Burgh House CIO, Registered Charity No1159634 TRUSTEES, REPORT & ACCOUNTS For the Year to 31 March 2024 Burgh House, New End Square, Hampstead, London NW3 ILT
Burgh House CIO, Registered Charity No1159634 Burgh House CIO Trustees, Report The Burgh House Charitable Incorporated Organisation was constituted in 2014 and is registered with the Charity Commissioners under charity number 1159634. It was formed to take on all the activities, obligations, assets and liabilities of Burgh House Trust {registered charity 2755521 from l April 2015 and became the sole Trustee of the Burgh House Trust. The financial statements have been prepared in accordance with the accounting policies Set out in the notes to the accounts and comply with the charity's governing document, 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 for Smaller Entities published on 16 July 2014. Principal Purposes and Actlvities The principal purposes of the Burgh House CIO are to preserve Burgh House and its contents, to protect and improve its amenities for the public benefit, to facilitate access to the House by the general public and to encourage its use and occupation for charitable purposes. The main activities of the House are exhibitions, talks, recitals, workshops and community projects. The House has no charge for entrance and aims to deliver a cultural programme that is accessible to everyone, growing and diversifying our audiences to reflect the community we serve. These are made possible through the charity's commercial activity as a weddings/ private events space, café and meeting space. Review of Actlvities in the year to 31 March 2024 Financial Performance The year to 31 March 2024 was one of significant change for Burgh House. Several key employees left the organisation during the year, including the Director and the Deputy Director, and our new Director, Angela Doane, took over in March 2024 with a mission to review all of our operations and staffing structures. For a second successive accounting year we incurred a significant financial deficit. Some of this deficit was due to our remaining spending commitments related to the original grant from the Marie-Louise von Motesiczky Charitable Trust two years earlier, but some of the loss related to higher than budgeted costs associated with our internal events programme. The board of trustees reviews the financial position on a quarterly basis, and we have always been confident that we have been trading safely, given our strong reserves position. Nevertheless, given two years of significant losses, early in 2024 the Board committed to two courses of action: l. We performed a strategic review of our revenue potential and committed costs between April and June 2024, to ensure that we are able to trade sustainably going forward.
Burgh House CIO, Registered Charity No1159634 2. In March 2024 we liquidated our investments with COIF in order to generate £220k of cash to shore up our cash reserves (to approximately £300k) thereby giving us even more confidence in our ability to trade safely and responsibly going forward. 3. The second action above prompted several discussions at board level about our various reserve accounts, which the funds were intended to represent. Following these discussions and further investigation, we confirmed that no funds or reserves (other than that related to the Marie-Loui5e von Mote5iczky Charitable Trust's grant) are restricted, and therefore we concluded that the accounts would be simpler, more transparent, and more useful to the reader if we consolidated all reserves into the general reserve. See notes 6, 8 and 9 below, Our trading duringthe first 6 months of the year ended 31 March 2025 have been satisfactory. Cash levels have increased, cost levels have reduced, and we have been trading at a small surplus. Commercial Activity during the year During this year, we hosted 56 weddings, 25 private parties, 17 celebrations of life and 42 externally hired concerts. The House is also growing in popularity as a venue for filming, including media interviews. Cultural Programme during the year Burgh House offered a vibrant cultural programme throughout the year {including but not limited to externally hired events). An exciting public programme included musical performances, talks and book readings, wine-tasting5, creative workshops, and some Burgh House Lates. Highlights of Burgh House's exhibitions programme for the year include: Lancelot Ribeiro.. Finding Joy in a Landscape (May- December 2023) This exhibition was a journey through the changing landscapes of Hampstead-based expressionist poet and painter Lancelot Ribeiro, from his roots in pre-lndependence 19305 India to life in mid-20th century Britain. Ribeiro experimented with form and materials, moving from conventional depictions of the Lake District to otherworldly townscapes and sharp, bright abstracts inspired by geology. This exhibition continues the long relationship between Burgh House and the artist. Lancelot Ribeiro first exhibited at Burgh House in 1980 with the Indian Artists UK, and Finding Joy in a Landscape wa5 another successful collaboration with Marsha Ribeiro, the artist's daughter, who first worked with Burgh House on the Retracing Ribeiro exhibition in 2016. Tell Me A Story Inspired by Ribeiro's poetry as well as his paintings Burgh House launched Tell MeA Story a combination of exhibition and competition in which an eclectic selection of object5 and artworks from the Burgh House collection were displayed without any of the usual accompanying information. Visitors were encouraged to let their imaginations be inspired by the artworks and to submit creative responses to a competition. The competitions were a great Success, receiving more than 60 entries from both adults and children. Entries came
