Compton Verney House Charity Annual Report and Flnanclal Statements 31 March 2024 Charity R8Otstr*vJn Nu 1198705 CempaDy Repislralion ￿fflbeT 13754286 Cont¢nts Rèports Reference and 8dministratNe inform81ion CEO and Ch8Sr introduction Trustèos, rèport. including strategic report 4 Independent audrtorfs rèKK)rt on the financial statements 31 Financial statements Consolidated ststement of financial a¢tivtti8s 36 Balance sheets Consolidated statement of Cash Iow8 39 Principal accounting policias 40 Notes to the accounts 45 Crxnpton Vemey House Charity R¥f•r•n¢& and administrative inforniation Trustees Penny Egan. CBE {Chairl Mark Amistrong Philip Bunt Geraldine Collinge- Ex-offieio Oliver Cox Iretrrod 31 December 20231 Sipho Ndlov Magnus Renfrew Helen Rose Jon Sheaff Ross Sleight Paul Smith Lydia Thom8S Peter Wlson Laia Ratnaraia {8ppornled 1 January 2024} Caroline Jones lappoinled 1 Jar¢uary 20241 Chief Executlve Geraldine Collinge Exeeutiv¢ T••m Thornas Wlliams, Development Director Abigail Viner, Director of Creative Programme & Engagement Duncan Smith. Inlerirn Director of Finance Iresigned 31 July 20231 David Guilding. Chief Operth'ng Offi.￿1 (appointed 11 Sepltsrnber 20231 Company Sè¢r•tsry Lu¢y Jones Reglst•tsd •ddr¢#¥ Compton Vemey Warwick CV35 9HZ Charity registratlon number 1196705 Company reglstratlon number 13754286 Auditor Buzzacott LLP 130 Wood Street London EC2V6DL Compton Verney House Charty 1 Reference and administratlve Infom)atlon Bankers Barclays 8ank plc 48B & 50 Lord Streot Live¥pool L2 1TD Sollcltors Bates Wells Scandinavian House 2-6 Cannon Street London EC4M 6YH Compton Verney House Charty 2 CEO and Chalr introduction Year ended 31 March 2024 Annual report CEO and Chair intrOd￿tIon In 2024 wè weFe delighted lo celebrate 20 years of Compton Verney being fully OFen to the public. Since being founded by Sir Peter Mooies in an eKtraordinary act of generosity. Compton Verngy has welcomed hundreds ofthousands of visitors and shared its work widely with many dtffe18nl audiences including schools and familles. K 18 wor)derful to be in a position to build on this legacy and look to the nèxt 20 years. The anniversary celebrations began with the inauguration of a new Sculpture Park featuring the loans of a Louise Bourgeois SPIDER, and Helen ChadwiGk's Pis5 Flowers along with newer work by Permindar Kau¥ and Larry Achiarnpong amongst others. It 1$ also wonderful to feature a new commission from Efika Verzutti, the first tim8 th81 the Compton Verney Collection$ Settlement has comrnissioned a permanent outdoor work as part of OUT collections. We are very graleftjl for their support alongside the Henry Moore Foundation. '* Sculptu￿ Pa￿ unfoldlng through the undulations ol Capablllty Bmwn's grncious landscapedgrounds, Itls nlgh on p•rf8et' Observgr We werè also proud Ihat alongside the sculpture and temrK)rary exhibitions we showcased an exhibition of work woduced by students from Kineton High School in response lo a painting from our collection whith we loaned lo the school for thre¢ months, which inspired their work across the curriculum. These celebratory exhibf(ions, which have bèen widely praised by the critics, exemplify our Values and demonstrate how we deliver our tharitable purpose. We are pleasèd to be able lo share our work both with the lo¢al comrnunity and to rnake a national imp8¢1. We would likè to thank the tearn of fellow trustees, staff and volunteers, partners, artists and funders for making 811 this possible. We are delighted to bè Joined by new trustees Caroline Jones and Lara Ratrlaraja and also to Emity Baulcomb6 and Katg Laister-smith acts'ng as a Youth Board, attending all trustee meetings and advislng uslng their unique perspectives. We thank outgoing Iruslee Oliver Cox for his Contrit￿tiOns. Penny Egan CBE Chair Geraldlne Colllnge CEO Compton Vèrrney House Charity 38 Tru$tees' reporL including strnteglc rnport Year Ondod 31 Mar¢h 2024 Ovwview of the perlod We were delighted to continue to connecl people with art, nature and creativty at Compton Verney in 202314. continuing to rebuild after the Covhy 19 pandemic and the extemal challenges that have impacted our operalrons. We were pleaseLI to welcomeiust undor 120.000 v1$rfo￿ to Compton Vemey between l April 2023 and 31 Maroh 2024 and s.oots se1￿01 visff$. Vvhile our annual visitor number was slightly lower th8n18st year, we were still pleased with the performance in the year given the èxtèrnal ￿nteXt. Wnler was a particular challenge for us from a visitor perspective wf(h the combination of the cost of living, wet weather and one Sing￿ temporary exhibl(ion Irather than the normal Iwol impacting on visitor numbers. We 8150 continue to see the impact of ￿Creased energy costs and began work to change our infrastructure in order lo rnitigate these costs. with the installation of 8 new chiller system starting towards the end of the year and a costed plan in place for future ¢apital work. Compton Vamoy was estsbli5hed by Sir Peter Moores in an extraordinary act of generosity as a charity lo open door5 so everyone can experience art. We are proud to build on this legacy to create an inclusive organisalion and to work collaboratively wth artists. audEnce5 and communities lo explore the historic and the contemporary, the indcM)r and outdoor acros5 this amazing srte, working towards ¢wr vision to be the leading visual arts destination at the heart of th8 country. Programme Our 202314 year has been busy with 8 Stron9 programme of exhibitions. installations, collections interventions and artists in ￿sidenCe. The year opened with Making m￿chIeland Tudor Mystery Iwo exhibitions closely connected to Compton Vemey's collè¢tion$. Making MischAef bridged the gap be￿een the start gf year and the fv40 summer exhibitions which both shone a light on human èngagèmènt and impact on the natural worfd- with Binls ofAm6nG& by John Jame5 Audubon and Quenlln Blake.. Birds Beasts and Explornrs Lx)th Op6￿1￿ in late Spring learly Summer. Alongside this the grounds hosted a sound instsllatson Living Symphonies by artists Jones and Bulley that immersed visrtors in the unseen natural world around them. Through Wnter we presented History In the M&king In partnership with Vvoburn Abbey and the Crafts Council, unusually running this èxhibition across most of our spaces in order to launch all the programme al Ihe same lime for our 201h anniversary celebrations lo able lo maXim￿e the press impact. We launchéd our 2024 8noiveTsary programme on 20￿ March with a major sculpture park and yo important exhibiiions- Lèndscèpè èrRd lm8ginalion.' From Gardens to Land Art and SpiiFt Insidè. Both exhibitions and the sculpture park have generated signifie8nt piess and metha coverage helping to grow Compton Vèmey's place in the public consciousne5S. Tudor Mystery.. A Master Palnt•r R•v•al•d (04 Feb- 07 M•y 2023) was the wodd's first exhibition devoted to an important, talented, bul lar9ety forgotten painter at the court of Elriabèth l. Takin9 the VT51tor on an art historical detective story, Tudor Mystery." A Master P8AnlerRevealed locuses closely on th& production of art in London during1he 1560s. a little- studied period in British art hi510ry, when the Elllabelhan reign was still in its infancy and many ol rt$ key players were on the ascent. It addr855ed the mi9ralion of artlsls across Europe, links befv￿en the Low Countrie3 and Brrtain. the seaTch for a 'cunning paiTrt8rf capable of dep"cting Queen and brought together miniatures and large-scale portiart3 to Cornpton Vérney Hou58 Charity 4 Trus￿$, report. Includlng strateglc report Year ended 31 March 2024 explore exciting new possibilities of the artist's identty asking visitors if Amold Derickson could be the mysterious painter. M4klng Mis¢hief. Folk Costume In Britaln (11 F•b- tl Jun• 2023) was a celebration of gr85srools IraditDns and a challenge to preconceptions aboutfolk customs being fixed and nostslgic. 11 highlighted evolving Practices such as the rise of all-female Moriis groups 8nd the inclusion of LGBTQ+ performers in customs such as the Hastings Jack in thè Green. Loans from the Museum of British Folklore, the English Folk Dancè and Song Society and the English Folk Costurne Archive were shown alongshle works from Compton Verney's collection lotrace the origins offolk costume in Brrtain auoss several cènturi6s. The exhibition also highlighted how strong concems for and connoclions with the environment and natural worfd are across these very different communities. The exhibttion was curated by Simon CostSn and Mellany Robinson. of the Museum of British Folklore, and Profe550rAmy De La Haye, Professor of Dress History & Curatorship and Joint Director ol the Research Centre Fashion Curation al London College of Fashion. UAL. in collaboration wth Compton Verney. The exhibition wa8 funded by the National Lottery Herrtage Fund directly to the University of the Arts. RI PO T FE Tvh Compton Verney. photo by Jami& Woodley Qu•ntln Blak•.' Blrds, Bèasts and Explor•ts (27 May- Ql October 2023) Sir Quentin Blake Ib.19321 is one of the most celebrated illuslralors and writers of children's books working today. Oval thè course of a career Spanning several decades, Blake has illustratèd morè than 500 books. bringing lo lrfe treasured literary characters in his unmistakeable style 8nd inspiring generab'ons. Showcasing over 70 original illustrations, this exhibition look inspiration from recurring themes in Blake's work - birds, fantastical flying creatures and the joy of expkjring in nature- as well as the flying creatures Ih8t call Compton Verney's grounds horne. Compton Vemey House Charty S Truste•s' rnport includ4ng strnt•gie rèport Y•ar ènded 31 M8r¢h 2024 Compton Vemey, photo by Jamie Woodley Birds of America (Oq July- 01 October 2023) Birds of Amenca examined the artistry and legacy of one of the workj's rarest, most coveted and - al almost 1-melre in height- largest books. Published as a serles befv4een 1827 and 1838. &'rds ofAn7erica was a landmark work by John James Audubon. It was the culmination of Audubon's ambition lo painl every bird species in North America, and is celebrated for its extraordinarily anirnaled. drarnatic and detailed illustrations. The dksplay also explored how the book came lo influence natural sciences and crthcalty examined the impact of human ings on the natural w0￿d exarnining what the future holds for our bird popU￿tIon against the b8ckdrop of our park. which is an established haven for birdlrfe. Hlstory In the Maklng (21 Othb•r- 11 Fvb 2023) History in the Making opened on 19th October. The exhibition was a significant examination of making and materials across time through objects from the colleclions of Cornplon Verney. Wobum Abbey and the Crafts Council. An gxtr8ordin8ry, wellcuraled exhtib1t￿n. Fascinating, well researched, infom7afyve and beauliful" Visitorfeedback. Jo Gano.. Liquid Silvor(21 October- 11 F•b 2023) Working in partnership with Coventry Biennial we also opened an exhibits'on by artsl in residence Jo Gane who worked with Nuneaton and Be(fv4orlh library and communities to create 18 portraits using heritage pholography techniques that drew up the industrial heritage of the region. The exhibitson was accompanied by oral histories from the portrait subjects outlining their stories and hislory with Nuneaton and Bedworth. Sculptur• In th• Park (21 March 2024 oftwards) Compton Verney House Charity 6 Trustsea, w#port, including strategic report Y¥ar ènded 31 Morch 2024 A new sculpture park including 8 athork5 by modern and contemporary arbsls spread across Cornpton Verney's historic landscape. The Park fealures work by inlernalionally renowned UK and internatDnal artists Louise Bourgeois. Sarah Luc88 and Helen Chadwick and contemporary artists Larry Achkimpong, Erika Ve￿uttl. Permindar Kaur, Nicholas Deshayes and Augustas Seiapinas. Louise Bouweois, Spider O The Eeston Foundalion DACS, London Landscap8 and Imaglnatlon.. Fmm Gardons to LandArt (21 hlarch- 16 Jun• 2024) This exhibition Èxploréd how artist and designèrs have reimagined nature. Including major artists such as JMWTurner and Henry Moore it explored howartists have shaped landscapes ovor tlm&. Compton Verney House Charty 7 Tru8tse8' r¢por( including Strategic report Year ended 31 March 2024 Gomplon Vgtney. photo by j￿rn￿ Woodley A Splrft Insld• (21 March- I Sèpt•mb•r2024) Bringing together two iconic collectiorss The Ingram collection and the Womens Art Collection this exhibition explores art made by women and non-binary artists. InGlvdin9 over 100 works that expbre how women 8rtists have byappled wrth the notion and Sense of'spirit,, with themes ranging from intèrnal contemplation to extemal &xprèssion. Collections.. We focused much of our attention on collections in 2023with the launch of our SensffngNaples redisplay, an artist in residence prograrnme and a 3-month loan of Vesuvius Erupting athlight by Jean- Jacques VoLaire to Kineton High School plus the acquisition of s6veral new works of art and objects for our drferent collecihjns. Acqulslilons: Two Women with Beauty Face Patches was acquired by Compton Vemey Colle¢tion8 Settlement following a govemment export ban. Compton Vemey entered into a research partnership with Yale Centre for British Art and the pa#iting is currently at Yale for conservation and research. retuming to Compton Vemey in October 2024 ready lor di¥play frorn November. Compton Vem&y Housè Charty 8 Trustees, report. including stratsgi¢ report Year ended 31 March 2024 ¢1 Compton Vemey. photo by Jamie Woodley 8 Objects relaling