Re9l8t•r•d numb•r. 1269400 Charlty numb•r: 271833 ARUNDEL CASTLE TRUSTEES LIMITED {A company Ilmlted by guarantse> TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
ARUNDEL CASTLE TRUSTEES LIMITED IA Gompany Ilmlled by guarantee) CONTENTS Page R•f•r•ne• and admlnlstralfv• d•tsil¥ of th• Charlty, Its Trn$t• and athilsgrs Trustees. report Indepènd•nl •udttoe$ r•port on th• flnanclal statsm•nts Consolldated statemenl ol flnandal actlvltles 3-10 15 Consolldat•d balanu sh••t 16 Charlty balance sheet Consolldated stat•m•n¢ of cash IIow8 17 18 No¢0$ to th• flnanclal statèmonts 19-41
ARUNDEL CASTLE TRUSTEES LIMITED (A company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE OETAILS OF ThE CHARITY, Irs TRVSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEIIBER 2020 Trust••s The Duke of Norfolk Dr John Martin Robinson Th Eart of Anjnd Mr N Powell Mr C Fraser Mr H C1 Comyry r•glst•r•d number 1269400 Charfty r•glsterod numb•r 271833 R•glst•r•d offic• Arundel Casuè High Street Arundol Wesl Sussex BN18 9LH Castl• manager •* St•ph•n Man6on Indgp•nd•nt audltor James Cowper Kreslon Charlered Accounlants ar Stalulory Audllor 2 Communications Road Greenham Buslness Park Greanham Newbury Berkshire RG19 6AB B•nk•rs Uoyds Bank PIC 171-173 North Street Brtghton BN11GL Soll¢lto CurTey & Co 33 Queen Anng Street London W1G 9HY Page 1
ARUNDEL CASTLE TRUSTEES LIMrrED IA company Ilmlted by guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, Irs TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Investm•nt advlse Cazenove Capltal Management 31 Gresham stet London EC2V 7QA RLffler LLP 80 Wictorfa Slreel London SW1E 5JL Page 2
ARUNDEL CASTLE TRUSTEES LIPIITED IA eornpany lknlted by guarant•el TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees wesent thelr annual report together with the audited finandal stalèm8nts of Ihe Charfty Ilx the year 1 January 2020 10 31 Decomber 2020. The Amual r8POrt seNes the pury)oses of both a Truslees. re1 and a dlrectors. report under company law. The Tnjslees confirn that the Annual report and flnanclal slalemenls of the d)arttsble company comply with the cur¥enL ststult)ry requirements, tha rewKemenis of the charitabk companws goveming document and Ihe prtivisi¢)n5 of the Slalemenl of Recommended Pracllce {SORP) applicable io charllie$ preparing Ihek accounts kn accordance with Ihe Financial Reporting Standard applcabl? in Ihe UK and RepLlic of Ireland {FRS1021 (effectlve 1 January 20191. ObJ•ctlves and actlvltl Poll¢l•s and obJ•GUv•s Thg primary objectives of tho charity. a5 51aled in its goveming do¢umgnl, are lo pr•s8rv• the building6. grounds and thattels of Arundel Ca$lle for public benefit. The reStricted income and capital of th• c(xnpany may bg appled towards these obl8clive$ al Ihe Trustees. dlscretion. In order lo a¢hleve these oblecllves. members of Ihe publlc arg allowed reasonable accoss lo the prOty on not less than 100 days durlng the year. However, 2020 has been an extraordlnary year wilh the ¢oronavirus par•Yeml¢ and govemmanl r8slrf¢tlons (K)ty enablirwJ tha castle to open for 98 day5. Almj and Int•nd•d Impact The Trustee$ have considered the Charity Commlssion's guldance on public benefit and lee charying whgn seiting Iheir objectives for the year. For ts public benefii Ihe alms lo educale people kn Ihe history of lh• buihllngs and contents of the Castle through public acces5 to and experience of vlsiling the Ca$lle. The TnJslee5 employ an education officer and offer a range ol kamlng activities al Ihe Caslk. This w85 stheduled lo take place from Apr 2020, howavar all school visits w8r• cancelled due lo the pandemlc, Th• Tnj$tS also conlinually aim to maxlmlse the enioywnt lor 81 ViBilor8 by rnfv1bl8hh and improvlng the displays WKJ conditions of art¢faGts V•ilhln the Casllo, as wel as host¥¥ history evenls throughout the season. Th8 r¢furbishment of the CMI War room was due for final installation In the Inner Gatehousè. when th8 lockdown cam8 Into for¢9. The Grand Stalrca$e's malor clean and the removal of two important lap8stries for reslorallon. ihe new floorlng In the Keep and shop refurblshmgnl were compleled prior lo lockdown. All events In 2020 were cancelled due lo the pandèmk and the soclal d161anc¥ nJl8s. Prlnclp•l aGtlv(U•s In the year The princlpal acilvlllE5 01 th8 charitae company In the year were the openlng of nde1 Casue and SIS grounds lo Ihe public from 1 April- 1 Novembpr. Thls was the alm arKI operallonal planning was In place uniil the national lockdown was announced and came into force. The preservlng of the bulldlng. gr0d$ and Ghaue conunued as far as possible under the restrictlons. Pagè 3
ARUNDEL CASTLE TRUSTEES LIMrrED IA company Ilmlted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Strat•glc report Achl•¥•m•nts and p•rlornianc• Op•ratlonal perfornianco The Tntslees appreclate and a¢¢¢pl Ihe drficulligs for 2020 wilh the major èffect of Ihe Pd01¢ th8 Casue arKI all aspects ol Ilfe. The Trustees almed lo open Arundel Casllg from the 1 Aprl lo 1 November. wllh a full progmrnme of èvents and cOmpte visitor experlence fcr vlsltor5. The year and the parwjembc have proved lo be ch811englng for Truslèès and th• oporalbn ol the Cas119. wlth no lickel sales until July and no catering or r8lail all season. The govemmenl's 8kThuncemenl of a nalional fockdown on 23 Math 2020 ensured th81 Tru$l•es would be unable lo open as scheduled. Permanent staff were asked lo work from home. sorne were furfoughed and a e¢re le W0e on sile lo mainlakn Ihe gardens. building and conlenls. Th8 seascn's events were Careld. The yearfs budget had been prepared prior lo any coronavirus issues, but it was accepted th81 this would be r•vis•d 86 and when Ihe ¢lrcumstances thanged and the situalion on opènlng and operating became clearer. Thg lock¢Jown condillons discouraged all essential travel for work, with the resullanl effect of a considorably reduced car park income. To keep exlsllng. and potential, vi5il(Ys engaged with the Casue and gardens. a programme of virtual exptrrignces were developed. The Ikst video was released on 1 April using Ihg website, Facebook and Instagram. ¢olnddlng wllh our 5chgduled openlng. Addilional virtual lou of thg Casue, gardens antt evants wer8 released tlwoughoul th• season. The relaxatlon of reslrfcllons 6nabl¢d Trustee5 to open the gardens from 8 July 2020. under th8 slri¢l COVID-19 guklance and regulallon5. Thls Included pre-booke(i, timed ttckets, dally Ilmlts on numbers, soclal dlslanckng and hygleno procedures. The guldance tKecluded any calerlng or relall offer5. Further chan9es in the goverrthenl's policy allowed the parti31 opening of the casue bulldings from 5 AugusL bui sllll th limits on daity numbèrs. There was a degree of uncertalnty as to how long these measures would stsy in place and Twslees were pleased that we reached the pLanned closSng date 011 November. Th• modifi•d and r•due•d viwtor •xporionc• wgs r91clA In fow•r •ntr8nco Char6 of £16 for •111% •nd £6 for children, with the orlal prices being £23 and £11 respeclfvely. Admlsslon slatlsl*s for the 2020 season corr4)ared wlth Ihe Previous 2 Seasons are surrwnarised a5 follows: 2020 98 2019 193 2018 190 Number of days caslle open to the publtc Number of vistlors Caslle Grounds 34,417 18,934 145,088 44.818 145.624 37,516 Nornial admlsslon charge Aduks Senr Citizens Chiklren £15.00 NIA £20.00 £17.50 £11.00 £20.00 £17.50 £11.00 Page 4
ARUNDEL CASTLE TRUSTEES LIMrrED (A company IlmM•d by guarantee} TRVSTEE3' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Stratsglc r•port {¢on¢lnued) A¢hl•vom•nts and parfomianc• (conllnu•d} Tradlng p•rforn)anc• The tharitsblg company's wholty owned trading subsidiary. knindel Castle EnleTpris85 L1MIed. carries out non charitable tradlng actlvltles for the charity. The financial porfonnancg of Arundel Castle Enterpri585 Limligd Is shown In note 3 to tho financial statements. The restauranL shop and coffee shop were unable to trade durlng 2020 and the Awndel Fe51ival event was Cancelled lo cLYonavlrus reslrfdons. The sutiskjlary glfts ts taxable profil lo Arundel Castle Twslees Limited under Grfl Ald. Inveslment pollcy and p•rfomian¢e mgnl nd The Trustees may invest lunds of the company. nol Immediately required for lis wrposè. In such investment securilles as they s88 fit subject lo any condillons Imposed or roquired by law. The Tru$leo5 engage Cazenove Capllal Management and Ruff•r LLP lo managè I charivs portlolio of securilies on a discretionary basls. P8rfomi8n¢• The ¢harilable company's Invgslmenl performance Is masured regularly agalnsl a benchmark of a comblnauon of FfsE and Govemm8nt Stock. The Trustee$ will keep the performance under constant r8vlew and work wllh Ihelr Inveslment adSer$ lo maxlmlse opportunlues and mlrdmlse Investment Ioss85 10 onsuro Inveslmenl stablllty whilg still provNJing kncome. Tolal inve$lmgnl inrne recelved In the year. b8fts lees, amounted lo £114,84812019.' £145.827}. whlch accounted for 11.28Y• of lolal incoming resources in 2020. This income 15 wholty reinve51ed in order to su51ain aThJ enha? capllal growth In the portfollo. Pa98 5
