OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

The Attingham Trust (An educational charity)

Annual report and accounts

31 December 2020

Charity Registration Number 262819

Contents

Reports

Reports
Reference and administrative details of
the charity, its patrons, trustees
and advisers 1
Report of the trustees 4
Independent auditor’s report 13
Accounts
Statement of financial activities 19
Comparative statement of financial
activities 20
Balance sheet 21
Statement of cash flows 22
Principal accounting policies 23
Notes to the accounts 28

The Attingham Trust

Reference and administrative details of the charity, its patrons, trustees and advisers

Patrons H M Ambassador to Washington
The Duke of Buccleuch & Queensberry KT,
KBE, CVO, FSA, FRSA
Dr Thomas P Campbell FSA
Professor Sir David Cannadine FBA, FSA
Sir Timothy Clifford
The Lord Crathorne KCVO, KSTJ, FSA
The Duke of Devonshire KCVO, CBE
Judith Goodison FSA
The Hon Desmond Guinness (deceased
August 2020)
John Harris OBE, FSA
The Marquess of Lansdowne LVO, DL
Rosemary Lomax-Simpson
Sir Jonathan Marsden KCVO, FSA
Sir Hugh Roberts GCVO, FSA
The Lord Rothschild OM, GBE, FBA
Coral Samuel CBE
Sir Hugo Swire KCMG
Trustees Timothy Cooke OBE (Chairman from
November 2020)
Sir John Lewis OBE (Chairman until November
2020)
Diana Berry
Martin D Drury CBE, FSA
Sarah Medlam
Dame Rosalind Savill DBE, FSA, FBA
Officers Timothy Cooke OBE (Chairman)
David Adshead FSA (Director of the Attingham
Summer School)
Elizabeth Jamieson (Director of the Attingham
Study Programme)
Dr Helen Jacobsen (Director of Eighteenth-
Century Studies)
Rebecca Lyons (Director of Royal Collection
Studies)
Ewa Manias FCCA (Trust Treasurer)
Dr Andrew Moore, FSA (Director of the
Attingham Study Programme)
Rebecca Parker (Assistant to the Executive
Director)
Annabel Westman FSA (Executive Director)
Tessa Wild (Director of the Attingham Summer
School)

The Attingham Trust

1

Reference and administrative details of the charity, its patrons, trustees and advisers

Council Members Beth Carver Wees
Errol Clark
Dr Ben Cowell FSA
Helen Dorey MBE, FSA
Tim Knox FSA
Dr Martin Postle FSA
James Rothwell FSA
Course Directors and Administrators
The Attingham Summer School David Adshead FSA (Director)
Tessa Wild (Director)
Lorna Gartside (Administrator)
Royal Collection Studies Rebecca Lyons (Director)
Sara Heaton (Administrator)
The Attingham Study Programme and Elizabeth Jamieson (Director)
Libraries Course Dr Andrew Moore FSA (Director)
Rita Grudzień (Administrative Director)
Lorna Gartside (Administrator)
French Eighteenth-Century Studies Dr Helen Jacobsen FSA (Director)
Rebecca Parker (Administrator)
Postal address 70 Cowcross Street
London
EC1M 6EJ
Charity registration number 262819
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC Bank plc
76-78 King’s Road
London
SW3 4TZ

The Attingham Trust

2

Reference and administrative details of the charity, its patrons, trustees and advisers

Investment managers BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue London EC2V 2DL M & G Securities Limited M & G House Victoria Road Chelmsford CM1 1FB Solicitors Eversheds LLP Senator House 85 Queen Victoria Street London EC4V 4JL

The Attingham Trust

3

Report of the trustees Year to 31 December 2020

The trustees present their report together with the accounts of The Attingham Trust (the Trust) for the year to 31 December 2020.

The accounts have been prepared in accordance with the accounting policies set out on pages 23 to 27 of the attached accounts and comply with the Trust’s governing document, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The charitable objectives of the Trust are as follows:

Activities, specific objectives and relevant policies

The charity runs a programme of intensive, residential and non-residential courses giving attendees a chance to study selected historic houses and collections usually on specially arranged visits accompanied by specialist tutors and lecturers.

With concern for high academic standards, those attending the courses are carefully selected and include museum curators, architectural historians, conservationists and teachers, from inter alia Australia, Canada, China, Continental Europe, India, New Zealand, Russia, the UK and the USA.

♦ Public benefit

In setting the charity’s objectives and planning its activities, the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

The Trust's investment policy is to provide a sufficient total return, in a relatively predictable manner, in order to fund the approximate level of expenditure envisaged by the trustees in accordance with the objectives laid out in the Rules.

The Attingham Trust 4

Report of the trustees Year to 31 December 2020

Activities, specific objectives and relevant policies (continued)

♦ Investment policy (continued)

A regular review of the investments takes place to ensure that the portfolio provides a spread of risk and balance between equity and fixed interest investments. The various types of investment in the portfolio are compared to benchmarks as agreed between the trustees and their advisers.

The charity’s investments incurred net losses during the year to 31 December 2020 of £252,964 (2019: net gains of £476,408). The trustees are satisfied that their investment policy remains appropriate for the long term but they will continue to monitor the investments on an ongoing basis during 2021 due to the continuing impact of economic and political uncertainties, including Covid-19, on investment markets.

Achievements and performance

In April 2020, four of the courses run by The Attingham Trust (Study Programme, Summer School Royal Collection Studies and Libraries) were postponed to 2021, following UK Government restrictions imposed caused by the pandemic, Covid-19. The fifth and final course, French Eighteenth Century Studies, was postponed in June 2020.

The impact of the postponement of operations inevitably resulted in a loss of course income, which covers the core costs of the charity and executive / staff fees, the loss of scholarship donations, Attingham Society event income and the loss of foreign exchange on the reversal of our forward sell contract. There was also a reduction of investment income by 17.5%. Overall the financial position of the charity has been adversely affected, but its financial solvency has not been threatened.

