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2021-04-05-accounts

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED (a company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2020

(Company registration number 1293608)

(Charity number 272796)

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2020

Page
Report of the Governing Body 1 – 8
Independent auditor’s report 9 – 10
Consolidated Statement of Financial Activities 11
Consolidated and Charity Balance Sheet 12
Consolidated and Charity Statement of Cash Flows 13
Notes to the financial statements 14 – 29

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 5 APRIL 2020

The chairman has pleasure in presenting the thirty seventh annual report with the audited financial statements for the year ended 5 April 2020.

REFERENCE AND ADMINISTRATIVE INFORMATION Members of the Governing Body

The members of the Governing Body (who are also Trustees of the Charitable Company) who served during the year were:

O E Tebbs (Resigned 22[nd] November 2019) The Hon Mrs E S Cunliffe-Lister

V Arroyo N H T Wrigley (Resigned 18[th] October 2019) Councillor N Hall M.B.E

M D McKie (Resigned 18[th] November 2019)

S C Cunliffe-Lister Sir N Brooksbank Councillor C J Matthews O Cunliffe-Lister O L H Hallam (Appointed 16 November 2018) J Willoughby (Appointed 22[nd] November 2019)

After the year end, on 19[th] May 2020, Oliver Hallam was appointed chair of the trustees. Georgie Pridden was approved as a trustee on 19[th] May 2020.

Secretary S C Cunliffe-Lister (Appointed 22[nd] November 2019) Registered office The Estate Office Burton Agnes Hall Driffield Y025 4NB Company number 1293608 Charity registered number 272796 Auditors Murray Harcourt Limited 6 Queen Street Leeds LS1 2TW Bankers Barclays Bank plc PO Box 206 Barclays House 10 Market Place Hull HU12 ORB Solicitors Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG Investment Managers Ruffer LLP 80 Victoria Street London SW1E 5JL

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 5 APRIL 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal and administrative details

Burton Agnes Hall Preservation Trust is a company limited by guarantee and is a registered charity. There are currently 10 members of the Trust who guarantee £1 each. The Articles of Association contain no provision for retirement by rotation and all members of the Governing Body therefore continue in office. A full list of directors who have served during the year, all of whom are members of the Trust, can be found on page 1.

The charity’s objectives

The general objective of the Trust is the advancement of historic and aesthetic education.

For the purpose of carrying out that general objective, the primary objectives of the Trust are in particular:

The charity’s strategy to achieve the objectives

The strategies employed to achieve the charity’s objectives are to promote and encourage access to and the study and appreciation of Burton Agnes Hall, its contents and surroundings by the general public, by looking for creative ways of attracting visitors to the Hall and gardens and ensuring that more children and young people are encouraged to visit through school visits and other targeted activities.

The main activities undertaken to achieve the objectives

The Trust’s main activities undertaken to achieve its objectives are:

Achievements in relation to objectives set

Visitor numbers

Burton Agnes Hall and Gardens were open to visitors daily from 1[st] April until 31st October 2019. The Hall also opened daily for Christmas between 14[th] November and 23[rd] December 2019 and on the 29[th] February and 1[st] March 2020 for an orchid festival. In addition to these dates, the gardens, shops and cafe were open daily from 7[th] February to 1[st] March 2020 for the woodland snowdrops.

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 5 APRIL 2020

Table 1: Visitor numbers

1stApril
2019 to
31stMarch
2020		 Change
from
previous
12
months
(%)		 Change
from
average
of
previous
5 years
(%)		 1stApril
2018 to
31stMarch
2019		 Average
from
previous
5 years
Normal openingdays April to October 28,695 17 16 24,474 24,737
Educationalgroupvisits 1,383 -1 -9 1,394 1,514
Groupvisitors 1,223 22 -22 1,000 1,559
Visitors on special event days* 11,303 33 3 8,483 10,990
Christmas opening 6,950 23 17 5,659 5,964
Snowdropopening 3,894 -53 -41 8,248 6,631
Total 53,448 9 4 49,258 51,396

*Attendance at special event days:

Commentary

Annual visitor numbers to Burton Agnes Hall and Gardens rose to 53,448. This is a 9% rise from the previous year, and a 4% rise from the average of the previous five years. It is the highest number of visitors since the year to 5[th] April 2015.

Visitor numbers were 16% above the five year average for normal opening days, April to October. Visitors on special event days were up 3% on the five year average, and visitors to the Christmas Opening were up 17%. Visitors numbers to the Christmas Opening where the highest ever.

Snowdrop opening visitor numbers fell 41% below the five-year average. The event is significantly affected by the weather.

The year-round calendar of special event days and openings attracts a diversity of visitors to the Hall, promotes the Hall through event marketing and press coverage and raises funds for the Trust.

