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← Kiplin Hall CIO

2023-12-31-accounts

Draft Financial Statements at 19 June 2024 at 10:18:27

Charity registration number 1155907

KIPLIN HALL CIO

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs S Pelham Mrs K Knight Ms C L C Osorio Ms L Crossley Mrs H A Wade Mr P W Parry Ms C A D Atkinson (Appointed 22 June 2023) Ms S J Williamson (Appointed 22 June 2023) Ms V M R Thomas (Appointed 22 June 2023) Secretary Mr J A Fife Charity number 1155907 Auditor Xeinadin Audit Limited Oak House Market Place Bedale North Yorkshire DL8 1AQ Bankers Coutts & Co St Martins Office 440 Strand London WC2R 0QS Barclays Bank Plc 193 High Street Northallerton North Yorkshire DL7 8LJ Solicitors Wrigleys Solicitors LLP 3rd Floor 3 Wellington Place LEEDS LS1 4AP Investment advisors Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

CONTENTS

Page
Trustees' report 1 - 7
Statement of Trustees' responsibilities 8
Independent auditor's report 9 - 12
Statement of financial activities 13 - 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 35

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report and accounts for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's constitution, the Charities Act 2011 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 Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The CIO's objects are to preserve Kiplin Hall and its estate permanently for the benefit of the nation as a place of beauty and historical and architectural interest. The CIO collects, documents, preserves, exhibits and uses material evidence and associated information on Kiplin Hall and its history, owners, collections, ancillary buildings, gardens, parkland and woodland to educate, inspire and entertain the public.

In setting the CIO's objectives and planning its activities the trustees have complied with the duty in section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission, including public benefit guidance.

Our mission

Sharing the five families and 400 years of Kiplin’s past in an enjoyable, relevant and accessible way to visitors; using it to inspire a peaceful and connected future.

Our vision

Continuing Kiplin’s evolution, we will have invested in the estate’s infrastructure, gardens and collections, will have attracted a larger and more diverse range of visitors and have all the facilities and people in place to deliver an enjoyable, relevant, informative and sustainable visitor offer for many years to come.

Our values

It is vital for us that we pursue our objectives in a way that accords with the traditions and values associated with Kiplin’s past and the needs of the charity. Everything we do will reflect these values:

Family Discovery Sustainability Sincerity and honesty Enjoyment

Our mission, our vision and our values are fundamental to our activities at Kiplin Hall and will ensure that the focus of our work is on educating, inspiring and entertaining the public. Our five-year strategy and business plan sets out in more detail how we intend to reach our vision. The short-term objectives will be focused on sustaining the growth in visitors to Kiplin following the pandemic and in laying the groundwork for future developments.

None of these developments would be possible without our many enthusiastic volunteers and friends, to whom the trustees are indebted for their continued commitment and support.

Objectives and Performance

We have six long term objectives to reach our goals:

1. Financial Sustainability

By the end of the current five-year plan, our target is for Kiplin Hall and Gardens annual income and expenditure to have reached a break-even point. This is our primary objective and will increase our sustainability as on organisation.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

We will grow our visitor experience with new attractions in the gardens and new programmes and events across the site, continue to develop our marketing and build our repeat visitor base to maintain our annual visitor numbers.

Performance 2023:

In 2023 visitor numbers dropped by 3% to 33,352 down from our record year in 2022, but still well ahead of our budgeted projection of 30,000.

We continue to grow our volunteering team, with the number of active volunteers increasing to 180 this year. We benefit hugely from their involvement and their contribution to Kiplin Hall and Gardens is invaluable. We are delighted that so many give their time and enthusiasm to Kiplin and we aim to offer all our volunteers a friendly and supportive working environment.

Income from charitable activities grew from £316,115 (excluding restricted funds) to £349,165. Total costs increased from £631,728 in 2022 to £655,145 in 2023, reflecting the effects of general cost inflation.

Throughout the year we continued to work on plans for our new Welcome Centre, which has received full planning permission. We have reached RIBA Stage 3 on the proposed refurbishment of the old Stables and Carriage building. We are currently preparing tender documents for the construction, which is anticipated to begin in spring 2024.

Our investment portfolio remained stable during the year, following the volatile performance of the last two years. Our fixed asset investments stood at £4,200,827 at the end of year (£4,132,029 in 2022). Dividend income performed strongly, totalling £115,826 in the year (£99,315 in 2022).

We continued to develop other areas of income generation and secured a new rental lease for the plant site and a contribution to future potential restoration costs.

2. Visitor Experience & Quality

Working in tandem with the previous goal, we will ensure that we are able to provide an excellent experience for all the additional visitors we will welcome. We will continue to grow and develop the visitor experience and ensure that in all things we do we are delivering a quality offer. This will be reflected by our Net Promoter survey scores being equal to or greater than 83, which is the baseline we reached at the start of our plan.

Performance in 2023:

Visitor experience surveys resumed in 2022, though completion rates remained low. Though we don’t yet have enough to match the level of certainty we had with the 2019 data, the initial results are positive with a Net Promoter Score of 87. We have put plans in place to enhance the number of surveys undertaken in 2024 to improve the data set.

We received a grant from Art Fund for the delivery of the ‘Wild Escape’ programme. This was part of a national campaign to connect children with nature and biodiversity. We commissioned sculptures by a Yorkshire chainsaw artist depicting some of the many creatures who live at Kiplin. We also undertake initial refurbishment work on the Folly to turn it into our ecology centre.