Burgh House CIO, Registered Charity No1159634 from across the LIK, Europe and America, as well a5 those local to Burgh House, and In a range of languages. The project was also featured in an internatlonal project on Museum StorytellSn8 run by French academics. Artlst in Focus Throughout 2023-4 Burgh House held 7 exhibitlons as part of the Artlst In Focus programme, funded by Osborne's Law. The exhlbltlons took plate In the Peg8y Jay Gallery, Bur8h House's hireable exhlbltion space, and enabled artlsts who face economlc and tultufal barriers to exhlblt wlthout the normal cost of hire, More than 20 artists exhibited across the exhlbltlons. Many made sales of their work, including to International collectors, and the Private Views saw hundred5 of attendèès, many of whom were r¢ew visltors to Burgh House, Trustees The London Borough of Camden nomlnate three persons to be appointed a5 elther a Trustee or as a member of the Finance and General Purposes Committee, with at least one of these being a Trustee. Trustees are selected to bring a wlde ran8e of the skills, knowledge and experlen¢e needed for effective administration of the CIO, and are appointed by a resolutlon passed at a properly convened meeting of the Trustees, Trustees durlng the year were: J Barker A 8vrrage N M Carrington {Chair of the Trustees) LChun8 D Curtln P Gamer C Gascoigne A Logue-Bose P A Mcmahon J Sonabend H Stewart W Sudbury Bankers Barclays Bank UK PLC, 28 Hampstead Hlgh Street, London NW3 IQB. Lloyds Bank pl¢, 140 Camden High Street, London NWI ONG. Sir Nigel Carringt (Chair of the Tru tees) 11 December 2024
Burgh House CIO, Registered Charity No1159634 Independent Examiner's Report to the Trustees of Burgh House I report on the accounts of the CIO for the year ended 31 March 2024 which are set out on pages 5-10. Respective responsibilities of Trustees and ex(7miner As the charity's Trustees you are responsible for the preparation of the accounts. you consider that an audit is not required forthis year under section 144 of the Charities Act 2011 (the Act), and that an independent examination is needed. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners {under section 145{5)Ib) of the Act) whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examiner's statement During my examination, no matter has come to my attention which suggests that your accounting records have not been properly kept (in accordance with section 130 of the Charities Act) or that these accounts do not accord with them and comply with the Act. Nor, in my opinion, is there any matter in them to which special attention should be drawn. Constantinos loannou Chartered Accountant loannou & Co Chartered Accountants 767-769 High Road London N12 8JY 11 December 2024
Burgh House CIO, Registered Charity No1159634 Statement of Financial Activity for the year ended 31 March 2024 2024 2023 Provision for House Total unrestricted fund5 Total unrestricted f unds Operating Activities Maintenance (Note 61 Income CIO Actitivies Fund Raising Activities Investment Restricted income Total Income Note 2 Note 3 365,936 32,870 7,427 365,936 32,870 7,427 312,338 24,401 6,021 406,233 406,233 342,760 Expenditure Raising Funds Charitable Activities House maintenance Restricted expenditure Total Expenditure Note 3 Note 4 Note 6 Note 10 110,4831 1531,3711 110,4831 1531,3711 110,9661 1428,1671 133,6021 135,2381 1507,9731 132.5001 1574,3541 132,5001 1574,3541 Net incomellexpenditurel 168 120 168 120 165 213 Net Increase/ldecreasel in value of Fund increase Net movement in f unds Total fund5 brought forward Total funds carried forward 19,142 1148,9781 284 539 £135 560 17,1151 1172,3281 456 867 £284 539
Bur8h House CIO, Registered charity No1159634 BalantÈ Sheet at 31 March 2024 2024 2023 Assets COIF Shares COIF Deposlt Office equipment & flttings Bank balancès & cash Debtors & prepayments 8ookstall stock 210,164 59,572 1,253 120,989 17,583 2,729 412.290 1,262 I,sio 308,377 24,442 6,228 341,819 Llabllities Current liBbilitie5 Deposlt control Taxe5 & Penslons Income recelved in advance (44,616) 161,050) 17,283) (93,309) (206,2581 (12,923) 138,300) 110,418) 166,110 (127,751) £135 560 £284 539 U nrestrietÈd funds Provlslon for House Malntenance Wade Museum Fund General Fund Note 6 Note 8 Note 9 149,748 37,896 50,742 121,907 £121907 £238 386 Restricted funds MLVM 13,653 46.153 £135,560 £284,539 Sir igel Carrin on( Paul Mcmahon (Trusteenreasurer) 11 December 2024
Burgh House CIO, Registered Charity No1159634 Notes to the Accounts for the year ended 31 March 2024 l. Accounting Policies These Financial statements have been prepared in compliance with FRS102 and follow the Charities SORP (FRS102). Income is included in the Statement of Financial Activities as it is earned. Amounts which relate to subsequent accounting periods are shown in the Balance Sheet as Income received in advance. Expenditure on Furniture, Fixtures and Fittings and on Acquisitions for the Museum is written off as incurred and no valuation is included in the General Fund Balance Sheet. The assets of the CIO are mainly placed with The Charities Official Investment Fund (COIF), as either Charity Deposits or Charity Units. These units were all sold during the financial year. Bookstall stocks are included in the Balance Sheet at the lower of cost or saleable value. 2. Income in furtherance of the CIO'S objectives 2024 2023 Donations and Legacies Friends of Buh House LB Camden, business support Other 3,759 3,526 38,298 30,022 42,057 272,697 51,182 365,936 33,549 235,040 43,749 312,338 Com mercial rent Events Total Income
Burgh House CIO, Registered Charity No1159634 3. Fundraising activities 2024 2023 Income from fund raising activities Shop sales Events internal 16,355 13,121 16,515 11,280 Total f rom operatlng activities Donations and fundraising events for the building ref urbishment Inote 61 Total from fund raising activities Less expenditure on raising f unds Cost of shop sales Cost of events 32,870 24,401 32,870 24,401 15,6621 14,8211 16,1111 14,8551 Total cost of generating funds.. Net income from f und raising activitie5 110,483 22,388 110,9661 13,435 4. Expenditure 2024 2023 General Expenses: Salaries and casual work 252,294 97.221 92.620 48,883 10,118 3,720 26,515 245,002 49,758 58,871 40,990 11,633 2,112 Other general administration expenses Maintenance, cleaning & garden Utllities and Council Tax Insurance and security system Independent examination fees Museum expenses Furniture. fixtures and fittings 531,371 428.167 531,371 428.167 General Expenses relating to the CIO as a whole on fund-raising, publicity and general administration are not separately identified. Apart from the cost of the General Manager, whose salary is included in Salaries and casual work, these functions are largely carried out on a voluntary basis by the Trustees, members of the Committee of Management and of the Friends of Burgh House, No trustee expenses have been incurred and none of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.