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 5 APRIL 2020

Educational group visits

In 2019/20, 1,383 children, students and adult supervisors visited the Hall and Gardens on school trips (1,394 in 2018/19; five year average of 1,514). The Trust continued to offer a significantly reduced rate of £2 per child or adult for school groups. Guided tours and use of the school room were offered free of charge, and the Hall was frequently opened early at 10:30am to accommodate school trips. The guides, many of whom are retired teachers, are adept at tailoring tours that interest the children and meet the requirements of the national curriculum.

In addition to the school trips mentioned above, Burton Agnes CE Primary School made regular use of the Hall and Gardens, free of charge. The school children decorated the Library for the Christmas opening.

Concessions

The Trust granted concessionary access to the Hall in the following ways:

Other visitor activities

Charities and community groups made use of the Hall and Gardens for fund raising evenings at a heavily discounted rate of £100, typically using the Great Hall and dining room for a musical evening for up to 100 guests. These evenings are limited to one a month, to fit within the normal running of Trust activities and be managed by existing staff. The evenings strengthen relations between the Trust and the local community and provide another way of attracting people into the Hall and Gardens.

Playground

The installation of a woodland adventure playground began in January 2019. The playground opened to visitors on 7th May 2019. The total project cost amounted to £152,995, including the following items:

Play equipment, its delivery and installation, etc. £121,185
Safety surface, materials installation £ 16,473
Toilet block, the unit, cladding and fixtures £ 9,825
Planning and landscaping £ 5,512
Total £152,995

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 5 APRIL 2020

Maintenance, restoration and conservation work

Works of note

Internal repair, restoration, and redecoration £21,858
External repair, restoration, and redecoration £ 8,444
Hall electrics (including five yearly testing) £ 4,084
Roof, gutter, and downpipes repair and maintenance £ 2,190
Mains gas pipe repair and fire safety valve fitting £ 1,856
Boiler replacement in the Reading Room property £ 1,814
Car park lighting £ 1,705
Total £41,951

How this relates to the accounts

Total incoming resources for 2019/20 have been £830,765 (2018/2019: £862,206).

Income from charitable activities incorporating the Hall opening and associated retail, events and trading activities has increased to £699,774 (2018/2019: £675,552).

Income from other areas has fallen to £130,991 (2018/2019: £186,654) mainly due to the fall in donations. The main source of income is rents from farmland and cottages of £83,266 (2018/19: £83,876) and income from investments in the form of dividends and treasury interest of £9,839 (2018/19: £10,644).

Costs of raising funds and opening and preserving the Hall and grounds have increased to £920,462 (2018/2019: £905,783). Significant areas of cost are:

Overall the Trust’s financial position remains strong. After taking into account gains on investment assets the net movement of funds for 2018/19 was a deficit of £65,944 and after revaluing properties (increasing reserves by £5,232,190) leaving the net assets of the Trust at the end of the financial year at £7,362,779.

Recruitment and appointment of Trustees

The Trustees have professional and/or commercial backgrounds with a range of complementary skills that are appropriate for the activities of the Trust. In the event of a particular skill being lost due to retirement, individuals are approached to offer themselves for appointment as Trustees.

Trustee induction and training

Most Trustees are familiar with the practical work of the Trust prior to appointment. Additionally, new Trustees are invited and encouraged to meet with the senior management team and fellow Trustees to familiarise themselves with the work and structure of the Charity and obligations of the Trustees. New Trustees are provided with a copy of the memorandum and articles of association of the Charity, the Charity’s conflicts of interest policy, the Charity Commission’s guidance on becoming a Charity Trustee (CC3a – The Essential Trustee: An introduction) and the Charity Commission’s guidance “Charities and Public Benefit: Summary Guidance for Charity Trustees”.

Details of organisational structure and how decisions are made

Strategic decisions are taken by the Governing Body, advised by management, which meets formally at least twice a year. In the intervening period, individually or collectively, the Trustees will be involved in decision making and/or advising management as necessary.

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 5 APRIL 2020

Public Benefit

We confirm that we have referred to the information contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and planning future activities.

Risk management and investment policy

The Trustees have examined the major strategic, business and operational risks, which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks.

There are no restrictions on the Charity’s power to invest.

Reserves policy

The Charity’s reserves policy is to ensure that sufficient unrestricted reserves are maintained to enable the Charity to continue in the event that there is an unpredicted and / or significant drop in income levels. The Trustees consider that the current level of general reserves meets the requirements of this policy. As at 5 April 2020, consolidated free reserves amounted to £247,877 after excluding amounts invested in fixed assets and the charity’s investment portfolio, as detailed in note 19. The investment portfolio is held to generate funds to support the charitable activities of the organisation.

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 5 APRIL 2020

Statement of Trustees’ Responsibilities

The Trustees (who form the Governing Body of Burton Agnes Hall Preservation Trust Limited and are also directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED REPORT OF THE GOVERNING BODY FOR THE YEAR ENDED 5 APRIL 2020

Auditors

Murray Harcourt Limited has indicated its willingness to continue in office.