The gardens are flourishing with our increased volunteer numbers, and the refurbishment of the ‘Lady Tyrconnel Garden’ and the development of the Maryland Garden continued in 2023.

3. Accessibility

Building on the previous objective, we recognise that intellectual and physical accessibility are key requirements for attracting wider and more diverse audiences. We will deliver on the recommendations of our commissioned expert report with improvements on site, over the period of the plan. We will also keep abreast of new technologies and approaches, especially in the digital realm, which may allow us to improve in this area.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Performance in 2023:

We continued to deliver on the grant funded project that has been funded by the National Lottery Heritage Fund to deliver ‘Interpreting Kiplin for 400’. This project works with our partner organisations, Northdale and the Refugee Council, (as well as local non visitors) to help us develop new interpretation for the new Welcome Centre, the gardens and grounds, and to fill the new spaces in the Hall once the admissions point, tearoom and kitchen are relocated to the new Welcome Centre. Working with more diverse audiences is already having a positive impact on how we plan and design our future programmes and interpretation and we will install new interpretation in the gardens and grounds in early 2024 and in the Hall as soon as the Welcome Centre is complete.

4. Collections & Essence

Over the next five years we will develop a greater understanding of our collections (to include objects, stories, the buildings, the gardens and the estate) to help us express our essence of Kiplin in the World. It will also put us in a strong position to develop new programmes and projects across our next strategy. Over the course of the plan we will continue to build on our recently renewed accreditation standard and complete our four-year collections plan.

Performance in 2023:

Our 2023 programme focussed on Kiplin’s Yorkshire roots and saw the rooms redisplayed to focus on key items telling that story. We have a programme in place for 2024 – 2026 which explores different aspects of our Essence. Celebrations will take place in 2025 for our 400[th] anniversary year. We employed a Winter Conservation intern in 2023 enabling a more efficient winter cleaning programme and progress in our collections plan. We will undertake a major collections review in 2024.

5. Research & Development

Putting data and information at the heart of all we do will be vital to our long-term plans. We will continue to develop our fact and information-based approach. This will inform all that we do and our longer-term planning. Some of our research and development will be for immediate projects (revenue-based projects and the estate developments) while others will be longer term. By the end of this five year plan we will have developed a tenyear master plan that will take us beyond the 400th anniversary of the foundation of the state of Maryland in 2034.

Performance in 2023:

The efforts of our volunteer research team have enabled us to deliver our 2024 exhibition programme. They continue to enhance our knowledge across the history of the organisation and to upgrade the information in our Collection’s Database. We have identified areas of research to prioritise to aid future development of our understanding, particularly around our early history and that of the Calvert family.

We began development on a ten-year masterplan which will replace our existing strategy and cover the period 2025 – 2034. This plan is bookended by our 400[th] anniversary and that of Maryland, and will develop the facilities, accessibility and visitor offer needed to do justice to this important period of anniversaries. We started by reviewing our existing strategy’s progress to date and will use that to inform the planning scope for the masterplan development across 2024.

6. Partnerships & Relationships

We will develop our existing links with other attractions through Yorkshire’s Great Houses Castles and Gardens to maximise our impact on the local tourist market. We will also seek out new partners to work with.

Performance in 2023:

Throughout 2023 we have worked on rebuilding our relationships with our American supporters following the University of Maryland’s 2022 decision to withdraw from the Study Centre. Our Director went to visit many friendly supporters and organisations in July, and a reciprocal trip is planned for January 2024 to begin exploring mutually beneficial projects and programmes that will strengthen the relationship and build our connection in the run up to Maryland’s 400[th] anniversary in 2034.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

We continued to maintain our strong relationships within the Museum and Historic House sectors and have been integral in developing a joint programme of events and activities with Yorkshire Country House Partnership for 2026. We work closely with Durham University’s Conservation Programme, whose students undertake practical conservation work on their collection as part of their degree.

Investment Objectives

To help achieve our objectives, the trustees have instructed their investment managers to at least maintain the real value of investments whilst generating a stable and sustainable return of CPI + 3%. The trustees also seek to achieve a return at market rate for letting those parts of the property which are not open to the public.

Financial review

The Statement of Financial Activities shows a deficit for the year (before investment gains) of £51,164 (2022 - deficit of £10,646). The realised and unrealised gains on the investments sold and retained was £95,884 in the year (2022 - losses of £580,490). The market value of investments at the end of the year was £4,200,827 (2022 - £4,132,029). Total funds of the CIO amounted to £7,910,080 at 31 December 2023 (2022 - £7,865,360), including general unrestricted funds of £6,486,927 (2022 - £6,465,676).

Fundraising Policy

Entrance fees are charged for access to the Hall and Gardens, with reduced charges for children and concessionary admissions. The pricing policy reflects the trustees' strategy of enabling as many people as possible to enjoy the benefits of the Hall and the estate whilst providing sufficient income to sustain ongoing operational and maintenance costs.