lo Ihe Suffragist movement have also been a¢quired for the Folk Art Cdlection. These include ceramic5. suffragette ribbon and $8$h, 8 b(K)k and 8 childr8n'$ loy. These oty'ects will be dispiqyed in the Folk Art CO1￿CtKyn frorn November 2024. Sensing Naples (opened l April 2023) Our recent collection re-display transports V15rtors lo Naples whorè the $e¥nt of orange blossom drifts on the air and the spectade of Ve8UVIU5 smoulders in the distance. Thè display features new interactive elements, including sarnples of music from the peiiod and six bespoke fragrances, which are paired with specific paints'ngs, There is al80 a new, interactive play table modelled on an erupting Vesuvius. a permanent fixture in the galleries which is aimed at engaging our youngest visitors. Compton Verney House Charity 9 Trustees, Teport. includ5ng stratrgle r•port Year ended 31 March 2024 Compton Vemey. photo by Jamie Woodley There arè 81s0 Iwo new artworks commissioned in partnership with Unlimited. Arlisl collective DYSPLA. a neu¥o-drvergenl led award-winning arts studio, have crèatad a work that responds to Lorenzo Vaccaio's marble busts of The Four Continents. through four new performative digital sculptures. Aaron McPeake. an artist whose practice ex￿ore9 his own experience of sight loss later in life has craatad three bronze be115 suspended above a piece of VesUVIUS lava rock. S￿sIng V•suvlus fS•pt#mber2023- May 2024).. A painting from the Naples ¢¢llection has been installed in Kineton High School since September. Vesuvius Ernpting al NAghl by Jean- Jacques Volaire is instslled in the art room with teacher resourees and 8 sènsory discovery box. Over 400 students from the hlgh school engaged with the painting through various subjects such as science, art. geo9raphy, history, music and English. The palnling W85 also accessed by students from Kineton C of E Primary school. Following this project and as part of our 20th celebrations over 100 artworks made by pupils of Kineton High School ware exhibited at Compton Verney for e weèks. Compton Vemey House Ch8rity 10 Trustee8' report, includlng stratsgle r•port Year ended 31 March 2024 15 Compton Vemey. photo by Janhe Woodley Gayh Chong Kw•n.' The Taotie (21 March 2023 onwards}.' Artist Gayle Chong Kwan created a s8ries of 8 new works that have been installod in the Chinese collection during hei iesidency. Her installation The Ta01￿ is the culmination ol her 18-month artist residen¢y al Compton Vemey and is a response to the Chinese collects'on, Portrart Miniatures coll&ction and an examination of the artist's heritag6. Reunit•d.' Th• Lament•tion Altarpiece (21 March 2024- March 2025) The altarpiece can be seen in its full glory for the first time in 30 years as we have brought together the central panel wth from the National Gallery of Scotland collection and the altarpiece's two wings from Compton Vemey's colleclion. Compton Vemey House Charity 11 Trustees, report, including strategi¢ report Year ended 31 March 2024 O Compton Vemey, photo by J8mi8 Woodley Publlc Engag8m•nt and Learning Programmes "Fantastic acfyvities affang6d lor knds. Free packs to explore museum artefacts. Ve accessible exhibitions. Really wam) and welcoming $l&wards. 8nlliant edUCat￿n / k oufreach team." Kids in Museums visitor feedback Our leaming offer is designed and delivered by artists, Makers and education experts. We use play, making and imaginative learning to nurture and inspire the next generation. Our learning programmes link to the curriculum and are designed to help schools and education providers deliver subjects in new and exciting ways. Our forest school rern8ins one of our most popular activities children and young people who do not a￿ayS have access to green space being immersed In the environrnenl. The China collection i8 amn incredible way of bringing children's learning about Ch#)ese culturè and p8rb"cularly the Shang dynasty lo lrfe and links lo key stage 2 targets. Our new sculpt￿re park also extends our offer and the range of activity we have available. We also support the delivery of Artsrnark and Arts Award. After Hours continues to engage audiences with a more exFErimental progfamme, a new addition W)nter Wassail was very succèssful and forged new partnership with Napton Cidery who have donated some apple trees to Compton Vemey. Events 8u¢h as Meet the Makers expand visitor interest in the programme and specffically those interested in creative skills and making. The aim of these aclivities is lo support overall visits and also to attract new visitors. PubllclGrounds Programm•: Living Symphonies {22 Aprll- 6 Augu$t 2023J.' A landscape sound installation that portrays Ihtr mornenl to- rnoment acts'vity ol a woodland e￿sySteM gt Compton Verney. Each organism within the forest is portrayed within the piece, Compton Vemey House Charity 12 Trust￿, report, in¢luding 8trat¢gi¢ r&port Year ended 31 M8f¢h 2024 ¢reatirvJ a symphony that unfolds in reaktirne acT055 undergrowth. trees and canopy, wit each species - frorn fungi and moss to insects. birds and mamma15 composed from thousands tsffragments of sound, scored and ￿corded with an array of musiclans. °A beautjfvl gxperignc8. Calming and mindful. 11 s cgrtainly hard to ima￿ne how somewhere so perfect can become ev6n morn $0. Th& woody, d&mp affjr, the sound of air, walerand nature alnNI Conducted by the careful GI￿G& of unclulating and y￿berating soundscape. Utterfy lovely"Wisitor feedback. Lumlnartum (01- 06 August 2023).. Over the summer the grounds hosted Lurninarium. A huge inflatable, imrneTSNe sculpture that wa5 installed oulsidethe house al Compton Verney engaging over4.000 visitor5. 11 acted as a focal point for our surnrner offer and drove many visitors lo sile providing an accessible and engaging offer that also brought a largw than normal number of visitors with additional needs. Compton V8m8y, photo by Jane Barfow Other events and xtivity Through CVEL we have contrnued to work to build a range of fairs across the year, growing visitors for the regular PolFesl, Print and Textile Fairs. Our Christmas evènts welcomed regular conlriblrtors Royal BirmiThJham Conservatoire alongside special performances from R¢￿erICk Wlliams and the Gospel Revisited Project. Wè ran thè lasl year of a successful Ihree-year partnershlp delfverbng Spectacle of Light 8 beautiful dlsplay across the ground8 th81 h85 entertained visitors in Ihe ¢okler nk)nlhs. Compton Vemey House Charity 13 TnJ$tee¥' report. includlng strateglc report Yèar ended 31 March 2024 Compton Verney, photo by SEèv8 Gr88n Across the year we have also buirt our resilienee by growing our understanding of the estate and the building's needs. contracting a Quinquennial architect to develop the work undertaken by Carter Jona5 in Iheir reV￿w. We exit the year with a focus on our environmental su$lainability with work to replace ourc*illerwell underwaywhich will srgnificantly reduce our carbon output and energy bills. We have cornrnitted to a sustainabilty plan whl¢h targets OUT energy effiaen¢y and look lorward to the significant change that this will enable. This ha3 also been supported by Expedition through the masterplan workthat has had a sustainabilty focus alongside a view of KM)lenti81 change5 that would improve the visitor experiellce and support longerterni growth. Fundrals5ng Compton Vemey was pleasad to continuè r￿Ning annual funding of £152,780 through the Arts Council's National Portfolio, working with the Board of Trustees to ensure progres$ against the goals and oulwme$ th81 we had set ourselves across the year. The year Incl￿ded a rolaunch of the Benefactor's Mernbership Scheme, the rnost signrfKant change to the scheme since its ineèption and wa were tAeased to welcome 7 new Benefactors and have 3 Benefactors upgrade their membership lo Gold ￿ve1. We are grateful foi the ongoing support of Jan6t Ball Smrfh in her capacity a8 Chair of Benefactors and to SE Solicitors for generousty sponsoring Ihe Benefactorf8 Scheme. Through a successlul public fundraising camp8ign wpported by over 200 doTh)rs, 4 grants from Charitab￿ foundations and a staff-led Sponsored run, we raised £35,000 lo fully fund a new e￿ctriC shuttle bus lo transport visitors from our car park to our main building. Compton Vemey House Charity 14 Tru6tees' Trport, Including 8tratsgic report Year ended 31 March 2024 Further grants were also secured wrth the Henry Moore FoundalK)n and Foyle Foundation Supporting the launch ol our Sculpture Park, the Paul Mellon Centre SUPFQrting 8 new Folk Art Curator iole, Strafford District Council helping to develop our play offer through Ils Shared Prosperity Fund and with smaller grants supporting repair5 to our historic building, the èxhlbthn programme and an excibng portnership with the sludents of lfj'neton HvJh School. A major highlight also carne towards the end oflhe year when we wwe delightèd to succeed with a grant of£178,000 from the National Lottery Heritage Fund to support the maintenancè, protection and restoratsjn of our building and irbfrastructure. Strategic Report The Board of Trustees {Ihe board) is pleased to Fffesenl the anrual report of Compton Vèmey House Charty together wf(h the consolidated financial 5181effltrnt$ including the subsidiary company Compton Vemey Enterprises Limited. The financial statemen15 have been p￿pared in 8ceordance with accounting policies to the financial staternents and comply with the charity'5 Arbcles of Association, applicable law and the requirements of the Slalemenl of Recommended Prathe- Accounting and Reporting by Charitie5'. ISORPI applicable to charrties preparing their accounts in accordance wth FRS 102. The organisation is an incorporalod ¢harity, incorporated on 19 November 2021 and registered as a charity on 22 Novèmber 2021. Our Mi¥¥ion ond Obj•¢tiv•s The Board and $taff tèam have r8view8d and confirmed our Mission and objectNes Mission We connect people wrth art, nature and creativity Vision Compton Vemey is the leading visual arts destination in the heart of the country We trigger posf(ive change for artists. 8udiences and ￿MMunitIaS by encouraging play, inspiring debate and bringing people and ideas together Pujpose Compton Verney is an extraordinary, e¢lecti¢. ¢real￿e gxperience. A place for the curious that inspires. delights. challenges and rejuvenale5 Values We are COLLABORATIVE, working with artists. audiences and Communitiès", exploring the historic and the contemporary, the indoor and outdoor. We hamess opportunities lo be environnEntslly SUSTAINABLE and are athays responsi￿8 We are BOLD, purposeful and conffidenl and think, mak¥ and learn We ats INCLUSIVE, ¢reating a wam, welcomlng and re$pe¢fful cuhuro We are FUN and want everyone lo have a g¥eal experlence of Compton Vemey. Compton Vemey House Charity 15 Trusttts, report. Includlng $tr0tsgi¢ report Year ended 31 March 2024 How we achleve our obJectlveB Compton Verney. having been restored by the Petermoores Foundation, opened in 2004 th the intention of attracting visrtors who would not normalty visit galleries or museums. Wg a¢lwely w81¢¢)me the Lyoadest audiences. The Grade l-listod house 8nd 120 8CTes of Grade Il"_listed Pandscape includes the park commissioned from Lancèlot 'Capability Brown in 1788. restored in 2018 following a Su￿0$51UI bid Its National Lottery Heritage Fund. The Assets are open lo the publi¢ either through ticket purchase. subsidised or free Ichildren, project participants) entry to enab16 thtr developrnent of aUdIen￿S who have not visited before. We have also developed a Gomrnunily 8oces8 scheme which provides subsidised membership for key groups and especially for the 201h birthday year a £2 ticket for those on incomè and pansion Support. We present worl¢*class art providing access to six permanent collectlons of national and intemational s1gnrflcan￿, proviithng access to outstanding art at the heart of the country. In addition, we ensure interventions and engagement across th8 wholè site drawing together art. nature and creativty. We deliver our creative Fffogramrne, engaging with new and existing audiances. Our annual exhibition programme is dive15e alld dynamic, drawin9 on loans from across the UK and abroad. We are collaborative, working with artists, audiences and commun￿'eS,. exploring the historic and the conlernporary. the indoor and outdoor to deliver our strategy. We are deligttled that this is supported by Arts Council England (ACE) through their Nalh)nal Portfolio Funding INPOI with £152,760 per annum to 2026 We commission, loan and orwJinate art. working with artists acro88 all art forms, with a focus on the visual arts. . We rnaintsin and develop our natural environment in a sustainable way through planting new species, undertaking carefvl land management and recording ecological developments. Wè are seeking proactively lo ensure Ihe whole of the estate becomes activated socially, gnvironmenlally and creatively. The Truslees confim they have complied wrth their duty to have due regard to the Charty Commission's guidance concerning public benefit. The Board considers all these initiatNes as important rneans to delNering public tenefil. In order lo Itnance these aetivilies. CVHC and CVEL are engaged in generating income through a wide range of commercial activitie5. including membership, ticket sales, hires, weddings. &vants. publi￿110n$, retal and sales of food and beverage. We also fiJndr8is8 foi 8Ctivititr$ 8nd projects and undertake income generation functions in order to financially support our ch8ntsble oty'ectNes and meet our responsibilits'es as a charity. Compton Vemey House Charity 16 Truste•s' r¢port. including strategic report Year ended 31 March 2024 Our achievements and ￿rtom1&nc• We continued to focus on gr¢Mn9 Vlsltor numL*r5 lo sile and atthough the year was slight down on 22123 the overall trajectory remains upwards. Vve exited the year having achieved 117,190 visits and having sold 7.382 mernberships. Memberships numbers were also slightly down in the year although thg income detsvered from members is signrficantly up at £474,068 including grft aid. Since changing to sell one admission ticket lo grounds, collections and the temporary exhibstions in FebrLsary 2022 we have achièved increased member income and are able lo comrnunicate about the offer more effeetwety to prospeCt￿e visitors. However, we have a less reliable source of daia for the visitors to each exhibition and collectron space, relying on staff using clicker counters. This does enable us to have a picture of Ihe nurnber of visitors in each space and the impact of exhibitions, albeit that visitor number5 is only one of a number of meas*Jres that we use to assess success also taking visitor, press and stakeholder feedback and the balance of the programme across the year into account. Wth this in mind the visitor fvJures for the yearfs eXhi￿tIOnS are a5 follows.. Tudor Mystery.. A Master Painter Revealed.. 