This report has been prepared in accordance with the provisions applicable to charitable companies entitled to the small companies exemption and the exemption from preparing a strategic report.

By order of the Board on the 27 November 2020

……………………………….

S C Cunliffe-Lister

Member of Governing Body

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF BURTON AGNES HALL PRESERVATION TRUST LIMITED FOR THE YEAR ENDED 5 APRIL 2020

Opinion

We have audited the financial statements of Burton Agnes Hall Preservation Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 5 April 2020 which comprise the Consolidated Statement of Financial Activities (Including Income and Expenditure Account), the Consolidated and Charity Balance Sheets, the Consolidated and Charity Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. 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 financial statements:

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 financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 financial statements 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF BURTON AGNES HALL PRESERVATION TRUST LIMITED FOR THE YEAR ENDED 5 APRIL 2020 (CONTINUED)

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and 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 set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements.

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.

Use of this report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its 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 charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

……………………………….. Steven Williams FCA (Senior Statutory Auditor) For and on behalf of Murray Harcourt Limited, Statutory Auditor

6 Queen Street Leeds LS1 2TW

Date:27 November 2020

10

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2020

Unrestricted
Restricted

Note
£
£
Income and endowments from:
Donations and legacies
2
37,886
-
Charitable activities:
Educational
3
290,206
-
Other trading activities:
Commissions received
-
-
Income from retail, events and
catering
4
409,568
-
Investments
6
9,838
83,266
Total income and endowments
747,498
83,266
Expenditure on:
Raising funds
8
362,847
-
Charitable activities
Educational
8
439,969
-
Maintenance of Burton Agnes Hall
and surroundings
8
-
117,646


Total expenditure
802,816
117,646
Net income/(expenditure)
before movement on investments
(55,318)
(34,380)
Gains/(losses) on investments
23,758
-
Net income/(expenditure)
(31,560)
(34,380)
Net movement in funds
(31,560)
(34,380)
Reconciliation of funds:
Total funds brought forward
1,234,894
6,193,829
Total funds carried forward
1,203,334
6,159,449

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

The notes on pages 14 to 28 form part of these financial statements

11

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED (Registered number: 1293608) CONSOLIDATED AND CHARITY BALANCE SHEET AS AT 5 APRIL 2020


Note
Fixed assets
Tangible assets
12
Investment Properties
12
Investments
14

Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Net assets
Funds
Restricted funds
19
Unrestricted funds
Revaluation fund
19
General fund
19
Total funds
 Group
2020
2019
£
£
(Restated)
957,273
941,672
5,550,000
5,550,000
813,648
885,658

7,320,921
7,377,330
62,921
68,254
80,168
108,858
47,863
24,198
190,953
201,310
(149,095)
(149,917)
41,858
51,393
7,362,779
7,428,723
7,362,779
7,428,723
6,159,449
6,193,829
9,538
74,031
1,193,792
1,160,863
7,362,779
7,428,723		 Charity
2020
2019
£
£
(Restated)
951,005
932,243
5,550,0005,550,000
823,649895,659
7,324,6547,377,902
22,534
19,621
116,756
163,494
47,863
20,963
187,154
204,078
(45,954)(46,556)
141,200157,522
7,465,8547,535,424
7,465,8547,535,424
6,159,4496,193,829
9,538
74,031
1,296,8671,267,564
7,465,8547,535,424

The financial statements were approved and authorised for issue by the Board on 27 November 2020

S C Cunliffe-Lister ………………………. Oliver L H Hallam ……………………….

The notes on pages 14 to 28 form part of these financial statements

12

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

CONSOLIDATED AND CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2020


Note
Cash provided by operating activities
23
Cash flows from investing activities
Purchase of tangible fixed assets

Purchase of investments

Disposal of fixed assets
Disposal of investments
Cash used in investing activities

Increase/(decrease) in cash
and cash equivalents in the year
Cash and cash equivalents at the
beginning of the year
Total cash and cash equivalents
at the end of the year
 Group Charity
2020
2019
2020
2019
£
£
£
£
57,585
9,501
60,816
1,382
(41,434)(136,691)(41,434)(127,018)
(351,980)(327.920)(351,980)(327,920)
-
190
-
190
359,497
391,973
359,497
391,973
(33,916)
(72,448) (33,916) (62,775)
23,669
(62,947)
26,900
(61,393)
24,197
87,415
20,963
82,356
47,863
24,198
47,862
20,963

The notes on pages 14 to 28 form part of these financial statements

13

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2020

1. Accounting policies

1.1 General information and basis of preparation

Burton Agnes Hall Preservation Trust Limited is a company limited by guarantee registered in the United Kingdom.

The nature of the Group’s and Charity’s operations and principal activities are set out in the Report of the Governing Body.

(a) Basis of preparation

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Charities SORP (FRS 102): 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 UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2018.