Reserves

The trustees aim to maintain free reserves in unrestricted funds at a level not less than between three and six months expenditure. The trustees consider that reserves at this level would ensure that, in the event of a significant drop in income, they would be able to continue the charity's current activities whilst consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

Investment Policy and Performance

The investment objective is to generate a return of CPI plus 3% per annum over the long term, after expenses. The charity adopts a total return approach to investment, generating the investment return from income and capital. Subject to the Trustee Act 2000, there are no restrictions on the charity's power to invest.

The CIO investment portfolio is managed by Rathbone Investment Management and is invested in their Core Investment Fund for Charities. Following Rathbones’ long standing philanthropic tradition, this fund adheres to an ethical investment policy by screening and excluding investments that do not meet our ethical criteria. These state that the fund will not invest directly in companies manufacturing tobacco or tobacco products, or companies that derive more than 10% of their revenues from the manufacture of alcoholic beverages, armaments, gambling, high interest rate lending or pornography.

The core portfolio remained stable during the year, valued at £4,200,827 (2022 - £4,132,029), following significant movements in both 2021 (£538,884 increase) and 2022 (£580,490 decrease).

Risk

The trustees have assessed the major risks to which the CIO is exposed, and have a risk management strategy

which comprises:

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The key risks facing the charity in the coming years are:

Financial Sustainability – ensuring that the visitor numbers and visitor income remains strong. A new audience development plan is being created as part of the five-year strategy, and data is monitored weekly to identify potential changes.

Visitor Infrastructure – ensuring that we have the infrastructure in place to assure visitors of a high quality visitor experience.

Building Maintenance – a full building survey report of the Hall was commissioned in 2021 and a rolling 10-year estate plan will be created as part of the masterplan to continue to identify and resolve maintenance issues as they arise.

Investment Portfolio – we have a robust investment policy and professional fund managers. Results are reviewed at each trustee meeting. We have identified key areas of capital development to invest in developing additional revenue streams.

Factors affecting the financial position in future periods

The resilience of our organisation has been proved during the recovery from the pandemic and a priority will be to maintain the increased visitor numbers of 2022 and 2023 in future years.

The changing visitor demographic will be a key factor in income generation. Our audience shifted noticeably during the pandemic, with higher representation of families and of local visitors. We are monitoring this carefully to ensure that we sustain these new groups’ interest and our programming and marketing are designed to support this objective.

Uncertainty in the world leaves our investment portfolio an ongoing concern. The uncertainty also affects other markets and cost increases mean that we will build resilience into our plans.

Structure, governance and management

The CIO was established by a constitution registered with the Charity Commission on 24 February 2014.

The trustees who served during the year were: Mrs S Pelham Mr A C Vaux (Resigned 22 March 2023) Mrs K Knight Ms C L C Osorio Ms L Crossley Mrs H A Wade Mr P W Parry Ms C A D Atkinson (Appointed 22 June 2023) Ms S J Williamson (Appointed 22 June 2023) Ms V M R Thomas (Appointed 22 June 2023)

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are appointed by the Board of Trustees. There must be a minimum of five trustees and there is no maximum required. There is a policy which specifies inductions for volunteers (which includes trustees). There is also an additional induction process which introduces new trustees to the structure of the CIO and its strategy, mission and objectives, Kiplin’s buildings and estate and the staff and volunteer team. Recruitment of trustees is conducted through a needs self-assessment, where skills and experience required by the Board are identified and then recruitment is targeted at candidates with those skills and experiences.

Governance of the Charity

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Trustee Board

The Board meets at least four times per annum to agree the broad strategy and areas of activity for the CIO and to approve the annual business plans. The Board monitors the outcomes identified through quarterly RAG reports and oversees the investment portfolio and estate management. The Board also oversees the pay and remuneration of the Director, and recommendations for staff pay and remuneration. Remuneration is generally kept in line with the Museums Association guidelines, with assessments for cost of living considered annually. There are staffing policies that cover regrading and remuneration reviews. The Board comprises the entire trustee body and the Director and Secretary to the Board attend all meetings.

Finance and General Purposes Committee (FGPC)

The GPC is responsible for the regular oversight of the operations of the CIO, the monitoring of areas of Board responsibilities between the Board meetings and the scrutiny of the finances. The GPC meets quarterly at a minimum. It is formed of three trustees, the Director and the Land Agent.

CIC Board

Kiplin Hall Trading CIC, a community investment company limited by guarantee and incorporated in England and Wales, is a wholly owned subsidiary of the CIO. The Board comprises three Directors who are trustees of the CIO and one independent Director. Board meetings are attended by the Director of CIO. The CIC board reports to the CIO board at every meeting. We have a conflict of interests policy in place to manage the relationship between the two bodies.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Management

The day-to-day operations of the CIO are delegated to the Director and then to the staff team. This includes all areas of operation of the CIO except those specified in the Trustee Responsibilities section above. The Director is line managed by the Board through the Chair of Trustees in line with our staffing policies and procedures.

On behalf of the board of trustees

..............................

Ms C L C Osorio

Chairman Dated: .........................

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources of the CIO for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the CIO's constitution. 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.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF KIPLIN HALL CIO

Opinion

We have audited the financial statements of Kiplin Hall CIO (the ‘CIO’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the CIO in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 CIO’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KIPLIN HALL CIO

Responsibilities of trustees

As explained more fully in the statement of Trustees' responsibilities, the trustees 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 CIO’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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

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:

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

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KIPLIN HALL CIO

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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.

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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF KIPLIN HALL CIO

Xeinadin Audit Limited

.........................

