CHARITY REGISTRATION NUMBER: 1156298
The David Parr House
Unaudited Financial Statements
For the year ended
31 March 2022
The David Parr House
Financial Statements
Year ended 31 March 2022
| Pages | |
|---|---|
| Trustees' annual report | 1 to 7 |
| Independent examiner's report to the members of The David Parr House | 8 |
| Statement of financial activities | 9 |
| Statement of financial position | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 to 24 |
The David Parr House
Trustees' Annual Report
Year ended 31 March 2022
The trustees present their report and the unaudited financial statements of the Charity for the year ended 31 March 2022.
Reference and administrative details
| Registered charity name | The David Parr House | |
|---|---|---|
| Charity registration number | 1156298 | |
| Principal office | 184/186 Gwydir Street | |
| Cambridge | ||
| CB1 2LW | ||
| The trustees | Mrs T Wimhurst | |
| Mr M Muller | ||
| Mr D Wherrett | (Resigned 19 April 2021) | |
| Mr M Nicholson | ||
| Miss R J Woodburn | (Resigned 1 November 2022) | |
| Mrs L Strover | (Appointed 24 May 2021) | |
| Mrs S Miller | (Appointed 24 May 2021) | |
| Mr M D Pierce | (Appointed 1 September 2021) | |
| INDEPENDENT EXAMINER | Shane Tharby FCA | |
| For and on behalf of | ||
| Streets Chartered Accountants | ||
| 3 Wellbrook Court | ||
| Girton | ||
| Cambridge | ||
| CB3 0NA |
Structure, governance and management
The Charity was formed on 20 March 2014 as a Charitable Incorporated Organisation, CIO, under charity number 1156298.
The Charity is governed by its constitution.
As and when required new Trustees will be recruited and appointed by the existing Trustees taking into account the individuals key skill sets.
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The David Parr House
Trustees' Annual Report (continued)
Year ended 31 March 2022
Objectives
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The objectives of the Charity as set out in the constitution are:
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1) to advance the education of the public on the subject of the life and works of David Parr; a craftsman, artist and painter;
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2 to advance, in such ways as the Charity Trustees think fit, the arts culture and heritage as reflected in David Parr House ("the house"); and
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3) such other charitable purposes as the Charity Trustees in their absolute discretion shall see fit.
Activities
The main activities of the Charity are:
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To assist in the funding of the house, its collection and activities by seeking contributions from individuals, trusts and other grant-giving charities or organisations.
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To oversee the conservation of the David Parr House and protect it for present and future generations.
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To work with a wide range of professionals and volunteers to develop creative, inspiring and accessible ways to engage with a variety of audiences.
Public benefit
The Trustees have referred to the Charity Commission's general guidance on public benefit and have considered their public benefit obligations under charity law and believe that they are in compliance with those obligations.
Achievements and performance
Achievements
2021 - 2022 was a year that saw the organisation successfully reposition itself and build upon all that had been achieved during the disrupted Covid-19 year. Indeed, Covid continued to have an impact on the house with its doors having to remain closed to visitors until September 2021. It was with much relief that we could finally welcome back ourselves and visitors to our intimate space.
We used the period during Covid-19 as a catalyst for positive change, enabling us to hold onto our core values but to reimagine and adapt our work, building a different model of working with our audiences which will last far beyond the pandemic.
Like many other heritage and cultural organisations during the time, we worked on creating an expanded digital offer. Our values of commitment to excellence and innovation were central to this, along with the belief that every visitor should be given a meaningful and personal experience relating to the House.
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The David Parr House
Trustees' Annual Report (continued)
Year ended 31 March 2022
Achievements and performance (continued)
The continued development of the digital program this year was made possible via the generous grants and gifts that we received during this time. The digital offer is now very much embedded within the house alongside the physical experience and this hybrid model of reaching out to audiences will continue.
What has been achieved over this year has been possible because of the effort from many people, Staff, Volunteers and Trustees and we could not have achieved such a successful transformation without our Pilgrim Trust Curator, Charlotte Woodley. 2021 - 22 was the third year of support from the Pilgrim Trust for this role for which we are most grateful. This was the year that also saw the completion of the other grants secured during 2020 - 21, Art Fund and Wolfson Foundation, together with the continued support by the John Murray Foundation for the preservation and development of the archive.