The financial statements are prepared on the going concern basis under the historical cost convention, as modified by the inclusion of fixed asset investments at market value. The financial statements are prepared in sterling, which is the functional currency of the Charity, and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Group financial statements

These financial statements consolidate the results of the Charitable Company and its wholly – owned subsidiary, Burton Agnes Hall Trading Limited.

Under section 408 of the Companies Act 2006 the Charitable Company is exempt from the requirement to present its own income and expenditure account or statement of financial activities. The results of the Charitable Company’s subsidiary undertaking are summarised in note 4 to the financial statements.

1.3 Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the Group is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

1.3 Incoming resources (continued)

Incoming resources represents income receivable in the period, comprising admissions, donations, retail sales and catering income along with other income arising from the charity’s principal activities. Income from commercial activities is recognised as it is earned.

Investment income and income tax recovered on gift aid donations is recognised on a receivable basis.

Donations and legacy income is recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability.

Income from the provision of charitable services and government and other grants is recognised at fair value when the Group has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

1.4 Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

1.5 Support cost allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, insurance, light and heat and advertising, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

The analysis of these costs is included in note 8.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Central heating equipment 10% per annum on cost
Fixtures, fittings and café equipment 25% per annum on cost
Motor vehicles 25% per annum on cost
Car park 2% per annum on cost
Playground Equipment 5% per annum on cost

14

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

1.6 Tangible fixed assets and depreciation (Continued)

Depreciation has not been charged on freehold property, chattels, sculptures and paintings (except as above) as in the opinion of the Governing Body these assets are maintained in such a way that no diminution in value is expected to occur and any depreciation arising would be immaterial to the accounts. The car park is categorised within Freehold Property and Endowment Land.

1.8 Investment Properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

1.8 Heritage assets

Heritage assets are defined as tangible property with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for their contribution to knowledge and culture. The Trustees consider that the Burton Agnes Hall and certain other chattels, sculptures and paintings held for preservation to fall within this definition.

Heritage assets are recognised at cost or, where donated, at the estimated prevailing current market value at the time of donation. As permitted by SORP (FRS 102) the charity has chosen to subsequently account for heritage assets at historic cost subject to depreciation and impairment. The assets are depreciated to their estimated residual value over their estimated useful economic lives. Where the asset is deemed to have an indefinite economic life, the asset is not depreciated but is reviewed for impairment annually.

Depreciation rates are given in note 1.6 above.

Expenditure that, in the Charity’s view, is required to preserve or prevent further deterioration of the asset is recognised in the Statement of Financial Activities as it is incurred.

1.9 Investments

Fixed asset investments are shown in the balance sheet at market value. Realised profit or losses on sales of investments and the difference between cost and market value of investments are shown on the statement of financial activities for the year.

1.10 Stocks

Stocks are valued at the lower of cost or net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

1.11 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

15

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

1.13 Creditors and provisions

Creditors and provisions are recognised when the Group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.14 Financial Instruments

The Group only has financial instruments and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.15 Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to Statement of Financial Activities.

1.16 Restricted funds

The funds which the Board consider to be restricted are not governed by separate Trust deeds or agreements. The uses to which the funds are put, however, conform to the spirit of the definition of a restricted fund.

1.17 Endowment Property Fund

Any endowment property accepted by the Trust and exempted from Capital Transfer Tax shall be applied solely to the upkeep of Burton Agnes Hall, the land used as the grounds of Burton Agnes Hall and any object ordinarily kept in Burton Agnes Hall.

1.18 Going Concern

The Directors have considered the going concern basis of preparation of the financial statements.

The Trustee Report provides details of the financial performance of the charity, including the impact of the COVID-19 pandemic since the year end. Whilst income levels for the charity have been reduced due to the pandemic, this has been mitigated to an extent by cost saving actions taken by management and utilisation of government reliefs and other grants where available.

Management has undertaken contingency planning in the event that the Covid-19 pandemic continues to restrict visitor access, and income, over the medium term. The organisation benefits from the existence of reserves invested for the long term to provide financial security and sustainability. In light of the ongoing pandemic, the Trustees have authorised use of a proportion of these reserves to support the charity’s finances, if required.

Considerable uncertainty exists in forecasting the duration and extent of the ongoing Covid-19 pandemic and its financial impact. The Trustees have made an assessment of the reasonable worst-case scenario impact of the virus on the charity’s finances and in light of this assessment consider that adequate reserves remain to enable the charity to pay its debts as they fall due over a period of at least 12 months following approval of these financial statements. Accordingly, the Trustees have concluded that no material uncertainty in relation to going concern exists and have prepared the financial statements on a going concern basis.

16

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

1.19 Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying value of tangible fixed assets is £6,502,723 (2019: £6,491,672) and the useful economic life of each category of fixed asset is set out in the accounting policies under section 1.6 above.

