2021-02-28-accounts - West Horsley Place Trust

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			Page
Trustees' and charity information
Trustees' report
Independent auditors'	report		14
Consolidated statement	offinancial	activities	18
Balance sheets			19
Consolidated statement	ofcash flows		20
Notes to the financial statements			21

Trustees			Adrian Lajtha		(Chair ofTrustees)	(Chair ofTrustees)	(Chair ofTrustees)	(Chair ofTrustees)
			Ann Finlayson
			Amanda de Haast
			Bamber Gascoigne
			Angela Kidner
			Giles Reid
			Patrick Roberts		(Treasurer)
			Marilyn Scott
Executive	director		Peter Pearce (retired 31			May 2020)
			Ben Pearce (from	14September			2020)
Company	secretary		Catherine McCallum
Registered		address	West Horsley Place
			Epsom Road
			West Horsley
			Leatherhead
			Surrey
			England
			KT24 6AN
Charity number			1164840(registered		in England		and	Wales)
Company	number		09795744 (incorporated			in England		and Wales)
Independent		auditors	Saffery Champness		LLP
			71Queen Victoria	Street
			London
			EC4V 4BE
Bankers			CAF Bank Limited
			25 Kings Hill Avenue
			Kings Hill, West Mailing
			Kent
			ME194JQ
Solicitors			Stone King LLP
			Boundary House
			91Charterhouse	Street
			London
			EC1M 6HR
Investment		managers	Sarasin 5.Partners		LLP
			Juxon House, 100St Paul's Churchyard
			London
			EC4M BBU

			Unrestricted	Restricted	Endowment	Total	Total
			Funds	Funds	Funds	Funds	Funds
			2021	2021	2021	2021	2020
		Note	f	f	f	f	f
Income and
endowments
from:
Donations and legacies			16,689	29,580	13,765	60,034	382,870
Charitable activities			151,955			151,955	172,287
Trading activities			222,198			222,198	233,144
Investment income			72,680			72,680	113,823
Other income			68,640			68,640	347,727
Totalincome			532,162	29,580	13,765	575,507	1,249,851
Expenditure on:
Raising funds			161,512			161,512	130,767
Charitable activities			527,972	29,580	2,931	560,483	802,960
Total expenditure		7	689,484	29,580	2,931	721,995	933,727
Net gains on investments					136,078	136,078	194,196
Net income/ (expenditure)			(157,322)		146,912	(10,410)	510,320
Transfers between		funds	212,318		(212,318)
Net movement funds	in		54,996		(65,406)	(10,410)	510,320
Reconciliation	of
funds:
Total funds brought forward			353,022		14,089,758	14,442,780	13,932,460
Total funds carried forward		14,15	408,018		14,024,352	14,432,370	14,442,780


	Note	Group f	Charity f	Group f	Charity f
Fixed assets
Tangible fixed assets Heritage assets	9 10	408,983 6,818,390	408,983 6,818,390	360,002 5,353,268	360,002 5,353,268
Investments	11	6,936,633	6,936,634	8,034,509	8,034,509
		14,164,006	14,164,007	13,747,779	13,747,779
Current assets
Debtors	12	130,491	222,300	793,686	789,405
Cash at bank and in
hand		406,964	204,910	414,364	274,007
		537,455	427,210	1,208,050	1,063,412
Current liabilities
Creditors: amounts
falling due within one year		(269,091)	(177,823)	(513,049)	(445,497)
Net current assets		268,364	249,387	695,001	617,915
Creditors: amounts
falling due after more
than one year
Total net assets		14,432,370	14,413,394	14,442,780	14,365,694
The funds ofthe	14
charity: Endowment fund		14,024,352	14,024,352	14,089,758	14,089,758
Restricted fund
Unrestricted fund		408,018	389,042	353,022	275,936
Total charity funds	15	14,432,370	14,413,394	14,442,780	14,365,694