Accountants Statutory Auditor

Oak House Market Place Bedale North Yorkshire DL8 1AQ

Xeinadin Audit Limited is eligible for appointment as auditor of the CIO by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Current financial year

Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general
designated
2023
2023
2023
2023
Notes
£
£
£
£
Income and endowments from:
Donations, legacies and
core grants
2
28,837
-
5,000
-
Charitable activities
3
349,165
-
2,700
-
Trading activities
4
10,740
-
-
-
Investments
5
99,972
-
16,896
-
Other income
6
32,413
69,860
-
-
Total income
521,127
69,860
24,596
-
Expenditure on:
Raising funds
7
10,460
-
-
742
Charitable activities
8
604,584
12,532
38,429
-
Other
11
-
-
-
-
Total resources expended
615,044
12,532
38,429
742
Net gains/(losses) on
investments
12
87,249
-
-
8,635
Net (outgoing)/incoming
resources before transfers
(6,668)
57,328
(13,833)
7,893
Gross transfers between
funds
27,919
(2,000)
(25,919)
-
Net movement in funds
21,251
55,328
(39,752)
7,893
Fund balances at 1 January
2023
6,465,676
163,702
865,536
370,446
Fund balances at 31
December 2023
6,486,927
219,030
825,784
378,339		 Total
2023
£
33,837
351,865
10,740
116,868
102,273
615,583
11,202
655,545
-
666,747
95,884
44,720
-
44,720
7,865,360
7,910,080		 Total
2022
£
29,980
503,787
12,980
99,907
12,645
659,299
11,411
631,728
26,806
669,945
(580,490)
(591,136)
-
(591,136)
8,456,496
7,865,360

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Prior financial year
Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general
designated
2022
2022
2022
2022
Notes
£
£
£
£
Income and endowments from:
Donations, legacies and core grants
2
25,980
-
4,000
-
Charitable activities
3
316,115
-
187,672
-
Trading activities
4
12,980
-
-
-
Investments
5
86,156
-
13,751
-
Other income
6
12,645
-
-
-
Total income
453,876
-
205,423
-
Expenditure on:
Raising funds
7
10,631
-
-
780
Charitable activities
8
583,908
21,984
25,836
-
Other
11
26,806
-
-
-
Total resources expended
621,345
21,984
25,836
780
Net gains/(losses) on investments
12
(528,672)
-
-
(51,818)
Net (outgoing)/incoming resources before
transfers
(696,141)
(21,984)
179,587
(52,598)
Gross transfers between funds
31,968
(27,516)
(4,452)
-
Net movement in funds
(664,173)
(49,500)
175,135
(52,598)
Fund balances at 1 January 2022
7,129,849
213,202
690,401
423,044
Fund balances at 31 December 2022
6,465,676
163,702
865,536
370,446		 Total
2022
£
29,980
503,787
12,980
99,907
12,645
659,299
11,411
631,728
26,806
669,945
(580,490)
(591,136)
-
(591,136)
8,456,496
7,865,360

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

BALANCE SHEET

AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible assets
14
Heritage assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
21
Net assets
Capital funds
Endowment funds
Income funds
Restricted funds
22
Unrestricted funds
Designated funds
23
General unrestricted funds		 2023
£
£
1,143,065
2,462,000
4,200,827
7,805,892
1,056
160,458
45,057
206,571
(85,457)
121,114
7,927,006
(16,926)
7,910,080
378,339
825,784
219,030
6,486,927
6,705,957
7,910,080		 2022
£
£
1,075,545
2,462,000
4,132,029
7,669,574
-
197,206
127,717
324,923
(78,711)
246,212
7,915,786
(50,426)
7,865,360
370,446
865,536
163,702
6,465,676
6,629,378
7,865,360

The financial statements were approved by the Trustees on .........................

.............................. Ms C L C Osorio Trustee

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

2023
Notes
£
Cash flows from operating activities
Cash absorbed by operations
26
Investing activities
Purchase of tangible fixed assets
(124,253)
Purchase of investments
(11,654)
Proceeds on disposal of investments
38,740
Investment income received
116,868
Net cash generated from investing
activities
Financing activities
Proceeds from borrowings
-
Repayment of borrowings
(33,500)
Net cash (used in)/generated from
financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
£
£
(68,861)
(152,495)
(102,185)
-
79,350
99,907
19,701
77,072
100,500
(16,574)
(33,500)
83,926
(82,660)
8,503
127,717
119,214
45,057
127,717

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Kiplin Hall CIO is a charitable incorporated organisation established by a constitution and registered with the Charity Commission.

1.1 Accounting convention

The financial statements have been prepared in accordance with the CIO's constitution, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The CIO is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

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

The CIO effectively has two subsidiary entities, being Kiplin Hall Trading CIC and Kiplin Hall Trust and details of the CIO's relationship with these entities are included in Note 14. Consolidated accounts have not been prepared for the CIO on the basis that the gross income of the group, being the CIO and the two subsidiary entities, is below the threshold set by the Regulations made under the Charities Act 2011.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The trustees consider that there are no material uncertainties about the CIO's ability to continue as a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the CIO.

1.4 Income

Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grant income is recognised when receivable except when the donor imposes conditions which have yet to be fulfilled before the charity becomes entitled to use such income.