Following the advice of the UK Government, our single employee and all members of the Executive Committee continued to fulfil their obligations to the charity as far as possible by meeting virtually on Zoom on a regular basis to monitor the changing situation. The trustees, patrons, council members, donors and all others associated with the Trust were notified of the position.

To mitigate losses, the directors and administrators of each course notified the participants and places were deferred to 2021. Accommodation venues and coach companies were notified and deposits were deferred to next year. House owners, lecturers and others involved with the programmes were also contacted, without financial loss. As detailed below, virtual meetings were held with the participants of each course at the time the courses would have taken place. With each course recording the majority of candidates keen to defer places, a factor that has remained strong throughout the year, planning has proceeded with confidence.

Two Webinar evening talks, themed to the Summer School and organised by its directors, were held in the autumn. They were free and open to all. The first was an excellent talk by Ben Cowell, Director General of Historic Houses, ‘Adapting to Survive: The Country House and the Pandemic’ with Q&A hosted by David Adshead, and the second was ‘Attingham’s Christmas Cracker’ hosted by Tessa Wild, with house owners, alumni and others associated with the course giving short festive country house readings. Both talks were well subscribed and donations invited for the scholarship fund were gratefully received. They were recorded and links to the talks can be found on the Attingham website.

The Attingham Trust

5

Report of the trustees Year to 31 December 2020

Achievements and performance (continued)

The Attingham Study Programme - The Historic House in Ireland (June)

Elizabeth Jamieson: Director; Rita Grudzien: Administrative Director

With the nine-day Study Programme planned for early June, its postponement as a result of Covid-19 was inevitable. The 30 international participants were contacted and proved very keen to defer their places to the following year. Of these, 28 attended a successful Zoom meeting, held on what would have been the first day of the course. The packed programme was introduced, with thanks given to the warm and supportive group of Irish alumni, who have helped enormously in the planning. Many work with the houses to be visited and, together with Terry Dooley from the Centre for the Study of the Irish Country House, staff and members of the Irish Georgian Society, the Historic Houses of Ireland and the Office of Public Works, they form part of the forty-strong group of individuals involved. In addition, mention was made of the diverse group of guest speakers, arranged to speak on a range of topics encompassing architecture, the domestic interior, colonialism and patronage, and the Irishness of the Irish Country House, combined with the focus on the private house and some of the larger historic houses to be visited, including Castletown, Curraghmore and Bantry.

Due to continuing Covid-19 restrictions, the 2021 course has now been postponed to September. The majority of the 2020 participants have been able to confirm their participation and deposits on accommodation venues have all been successfully deferred.

The 68[th] Attingham Summer School (July)

David Adshead and Tessa Wild: Course Directors; Lorna Gartside: Administrator

For the first time since its foundation in 1952, it proved impossible to hold the Summer School this year. In the wake of the pandemic, all plans for the 69th Summer School were postponed and places were deferred, initially until 2021 but subsequently until July 2022. Unable to meet in person at West Dean in Sussex on the inaugural day in 2020, 43 of the 48 course members were able to join the directors for a virtual gathering instead. This was an international event entered into with great enthusiasm by participants from Scandinavia, Europe, America, China, India and New Zealand. It provided everyone with the opportunity to make connections, to learn more about the history of the Summer School and gain a deeper understanding of what lies in store next year. This includes unrivalled access to great houses, gardens and collections and looking and learning in situ with a host of expert tutors and lecturers, which enables the fostering of fellowship and professional collaborations across disciplines and countries and the chance to enhance careers and make life-long friendships.

Since this virtual meeting, the directors have kept in regular touch with the 2020 cohort. The cancellation of the Summer School in 2021 has proved to be equally positive, with the majority of candidates wishing to defer their places again. The few vacancies have been filled with new applications received in 2021. We anticipate that the Summer School will prove even more enriching for the 2022 participants after the enforced lockdowns and uncertainty of the last two years.

The Attingham Trust

6

Report of the trustees Year to 31 December 2020

Achievements and performance (continued)

Royal Collection Studies (September)

Rebecca Lyons: Director; Sara Heaton: Administrator

Royal Collection Studies 2020 came together on Zoom on 4 September, marking what would have been the first weekend of the course. It marked also the first time the programme has not run since its inception in 1996. We began with a short presentation of the palaces setting the scene for the itinerary and outlining some of the different elements of the chronological development of royal buildings and royal ways of living, before turning to focus on objects and collections as a key part of the programme. Then each participant spoke about themself and their motivation for taking the course. It was lovely to join across the world from India to America, from New Zealand to Europe and the sense of shared enthusiasm and passionate expertise meant that everyone felt ready for the opportunity to come together in real life. Unfortunately this will not now occur until September 2022 as the course has had to be cancelled again due to Covid-19 restrictions.

Our colleagues from Royal Collection Trust and Historic Royal Palaces have stayed in regular touch through an immensely challenging period of closures and furlough. Working closely with them, Rebecca contributed a chapter to the Royal Collection Trust book George IV: Art and Splendour, which accompanied the exhibition in The Queen’s Gallery, and she joined Dr Lucy Worsley, Co-Chief Curator of Historic Royal Palaces, in a BBC 2 television programme about George IV. Together we look forward with hope to 2022.

From College to Country House (September)

Dr Andrew Moore: Course Director; Lorna Gartside: Administrator

It has been a great joy to plan a five-day Attingham course based on the Cambridge College book collections and their library rooms, alongside four of the great house libraries in the East of England. Our hosts and guest lecturers have been immensely supportive of this new approach to their collections and interests. Having to postpone the course for exactly a year until September 2021 means that we already feel well prepared to welcome everyone to a brand new Attingham short course.