			2021f	2021f	2020f	2020 f
Cash flows from operating	activities
(see below)				234,222		(530,360)
Cash flows from investing
activities
Dividends, interest and rental income			72,680		113,823
Purchase oftangible fixed assets			(83,828)		(352,771)
Purchase ofheritage assets			(1,478,196)		(2,042,708)
Disposal of investments			1,244,942		1,300,000
				(244,402)		(981,656)
Cash flows from financing	activities
Cash endowment receipt				13,765		370,000
Change in cash and cash equivalents				3,585		(1,142,016)
Cash and cash equivalents	at 1March			415,769		1,557,785
Cash and cash equivalents
at 28 February		17		419,354		415,769
					2021	2020
					f	f
Reconciliation ofnet income to cash flow
from operating activities:
Net income					(10,410)	510,320
Adjustments for:
Depreciation					11,434	6,121
Loss on disposal offixed assets					23,413
impairment ofheritage assets					13,073
Dividends, interest and rental income					(72,680)	(113,823)
(Gains)/losses on investments					(136,078)	(194,196)
(Increase)/decrease in debtors					663,195	(691,190)
Increase/(decrease) in creditors					(243,960)	322,408
Endowment receipt					(13,765)	(370,000)
					234,222	(530,360)

			Total and	Total and	Total and	Total and	Total and
			unrestricted	funds		unrestricted	funds
				2021 f			2020f
Rents receivable				151,907		137,611
House Tours							30,329
Other income							4,347
				151,955		172,287
Income from		trading activities
				Total and			Total and
			unrestricted		funds	unrestricted funds
					2021f		2020f
Filming income				220,781			209,911
Other trading		income			1,417		23,233
				222,198			233,144
Investment	income
				Total and			Total and
			unrestricted		funds	unrestricted funds
					2021		2020
					f		f
Dividend income					72,389		112,612
Interest income					291		1,211
					72,680		113,823
Other income
				Total and			Total and
			unrestricted		funds	unrestricted funds
					2021		2020
GPO cost contribution					26,626		347,727
Government		grant			42,014
					68,640		347,727

Expenditure	Expenditure	Expenditure
Current year			Direct costs	Direct staff	Support and	Total	Total
				costs	governance
					costs (see
					below)
			2021	2021	2021	2021	2020
			f		f		f
Raising funds			18,935	126,929	15,648	161,512	130,767
Charitable	activities
Maintenance		ofthe estate	244,475	61,280	202,035	507,790	738,188
Promotion	of	the performing	12,415	30,018	10,260	52,693	64,772
arts
			275,825	218,227	227,943	721,995	933,727
Comparative		year	Direct costs	Direct staff	Support and	Total
				costs	governance
					costs (see
					below)
			2020	2020	2020	2020
			f	f	f	f
Raising funds			21,383	97,508	11,876	130,767
Charitable	activities
Maintenance		ofthe estate	433,653	63,678	240,857	738,188
Promotion	of	the performing	11,839	46,357	6,576	64,772
arts
			466,875	207,543	259,309	933,727

	Su ort costs
					2021 f		2020f
	Staff costs (note 8)				34,167		33,663
	Legal and professional		fees		32,284		75,580
	Utilities				28,648		32,743
	General office and administration				15,280		20,697
	Computer and IT				16,750		8,661
	Insurance				44,901		31,743
	Other costs				31,058		39,902
	Depreciation				11,435		6,120
	Governance costs:
	Audit fees			8,100		7,800
	Accountancy	and related fees		5,320		2,400
	Legal and professional		fees
					13,420		10,200
					227,943		259,309
	Disclosure of	auditors'	remuneration
						2021f	2020 f
	Audit fees					8,100	7,800
	Accountancy					5,320	2,400
	VAT and tax	services				12,675	16,000
8.	Staff costs
						Group	Group
						2021	2020
						f
	Salaries and	wages				221,057	216,100
	Social security costs					21,385	19,729
	Pension					9,952	5,377
						252,394	241,206