Trading income, including income from guidebook and garden sales, is recognised when receivable by the charity.

Investment income and rental income, are recognised when receivable by the charity.

House admission income is recognised when received by the charity.

1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Building and grounds improvements 2%-10% straight line basis
Tools and equipment 25% reducing balance basis
Chattels 2% straight line basis
Computers 25% straight line basis
Central heating / solar project 5% straight line basis

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

1.7 Heritage assets

Heritage assets are initially measured at cost or valuation upon donation and subsequently measured using the fair value model and stated at fair value at the reporting end date. The gain or loss on revaluation is recognised in net income/(expenditure) for the year. Heritage assets comprise chattels and works of fine art which are deemed to have indefinite lives and high residual values and are therefore not depreciated. Heritage assets are reviewed for impairment at each reporting date.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed as incurred. Changes in fair value are recognised in net income/(expenditure) for the year.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.9 Impairment of fixed assets

At each reporting end date, the CIO reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.11 Retirement benefits

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity, being invested with an insurance company. Pension costs charged in the Statement of Financial Activities represent the contributions payable by the charity in the year.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

2 Donations, legacies and core grants

Unrestricted
Restricted
funds
funds
general
2023
2023
£
£
Donations and gifts
28,837
5,000
Government COVID support grants
-
-
28,837
5,000
Donations and gifts
General donations
7,469
-
Gift Aid receivable
19,316
-
Friends donations
2,052
5,000
28,837
5,000		 Total
Unrestricted
Restricted
funds
funds
general
2023
2022
2022
£
£
£
33,837
23,313
4,000
-
2,667
-
33,837
25,980
4,000
7,469
2,111
-
19,316
19,267
-
7,052
1,935
4,000
33,837
23,313
4,000		 Total
2022
£
27,313
2,667
29,980
2,111
19,267
5,935
27,313

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Charitable activities

House
Admissions
Quarry Rents
2023
2023
£
£
Income from
charitable activities
185,453
39,140
Analysis by fund
Unrestricted funds -
general
185,453
39,140
Restricted funds
-
-
185,453
39,140		 Rents Project Grants
& Renewable
Heat Incentive
Scheme
2023
2023
£
£
101,349
25,923
101,349
23,223
-
2,700
101,349
25,923		 Total
2023
£
351,865
349,165
2,700
351,865		 Total
2022
£
503,787
316,115
187,672
503,787

For the year ended 31 December 2022

House
Admissions
Quarry Rents
£
£
Income from charitable activities
174,342
20,000
Analysis by fund
Unrestricted funds - general
174,342
20,000
Restricted funds
-
-
174,342
20,000		 Rents Project Grants
& Renewable
Heat Incentive
Scheme
£
£
97,239
212,206
97,239
24,534
-
187,672
97,239
212,206		 Total
2022
£
503,787
316,115
187,672
503,787

4 Trading activities

**Unrestricted ** Unrestricted
funds funds
general general
2023 2022
£ £
Sale of guidebooks and garden produce 10,740 12,980

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Investments

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
general general
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Income from listed
investments 98,930 16,896 115,826 85,564 13,751 99,315
Interest receivable 1,042 - 1,042 592 - 592
99,972 16,896 116,868 86,156 13,751 99,907
Other income
**Unrestricted ** Unrestricted **Total ** Unrestricted
funds funds funds
general designated general
2023 2023 2023 2022
£ £ £ £
Other income 872 69,860 70,732 -
Insurance income 31,541 - 31,541 12,645
32,413 69,860 102,273 12,645

6 Other income

Other income includes £69,860 received under a settlement agreement from a former tenant. This has been set aside by the trustees to cover any future rectification costs of the land (Note 23).

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

7 Raising funds

Unrestricted Endowment
funds
funds
general
2023
2023
£
£
Depreciation
Depreciation and impairment
1,794
-
Trading costs
Guidebook costs
1,260
-
Investment management fees
7,406
742
10,460
742		 Total
Unrestricted Endowment
funds
funds
general
2023
2022
2022
£
£
£
1,794
1,550
-
1,260
1,140
-
8,148
7,941
780
11,202
10,631
780		 Total
2022
£
1,550
1,140
8,721
11,411

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

8 Charitable activities

Operational
costs
Property
costs
2023
2023
£
£
Staff costs
183,931
-
Depreciation and impairment
129
52,888
Printing, postage, computer and telephone costs
13,556
-
Advertising and publicity costs
25,513
-
Repairs and maintenance
-
84,522
Visitor services costs
22,600
-
Managing agent fees
24,711
-
Other professional fees
-
22,401
Bank charges
5,047
-
Let property costs
-
22,137
Hall and estate costs
-
56,625
Garden and woodland costs
-
52,335
Other project costs
-
-
Accountancy fees
21,986
-
Volunteer expenses
15,745
-
Sundry costs
12,990
-
326,208
290,908
Analysis by fund
Unrestricted funds - general
326,079
278,505
Unrestricted funds - designated
129
12,403
Restricted funds
-
-
326,208
290,908		 Project
costs
2023
£
29,714
1,922
-
-
-
-
-
-
-
-
-
-
6,793
-
-
-
38,429
-
-
38,429
38,429		 Total
2023
Operational
costs
Property
costs
2022
2022
£
£
£
213,645
165,682
-
54,939
129
52,623
13,556
10,320
-
25,513
33,400
-
84,522
-
25,428
22,600
14,670
-
24,711
22,867
-
22,401
7,410
-
5,047
5,041
-
22,137
-
16,357
56,625
-
49,724
52,335
-
55,467
6,793
-
-
21,986
24,410
-
15,745
15,868
-
12,990
12,461
-
655,545
312,258
199,599
604,584
312,129
177,744
12,532
129
21,855
38,429
-
-
655,545
312,258
199,599		 Project
costs
2022
£
13,194
3,300
-
-
-
-
-
-
-
-
-
-
103,377
-
-
-
119,871
94,035
-
25,836
119,871		 Total
2022
£
178,876
56,052
10,320
33,400
25,428
14,670
22,867
7,410
5,041
16,357
49,724
55,467
103,377
24,410
15,868
12,461
631,728
583,908
21,984
25,836
631,728