ARUNDEL CASTLE TRUSTEES LIMrrED company Ilmlled by guarantè•} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED J1 DECEMaER 2020 Strateglc report (contlnu•dl Flnanclal r•vl•w Flnanclal rn•ults Th8 consolidated Sialement of Flnan¢lal Acllvllles (SOFA) for the year is sgt oul on page 15. A summary of lh• financkil T&suMs and tho work of Ihg charlty Is Sel out below. Th• consolldat•d SOFA Sho n•t l¢>ts b•fX• Irt¥•stmI gglns gnd losw of£1.423.100 th• y•4r cornpar•d with £668,769 nel Income In 2019. The chariiable company has three prindpal sources ol Income. FSrslly. il recèives income from admissK)ns lo the Castte. The admlsslons Income accounte(J for 67% of the Ca5tle lotsl incoming resources Sn 2020 {2019.' 91%). The lotal vlsllor nunbers were down on 2019 by 72%. Secondly. the charflable company receives a malerial reveme stream In dmdends fr¢Mn 6ts investments. More information on Investments Is gfven In the Invéslmènl Performance seclion above. The third prindpal source of income is takings from the Mill Road car park. ThSs Is a putlC car park. which is OP9n lo Ihe pubNc all year rouThJ, notlusl thjring Casue opening. Takings from the car park 8re collacled by Ihg Casile and ar8 a valuable source of In¢omo for the charity, aGGounting for 17%12019' 7%) of iolal Incomlng resourcgs in 2020. RÈ The Chari5 funds hav8 b88n appligd lo tharilable purpose5 throughout the year. In Ihbs regafd. the Tw$tee$ hove been followlng a policy ol Inve51Thnl In the fabrk of the Castle wlth Ihe re5utt that £451.67412019-. £527.6001 has b8en spenl on various renovalk*n and rep8lr prolecls In the year. The Tnjslees plan lo conUnue lo Invest funds In the upkeep and enhancemenl of the Caslle In 2021 as d8scrbg¢J In Ihe'Plarts for Future Perlods, sectlon ol thls repo Fix movemènt In fixad a$sets during the year is set out in nole 13 to the financlal slalerngni5. Interèst in The executor5 of the XVI Duke ol Norfolk conveyed Arundpl Caslla and it5 grounds to the charitable company as a gift in July 1976. Th8 Tnjstees have ex¢hJdod these a$$els from the balance sheel as rellabbe cost Infomiallon Is nol availabl8 and conventional valuation approaches lack sufficionl reliabllity due lo tha Lmlque nature of Ihe property. Th&r61$ fvrther inlonn8lion given on Ihls In note 2 to the financial statements. The charlty hokls both endowment and unreslrfcted reser4185 In 4)rder lo meet Its thadlablg obl8Gtlves. Deta115 of each of the IndlvhJual wseNes can ba found In nolo 20 lo tho flnanclal 5tal8ments. The Tru¥lees conslder that they need to Increase reseNes In order to mainlaln the struclwe and grounds of the Casue In the long lem. In Some years ihe chaty expends more money In rneeng rts charltable oblecllves than11 recelves from119 prlnclpal sources of income.11 therefore re15es on reserves lo fund long term capltal projects suth as the re wring or th8 Castl8 interior, th8 r81ga(ling of the roof and those detsiled in Ihe'Plans for Fulure Periods, seclion ol Ihi5 reporL In the bng lenn, the endowmenl fund alone 15 considered insufThcS8nl lo contlnu• lo meet the charttable objects, iherefore it 15 the PDlicy ol the Trusl88s lo supplgmenl this lund by augmenting unrestsiGled reserves. Pag• 6
ARUNDEL CASTLE TRUSTEES LIMITED (A ¢ompany Ilmlled by guaranlee) TRUSTEes' REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEM8eR 2tr20 The TrL5 also have an unrestrKled desfjgnaled fund fulure expendilura on Ihe East Wing of ihe Caslle. Th8 irthmè from Ihls fund is U58d to PK)nour Ih¢13ndk)rrfs commilm8nls lo makntaln the East Wing. The lolal r8seThe Is £13.289,182 lo *dud8 th• Lmreslricted fvnd 01 £9,598,992 and tho endowrnnt fund of E3.690,190. Structur•i gov•mance •nd rnanagennt Gov•mlng InJlrument und81 Casll8 Trnstees LlmSted Is a charitable company Ilmlled by guarantee and govemed by Ms Memorandum and Articles of Asso¢lation date(119 July 1976 as amended on 27 Awll 1999.11 was reglslered a5 charlty with the Charity Commission on 27 Seplerrt)er 1976. The charity has one wholty owned trading $LSidhary. Arundel Castle Enlerprlses LiThMted. The mambers, who were the Trustee5 and direc1S ofAwndel Castle Tfuslees Limited al 31 December 2020. have each undertaken lo conlribute £110 Ihe assets ol Ihè company in the event ol the same beiw wound up while he I she is 8 m8mber OT wSlhln iwefve month$ of hls I her ceasing to be a member. nd81 C¥5Ue Ent•rpri8es Linwled is limllad by shares 8fKI go¥emed by Its Memorandum and Artlcles of Assoclallon dated 10 Oclob8r 1980. The r8port and consolldaled fin&Klal slal•m•nts for the year endod 31 Decembèr 2020 rglale lo the wmblned a¢tiwties of th• Iwolggal entities. M•thod ol appolntm•n¢ or •l•ctlon of Trustms The Board of Tru5tegs has powor as lald oul kn Ihg Artlcles of A8soclalk)n lo appolnl pewsons lo be Trustees ol the charSlable company as11 Ihlnks fil provided Ihal the majority of the Trustees are resldenl In the UK at any on8 Ilme, and the malorlty shall be persons other than the Duke and Ouchoss of Norfolk, any r8lallvg of elther of Ihèm. and the spouse of any Such relatNe. The hJ11cles of Associabon Specify a minlmum ol five Trustees and tha Twslees, In practice. have a pollcy of maintaining a board of ellher five or slx Trustees of the charilabk company al any time. The Board seek$ lo ènsure that11 c¥Jnlinually cornprises Trustees wilh the range ol exp8rtise necessary for the operallon and govemance of Ihe ¢h8rity. Should the n88d for addilional expertise on the Board Se, Ihe Trustees would each ¢on5idgr appropr(ale candidales and pul th8 names of tho$e most appropiiale lo the rest of the Board. The B08rd would Ihen agr8e lo whom an approach should bo rnade. Delails ol the Trustse5 who served dIng th• y88r are1S$led on page 1. Pollcl•s adopt•d lor lh• Indts¢tlon and hlnlng of Tru$t••g New TnJste8$ underlake a morning meet#ig vAlh the Duke of Norfolt during which they arè in1rJU¢ed to oth8r Truslees and koy membèrs of staff. and are glven a tour of the Caslb. Thgy 8re a150 brigfed on theSr kgal obligation5 under charity and company18w and Infomied of th8 rnnlgnt of the mewrandum arKI Articlgs of Assoclalbn. Durfng Ihelr Indudlon mggllw new Trustees are 8180 briefed as to the Nslory of Ihe Casl1& and Infonned how the work ol the Board fils wSlh the charftys oblective5. New Trustees are also given a copy of the lale5t avallable financial slalements and Ihe Charity Commission guidance booklel CC3 The Ess¢nlial Twstee" for their review. Pag8 7
ARUNDEL CASTLE TRUSTEES LIMITED IA company Ilmlt•d by guarante•l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Strnctur•, gov•rnanc• and manag•m•nt l¢ontlnu¢dl Ory•nls•tlon•l ructUrn and d•cl8kn maklng Durlng the year under review the Trn$l¢es met in M¥th. July and September. During the March meeting Ihe Trustees approve bolh the financlal slatem8n15 for the previous calondar year and the budgels for the comlng year. They also monlior the progress of malnlenance Projects belng undertaken durfng Ihe perfod In whl¢h the Ca$118 56 dosed lo tho publlc. from November lo March each year. At Ihe July meeting th8 TN51aes r8vi8w h(M lh8 first months of openlTrJ {Aprll and May) compare wlth Ihe same petlod kn Ihe past tsvo seasons. They use this Infomwllon lo re4orecast results lor the year. plan projects and manage the openlrvj buskness accordlngly. The S8pt8mberlOclober m8eling is used lo C(Pare the performance of the whole season againsl the forecast and previous seosons. 8fwlyse as 8ppropriale and make kty deci5ion5 on Ihe openSng policy. pricing policy and advgrti5ing and matheling activity for lh8 next year. Once the Trustees have approved Ihe budgets for the year. they delegale day to day operalional deci5ion5 10 the Castle Manager and Hgads of Departmnt wllhln the Castle. The reporfing and dedslon maklng hler8rchy is hown below. Wi bp4W Related party r•latlonhlps Afundel Ca511e Trusloes Llmllod has one wholly owned subsld6ary, hnde1 Caslle Enlerpri5es Llmlled. Awndel Caslle Enterprises Limile(l operates the commercial activity within the Castl8. vthich comprises ol the glft shop and restauranl businesses.11 ha5 a150. Irom 2006. taken over the wnning of the Arundel Casue, ANndel Fasliv81 evants. For InTarmatlon on relaled party transaclbns phase see note 27 to the fina1 sl8temgnts. Page 8
