2021-04-05-accounts

		Page
Trustees' report		3-8
Statement ofTrustees'	responsibilities
Independent auditors	report	10-12
Statement offinancial	activities	13
Balance Sheet		14
Cash Flow Statement		15
Notes to the accounts		16-23

was investe	d as follows:
		5 April	2021	5 April	2020
		Market	value	Market	value
Bonds		F1,001,426	11.2'/o	81,393,295	19.1'/o
Investment	Trusts	E6,798,985	75 8o/o	F4,707,665	64.7'/o
Cash		E8,728	p po/o	68,195	0.0'/o
Historic Chattels		8105,281	1 2o/o	F105,281	1.5'/o
Land		F1,052,189	11.8'/o	E1,052,189	14 5'/o
Accrued Bond Income		L6,063	p po/o	812,643	0.2o/o
Totals		F8,972,672	100.0/o	87,279,268	100.0/o

ho served during the year	were:
Edward Bonham-Carter	Finances
Martin Drury	Houses' fabric 8 landscape
John Harkness	Deputy Chairman &Finances
Adam Munthe	Chairman/Houses' Supervisor
Tobie Munthe	Educational/Cultural
Turi Munthe	Media/Social/Political
Peter Richey	Furniture 8 woodwork
Lindsay Stainton	Pictures, miniatures
Alex Walsh	Legal
	-7-

				Unrestricted funds	Endowment funds	Designated funds	Total 2021	Total 2020
Incoming resources from:
Donations and legacies			2	62,494			62,494	1,915
Charitable activities			3	49,652			49,652	48,146
Other trading activities			4	11,453			11,453	87,028
Investments			5	1,352	414,701	9,581	425,634	436,883
Total income				124,951	414,701	9,581	549,233	573,972
Expenditure on raising funds			6
Costs ofraising funds:
Costs of raising funds from visitors &		events		14,332			14„332	24,635
Activities for raising funds: cost ofgoods			4	907			907
Investment management costs				24,116			24,116	25,421
				39,355			39,355	50,056
Expenditure on charitable activities:
Running costs ofhistoric properties				307,596			307,596	365,159
Historic property repair &maintenance		costs		195,316			195,316	19,562
Insurance				23,362			23,362	24,000
Charitable donations				6,250			6,250	31,250
				532,524			532,524	439,971
Total resources expended				571,879			571,879	490,027
Net income/(expenditure) before gains/(losses) on investments				(446,928)	414,701	9,581	(22,646)	83,945
Other recognised galnsi(losses):
Gains/(losses) on investment	assets			5,241	1,694,415	49,953	1,749,609	(1,653,030)
et income/(expenditure)				(441,687)	2,109,116	59,534	1,726,963	(1,569,085)
Transfers between funds				365,712	(415,712)	50,000
Net movement in funds				(75,975)	1,693,404	109,534	1,726,963	(1,569,085)
Reconciliation offunds:
Total funds brought forward				2,470,174	7,279,268	115,509	9,864,951	11,434,036
Total funds carried forward				2,394,199	8,972,672	225,043	11,591,914	9,864,951

		2021		2020
Reconciliation of net movement in funds to	net
cash flows from operating activities
Net movement in funds		1,726,963		(1,569,084)
Investment income		(425,634)		(436,883)
Depreciation		2,020		2,020
(Deduct gains)/add back losses on investments		(1,749,609)		1,653,030
(Increase)/decrease in debtors		8,150		7,944
Increase/(decrease) in creditors		17,339		(3,980)
Net cash oufflow from operating activities			(420,771)		(346,953)
Returns on investments and servicing offinance
Investment income received		425,634		436,883
Change in value of investments —not realised as cash		110,416		31,056
Net cash inflow from returns on investments servicing ofincome	and		536,050		467,939
Cash flows from investing activities and capital
expenditure
Purchase oftangible fixed assets
Disposal oftangible fixed assets
Additions/purchases of investments		(914,601)		(1,050,284)
Proceeds from disposals of investments		892,628		897,738
Net cash oufflow from capital expenditure			(48,973)		(152,546)
Increase/(decrease) In cash in the year			66,306		(31,560)
Reconciliation of net cash flow to movement	in
net cash funds
Net cash funds at beginning ofthe year			21,902		53,462
Change in net funds during the year			66,306		(31,560)
Net cash funds at end ofthe year			88,208		21,902

2. Donations and legacies	2. Donations and legacies	2. Donations and legacies
								2021	2020
Donations and giRs								62,494	1,915
Le acies receivable
								62,494	1,915
3. Charitable activities
								2021	2020
								6	8
Admission fees, rent,		photo shoots, book		sales				49,562	47,396
Membershi s								90	750
								49,652	48,146
4. Other trading activities
								2021	2020
									6
Activities for raising	funds							11,453	87,028
Activities for raisin	funds: costs of cods							907
								10,546	87,028
5. Investment LOther		income
			Unrestricted		Endowment		Designated	2021	2020
			funds			funds	funds	6	8
Income from listed investments				624		414,701	9,581	424,906	436,867
Interest receivable				728				728	16
Total Investment		income	1,352			414,701	9,581	425,634	436,883
6. Analysis ofexpenditure on			raising funds
				Staff		Depreciation	Other	Total	Total
				costs			costs	2021	2020
					8	6		8	6
Cost ofraising funds
-Costs of raising funds from					460		13,872	14,332	24,635
visitors and events
-Activities for raising funds:							907	907
cost ofgoods - Investment mana		ement costs					24„116	24,116	25,421
					460		38,895	39,355	50,056