To give an idea of what members will experience, the course is designed to provide an intensive and in situ experience of book collections in their context. The college libraries are witness to how early modern book rooms were stocked and managed in the historic houses of Britain. The programme is conceived from the perspective of the British aristocracy and gentry whose education prepared them to run the country estate and argues for the importance of books and their display in this process. From our base at the centre of the university and the city, our focus will be on some of most important collections in the UK, while also studying the historic interiors in which they are housed. We shall visit six College libraries, and also the Cambridge University Library, to study two early English Renaissance book benefactions. Country House libraries will include Houghton Hall and Holkham Hall in Norfolk, as well as Wimpole Hall and Anglesey Abbey in Cambridgeshire. We also plan to study the collections of the Spalding Gentlemen’s Society in Lincolnshire and the Founder’s Library in the Fitzwilliam Museum to view the founder’s books and print portfolios.

The Attingham Trust

7

Report of the trustees Year to 31 December 2020

Achievements and performance (continued)

French Eighteenth-Century Studies (FES) (October)

Helen Jacobsen: Director; Rebecca Parker: Administrator

As with all the other courses, unfortunately FES had to be cancelled this year. Despite the Wallace Collection being open, it proved impossible to run the course with social distancing measures in place and it has been rescheduled for next October. We hope that as many as possible of the successful 2020 applicants will still be able to join us next year, and we held an introductory session on Zoom on what would have been the first day of the course to enable us all to get to meet each other in advance. Applicants come from all over the world, including Australia and California, which made the timing of our Zoom call challenging but we were thrilled that so many participants were able to join. With almost a year to go, we have sent out this year’s reading list with a greater hope than usual that much of it will have been read! And we look forward to studying the French works of art at the Wallace Collection and at Waddesdon Manor with renewed vim and vigour next year, all being well.

The Attingham Society

Annabel Westman: Executive Director; Rebecca Parker: Assistant to the Executive Director

Before Covid-19 struck, the year started well with an early morning visit in January to the Queen’s Gallery to view the George IV: Art and Spectacle exhibition, hosted by Royal Collection director, Tim Knox and his curatorial staff. It was very well attended and hugely enjoyed. This event was followed by a ‘special’ annual reunion at the Royal Academy in early February, which attracted a record number of house owners, alumni and guests. Ptolemy Dean, conservation architect and alumnus of the Summer School 1997, gave an excellent talk, followed by a reception in the Collections Gallery. The function was sponsored by donations and a sufficient sum was raised to support two Attingham Society scholarships.

Financial review

Results for the period

A summary of the results for the year is given on page 19 of the attached accounts.

Total income for the year amounted to £91,559 (2019: £523,455). Expenditure during the year totalled £187,196 (2019: £485,276). Net expenditure before investment losses, therefore, was £95,637 (2019: net income before investment gains was £38,179). The net expenditure and net decrease in funds, after accounting for net investment losses of £252,964 was £348,601 (2019: net income and net increase in funds, after accounting for net investment gains of £476,408 was £514,587).

Reserves policy and financial position

Reserves policy

The trustees aim to maintain the Trust’s reserves at a level sufficient to ensure that the investment thereof generates adequate income to meet the Trust’s annual expenditure, both direct charitable and other, and to assure the ongoing and future development of the Trust’s activities.

The Attingham Trust

8

Report of the trustees Year to 31 December 2020

Financial review (continued)

Reserves policy and financial position (continued)

Financial position

The balance sheet at 31 December 2020 shows total funds of £3,128,405 (2019: £3,477,006) representing investments of £2,689,269 (2019: £3,220,886) and net current assets of £439,136 (2019: £256,120). At 31 December 2020 the charity’s debtors included £278,653 (2019: £nil) being the settlement due on the sale of investments, £175,000 of which was reinvested subsequent to the year-end.

Total funds include permanently endowed funds of £220,686 (2019: £227,692) being monies received from The Monument Trust to fund a Summer School scholarship in memory of Simon Sainsbury and monies received for the Sansovino Fund to fund scholarships in the future. The purpose of the funds and an analysis of their movements are set out in note 14 to the accounts.

Funds totalling £713,742 (2019: £686,466) are restricted. These comprise the John Cornforth Memoral Fund, the Peter and Wilhelmina Minet Scholarship Fund, The Monument Trust Fund, the Esmée Fairbairn Fund, the J. Paul Getty Junior Charitable Trust Fund, the Simon Sainsbury Fund, the Sir Geoffrey de Bellaigue Scholar Fund, the Basil Samuel Charitable Trust Fund, the Michael Bishop Foundation Fund, the Caroline Rimell Fund, the Giles Waterfield Memorial Fund and other funds. The purpose of the funds and an analysis of their movements are set out in note 15 to the accounts.

Also included in total funds is an amount of £1,943,977 (2019: £2,312,848) which has been designated, or set aside, by the trustees for specific purposes as described in note 16 to the accounts.

General funds of the charity at 31 December 2020 total £250,000 (2019: £250,000). The trustees consider this level of general funds is adequate.

Having carefully considered the financial impact of the Covid-19 pandemic, with regret, trustees decided to postpone all 2020 courses to the following year. The closure of venues and restrictions in travel made it impossible to continue with these core activities. Whilst uncertainty in respect of availability of scholarship grants and the level of investment income will continue into the following year, on-going interest and support from delegates and venue partners offers encouragement that courses will resume in a similar format once circumstances allow. Mindful of restrictions worldwide, plans for courses in 2021 are being reviewed and the Summer School and Royal Collection Studies courses deferred for a second year until 2022. A detailed cash flow and income and expenditure forecast demonstrates a projected financial loss in the region of £75.6k for the year to 31 December 2021.

Whilst being aware that there will be a significant impact on reserves the trustees are confident that adequate reserves will remain available to ensure the continuity of the charity’s activities. They conclude, therefore, that the accounts should be prepared on a going concern basis.