Accountancy fees include £5,880 (2022 - £5,292) of auditors remuneration and £16,106 (2022 - £19,118) of non-audit fees.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year. During the year one trustee was reimbursed travelling expenses totalling £8 (2022 - £51).

10 Employees

The average monthly number of employees during the year was:

Hall
Estate and grounds (inc. part time)
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
5
17
22
2023
£
197,251
12,159
4,235
213,645		 2022
Number
5
16
21
2022
£
165,864
9,645
3,367
178,876

The Estate and grounds employee figures includes employees who are employed by the CIO but whose employment costs are recharged either in full or in part to Kiplin Hall Trading CIC.

There were no employees whose annual remuneration was £60,000 or more.

11 Other

Net loss on disposal of tangible fixed assets Total
Unrestricted
funds
£
general
2023
2022
-
26,806
-
26,806		 Total
Unrestricted
funds
£
general
2023
2022
-
26,806
-
26,806
26,806

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

12 Net gains/(losses) on investments

Unrestricted Endowment Unrestricted Endowment **Total ** Unrestricted Endowment Unrestricted Endowment Unrestricted Endowment Total
funds funds funds funds
general general
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Revaluation of
investments 86,660 8,577 95,237 (526,727) (51,629) (578,356)
Gain/(loss) on sale of
investments 589 58 647 (1,945) (189) (2,134)
87,249 8,635 95,884 (528,672) (51,818) (580,490)
Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section
252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Tangible fixed assets
Building and Tools and Chattels Computers Central Total
grounds equipment heating / solar
improvements project
£ £ £ £ £ £
Cost
At 1 January 2023 715,676 128,112 33,993 30,339 669,940 1,578,060
Additions 119,285 3,316 - 1,652 - 124,253
At 31 December 2023 834,961 131,428 33,993 31,991 669,940 1,702,313
Depreciation and
impairment
At 1 January 2023 131,307 92,677 7,277 27,423 243,831 502,515
Depreciation charged in the
year 17,435 9,065 780 1,795 27,658 56,733
At 31 December 2023 148,742 101,742 8,057 29,218 271,489 559,248
Carrying amount
At 31 December 2023 686,219 29,686 25,936 2,773 398,451 1,143,065
At 31 December 2022 584,369 35,435 26,716 2,916 426,109 1,075,545

13 Taxation

14 Tangible fixed assets

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

15 Heritage assets

At valuation
£
At 1 January 2023 and at 31 December 2023 2,462,000

Heritage assets comprise Chattels and Works of Fine Art valued at £2,462,000. The assets were professionally valued by an external valuer who is a Member of the Royal Institute of Chartered Surveyors (MRICS) on 17 November 2016 at £2,432,000. The valuation was for insurance purposes and performed on a full retail replacement basis. Other than the legacy addition in 2020 of £30,000 the trustees are not aware of any material change since this valuation.

There has been one legacy of heritage assets given to the CIO in 2020 totalling £30,000 from the estate of Miss Elizabeth Anne Marchant, there have been no further donations, purchases or impairments of heritage assets in the year or preceding periods other than the initial donation from Kiplin Hall Trust on 30 April 2014 of the heritage assets shown above at their previous valuation of £2,432,000. The total valuation of heritage assets at the year end stands at £2,462,000.

The charity's heritage assets are displayed within the collections at Kiplin Hall which are open to the public and managed by the charity's Curator. Further information on the policy of acquiring, preserving and managing heritage assets is included in the Trustees' Report.

16 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2023
4,113,083
Additions
11,654
Valuation changes
95,237
Disposals
(98,465)
At 31 December 2023
4,121,509
Carrying amount
At 31 December 2023
4,121,509
At 31 December 2022
4,113,083		 Cash in
portfolio
18,946
60,372
-
-
79,318
79,318
18,946		 Total
£
4,132,029
72,026
95,237
(98,465)
4,200,827
4,200,827
4,132,029

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16 Fixed asset investments

(Continued)

All listed investments are carried at their fair value. Investments in equities, fixed interest and other securities are all traded in quoted public markets for which market prices are readily available.

Kiplin Hall CIO is the sole member of the trading company, Kiplin Hall Trading CIC (Company registration number 08806205). The community investment company is limited by guarantee, has no share capital, and is registered in England and Wales. The company's profit for the year to 31 December 2023 was £211, and its capital and reserves as at 31 December 2023 were (£9,309).