10,980 aknng Mischief.. Folk Costume in Britain.. 14.887 Quantin Blake.. Birds, Bea518 and EX￿orerS.. 24.650 Birds of America.. 12,356 History in the Making.. 8.183 The Jo Gane Liquffd Silverexhibition is included in the History￿ the M8king figures due to the location of the gallery. The Luminarium in Partnersh￿ with the Quet711n Blake exhibition in $umrnerwa5 a strong offer lo families w((h both performing very well and helping to ensure Strong footfall over surnmer, our busiest perK)d. The Learning and Engagement programme activity has i￿reaSo￿ its impact this year with addilitsnal st8ffing meaning we have been able to increase the number of schools visrting our site and our provision of summer holiday and adult learning aclmlies. Over 5.366 school children have visited Compton Verney this year 21Yo above target_ There is athays a redudion in visi15 be￿een December- Feb asthe outdoor schools focused prograrnme does not run due to weather. A new exhibition focused intloor offer is being devebped with the aim of enhancing visitor numbers during the winter months. other ticketed workshops, courses. talks and public programrne events and actNibes have continued lo perform strongly attractin9 8,044 pèople- significantly above target. Other notable achievements are.. Compton Vèrney was nominated for the Farnity Friendly Museum Award from Kids in Museum, recognising the great work for younger visitors. Stjccesslul partnership d¢v&loped wllh W8rwickshiTe County Council through the Compton Vemey House Charity 17 Tru¥tee¥' report. including gtrategic report Year ended 31 March 2024 HAF scheme. CV continu8$ lo dèlTrv•r meals lo those eligible for free school meals IHAFI. Thè council has commented on the high-quality offer and the le8m's ability lo rnanage and support SEN children. Community Partnerships and engagement have included.. 10 wornen from undertepresented groups from Saathi House, 120 Rainbows age 4-6 years, 30 Young Caieis from North Warks, Coventry. Stratford and Rugby. 10 teen girls from Flourish Group, approx. 60 visitors to Damentia FrierKlly Café. And famity friendly workshop delivered by the STEM team at RAF Kineton. Woodland tribe returned for a third year bringin9 707 parti¢ipanl$ over a week. We increased investment in our marktsth.ng funclion during the year with a new senior post starting in autumn 2023. We have seèn the impact of this in how we present and talk about our work publidy, this was p8￿CUlarlY impacrful frir the 201h tmrthday opening We have been laying the foundations for ihe developrn8nt ol a n8w websrte that will also irnwove integration with Spektrix and enable a more streamlined booking system, increasing online sales. The development of this site began in 2023 following a comwtrtwe process that led to the appointment of Substrakt to build the site. We will supwrt this with an increased focus on improving the quality of our data that we have available to enable batter dècision making and 11 prioritise this in 2024125. Wè havè also spent lime th￿ year reviewing our systems and process and have recruited a new Chlef Operatlng Offi¢ei lo oversee this as well as the other key operational functions. We relaunched ArtifaXWh￿h had been already purchased and are in the process of migrating to using this systèm to str8amline planning. We also reviewed our planning and programming meetings and havtr Changed these operations to support all areas of the business more effectively. Having brought HR back in house in 2022 we have been updating all policies and processes and ieviewing how we can operate rnore effectivety. We also reviewed many of our compliance functions including security and health and safety. The initiation of the sculpture park nacèssrtatèd a review and upgrade of our outdoor security System with Ms having to install temporary security cameras to enable the timely launch. New requirements from ihe govemment indemnty scherne a150 rneanl that we had to increase our on-site security, pending the In$lallalK)n of new shutters which has now been completed. We continued to deliver an excellent vlskor experlence across the Sile and have more control over this now that we have also run the catering operation ourselves frorn January 5th 2024. A lot of work has been done, in pat1nership wth the Creative Programme learn, lo improve the knowledge of ourtour guides and to achieve bettercon$islency. This has had a 5ignrficant impact on the quality of the gallery tours. We have also 5e8n an increase in organised group visits Sin￿ responsibility for bookings was passed to the MeMbe￿h1p & A¢Jmissions learn and internal processes are much more effective and efficient. The experience has improved for visilors and feedback has baan excellent. The stralggy of building group visits in the week helps to build our resilience. We had a hyo-week closuTe of thè housè due lo the changeover of exhibition5 in so rnany different spaces, investment was madè in training and ￿freshIng the knowledge of the front of house team. The team have apprèciated thi$, and it has improved their knowledge and understanding of the programme- lo th& b8nefil of our visitors. Cornpton Verney House Charity 18 Trusteès, rèpor( including strategrc report Year ended 31 March 2024 Our annual Visit England assessrTrenl achieved an overall score of 92% which while slightly reduced from 2022's 95Vo still shows an excellent standard of dèlw9ry and a °¢ommendable focus on innovation and inclusion. according lo the assessor. We also achieved an attraction score o196°/, demonstrating an Èx¢eplion8lly high-quality product and overall experience which °continues to be memorable and èducational as well as very uplifting.. We continue to work a team of volunteers in various areas across thè organi$8tion. An avèrage week of people contributing in our volunteer roles across the site see$ 250 hours comrAeled. Through 10 aclive roles across the organisation.. 10,300 hours completed Based on £10.42 minimum wage, this creates a total saving of £107,326 8cross the oiganisation. Many roles if paid for wwld exceed the minirnum wage amount, making thi5 a rough estsmate. We also introdu¢ed ¢orpofate voluThleering very successlully during 2023, engaging 86 employees from NFU Mutual specifically who completed 344 hours (￿Uating to £3,584 based on £10.42 minimum wage} and donated £1,000 to our charitable causa. We have had 8 focus on Equality DNersity and Inclusion. developing a new action plan and working wrth Elizabelh Lawall with a focus on ensurin9 Compton Vemey is an inclusive organisation. Thi$ work directly infomied our approach to the instsllalion o150rne of the objects as part of the Making Mischief exhibition and how we tslked about the practise of black face in Morrls dancing, with Elvzabelh working closely with us through this process. W also made the decisi￿ to take Audubon'5 narne off the exhibition tTtlè Birds of Arneru so a$ to not celebrate his name when his work methods have beèn questioned and we know that he also used some enslaved labour. We continue to encourage a Gulture of learning and growth and know that wè have considerable change to make. Thank you Our ¢har(table work is re￿ant on the commftmenl of our loyal supporters. In particular. we are grateful lo the teams of volunteers who share 8 range of diverse skills and support the charity in its activities. We are also grateful to our memb818. Benefactor3. sponsors and partners for Iheir ongoing support as well as to our Tcustees, Committee Members and to Compton Vèmey Collections Settlement and Compton Vemey Fund. Compton Verney House Charity 19 Tru¥teeg' report, including strateglc report Year ended 31 March 2024 Flnanclal r•vlew Overvl•w Following thé incorporafjon of the charty in Novembef 2021 , the finanaal year was changed to 31 MaTCh. On 31 March 2022, the business and assets of the unincorporated trust werè transferred to CVHC arnd th8 new ¢harity cornmenced trading. The figures in the financkil statements relate to the year from April 2023. Where comparatives are provided, these relate to activty in the prèvious 15 month period. Group unrestricted income was £3,537,61312023.. £3,885.1131 Group investments were valued al £2.104,392 on 31 Uarch 2024 131 March 2023 £1,929,680}. Unrestricted income Group income came from three maln Income sources.. 51Qh from dMalion5 and grants £1,813.504 12023.. £1,968,065), 30V. from charitable activities £1,057.530 12023.. £1,108,156). up from 27Yo in the previous period, 17% from tra¢Jing inctyme £600,92912023'. £767.8191. down from 20Yo in the previous period. Donauons andgrants Unrestricted income from donali)n5 and grants was £1.813,50412023= £1.968,0651. OUT largest donor was the Cornpton Vemey Fund, which donated £1,800.000 in the pèriod {2023'. £1.750,0001. The on-going financial support of the Compton Vemey Fund is for the maintenance and display ol the Sir Peter hhoores collection and the furtherance of its charitable obj'ectives. CVHC continues to TeceNe fijnding from the Arts Council Eng18nd and this year re￿iVed £152,76012023'. £152.760} of income, the first year of the new setdement lor band 1 NPO inve$tmtrnl. der work was 8UPPOrted by othertrusts and foundations a$ sgtout in note 1 b lo the finanaal statements. Charltablè a¢tivltlos The development of 8 new and exriling offering al Cornpton Vemey for 202314 saw income from charitable a¢tivit*s {mainly adrnissions income} of £1,057,53012023'. £1.108.1￿1. Day ticket sales lotalled £341,517 12023.. £485.9111. Membershlp 8818$ lolalled £474,068 12023.. £469,380). Income from learning and engagem8nt and our public prograrnme of activities wa5 £121,85312023'. £84,275). Other charitable In¢ome lotslled £120,09212023". £68.5901. Compton Vemey House Chgrfty 20 Trust••s' report. including strategic report Year ended 31 March 2024 Income fmm other trading aetfvltl•s and invèstmènts Income from other trading activitks amounted to £600,92912023.' £767.8191. Income in the retail Shop w8$ £267.64412023.' £326,190). Hire income was £99,90712023.. £215,450). Income frorn our in-house calering cornrnission was £25,09812023.' £39,848). The calefing operation wa5 brought in-house from 1 January 2024 as our catering partner went into admini5tr81ion and this generated £98,￿7 income for the final quarter of Ihe year. Commercial Event5 generated income of £103,693 12023.. £142,222). Events included a nter Festival, Movies by Moonliqht. PotFe$l. and Print 8nd Textile Fan. Future plans Throughout 2024 we will be celebrating our 20th birthday wlth an extraordinary serie5 01 exhibitH)ns including Louise Bourgeois across the summer. We are using these cèlebrations lo buikl our profile, stakeholder relationships and have targeted day vi5rtors for growth. We have delivered this year as an extension to our ctsr￿nt business plan and will be developing our new strategy and business plan with input from stsff. visitors. stakehokler$ and the board across the )Irsl part of 2024 to launch in earfy 2025. We will continue to bè ambitious and the organisation and belter demonstrate its impact so we can be a future fit business. Our Governance and Adrnlni8tratlon rh• Chanyty struefyr¢ Compton Vemey House Trust was establkshed by the Peter Moores FOundat￿n under tho leadership of Sir Pèter Moorès and Ihe venue opened in 2004, under the original Articles. After a review of the govemance arrangement$ of CVHT. the Governors dechded to change the structure of the Trust to a charitablè company limrted by guarantee. which is a more appropriate legal structure for an operational charity and ￿fleCt5 best practicE. The new Charty, Compton Vemey House Charty. was in¢orKk)raled on 19 Novernber 2021. The assets, liabilities and activities. including tha ownèrship of the trading enlily, Cornpton Vemey Enterprises Limited (previous￿ Compton V8rnèy Pub￿callon5 Limited). were transferred to Compton Verney House Charty on 31 March 2022. A Board olTrustees is responsible for govèmanca and ovèrall control of the charrty and meets up lo five times a year. The staff of the Charity. under the dlr8¢tion of the GEO, 1$ responsible for the day-ttrday delivery of the charl￿$ objectives and the policy decisions, as agreed by the