The average	The average	monthly	number ofemployees	during the year was:
					2021	2020
					Number	Number
Southside	House				1	1
Hellene					7	9
					8	10
Employment		costs			2021	2020
					6
Gross salaries					141,381	149,877
Employers Em lo ers	NIC ension		contributions		3,168 2,181	10,670 2,934
					146,730	163,481

. Tangible fixed assets
	Land and	Historic	Plant &
	buildings	Chattels	Machinery	equipment
Cost
At 6April 2020	3,231,738	149,199	8,050	158,865	3,548,852
Additions
At 5April 2021	3,231,738	149,199	8,050	159,865	3,548,852
Depreciation
At 6 April 2020			4,200	158,005	162,205
Charge for the year			1,400	620	2,020
At 5April 2021	0	0	5,600	158,625	164,225
Net book value
At 5April 2021	3,231,738	149,199	2,450	1,240	3,384,627
At 6 April 2020	3,231,738	149,199	3,850	1,860	3,386,647

			Endowment fund	Unrestricted fund	Designated fund	Endowment fund cash	Unrestricted fund cash	Designated fund cash	Total
Market Value at	6 April 2020		6,100,961	7,668	108,174	8,195	234,415	7,334	6,466,747
Disposals at opening		book value	(792,499)						(792,499)
Acquisitions at cost			889,570		52,032				941,602
Change in value	in year		1 608443	1 161	49953	533	122,514	7,550	1,545,125
Market Value at 5		April 2021	7806474	8829	210159	8728	111901	14884	8160975
Historical cost:
At 5 April 2021			7,287,644	9073	202391	8728	111,901	14,884	7634621
At 5 April 2020			7,360,294	9,073	150,359	8,195	234415	7,334	7,769,670

2.Debtors
			2021	2020
			6	8
Prepayments	and accrued income		14,082	22,232
13.Creditors:	amounts	falling due within one year
			2021	2020
Taxes and social security			959	3,207
Other creditors			37,608	13,983
Accruals			4,500	5,500
Deferred income			6,850	9,889
			49,917	32,579

					Movement	in funds
		Balance at	Incoming	Resources	Transfers	Investment	Balance at
		6April 2020	resources	expended		gain/(loss)	5April 2021
Permanent	endowments
Endowment	fund	7,279,268	414,701		415,712	1,694,415	8,972,672
		7,279,268	414,701		(415,712)	1,694,415	8,972,672

.Analysis ofnet assets between funds
		Unrestricted funds	Endowment funds	Designated funds	Total
Fund balances at 5April 2021 are represented	by:
-Tangible fixed assets		2,227,159	1,157,468		3,384,627
- Heritage assets			2		2
- Investments		120,730	7,809,139	225,043	8,154,912
-Current assets		96,227	6,063		162,290
- Creditors: falling due within one year		(49,917)			(49,917)
At 5 April 2021		2,394,199	8,972,672	225,043	11,591,914

				Unrestricted	Endowment	Designated	Total
				funds	funds	funds	2020
incoming resources from:
Donations and legacies				1,915			1,915
Charitable activities				48,146			48,146
Other trading activities				87,028			87,028
Investments				625	429,988	6,270	436,883
Total income				137,714	429,988	6,270	573,972
Expenditure on raising funds
Costs ofraising funds:
Costs of raising funds from	visitors &events			24,635			24,635
Activities for raising funds:	cost ofgoods
Investment management costs				25,421			25,421
				50,056			50,056
Expenditure on charitable	activities:
Running costs ofhistoric properties				385,159			365,159
Historic property repair and	maintenance		costs	19,562			19,562
Insurance				24,000			24,000
Charitable donations				31,250			31,250
				439,971			439,971
Total resources expended				490,027			490,027
Net incomel(expenditure) before gains/(losses) on investments				(352,313)	429,988	6,270	83,945
Other recognised gains/(losses):
Gains/(losses) on investment		assets		(10,061)	(1,602,208)	(40,761)	(1,653,030)
Net incomel(expenditure)				(362,374)	(1,172,220)	(34,491)	(1,569,085)
Transfers between funds				274,401	(424,401)	150,000
Net movement in funds				(87,973)	(1,596,621)	115,509	(1,569,085)
Reconciliation offunds:
Total funds brought forward				2,558,147	8,875,889		11,434,035
Total funds carried forward				2,470,174	7,279,268	115,509	9,864,951