Kiplin Hall CIO is the sole trustee of Kiplin Hall Trust (registered charity number 255163). A linking direction has been granted by the Charity Commission between the two charities. Following the transfer of net assets and activities from Kiplin Hall Trust to the CIO on 30 April 2014 the trust has effectively been dormant. The trust's capital and reserves as at 31 December 2023 amount to £2,750,000 and include the Jacobean Mansion House, Kiplin Hall, which remains in the beneficial Endowment Fund of the trust.

17 Stocks

17
Stocks
Finished goods and goods for resale
18
Debtors
Amounts falling due within one year:
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
19
Loans and overdrafts
Other loans
Payable within one year
Payable after one year		 2023
£
1,056
2023
£
15,436
7,405
137,617
160,458
2023
£
50,426
33,500
16,926		 2017
£
-
2022
£
15,113
28,553
153,540
197,206
2022
£
83,926
33,500
50,426

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

20
Creditors: amounts falling due within one year
Borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
21
Creditors: amounts falling due after more than one year
Borrowings		 2023
£
33,500
4,830
17,401
4,280
25,446
85,457
2023
£
16,926		 2022
£
33,500
1,689
3,447
4,333
35,742
78,711
2022
£
50,426

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

22 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January 2022
r
£
HLF: Kiplin in times of war
344
HLF: Archaeology project
832
Yorventure: Bog garden
7,352
Yorventure: Playship
2,218
Apple Orchard
1,166
Chris Crow Oak
2,021
Yorventure: Kiplin Beck and Richmond Drive
Walk
17,796
3D virtual tour
86
Welcome Centre
-
NLHF: Kiplin 400
-
Annie Marchant Collection
658,586
Kickstart Funding
-
Clock conservation
-
400th Anniversary
-
The Wild Escape
-
690,401		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
(66)
-
(171)
-
(185)
-
(1,766)
-
-
-
-
-
(1,112)
-
-
51,500
-
138,150
(6,446)
13,751
(14,068)
2,022
(2,022)
-
-
-
-
-
-
205,423
(25,836)		 Transfers
Balance at
1 January 2023
r
£
£
-
278
-
661
-
7,167
-
452
(1,166)
-
(2,021)
-
-
16,684
-
86
(51,500)
-
37,000
168,704
13,235
671,504
-
-
-
-
-
-
-
-
(4,452)
865,536		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
(49)
-
(129)
-
(182)
-
(452)
-
-
-
-
-
(1,112)
-
-
-
-
-
(36,155)
16,896
-
-
-
2,500
-
2,500
-
2,700
(350)
24,596
(38,429)		 Transfers
Balance at
31 December
2023
£
£
-
229
-
532
-
6,985
-
-
-
-
-
-
-
15,572
(86)
-
-
-
(24,833)
107,716
-
688,400
-
-
-
2,500
-
2,500
(1,000)
1,350
(25,919)
825,784		 Transfers
Balance at
31 December
2023
£
£
-
229
-
532
-
6,985
-
-
-
-
-
-
-
15,572
(86)
-
-
-
(24,833)
107,716
-
688,400
-
-
-
2,500
-
2,500
(1,000)
1,350
(25,919)
825,784
825,784

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

22 Restricted funds

(Continued)

The HLF Kiplin Hall in Times of War fund was established in 2013 following the award of a grant by the Heritage Lottery Fund towards the research of country houses history in times of war and an associated exhibition.

The HLF Archaeology Project fund was established in 2014 following the award of a grant by the Heritage Lottery Fund towards an archaeological dig and an associated exhibition.

The Yorventure Bog Garden fund was established in 2014 following the award of a grant from Yorventure towards the creation of a bog garden and walkway through the gardens.

The Yorventure Playship fund was established in 2015 following the award of a grant from Yorventure and an additional donation from the Friends of Kiplin Hall towards the creation of a playship for children visiting Kiplin Hall. This fund was fully expended during the year.

The Apple Orchard Fund was established in 2016 following a donation from a direct descendant of George Calvert towards the creation of an apple orchard in the grounds. This fund was fully expended in the previous year.

The Chris Crow Oak fund was established in 2018 following a donation from Friends of Kiplin Hall towards installing an archway for the rose tunnel and new footpaths and planting in the South Lawn area. This fund was fully expended in the previous year.

The Yorventure Kiplin Beck and Richmond Drive Walk fund was established in 2018 following the award of a grant from Yorventure towards the ground improvements for these areas.

The 3D Virtual Tour fund was established in 2019 following a donation from Friends of Kiplin Hall towards the creation of a 3D virtual tour and Ipads to access it on. This fund was fully expended in the year.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

22 Restricted funds

(Continued)

The Annie Marchant Collection fund was established in 2020 following the grant of a legacy from Annie Marchant towards maintaining and preserving the collection, insuring the collection and undertaking any work needed at Kiplin Hall to facilitate the public display of the collection, this also includes the development of a new welcome centre to house the collection.

The Kickstart fund was established in 2021 following the employment of a trainee, the employment is funded by the small charities coalition and is an ongoing scheme. This fund was fully expended in the previous year.

The Welcome Centre fund was established in 2022 following a grant from Key Fund of £49,500 and a £2,000 donation from the Friends of Kiplin Hall towards the early working capital costs in respect of the development and construction of a new welcome centre at Kiplin Hall. This was fully expended in the previous year.