Burgh House CIO, Registered Charity No1159634 5. Tenure of Burgh House The freehold of Burgh House 15 owned by the London Borough of Camden. The CIO currently has a 25-year lease at a peppercorn rental. 6. Provision for House Maintenance The Provision for House Maintenance was originally set up, based on a professional review to cover the expected expenditure for known major irregular replacement or maintenance items, such as the heating and hot water system, wiring and kitchen appliances and external redecoration. The annual provision, allocated from income received, is set as necessary to reflect changes in the expected costs of replacement and associated works. The amount so set aside has proved insufficient to cover the rewiring of the house and associated refurbishment so dedicated donations and fundraising events are being raised to cover the shortfall. The Board concluded that this provision was largely cosmetic and unnecessarily complicated, so as you can see below, we have transferred the balance into the general reserve. Transactions this year have been: 2024 2023 Balance at start of year Allocation of income received (note 91 less expenditure on renovation work (note 4} 149,748 183,350 Donations and fundraising events {note 31 Transfer to general f und reserve less expenditre on refurbishment Net increase/ldecreasel in the year Balance at end of year 1149,7481 1149,7481 1149,7481 133.6021 133,6021 133,6021 149 748 7. Heritage Asset5 The Hampstead Museum aims to exhibit, interpret, collect, document and preserve for the public, material evidence and associated information related to the development of Hampstead, past and present. Since its foundation in 1979 as an integral part of Burgh House Trust it has been given numerous prints, pictures, books, small artefacts and some donations to be used extending the collection, which now contains over 3,500 objects. The Trustees of Burgh House Trust did not put a value of this collection on its Balance Sheet and, as Trustees of Burgh House CIO, have continued this practice as they believe that the cost of obtaining a valuation would be onerous compared with the additional benefits derived by the Museum and users of the accounts. 10
Burgh House CIO, Registered Charity No1159634 8. Wade Museum Fund The main purpose of the Wade Museum Fund 15 to fund acquisitions for the Hampstead Museum. Transactions on the account this year (including the transfer to the general reserve) have been as follows". 2024 2023 Balance at start of yèar Less acquisition of paintings Transfer to General fund reserve 37,896 38,236 137,8961 Increase/ldecreasel in value of COIF shares Net decrease in the year Balance at end of year 13401 137,8961 13401 9. General Fund The General Fund is maintained as a reserve to cover all other eventualities, especially any annual operating deficits. Transactions on the account this year (including the transfers from the Wade and Maintenance funds {notes 6 & 8 above)) have been: 2024 2023 Balance at start of year Net incoming resources Expenditure cha rged to Provision for House Maintenance less Income a Ilocated (note 6) 1168,1201 50,742 153,890 1168,1201 1165,2131 33,602 1131,6111 Movement in restricted funds IMLVMI Transfer from maintenance Trdnsfer from Wade Increase/(decreasel in value of COIF shares Net increaselldecreasel in the year Balance at end of year 32,500 149,748 37,896 19,142 35,238 {6,7751 71,166 121908 103,1481 11
Burgh House CIO, Registered Charity No1159634 10. MLVM remaining balance (restrlcted) There remains a Small balance carried forward at 31 March 2024, and we have been working directly with the Marie-Louise von Motesiczky Charitable Trust on future spending plans. 2024 2023 Balance at start of year Received in tne year Expended during the year Balance at end of year 46,153 81,391 {32,5001 13,653 {35,2381 46,153 11. Employees 2024 12 2023 14 Average number of employees in the year There were no employees who earned more than £60,000 in the year 12