Pilgrim Trust 'The David Parr House Curatorship'
September 2019 - September 2022
£45,000 (£20,000 in 2019 - 20, £15,000 in 2020 - 21 and £10,000 in 2021 - 22) 2021-22 (funding of £10,000 awarded)
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re-opened the house to the public post pandemic in September 2021
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increased tours from 2 to 3 days a week for the autumn season to clear backlog of cancelled visitors due to Covid
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increased our number of volunteer house guide volunteers and created a more diverse volunteer cohort
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continued to engage volunteers through research, writing, digital blog, Summer and Christmas parties
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created a programme of digital events and virtual tours under the umbrella of Digital Winter
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supported digital producer, Fleur Elkerton, to produce new digital group packages including virtual Paint Specialist Conservation Tour
-
continued rich and diverse year long programme of digital Zoom talks and workshops that have continued to grow our digital audience
-
researched and curated Newton School exhibition as both a physical exhibition and as a digital exhibition with dedicated website
-
created a programme of events around the theme of metal to coincide with metalwork exhibition
-
developed new bespoke jewellery range with maker, Abi Cochran for physical and online shop
-
continued to grow audience through marketing in publications and prime time television (BBC and Channel 4)
The award of funding from The Pilgrim Trust enabled us to bridge a difficult stage of our development when we needed to increase our income streams and appoint professional staff to enable us to progress to the next level. The Pilgrim Trust showed great understanding of this situation which enabled us to transform David Parr House into a professionally led organisation. This is largely due to this generous grant and appreciation by the funders of our position and potential.
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The David Parr House
Trustees' Annual Report (continued)
Year ended 31 March 2022
Achievements and performance (continued)
Arts Fund 'Opening More Doors at the David Parr House'
November 2020 - November 2021 £22,472 (Restricted)
and
Wolfson Foundation 'Wolfson Covid-19 Support Fund'
November 2020 - November 2022 £45,000 (Unrestricted)
These grants allowed us to develop the virtual offer further by the appointment of a Digital Marketing and Content Creator, Fleur Elkerton (May 2021).
This appointment allowed us to concentrate on developing a programme of digital talks and events, creating new digital products and investing in longer term marketing plans. We were able to respond and reimagine our offer to concentrate on the physical tours/events in the spring/summer months and virtual tours/events in our Digital Winter; enhancing our overall offer.
The Virtual Tour that had been so popular during the Covid-19 closure saw a drop off in bookings once people were able to visit in person. This was not surprising and allowed us to transform it into a product that visitors could purchase as an 'Explore Platform'. This post-visit experience contained videos, documents, recordings, and photographs that visitors could explore from the comfort of their own homes. The digital continues to enhance our offer in many other ways:
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It provides a constant accessible tour for disabled visitors/geographically distanced
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It is a year-round solution to accommodating larger group visits (physically impossible in the house)
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It provides a tour experience that can be offered in future pandemics/lockdowns
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It provides a tour experience during the coldest months when the house is physically closed
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It allows those who are not local to engage with a wider Digital Winter programme
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It opens the door to exploring international markets
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It enables volunteers to work remotely and stay engaged
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We can market to national specific interest groups that can visit us via the digital tour
-
Digital Talks and Workshops have been very popular with our community
To make our digital offer accessible to the widest possible audience there is no fixed ticket price for talks; instead, a 'pay what you are able to' donation is asked. Closed captioning is also available for and we have developed events to appeal to a broader audience by recruiting younger speakers and practitioners (PhD student - Thomas Cooper, Artist -Nagihan Seymour and workshops with Ella Hawkins).
Thanks to the support of the Art Fund and the Wolfson Foundation we were able to use the period during Covid19 as a catalyst for positive change, holding onto our core values while reimagining and adapting our work.
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The David Parr House
Trustees' Annual Report (continued)
Year ended 31 March 2022
Achievements and performance (continued)
Our volunteer workforce has been crucial to the success of the digital project and our existing guides have adapted flexibly and positively to the digital environment. The new training programme offered as part of this has increased their skills and confidence. This was helped with the appointment of a new House and Volunteer Manager, Helen Entwistle in October 2021, whose remit was to manage the ever-growing volunteer workforce. Since her appointment she has enhanced and delivered volunteer training programs, organised trips and started a regular monthly digital newsletter for the volunteers to hopefully allow our volunteers to have a meaningful and well supported experience with us to build loyalty and a strong supportive network amongst them and us.
This expanded team aims to offer a seamless visitor experience blending the physical and digital to provide a multi layered and enriching experience.
We would very much like to thank these organisations for the support and belief that they have had in the David Parr House during this year.