The NLHF Kiplin 400 fund was established in 2022 following a grant from the National Lottery Heritage Fund towards the celebration of the 400th anniversary of Kiplin Hall and to work with local communities to re-imagine how visitors learn about the past at the Hall.

The Clock Conservation fund was established in 2023 following a donation from Friends of Kiplin Hall.

A donation was received from the Friends of Kiplin Hall to contribute to activities for the 400th anniversary.

The Wild Escape fund was established in 2023 to establish a sculpture trail.

Transfers in the year primarily relate to expenditure on assets which are subsequently transferred to the unrestricted fund as the conditions of the grant have been met. Transfers from the unrestricted fund are included where the project is not fully grant funded.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

23 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 January 2022
Resources
expended
£
£
Woodlands project
8,774
(129)
Plant site restoration
86,310
-
Gardens Project
111,046
(21,855)
Ark & Dove
7,072
-
213,202
(21,984)		 Transfers
Balance at
1 January 2023
r
£
£
-
8,645
-
86,310
(27,516)
61,675
-
7,072
(27,516)
163,702		 Movement in funds
Incoming
esources
Resources
expended
£
£
-
(129)
69,860
-
-
(12,403)
-
-
69,860
(12,532)		 Transfers
Balance at
31 December
2023
£
£
-
8,516
-
156,170
(2,000)
47,272
-
7,072
(2,000)
219,030		 Transfers
Balance at
31 December
2023
£
£
-
8,516
-
156,170
(2,000)
47,272
-
7,072
(2,000)
219,030
219,030

The Woodlands project fund was established in 2008 following the award of a grant by the Heritage Lottery fund towards conserving and sharing the heritage of the woodland around Kiplin Hall.

The Plant site restoration fund was established in 2016 following the receipt of £90,000 under the terms of a settlement agreement with a former tenant. Under the terms of the agreement, the CIO has released the former tenant from any liabilities which may arise relating to the land previously leased. This fund was added to in the current year by the receipt of an additional £69,860 from an additional former tenant. The trustees have deemed it prudent to set aside these funds to cover any future rectification costs that may be required in respect of the land.

The Gardens project was established in 2021 following the receipt of a legacy of £117,192. The trustees designated these funds for garden projects that would otherwise not have been possible.

The Ark and Dove fund was established in 2021 after a donation from The Society of the Ark and Dove totalling £7,072. The trustees designated the funds to be used in connection with the garden project.

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

24
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
Endowment
funds
2023
2023
2023
2023
£
£
£
£
Fund balances at 31
December 2023 are
represented by:
Tangible assets
1,114,863
5,109
23,093
-
Heritage assets
2,462,000
-
-
-
Investments
3,136,178
86,310
600,000
378,339
Current assets/(liabilities)
(209,188)
127,611
202,691
-
Long term liabilities
(16,926)
-
-
-
6,486,927
219,030
825,784
378,339		 Total Unrestricted
funds
Designated
funds
Restricted
funds
Endowment
funds
2023
2022
2022
2022
2022
£
£
£
£
£
1,143,065
1,045,190
5,239
25,116
-
2,462,000
2,462,000
-
-
-
4,200,827
3,075,273
86,310
600,000
370,446
121,114
(66,361)
72,153
240,420
-
(16,926)
(50,426)
-
-
-
7,910,080
6,465,676
163,702
865,536
370,446		 Total
2022
£
1,075,545
2,462,000
4,132,029
246,212
(50,426)
7,865,360

Draft Financial Statements at 19 June 2024 at 10:18:27 KIPLIN HALL CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

25 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

£ £
Aggregate compensation 55,480 52,181

Transactions with related parties

During the year Kiplin Hall CIO received rent from its trading subsidiary Kiplin Hall Trading CIC in the sum of £3,000 (2022 - £3,000). During the year Kiplin Hall CIO received services from Kiplin Hall Trading CIC to the value of £178 (2022 - £2,450). During the the year Kiplin Hall CIO incurred expenses in the sum of £108,640 (2022 - £89,864) on behalf of Kiplin Hall Trading CIC. Repayments in the year amounted to £111,627 (2022 - £104,764). Interest of £528 (2022: £528) was charged during the year. At the year end, there was a balance owing from Kiplin Hall Trading CIC in the sum of £15,436 (2022: £15,113).

26 Cash generated from operations
26 Cash generated from operations 2023 2022
£ £
Surplus/(deficit) for the year 44,720 (591,136)
Adjustments for:
Investment income recognised in statement of financial activities (116,868) (99,907)
(Gain)/loss on disposal of tangible fixed assets - 26,806
(Gain)/loss on disposal of investments (647) 2,134
Fair value gains and losses on investments (95,237) 578,356
Depreciation and impairment of tangible fixed assets 56,733 57,602
Movements in working capital:
(Increase)/decrease in stocks (1,056) 1,140
Decrease/(increase) in debtors 36,748 (134,771)
Increase in creditors 6,746 7,281
Cash absorbed by operations (68,861) (152,495)
27 Analysis of changes in net debt
At 1 January Cash flows At 31 December
2023 2023
£ £ £
Cash at bank and in hand 127,717 (82,660) 45,057
Loans falling due within one year (33,500) - (33,500)
Loans falling due after more than one year (50,426) 33,500 (16,926)
43,791 (49,160) (5,369)