ARUMDEL CASTLE TRUSTEES LIMrrED (A company Ilmlted by guarnnteg) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 StruG¢urO• governanc• and manag•m•nt (contlnu•dl Rllk m•n•g•ffl•nt Again51 th8 ba¢kground of Ihelr desire lo achieve and maknlaln best praGtice in corporate govemanca. and aGknowl8dging Ihelr ulllmale responsibility f¢Y safeguardlng the assets in th9ir ownership, the Truslegs have appointed senior staff memb¢r5 las detailed In the organisational chart above) to be responsible for Ihe areas in whlch the ¢haTity and Ihg group may be exposed lo slgnthcanl straleglc. bLtsln8ss and (w?ralfjonal rlsks. Syslem5 have been established lo mitigate the risks Idled and procBdur05 are In place to mlnlmlse the Impact on the charlty and the group should any of those risks malerlalise. Thls work has Id8nlmpd all 51gntllcant rfsks. whlch the charity records on its risk reglsler. Particular attention has been focused on non-financlal risks asIng Irc4n fire and heanh safety of vtsttors. The rlsk$ whlch Ihe charity faces are undw contlnual re¥itiw. Remun•ratk4n of key p•rsonn•l The Truslees are fesponsible for setting the pay and remuneration of al pers(Jnnel, oncdIng kèy managemgnl porsonnel. TNS Is reviewed and aLYeed al the F•bruary l March meeting each year. Plans for tUr4 p•rl¢ds Fulur• d•v•lopmonts The Trustees wll conllnua lo preserv8 and maintain thè Ca5118 for the publlc benèfit. followin9 traditional lines, lo g6ve vlsiloTr an eryoyable experience of ils hl$lory from the medieval keep to the Victsrian rooms. The Trusl88s ¥9 the followlrwj plws for Iho Casue: To continue lo attract vlsSlors to the Castle. gardens and events and maxlmlse Income. To 8nhance Ihe vlsllor experience by conliNing to develop the Castle. garden and grounds and inN)roving access and lacilllles. Projects lor 2021 Indude: Continued rnalnlenance of bulldlng fabri¢ and care of the contents. RelumlrrfJ Trslored 18th century lapesty lo display on the grand stalrcasa. The water gardens based on the old slew ponds were made accèssiblo k) the publlc In Juty 2020. Furthor enhancements VAII conlinue. Page 9
ARUNDEL CASTLE TRUSTEES UMITED (A Gompany Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2020 Slalemgnt ol Trust•es' r•spon¥lbllltl•s The Trustees ar¢ also the directcn of th8 Charity for the purposes of company lawl are responslblé for preparing the TNsle8s' report indudlng the Strategic r8POrt and Ihg financial slalemenls in a¢cordanc8 wllh applicab[8 law and Unlted Kingdom Ac¢ounting StandaTds {Unlled Klngdom Generally Accepted Accounling Pra¢ti¢&). Company law raqulres Ihts Trustee5 to prepare financlal Statements for each flnan¢l81 year. Under company law, the Trustees rwsl not approve th8 financial stalem8nls unloss they affj salisfieii that they give a true and falr vlew of the slale of affalrs ol Ihe Group and the Chartty and of th81r Incomlng resources and appllcauon ol resourcas, kncludng Ihelr Income and eXperltUre. for Ihal perfod. In preparing these financial slalem8nts, the Tlee5 are requlred lo.. select suilable accounting policigs and then apply tham ¢onslslènlly: observe the melhods and principles of the Chgrilies SORP IFRS 102): mak4 ludgments and accounting eslirnate5 that are reasonable and pwdenl; Stale whether applicable UK Accowllng Standards IFRS 102} have been follwed. ¥ublect lo any malerial departures disclosed and explalned in the financlal statements- prepare the financial statements on the golng concem basis unl8SS It is inapproprlale lo pres9 ihal the Grwp will conlhue in busln8s5. The Twslees are responsible for k8etMng adequat• accountirwj records Ihal are sufficl8nl lo show and explaln the Group and Ihe Charilys Iransactlons and dIlOSe with reasonable accuracy al any Ilme the financial p0SOn of the Group and the Charity and enable them to ensufe Ihal the financial statements comply with the Companios Acl 2006. They are also responslble for safeguardlng Ihe assets of the Group and Ihe Charity and hence for taking Ttsasonable steps for thè pr•v8nti¢)n and detection ol fraud and othar lff8gularitlAs. DI10$• of Infomiatlon to audltor Each of the por50ns who are Trustees al the Ilmo when thls Tfuslèes. r8port15 gpproved has ¢(Kffirmed th*. so far as that Twuslee 15 aware. thgro15 no ielevart audll Informallon olwhlch the charilablg group's auditor is unaware, and Ihat Truslee h8s taken all the sleps thal ought lo have been iaken as a Twsiee In order lo be aware ol any relevant audit infornalion and to establish that the charltable wp,S auditor Is aware ol Ihal Informalion. Audltor The audltor, James Cowper Kreston. has indlcaled their wllUngne$$ lo continue In office. Th8 d8signaled Tru5tee5 wll propose a motion raappointing the auditor al a meellng of the Trusleas. Approved by order of mem crf the board of Trnslees and slgned on thelr behall by: Tho Duk• ol Norfolk, Chalrnlan Ch81r of Twsl8es) Dale: Pagg 10
ARUNDEL CASTLE TrUSTEes LIMITED IA company Ilmlt•d by 9uararnteè) DEPEMDENT AUDIToFfs REPORT TO THE MEMBERS OF ARUNDEL CASTLE TRUSTEES LIMrrED Oplnlon We have audlied the ffinanclal 51alem8n15 oIAwndel Ca5Ue Trustees Llmlted (Ihe 'parent charbtabk compan1} and its subsidiaries (the 'group'} for Ihe year onded 31 DKember 2020 which ¢onwris• lh• C1)nlIdated St81em&nl of Flnancial Aclivilles. the Consolidated balance sheel. the Charity balance sheel, Ihe Consolidated statement ol cash flows and Ihe Telaled noies. including a summary of slgnificant aG¢ounting policle5. The nanclal reportlng framework that has been applied In their preparation is applicable law and United Kingdom Accounting Slandards, Including Flnancial Reportlng Standard 102 The Financlal Reportlng Slondard applicablè In thè UK and Republic ol Ireland. Iunited Kingdom Generally Accepled Accounllng Pr8cliGel. In our oplnlon the financlal statements: glv9 a true and fair view of the slale of the GroLP'S and of the parent charilable cOmpanS affairs as 8131 December 2020 and ol the Group's Incomlng resources and appllcatlon of resrceS. Inthding Ils Income and expanditura for the yaar th8n •nded. have t*en prope prepared In accordance Unlled Klngdom Generalty Accepted Account Pracilce; and have been propared In accordance wlth th& requlrèments ol Ihg Companles Aci 2006. Basls for oplnlon We conducted our audit in accordance wlth Inlemabonal Standards on Audlling (UK) {ISAs (UK)) and applicable law. Our responslbililles undèr those standards are fuflher described In the Audlo¢s responsibilities for the audit of the financial slalem8nls section ofour report. We are independent ol the Group and parent charitable company in accordance with the elhiol requirements Ihal are relevant lo our audli cl the financial slalemenl8 In the Unlted Kingdoffl. Includlng the Flnanclal Reporting Councifs ethlcal StandaT(l. and we have fulfilled our other elhlcal responslbilities in accordance wlih Ihe$e r8quirom8nls. We belleve thal the ali evidence we have obtained is sufficlenl and appropriate lo provlde a basls for our oplnlon. Concluslons r•lallng to golng concem In auditirrfj the financlal slalements, we have concluded Ihal the trustees. use of the golr¥J concem basls of accounllng In the preparatlon of thg fnanclal statements Is approprtate. Based on the work we have p¢rfomie(I, we have nol Identified any malarial uncertainties ielallng lo events or condtllons that. Indlvidually or collectivety. may ca51 slwlficanl doubl on the group's or parent charilable company's abllity lo contiNe as a going concern for a period of al 88t tsyelve months from when the financial slalemenls are lIK)riSed for issue. Our responsibilities and Ihe responslbilllies of the Irustees wilh raspecl lo goln9 conc&m are de5cribgd In Ihe relevant sgctions of thls report. Page11