John Murray 'Collections and Archivist'
January 2022 - January 2023 £20,000 (Unrestricted)
The 3rd Phase of the 'collections consolidation' project built on the work carried out by Shelley Lockwood over the last two years. Now that the Leach archive is on-line the organisation can begin to bring in volunteers to support the ongoing research. Volunteers, under the supervision of Shelley Lockwood, have already begun to transcribe a large part of the Leach notebooks/diaries and this work will continue. The transcriptions will allow us to examine the material and extract the information from them more easily. We will be able to build up a picture of how the firm worked, who F R Leach worked with/for and where the firm worked. We will concentrate on uncovering the local work that the firm carried out in Cambridge and Cambridgeshire in this phase of the project. We will also include further research into the City Road workshops to flesh out the material already collected and produce two products to share with the public on the history of the premises.
The Future…
Key appointments this year have enabled us to look to the future with confidence.
Helen Entwistle is our House and Volunteer manager. She has joined us from the Fitzwilliam Museum to look after the day-to-day running of the house and coordinating the work of the volunteer team. She has lived in Cambridge since her student days and has worked as a primary school teacher, a store manager and an amanuensis for disabled students in the University. Helen is excited to be facilitating the wonderful work of our volunteers.
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The David Parr House
Trustees' Annual Report (continued)
Year ended 31 March 2022
Achievements and performance (continued)
Jane Friend is contracted with us to support our Development Management. She brings with her a legal training and a strong track record of fundraising and project management in the voluntary sector. She comes from Farnham, England's first World Craft Town, and has worked with a range of voluntary organisations in the East and South East including the National Trust, Farnham Maltings, the University for the Creative Arts, and the Crafts Study Centre. Jane is passionate about heritage. She is delighted to be working with the team to enable the stories of the House to be shared as widely as possible.
Melanie Walsh will support the organisation with the bookkeeping.
Annabelle Campbell , will be joining us as our first ever full-time Director of the House in July 2022. Annabelle has an impressive track record in the heritage sector. She was Curator, 20th Century and Contemporary, at the Geffrye Museum (now Museum of the Home) where amongst many other things she created a foundation for ongoing research programmes, including the 'West Indian Front Room' which documented memories of domestic interiors of the Windrush generation. More recently she worked as Head of Exhibitions and Collections at the Crafts Council where she was involved with a number of interesting projects such as the 'Julie Copes Grand Tour - the story of a life with Grayson Perry' and the Power of Making with the V&A. She has also lectured for Kingston University and was a founding course leader for MA in Curating Contemporary Design in collaboration with the Design Museum. This role consolidates Annabelle's professional experience with her passion for and knowledge of design history, visual art, interiors, social history and craft which makes her extremely well qualified to steer the House through the next phase of its journey.
Goodbyes and welcomes
Fleur Elkerton, Digital Marketing and Content Creator April 2021 - April 2022 Helen Entwistle, House and Volunteer Manager October 2021 - ongoing Melanie Walsh, Bookkeeper November 2021 - ongoing Trustees: Susan Miller May 2021 - ongoing Lynne Strover May 2021 - ongoing Martin Pierce October 2021 - ongoing Charlotte Woodley, Pilgrim Trust Curator November 2019 - July 2022 Annabelle Campbell, Director July 2022 - ongoing
Reserves policy
Our policy is to build and, where feasible, maintain unrestricted funds at a level that approximates to six months operating costs including salaries of any permanent staff and those on long term contract other than those costs covered by restricted funds. The level required will be reviewed during the year following the reopening of the house in 2021.
Investment Policy
The Trustees' policy is to invest prudently, with minimal risk but within the aim of trying to preserve the capital value and achieving the best possible income on that basis.
In May 2021 the £1,000,000 Endowment Fund was invested in Barclays Charity Fund. It is hoped that we will be able to draw down from the growth in order to support the core costs of the organisation, namely the Directors/Curators post.