The Attingham Trust

9

Report of the trustees Year to 31 December 2020

Future plans

At the time of writing, decisions are being made on the viability of running all five courses planned for this year, deferred in 2020 due to Covid-19, not least to ensure a duty of care for the staff, our hosts and the participants. It has been unanimously agreed that all participants must be vaccinated before attending a course.

However, it is still planned to run the following three courses:

In addition to these three courses, plans are already in place for regular virtual events by Zoom/Webinar, organised by the executive director and course directors related to each course and with its central broad theme being aspects of the historic house/royal palace. The talks and events will be open to all - Attingham members and all other interested parties – in order to maintain our international profile in the heritage field and encourage future applications. They will be free but donations will be invited for the scholarship fund. Some lectures will be organised with other charitable foundations to extend our reach.

The Attingham Trust 10

Report of the trustees Year to 31 December 2020

Governance, structure and management

Governance

The Attingham Trust is governed by Rules adopted on 13 December 1982, as subsequently amended, and is registered under the Charities Act 2011 - Charity Registration No. 262819.

Trustees

Trustees are appointed in accordance with the Rules and in accordance with agreed policy guidelines.

The trustees who served during the year were as follows:

Name
Timothy Cooke OBE (Chairman) Appointed as Chairman in
November 2020
Sir John Lewis OBE (Chairman) Retired as Chairman in
November 2020
Diana Berry
Martin D Drury CBE, FSA
Sarah Medlam
DameRosalind Savill DBE,FSA,FBA

Retirement of Chairman

After 32 years in post, Sir John Lewis OBE retired as Chairman of the Attingham Trust in November, 2020. He has devoted considerable time and energy to the position throughout his tenure and his sound financial acumen and quick and accurate judgement in all matters has hugely benefitted Attingham. He will be much missed but remains an Attingham trustee, enabling the Trust to continue to benefit from his advice.

His successor, Timothy Cooke OBE, also has a strong financial and business background as Chairman of Lloyds Bank International Limited. He is also Vice-Chairman of Wentworth Woodhouse Preservation Trust, Chairman of the National Army Museum Development Trust and former Master of the Plaisterers’ livery company. He was unanimously welcomed by the Trustees, Executive Committee and Council members.

Trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of its income and expenditure for that period. In preparing these accounts, the trustees are required to:

The Attingham Trust

11

Report of the trustees Year to 31 December 2020

Governance, structure and management (continued)

Trustees’ responsibilities (continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the Rules. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

Key management personnel

The trustees consider that they together with the Executive Director, the Treasurer and other Officers of the Trust (which comprise the Executive Committee) comprise the key management of the charity in charge of directing and controlling, running and operating the charity. The Chair is assisted by the Executive Director and the Treasurer in operating the charity on a day to day basis. The Executive Director and the Treasurer report to the Chairman on a regular basis.

The trustees receive no remuneration for their work as trustees. The Executive Director and the Treasurer are remunerated for services provided under a contract for services. The fees paid to them are based on normal commercial terms and are authorised by the Chairman.

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those arising due to Covid-19 (see earlier sections) and those relating to the specific operational areas of the charity, its investments and its finances. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

The charity’s principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets and the related volatility caused by issues such as Covid-19. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees review the investment managers’ performance on a regular basis.

The Attingham Trust

12

Report of the trustees Year to 31 December 2020

Governance, structure and management (continued)

Raising funds

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communication and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react and to investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.

Approved by the trustees and signed on their behalf by:

Timothy Cooke

Trustee Date of approval: 26/05/21

The Attingham Trust

13

Independent auditor’s report 31 December 2020

Independent auditor’s report to the trustees of The Attingham Trust

Opinion

We have audited the accounts of The Attingham Trust (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

The Attingham Trust 14

Independent auditor’s report 31 December 2020

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and accounts other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

The Attingham Trust

15

Independent auditor’s report 31 December 2020

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

The Attingham Trust 16

Independent auditor’s report 31 December 2020

Auditor’s responsibilities for the audit of the accounts (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

We did not identify any irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Attingham Trust 17

Independent auditor’s report 31 December 2020

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP 4 June 2021 Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Attingham Trust

18

Statement of financial activities Year to 31 December 2020

Notes Un-
restricted
funds
£		 Restricted
funds
£		 Endowment
funds
**£ **

2020
Total
£		 2019
Total
£
Income from:
Donations
1
Investments and interest receivable
2
Charitable activities
. Course fees
3
Other miscellaneous sources
Total income
Expenditure on:
Charitable activities
. Courses to study selected historic
houses and collections
4
. Attingham Society
Total expenditure
Net (expenditure) income for the
year before net investment (losses)
gains
Net investment (losses) gains
11
Net (expenditure) income before
transfers
Transfers between funds
14,15
Net (expenditure) income and net
movement in funds
7
Reconciliation of funds:
Fund balances brought forward at 1
January 2020
Fund balances carried forward at 31
December 2020		 7,127
28,138
—
—		 19,400
17,025
—
3,382		 16,487
—
—
**— **
43,014

45,163

—

3,382		 75,432
54,621
388,071
5,331
35,265 39,807 **16,487 **
91,559		 523,455
175,215
1,746		 —
10,235		 —
**— **
175,215

11,981		 473,635
11,641
176,961 10,235 **— **
187,196		 485,276
(141,696)
(233,471)		 29,572
—		 16,487
**(19,493) **
(95,637)
(252,964)		 38,179
476,408
(375,167)
6,296		 29,572
(2,296)		 (3,006)
**(4,000) **		 (348,601)

—		 514,587
—
(368,871)
2,562,848		 27,276
686,466		 (7,006)
227,692		 (348,601)
3,477,006		 514,587
2,962,419
2,193,977 713,742 220,686 3,128,405 3,477,006

All of the charity’s activities derived from continuing operations during the above two financial periods.