ARUNDEL CASTLE TrUSTEES LIMITED IA Gompany Ilmlted by 9tsrante•) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARUNDEL CASTLE TRUSTEES UMITED (c¢xmNUED) Oth•r Inforniatlon The at1 Information comprises tho infonnalion included in the lrnste8s ann repcfft, olher than Ihe financlal slalemenis and OUT auditorfs port thereon. The trustees are responsible for the other inlomialK)n contained within the annual reporL Our oplnlon on the finand81 slalements dogs not cover Ihe olher inlormalion and, except ID the extenl Othise expliciuy staled In our pOr1, we do not express any Irn of assuran¢e onclusion tlean. Our responsibillty Is to read Ihe olher Informallon and. In doing so, consider whether the other infornialfon 1$ malerialty Inconsisienl wilh the finandal stalemonts or our knowledge oblaingd in the Cou8 of the avdtt or otherwise 8PP8ars lo be Matea ml$slaled. Ilwe Identify such materi81 Inconsl$lenGies or apparent malerial rnisslalements, we are required lo delerrnine whelher this glves rlse lo a material rnisslalemenl in the fanCIal Stalements Ihemsetves. If, basèd on Ihe work we have perfomied, we conde that there is a material mi55latement of thls thèr InfoallOn. we are Tequhd report thal fad. Wo hav8 rKJtNng to roport in this regard. Oplnlon on oth•r mtt•rs pr•s¢rfb•d by lh• ¢ompanl•s Acl 2006 In our opknlon, based on the work undertakèn In the course of the audll.. Ihe Irrfomiation given in the Truslee8' R6POrt irdudln9 the Str41egic Report for thè fInCIsI yaar lor which the financlal slalemenls are prepaied Ls consistent with the fin8nclal stalemenls. th8 Trustees, Report and Ihe Straleglc Report have been prepared kn accordance wllh appll¢able legal fequlremFnts. Matters on whlch we Jr• r•qulr•d lo rnport by •x¢•pllon In Ihe light of Ihe knowledg8 and understandlng ol the group and p8r£nl chathable company and its 8nvironmenl obtalned in Ihe cwrse of ihe audit. have not ideniified malerfal mlssletements In Ihe Truste Report Incltmling Ihe Slralegi¢ Report. Wo have nothing lo report in respect of the fdlowlng matters in relation lo which Companies Act 2D06 re¢wires us lo report lo you rf. in our oplnion: ad*qte and sufficlenl accounling records have not been kept by the parent charilable company. OT retums adequate for our audll have not been receivad from branches not visited ty us: or the parent charltabltr company's financial statemen15 are not In aoreement wlth the accnng racords and relums,. or certaln disclosures of TNslees' rernunerallon specified by are not made,. or we have not recelved all the infomiaknn arKt axplanations we requlre for our audlL Page 12
ARUNDEL CASTLE TRUSTEES LIMITED IA company Ilmlt•d by gu•rant••) INDEPENDEKf AUDITOR'S REPORT TO THE MEMBERS OF ARUNDEL CASTLE TRUSTEES UMrrED (CONT114UED) Rèsponslbllltles of trust••s A5 explalned more fLlY in the TN5tee$' responsibl.11&S slalement set out on page 9, the Tru$tee8 (who org a150 the directors of the charfiable c(Impany for the purposes of company lawl are responsible for the preparation of the financial sialement5 and for belng satisfied Ihal they give a true and falr view. and ftK sud) inlemal control as the Twslee5 delemine is necessary lo enable the preparalth of financlal stalemenls thal are free from material misstalemenl, whether due lo fraud or error. In preparlng the financlal sialements. Ihe Trustees are rèsponsible for assessing the Group's and ihe parent ch8ritabl8 companys ability lo conlknue as a CoreM, discb)sing, as applcable, matters related lo going con¢em and uslnu the going concem basis of accounlKbg unlass the Tru$leos either intend lo Ilquidale the Group or tho Pa1 charitablè ¢ompany or lo G8as8 operalK>ns, or have rnalislic all8rnative lo do so. AudltsV8 r•spon$lbllllles for Iho audlt of th• flnanclal stat•m•nls We have bggn appointed aud6tor under the Companles Act 20Cfj report Sn aCCLdanc9 wfflh Ihls A¢1. Our objectsves are lo obtain reasonable assurance about whether the financlal slalements as a whole are fr88 from maledal mlsstatemenl. whether due lo fraud or error. and l015sue an Audltorfs rewt that In¢IdeS our oplnSon. Rea8able asSanCe 15 8 high level ol assurance. bul is nol a guarantee that an audit conduded in accordance wlth ISAS (UK) will always delect a malerial mlsstalemenl when il èxists. Missialements can arise Irom fraud or ernr and are considered malerk31 rf, Indmdualty or in the aggregate, ihey could reasonably be expecled to Inonc0 the economic declsfjo of users taken on the basis of financial statements. Irregul8riknes. Including fraud. are Instance5 of nOnOMplianc8 with laws 8nd regulation5. We design procedures in Ilne with our responsibilities, outlined above. lo delecl malerial misstslements in respect ol Irregularilies, induding fraud. The Specific procedures lor this engagem¢nl and Ihe extent lo which Ihe8e are capable of delecling Irr8gularitigs, Includlng trd is deta118d below.. Enqulry of management. those charged wllh govemance and the entSty'8 sokiiors (or In*houso18gal tgam) around aclu81 and polenlial liligallon and clams; Enquiry of entlty staff in lax and compliance functions lo idenlify any Inslances of non<ompllanGe with laws and regulailons., Reviowing minut68 of rn••t¥igs ol those charyed wlth govamCe. R&vlewing financial slalemenl disdosures and tesllng lo slypIng documeniation to assess complance with appll¢able laws and regulaan5,. P8rforming autht work ovèr the risk ol managernent ovenlde of contro16, inththng losling ofloumal gntrie5 and olher adjustments for appropriateness. evaluatlng the buslne5s rallonafe of slgnificanl transacti$ outside the normal Course of busln8ss and revlevAng accounting estlmales for bia5. Pogg 13
ARUNDEL CASTLE TRUSTEES LIMITED IA company Ilrnlt•d by guarantee) INDEPENDENT AUOITOR% REPORT TO THE MEMBERS OF ARUNDEL CASTLE TRUSTEES LIMITED (COKIINUEDI Because of Ihe Inherent limRaltons of an &11, there Is a rlsk that we WMI not detect all IrregulalIes. kn¢luding those leadlng lo a material mls51alemenl In the financial statements or nonaCoVIIanca with regulalion. Thls r15k Increases Ihe rrn)re thal compliance wlh a law or regulatlon15 removed from the everts and transacdons reflected in Ihe financial slalemenls, as we will be less likely to become aware of instances ol non-compliance. Thè risk Is atso greater regardlng Irregularilles occurrfng due lo fraud rather than e. as fraud nvofves intannal concealmonl, forgery, colusion, omiss[c or misr•pra58ntalion. A further description of responsiblilies is avallable on Ihe Financial Rewting Council's website al: httpsJ1M.ftc.org.uklour-WOrklAuthVAUdIt-and8sSuranClstand8rd>and-guIdanc?ISlandards-andrfjUIdance for4udilorslAudilor&responsibifilies-for4udiVDescriplionvoI-audilors-re5ponslbji1fjes4Or4U(fsi.8Spx. Thls description lomis part of OLW audilorfs feport. W• communicale Iwth thosè chargad with gov•monc8 r•garding, among ¢)thor matters, the planned scopo and limlng of the audit and Snificant wdit findngs, Inchjdlng any slgnlficant deficlend88 In Inlem81 control thal we Identify during our audit. Us• of our r•port This report 1$ madg $01gly lo the charitable wmpanY5 members, as a body. in accordance wlth Chapter 3 of Part 16 of the Companles Act 2006. CT audll work has been undertakgn so that we mlghl slate to the charilable cOmpanS members those matters we are requlred to stale lo them In an Audllorfs ieport and for r olher purpose. To the fullest exlenl permilled by law. we do nol accepl or assume responsobility to anyong Other than the charitable company and ils members, as a body, for our audit worft, for this report. or for ihe opinions we have lomed. F.dI Mlcha•l Fanvel MA FCA DChA IS•nlor statutory audltoi) for and on bEhall of Jam85 Cowpor Krnston Chariered Accountants and Slatutory Audllor 2 Communlcallons Road Greenham Business Park Gr¢enham Newbury Berkshlre RG19 6AB Dale: 0910412021 Page 14
ARUNDEL CASTLE TRUSTEES LIMITED {A cornpany Ilmlt•d by guarantee) COMSOUDATED STATEMENT OF FINANCIAL ACTMTIES {WCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENOED 31 DECEMBER 2020 Unretstslct•d Endowrnent lunds lunds 2020 2020 Total funds 2020 Total funds 2019 Income and endowm•nl8 from: charitab activities Oiher IradirKJ aclivilies In¥tments Olher Kicomlrw resour¢e$ 627,688 180,219 65,2JO 90,526 627,688 100,219 119,457 90,526 2,912,883 1,024.845 150,290 54,207 Total Income and endtswments Exp•ndttur• on: Ralslng furKts'. Fundraising trwjlng Investmgnl management and bank tharges Charltable a¢tivilie$: Upkeep of the castle Costs of adm183ions and castl8 openlng Govaman¢e Gosts 963,683 54.207 1,017,890 4,088.018 429,596 429,596 1,066,294 55,460 19.693 75,1S3 102.523 1,4S8.646 IA58,046 1,572,635 447,583 30.012 447,583 30.012 633.360 44.437 Total •xp•ndltur• 2,421,297 19.693 2,440,990 3,419,249 Nel galns on Investments 64398 306,912 941.310 949,156 Net movement In lunds 1823,216) 341,426 (481,790) 1.617.925 R1clI11t1Qn of lunds". Total funds brought forw•rd Nèt movement In funds 10.422,208 1823,216) 3,348.764 341.426 13,770.972 (481,790) 12,153.047 1,617.925 Total funds carrf•d forward 9,S98.992 3,890,190 13289,182 13.770,972 The notes on pages 19 to 41 fomi part of these Ilnanclal statements. Page 15