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The David Parr House
Trustees' Annual Report (continued)
Year ended 31 March 2022
The trustees' annual report was approved on 30 November 2022 and signed on behalf of the board of trustees by:
Mrs T Wimhurst Trustee
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The David Parr House
Independent Examiner's Report to the Members of The David Parr House
Year ended 31 March 2022
I report to the trustees on my examination of the financial statements of The David Parr House ('the Charity') for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 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
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
Shane Tharby FCA Independent Examiner
For and on behalf of Streets Chartered Accountants 3 Wellbrook Court Girton Cambridge CB3 0NA
8 December 2022
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The David Parr House
Statement of Financial Activities
Year ended 31 March 2022
| 2022 | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | ||||
| funds | funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | £ | |
| Income and endowments | ||||||
| Donations and legacies | 4 | 45,904 | 13,845 | 71,965 | 131,714 | 583,756 |
| Charitable activities | 5 | 30,810 | – | – | 30,810 | 1,350 |
| Other trading activities | 6 | 36,616 | – | – | 36,616 | 12,985 |
| Investment income | 7 | 19,229 | – | 16,994 | 36,223 | 19,749 |
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| Total income | 132,559 | 13,845 | 88,959 | 235,363 | 617,840 | |
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||
| Expenditure | ||||||
| Expenditure on raising funds: | ||||||
| Costs of raising | ||||||
| donations and | ||||||
| legacies | 8 | – | – | – | – | 1,440 |
| Costs of other trading | ||||||
| activities | 9 | 5,841 | – | – | 5,841 | 1,747 |
| Investment | ||||||
| management costs | 10 | 2,765 | – | 1,599 | 4,364 | 2,765 |
| Expenditure on | ||||||
| charitable activities | 11,12 | 103,559 | 32,674 | – | 136,233 | 114,086 |
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||
| Total expenditure | 112,165 | 32,674 | 1,599 | 146,438 | 120,038 | |
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||
| Net gains on investments | 13 | – | – | 9,760 | 9,760 | – |
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||
| Net income | 20,394 | (18,829) | 97,120 | 98,685 | 497,802 | |
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| Transfers between funds | 2,831 | (2,831) | – | – | – | |
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| Net movement in funds | 23,225 | (21,660) | 97,120 | 98,685 | 497,802 | |
| Reconciliation of funds | ||||||
| Total funds brought forward | 1,882,000 | 21,660 | 928,035 | 2,831,695 | 2,333,893 | |
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| Total funds carried forward | 1,905,225════════════ |
–════════ |
1,025,155════════════ |
2,930,380════════════ |
2,831,695════════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 12 to 24 form part of these financial statements.
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The David Parr House
Statement of Financial Position
31 March 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 18 | 1,534,578 | 1,554,869 | ||
| Heritage assets | 19 | 459,762 | 459,762 | ||
| Investments | 20 | 1,025,155 | – | ||
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| 3,019,495 | 2,014,631 | ||||
| Current assets | |||||
| Stocks | 21 | 12,936 | 15,515 | ||
| Debtors | 22 | 5,023 | 21,144 | ||
| Cash at bank and in hand | 164,670 | 1,063,295 | |||
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||||
| 182,629 | 1,099,954 | ||||
| Creditors: amounts falling due within | |||||
| one year | 24 | 271,744 | 282,890 | ||
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| Net current liabilities | (89,115) | 817,064 | |||
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| Total assets less current liabilities | 2,930,380 | 2,831,695 | |||
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| Net assets | 2,930,380 | 2,831,695 | |||
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| Funds of the charity | |||||
| Endowment funds | 1,025,155 | 928,035 | |||
| Restricted funds | – | 21,660 | |||
| Unrestricted funds | 1,905,225 | 1,882,000 | |||
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| Total charity funds | 26 | 2,930,380 | 2,831,695 | ||
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These financial statements were approved by the board of trustees and authorised for issue on 30 November 2022, and are signed on behalf of the board by:
Mrs T Wimhurst Trustee
The notes on pages 12 to 24 form part of these financial statements.
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The David Parr House
Statement of Cash Flows
Year ended 31 March 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 98,685 | 497,802 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 29,987 | 27,696 |
| Net gains on investments | (9,760) | – |
| Dividends, interest and rents from investments | (36,194) | (19,200) |
| Interest receivable and similar income | (29) | (549) |
| Changes in: | ||
| Stocks | 2,579 | (11,167) |
| Trade and other debtors | 16,121 | 73,443 |
| Trade and other creditors | (11,146) | 8,188 |
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|
| Cash generated from operations | 90,243 | 576,213 |
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|
| Net cash from operating activities | 90,243 | 576,213 |
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|
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 36,194 | 19,200 |
| Purchase of tangible assets | (9,696) | (3,127) |
| Purchases of other investments | (1,017,043) | – |
| Proceeds from sale of other investments | 1,648 | – |
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|
| Net cash (used in)/from investing activities | (988,897) | 16,073 |
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|
| Cash flows from financing activities | ||
| Interest received | 29 | 549 |
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|
| Net cash from financing activities | 29 | 549 |
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|
| Net (decrease)/increase in cash and cash equivalents | (898,625) | 592,835 |
| Cash and cash equivalents at beginning of year | 1,063,295 | 470,460 |
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|
| Cash and cash equivalents at end of year | 164,670════════════ |
1,063,295════════════ |
The notes on pages 12 to 24 form part of these financial statements.