Board. Cornplon Verney House Charity 21 Trustees. rèport, Ineluding strtteg1¢ Trport Year ended 31 March 2024 Our Govornance and Admlni8trntion Icontinuedl Directorn and Trustees The folkjwing Trustees were in officeduring the period and since the perlod-end, ¢xcepl where shown.. Penny Egan, CBE {Ch8lrl Mark Armstrong Philip Bunt Geraldine Collinge- Ex-offiao Oliver Cox Sipho Ndlovu Magnus Renfrew Helen Rose Jon Sheaff Ross Sleight Paul Smith Lydia Thomas Peter Wilson Lara Ratnaraia Caroline Jones (rell￿d 31 December 20231 {appointed l January 20241 (appointed 1 January 20241 All rnembers of the Board constitute as Trustees of the chafty foi the purposg ol charity law and as directors for the purposes of company law. The Board comprises a rnaximurll of 13 elected Trustees. each of whom is recruited through an open call, and appointments are finalised throu9h the Nominations Committee and one appointed Ex-officio Trustee. The Trustees are ￿e￿lled for their expertise in diverse areas, including governance, financè and risk management. HR, marketing, ¢ommerci81 skills. cutture and heritage, environmental sustainability and natural anvironmenl, digital developrnent and rnajor projects. On appointmentto the Bo8rd, Trusteès are $enl a comprehensNe pack of relevant documents lo enable them to understand their legal responsibilities to their roles as Trustees. Trustoes are generally awolnled for a lem of up lo four years. At the end of their term ol office, Trustees either retire or may be asked by the Chair in consuttalion wrth the Norninations and Remuneration Committee to offer thèmsalvès for one four-year lerrn of rtrappointment. All members of the Board receivè régular infoimalion from the CEO. ExecutNes and Executive & Govemance Manager on matters ￿lated lo CVHC. Trustees give their time voluntarily and receme ￿ benefrts from Iha charity. bul their expenses are covered to ensure Ihal an individual's abilty to participate 1$ not dependent upon their fin8ncial mean8. The CEO is remunerated lor her executive capacity and not tor her role as a Trustee. Compton Vemèy House Chaiity 22 Trusts•s' mport, including stratsglc report Year en¢Jed 31 March 2024 Our Gov•rnance and Admlnlstratlon leonth'nuedl Executlv• Tgam Geraldine Collinge Thomas Williams Abigail Viner David Guilding Duncan Smith CEO Development Director Director of Creative Programme & Engagement Chiel Operating Officer {appointed 11 September 2023} Interim Director of Finance {resigned 31 July 20231 Organisation The Trustee5 consider that they, together with thè executive team, comprsse the key management personnel of the charity, in charg* of directing and controlling, running and operating the charity on a day-to-day ba3t$. RemuneralM)n of key management personnel is approved through the Nominations & Ramuneration Committee and then authorised by the board. Th8 CEO 1$ responsible for Ihe day-toknday management of Ihè ¢h8rlty and for irnplementing all policy decisions as determined by Ihe Board. ile still retaining final responsibility, the Board delegates ov&rsi9ht ol certain important areas of govemance lo Iwo committees. each ol which reports to and 1$ a¢¢ounl8ble to the Boaid. These committees are the Finance and Audit Committee atyj the Nominations & Remunerations Committee. Remuneration of the CEO is oversèen by Ihe Nominations & Remune¥8tions Committee. wlh reference to sector benchmarks. Compton Vemey House Charity is an equ81 opportunthes ernployer, recruitment criteria and procedures ensure that indFviduals ara selected, promoled and treated on the basis of their relevant merits and abilities. Vvhefever possible, employees are provided with ftjrther specialist training to enable them to b108den their knowledge and skills and to advancè Iheir careers in the charty and arts sector. The Charity has welcomed supported intems through the year working in partnership with Think Forward, Solihull College & Universty Cenlre, Stratford-usy)n-Avon College and Warwickshire County Counul lo support those who might not otherwise find routes Into employment. We have also employed consuttants and specialists able to support certain area5 of change in relation lo strategy davelopmenl, digital capacity buikling marketing and PublK Relations. Our charitable work is reliant on the ¢ommilmenl ol our loyal supporters. In particular, to the teams of volunteers who shale a rang8 of diverse skills. we are grateful for all of this support. In addition, our rnembers and Benefactors have remained loyal and we are also very gr*ful for their support. Trading & commerual activitiès arè undertaken through Compton Verney Enterprisès Limited. a trading company règistered wlh Companies House (registered number 31013271. This was prewously known as Compton Verney Publications Limited but this company has been renamed from 8 April 2024 to better reflect its actNities. Compton Vem&y House Charity 23 Trustees, report, Includlng stratsgle rèport Ye8r ended 31 March 2024 Our Govom•n¢e and Administration Iconlrnuedl FundJ7ising Compton Vemey House Charity is ogistered with the Fundraising Regulator, and has been compliant with regulats.ons throughout the period. The Charity is reliant on its own team for all fundraising activities and for attracting donations to the charity. Any fijnded project is carefully managed to ensure that oul¢ome8 are mel. The Trustees receive regular ￿pOrtS of compliance as part of thali meètings. No complaints relating lo fundraising have been reCe￿d during the perk)d. OurPolicigs The charity has policies and guidelines in place to cover wde raftging areas of our business encompassing financrdl managemant. asset management, HR. operational management including Health and Safety, Child Protection and Safeguardwig Vulnèr8ble Adult Policy, Equal Opportunities Policy. All ststtare required lo understand and comply with these policies, which wè revi￿ biannually lo ensure that they are suitable for the organisation's structure and objectives. We strive to update our policie8 through on-going consuttations with Tnjstees, staff, volunteers and the public. The Financ•, Audlt and Rlsk Commltt•• Chaired by Philip Bunt, the Finance, Audit and Rtsk Committ8e ￿pOrtS to the CVHC Board of Trustees. The CVHC Chief Opefating Officer submits accounts and strategic financial reports lo each sub-committee meeting., the meeting minutes are Ihen circulated to the CVHC Trustees. who are uttimately resp)nsible for rev￿wing financial performance. The Chair and CEO of CVHC also attend on a regular basis. Chadottè Woothèad has also recently joined the committee to proMde18gal expertisg. The Finance Audit and Risk Comrnrttee provides hIg￿￿ve1 ovei$ighl ol the 8ccounth.ng systems, procedures and policies and financial reporting. including budgets and mbdiurn-lerm plan5, and make5 recommendatsons to the CVHC Board on any ¢hange$ that are required. The Committee maintains detailed oversight ol Risk management, Heatth & Safety and Capital works. Nominations & R•mun•ratlons Committe• Tha Nominations & Remunerations Comrnittee, chaired by Lydia Thomas, is ¥esponsibl8 for cruiting new Trustees wilhln a defined proce33. considering staff remunerations and staff ieorganisation5. The commrttee also has an oversight of HR matters. Related partl•s Compton Verney House Charity {CVHCI ￿-Operats$ with three rekted charities and one related company in order to achieve ts objective3. The three charities are the Compton Verney Collections S6ttlemènt {CVCSl, Ihe Compton Vemey Fund ICVFI. both founded by Sir Peter Moores as well 88 the original unin¢orporated charty Compton Verney House Trust. Compton Vemey House Charity 24 Truste•s' r•port, Includlng stratggl¢ r¢port Year 31 March 2024 R•latgd parties Iconlinuedl Compton V•rney Collection Setdement (CVCSJ CVCS is a charitable trust Inumber 10858101, set up at the same time as CVHT in 1993 CVCS is chaired by Kate Arnold Forster. The trustees of CVCS oversee the permanent collection al Compton Verney, and a loan deed outlines the temis upon which the collection 15 displayed al CVHC. CVCS Iruslees are appointed on either the recommendation of the executive or of existing Iruslee5 on the basis of their relevant expertise. They tend to be museum professionals, able lo advise on co1￿cli0n-ref8ted issues. The CVHC Chair, CEO aNJ other sènior CVHC slaff attend meetings as appropriate. Th8 Compton V•m•y Fund (CVFJ CVF (number 11349071 was establlshed by trust deed in March 2010 to hold an endowment of £25 million on Compton Verney's behalf. CVF 15 a separate Irusl. wlh a separate Board frorn CVHC, and stands independ8nlly lo ensure its a58els cannot be compromised by arby potential diffiojlty encountered by CVHC. Philip Bunt is a CVF trustee. Compton Verney House TNst (C￿￿ Cornpton Verney House Trust was established by the Petèr Moorès Foundation under Ihe leadership of Sir Peter Moores and the venue opened in 2004, under the original Ar¥des. The as$èts, liabilrties and activities. including the ownership of the trading entity, Compton Vern8y Publications Linited, were transferred lo Compton Vemey House Charity on 31 March 2022. Compton Verney House Trust has ceased trading from l April 2022. Compton Vèm•y Ent0￿rI$9$ LIMIt￿(CvEL), previously Compton VemeyPubllcatlons Llmltèd (CVPL) Compton Veiney Ent8rprisès Limit$d ¢han9ed its nary￿ from Compton Verney Publications Limited on 8 April 2024 In order to represent its main a¢tivilies rnOTe accurately. CVEL is wholly owned by CVHC and undertakes the commercial activity at Compton Vemey. It is chaired by Helen Rose ICVHC irusteel. The board includes Penny Egan {Chair ol CVHC'$ Board of Trustees), Geraldine Collinge ICEOI and 3 independent directors. All directors were unpaid diiaetors of CVEL during 2023r24. Manag•mgnt of risk The execullve and the Board have 8 strategy forlhe management ofrisks faced by the charity. Risk pro￿$Se$ 8re kept under constant review and comprise the following key controls." Weekly executNa mèth'ngs wth an aim of idenlrfying potential risks at any early stag6 and escalating them when appiopri81e Afomial quarterfy 8s8e$8n￿nI of 811 the risks by the Finance, Audit and Risk Committee, in conjunction with th8 58nior charity staff. which leads lo the updating, moniloring and drculalion of a Risk RegisleT to mitigate these ￿kS throughout the year Compton Verney House Charity 25 Tru*tee8' reporL including strategic report Year ended 31 March 2024 Manage￿￿1t ofrisk (continued) A forrnal annual ￿VIeW of the charity's risk management process by thè Fw)ancè, Audit and Risk Committee which Is shared wlth the CVHC Board. A review of the charty's Risk Register is then carried out at each meeting of thè Board of Trustees Through th8 irnplernentalion oflhe5e risk management controls, the Board has evaluated the main lin8ncial and non-financial risks to the organisalion and is satisfied thatthe risk$ identified are adequalety monitored and rnanaged. The key risks lor the ehaity, as Kl•rntifièd by the Tru3lees are described below. together with the prSndpal way$ In whlch Ihey are mty8ted'. If CVHC fails to identify capttol and wvenu& growth opportunibes, increased income will not be achieved and the future sustainabilty of CVHC will be threat8ned. This is being addressed through reassessment of short-term capital projeds, revision of busine88 plan and longer term the Sile Master Plan addresses our growth strategy. If fundr8ising targets are not achieved the ongoing caprtal and ￿venue activities are al risk and the financ4al viability ol CVHC is undermined. Revised fundraising plan has been developed with irKome targeted through different channels and a focus on the core bu¥ines$. If the cost-of-living crisis impact$ Staff then salaries paid will become le55 cornpetitive. Staff ￿tentIOn and racruitment will suffer 8nd a potential relian￿ on volunteers will be exposed. Staff have been awarded an In year non-consolidaled salary increase in addition to year end increases and one-off adju5tmenls. Compton Vemey Is deVelo￿ng its approach to flexible working in ¢xder lo miti'gate some ol the impacts on staff. If CVHC fails to compFy wrth legal requirements (Charity. Equalits'es, Data Protection, Employment, tax, Health and Safety) there could be an impad on repvtslion. Updates from the Charity Commission are acted upon, Cyber Securty policy in place a3 a I￿Ing document, all policies under review on an annual basis. updated Disastèr Plan and Health and Safety plans in place. Statement of rn8ponslbilltles of the Trustees The trustees (who are also directors for Ihe purposes of company lawl are responsible ft>r preparing the Annual Report and Financial Statements in accordance with applicable law arid United Kingdom Accounting Standards Iunrfed Kingdom Generally Accepted Accounting Practice). Company law requires the truslees to prepare financial statements for each financ4al year which give a true alld fair view of the state of affairs of the ¢hartsble ¢omp8ny and of the income and expendrtuie of the charitable company for that year. Compton Vemey House Charty 26 Tru8tee$' report, including strateglc report Year ended 31 March 2024 Ststsment of responsibilities of the Trustegs Iconlinuedl In preparing these financial statements, th8 trustaas ar& required lo- se16Ct suitabla accounllng policigs and then apply them ¢onsistenlly', ObSe￿e the methods and principles in Accounting and ReFX)rtiThJ by Charilie$'. Slalement of Recommended Practice applicable to charities preparing Iheiraccounts in accordance with the Financial Reportuig Standard applicable to the