ARUNDEL CASTLE TRUSTEES LIMITED {A company Ilmlted by guarantee) REGISTERED NUMBER: 1269400 CONSOLIDATED BALANCE SHEEr AS AT 31 DECEMBER 2020 2020 2019 Nol• FIX •ssots Twwible assets Heritage assets Investments 13 15 16 811,944 475,683 9,601,639 853,499 475,683 8.613,294 10,889,266 9.742.476 Current ass•ts stocks Debtors Cash at bank and In hand 17 18 113N55 379,IM4 2.237.599 58,301 530,142 3.506,340 2,730,098 4.094,783 CTedilors: amounts falling dug within one af 19 {330,1821 166,2871 Not current ass•ts 2,399,916 4.028,496 Total asi•ts l•M cumnt Ilabllltl•$ 13,289,182 13.770,972 Total net gets 13,289,182 13.TTO.972 Charlty funds Endowment funds Unrestricted funds 3.690.190 9,598,992 3.348.764 10.422.208 20 Total fund¥ 13,289.182 13.770,972 The financial slal ntsw re approved and aulhorf50d for Issue by the Tnjslees and signed on thalr behalf by. The Duke of Norlolk (Chalr of Trust8es) Dale'.tg. 1411 The noles on page5 19 10 41 lo part of Ihese financlal slalemenls. Page 16
ARUNDEL CASTLE TRUSTEES UMrrED IA company Ilmlted by guarantee) REGISTERED NUMBER: 1269400 CHARITY BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Not• Flx•d •$$èts Tangible a88ats Heritage assgts Invesknenls 13 15 16 710,919 47S,683 9,601,739 587.175 475,683 8,613.394 10,788,341 9,676,252 Curr•nt aM•ts Debtors Cash al barth and In hand 18 744,679 2,169,142 1,128,386 2,888,854 2,913.821 4,017.240 Credltors: amounts fallirvJ due wthln one year 19 {325,0991 159,196) N•t curr•nt ass•ts 1588.722 3,958.044 Total •ss•ts l•ss curr•nl IlablllU•s 13,377,063 13,634,296 Total n•t asi•ts 13,371.D63 13,634.296 Charlty fund5 Endowment funds UiwestriGled funds 20 3.690.190 9.686.873 3,348,764 10.285,532 Totsl lund# 13.377.063 13.634,296 The finandal stalemenl$ we approved and author16¢d for Iu0 by tho Trusl¢¢$ and $lgngd on thglr behaf by: The Duke of Norfol (Chalr of Tnjstees) Dale:IS. Z. ZI The notes on pages 19 to 4110 part of these financial statements. Paga 17
ARUNDEL CASTLE TRUSTEES UMtfED {A ¢ompany Ilmll•d by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Cash flows fmm op•rntlng aGtlvltl•s Net cash ed in opgrating activities 23 11,036A741 356,195 Cash flow* Irorn I¥IlTr9 actlvltl•s Dfvidend$ and interests Purthwse of tsngible fjxod assets Wbthdrawal of Investment fund5 4.463 (61,2131 2.342,308 13 {236.7131 Nel ca8h lusad InVprovld•d by Inv•4tlng actlvllles 1232,2671 2.285.558 Cash flows from flnanclnq actlvllles Nel cxh provlded by flnanclng actlvltl•s ChaTha• In cash and cash •qulval•nts In th• y•ar Cash and cash equivalents al the beglnning of the year 11.268.741) 2.641.753 3,506,340 864,587 Cash and cash equlvalents at the ond ol the year 24 2.237.599 3.506.340 The notes on pages 1910 41 form part of th8se financial statemenls Page 18
ARUNDEL CASTLE TRUSTEES LIMrrED {A wMry>any Ilmlt•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 A¢¢ountlng pollcles 1.1 Basls of pr•parntlon offinanclal stst•m•Thts Th8 financbal $lal8ments have been prepared in accordance wllh the Charllie5 SORP IFRS 1021- Accounting and Reportlng by Ch8rilles.' Slalement of Recommended Practice appllcable to charrtie5 preparing iheir accoL¢nts In accordance wilh the FlnaneAal Reporting Standard applicablg in the UK and Republic of Ireland IFRS 102) leffective 1 Jawary 20191, the Financial Reporling Standard applicable In the UK and Republic ol Ireland IFRS 102) and the Companles Acl 2006. Arundel Casll8 Trustee6 Llrnlled meets the definltion ol a public benefit antY under FRS 102. Assols and liabilities are inil¢ally recognised at historlcal cost or Iranwlion va8 lesS othgThvlse staled In the relevant accounting policy. The Consolldaled slalemenl of financlal acbvlties {SOFA} and Consolldaled balan¢e shtset consolidate the fincIal statements of the Charlty and Its subsldlary undertawng. The results of the subsldlary are constsfKlaled on a In8 by lina ba515. The Charfty has taken advantage ol the exemptlon alowed under sectlon 408 of the Companles Act 20C6 ?rKI has not pr95enied Its own Slalemenl of flnanclal acuvllles In these financlal stalèmènls. 1.2 Company st•tu• The tharity 15 a company Ilmi18d by gu¥ranlee. The members of the company are the Truslee$ named on page 1. In Ihe event ol the charfty belng wound up. the liabillty In respect of Ihe guarantee Is lirnSled lo £1 per member of the charity. 1.3 Fund accourbtlng Genèral fvnds we unre5tricled lunds which we available for use al the discretion of the Trus18es in furtherance of Ihe general obieclNes of the Group and whlch have nol bgon des*Jnaled for other pury)oses. DeSIgnal fvnd5 ¢omwi58 unres1rl0d fdS that have been set aslde by the Trusta8s for particular purposes. The alm and use of each desl9naled fund Is set out In lh8 rNXes lo the fNianclal slalernenls. Investment income. gain5 and losses are all(ated to the appToprlale lur)d. 1.4 Income All income 15 recognlsed once the Charfty has enlillemenl lo Ihe income. 51 Is probable that the Income will be receivEd the amount ol incom8 r8ceivable can be measured reliabty. Pag• 19
ARUNDEL CASTLE TRUSTEES LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng polkl•s Iconllnued} 1.5 Expendlture Expendilure is recogn158d once there is a legal or constsvclive obligalSon to tTan5fer economlc benefit lo a third party. il Is probable that a iransler of gconomic b8neflls will b¢ requlred In seWemenl and the amounl of the oblgalion can be measured rellably. Expenditure ts classifd by ctivity. The cosls ol each activity are made up ol th? lolal ol direct rx>sts and Shad cosls, induding support CD5ts Involved In undertaking each activ- Direcl costs atlit>utabla Io 8 single activity are allocaled dlr¢¢Uy lo Ihal aclivlty. Shered costs whlch contsibule lo more than one 8Ctlvty and support cosls whlch are nol auribulable to a singl8 acts'vity are apporth)ned betren Ihose aciivibes on a ba515 con5islenl with the use ol resources. Costs ol gen8ralirwJ lunds are costs incwred kn attracting volunlary Income, and thosè Incurrod in Iradkng adivities that raise funds. All expendllure Is Incluslve of irtecoyerablg VAT. 1.6 Balls of consolldatlo The finarKlal slalemenls consolldate the a¢counts of Arundel Castle Trust8e3 Lknlled and Ils Subsidiary undertaklry, Arundel Casue Enlerprlses Llmlled fsubskllarl). Of the net expendiiwe after Investment movement of £481.790 (2019.. net income of £1,617,925). £340,87312019: £1,638.3141 Is aitribLrtable lo the parent charilable company. The profil attributable the subsidlary is shown in the notes to the financial sialements. 1.7 Gov•mm•nt grants Govefflmenl grants are credited lo other irKomiro resources within the Con501laled slalemenl ol rinanclal 8ctivittes as the related expenditure is incurred. 1.1 Tanglbl• fix•d as$•ts and depr•clatlon All assets co$tlng morg than £5C#) are caprtali5ed and Included al purchas8 cosi plus any incldenlal expense5 01 acquisbtS0n. A r8vl8w for ImpaIent of a fixed asset Is carried out il events 01 changes In drcum51ances Indlcale thal Ihg GarrySng value of any fixed asset may not b8 recover8ble. Shortralls bglween the ¢aThwng value of fixed assets and Ihelr recoverable amounts are recognlsed as Smpalmienls. Itryalmenl 105ses are recognlsgd In Ihe ConsoThda¢ed Stalemenl of Flnanclal Acii¥ltie$ incorporaljng Incoff and expendbture account. TarKJlble red asséts are caNied al cost. nel of deprecSalion and any provislon for impalmient. Depreciation Ss provlded al rdles calculated lo vnile off Ihe cosl of fixed assets. less th8Sr esttmaled Tesidual value. over iheir 8xpeth(l useful lives on ihe following bases- Pag8 20
ARUNDEL CASTLE TRUSTEES LIMITED IA Gompany Ilmitsd by 9uarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng pollcle• {contlnu•d) 1.8 T•nqlbl• flxed a880ts and d•prnclatlon (¢ontlnu•dl Propety knprovemenls & gardens Molor vehkles Gift shop, coffee shop & reslauranl fixtures & fittlngs Castle fixtures & fittings & ground$mens' gqulpm•nt Computer equipment 10% Strah1 line 25% stralght 10Yo- 33% strai1 line 10%- 33% straight line - 33% Straight lkne No deweclaUon has been provided on freehold property. Thls rgpresent5 the property at 11 London RDBd owned by the charity 8nd, In the opinlon of the Truslees, th8 amount of any dopreclatSon would be immatarial. Annual Impalm)enl reviews of thè propèty are perfomed based on publlshed house ic8 indlces. 1.9 Arund•l Castl• Tha charity maintains Anmdel CastS9 and Its grourKls in $POrt of the chart5 obje¢tlve to preserve Iho building5, grounds and chattels for the benefrt of current and fithire generations. Aftmdel Caslle and ils grounds were conveyed lo the charity by the Exe¢LElors of the XVI Duke of Norfolk as a grfi In July 1976 and have nol been Vaed In these finBn¢ial slalements. Rellable cost Irrformotion for these a$sels Is not available and the Truslees conslder that conventional valuation approaches lack sufficient reliability due the the unlque nature ol the propety. Furthernore. 