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The David Parr House
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The Charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 184/186 Gwydir Street, Cambridge, CB1 2LW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the Charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available at the discretion of the trustees in furtherance of the general objectives of the Charity.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The aim and use of restricted funds are set out in the notes to the accounts.
The Charity also has a permanent endowment fund which was set up to raise £1 million to safeguard and support the long-term future of Charity. The fund is managed on a total return basis. The trustees at their discretion, may allocate any part of the unapplied total return to the general purposes of the charity.
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The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred.
Expenditure on charitable activities comprises those costs incurred by the charity in furtherance of the charity's objectives and represents the cost of goods and services that have been incurred in charitable activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs are now included as part of expenditure on charitable activities and include those costs associated with meeting the constitutional and statutory requirement of the Charity and include accountancy fees and costs linked to the strategic management of the Charity.
Cash and cash equivalents
Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due.
Cash equivalents are short term, highly liquid investments, usually in 90 day notice interest bearing savings accounts.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
- Freehold property 2% straight line Exhibits - 20% straight line - Computer equipment 33% straight line
Land is not depreciated.
Heritage assets
The Charity holds heritage assets, which are tangible fixed assets of historical, artistic or scientific importance that are held to advance preservation and conservation objectives of the charity. Newly acquired heritage assets gifted to the charity are initially recognised at their market value and capitalised. Heritage assets are subsequently held at cost.
The very long expected lives of heritage assets, due to their nature, value and need to be protected and preserved means that depreciation is not material and is, therefore, not provided.
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs and are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Donations and legacies
| Unrestricted | Restricted | Endowment | Total Funds | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Other donations | 35,236 | – | 36,540 | 71,776 | |
| Grants | |||||
| Grants receivable | 10,668 | 13,845 | 35,425 | 59,938 | |
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| 45,904 | 13,845 | 71,965 | 131,714 | ||
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| Unrestricted | Restricted | Endowment | Total Funds | ||
| Funds | Funds | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Other donations | 5,601 | – | 181,657 | 187,258 | |
| Grants | |||||
| Grants receivable | 86,208 | 85,433 | 224,857 | 396,498 | |
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| 91,809 | 85,433 | 406,514 | 583,756 | ||
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| 5. | Charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| House tours | 30,810 | 30,810 | 1,350 | 1,350 | |
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| 6. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Events and merchandise sales | 36,616 | 36,616 | 12,985 | 12,985 | |
════════ |
════════ |
════════ |
════════ |
- 15 -
The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
7. Investment income
| Unrestricted | Endowment | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Rental income | 19,200 | – | 19,200 | ||
| Income from listed investments | – | 12,182 | 12,182 | ||
| Income from cash investments | – | 4,812 | 4,812 | ||
| Bank interest receivable | 29 | – | 29 | ||
──────── |
──────── |
──────── |
|||
| 19,229 | 16,994 | 36,223 | |||
════════ |
════════ |
════════ |
|||
| Unrestricted | Endowment | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Rental income | 19,200 | – | 19,200 | ||
| Income from listed investments | – | – | – | ||
| Income from cash investments | – | – | – | ||
| Bank interest receivable | – | 549 | 549 | ||
──────── |
──── |
──────── |
|||
| 19,200 | 549 | 19,749 | |||
════════ |
════ |
════════ |
|||
| 8. | Costs of raising donations and legacies | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Fundraising costs | – | – | 1,440 | 1,440 | |
════ |
════ |
═══════ |
═══════ |
||
| 9. | Costs of other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Merchandise costs | 5,841 | 5,841 | 1,747 | 1,747 | |
═══════ |
═══════ |
═══════ |
═══════ |
||
| 10. | Investment management costs | ||||
| Unrestricted | Endowment | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Rental commission | 2,765 | – | 2,765 | ||