Investment properties

The carrying value of investment properties, which are required to be held at market value, are subject to significant estimation uncertainty since they are based on an assessment of current agricultural and property values. Note 12 sets out the assumptions used in valuing investment properties, and the year-end carrying value.

Key areas of judgement

Heritage assets

As set out in section 1.8 above, the Charity does not attribute a value to certain heritage assets, as the Trustees are firmly of the view that it would be inappropriate to do so. Further detail is provided in note 13 to the financial statements.

1.20 Prior Year Adjustment

The accounting policy in relation to Investment Properties was changed for the year ended 5 April 2020. In previous years, in accordance with the prevailing Charity SORP (2015), management had assessed that the carrying value of investment properties was not able to be assessed on a fair value basis without undue cost or effort on an ongoing basis. As a result, Investment Properties were accounted for on a cost basis.

Following introduction of the Charity SORP (2018), which is applicable to Burton Agnes Hall Preservation Trust for the first time for the year ended 5 April 2020, it is no longer permitted for this ‘undue cost’ rationale to be applied.

17

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

1.20 Prior Year Adjustment (Cont’d)

Accordingly, management has assessed the fair value of investment properties and concluded that the estimated fair value is £5,550,000 (2019: £5,550,000). The change in accounting policy has been retrospectively reflected in the financial statements as a prior period adjustment.

Opening and closing restricted funds in the 2019 financial statements have been increased by £5,232,190 as a result of the change in accounting policy. There has been no change to the reported net income/(expenditure) as a result of the change in accounting policy.

2. Donations and legacies

Gifts and donations receivable 2020
£
37,886
37,886		 2019
£
92,035
92,035

All income from donations and gifts in both reporting periods was attributable to unrestricted reserves.

3. Income from charitable activities

Educational:
Hall admissions
Guide book sales		 2020
£
312,298
2,908
315,206		 2019
£
286,919
3,659
290,578

All income from charitable activities in both reporting periods was attributable to unrestricted reserves.

4. Results from retail, events and catering

The income generated by Burton Agnes Hall Trading Limited from retail activities, staging events and catering is shown below, along with the relevant costs and the associated profit for the year. It is the intention of the Directors that any profits realised by the Company will be paid to the Charitable Company by way of Gift Aid.

Shop and café sales
Jazz and blues festival income
Income
Less: purchases, wages and festival costs
(
Gross profit/(loss)
Other operating income		 2020
2019
£
£
333,741
331,626
50,827
53,348
384,568
384,974
377,757)(362,021)
6,811
22,953
25,000
-

18

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

4 Results from retail, events and catering (Continued)

Administrative expenses
Operating profit/(loss)
Interest payable and similar charges
Profit/(loss) for the year in Burton Agnes Hall Trading Limited
Assets and liabilities:
Fixed assets
Current assets
Current liabilities

Shareholders’ funds (deficit)		 (26,642)
(28,295)
5,169
(5,342)
(1,540)
(2,800)
3,629
(8,142)
6,238
9,429
45,836
56,466
(145,178)(162,597)
(93,074)
(96,702)

5. Results of the Parent Charitable Company

Burton Agnes Hall Preservation Trust Limited made a net loss for the year of £93,327 (2019: £35,436) before gain/loss on investments.

6. Investment income

Restricted funds:
Rent receivable
Unrestricted funds:
Dividends received
Treasury interest received
Bank deposit interest

Costs of retail, events and catering
Total expenses incurred as per note 4
Less: Eliminated on consolidation
Total costs for purchases, wages, festival costs and overheads

7. Costs of retail, events and catering

19

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

8. Analysis of expenditure

Raising funds:
Costs of trading

Fund manager charges		 Staff
costs
£
Other
costs
£
Total
2020
£
Total
2019
£
164,593
189,955
354,548
369,885
-
8,299
8,299
8,723
164,593
198,254
362,847
378,608

All expenditure on raising funds in both reporting periods was attributable to unrestricted reserves.

Charitable activities:

Educational
Maintenance of Burton Agnes
Hall and surroundings		 Direct costs
Staff
costs
£
Other
costs
£
Support
costs
£
Total
2020
£
Total
2019
£
203,552
62,403
174,014
439,969
414,718
-
80,941
36,705
117,646
112,456
203,552
143,344
210,719
557,615
527,174

Expenditure on charitable activities was £557,615 (2019: £527,174) of which £117,646 (2019: £112,456) was attributable to restricted funds and £439,969 (2019: £414,718) was attributed to unrestricted funds.