All recognised gains and losses are included in the statement of financial activities above.

Comparative information split by fund for the year to 31 December 2019 is provided on the next page.

The Attingham Trust 19

Comparative statement of financial activities Year to 31 December 2019

Notes
Un-
restricted
funds
£		 Restricted
funds
£
Endowment
funds
£
2019
Total
£
Income from:
Donations
1
Investments and interest receivable
2
Charitable activities
. Course fees
3
Other miscellaneous sources
Total income
Expenditure on:
Charitable activities
. Courses to study selected historic
houses and collections
4
. Attingham Society
Total expenditure
Net income for the year before net investment
gains
Net investment gains
11
Net income and net movement in funds
7
Reconciliation of funds:
Fund balances brought forward at 1 January
2019
Fund balances carried forward at 31 December
2019
9,900

32,028

388,071
5,331		 65,532
22,593
—
—
—

—

—

—		 75,432
54,621
388,071
5,331
435,330 88,125
—		 523,455

406,201
9,544		 67,434
2,097
—

—		 473,635
11,641
415,745 69,531
—		 485,276
19,585

455,572		 18,594
—
—

20,836		 38,179
476,408

475,157
2,087,691		 18,594
667,872
20,836
206,856		 514,587
2,962,419
2,562,848 686,466
227,692		 3,477,006

All of the charity’s activities derived from continuing operations during the above period.

All recognised gains and losses are included in the statement of financial activities above.

The Attingham Trust 20

Balance sheet 31 December 2020

Notes 2020
£		 2020
£

2019
£		 2019
£
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
13
Net current assets
Total net assets
The funds of the charity:
Funds and reserves
Capital funds
Permanent endowment funds
14
Income funds
Restricted funds
15
Unrestricted funds:
. Designated funds
16
. General fund		 331,540
165,974		 2,689,269
439,136
67,664
207,872		 3,220,886




256,120
497,514
(58,378)		 275,536
(19,416)






3,128,405 3,477,006
220,686
713,742
1,943,977
250,000		 227,692
686,466
2,312,848
250,000
3,128,405 3,477,006

Approved by the trustees and signed on their behalf by:

Timothy Cooke

Trustee

Approved on: 26/05/21

The Attingham Trust 21

Statement of cash flows Year to 31 December 2020

2020 2019
Total Total
Notes £ £
Cash flows from operating activities:
Net cash used in operating activities A **(365,714) ** (40,201)
Cash flows from investing activities:
Investment income and interest received 45,163 54,621
Purchase of investments — (340,000)
Proceeds from sale of investments 278,653 345,000
Net cash provided by investing activities 323,816 59,621
Change in cash and cash equivalents in the year
(41,898)		 19,420
Cash and cash equivalents at 1 January 2020
207,872
 188,452
Cash and cash equivalents at 31 December 2020 B 165,974 207,872
Notes to the statement of cash flows for the year to 31 December 2020
A Reconciliation of net movement in funds to net cash used in operating activities
2020 2019
Total Total
£ £
Net movement in funds (as per the statement of financial activities) (348,601) 514,587
Adjustments for:
Losses (gains) on investments 252,964 (476,408)
Investment income and interest receivable (45,163) (54,621)
Increase in debtors (263,876) (19,514)
Increase (decrease) in creditors 38,962 (4,245)
Net cash used in operating activities (365,714) (40,201)
B Analysis of cash and cash equivalents
2020 2019
£ £
Total cash and cash equivalents -Cash at bank and in hand 165,974 207,872

The Attingham Trust 22

Principal accounting policies Year to 31 December 2020

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 December 2020 with comparative information provided in respect to the year ended 31 December 2019.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The key areas in the accounts where such judgements and estimates have been made is in respect to the apportionment of support costs between charitable activities and in the estimation of future income and expenditure flows for the purpose of assessing going concern (see below).

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The coronavirus (Covid-19) outbreak had spread worldwide and caused extensive disruptions to businesses as well as economic activities globally with no exception for the UK. The trustees have considered the effects of the continuing Covid-19 outbreak on the charity’s operations and have concluded that the impact on it will include:

The Attingham Trust 23

Principal accounting policies Year to 31 December 2020

Assessment of going concern (continued)

In accordance with advice issued by the UK Government regarding employees working from home and other social distancing measures, the trustees have enacted procedures to facilitate this as far as possible. This enables effective support functions such as finance and administration to continue whilst the charity’s single employee is not physically present in the charity’s offices. Members of the Executive Committee continue to fulfil their obligations to the charity as far as possible whilst working from home/office.

The trustees acknowledge and recognise the impact of the Covid-19 pandemic on the future operations of the charity, its beneficiaries, partners and stakeholders and wider society. As well as the personal risk to health of the charity’s staff, the charity expects, for a second year, to lose planned income as the result of the cancellation of events. The reduced opportunities for scheduled face to face interaction may well impact on the ability to plan effectively for the medium term but it is not anticipated at the current time that, other than the impact on the investment market of our scholarship endowment funds, the overall financial position of the charity will be adversely affected or its financial solvency threatened.

The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due and that the use of the going concern assumption is appropriate in preparing these accounts.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the provider of the income has specified that the income is to be expended in a future accounting year.

Income comprises donations, investment income, interest receivable, course fees and related income, and miscellaneous income.

The Attingham Trust 24

Principal accounting policies Year to 31 December 2020

Income recognition (continued)

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised. Investment income is recognised once the dividend or equivalent has been declared and notification has been received of the amount due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Course fees and related income includes fees payable by those attending courses together with scholarships received in respect to specific individual applicants. The fees and related income are stated after deducting any scholarships awarded to the course attendee by the charity itself. Fee income is recognised when the charity is entitled to receipt – usually at the date on which the relevant course commences.