United Kingdom and Republic ol Ireland IFRS 1021., makejudgements and estsmates that are reasonable and prudent", slate whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalgments. and prepare the financial slaternents on the going cowkrn basi5 unless it i8 inappropriate to pr8sumè that the ¢haritable company will conbnue in operatson. The trustees are responsiNe for keeping proper accounting records that discbse with reasonable accuracy at any lirne the financial position of the charitable company and enable them to ensuro that thè financial stat8menl$ ¢ornply with the Companies Act 2006. They are also responsible for safegu8rding the 855els of the charitsble company and hence for taking r8asonable steps for Ihe prevention and detection of fraud and other irnegularities. Each of the Irustees confirms that.. so far as the trustee is aware, there is no relevant audlt Information of which the charitable cornpany's auditor is unaware,. and The trustee has tsken all the steps that helshe ought to have taken as a trustee in order lo make himselftherself aware of any relevant audit information and to establish that the charitable comparys auditor is aware of that infomalion. This conlimiation is gwen and should be interpreted in accordancewith the provision5 of $418 of the Companies Act 2(￿)6. Compton Vemey House Charity 27 Trustees. rnport Includlng $tr8t•gie rèport Year ended 31 March 2024 Opèratlonal revlew Revlèw for th+￿#r Compton V8mey House Charty delivered a deficit of £547,100 on unrestricted funds In the year to 31 March 2024 12023.. a defic(( of £1.166.4251. As noted above, the external environment continued to be challerbging with increasing costs of energy having a significant impact on the or9ani$alion alongside the cosl-of-1Ning crisis. Our catering partner, Fosters Rooms Limited, went into 8dministrat(orn al the stsrt of January which resutted in us bringing tha catèring 0￿r#￿'0n in house. These chaI￿nge$ had a major impact on Compton Vemèy. The Board and executNe t&am have focussèd on a piogramme of cost management and Ca￿'tal investment targeted at cost redu¢llon. Vve Continue lo build our internal capabilit'es to enable us to respond to external challenges and to sustsin Compton Vemey for the future. EYp•ndlturn Staffing costs represent our largest area of expenditure but our peopk are also th& charity's most valued asset. staffing costs of £1,842,46412023'. £1,955,653} were 42%12023.. 40%) of expenditure. As wè have èxited the Covid-19 pandemic we have invested in additional posts to supprth the overall operation and also ensure that our support functions ale fit for purpose wth the increased levels of activity across the organi5ation. This has included bringng the catering operation in-house from Fosters Rooffls Limitod and ensure that the running of this operation is included in our operational structure. The direct costs of public dtspLay of the permanent ctsllections was £1,496,023, a reduction from the Previous 15 month period 1£1.716,5741 due to the ￿d￿Ced number ol rnonths included in the results. Staffing and energy costs were largely Stab￿ on the previous FEriod when compared on a like-for-like basis. The diroct costs of spacial axhibitions and projects was £767,068, an increase on the previous year1£428,1691 as we saw significant costs for our 20-year launch aThd the new sculpture trail that has been successfully inStal￿d in the grounds. This figure was offset by the Museum and Galleries Exhibition tax relief provision of £267,08412023.' £269,625) wh￿h is now available to the Charity as a resu￿ of the de¢ision lo operate as an incorporated charity. The direct ¢051 of raising funds was £1,035,108 {2023.' £1.203,2021 reflecting the increase of aclivty. with expenditure on staffing hitting £669,84912023'. £748,383) and cost of sales and exhIb￿"on8 £391,180 12023.. £447.(￿41. Support and Governan￿ costs were £1,346,(M)2 12023.. £1,570,202). which included professional fees on legal and taxation of £41,94812023.' £72,946). Prlelngp¢li¢y Accèssibility 15 a key e18menl of our public benefit offering. Vve are commrtted to enabling as many people as possible to view art and enjoy the grounds regardless of their income and ability lo pay. Changes lo the pricing and membership structure, ensured that accompanied ¢hIldie￿ are able lo access our site and collections free of charge, thus supporting families during these challenging economic times. In March 2024 we suc￿SsfUllY introduced a new £2 lickel for those on universal and pension credit. Compton Verney House Charity 28 Truste￿. repor( Sncludlng $tratsg1¢ report Year ended 31 March 2024 Oporational review {contlnued) Inv8$tm¢ntpolicy CVHT commissioned a property review in 2020 which has informed the amount of funds requiTed to m8inlain and develop the assats. A review and appointment of quinquennial architects has allowed the capital group to prog¥ess the Capital investment programme which remains under review by the Capital Group, a Su￿grOup of the Board, who rneel regulaily through the year. Rgs•N•s polky The Group balance sheet shows total reserves of £26,818,027 12023.. £27.135,3191 comprising restrided funds of £238,688 12023.. £8,879). designated funds of £23,578,268 12023.. £26.723,31318nd general funds of £3,001.07212023.' £403.12n. R•StriCt￿ lunds The Restricted Funds represent unspent balances on specffic funding recetved for Dernentia Café, replacing the Chillèr and a fundraising campaign to purchase 8 new electric shutde. D•signated funds Deslgnaled funds are rin*fenced by the Truste&$ for $pe¢i81 purposes and the largest is the Building and Gallery Fund of £23.568.618. This represents the value of the fixed asset investment in the building. gallery & grounds. With the exception of the Garden House investmènt of £900,000. this fund represents assets which are intrinsic to the operation ol the charty and th&refore cannot be realised as reserves. The other designat8d fund is donations received by a publk fvndraising campaign for the electric Shuttle Bus and relates to general donath)ns given for this purpose. Unrestrictsd funds The Trustees have set a level of unr8stricted reserves consistent with our abilty ¢0 protect future activities. Prior lo the pandernic, nominally unexpected financial as between three and six months of expenditure would have been sufficient The balan￿ at 31 March 2024 was £3,001,072, wthin the level sel by the Trustees. Future financial planning will endeavour to retain the unrestrscted fvnding at the level that the Tiustees set. which will be reviewed in the coming year. The Charity's Ass•ts Acquisitions and disposals of frxed assets during the period are re¢ordtrd in the notes to the financial statements. Compton Vemey House Charity 29 Trustees, report. IncludSng strat•glc r•port Yèar ended 31 March 2024 The Trustees, report, rnduding tha strategic report. W88 approved by the Tnjstees on and signed on their beh8ff by.. Chair Penny Egan CBE Chalr Date.. 18 November 2024 Compton Verney House Charty 30 Independent auditorfs roport on th• finan¢i•l ¥tatsm?nts Year ended 31 March 2024 Independent audStorf6 rnport to t￿ m&mb•rs of Compton Verney House Charity Oplnlon We have audrted the financial statements of Compton Vatney House Charity Ithe 'charitable parent company'l and its subsidiary Ithe'group'l forlhe year ended 31 March 2024 which the cornprise the consolidated statement ol financial activitie3, the group and charitable parent company balance 5hee15. the consolidated statement of cash flows, the wincipal accounting policies and the notes lo the financial statements. The financial reporting framework that has been applied in their preparation ts applicabl8 law and United KingdomAccounting Standard5, including Financial Reporting Standard 102 'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland. (United ￿'ngdoM GenerallyAc¢epted Accounting Practice). In our opinion, the finanaal statements". give a tru& and fairview of the slate of the group's and of the charitabl6 pa￿nI cornpany's affairs as at 31 March 2024 and of the group's income and èxpendf(ure for the year then en¢Jed'. have been pioperly prepared in accordance with United Kingdom Gen6ralty Ae£epled Accounting Piactice.. and have been piepared In a¢o)rdance with the requirements of the Companies Act 2006. Ba¥1$ for opinion We conducted our audit in accordance with Inteinational Standards on Audrb'ng IUKI IISAS IUKII and applicab￿ law. Our responsibilities under those standards are further described in thè 8udilorfs Tesponsibilits'es for the audit of the financial statements section ol our report. We are independent of the group in accordance with the ethical rèquirèments that are relevant lo our audit of the financial statements in thè UK, in¢luding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wrth these requirements. bèlièvè that the audjt evmlence we have obtained is sufficient and appropriate to FYovide a b8sis for our opinion. Concluslon8 rèlotlng to going concem In auditing the financial slalements, we have concluded that th8 Iru5tees' use of the going ¢oncein basis of accounting wi the preparation of the financial Slalemenls 1$ appropriate. Bas￿1 on the work we have perfomied, we have not identilied any rn8lerial uncertainties relating to events or conditions that, individualfy or collectively, may cast significant doubt on the group and charitable parent company's abilty to continu8 a$ a going concem for a period of at le881 tsyefve months from when the financial statements are aulhorised for issue. Our iesponsibililies and the ￿SponSibl11t1eS of the trustees with r*sp8cI lo going concem are described in the relevant sections of this r￿Ort. Compton Verney House Charity 31 Independent auditorfs report on the financial statements Year ended 31 March 2024 Ot￿r Infomiatlon The other infomation comprises the infomation included in the 8nnu81 report. including the trustees, report, othei than the financial 5tat8rnen15 and our auditorf5 report Ihereon. The trustees a￿ resw)nsible for the olhtrr inlormalion contsined within the annual report. Our opinion on the financial statements does not ry)ver the other inforrnabon and, except lo the extent otherwise ex￿1C1t1Y stated in oui report, wè do not exp￿$$ any forrn of assurance conclusion thereon. Our responsibility is to read the other inlomation and, in doing so, ￿nSIder whether the other inforrnation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or Othe￿Ise appears to be Material￿ misstated. If w6 Identrfy such material inconsistencies or apparent material rnisstatements, we ar8 required to d8terrnine whether this gives rise to a material misstatement in the financial statements theMSe￿e$. If, based on the work we have performed, we conclude that there is a material misst*ernenl of this other information. we are required to rèport that fact. We have nothing to report in this regard. Oplnlons on othèr matt•rs pr•seribéd by the Companies Act 2006 In our opinion, based on the work undertsken in the course of the audit.. • the inforrnation given irn the trustees, report, which is also the directors, report for the purposes of company law and includes the stralegic report, for thè finanoal ytarforwhich the finanaal statements are prepared is consistent with the financial statèments.. and • Ihe Iwstse8' report. whth is 8150 the directors, report for the purposes of company law and includes the strategic report, has been prepared in accordance with applicable legal requirements. Matters on wthlch wo ar• roqulrnd to report by ¥x¢¥ption In the light of the knowledge 8n(J understanding of the group and the charitable parent company and its enviionmènt obtainèd in the course of the audit. we have rK)l identffied m8le¥ial mi$slalem8nts in the trusiees. ￿port induding the strategic report. We have nothing to report in respect of the following matter5 in relation lo wh￿h the Compan￿$ Act 21)06 requirès us to report lo you rf, in our opinion- adequate accounting records havè not b8en kept, oi reluins adequ8le for our audit have not been recewed from branches not visrted by u$,, or • the financial statements are not in agreement with the accountin9 records and feturns.. or certain (Isclosures of trustees. ￿muneratIon specffied by law are not made., or we have not received all the information and explanations we reqvire for our audit. Comptr)n Vemey Housè Chanty 32 Ind•p•ndènt auditorf8 report on the financlal ststem•nts Year endèd 31 March 2024 Rosponslbllttl•$ of tru¥tse$ As explained more fully in the trustee5' responsibilities slalement set out on page 26, the trustees (who are also the directors of the charitable company for the purposes of company lawl are respon$ible for Ihe preparation ol the linancial statements and for being s8t15fied that they give a true and lair v￿w. and for such internal control as the truste6s detemine is necessary to enable the preparation of finan￿al statements that are free from material misstatement, whether due to fraud or error. In preparing thè financial stalemenls, the Iruslees are responsible for assassing thg group's and the charitable parent company's abilty lo contillue 88 a going concem, disclosing, 8$ applicable, matters related to going con￿r￿ and using the going concern basis of accounting unless the tnjsteès èithèr intend lo liquidate the group or the charitable parent company or to cease operatlons, or have no realistic altemative but to do so. Audito￿$ responslbllltles for th• audlt of tha finan¢io1 $tatements Our objectives are to obtain reasonable assuiallce about whetherlhe