Support costs allocated to charitable activities

Staff
costs
£
Insurance
-
Light and heat
-
Advertising
-
Governance costs
-
Rates
-
Motor expenses
-
Depreciation and loss on disposal of fixed assets
-
Management charge
-
Legal and professional fees
-
Telephone and postage
-
Bank charges and interest
-
Cleaning costs
-
Waste removal
-
Subscriptions
-
Other indirect costs
-
Total support costs
-		 Other
costs
£
36,705
25,456
37,559
14,450
9,992
10
22,671
25,000
2,409
623
5,803
14,079
7,304
4,941
3,716
210,719		 Total
2020
£
36,705
25,456
37,559
14,450
9,992
10
22,671
25,000
2,409
623
5,803
14,079
7,304
4,941
3,716
210,719		 Total
2019
£
33,514
32,502
30,861
16,568
6,803
300
14,817
-
4,744
945
5,932
11,438
6,154
2,837
3,774
171,189

20

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

9. Net income/(expenditure) for the year

This is stated after charging:
Auditors’ remuneration:
Audit Fee
Accountancy, taxation and other services
(Profit) / Loss on disposal of fixed assets
Depreciation		 2020
2019
£
£
5,525
6,795
5,525
6,795
-
(155)
22,671
14,972

10. Trustees’ and key management personnel remuneration and expenses

The Trustees neither received nor waived any remuneration during the year (2019: £Nil). The total amount of employee benefits received by Key Management Personnel is £Nil (2019: £Nil). The Trustees did not have any expenses reimbursed during the year (2019: £Nil)

11. Staff costs

Wages and salaries
Pension costs
Social security costs		 2020
£
348,906
3,672
15,568

368,146		 2019
£
352,551
2,800
16,185
371,535

No employee received remuneration of more than more than £60,000 (2019: Nil).

The average monthly number of employees during the year was as follows:

2020 2019
Number Number
Burton Agnes Hall opening and retail shops 32 31
Gardens and maintenance 4 4
36 42

21

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

12. Tangible fixed assets and investment properties

Group
Freehold
Property
and
Endowment
Land
(Restated)
£
Cost or valuation
At 6 April 2019
423,254
Additions
-
Disposals
-
At 5 April 2020
423,254
Depreciation
At 6 April 2019
24,798
Charge for the year
8,266
Eliminated on
disposal
-
At 5 April 2020
33,064
Net book value
At 5 April 2020
390,190
At 5 April 2019
398,456
Charity
Freehold
Property
and
Endowment
Land
£
(Restated)
Cost or valuation
At 6 April 2019
423,254
Additions
-
Disposals
-
At 5 April 2020
423,254
Depreciation
At 6 April 2019
24,798
Charge for the year
8,266
Eliminated on
disposal
-
At 5 April 2020
33,064
Net book value
At 5 April 2020
390,190
At 5 April 2019
398,456		 Heritage
assets
£
408,364
-
-
408,364
2,184
-
-
2,184
406,180
406,180
Heritage
assets
£
408,364
-
-
408,364
2,184
-
-
2,184
406,180
406,180		 Plant,
Equipment
& fixtures
£
257,796
-
-
257,796
233,291
9,868
-
243,159
14,637
24,505
Plant,
Equipment
& fixtures
£
186,753
-
-
186,753
171,677
6,707
-
178,384
8,369
15,076		 Playground
Equipment
£
112,531
41,434
-
153,965
-
7,698
-
7,698
146,267
112,531
Playground
Equipment
£
112,531
41,434
-
153,965
-
7,698
-
7,698
146,267
112,531		 Total
£
1,201,945
41,434
-
1,243,378
260,273
25,832
-
286,105
957,273
941,672
Total
£
1,130,902
41,434
-
1,172,335
198,659
22,671
-
221,330
951,005
932,243

22

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

12. Tangible fixed assets (continued)

Investment properties

2020 2019 £ £

Investment properties 5,550,000 5,550,000

Investment properties principally comprise tenanted farmland from which the charity earns rental income, as well as a small number of residential properties. There have been no additions, disposals, transfers or revaluations of investment properties, in the year.

The Directors’ estimate of the fair value of the investment properties is £5,550,000 (2019: £,5,550,000). Tenanted farmland has been valued using estimates of current values per acre. Residential properties have been valued using an estimate of the resale value of similar local properties, where available. Factors impacting the estimate of fair value include macro-economic factors relating to farming, local and regional variances and changes in residential house prices. In the opinion of the Directors, the estimate of fair value is reasonable, and no professional valuation has been commissioned.

The investment properties are categorised as endowed restricted funds, forming part of the original estate lands that were donated to the charity.

13. Heritage Assets

Heritage assets presented in note 12 comprise:

The Burton Agnes Hall (‘’the Hall’’): The Hall has no carrying value in the financial statements reflecting the estimated nil value of the properties donated to the charity at the date of donation. The Hall and certain other associated buildings within the grounds of the Hall, some of which are categorised within fixed assets as freehold properties, have a current combined insured replacement cost value of approximately £25m.

Various chattels, sculptures and paintings owned by the Charity and displayed within the Hall: These assets have been acquired by the Charity over a period of almost 30 years and have a current carrying value in the financial statements of £406,180. These assets were originally recognised in the Charity’s financial statements at cost or, where donated, at estimated market value at the date of donation. Subsequently the assets have been accounted for using a historic cost method subject to depreciation and impairment. In the view of the Trustees all chattels, sculptures and paintings are carefully maintained and have an indefinite useful economic life and accordingly no depreciation has been applied in the current year. This basis is reviewed annually by the Trustees as part of an annual impairment review.