Other miscellaneous income is measured at fair value and accounted for on an accruals basis.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

All expenditure is stated inclusive of irrecoverable VAT.

The Attingham Trust 25

Principal accounting policies Year to 31 December 2020

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures, provision of office services and equipment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

All expenditure on support and governance is attributed directly to the charitable activities of running the courses to study selected historic houses and collections and the Attingham Society. Any apportionment of such costs to the provision of donations is considered negligible.

Investments

Listed investments are a form of basic financial 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 quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments. As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

The Attingham Trust 26

Principal accounting policies Year to 31 December 2020

Fund structure

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees. The designated funds are monies set aside and designated for specific purposes by the trustees.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

The permanent endowment funds are monies which must be held indefinitely. The income generated from the funds may be applied towards specific or general purposes as appropriate.

Foreign currencies

Assets and liabilities are translated at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Pensions

The charity offers its employees membership of a defined contribution pension scheme administered by the National Employment Savings Trust (NEST). Contributions to the scheme are debited to the statement of financial activities in the year in which they are payable to the scheme. The assets of the scheme are held by an independent corporate trustee, whose activities are governed by the National Employment Savings Trust Order 2010, made by the Secretary of State in exercise of powers confirmed under the Pensions Act 2008.

The Attingham Trust 27

Notes to the accounts Year to 31 December 2020

1 Income from: Donations

Unrestricted
funds
**£ **
Restricted
funds
£


Endowment
funds
**£ **
2020
Total
£
Sansovino
Donations received for the Giles Waterfield
Memorial Fund
The Leche Trust
The Michael Bishop Foundation
Others		 —
50
—
—
**7,077 **
5,000

—

5,000

7,500

1,900
12,500

—

—

—

**3,987 **
17,500

50

5,000

7,500

12,964
**7,127 **
19,400
**16,487 **
43,014
Unrestricted
funds
£
Restricted
funds
£


Endowment
funds
£
2019
Total
£
The Basil Samuel Charitable Trust
Sansovino
Donations received for the Giles Waterfield
Memorial Fund
The National Trust
Others		 —
—
—
—
9,900
5,000

27,500

50

16,232

16,750
—

—

—

—

—
5,000

27,500

50

16,232

26,650
9,900
65,532
—
75,432

2 Income from: Investments and interest receivable

Unrestricted
funds
**£ **
Restricted
funds
£


Endowment
funds
**£ **
2020
Total
£
Income from listed investments
Bank interest		 28,043
**95 **
17,025

—
—

**— **
45,068

95
**28,138 **
17,025
**— **
45,163
Unrestricted
funds
£
Restricted
funds
£


Endowment
funds
£
2019
Total
£
Income from listed investments
Bank interest		 31,426
602
22,593

—
—

—
54,019

602
32,028
22,593
—
54,621

The Attingham Trust 28

Notes to the accounts Year to 31 December 2020

3 Income from: Course fees

Income from: Course fees
Unrestricted funds
2020
£
2019
£
Summer School
Study Programme
Royal Collection Studies
London House Programme
Total funds		 —
—
—
—
170,745

103,797

80,859

32,670
—
388,071

4 Expenditure on: Courses to study selected historic houses and collections

Unrestricted
funds
**£ **
Restricted
funds
£


Endowment
funds
**£ **
2020
Total
£
Direct Costs
Officers’ fees and expenses
Marketing, printing, postage,
telephone and stationery
Miscellaneous expenses
Support costs (note 5)		 94,071
4,823
**163 **
—

—

—
—

—

**— **
94,071

4,823

163
99,057
**76,158 **
—

—
—

**— **
99,057

76,158
**175,215 **
—
**— **
175,215
Unrestricted
funds
£
Restricted
funds
£


Endowment
funds
£
2019
Total
£
Direct Costs
Lecturers’ fees and expenses
Officers’ fees and expenses
Accommodation and meals
Transport
Entrance charges
Marketing, printing, postage,
telephone and stationery
Miscellaneous expenses
Support costs (note 5)		 10,427
86,911
176,138
17,018
30,623
7,085
8,911
1,731

14,429

29,240

2,826

5,084

1,176

1,479
—

—

—

—

—

—

—
12,158

101,340

205,378

19,844

35,707

8,261

10,390
337,113
69,088
55,965

11,469
—

—
393,078

80,557
406,201
67,434
—
473,635

The Attingham Trust 29

Notes to the accounts Year to 31 December 2020

4 Expenditure on: Courses to study selected historic houses and collections (continued)

The direct costs relating to each of the courses were as follows:

Summer
School
£


Study
Programme
£		 Royal
Collection
Studies
£



French
Eighteenth
Century
Studies
£
Total
2020
£
Officers’ fees and expenses
Marketing, printing, postage,
telephone and stationery
Miscellaneous expenses		 37,877
1,743
—
36,528

1,785

76		 16,662
1,175
83
3,004

120

4		 94,071
4,823
163
39,620
38,389		 17,920
3,128		 99,057
Summer
School
£


Study
Programme
£		 Royal
Collection
Studies
£



London
House
Programme
£		 Total
2019
£
Lecturers’ fees and expenses
Officers’ fees and expenses
Accommodation and meals
Transport
Entrance charges
Marketing, printing, postage,
telephone and stationery
Miscellaneous expenses		 5,732
41,122
96,468
8,561
15,895
2,786
3,586
2,764

30,436

45,983

4,926

14,027

2,034

3,609		 1,498
17,131
58,919
5,830
2,063
2,003
2,315
2,164

12,651

4,008

527

3,722

1,438

880		 12,158
101,340
205,378
19,844
35,707
8,261
10,390
174,150
103,779		 89,759
25,390		 393,078

5 Support costs

The support costs and the basis of their allocation were as follows:

Course
expenditure
£
3,129

1,564
49,829
518
8,238
5,812
7,068
76,158		 Attingham
Society
£		 Total
2020
£		 Basis of
apportionment
Publicity, publications, website
development and maintenance
Printing, postage, books, stationery
and office supplies
Fees (including staff costs)
Bank charges
Other support costs
Governance costs (note 6)
Foreign exchange losses		 63
32
1,004
10
167
117
142		 3,192
1,596
50,833
528
8,405
5,929
7,210		 Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
1,535 77,693

The Attingham Trust 30

Notes to the accounts Year to 31 December 2020

5 Support costs (continued)

Support costs(continued)
Course
expenditure
£		 Attingham
Society
£		 Total
2019
£		 Basis of
apportionment
Publicity, publications, website
development and maintenance
Printing, postage, books,
stationery and office supplies
Fees (including staff costs)
Bank charges
Other support costs
Governance costs (note 6)		 10,358
2,845
50,410
536
7,948
8,460		 209
57
1,016
11
160
170		 10,567
2,902
51,426
547
8,108
8,630		 Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
80,557 1,623 82,180

6 Governance costs

Governance costs
Professional fees
Annual report and meeting expenses
Total funds		 2020
£		 2019
£
5,870
59		 8,475
155
5,929 8,630

7 Net (expenditure) income and net movement in funds

This is stated after charging (crediting):

2020
Total
£		 2019
Total
£
Staff costs (note 8)
Exchange losses (gains)
Auditor’s remuneration (including VAT)
. Statutory audit fees
.. Current period
.. Previousperiod		 11,144
7,210
7,000
(1,430)		 11,504
(4,792)
8,400
75

8

Staff costs and key management personnel

Staff costs and key management personnel
2020
Total
£		 2019
Total
£
Wages and salaries
Pension contribution
Statutory maternity pay recovered		 11,000
144		 11,964
133
11,144
—		 12,097
(593)
11,144 11,504

The charity employed one member of part-time staff during the year (2019: two).

No employees earned £60,000 or more during the year (2019: none).

The Attingham Trust

31

Notes to the accounts Year to 31 December 2020

8 Staff costs and key management personnel (continued)

The trustees consider that they together with the Executive Director, the Treasurer and other Officers of the charity (which comprise the Executive Committee) comprise the key management of the charity in charge of directing and controlling, running and operating the charity. The Chairman of the trustees is assisted by the Executive Director and the Treasurer in operating the charity on a day to day basis. The Executive Director and the Treasurer report to the Chairman and Vice Chairman on a regular basis.

The trustees and the members of Council receive no remuneration for their work as trustees and members of the Council. The Executive Director and the Treasurer are remunerated for services provided under contracts for services. The fees paid to the Officers for services to the charity including their management and administrative roles and their roles in connection with the courses was £101,369 (2019: £112,689).

9 Trustees and related party transactions

No trustees received any remuneration for their services as trustees during the period (2019: none). No expenses were reimbursed to the trustees during the year to 31 December 2020 (2019: £270 in total to one trustee). No lecture fees were paid to the trustees during the year to 31 December 2020 (2019: £4,006 was paid to two trustees).

Donations totalling £180 were received from three trustees (2019: £3,585 from four trustees).

There were no other related party transactions during the year (2019: none).

10 Taxation

The Trust is a registered charity and, therefore, is not liable to income tax or capital gains tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

11 Investments

Investments
2020
£		 2019
£
Listed investments
Market value at 1 January 2020
Additions
Disposals (see below)
Unrealised (losses) gains on revaluation
Market value at 31 December 2020
Cost of listed investments at 31 December 2020		 3,220,886
—
(359,616)
(172,001)		 2,749,478
340,000
(413,962)
545,370
2,689,269 3,220,886
1,290,899 1,630,899

Disposals at book value included above are made up of the following:

2020
£		 2019
£
Proceeds
Losses
Disposals at book value		 278,653
80,963		 345,000
68,962
359,616 413,962

The Attingham Trust

32

Notes to the accounts Year to 31 December 2020

11 Investments (continued)

Listed investments held at 31 December 2020 comprised:

Market
value
£
457,171
1,711,924
520,174
2,689,269		 Percentage
of
portfolio
%
17
64
19
100
UK common investment funds
. Charities UK Bond Fund A, Income Units
. Charities UK Equity Fund A, Accumulation Units
. M & G Charifund, Equities Investment Fund for Charities, Income Units

12 Debtors

Debtors
2020
£		 2019
£
Prepayments for courses
Accrued fee income
Proceeds from the disposal of investments
Other debtors		 44,512
4,077
278,653
4,298		 55,481
2,890
—
9,293
331,540 67,664

13 Creditors: amounts falling due within one period

Creditors: amounts falling due within one period
2020
£		 2019
£
Accruals and deferred income
Expense and sundry creditors
Deferred income at 1 January 2020
Released during the year
Resources deferred in the year
Deferred Income at 31 December 2020		 56,055
2,323		 9,992
9,424
58,378 19,416
1,406
(1,406)
47,867		 1,300
(1,300)
1,406
47,867 1,406

14 Permanent endowment funds

At 1
January
2020
£		 Income
£		 Investment
losses
£		 Transfers
£		 At 31
December
2020
£
The Simon Sainsbury
Endowment Fund
The Sansovino Fund		 187,673
40,019		 —
16,487		 (16,783)
(2,710)		 —
(4,000)		 170,890
49,796
227,692 16,487 (19,493) (4,000) 220,686
At 1
January
2019
£		 Income
£		 Investment
gains
£		 At 31
December
2019
£
The Simon Sainsbury Endowment Fund
The Sansovino Fund		 169,946
36,910
—

—		 17,727
3,109		 187,673
40,019
206,856
—		 20,836 227,692

The Attingham Trust 33

Notes to the accounts Year to 31 December 2020

14 Permanent endowment funds (continued)

The Simon Sainsbury Endowment Fund comprises monies donated by The Monument Trust to be held in order to generate income to fund a scholarship for the Summer School in memory of Simon Sainsbury.