financial slalernents as 8 whole are free from malerial misstatement, whether dve to fraud or error. and to Issue an auditorfs reportthat includes our opinion. Reasonable as3urance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wrth ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arisè from fraud or error and are considered rnaterial if, individually or in the aggregate. th8y could reasonably be expected to influence the economK decisions of us&rs takan on the basis of these financialstatements. Irregularities. including fraud, are instances of non-compli8nce with law$ and regulations. We desvJn prO￿dureS in line wth our responsibilities, outlined above, to deted malerial misstslemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of detecting irregularities, including fraud is detailed b¢low'. Our approach lo idenlfying and assessing the risks of material misstatement in respect of irrègulariliè$, includir49 fraud and non-compliance with k2ws and regulations. was as follows.. the engagement path&r gnsufe¢J that the engagement tearn collectively had the appropriate competence. ¢8p8bililies and skilLs to identfy or recognise nOn-com￿lance wrth appli¢atle laws and regulaiions,. and we obtained an understanding of the legal and regulatcry frameworks that are applicable to the group and determined that the most signfficant frarneworks which are directly relevant to specrfic a55ertions in the accounts are those that relate to the rèporting framework Istalernenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charil*s Act 2011 and the Companie3 Ad 2006} and those that ielate to data protedion (General Data Protection Regulabon). Compton Vemey House Charity 33 Independent auditorfs report on th• finaneial $tstements Year ended 31 March 2024 Audito¢¥ responsibillties for the audlt of thè financial statements {continuedl We assessed the susceptibility of the group's accounts lo material misstatement, including obtaining an understsnding of how fraud tllighl occur, by.. maknng enquirie8 of management as to thelr knowledge of adual. suspected and alleged fraud,. an considering the intemal controls in place to mttlgate risks of fraud and non-compliance with laws and règulations. To addres6 the risk of fraud Ihfough rnanagement ts'as and overridè of controls. we.. perforrned analytical procedurès to idenlty any unusual or unexpected relath)n$hips', tested joumal entries to identify unusual Ir8ns8cIK)ns', and assessed whether judgements and assumpl'ons made in determining the accounting estimates for the ¢alcula¢ion of the annual depre¢iallon charge and the allocation of support costs be￿een charitabje expenditure c81egories were indicative ol potent￿1 bias. In response lo the risk of irragularilies and non-compliance with law$ and Iogulalions, we designed procedures which Induded, bul were not limited to.. reading the minutes ol meetsngs of those charged with govemance.. and enquiring of management as to actual and potential litigau'on and claims. There are inherent limtstions in our audit procedures d8seribed above. The more removed that laws and regulations are from financkal tran$8¢1ions. the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures requirèd to identify non-cornplk4nce with laws and regulations to enquiry of the trustees and othèr managemgnt and the inspection of regulatory and legal ¢orrespondence, rf any. Material misst8tem8nts that arise ￿e to fraud can be h8rdÈT to delecl than Ih05e thai aris from error as they may involve deliberate cx)n￿arMent or collusion. A further description of our ￿sponsIbl[lI185 for the audit of the flnancl81 ststemenls is located on the Financial Reporting Council's website al vnw.frc.org.ukJauditorsresw)nsibilrties. This description forms part of our audilorfs report. Compton Verney House Charity 34 Indopèndant auditorfg report on the financlal statements Year ended 31 March 2024 Use of our report This report is made solely to th6 charitabl8 companys members. as a body. in accordance with Chapter 3 of Part 16 of th$ Companies Act 2006. Qur audr( work has been undertaken so that we might state to the charitable company's members those matters we are requirèd to state to thèm in an auditorfs report and for no other purwse. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and tho chaiitable companys members a5 a body, for ouraudrtwork, for this report, of for the opin#)ns w8 have forrned. Date.. 19 November 2024 Catherine Biscoe (Senior Statutory Auditor) For 8nd on beham of Buzzacott LLP, Statutory Audttor 130 Wood st￿et London EC2V 6DL Compton Verney House Charity 35 Consolidated statement of finaneial aetivities lineluding in¢orng and expenditurg account} Year ende(131 Mar¢h 2024 Year 0Thled 31 Mafch 2024 Period ended 31 March. 2023 total Un r•strlctsd Restrictqd lund$ nd8 re51￿ Restricted furvjs In¢omèfrcth.' Donations and legaues Chan￿8 acbvilies Public displays olan Col￿ty￿ ertraing 1,813.504 347A 2,161,004 1.968,(65 21.368 1.989.433 1.0￿.530 6tXI,929 65,650 3,S37,613 1.057,$30 6CQ.929 65.650 3,885,113 1.108.156 767.819 73.732 3,917.772 1.108,156 767.819 73,732 3,939.140 Total In¢om8 347,SOO 21,368 Expenditure on.. Raising fvnds. Fundrai5iryCOSt5 . ￿￿V￿eS Charrtab￿ actiwlies PLI)li¢ displays of pemwÈnt 38B,638 1.106.122 368,63 1,IC*.122 418.979 1.192.476 418,979 1.192,476 2.160,349 604.316 4 4,259,425 2.160.349 722,007 4,377,116 2.642.993 641,256 4,895,704 2.642.993 663.699 4,918.147 SFE¢ial exhitiii(rtproi&xccsts Total exwnditurfr 117,691 117,691 22,443 22.443 Net leipondtturn1ll￿0M8 ￿lOr& n•tgalns(Ir*ss£sI on Inwstmonts 1721,8121 229,809 149IC¥)3I 1977,9321 11.0751 1979,0071 N6tgar*l(Ic688&1 ￿ irrrf*knÉnts 174,712 174.712 1188.4931 186.4931 FIEt (expendi￿re￿InGcfflt 5 1547.lQ)I 229AOg (317.2911 11.166,4251 11,0751 11.167,5001 Trdn5fern betr￿ funth 19 Net MOV6￿0nt In fund8 1547,1001 229,809 13f7.291} 11,166.4251 11.0751 11,167.9001 R￿On¢1114t1oth olfund*'. Totsl lund5 trfoughl Total funds carr￿d forward 27.126.440 19 26.579,JdO 8,879 27,135,319 28,292.865 2￿,$88 26,818,028 27,126.440 9,954 28.302.819 8,879 27,135,319 The￿ were no other recognised gains or losse8 other than those stated above. Movements in funds 8re disclosed in ngte 19 to the financial statements. On 31 March 2022 the assets, liabilities and activities of Compton Verney House Trust weie transferred to Compton Veiney House Ch8rty. The ch8rity was incorporated on 19 November 2021 and was registered with the Charity Comrni55ion on 22 November 2021. tt remained dormant until 31 March 2022. Compton Verney House Chanty 36 onsolidated statement ol fln8n¢l•l a¢tivitie8 (including In¢ome and •xp•ndituffj occounti Year ended 31 March 2024 Analysi¥ of principal SOFA components The table below shows the analysis of prin¢ip81 SOFA components for the period ended 31 Maich 2023 split 85 31 March 2022, the date of transfer of as58ts from CVHT lo CVHC. This date is treated as thè effective rrerger date for financial reporting purposes. CVHT CVHC VHC Comblned Total Group Group (pre-mergorl Ipre-merg8rl Group Ipost-mergerl Group Total income Totsl expenditur8 Netexpenditurè Lesses on investrnenl$ Not movement on funds 741.622 953.841 1212,2191 3,197,518 3.964.308 1766.7881 (75,9721 1842.7601 3.939,140 14.918,1471 1979,0071 1188.4931 11.167.500) 1324.7401 Compton Vemey Hou$e Charity 37 Balance sheets Year ended 31 Maich 2024 Group Asat31 Mar¢h 2024 Group 82t31 March 2023 Charity Asat31 March 2024 Charity Asat31 March 2023 Notès Flx¢d assots Tangible assets Invesbnents 9 23,756.718 23,638.504 23,756,718 23,638.504 10 2,104,392 1.929,$80 2,104,392 1,929,680 25,861,110 25.568.184 25,861.110 25.568,184 Curront Assets Stod¢ Deblo Cash at bank and in hand 13 14 66,301 958.845 573,632 1,598,778 53.254 1,694,425 327,389 2,075, 1,167,732 318,369 1.486.101 1,761.348 247,990 2,009.338 Llabilities Creditors.. amounts faling wthin one year 15 1841,8601 1507,9331 1529,1851 I442,2￿) Net current assets 956,918 1,567,135 956,916 1,567,133 Total net assets 28.818.028 27,135,319 26,818,026 27.135,317 Fund5 Restricted i￿¢Me fun#$ 19 238.686 8.879 238,688 8.879 Unrestricted income fvnd$ Designated funds G￿eral funds Totsl unrestrl¢ted lund$ 23,578.268 26,723.313 23.578.266 28.723.311 3,001.072 403.127 3,001.072 403.127 26,579,340 27,126,440 26,579J38 27,128,438 Totsl r￿eryeS 18 26,818,028 27,135,319 26.818,026 27,135,317 Approved by the Board of Trustaès on 18Nove￿ber and svJned on Iheir behalf by.. 2024 enny Egan, Chalr Compton V&mey House charity Company Regislralion nurnber.. 13754286 Compton Verney House Charity 38 Consolidated statement of cash flow8 31 March 2024 Ymr ended Period 31 March ended 31 2024 March 2023 Notes Cash flows fmm operatlng actlvltles Net cash provided by (used inl operallry aclwties 6S2,364 11,974,772) Cash flows from investlng actl¥ttl89'. Dividends. intewl and onts frem investments Purchase of fixed a55etS Net cash (used Inl Inves¢lng a¢tMt*s 65.6SO 73.732 1371.7601 1167.2191 1306,1101 193,4871 change In ¢ash and cash equivalents inthe year Cash and eash equivalents at the beginning of Ihe year Cash and cash eqvlvaknts at the end ofthe year 246.244 12,(É8,2591 327,389 2.395,648 573,633 327,389 Notes to the statemont of cash flow8 for th& y•ar ¥ndgd 31 Ma￿h 2024 A Reconciliation of net income lexpendltur•l to n•t cash flow from 0￿ratIng •Gtivities Ye81 ended 31 Period March anded 31 2024 March 2023 Net exp8nditure lor the year las por the ststement ol ftnanclal actIvI￿•s) 1317,2911 11,167,500) Adjustments for.. Dep￿Ciall0n charges Fixed a55el dFsposals IGainsl thses on Investrrents DIv￿ends, interest and rents from inveslments Increase in stocks Iln¢reasel decrease in dgblot5 It*crea5el increase in ueditors Net ca$h provldwl ty (US￿ Inl op•fating actlvltl85 252,005 303.700 1.541 18,385 1174,7121 188,493 185.6501 173.7321 113,0471 118.7391 735.581 11.072,5221 133,927 1150,85n 552,354 11.974.772) B Anatysl8 of cash and cash equlvalonts At 1 April At31 2023 Cash flows March 2024 Ca$h at bank in hand Total cash and cash 8qulvalents 327,389 327,389 246,243 246.243 573.632 573,632 Compton Verney House Charity 39 Principal #c¢ounting policies Year ended 31 March 2024 ststutory information Cornplon Vemey House Charily is a charitable cornpany. The registèrèd offi¢e add￿8$ and princip81 pl8ce of business is Compton Vemey, Warwickshire, CV35 gHZ. 8asl$ of prgparation The accounts lfinancial 5tat8mentsl have been prepared in accordance with the Statement of Recommended Pra¢lice'. Accounting 8nd Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in thtr UK and Republic of Ireland IFRS 1021- (Charities SORP FRS 1021 and the Financial Reporting Standard applicable in thè Untsd Kingdom and Republic of Ireland IFRS 1021 and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise stated in the relevant a¢¢ounling policy or note. These financral statements consolidate the results of the charty and its wholly-owned subsidiary Compton Vèrnèy Ent8rprises Limited on a line by line basis for the year ended 31 March 2024. Comparatives have been given fw the 15 month period ended 31 March 2023. Transactions and baL8nce5 b@￿en the charty and ils subsidiary have baèn eliminated from ihe consolidated financial statements. Babnces between the fv40 companies are disclosed in the notes ol the charity's balance sheet. In accordance with the exemption under S408 of thè Companies Act 2006. a Statement of Financial Aclwities lor the charity alone has not been prepared. Publ1¢ bengfit entity The ¢harity rneets Ihe definition of a publ￿ benerrt entity under FRS 102. Crlt5cal accountlng estlmates Preparation of the accounts iequiras tha Trust80s and management to make significant judgernents and estimates. The items in the accounts Whe￿ these Judgerr￿nts and estimates have been made include.. • the useful economi lives attributed to tangible fmed assets used lo detemiine the annual depreciation charge. incjuding the estimate ol the residual value of the froÈhold property. which supports no depreciats'on being charged on the property., + the 8lloc8lion of support costs btheen Charitab￿ expenditure categories.. • the estimation of future Income and expendllure now¥ for the purpose of assessing going concern {see bebwl. Compton Verney House Charity 40 Principal accountlng polleigs Ye81 ended 31 March 2024 Golng eoncern The Trustees havo assessed whether the use of the going concem assumption is appropriate in preparing these financial statements. The Tiustees have rnade this assessment in respect to a perMJd of one year from the dale of approval of these finanei81 stalemenls. Golng coneèrn Icontinuedl The Trustees do not ¢onsider that there are any sources of estSm8tlon uncert8inty at ihe reporting date th81 have significant risk ol causing material adju5trnent lo the carrying amounts ol assets and liabilities Wthin the next reporting p•rv)d. Income Income is recognised whèn the ¢harity has entthement to the funds. Any p•rformance conditions attached to the income have been met. it is probable that the income will be received and that the amournl ¢an be measured reliably. In¢ome from govemment and other gcants, whether 'capital' grants or 'revenue' grants, is re¢ogni5ed when the charity has entitlement to the fvnd5. any performance condition5 attached lo the grants havè beon mel. it is probable that the income will t* r￿1Ved and the amount can be measured ￿liablY And is not deferred. Incomè re¢eived in advance of ihe provision ol a $pecified Service 15 deferred until ttr criteria for income and recognrtion are met. Interest reeelvabl• Interest on lunds held on