Gardens and Museum Trust CIO (Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

8. Tangible fixed assets

Land and Asset under
buildings construction Equipment Total
£ £ £ £
Cost or valuation
At 1 January 2021 1,464,912 - 175,721 1,640,633
Additions 26,200 8,862 7,340 42,402
At 31 December 2021 1,491,112 8,862 183,061 1,683,035
Depreciation
At 1 January 2021 454,712 - 142,336 597,048
Charge for the year 42,696 - 14,167 56,863
At 31 December 2021 497,408 - 156,503 653,911
Net book values
At 31 December 2021 993,704 8,862 26,558 1,029,124
At 31 December 2020 1,010,200 - 33,385 1,043,585

Included within land and buildings are gardens, which form part of the permanent endowment, with a cost of £166,239 (2020: £166,239) which have not been depreciated, in accordance with the accounting policy.

9. Investment property

2021 2020
£ £
Investment property
Market value at 1 January 2021 150,000 150,000
Revaluation gain 50,000 -
Market value at 31 December 2021 200,000 150,000
Historic cost of investment property 42,353 42,353

Having taken professional advice from suitably a qualified independent valuer not connected to the charity, the investment property was revalued as at 31 December 2021 on an open market basis.

18

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

10.
Other investments
2021 2020
£ £
Listed investments:
Market value of listed investments at 1 January 2021 552,222 636,178
Additions 26,807 108,475
Disposals (17,837) (152,409)
561,192 592,244
Realised and unrealised gains/(losses) on investments 60,663 (40,022)
Market value of listed investments at 31 December 2021 621,855 552,222
Investment in subsidiary undertaking
Stewart’s Burnby Hall (Trading) Limited 15,000 15,000
Total investments 636,855 567,222
Historic cost of listed investments 398,530 380,543

The charity has a wholly-owned subsidiary, Stewart’s Burnby Hall (Trading) Limited, which was incorporated on 11 May 2017 and registered in England & Wales (company number 10766538) and undertakes certain retail operations at the gardens.

As there is no legal requirement, the results of the trading subsidiary have not been consolidated into these financial statements. A summary of its trading results for the year ended 31 December 2021 are shown. The company donates all taxable profits to Stewart’s Burnby Hall Gardens and Museum Trust CIO.

Stewart’s Burnby Hall (Trading) Limited results 2021 2020
£ £
Turnover 38,815 12,640
Costs of sales (15,990) (8,751)
Gross profit 22,825 3,889
Grant income 12,483 27,814
Other income 9,977 -
Administrative expenses (34,053) (33,607)
Profit/(loss) for the year 11,232 (1,904)
2021 2020
The aggregate of the assets, liabilities and funds was: £ £
Assets 17,530 12,889
Liabilities (960) (7,551)
Shareholder’s funds 16,570 5,338

19

Stewart’s Burnby Hall Gardens and Museum Trust CIO (Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

11.
Debtors
2021 2020
£ £
Prepayments and accrued income 5,374 5,023
Other debtors 6,588 10,952
11,962 15,975
12.
Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 7,014 595
Other taxes and social security costs 4,996 6,534
Accruals 5,700 7,410
Other creditors 10,495 3,868
28,205 18,407
13.
Unrestricted funds
2021 2020
£ £
Balance at 1 January 2021 456,221 513,281
Net income/(expenditure) for the year 144,112 (57,060)
Balance at 31 December 2021 600,333 456,221
Loans from permanent endowment fund
Balance at 1 January 2021 83,000 17,000
Transfer from permanent endowment fund - 70,000
Transfer to permanent endowment fund (11,000) (4,000)
Balance at 31 December 2021 72,000 83,000
Total unrestricted funds at 31 December 2021 672,333 539,221

20

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

14. Restricted funds

4.
Restricted funds
Movement in Funds
As at 31 December 2021 Balance
Balance at at 31
1 January December
2021 Income Expenditure Transfers 2021
£ £ £ £ £
Stewart Museum 216,000 1 (8,186) - 207,815
Visitor Centre 104,631 - (4,588) - 100,073
National Lottery Heritage Fund
Restoration and Golden Jubilee Project		 237,957 - (8,256) - 229,701
National Lottery Heritage Fund Hall
Acquisition Project		 3,040 - (1,327) - 1,713
Other 856 890 (890) - 856
562,484 891 (23,217) - 540,158
Movement in Funds
As at 31 December 2020 Balance
Balance at at 31
1 January December
2020 Income Expenditure Transfers 2020
£ £ £ £ £
Stewart Museum 229,301 350 (13,651) - 216,000
Visitor Centre 108,304 - (3,673) - 104,631
National Lottery Heritage Fund
Restoration and Golden Jubilee Project		 246,047 - (8,090) - 237,957
National Lottery Heritage Fund Hall
Acquisition Project		 5,833 - (2,793) - 3,040
Other 856 - - - 856
590,341 350 (28,207) - 562,484

Stewart Museum and Visitor Centre restricted funds relate to capital grants which were restricted in application to the building of the museum and visitor centre. The annual expenditure against these funds represents the depreciation charged against the grant funded elements of these capital projects.