| Investment management fees | – | 1,599 | 1,599 | ||
─────── |
─────── |
─────── |
|||
| 2,765 | 1,599 | 4,364 | |||
═══════ |
═══════ |
═══════ |
- 16 -
The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
10. Investment management costs (continued)
| Unrestricted | Endowment | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Rental commission | 2,765 | – | 2,765 |
| Investment management fees | – | – | – |
─────── |
──── |
─────── |
|
| 2,765 | – | 2,765 | |
═══════ |
════ |
═══════ |
|
| Expenditure on charitable activities by fund type | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Advancement of Education on the Life and Work of David | |||
| Parr | 100,849 | 32,674 | 133,523 |
| Support costs | 2,710 | – | 2,710 |
───────── |
──────── |
───────── |
|
| 103,559 | 32,674 | 136,233 | |
═════════ |
════════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Advancement of Education on the Life and Work of David | |||
| Parr | 50,479 | 61,117 | 111,596 |
| Support costs | 2,490 | – | 2,490 |
──────── |
──────── |
───────── |
|
| 52,969 | 61,117 | 114,086 | |
════════ |
════════ |
═════════ |
11. Expenditure on charitable activities by fund type
12. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Advancement of Education on the Life and | |||||
| Work of David Parr | 133,523 | – | 133,523 | 111,596 | |
| Governance costs | – | 2,710 | 2,710 | 2,490 | |
───────── |
─────── |
───────── |
───────── |
||
| 133,523 | 2,710 | 136,233 | 114,086 | ||
═════════ |
═══════ |
═════════ |
═════════ |
||
| 13. | Net gains on investments | ||||
| Endowment | Total Funds | Endowment | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on other investment assets | 9,760 | 9,760 | – | – | |
═══════ |
═══════ |
════ |
════ |
- 17 -
The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
14. Net income
Net income is stated after charging/(crediting):
| Net income is stated after charging/(crediting): | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 29,987════════ |
27,696════════ |
15. Independent examination fees
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,230═══════ |
1,950═══════ |
The independent examination fees are for the costs of preparing the financial statements and the independent examination fee.
16. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 70,670 | 39,104 |
| Employer contributions to pension plans | 4,091 | 2,181 |
──────── |
──────── |
|
74,761════════ |
41,285════════ |
The average head count of employees during the year was 2 (2021: 2).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
17. Trustee remuneration and expenses
No remuneration or other benefits from employment with the Charity or a related entity were received by the Trustees during the current and previous year.
One Trustee incurred costs on behalf of the charity in a previous year amounting to £1,191. During the year, the Trustee decided to donate £1,191 to the charity to settle this loan. The balance owed by the charity to the Trustee as at the balance sheet date was £nil (2021: £1,191).
- 18 -
The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
18. Tangible fixed assets
| Freehold | ||||
|---|---|---|---|---|
| property | Exhibits | Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 April 2021 | 1,627,700 | 13,111 | 1,085 | 1,641,896 |
| Additions | – | 9,696 | – | 9,696 |
──────────── |
──────── |
─────── |
──────────── |
|
| At 31 March 2022 | 1,627,700 | 22,807 | 1,085 | 1,651,592 |
════════════ |
════════ |
═══════ |
════════════ |
|
| Depreciation | ||||
| At 1 April 2021 | 81,906 | 4,420 | 701 | 87,027 |
| Charge for the year | 26,444 | 3,307 | 236 | 29,987 |
──────────── |
──────── |
─────── |
──────────── |
|
| At 31 March 2022 | 108,350 | 7,727 | 937 | 117,014 |
════════════ |
════════ |
═══════ |
════════════ |
|
| Carrying amount | ||||
| At 31 March 2022 | 1,519,350 | 15,080 | 148 | 1,534,578 |
════════════ |
════════ |
═══════ |
════════════ |
|
| At 31 March 2021 | 1,545,794 | 8,691 | 384 | 1,554,869 |
════════════ |
════════ |
═══════ |
════════════ |
The Trustees estimate the cost of land included within freehold property above to be £305,519 (2021: £305,519).
19. Heritage assets
The property known as the David Parr House and contents of the property are deemed to be heritage assets in accordance with the Charities SORP (FRS 102).
| The David | |
|---|---|
| Parr House & | |
| contents | |
| £ | |
| Cost or valuation | |
| At 1 April 2021 and 31 March 2022 | 459,762 |
═════════ |
|
| Accumulated depreciation | |
| At 1 April 2021 and 31 March 2022 | – |
═════════ |
|
| Carrying amount | |
| At 31 March 2022 | 459,762 |
═════════ |
|
| At 31 March 2021 | 459,762 |
═════════ |
The property and contents were originally gifted to the charity but as a market value was easily established the gift and heritage assets have been accounted for at market value at the time of gift being April 2014. The market value was established as the donor had previously acquired the property from a third party immediately before gifting to the charity.
Subsequent additions have been valued at cost.