11 Yaluatsons coukl be obtained, the cosls would be onerous compared wlh the adrfiuonal beneflts derived by the charity and users ol th6 accounts. As a resulL no v81u• Is reported for th85è assets In Ihe thorws trAlance sh881. Awndd Caslle Is a unlque, inalienabS0 building of historical $lgnffiGancé and the Trustees are lolddan from dlsposing of ihe property. either in whole or In parl. Each year, the Twstees are requlred lo spend signthcanl sums in m8lntainlng the fabric of th8 buSlding and gnhanclng th8 overall vlsStor experience, as dlrecled by the charlty's governlng instrument. Thi5 8xp8nditure Is ch¥98d in the Slalemenl of Flnondal Aclivllles as In¢urred. ralher than capltalised. bocause In the opinlon of the Trusl8eg il glves a more meanlngful pre5enlalion of the charlty's a¢tlvllles durkng tho year. Th• tolal ofsuch expendltur8 was £451.674 In the year ended 31 Decembaf 2020 (2019: £527.600}. Chatt•ls owned by lh• Duk• ol Norfglk Certaln chattels on display lo Ihe public al Arundel Caslle, books kept In the library al ArLndel Coslle and cerlain chattels kept in the prfvate chapel al Arund81 Caslle are owned by Ihe Duke of Norfolk and his successors and made avwlable lo the Trustees ol Anmdel Caslle under legal a9reemenls daled 28 July 1981. Under these agreements it is undertaken that the chattels and books wlll be rnade availabk lo Ihe TTuslees for pliC display al Awndel Caslle, sutyecl lo a number of ¢ondiUon5 and r851rictions. 11 Is con5id8red Ihal th8 effect ol these conditKin5 and restriGlions is such that lh8 chattals and books do not fall undèr the control of the Trustees of AJundèl Castle Truste8s Lwniled. as defined by Flnancial Roporting Slandard 102 IFRS 1021 Heritsge Assels. As a resull. no value 18 reportgd for Ihas8 a55ets in th8 charity's balance sho91. Und8r the tern of the legal 8gre8menls th8sB chattels and book5 remain pnerally on dlsplay to th• p11¢ in ardance wilh ihe usual Casug opening affangem8nts. Pag921
ARUNDEL CASTLE TRUSTEES LIMrrED IA ¢offlpany Ilmlt•d by guarnnte•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Ac¢ounllng pollcle6 Iconllnued) Chalt•ls owned by tho Chwttable Company Chatte15 comprlse a W114am IV Coronallon cup, an oll palntlng of Ellzabeth SluarL a sllver lrfpod. a silver safver. a Regency sllver dlnner servlce and a four poster bed. The chatte15 are all 51aled al cosl ?d undergo annual Impalment revlews. These finanoal slalemenls do nol relled the value of ¢hattels silualed in ArurKlel Caslk and owned by the Duke of Norfolk. whlch have been loaned lo Ihe charitable company. Gardens The grounds wère glfied lo th8 tharity in 1976. as detailBd previously in thi5 note. SIgnifan1 capital expgndilure lo improve Ihe gardens 8nd enhance the visllor experienc8 has been carried out and thls expendllure b hetd on tho balance 5heel al cosl les5 dopreGialion. 1.10 lThv••tm•nts Inv8stmgnts are stated al market valug at the balan shl dale. The SOFA IrKludes the nel galns and bs5es arlslng on revaluatlon5 and dSsposals throughout the year. Investments In sub$ldlaries valued al cosL 1.11 Internst rxelvablt Inleresl on funds held on deposrt Is indud8d when r8celvabl6 and Ihe amount ¢an mea$urod reliabty by the Charity: thi$ is noaMY upon nolificalion ol the inleresl paid or payable by Ihe Bank. 1.12Slooks Stocks and woth In progress are vafued at the l¢)wer of cosl and nel reali3able value after makkng due allowance lor obsolete and slow-moving stocks. Cost indudes all dirgcl costs. 1.13 Debtors Trade and othor d¢blors aT8 recognisod at the settlement amounl after any trade dlscount offared. Prepayments are valued al the amount prepald nel of any trade diseounls due. 1.14Ca¥h at bank and In hand Cash 31 bank and In hand InebJd•g eash and short-18rm hlghly Ilquld Smieslments wlth a short maturity of three months or less from the date of acquisltion or openlng of Ihe dep05il or simSlar 1.15 Llabllltltts Liabililies are rewgThsed %then Ihero is an obligation at Iho Balanca sh801 dale as a result of a past event. il 15 probable th818 transfer ol economlc benefit wlll be requlred in seitlemenl, and the amounl of the setuemenl can b8 &slimaled reliably. Liabilities are recogri5ed al the amount Ihat the charity anlicipales il wll pay 10 5elUe the debt or the amounl il has received as advanced payrnenls for Ihe ds ty seThices il musl provide. Page 22
ARUNDEL CASTLE TRUSTEES LIMITED {A Gompany 11m1t by guarnnlee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2020 Judg•m•nts In apptylng accountlng pollcles and k•y Mur¢es ol ••tlmatlon unc•rtalnty Tho preparation of the financlal statements requlres management to make lud98ments, esllmats5 and assumptkJnJ Ihal Iho amounls r•part*d for assets and liabilities a5 al th¢ balance $heel date and the amounts reported for revenues expenses during Ihe year. However, the natufe of esilrnallon means Ihal aGiual outcomes could differ from those eslimales. The following judgemenls (ap1 from those inv(Aving esumates) have had the most significant off¢ct on arno18 recognlsed in the finandal statements. Tangible fixed assets Ispe nole 13) Tangib fixed assets are depreciated ovèr their useful lives taking into account re$Val values, where approprlale. The aclual lives of the assets and reswlual volues are assessed annually and may vary depending on 8 number of faGlors. Residual valu8 assossments consldgr Issues su¢h as the remaining life of the asset and prolectad disposal values. Heritagg assets Ise0 rth 14) Herltage assets are noi Induded withln the finandal 5ts1ements as the Truslegs conswjer Ihal convontional valuatlon tothnlques lack sufficlonl reliablbty over Ihelr valuatlon and thal if valuations cwld be obtalned the cost would bg onerous compared with lh8 addlllonal b8nefft derived. The assessmenl Is Tovlowed annuaty. Net Incom? Irom tradlng aGdvltl•s ol subsldlary The charity has a wholy owned trading subskliary incorporatad in the UK. Awndel Castle Entefpfi5es Limited Is used for trading aclivilies al Arundel Castle. wincipally Ihe gtft shop and catgring facililles and the hosting of the annual Arundel Feslival. The company gifts its distfibutabh in¢ome lo Arundel Casile Trustees Limited under Glft . All aclivllies have been consolldaled on a Ilne by line basis in Ihe ststemant ol Flnanaal Actiyilies. Audiled financlal statements are filed wilh the Registrar of Ccynpanles. A summ8ry of115 tradlng res$ 15 shown below: ANnd81 Ca•ll• EntsrprlB•g Umlt•d 2020 2019 Profit and loss accounl Tumover C05101 sales Gross wofil 747,292 8,661 {6,232) 470.664 1152,444) 163 1383,9901 371 Athlnlstrative expenses Inlafesl receivable Government Granls 14 Total Page 23
ARUNDEL CASTLE TRUSTEES LIMrtED IA company Ilmlted by gu•rnnt•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Incomg from eharftablo actlvftl•s Unrnstrlcled lunds 2020 Tolal fvndj 2020 Total 2019 2.912,883 Admls$ions 627,fj815 027,080 In both 2020 and 2019. all income from admisslons was lo unrestricted funds. Incom• from oth•r tradlnB actlYlU•¥ lTh¢om• from non Gharftabl• tradlng aGtlvltl•¥ Unr•slrlct•d fvnds 2020 Tot•1 lunds 2020 Total lunds 2019 Svb5idiary income Renlavcar park income 8.861 171,558 8.661 171,558 747,292 277.553 1,024.845 Tot•1 2020 180.219 100,219 In bolh 2020 aNI 2019. all irtome from other Iraling aclivilie5 VAS to unreslrithd funds. Inv•stsnent InGomo Unr•strlct•d Endowmenl fund$ funds 2020 2020 Total lunds 2020 Tol funds 2019 145,827 4,463 Investment In¢om8 Bank interesl 60.640 4.610 54,207 114,B47 4.610 150.290 Tol•l 2020 65,250 54.207 119.457 Pag8 24
ARUNDEL CASTLE TRUSTEES UMITED {A CODwany Ilmlted by guarantee> NOTE5 TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Other Incomlng r•sourceg Unre•trfGl•d funds 2020 Tol•l funds 2020 Total lund$ 2019 Govemmenl grant income .526 90.526 Investment managam•nt ¢osts Unr•strlct•d Endowmant funds funds 2020 2020 Total fund¥ 2020 Total fund5 2019 Inve51ment management fees and bank charges 55,480 19.693 75,153 102,523 Anatysls of •xp4ndltur• on chwrtabl• actMtI•s Summary by fund typ• Unrwtrlci•d ld$ 2020 Total ftinds 20ZO Totsl fvrKIs 2019 Upkeep of Ihe Castle C051 of admlsslons and Castle openlng GovemarK8 costs 1,459,078 1,459.078 443.843 443.843 33.320 33,320 1.572.635 633,360 44,437 Total 2020 1,936,241 1,936,241 2,250,432 Pago 25