deposit is included when recefvable and the amount can be measu￿￿ reliably by the charty,. this is normally upon notrfication of the interest paid or payable by the bank. Fund accounting Restricted funds are to be used for spÉciff¢ purposes as laid down bythe donor. Expendiiure which meets these criteria is charged lo the fund. Unrestricted funds are donations and other income receNed or generated for the charita￿e purposes. Destgnated funds are unrestrid¢d funds earmarked by the Trustees for particular purposes. Expenditure and Irrecoverdble VAT Expenditure is recognised oncethèrè is a bgal orconstructive otrAigation to make a payment lo a third party. it is probably that settlement will be r8quiied and the amount of the obligalion can be measured reliably. Expenditure is ¢lassified under the following activity headings.. Cornpton Verney House Charity 41 Princlpal account5ng policles Year ended 31 Mar¢h 2024 Cost of raising funds rèlate lo the costs incurred by the charity in inducing Ihird parties to make voluntary contributions to it. 8s w$II 85 the cost of any activrties with a fundraising purpose. Expenditu￿ on chantable activities includes the costs of exhibitson5 undertaken to Jrther the purposes ol the charity and their as$o¢iated support and governance. Olherexpendilure Tepresenls those ilems not fallin9 into any other he8ding. Alloeatlon of 8UPPOrt and governance costs R&sourees trxpended are allocated to the particular activity where the cosl relates directly to that actwrty. However. the cost of overall direction and administration of each activity. comprising th8 Salary and overhead cosls of the central function, is apportioned on the following basis which are an eslimale, based on costs 1nuj￿d, of the am04Jnt attributsble to each activty. Cost of raising funds Publ￿ display of permanent collèth"on$ Special exhibrtionslprojects 50% 16% Governance costs are the costs associated wth the governance aFTangemenb of the charity. T￿se costs are associated with constilulional and statutory requirements and include any costs associated with the strategic management of the ¢h8riW$ activities. Optyr•tin9 lea¥e$ Rental chaiges ar8 charged on a slraight-line basis over the term of the leas&. Tanglble flxed assets Items of equipment a￿ capitalised where the purchase price exceeds £1.000. Depreciation costs are allocated to activities on the basL8 of the use of the related assets in those activities. Assets are reviewed lor impaimènt if ¢ircurnslances indrate their carrying valu may exceed their net realisable value and value In use. Depre¢ialion i% provised at rates calojlated to write down the ¢osl of each asset to its eslimaled ￿$[dUal value over its expected useful Irfa. The dèpreciation rates in use are as follows.. Freehold property see below Plant and machinery FLKtur85 and frttings Motor vehicles 4 years 4 years 5 years Compton Vemey House Charity 42 PrTrn¢ipal accountSng pollcle8 Year endèd 31 March 2024 The Trustees considor thè rÈ5idual value of the freehold property to be at least equal to it8 cost, and therefore there is no depreciation charge on the property. The Trustees carry out a reV￿W of the property at least annually to ensure there is no indication ol an impairmant to the propaty. The balancè sheet includes £21,324.213 lor the value of tho House and Garden House. However, the cost ol the freehold property includes fit out costs such as gallery lighting. In 2016 new buildings were constructèd on the estate and in 2017 an additional property, Garden House, was purchased by the estate. The Car Park is treate(l as fit out cost. Tangible fixed assets Icontinuedl The assets will be written down to estimated ie$tdual va￿¥ over their expected useful lrfe and depreciated as fdlows.. New building5 25 years Fit out costs 10 years no impairment Garden Hous& Inv•stments Investrnents are a form of basic finanual instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quotèd rnarket pri￿. Any change in fair value will be recognised in the 3lalemenl of finanaal activities and any excess of fair value over the historic cost of thè inv85tm&nts will be shown as a fair value reserve in the balance sheet. Investment gains and losses. whether realised or unrealised. are combined and shown in the heading 'Net gains Ilossesl on inv•stmènts' in the statement of financial activities. Th& charity does not acquire put options. derivative$ or oth$¥ Complex financial instruments. In￿ltment irt subsidiaries Investments in subsidiaries are shown at cost. Stoek$ Stocks are 5tat6d at the lower of cost and net realisable value. In general, cost is determined on a first In first out basis and includes transport and handling Costs. Net realisable value is the price at which stocks can be sold in the normal eou15e of business after allowing for the costs ol realisatKJn. Provision is made whore nècessary foi obsolete, slow moving and defective stocks. Compton Vgmey Hou$e Charity 43 Prfnelpal aecounting poli¢h$ Year ended 31 March 2024 Debtor¥ TiadÈ and other d8blors are recognised at the settlement amount due after any trade discount offered. Prep8yTrenls are valued al the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand Indudes cash and short temi highty liquid investsnents with a short maturity of three months or less from the date of acquisrtion or opening of thè d8postt or similar aceounl. Crodltors and provlslons Creditors and wovisions are recognised wher8 th8 charity h8s a present obligation ￿SuItIng frorn a past event that will probably resutt in the Iransfgr of funds to 8 third party and Ihe amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nom)ally recognised at their $8ttlemenl amount after allowing for any trade discounts due. Pensions Compton Vemey operatès a deffined contribution pension scheme. The assets of the scheme are held separately from Gompion Verney in an independently administeied fund. The pension cost charge represents contributions payable under the scheme by Compton Verney to the fund. Compton Verney has no li8bility under the scheme other than for the payment of those contributions. If new 5t8ff meet the criteria they are aulo-enrolled ftito the sch8m& aftèr a 3 months POStponement period. Staff who do not meet the criteria are given tha option of joining the scheme on a voluntary basis rftheywsh. At anytime staff can opt out ofth8 pension stheme if they wish lo do so. Contributions are in line wrth the stalulory minimums set out under the auto enrolmenl legislation althtsugh there is an option for staff lo have theircontributions matched at a higher level. Compton Verney House Charity 44 Not•s to the a¢¢ount8 Year ended 31 March 2024 1 Income from donations and legacles Year ended 31 March 2024 Total Unrestricted Re$trthd Donations Isee note 7a) Grants (see note 1bl 1.832,559 180,945 1,813.504 4,500 343,000 347.5QO 1,637,059 523.945 2,161.004 Period ended 31 M8rch 2023 Tot&1 Unreslncted Reslrited Donations (588 nol8 lal Gr&nEs {see not@ Ib? 1,794,813 173.252 1,968,065 21.368 1.816.181 113,252 1,989.433 21.368 la Donatlon8 Yearendod 31 March 2024 Total Unrestricte4 Restrlcted Compton Ver￿Y Fwd- End￿￿￿￿ntfUndin9 Otr)er d(x)atlOn5 1,600.000 32.559 1,632,559 1,600,000 37,059 1,637.059 4,500 4.5C4) Peritij ended31 March 2023 Total Unreslklcled Rests7cled Compton Vern•yFund- EndDwm8nl funthng otherclon8tAons 1, 750,OCk) 44,813 1,794,813 1.750,000 66, 181 1.816, 181 21.368 21.368 1b Grants received y￿rende1 31 Morch 2024 Total unrestr￿t￿l Reslrthtl Arts Council England- NatSonal Porifolio Arts Council England- MEND Art Fund- Student Produ¢ers Foundation Foyb Foundation Historic Houses A550cialion Patrick Trust Balchworth Trust 152.760 152.760 216,0 9.089 39,OLKJ 40.0(K) 10.000 20.ot io,oc 216.OJO 9.089 39,000 40,000 10,000 20.(MJO 10,000 Compton Vomey House Charity 45 Nots$ to the accounts Year ended 31 March 2024 1b Grants roc8lv•d Icontlnu•dl Year en(led 31 March 2024 Total Unrestrl¢ted Reslrtted Slratford Council Anson CharilaNe Trust Rural Payments Agency Other grants lun¢er£2.0001 13,500 13,srA) 2,000 3.856 7,740 523,945 3.856 5.240 180,945 2.￿0 343.CM)O endgd31 ma￿ 2023 Total Unrestrrct8d R8slrKt8d Arts CounC￿England- NationalPortrolto Giinling Gibbons s￿ety LocalAulhority Grant Rwel Payments Agency ItDn Gorge frust 0th8rgrenl8 (under£l.WJ 152, 760 7.286 6,000 4,224 2.700 282 173.252 152.760 7,286 4.224 2,700 282 173,252 2 Income from charltablè actlvltl•s Yearendod 31 March 2024 Total unrestr￿ted R8slri¢ted Mernbersh AdmL8sior Learning and Engagement Prograrr*ne Benefactors, Patrons. Supporters & CorpJrates Garden Hou58 rental Sundry in¢ome Total 474.C68 341.517 78,734 43,119 47,238 474.068 341,517 78,734 43.119 47,238 72.854 1,057.530 72.851 1.057,530 ended 31 Ma￿h 2023 Tolal UnreslnGted Reslrrted Membersknp Admisst¢)ns Inforrnsl Leaming, Dffjiit81 & E¥￿tS B8nef8¢lo￿. Patrons. Supporters & ￿pOrateS Garden Hous& rgnt Sundryin¢ome Total 485,911 469,380 84,275 43, 151 1.065 24,374 1. 108. 156 485.911 4fj9,380 84,275 43. 151 1,065 24.374 1,108, 156 Cornplon Vemey House Charity 46 Notes to tho aecounts Year ended 31 March 2024 3 Income from other tradlng activlti•s Year ended 31 Mar¢h 2024 Totsl Unre$lrided Rest[￿e￿ Rttsil Hire Comrr*rrial Events In House Catering Cornmission In House Catering HITE Catering Sundry ir￿orne 267,644 99,907 103.693 25.D98 96.987 5.916 1,704 600,9 267,644 99.907 103,693 25.098 96,967 5.916 1,704 600.929 &nd8d31 Mafrrh 2023 Tot Unrestrlcted Resfncled Retail Hi CommerrialEvents Ilouse Catwing ComnNSsion In hous8 C&lering HI￿ CateFyF Sundryll￿ne 326. 190 215.450 142,222 39,848 326, 190 215.450 142.222 14.081 30,028 T67.8t9 14,081 30.028 767,819 4 Analysis of expenditure Ygar endgd 31 March 2024 Total Publ Co51 af disrAay of Speciai permanent exhlb11￿￿ GO*m￿ce Supptr1 funds cdlectKJns fxf4ects costs Staff costs C[￿U11a[￿- temFxxary stsff er Costofsae5 and eKhitAty￿ FundBd proJ¥ts 669.849 423,397 181,291 1T2,8(6 445.121 1,842,464 391,180 56,787 433.017 152.760 162.760 39).334 252,005 282,560 7,774 252.005 Dapre¢iation Offi￿ G05ts other peD￿e Costs Maintenar Stra*gy &YCieGts MarketiTrJ & PR Govemanctr incIL￿l￿v￿ tatstson, leg* and ath11tfees Secwty InsLraK8 Cleaning. rates, storage Inft)rmalion leGhndtyy Exhib￿0￿ T8x rdief 17,858 243,315 146.141 163,799 243.315 61,613 192,748 5,533 50,344 5.736 192.748 41,948 41.948 162.102 70.978 139,246 81,378 1267,0841 162.102 70.978 139.246 81.378 1267.0841 Compton Vemey House Charity 47 Notes to the aceounts Ye8r ended 31 March 2024 4 Analysis of expenditure Icontinuedl Year ended 31 March 2024 Total PutrA Costof disrAay of perr￿ent exhi&lh)w GOver￿n¢¢ Sw fiJnd5 crdle¢tio C0515 Capital Goc%J$ SGh￿￿ VAT rebats (31.4541 1.Q35,108 1,496,023 131,4541 215.098 1,130.￿3 4377,116 499.984 Surp)rt¢cÉ Go¥eman¢e¢cÉt$ Total èxpgndkurg 2024 3e6.197 $58,163 73.455 106.163 1,494,760 2,160.349 186,543 35,480 7V,007 11,130.9031 1215.0981 4.377,116 Pubhc Coslol thsplayof sing ￿e￿*￿￿t G0￿manCe &pwrt hmds CDlleGhons sts entsd31 2023 Tot aff cos15 741383 543. 67.587 42&855 1.955,655 Cost ofsales exh￿0￿$ FtJndgLIKwts Lthythes DaP￿18t Othe costs andrthrp costs nten&tK8 Slralsgypmjects Martethng & PR Govem*ft¢* in¢lu&tyl&XAtx)n lesT* anrlauthtfees Secunly IFpswanGe aeaning. ratss. storage Inlonnfyth￿ lechnok Exhtbthon T8X Jwpff C8PtalGL￿s SO1￿￿6 VA T 447.1 76.050 362,783 247.624 88S897 247.624 498.445 303,7Lk) 481979 14.466 JQl700 22,408 205.374 789.463 2tI.871 20&574 I￿￿T6 191.275 3&974 53.225 7&877 191,275 T2.946 12.946 171,364 69.278 171.364 69.276 f44.271 91217 912*7 Q69,6251 1269,625) {31.2t9 1.205.202 1.716.574 (31,215) 2T&349 1.293.853 4.914 147 428. 169 Support￿$1$ Governat￿¢￿ts Tot* e¥pendItu￿ 2023 763.J73 7t.85t 163.046 f.611.455 2.642.993 194.078 (1,293.853) (276,54f91 663.699 4,918, 147 Compton V&mey House Charity 48 Notss to the accounts Yeat ended 31 March 2024 S Net lexpenditurel Incomè for thè pariod This 18 slated after charging.. Yaar ended 31 Marc 2024 Total Period ended 31 March 2023 Total Oepreaalion Trustees. indemnity insurnnce Trustees. reimbur58d expenses Operating lease rentals.. 252,IXIS 303,71X) 2,348 1.588 1.579 36,136 1,974 34,7e6 Audito¢s remuneration lexcluding VATI 6 Analysis of staff costs Staff costs were as follows.. Ytar ended 31 March 2024 Total Perio¢l ended 31 Marth 2023 Total Salaries and wages Social security costs Employer's contribution to define£l ¢onlribulK)n pensiM Schemes 1,647,288 135.485 59,691 1,842.464 1.749.090 146.518 60,047 1.955,653 The followlng nurnber of employees receiveil ernployee benefits lexcluding ernployer pension and employerfs national insurancè costs) during the year be￿een.. Year ended 31 Mar¢h 2024 Totsl No. Periool ended 31 March 2023 Total £80,(MX)-£89.999 The total employee benefits including employer's pènsK)n contribution and employer's national insurance of the key management personnel weie £258,950 for the year12023.. £417,79n The Board of Trustoes dkl not receive any olher benefits from @M￿OyMent with the charty in the year12023.' £nill. Compton Vern$y House Charity 49 Not•s to th• aeeounts Yèar ended 31 March 2024 6 Analysi$ of staff costs {continued} Board of Trustees, expenses represents the payment or reimbursement of travel and subsistence costs lotalling £2,34812023'. £1,586) incurred by 512023.. 41 members reL8ling lo attendance at rneetings ol the Trustees. One Governor, the CEO. has been paid remuneration for employment withln the charrty. In her role as CEO. Geraldine Collinge received gross pay of £87.15012023'. £41.5001 and employer pension contributions of £5,22912023. 