- 19 -
The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
20. Investments
| Other | |||
|---|---|---|---|
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 1 April 2021 | – | ||
| Additions | 1,017,043 | ||
| Disposals | (1,667) | ||
| Fair value movements | 9,779 | ||
──────────── |
|||
| At 31 March 2022 | 1,025,155 | ||
════════════ |
|||
| Impairment | |||
| At 1 April 2021 and 31 March 2022 | – | ||
════════════ |
|||
| Carrying amount | |||
| At 31 March 2022 | 1,025,155 | ||
════════════ |
|||
| At 31 March 2021 | – | ||
════════════ |
|||
| All investments shown above are held at valuation. | |||
| The investment additions includes interest and dividends received and reinvested. | |||
| 21. | Stocks | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Raw materials and consumables | 12,936 | 15,515 | |
════════ |
════════ |
||
| 22. | Debtors | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Trade debtors | 195 | – | |
| Prepayments and accrued income | 4,791 | 21,144 | |
| Other debtors | 37 | – | |
─────── |
──────── |
||
| 5,023 | 21,144 | ||
═══════ |
════════ |
||
| 23. | Cash and cash equivalents | ||
| Cash and cash equivalents comprise the following: | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Cash at bank and in hand | 164,670 | 147,260 | |
| Short-term deposits | – | 916,035 | |
───────── |
──────────── |
||
| 164,670 | 1,063,295 | ||
═════════ |
════════════ |
- 20 -
The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
24. Creditors: amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 175 | 4,721 |
| Accruals and deferred income | 2,230 | 1,950 |
| Other creditors | 269,339 | 276,219 |
───────── |
───────── |
|
271,744═════════ |
282,890═════════ |
25. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £4,091 (2021: £2,181).
26. Analysis of charitable funds
Unrestricted funds
| At | Gains and | At |
||||
|---|---|---|---|---|---|---|
| 1 Apr 2021 | Income | Expenditure | Transfers | losses | 31 Mar 2022 | |
| £ | £ | £ | £ | £ | £ | |
| General fund | (132,631) | 132,559 | (82,178) | (6,865) | – | (89,115) |
| Property fund | 2,014,631 | – | (29,987) | 9,696 | – | 1,994,340 |
──────────── |
───────── |
───────── |
─────── |
──── |
──────────── |
|
| 1,882,000 | 132,559 | (112,165) | 2,831 | – | 1,905,225 | |
════════════ |
═════════ |
═════════ |
═══════ |
════ |
════════════ |
|
| At | Gains and | At |
||||
| 1 Apr 2020 | Income | Expenditure | Transfers | losses | 31 Mar 2021 | |
| £ | £ | £ | £ | £ | £ | |
| General fund | (226,279) | 125,344 | (31,225) | (471) | – | (132,631) |
| Property fund | 2,039,200 | – | (27,696) | 3,127 | – | 2,014,631 |
──────────── |
───────── |
──────── |
─────── |
──── |
──────────── |
|
1,812,921════════════ |
125,344═════════ |
(58,921)════════ |
2,656═══════ |
–════ |
1,882,000════════════ |
A separate designated property fund has been credited to record the unrestricted funds of the Charity that are tied up in tangible fixed assets and heritage assets. A transfer has been made from general funds representing the additional expenditure in the year on tangible fixed assets less the depreciation charge on those assets.
- 21 -
The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
26. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At | Gains and | At |
||||
| 1 Apr 2021 | Income | Expenditure | Transfers | losses | 31 Mar 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Pilgrim Trust | – | 11,598 | (11,598) | – | – | – |
| Art Fund | 20,225 | 2,247 | (19,641) | (2,831) | – | – |
| Arts Council | ||||||
| England | – | – | – | – | – | – |
| Historic England | 1,435 | – | (1,435) | – | – | – |
──────── |
──────── |
──────── |
─────── |
──── |
──── |
|
| 21,660 | 13,845 | (32,674) | (2,831) | – | – | |
════════ |
════════ |
════════ |
═══════ |
════ |
════ |
|
| At | Gains and | At |
||||
| 1 Apr 2020 | Income | Expenditure | Transfers | losses | 31 Mar 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Pilgrim Trust | – | 14,639 | (11,983) | (2,656) | – | – |
| Art Fund | – | 20,225 | – | – | – | 20,225 |
| Arts Council | ||||||
| England | – | 12,125 | (12,125) | – | – | – |
| Historic England | – | 38,444 | (37,009) | – | – | 1,435 |
──── |
──────── |
──────── |
─────── |
──── |
──────── |
|
–════ |
85,433════════ |
(61,117)════════ |
(2,656)═══════ |
–════ |
21,660════════ |
During the year the previous Charity was awarded a grant from Pilgrim Trust to continue to support a post to be called 'The Pilgrim Trust Curator' for 3 years, on a sliding scale, as the interests from the Endowment starts to come into play.