ARUNDEL CASTLE TRUSTEES LIMITED IA comp*ny Ilmlt•d ty guarant NOTES TO THE FINANCL4L STATEMEMTS FOR THE YEAR ENDED 31 DECEMBER 2020 An00$ of •xp•nqkn on ¢harltabl• Kllvl¢hs (contlnu•dl Summary by •xp•ndlture type Tolal funds 2020 Tolal ftmds 2019 Slaff costs Deprnclatlon Oth•r costs 2a20 2020 2020 Upkeep ol Ihè Cas Cosl of admisslon5 and Casue openlNJ G0VemCe costs 672.758 32,205 754,115 1,459.078 1.572.635 216,855 6.913 227.188 26.407 443,843 33.320 633,360 44.437 Total 2020 896,326 32.205 1,007.710 1,936,241 2.250.432 10. Not Incom•ll•xp•ndltwel TNS Is slated after chwglng: 2020 2019 DeprKIaIn of langl)18 fixed ossel5: Yned by tho tharilable 9roi Accountancy and audit OperalirvJ lease r8nlals 69,628 15.220 19,359 60.238 17,200 16.487 During the year, no Trustaès recelved any benefits In klnd12019: £nill. No Trustees TeGel¥ed re1mburnen¢ of expenses in th& currenl year,12019.' 2 Trusle8s- £1,684). 11. Slaff ¢osts Slaff costs We 05 lo1)WS. Group 2020 Chaflty 2020 Charity 2019 2019 Wages and salaries Soclal securtty costs Contributlon lo defined conlributkin pension schem95 867.189 56A21 1.214,407 59,433 832,238 53,365 997,089 50,938 49.514 41.650 49,514 40.257 973.224 1,315.490 935,117 1.088.284 Page 26
ARUNDEL CASTLE TRUSTEES LIMITED IA cornpany Ilmltod by guar•nt•g) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 11. SI costs {¢ontlnufjd} The average number of persons empbyed by the Charlty durfng the year wa5 as louows: Group 2020 Group 2019 Charlty 2020 Charity 2019 Rastauranl and shop staff Adminislralio Caslle openlng slaff {temporaryl 12 92 92 108 59 95 The number ol empbye95 whose erybyee benefits lex¢luding employer pen¥im costs) exceeded £60,000 was.. Group 2020 No. 2019 No. In th8 band £70.l- £80,Lh)O The key managemenl personnel of Ihe parent charlty and the group comprise Truslee5. the Cast Manager and tho Flnance Manager. The lotsl employee benefits ol th8 key managemenl personnel were £137,585 {2019: £137.351). 11 Taxatlon The parenl company is a ragisl&r•d charity. and is enliUed lo cèrtain tax examplions on Incom8 and profits from investments. SurphJ88s ara 8ppli8d solely for charilablo purposes. To thg extent that Arundel Casue Enlerprfses Llmlted makes a laxable it 15 conveyed to the parent charitable company under Gift Aid, resulllng In no Ilabllity to corporallon tax. AnJnd81 Casl1& Trust8e5 Umlted and Arundel Castle Enterprfses Llmlled are reglslered for VAT. and consequently all of thelr In¢ome and expendllurè Is re¢otded nel of VAT. with the oxceplion of casue admlsslons Income. whlth Is 5ublecl lo a VAT cullural exemptsn. Pag8 27
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ARUNDEL CASTLE TRUSTees LIMITED IA cornpany Ilmlted by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 14. H•rltag• Sets A615•ts not recognls•d In tho balan¢e sheet The charitable (x>mpany malntains Arundel Castle and ils grounds which were acqued In 1976 by way of gift from Ihe Exttulors of Ihe XVI Duke of Norfolk. The Keep al Arundel Caslle wa5 bullt al the and ol Ihe 1 Ilh century by Roger de Montgomery Earl ol Arund81. Since then il has been added to over Ihe centuries, the la51 maloT remodelling lakirvj place at the end of the 19th century. Apart from the occaslonal revcrsbon to the Crown. Afundel Casue ha$ descended direcuy from 1138 lo the present day. Ixrried by female heiresses from the d'Albini$ to the Fitzabns In the 13th century and Ihen from Ihe Filzalans to the Howards In the 16th century and 11 has been the sgal ol Ihe Dukes of Norfolk and thglr ancestors for over 850 years. The Cas11e 1Wur 8 ¢olkgCtion of firte furnitur¢ dallng fr(wn Ihe 16th century. tapestsi05. clocks and portraits by Van Dy¢k, Gainsborough, Mytens. LawrerK9. Reynokl$. Canalgtto and others. Personal P05sèssSons of Mary. Quegn of Scots and a solecllon of hislorical, religious and heraldic items from Duke ol Norfolk's collg¢llon are also on dlsplay. These Ilems, vlth Ihe excgplion ol ¢ertain chailels as descrfbed more fully below, are dlsplayed under legal agreement Ihe Duke of Norfolk and hls suGce#st)TS and arg nol kncludod In the balance sheet of the charfty. There have tjeen no acquislUon$ or disposals of heritage Sats during the lasl five ye¥s. The current building undernent a malor rtsslorallon pro¢t that wa5 completed In 1900. 11 was one of the first Engllsh country houses lo be fitted wlth electric lJhl. integral fire fighling equlpment. service Ilfts and central he8tiry. Th¢ charity aims io maintain the ¢dItion of the Ca5UE In a steady state ol repair. and lo Improve the grounds lo enhance the experience of visllors lo Ihe Castle. Annual surveys are undertaken to ensure that the fabrlc of the buildin9 i8 not deleviorating and pair and maintonance work is undertaken as required. 8ccordlng lo budgel. Examples of such expgndllurfj In recent Inrjude r•48adlng the ¢asUe roof and Inlomal and exlemal re4viring to tho Casllg. lolal of such expendllure In 2020 was £451,674 (2019: £527,600). The cost of malor enhancement work lo Ihe grounds and gardens, and any capital worfE to thv bulldlng that does nol reFfesent repair or malntonance, L8 capitalised on the bakince sheet. In accordanee wlh the admisslon poll¢y, publlc acce5S to thg cast and grounds Is pemthted every day of Ihe week except Monday durfng thg openlng season whlch Is from Easter or 1 Aprll to the end of October eeGh year. Chattels r•cognl8od on th• balance shmt (Note 15) Chattds comprlslng a Willlam IV Coronalion cup, an oil palntity of Elizabeth Stuart. a sifver tfipod. a $il¥er s8fver, a Regency sibver dlnnèr seCe and a four poster bed are Ported kn the balanca sheet at cosl. Public access lo these assets Is provlded In accordance with the general Gaslle 8dmlss1or policy as described above. Enh•bwm•nt ts yrd•ns and orounds The grounds, tCJ9thor wllh Iho kaep arKI gatehouse havo been open to lh• publiG Slnce 1800 tnd the gardens since 1854. Page 30
ARUNDEL CASTLE TRUSTEES LIMrrED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR TrIE YEAR ENDED 31 DECEMBER 2020 On 14 May 2008 Th8 CollecloT Earl'5 Garden was opgned by HRH The Prfnce of Wak$. Thls lonal wdgn was Gonceived a5 a lrfbule to Thomas Howard, 141h E¥1 ofAnJndel, known as'Th8 Collectol. The capiial expenditure on this projecl and other prolec15 for the •nhancement of Ihe gardens is held ¢n the balance sheet al cost and was depreclated over 10 years. Admission lo The Collector Ead's Garden rs included wllhln the slandard admisslon for lh• ca$¢le and grounds. 15. Charlty h•ritag• as8•ts Group and Charlty Ass•ls r•cognls•d at cost Chattels Owfi by the charlty 2020 Total 2020 Al 1 Jarwary 2020 and 31 December 2020 475,683 475.683 At 31 December 2019 475,683 475,683 16. Flxed asset Investments Endowment East Wlng G•n•ral fund fund slnklng fvnd Inveslrn•n¢s Total Group Cosl or valuallon At 1 January 2020 Investment inccffie Management fees Realised and unrealsed gainslOosses> 3.348.765 $4,208 (23,6311 306,912 40.943 1A7B 12921 5.223.5B7 59,161 143,8901 633.752 8.613.295 114.847 (67,813) 941,310 At 31 D•¢•mber 2020 3.686254 42,775 5,871610 9,601.639 Net boak valu• At 31 December 2020 3,686.254 42.775 5.872.610 9.601,639 Al 31 December 2019 3.348.765 40,943 5,223,587 8.613.295 Pagg 31
ARUNDEL CASTLE TRUSTEES LIMITED IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16. Flxed ass•t Inveslments Icontlnu•dl Shares In Endowmont East Mng Genvral fund sub51dlary fund slnkln9 fund Inv•stm•nts Totsl Chartty Cost or valuatlon Al 1 Janu 2020 Irnve5tmont income Management fèè$ Realised and unreallsed 9alnsllknssesl 100 3.348.76S S4.208 123,6311 40,943 5.223.587 1A78 59.161 1292) 143,8901 8,613.395 114,847 (67.813) 306.912 633.752 941,310 At 31 00mb•r 2020 100 3,886,254 42,775 5.87l610 9.601.739 Not book v•lu0 Al 31 De¢•mb•r 2020 100 3,686,254 42,T15 5.871610 9,601,739 At 31 Decembèr 2019 100 3,348.765 40,943 5.223.587 8,613,395 Investrnonls held by Ihe charlty InCIJe an Inve$trnenl In the subsldlary wmpany. Arundel Casll8 Enlerprises Limiled at cost. knindel Casue Tru51ees Limiled owns 100% 01 the Issued ordinary share capllal of Alundel Caslle Enierprises Limited. a company incorporated in England and Wales. Arundel Casue Enterprises Limited 18 the only 5ubskJiary of knmdel Castl8 Trustsa$ Llmiled. There no other relat8d cAJmpgnies. the fixed asset investmenls arè hold in thg UK. Prlnclp41 subsldlarf•8 The lollovAng wa3 a subsidiary uryJOrt•ng of the Charty. N•m• Company numb•r Clais ol Holdlng shaT•S AlLde1 Casllg Enterprfses Limmed 01521264 Ordln 1CAI% The financlal res15 of the subsldlary for the year weffj: Income Exp•ndSlur• ProllU{Loss1 for thè year N•t 4s5els undel CasUe Enterprises Limited 26,420 {167,337) (140.917) (87.7811 Pago 32