n exceeded f60,0	00was as follows:
Number	Number
2021	2020

Tangible fixed	assets
Group and charity	Property improvements	Biomass	i'iant & machinery	Motor yehides	Fixtures 8 Fittings	computer Equipment	Total
	(in progress)
Cost			f				f
At 1March 2020	329,823	16,970	15,922	12,408	2,004	2,705	379,832
Additions	53,252	6,443	24,133				83,828
Disposa ls		(23,413)					(23,413)
At 28 February 2021	383,075		40,055	12,408	2,004	2,705	440,247
Depreciation
At 1March 2020			10,969	8,365	33	463	19,830
Charge for the period			8,010	2,482	401	541	11,434
At 28 February 2021			18,979	10,847	434	1,004	31,264
Net book value
At 28 February 2021	383,075		21,076	1,561	1,570	1,701	408,983
At 29 February 2020	329,823	16,970	4,953	4,043	1,971	2,242	360,002

Heritage assets
Group and charity	Heritage	Chattels	Total
Cost	property f		f
At 1March 2020	5,019,695	335,964	5,355,659
Additions	1,478,196		1,478,196
Disposals
At 28 February 2021	6,497,891	335,964	6,833,855
Provision for impairment
At 1March 2020		2,392	2,392
Charge in the year		13,073	13,073
At 28 February 2021		15,465	15,465
NBV
At 28 February 2021	6,497,891	320,499	6,818,390
At 29 February 2020	5,019,695	333,572	5,353,267

Summa anal sis of herita e	asset transactions
	2021 f	2020f	2019 f	2018 f
Brought forward	5,355,659	3,312,951	2,506,064	2,542,864
Purchases	1,478,196	2,042,708	849,287	127,700
Donations				(66,400)
Disposals			(42,400)	(98,100)
Cost carried forward	6,833,855	5,355,659	3,312,951	2,506,064

11. Investments
Current year	Investment	Other	Group Total	Investment	in		Charity
Valuation	propertiesf	investments f	f	subsidiary		f	Totalf
At 1March 2020	5,739,242	2,295,266	8,034,508				8,034,509
Additions at cost
Disposals		(1,244,942)	(1,244,942)				(1,244,942)
Unrealised gain/loss		136,078	136,078				136,078
Increase in cash held by
investment manager		10,989	10,989				10,989
At 28 February 2021	5,739,242	1,197,391	6,936,633			1	6,936,634
Comparative year	Investment	Other	Group Total	Investment	in		Charity
Valuation	propertiesf	investments f	f	subsidiary		f	Totalf
At 1March 2019	5,739,242	3,431,172	9,170,414			1	9,170,415
Additions at cost
Disposals		(1,300,000)	(1,300,000)				(1,300,000)
Unrealised gain/loss		194,196	194,196				194,196
Increase in cash held by
investment manager		(30,102)	(30,102)				(30,102)
At 28 February 2020	5,739,242	2,295,266	8,034,508			1	8,034,509

								2021 f	2020f
Collective investment	funds	(UK)					1,185,000		2,293,863
Cash								12,394	21,082
Total investments at market		value					1,197,394		2,314,945
Historic cost ofinvestments		(excluding			cash)		1,043,230		2,250,858
Investment in subsidiary
On 5August 2016the	charity acquired				100/0 ofthe share capital		in	its wholly owned subsidiary, We
Horsley Place Limited	(company		regist.ration number			10315041).
The summary financial	performance			of	the subsidiary	alone is:
Profit and loss								2021 f	2020f
Turnover								222,264	233,990
Cost ofsales								(74,000)	(56,163)
Gross profit								148,264	177,827
Administrative expenses								(6,374)	(740)
Profit for the year								141,890	177,087
Gift aid payment to West Horsley Place								(200,000)	(189,187)
Trust
Balance sheet
Called up share capital Profit and loss reserve								1 18,977	1 77,087
Total reserves								18,978	77,088