Further details regarding the accounting treatment of heritage assets are provided in the accounting policies.

Five year summary

There have been no material movements recorded in heritage asset categories within the past five years.

23

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

14.
Fixed asset investments
Group
Listed investments at market value
At 6 April 2019
Additions
Disposals
Revaluation
Balance at 5 April 2020
Historical cost at 5 April 2020		 Managed
Gilts
Equities
Funds
£
£
£
315,364
437,612 132,683
151,266
95,867 104,846
(198,678)
(47,219) (113,600)
(70,967)
52,351 (45,877)
196,985
538,61178,052
224,895
525,786
**56,755 **		 2020
2019
£
£
885,6591,039,379
351,979
327,922
(359,497)(389,697)
(64,493)(91,944)
813,648885,659
807,436814,953

All investments are held for charitable purposes. At 5 April 2020 cash deposits held by the investment manager totalled £5,592 (2019: £14,068) and are included within cash held on deposit in the balance sheet.

Included in the above portfolio the following investments comprise 5% or more of the portfolio’s market value at 5 April 2020.

Ruffer Illiquid Multi Strategies Fund 2015 Limited
Ruffer SICAV Fixed Income Z GBP Distribution
LF Ruffer Gold C Acc
Ruffer Protection Strategies Intl
1.25% Treasury Index-Linked 2055
Ruffer SICAV Mid & Smaller Companies
1.25% Treasury Index-Linked 2068
0.375% Treasury Index-Linked 2062
Charity
Listed investments at market value
Investment in subsidiary company at cost		 2020
£
118,472
188,871
57,295
51,818
-
42,227
60,038
-
518,721
813,648
10,001
823,649		 2019
£
67,459
182,880
52,851
-
46,614
-
-
62,743
412,547
885,658
10,001
895,659

The company owns 100% of the shares in Burton Agnes Hall Trading Limited (company number: 6633139), a company incorporated in the United Kingdom.

The principal activity of this entity is the retail sale of gifts, plants and farm produce, the operation of a café and the staging of a jazz and blues festival. The results are summarised in note 4 to the financial statements.

24

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

15. Stocks

Guide books
Goods for resale		 Group
2020
2019
£
£
13,534
10,621
49,38757,633
68,254
68,254		 Charity
2020
2019
£
£
13,534
10,621
9,000
9,000
19,621
19,621

The amount of stock recognised as an expense in the period is £153,290 (2019: £151,950).

16. Debtors

Trade debtors
Amount owed by subsidiary company
Amount owed by related undertakings (note 22)
Prepayments and accrued income
Other debtors

 Group
2020
2019
£
£
40,456
38,725
-
-
290
-
34,910
63,529
4,5126,604

80,168108,858		 Charity
2020
2019
£
£
40,456
38,725
42,037
59,234
290
-
29,461
59,171
4,5126,364
116,756
163,494

The charity charges interest on loans to the subsidiary company.

17. Creditors: amounts falling due within one year

Bank loans and overdrafts
Trade creditors
Taxation and social security
Amounts owed to related undertakings (note 22)
Accruals and deferred income		 Group
2020
2019
£
£
140
49
15,340
21,727
11,950
14,041
65,302
60,302
56,362
53,798


149,094122,673		 Charity
2020
2019
£
£
-
-
10,243
15,030
1,905
1,451
302
302
33,504
29,774

45,954
41,259

25

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

18. Deferred income

Deferred income within the Charity comprises of annual Hall and Gardens membership, which is received up front. Within the trading company the deferred income relates to grant and ticket income received in advance.

Group Charity
£ £
Balance as at 6 April 2019 26,687 12,824
Amount released to other trading activities (15,863) -
Amount released to charitable activities (12,824) (12,824)
Amount deferred in the year 32,053 17,181
Balance as at 5 April 2020 21,672 17,181
19. Statement of Group Funds
At Net At
6 April (loss) gain 5 April
2019 Income Expenditure on Investments
2020
£ £ £ £ £
(Restated)
General reserve 1,160,863 747,499 (802,821)
88,251		 1,193,792
Revaluation fund 74,031 - - (64,493) 9,538
Total unrestricted funds 1,234,894 747,499 (802,821)
23,758		 1,203,330
Restricted fund
 6,193,829 83,265 (117,645) -
 6,159,449
Total funds 7,428,723 830,764 (920,466)
23,758		 7,362,779
Analysis of group net assets between funds
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fund balances at 5 April 2020 are represented by:
Tangible fixed assets and investment properties 541,146 5,966,127 6,502,723
Investments 513,648 300,000 813,648
Net current assets 148,536 (106,678) 41,858
Total net assets 1,203,330 6,159,449 7,362,779