The Sansovino Fund comprises monies to be held in order to generate income to fund scholarships for those attending courses organised by the charity. The transfer between funds represents an amount which is deemed to be restricted in nature.

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and legacies held on trust to be applied for specific purposes:

At 1
January
2020
£
Income
£
Expenditure
£
Transfers
£
95,085
1,200
—
—
85,900
1,084
—
—
296,454
3,741
—
—
3
—
—
—
20,691
261
—
—
52,533
9,025
—
—
12,007
152
—
—
5,297
67
—
—
1,481
7,519
—
—
6,279
79
—
—
76,272
963
—
—
—
5,000
—
—
25,403
3,703
(10,235)
(7,296)
9,061
7,013
—
5,000
686,466
39,807
(10,235)
**(2,296) **		 At 31
December
2020
£
John Cornforth Memorial Fund
Peter and Wilhelmina Minet Scholarship Fund
The Monument Trust Fund
Esmée Fairbairn Fund
J. Paul Getty Junior Charitable Trust Fund
Simon Sainsbury Fund
The Sir Geoffrey de Bellaigue Scholar Fund
The Basil Samuel Charitable Trust Fund
The Michael Bishop Foundation Fund
The Caroline Rimell Fund
The Giles Waterfield Memorial Fund
The Leche Trust
The Attingham Society Reunion Fund
Other funds
96,285

86,984

300,195

3

20,952

61,558

12,159

5,364

9,000

6,358

77,235

5,000

11,575

21,074

713,742
At 1
January
2019
£		 Income
£		 Expenditure
£		 At 31
December
2019
£
John Cornforth Memorial Fund
Peter and Wilhelmina Minet Scholarship Fund
The Monument Trust Fund
Esmée Fairbairn Fund
J. Paul Getty Junior Charitable Trust Fund
Simon Sainsbury Fund
The Sir Geoffrey de Bellaigue Scholar Fund
The Basil Samuel Charitable Trust Fund
The Michael Bishop Foundation Fund
The Caroline Rimell Fund
The Giles Waterfield Memorial Fund
The Attingham Society Reunion Fund
Other funds		 79,424
84,381
323,021
3
20,325
44,115
11,795
3,882
1,455
9,803
77,330
—
12,338		 17,661
1,519
5,813
—
366
11,368
212
5,070
26
176
1,442
27,500
16,972
(2,000)

—

(32,380)

—

—

(2,950)

—

(3,655)

—

(3,700)

(2,500)

(2,097)

(20,249)		 95,085
85,900
296,454
3
20,691
52,533
12,007
5,297
1,481
6,279
76,272
25,403
9,061
667,872 88,125
(69,531)		 686,466

♦ John Cornforth Memorial Fund

The fund includes monies received to be used to provide scholarships for those attending courses organised by the charity, in particular the Summer School courses. No scholarships were paid during the year (2019: £2,000).

The Attingham Trust

34

Notes to the accounts Year to 31 December 2020

15 Restricted funds (continued)

The Attingham Trust 35

Notes to the accounts Year to 31 December 2020

15 Restricted funds (continued)

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
January
2020
£
 New
designations
£		 Utilised or
released
£		 At 31
December
2020
£
Attingham Society Fund
General reserve
Director training
The Giles Waterfield Memorial Fund		 —
2,222,211
13,307
**77,330 **
5,201

30,014

—

**50 **
(1,746)

(402,375)

(15)

**— **
3,455

1,849,850

13,292

77,380
**2,312,848 **
**35,265 **
**(404,136) **
1,943,977
At 1
January
2019
£		 New
designations
£		 Utilised or
released
£		 At 31
December
2019
£
Attingham Society Fund
General reserve
Director training
The Giles Waterfield Memorial Fund		 —
1,746,235
14,126
77,330
12,850

883,429

—

—
(12,850)

(407,453)

(819)

—
—

2,222,211

13,307

77,330
1,837,691
896,279
(421,122)
2,312,848

The Attingham Society Fund represents monies generated by the Society in support of the activities of the charity. No amounts have been used in relation to students’ school fees this year (2019: £3,306 was used in relation to one students’ summer school fees and two students’ study programme fees). An amount totalling £11,981 (2019: £9,544) has been used for other Attingham Society expenditure.

The Attingham Trust 36

Notes to the accounts Year to 31 December 2020

16 Designated funds (continued)

The director training fund represents money donated by The Swire Trust and has been designated for training purposes. £15 has been utilised in the year being the cost of training for one director (2019: £819 training costs for two directors).

17 Analysis of net assets between funds

General
fund
£		 Designated
funds
£		 Restricted
funds
£		 Endowment
fund
£		 Total
funds
31
December
2020
£
2,689,269
439,136
3,128,405
Total
funds
31
December
2019
£
3,220,886
256,120
3,477,006
2019
£
1,589,987
1,290,751
(246,134)
545,370
1,589,987
Investments
Net current assets (liabilities)		 66,296
183,704		 1,688,545
**255,432 **
713,742

—		 220,686
—
250,000 **1,943,977 **
713,742		 220,686
General
fund
£		 Designated
funds
£		 Restricted
funds
£		 Endowment
fund
£
Investments
Net current assets		 66,296
183,704		 2,240,432
72,416
686,466

—		 227,692
—
250,000 2,312,848
686,466		 227,692
2020
£
Total unrealised gains included above:
On investments
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January 2020
In respect to disposals in the year
Net (losses) gains arising on revaluation
Unrealised gains at 31 December 2020		 1,398,370
1,589,987
(19,616)
(172,001)
1,398,370

The Attingham Trust

37