ARUNDEL CASTLE TRUSTEES LIMTreD {A company Ilml¢•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPaBER 2020 Endowment Fund Thls repres8nls a permanent endrywmgnt to Arundel Castle Trustees Llmlted by Ihe Executors ol the XVI Duke of Norfolk. The fuThJ rs represenled by.. Market VJlu• 2020 Cost 2020 Market Value 2019 Cosl 2019 UK Ils19d Itwestments Ovor$eas listed inveslments Other unllsled securilk$ Bonds and Ilxed interest Sub total Investrnent deposll accounl Total 130,106 1,878.427 747,905 123,946 582,389 1.384.920 1,313,587 675,823 940,473 16 043 462 621 2.800.732 446,077 941.630 763,129 3.394.348 3.299.050 2,783.819 14 49 714 The Trustees rJ)nsider tho follow1 investments to be material to the market value of the portfolh) at 31 D8comb8r 2020: Vanguard S&P 500 UCITS ETF: £202.032 E•st Vvlng Slnklng Fund Thls represents lunds Invesl8d 1993 for fulure reslorntion ol the East Wing. The fund Is represenled by.. Market Valu• 2020 Cost 2020 Market Value 2019 Cosl 2019 Othef unlisied Investments kntal Investhiènl d&posil accounl Tolal 32 072 32,718 22,615 32,072 10 OS9 870 22,615 As at 31 December 2020 Ihfr fund Fs made up of Iwo Invgstrnents vAth HICL Infrastruclur6 Company Ltd and Int¢malional Public Parlnershlps, bolh of which are malerfal lo the fund. Page 33
ARUNDEL CASTLE TRUSTEes LIMrrED {A Gompany Ilmlt•d by guar*nt•el MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 G•neral Fund The fiMKI Is r•presenled by.. maet Valu• 2020 Cost 2020 Mark8t V•luo 2019 Cost 2019 UK $ted w)vestmenls Ovgr5eas listed inv8slm•nts Olher unlisted securtiles Bonds and fixed knlwesl Sub total Investrnenl deposll account Tolal 1.410.942 2.146,995 1.146.881 1,27&535 1,622.128 1.217.696 712.600 1.902.299 1,218.72S 640,744 1.637.523 1.636.225 5,457,524 4.845,263 3,962.151 4,944.226 415082 Q437 7437 72 051 The Trustees consider Ihe followlng Inveslm6nt lo bo mateiial to the market value ol the portfollo at 31 Decemb8r 2020.. RLffler SICAV Flxed Income Z GBP.. £498,671 17. Stock Group 2020 Group 2019 Glft Shop goods for resal8 Roslaurant stock Cafe stock 109,858 3.278 319 56.212 1.839 250 113AS5 58.301 18. D•btovs Group 2020 Group 2019 Charlty 20ZO Charity 2019 Due wlthln on• y••r Trade debtors Amounts owed by group undertaklngs Other debtors Prepayments and accNed income 3404 89.430 34,804 366,747 83.612 259,S16 75,201 612,473 127,503 313,209 83,612 260.628 127.$03 313,209 379,044 530,142 744,679 1,128,386 Pagg 34
ARUNDEL CASTLE TRUSTEES LIMtfED IA Company Ilmlled by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEhlBER 2020 19. Crndltors: Amounts flllllng due whhln on• y•or Group 2020 Group 2019 Charlty 2020 Charity 2019 Trade creditors Other tsxallon and soclal security other cdItOrS Accruals aThJ defeffed In¢Nn8 304J41 15.668 22,111 303,76S 14,017 22,111 250 25.SB4 250 21,084 28.508 23.068 330.182 66.287 325,099 59,196 Page 35
ARUNDEL CASTLE TrUSTEES LIMITED (A Company Ilmlted by guarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEIABER 2020 St•t•m•nl of funds statement of funds- current y•ar Balance at Galnsl 31 D•e8mbor (LoJs•1) 2020 B•lanc• at 1 January 2020 come Expendliuro Unr•B¢rfct•d f1• De51wat•d funds East Wlng Slnkirwa Fund 40,942 1A80 41825 G•n•rnl funds General fvnds 10,381,266 962,203 (2,421,054) 633,752 9.556,167 Totsl UnrtrIcI0d funds 10,422,208 963.683 12,421,297) 634.398 9.598.992 Endowm•nt funds Endowment fvnds 3,348.764 54,207 {19,693) 306,912 3,690.190 T*)lal of fvnds 13,770,9n 1,017,890 12,440.990) 941.310 13,289,182 Page 36
ARUNDEL CASTLE TRUSTEES LIMITED IA ¢<xwny Ilmlled by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 20. 8tatwnont ol funds fconllnued) Slatemont of funds. prlor y•ar Balancè at 1 January 2019 Balance at 31 Gainsl Decembèr {Lossesl 2019 Income Expendllure Unv•$trfcI lundts D•slgnat•d funds East Win9 Slnking Fund 37,250 1,453 (2751 2.514 40.942 G•n•rnl funds General funds 9.204,102 4.023,975 13.396,592} 549,781 10,381.266 Total Unr8Gtrlctod funds 9,241.352 4,025.428 (3.396.867) 552.295 10.422,208 Endowffl•nt funds ErKloV8nI funds 2.911,695 62,590 122,382) 396.861 3,348.764 Total of funds 12.153,047 4.088.018 13.419,2491 949,156 13,770,972 Pagg 37
ARUNDEL CASTLE TRUSTEES LIMITED {A campany Nmlted by guarant•el NOTE8 TO THe FINANCIAL STATeMENYS FOR THE YEAR ENDED 31 DECEMBER 2020 21. Summ•ry of funds Summary of lund¥ - curT•nt y••r 8•lanc• at 1 January 2020 8•lance at Galnsl 31 Doc•mb•r (Loss•J5) 2020 Incom• Ewndhurn Deslgnaled funds General fvrKI$ Éndowmenl funds 40,942 10.381.266 3,348,764 1.480 (243) 962,203 12,421.0541 54,2Q7 (19,693) 42,825 9,556.167 3.690,190 633.752 306,912 13.770,972 1,017.890 (2,440,990) 941,310 13.289,182 Summary of funds - pylor y•ar Bolance at 1 jUary 2019 Balance al 31 Gainsl Decemb (Lossasl 2019 Income Exponthlure D8signaled funds General fund5 Endowment funds 37.250 9.204.102 2.911,695 1,453 <2751 4.023,975 I3.3,592) 62.590 122.382} 2,514 40.942 549.781 10,381.286 396,861 3.348.764 12.153.047 4,088,018 13,419.2491 949,156 13,770.972 22. Analysls of not aGts betw••n funds Analysls of n•t a•$¢ts b•tsveon funds- currnnt p•rlod Unlestrlcled Endowment funds funds 2020 2020 Total fundg 2020 Tangible fixed assgls Flxe(l asset Investrnents Herllage assets Current a$$els Creditors due within ong aT 811,944 5,911.449 475.683 2,730.098 1330.182} 811,944 3,6JI 0,1 9.601,639 47S.683 2,730.098 1330.182) Total 9.598.992 3,690,190 13.289,182 Page 38
ARUNDEL CASTLE TRUSTEES UmED (A Gompany Ilmlt•d by quarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Anaty811 ol n•t a*s•ts belw•en fvnds Icontlnuedl Analysls of nel assets b•lweon fvnds - prlor rIOd Unreslricled Endowment funds funds 2019 2019 Toial funds 2019 Tang fixed assets Fixed asset investments Herkage assets cuant assets Creditor5 wilhln cme year 653,4g9 5.264,530 475.683 4.094,783 168.287) 653.499 3.348,764 8.613,294 475.683 4.094,783 166,287) Totsl 10,422.208 3,348.764 13.770.972 23. Rgconclllatlon of n•¢ mov•ment In fvnds to cash Ilow from opèratlny actlvllles Group 2020 Group 2019 N81 Mcomelexp8nditure lor the peTlod las per Slateinenl of Fan¢[al A1118$) 1481.790) 1.617,925 Adlustm•nts for: Depreciation charges {GaknslAosses on Investments Dlvldends and Interest Loss on the Sa of17x8d assels DecTeasèllincreasel in stocks Decre8s81lincrease) In deblors IrKreasel{decrèasel kn cradrtors Investment management fees pald by fund 69,628 60.238 1941,3101 (949,156) (119,457) {150,290} 1.463 1,369 {55.154) 52,362 151,098 160.891 } 263,895 (294.462) 75.153 79.100 N•t cash provld•d byl(us•d In) op•ratlng Ktlvlll•s 11,036,474) 356,195 Page 39
ARUMDEL CASTLE TRUSTEES LIMITED (A company Ilmlted by guarant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 24. Analysls of cash and cash •qufvahnts Group 2020 Gro 2019 Cash In hand Notice d8posits (less than 3 monlhsl 2,237.599 1,161,142 2.345,198 Total cash and Gash •qulval•nts 2,137,599 3..340 25. Analysls of Chang In n•t debt At31 O•c•mb•r 2020 At 1 January 2020 Cash flows Cash at bank and In hend 3,506,340 11,268,741) 2,237.599 3,$06,340 (1,268.7411 2,237,599 oTatIng l•as• comm11m¢S At 31 December 2020 thè Group 8nd the Charity had commllrnenls to make future lease paymenls under non-cancellable operating leases as follows.. Group 2020 Charlty 2020 Charity 2019 2019 Not later Ihan 1 year Later Ihan 1 year and nol laler than 5 year5 12.91B 12,918 6,441 12,91 12,918 6,441 12,918 19,359 12,918 19.359 Pagg 40
ARUNDEL CASTLE TRUSTEES LIMITED IA company Ilmlted by guarnnt•o) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Ral•d party tranJactlon8 Dr John Martln Roblnson. a trustee of Awndel Castle Tru$lees Limited and a diTèCtor of Arundèl Caslle Enterprises Lwniled. is paid. on normal commerclal lemis, for his seryices lo the castle l)Tary. Durfng the year he has been paid a totsl of£18,190 (2019: £17,187) for these sefvices. Th8 Duke of Norfol(, 8 trustee of Arde1 Caslle Trustees Llmlled, had a debtor balance al the year end of £20,90212019: £21,469). Th? lolal of r¢ch#rgèd costs over the year has bè8n £20,W212019: £21.469). The Eart of Arundel, a trustee of Arundel Caslkn Trust•es Lhnlted. was pald £1.103 for tr prov6slon of $8rvice5 during the yéar (2019: £405). The 1958 Selllemènl Hènrfs Fund, ofwhlch the D815 a Tw5180. FYJld8 a lease of the Easi Vrflng of Awndèl CasU¢. Thls was granlld In Novèmb•r 1993 In conslderauon ol the carrying out of essentfial works of repalr and Improvemenl al 8 Cost In excess of £1.300,000 and an annual renl payable lo Arundel Casu8 Twslee5 Llmlled. whlch wa$ £1.089 for the yaar12019: £1,077). The balance owed lo AnJThY•l ca1& Tru$l8es L6mlled 01 the yw end was £1,08912019'. £1.077). ATundel Caslle Trustees Limiled dso Days the Fund for use of Ihe car path and around$ maintenanc8 cosis. Costs In the year were E40.48712019: £33.231). 28. Controlllng pJrty The Trte8, as a body. admini¥ter Ihe Company in 8¢¢ordonce wl¢h the Plemomndthn and ArtKl&s of Assocalion. Therefore there is no single controlllng paty. Page 41