##
##
||||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||||||
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||||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|
##
||||2021|||2020||
|---|---|---|---|---|---|---|---|
||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)|
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||||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|
|10.|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|
##
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|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|