2,4901 in the year. No other beneffit5 are paid within the remuneration. Staff numb•rs The average number of employè8s Ihaad count based on number of staff employed) durin9 Ihe period was as follow5.. Year ended 31 March 2024 Total Perio end&1 31 March 2023 Total Raising fvnd5 Public dispLqy of collecttms Support Governance 12 49 27 96 67 The average number ofemployees forthe yearto 31 March 2024 0196 consists of6312023= 431 permanent staff and 3312023." 241 seasonal staff. 7 Relatèd party transactions Compton Vemey House Charity receives endowment income annualty from the Compton Verney Fund. In the year ended 31 March 2024 Compton Vemey reeenied £1.6million Iperiod ended 31 March 2023.. £1.75millionl. Philip Bunt is trustee of both Compton Vèmey Fund and Cornplon Verney House Charity. A number of Trustees h8ve voluntarily contributed to the Benefactor scheme. total value £2,32512023' £1,839) and qualfy Iof the same benefits as all Benefactors. Furthar detsils of the related party organi5ations are included in the Trustees, report. Details of the ielaled party transactions with Compton Verney Enterprises Limited ale in note 11. The assets, liabiltties and actNities ol Cornplon Verney House Trust were transferred to Compton Vemey House Charity on 31 March 2022. Compton Vemey House Charity 50 Note$ to the accounts Yeai ended 31 March 2024 8 TaXa￿On As an incorporated Charity, Compton Vemey House Charity is exempt from corporation and income tax. The charity's trading subsidiary Cornpton Verney Enterprises Limrted donate5 available proffts to the pa￿￿t charity under gift 8id. No corporation tax was liable for Compton Verney Enterprises Limited in the year ended 31 March 2024 and the period èndèd 31 March 2023. 9 Tanglbl• flx•d a$sgts Main Compton New Vemey land buiklings & & esiate C051s Fixiure5. fillings & lor vehicks Plant and rnachinery Total Group arKI charty At the start of Ihe year A(Jdrtions Dispos4 At tha end of theye* 9228,347 15,178,861 159.081 527.396 75,04S 334,OC6 24268.810 137,633 371.780 13.2771 13,277) 468.382 25.637,053 9.228.347 15,337.942 602,442 D•pra¢iation At start ol the year Charge forlhe year Di5wsals At ts end oftheyear 933.469 1e6,541 4e6.341 33,763 2302 51.701 11,n61 280.261 1.630.106 2S2,005 11,7361 1.880.375 1.1CQ.010 StyJ,104 Net book valu• At start of the year At the erKI of the year 9228,347 14.245,392 9,228,347 14,237,932 61,055 102,338 103,710 23,638.$04 188.101 23,756,718 All of the above assets are used for chartsble purposes. 10 Investments The Charity holds 102,993 units of the COIF Charity Invèslm&nl Fund, managed by CC Al the year end the units had a mKI-market valuation of 2043.24 pence per unit. Group 2024 Total ChaAty 2024 Totsi COIF Investment Fu Fair value at the start of the year Net gain on change in fair value Fair value at the end of the year 1.929,680 174.712 2.104.392 1,929.680 174.712 2,104,392 HistorKd cost at the end of ts year 2,129.214 2,129,214 Compton Veiney House Charity $1 Not•s to the #¢¢ounts Year ended 31 March 2024 11 Subsidiary undertaklng The ch8rty owns the whole of the issued ordin8ry shar& ¢ap(fal of Compton Vemey Enterprises Limited, a company incorporated in the United Kingdom and registered in Ellgland and Wales (company number 031013271. The ownership of the company transferred from Compton Verney House Trust on 31 March 2022. The subsidiary is used for non-primary purpose trading activities. All activi￿eS hava been ¢on501idated on a line by line basis in the staternent ol financial activities. At the b818n¢e sheet dale three directors, Helen Rose. Geraldine Collinge and Penny Egan are also directors of the Charity. Availablè profts are gift ahled lo the parent charity under a deed of covenant. Cfmnpton Vemey Enterprises Lirnited changed its name from Compton Vèmey Publications Limited on 8 April 2024. A summary of the r8sulls of the subsidiary for the year ended 31 March 2024 1$ shown bekjw". Year ended Perlod ¢ndBd 31 March 31 March 2024 2023 Total Total Tumover Cost of 5*e5 Gross wofft 600,929 1246,2891 354.840 744,169 348,6281 395.541 Administrative expen8es Management charge from parent urvjertaking Profrt cn ordinary activities 132.0331 1322.28n 320 118,9211 1376.3041 2.316 T*)tal ¢ompr•h•nsiv• income for the ftnanclal year 320 2,318 Chang05 In equlty Total 8quIty bro￿h1 ft%war Totsl ¢¢ynprehen$ive incc¥ne for th8 year Gift aid distribub'on to parent ¢harty Total equfjty ¢arrfod fojward 320 13201 2.316 12,3161 The 89grngat• of tho a¥set¥, liabil1￿88 and funds wag.. A55ets 395.251 1395.2491 209,651 1209.6491 Fund$ Amounts owed to the parent from the subsidiary undertaking of £251,59)12023'. £142.8581 are shown in note 14. Compton Verney House Charity $2 Notes to the accounts Year ended 31 March 2024 12 Par•nt Charity The parent charity's gross income and the results for the year ended 31 March 2024 are disclosed a5 follows.. 2024 Total Gross income Re$ultfor the year 3,284,183 1317.2921 13 Stock Group 2024 Total Charfty 2024 Totsl 2023 Total 2023 Total Finlshed ocKJs 66,301 53,254 14 Debtors Group 2024 Total Chari 2024 2023 Total 2023 Totsl TrJJe debtor5 Other debtor8 Amouni di* from Ccrnpton Vern8y Heuse Trust knoUnt¢￿ from Group unc*rtaking VAT Prepayments and acxrued Inccrtne 61,859 s70.￿￿ 48,392 290.723 1.530 $64,162 296,299 11.053 982.675 11,053 2S1,$90 205.357 134,040 1.167.732 953.668 142.858 122.841 245,994 1.761,348 174.372 141,561 958,8¢5 121,r19 252,856 1,694,425 15 cr￿lt0[￿= amounts falling due wlthln ong year Grou 2024 Total Cha 2024 Total 2023 Total 2023 Total Trade creditors Taxation and sixral security Accruals and deferred inwme Other ¢￿ditOrS 257,797 39.951 320.013 2A.099 641.860 288.409 38.972 180.492 236.090 39,951 229,045 24,099 529,185 277.891 38.972 125,342 507,933 442,205 Compton Verney House Charity 53 Nots¥ to the accounts Year ended 31 March 2024 16 Deferred incom• Deferred incorne comprises depx)sils for prNaltr hi￿¥ and payments lor activities that occur in a future reporting period. Group 2024 Total Charlty 2024 Total 2023 Total 2023 Total BaLqnce al Ihe beginning of per￿*y Amount r8kgased to in¢(me in Ihe perNS Amount deferfed in the p8fiLwJ Balance atthe end of the perlod 66.023 164,3S61 132,406 134,073 76,789 176,7691 66.023 66.023 16.908 116.9081 53.535 53,535 127,0441 16,908 16,908 17 Pension Scheme A3 at 31 March 2024, contributions amounting to £11,93612023.. £9,160) were outslanding or owed to the defined contribution pension schemÈs. Al the year end the Aegon 8dmini3tered persion schemes had a total of $4 actwe membeis12023.. 451. 18 Analysls of group net a¥¥et¥ between funds General ursrestricted D85ignat hjnds funds Restricted fvnd5 Total funds Tangible fix8d a58ets Inve$tsnents current assets N8ta8s6ts at 31 March 2024 23.756.718 2,104.392 2,942,192 12,223.9621 2,942,192 23.637,148 23,756,718 2.104.392 238.e88 956,918 238.688 26.818,028 Gener unr•sIr￿1ed Designat8d Roslrictsd funds funds lund8 Totsllunds Tangiblg asstrts Investfftent5 Nel cu￿nI èssel$ N8t 8&88Is 8t 31 M8th 2023 23,638. t,929,680 403, 127 1, 155. 129 403, 128 26,723,313 23,638,S94 1,929,680 8,879 1,567, 135 8,879 27, 135.319 Compton Vemey House Charity 54 Notes to the accounts Year endèd 31 March 2024 19 Movement in funds At1Pw 2078 IncLyne Exp2nditLV Gains arby Losses At 31 March 24 Tr*sfers R￿l￿rIed funds N*on81 HÉritage FLThI- Patk Reslixatyon Exhibiti￿ knding PLAY Chill¥[e￿areTherrt fvrvj (MEND fU￿e￿I Bridgefurvj Shuitle knd r*merTrtia Café Creative and ery39￿t Total rFstricted funds 15,6541 I￿,$[1)) 113,5Crf)I 85.5QO 13.5W 216,000 10,0 20.0 216.C¥)J iio.0001 20.000 2,0 11,6371 11,OWI 8,879 347,500 231.6 Unr45trlGtsd funds DesvJna*d fiJNJs". Buildng gall￿ ￿nd Brk*e fLAid Shutue Bug fiJTh CoL¥KQ NPO Buikling and galw S￿le1n¥t￿l￿ nd Total d95Ignatod lund8 General fil￿5 Totsl vnWtri¢￿ lunds 23,340.59) 22.068 228,026 23,$68,616 123.0941 9.652 152,760 9.652 1152.7601 3.360,635 26,723,313 163.418 1175.8541 403.127 3.374.195 14,083,571) 27,126.440 3,537.613 14.259,4251 13,360.6351 13,132,609) 23,$78.288 174.712 3.132,609 3,CQ1,072 174.712 26,579,340 Tol•l funds at 31 March 2024 27.135,319 3.885,113 14,377,116) 174.712 818,028 J8Ffu8ty G8in$8nd At31 2021 &petlY#L￿ Lossés Tr•nslws March 2023 RestncledfunLIs Netionaj LotteryHwitage FLrnd-Pa Restorath Exhi￿0￿ fvndinJ Demenha Café Crealivg anflengagwywt EnL*wmert Totalmsrricleé ftmd$ 4584 17.868 {17,868J 12.5751 2 ILKI 2.IT25 [2.0￿) f22.44J) 9.954 21.368 a879 Unrnstrt¢tedfv￿1E D@s￿n&t8d[tsnds.. Builthng andgallerylun Arts CounJJ NPO 8ndge￿￿*lr1un￿ 8uilthyyg andgallwysustaina¥tltyftmd rotaldes¥JnatedfuNk Gener81 fijnds Tota UnjTStnG￿II# 24791,367 94.854 152.7fAI (45Q TT71 23,340,590 1247.6241 22,088 3,360.635 145Q7771 2Q723.313 450.777 403. t27 27.126,440 3.3fQ.635 2T.246,866 174.848 (247.624J 1.045.999 3.742.924 14.648,OWI 1188.493) 24292,865 3.917.TT2 14,895,704) (188,4931 Tol8lluthYs 8t31 M8Fch %)23 28,SQ2.8f9 1959. 140 14.91&14TI It88.4931 27, 13&319 Compton Vemey House Charity 55 Notes to the a¢¢ounts Year ended 31 March 2024 19 Movement in funds Icontinuedl PU￿0$eS ofrestricted funds Restricted fvnding has been received in the fomi of specific grant and donation funding for defined activities. In the year we have received and spent funding to sUPPOrt the Dementia Cafe. Vve have also received and spent funding in ielation to our 202312024 Exhibition programme and have successfully fundraised towards some essen*al Bridge repairs for the main bridge in our grounds which was carried out in the year. Furthei fundraising lor capital works planned in 202415 relating to replaciNJ Ihe Chiller and purchasing a new electr shuttle has also had an impact in the year. Purposès of designoted lunds Desi9naled funds repfesenl fvnds ring-fenced by the Trustees for speaal purposes. The largest fijnd is the Building and Gallery fund £23,568,616 and it shows the value of monies already invested in the developmenl of the gallery, grounds and other fixed assets relaled to the 8uilding and Gallery IPlant and Machinery). The transfèr in thè ytrar rglales lo the cost of additions rnade less the depreciation chaiged relating to these assets. The second largest fund was the Building & Sustainabilty lund which was un-designaled in the year through a decision made by the Board. The reason for this was lo piovide C￿arer decision making at the Board level over our funding pritsTities between capital and operalional investments. Therefore this fund valua was transfèrred lo unrestricted funds in the year. Thè dg$lgnaled Art8 Council NPO funding was used to fund a number of artistic interventions in the Park. The funding received in the year was fully spent on the 202312024 exhibition and leaming and engagement programme. The fund ended 2024 at £nil. Future annual funding has been secured for the next 3-year period so we will continue to receive this fvnding to enhance OUT exhibition and learning and engagement programma. Unr•strlct8d funds The Trustees r6tain vnf8Strict811 ￿SerVeS lo provide for future expenditure, whether of 8 capital of revenue nature, which cannot be covered by incorning resources. The Trusteès reV￿W the level of unrestricted rèserves ¢arried lorward annually lo ensure they provide a sound underpinning, in terms of cash flow. strategic planning and risk management lor ongoing investments in tha capital infrastructure of the estate. The Trustees believe that unrèstri¢ted general funds should be held lo cover behveen three and six rnonths, running and reorg8nisabon ¢o$ls. ￿ order to finance operat￿n3 should extraordinary events beyond the Trust's control aff8Ct its revenue slrearns or operallig costs. The intenth)n is to grow th? level of thi$ Gener81 Fund lo maich increased running costs. At the year end. current general reserves stood al £3,001.072. an increase in the year, thanks lo the d8-designalion of the Building and gallery sustainability fund. Compton Vemey House Charity $6 Notss to thg a¢¢ounts Year ended 31 March 2024 20 Operatlng18as• eommitmgnts The group's total future minimum lease payments under n0￿canCelIa￿e operath.ng leases is as follows for each of th8 ft>llowing periods.. 2024 Total Less than 1 year 1-SyeaT5 2023 Total Less lh*￿ l year 1-5ye8rs 631 631 21 Capital commitments At the balan￿ sheet dats, the group had no commitments in respect of caprt81 projects 12023.. none). 22 Transfer from Compton Verney House Trust The assets, liabilitlès and adivilies of Compton Verney House Trust We￿ transferred lo Compton Veiney House Charity on 31 March 2022. The assets and liabilities wefe represented by the following funds". 31 March 2022 Tangible fixed assets . Cost Depreciatbn 26.715.991 2.958,S331 23.757.458 Invesknents Debtors Cash al bank and in hand Creditors.. amounts tsllin9 dte within one year 2.005,652 358,349 1.950,614 193,9961 27,978.077 31 March 2022 Restricted fund5 General funds Designated funds 15.240 1.047,797 26,915.040 27,978.07T Compton Vèmey House Charity $7 Notes to th• accounts Year ended 31 March 2024 22 Trnnsf•r from Compton Var￿Y Housè Tru$t This transfer included the transfer of thè Ordinary shaw of Compton Vernoy Public4lion5 Limited, the subsidiary company. The decision by Trustees to create a charitable company and the subsèquènt transfèr of actwity frorn Ihe Charitable Trust to the Charitable Company is a ￿COnStructIon that was been treated as a merger for accounts'ng purposes. Compton Vemey House Charity purposes and charitable objectives fully encompass those of the charrtab￿ Trust. The value and analysis of the assets that were transferred are iepresented in the above table. Cornplon Vemey House Charity 58