The National Lottery Heritage Fund Restoration and Golden Jubilee Project relates to funding awarded to repair the lining of the lakes, replant the National Collection of Hardy Water Lillies, refurbishment of the rockery, an important original feature of the gardens, restoration of the Edwardian potting sheds and improvements to meeting room facilities.

National Lottery Heritage Fund Hall Acquisition Project represents funding towards costs associated with the potential acquisition of Burnby Hall, including options appraisal, governance review and development and delivery of a business plan.

21

Stewart’s Burnby Hall Gardens and Museum Trust CIO

(Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

15.
Permanent endowment
2021 2020
£ £
Balance at 1 January 2021 968,342 1,013,983
Expenditure for the year (5,699) (5,619)
Realised and unrealised gains/(losses) on investments 110,663 (40,022)
Balance at 31 December 2021 1,073,306 968,342
Loan to unrestricted funds
Balance at 1 January 2021 (83,000) (17,000)
Loan advanced to unrestricted fund - (70,000)
Repaid from unrestricted funds 11,000 4,000
Balance at 31 December 2021 (72,000) (83,000)
Total permanent endowment fund 1,001,306 885,342
Gains/(losses) on permanent endowment investments
Balance at 1 January 2021 355,534 395,556
Gains/(losses) on disposals 4,235 (21,040)
Gains/(losses) on revaluations 106,428 (18,982)
Balance at 31 December 2021 466,197 355,534

Loans to unrestricted funds

During 2005 the Charity Commission gave permission for the Trust to transfer £80,000 from the permanent endowment fund to unrestricted funds for the purpose of improving its premises. To replace this loan the Trust is to set aside each year, until 2025, £4,000 of its income which must be reinvested as permanent endowment.

In 2019, the Charity Commission approved a transfer of £70,000 from the permanent endowment fund to unrestricted funds for the purpose of a café extension. This was transacted in the prior year and is now being repaid over a 10 year period.

22

Stewart’s Burnby Hall Gardens and Museum Trust CIO (Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

16. Analysis of net assets between funds

Permanent
Unrestricted Restricted endowment Total
£ £ £ £
Fund balances at 31 December 2021:
Tangible fixed assets 378,084 484,801 166,239 1,029,124
Investments 15,000 - 821,855 836,855
Current assets 233,954 55,357 85,212 376,023
Current liabilities (28,205) - - (28,205)
Loan between funds 72,000 - (72,000) -
Total net assets 672,333 540,158 1,001,306 2,213,797
Permanent
Unrestricted Restricted endowment Total
£ £ £ £
Fund balances at 31 December 2020:
Tangible fixed assets 371,550 505,796 166,239 1,043,585
Investments 15,000 - 702,222 717,222
Current assets 86,578 56,688 101,381 244,647
Current liabilities (16,907) - (1,500) (18,407)
Loan between funds 83,000 - (83,000) -
Total net assets 539,221 562,484 885,342 1,987,047

17. Capital commitments

At 31 December 2021 the charity had no outstanding capital commitments (2020: £nil).

18. Related party transactions

The trading subsidiary utilises the kiosk facilities and the Epos system of the charity. During the year, the charity paid over income of £61,275 (2020: £40,453) and recharged costs of the £34,053 (2020: £33,607). Included in the cost recharge was an amount of £3,600 (2020: £3,600) which relates to a service charge from the charity. At 31 December 2021, £10,007 was owed by the charity (2020: £6,652 owed to the charity).

There have been no other related party transactions during the year (2020: £nil).

19. Pension fund

The charity operates a defined contribution pension scheme for employees. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

The pension cost represents contributions payable by the charity and amounted to £3,741 (2020: £2,448). There were no contributions outstanding at the year end (2020: £nil).

23

Stewart’s Burnby Hall Gardens and Museum Trust CIO (Reg. no. 1155844)

Notes to the Financial Statements for the year ended 31 December 2021

20. Comparative Statement of Financial Activities for the year ended 31 December 2020

Unrestricted Restricted Permanent Total
funds funds endowment 2020
£ £ £ £
Income from:
Grants and donations
Donations 10,332 - - 10,332
Fundraising - 348 - 348
Grants - - - -
CJRS Grant 18,721 - - 18,721
Charitable activities
Operation of Garden and Museum 186,297 - - 186,297
Other trading activities
Other income 25,218 - - 25,218
Investments
Investment income and interest 20,723 2 - 20,725
Total income 261,291 350 - 261,641
Expenditure on:
Investment management fees - - 5,619 5,619
Charitable activities 318,351 28,207 - 346,558
Total expenditure 318,351 28,207 5,619 352,177
Net (expenditure) before other
recognised gains and losses (57,060) (27,857) (5,619) (90,536)
Realised and unrealised (losses)
on investments - - (40,022) (40,022)
Net (expenditure) (57,060) (27,857) (45,641) (130,558)
Transfers between funds 66,000 - (66,000) -
Net movement in funds 8,940 (27,857) (111,641) (130,558)
Funds brought forward 530,281 590,341 996,983 2,117,605
Funds carried forward 539,221 562,484 885,342 1,987,047

24