26

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

19 . Statement of Group Funds (Continued)

Statement of Charity Funds
At Net At
6 April (loss) gain 5 April
2019 Income Expenditure on Investments
2020
(Restated)
£ £ £ £ £
General reserve 1,267,564 472,588 (531,536)
88,251		 1,296,867
Revaluation fund 74,031 - - (64,493) 9,538
Total unrestricted funds 1,341,595 472,588 (531,536)
23,758		 1,306,405
Restricted fund
 6,193,829 83,266 (117,646)
-
 6,159,449
Total funds 7,535,424 555,854 (649,182)
23,758		 7,465,854
Analysis of Charity net assets between funds
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fund balances at 5 April 2020 are represented by:
Tangible fixed assets and investment properties 534,879 5,966,126 6,501,005
Investments 523,649 300,000 823,649
Net current assets 247,877 (106,677) 141,200
Total net assets 1,306,405 6,159,449 7,465,854

Purpose of restricted funds

The fund represents endowed trust property and the balance of unexpended income generated by that property.

Revaluation fund

The revaluation fund is required by the Companies Act 2006 and SORP FRS 102 and represents the amount by which investments exceed their historic cost.

20. Members guarantee

The company is limited by a guarantee not exceeding £1 per member. The number of members as at 5 April 2020 was 10 and the total of such guarantees amounted to £10.

21. Taxation

The company is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.

27

DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

22. Transactions with Trustees and connected persons

Mr S C Cunliffe-Lister and Mrs O C Cunliffe-Lister are directors of The Burton Agnes Stud Company Limited. Included in creditors falling due within one year (Note 17) is £65,000 (2019: £60,000) owed to the Stud Company. Included within debtors (Note 16) is £290 (2019: £Nil) owed from the Stud Company. These amounts were all recorded at cost, and a debtor for £65,000 and a creditor for £Nil are recorded in the financial statements of the Stud Company.

During the year S C Cunliffe-Lister, a Trustee, paid the charity for use of the hall for a private function. The amount paid was £2,500 net of VAT and was determined on an arm’s length basis being an amount equivalent to the charge applicable to third parties for a similar hire.

During the year the charity received rental income from The Burton Agnes Stud Company Limited of £10,824 (2019: £10,824).

Included in creditors is £302 (2019: £302) and in debtors £Nil (2019: £Nil) owing to / from Burton Agnes Estate Trust, a connected party in which Mr O E Tebbs, Mr N H T Wrigley, O L H Hallam and J Willoughby are Trustees and in which Mr S C Cunliffe-Lister has a life interest.

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Add back depreciation charge
Less profit on disposal
Decrease/(Increase) in stock
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Unrealised loss/(gain) on investments
Net cash provided by operating activities		 Group
2020
2019
£
£
(65,937)(63,347)
25,832
18,959
-
(155)
5,283
1,256
(28,690)(64,125)
(774)
27,244
64,49389,669

57,5859,501		 Charity
2020
2019
£
£
(69,568)
(55,205)
22,671
14,972
-
(155)
(2,913)
4,767
40,412
(57,964)
5,723
5,297
64,493
89,669
60,817 , 1,382

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DocuSign Envelope ID: 73B31D63-8A1B-4341-9A61-9396B4DC4850

BURTON AGNES HALL PRESERVATION TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2020

24.
Financial Instruments
Group
2020
2019
£
£
Financial Assets
Measured at fair value through net income/(expenditure):
Investments (note 14)
813,648 885,658
813,648 885,658
Debt instruments measured at amortised cost:
Trade debtors (note 16)
40,456
38,725
Other debtors (note 16)
38 6,604
40,494
45,329
Equity instruments measured at cost less impairment:
Investments (note 14)
- -
- -
Financial Liabilities
Measured at amortised cost:
Trade creditors (note 17)
15,340
21,727
Accruals (note 17)
34,690
25,111
Other creditors (note 17)
11,950
13,994

Amounts owed to related undertakings (note 17)
65,302
6,0302
127,282121,134		 Charity
2020
2019
£
£
813,648
885,658
813,648
885,658
40,456
38,725
38
6,634
40,494
45,359
10,001
10,001
10,001
10,001
10,243
15,030
16,323
16,950
1,9051,451
302
302
28,773
33,733



Items of income, expense, gains and losses

Group

The total income from investments held at fair value amounted to £9,838 (2019: £10,644). In addition there was a net gain of £23,758 (2019: £19,770 loss) recognised in other gains and losses in respect of the investments held at fair value.

Charity

The total interest income for debt instruments not measured at fair value through net income/(expenditure) is £1,540 (2019: £2,800). The total income from investments held at fair value amounted to £9,838 (2019: £10,644). In addition there was a net gain of £23,758 (2019: £19,770 loss) recognised in other gains and losses in respect of the investments held at fair value.

29