During the previous year the charity was awarded a grant from the Arts Council England to take our 2020 program of events online. The grant was fully spent in the previous year.
During the previous year the charity was awarded a grant from Historic England to create a virtual interactive tour. The remaining balance on the fund was spent in the current year.
During the current and previous year the charity was awarded a grant from the Arts Fund to support the new digital offerings of the charity. These funds have been fully spent and £2,831 of the costs were incurred in the previous year but allocated to the general fund. These have been transferred to the general fund in the current year.
- 22 -
The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
26. Analysis of charitable funds (continued)
Endowment funds
| Endowment funds | |||||||
|---|---|---|---|---|---|---|---|
| At | Gains and | At |
|||||
| 1 | Apr 2021 | Income | Expenditure | Transfers | losses | 31 Mar 2022 | |
| £ | £ | £ | £ | £ | £ | ||
| Permanent | |||||||
| Endowment Fund | 928,035 | 88,959 | (1,599) | – | 9,760 | 1,025,155 | |
═════════ |
════════ |
═══════ |
════ |
═══════ |
════════════ |
||
| At | Gains and | At |
|||||
| 1 | Apr 2020 | Income | Expenditure | Transfers | losses | 31 Mar 2021 | |
| £ | £ | £ | £ | £ | £ | ||
| Permanent | |||||||
| Endowment Fund | 520,972 | 407,063 | – | – | – | 928,035 | |
═════════ |
═════════ |
════ |
════ |
════ |
═════════ |
The Charity has set up an endowment fund and has received a matched funding grant from the Heritage Lottery Fund. The grant matched donations on a 1:1 basis up to a maximum of £500,000. During the year the income target was reached and the funds were invested. This set a baseline value for the endowment of £1 million which is managed on a total return basis. The power of total return permits the trustees to invest permanently endowed funds to maximise total return and to apply an appropriate portion of the unapplied total return to income each year. Until the power is exercised to transfer a portion of unapplied total return to income, the unapplied total return remains invested as part of the permanent endowment.
| Unapplied | |||
|---|---|---|---|
| Endowment | Total Return | Total | |
| £ | £ | £ | |
| Opening value of endowment | 928,035 | – | 928,035 |
| Increase in endowment | 71,965 | – | 71,965 |
| Investment return: Dividends and interest | – | 16,994 | 16,994 |
| Investment return: Recognised and unrecognised gains and | |||
| losses | – | 9,760 | 9,760 |
| Investment management costs | – | (1,599) | (1,599) |
──────────── |
──────── |
──────────── |
|
| 1,000,000 | 25,155 | 1,025,155 | |
════════════ |
════════ |
════════════ |
- 23 -
The David Parr House
Notes to the Financial Statements (continued)
Year ended 31 March 2022
27. Analysis of net assets between funds
| Unrestricted | Restricted | Endowment | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | |
| £ | £ | £ | £ | |
| Tangible fixed assets | 1,534,578 | – | – | 1,534,578 |
| Heritage assets | 459,762 | – | – | 459,762 |
| Investments | – | – | 1,025,155 | 1,025,155 |
| Current assets | 182,629 | – | – | 182,629 |
| Creditors less than 1 year | (271,744) | – | – | (271,744) |
──────────── |
──── |
──────────── |
──────────── |
|
| Net assets | 1,905,225 | – | 1,025,155 | 2,930,380 |
════════════ |
════ |
════════════ |
════════════ |
|
| Unrestricted | Restricted | Endowment | Total Funds | |
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Tangible fixed assets | 1,554,649 | – | – | 1,554,649 |
| Heritage assets | 459,982 | – | – | 459,982 |
| Investments | – | – | – | – |
| Current assets | 150,259 | 21,660 | 928,035 | 1,099,954 |
| Creditors less than 1 year | (282,890) | – | – | (282,890) |
──────────── |
──────── |
───────── |
──────────── |
|
| Net assets | 1,882,000════════════ |
21,660════════ |
928,035═════════ |
2,831,695════════════ |
28. Analysis of changes in net debt
| At | ||||
|---|---|---|---|---|
| At | 1 Apr 2021 | Cash flows | 31 Mar 2022 | |
| £ | £ | £ | ||
| Cash at bank and in hand | 1,063,295════════════ |
(898,625)═════════ |
164,670═════════ |
29. Related parties
Mr M Muller, a trustee, loaned £269,000 to assist with the property purchase in an earlier year. The balance owed by the charity to Mr M Muller as at the balance sheet date was £269,000 (2021: £269,000).
- 24 -