12.	Debtors
				Group	Charity	Group	Charity
				2021	2021	2020	2020
							Restated
							f
	Trade debtors			3,274	3,273	579,641	568,950
	Other debtors and		prepayments	127,217	140,733	214,045	212,116
	Amount	due from subsidiary			78,294		8,339
				130,491	222,300	793,686	789,405
1$.	Creditors: amounts		falling due within one year
				Group	Charity	Group	Charity
				2021	2021	2020	2020
				f		f	f
	Trade creditors			56,009	56,009	301,934	301,934
	Other creditors and accruals			213,082	121,814	211,115	143,563
				269,091	177,823	513,049	445,497

14.	Movement	in funds	- group
14.1	Current year
			Balance at	Income	Expenditure	Transfers	Balance at
			1March			and	28 February
			2020			gains/losses	2021
						On
						Investments
	Endowment	fund
	West Horsley	Estate	14,089,758	13,765	(2,931)	(76,240)	14,024,352
	Restricted fund
	Place Farm			20,000	(20,000)
	Courtyard
	Other restricted			9,580	(9,580)
	funds
	Unrestricted	fund
	General fund		353,022	532,162	(689,484)	212,318	408,018
			14,442,780	575,507	(721,995)	136,078	14,432,370

Prior year
		Balance at	Income	Expenditure	Transfers	Balance at
		1March			and	28 February
		2019			gains/losses	2020
					on
					Investments
					f
Endowment	fund
West Horsley	Estate	13,892,879	370,000	(2,931)	(170,190)	14,089,758
Unrestricted	fund
General fund		39,581	879,851	(930,796)	364,386	353,022
		13,932,460	1,249,851	(933,727)	194,196	14,442,780

15.2	Prior year —group
		Unrestricted	Restricted	Endowment	Total
		Funds	Funds	Funds	Funds
		2020 f	2020 f	2020f	2020 f
	Tangible fixed assets	356,106		3,896	360,002
	Heritage assets			5,353,268	5,353,268
	Investments			8,034,509	8,034,509
	Net current assets	(3,084)		698,085	695,001
		353,022		14,089,758	14,442,780
15.3	Current year —charity only
		Unrestricted	Restricted	Endowment	Total
		Funds	Funds	Funds	Funds
		2021 f	2021	2021f	2021f
	Tangible fixed assets	408,018		965	408,983
	Heritage assets			6,818,390	6,818,390
	Investments			6,936,634	6,936,634
	Net current assets	(18,977)		268,364	249,387
		389,042		14,024,352	14,413,394
15.4	Prior year —charity only
		Unrestricted	Restricted	Endowment	Total
		Funds	Funds	Funds	Funds
		2020f	2020f	2020f	2020f
	Tangible fixed assets	356,106		3,896	360,002
	Heritage assets			5,353,268	5,353,268
	Investments			8,034,509	8,034,509
	Net current assets	(80,170)		698,085	617,915
		275,936		14,089,758	14,365,694

Operating lease receipts
Minimum lease receipts operating leases to be received: Not later than one year	under	non-cancellable	2021f 114,495	2020 f 111,991
Later than one year but	not later	than five		69,397
Later than five years
Total lease receipts under non-cancellable		leases	114,495	181,388

			Unrestricted	Restricted	Endowment	Total
			Funds	Funds	Funds	Funds
			2020	2020f	2020f	2020f
Income and endowments
from:
Donations and legacies			12,870		370,000	382,870
Charitable activities			172,287			172,287
Trading activities			233,144			233,144
Investment income			113,823			113,823
Other income			347,727			347,727
Total income			879,851		370,000	1,249,851
Expenditure on:
Raising funds			130,767			130,767
Charitable activities			800,029		2,931	802,960
Total expenditure			930,796		2,931	933,727
Net gains/(losses)	on
investments					194,196	194,196
Net income/(expenditure)			(50,945)		561,265	510,320
Transfers between		funds	364,386		(364,386)
Net movement in	funds		313,441		196,879	510,320
Reconciliation offunds:
Total funds brought		forward	39,581		13,892,879	13,932,460
Total funds carried		forward	353,022		14,089,758	14,442,780