2020-12-31-accounts - Painshill Park Trust Limited

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Report ofthe	Trustees
Report ofthe	Independent	Auditors
Consolidated	Statement of Financial Activities
Balance Sheets
Consolidated	Statement ofCash Flows
Notes to the	Consolidated	Accounts

Year ended 31 De	cember 2020
						2020	2019
				Unrestricted	Restricted	Total	Total
			Note	E'000	f.'000	f'000	f'000
Income from:
Donations and legacies				103	312	415	112
Charitable activities
Admission and Education	membership			906 36		906 36	487 87
Events				55		56	64
Other trading activities				646		646	701
Investments				2		2	2
Other income				128		128
Total income				1 877	312	2189	1453
Expenditure on:
Raising funds				150	39	189	92
Charitable activities
Landscape Visitor management				286 467	79 183	366 650	369 531
Education				64	24	88	142
Other trading activities				354		354	490
Total expenditure				1 321	326	1647	1 624
Net expenditure and net movement		in funds before gains		556	(14)	542	(171)
Transfers between	funds			(13)	13	(0)
Gain on revaluation	of investments			20		20	33
Net movement in	funds			563	(1)	562	(139)
Reconciliation of	funds
Total funds brought	forward			420	58	478	617
Total funds carried forward			12	983	57	1 040	478

As at 31 Decembe	r 2020
			Group		Charity
		Note	2020	2019	2020	2019
			f.'000	f.'000	K'000	E'000
Fixed assets
Tangible assets			236	262	236	262
Current assets
Stock			30	51
Debtors			105	115	276	119
Cash at bank and	in hand		1,024	316	875	300
			1 159	482	1 151	419
Liabilities
Creditors: amounts	falling due within one year	10	(305)	(202)	(29/)	(139)
Net current assets			854	280	854	280
Total assets less	current liabilities		1,090	542	1,090	542
Creditors: amounts	falling due after more than one year	10	(50)	(64)	(50)	(64)
Total net assets			1 040	478	040	478
Funds
Restricted funds			57	58	57	58
Unrestricted funds:
Designated funds			571	85	571	85
General funds			412	335	412	335
Total unrestricted	funds		983	420	983	420
Total charity funds		12	1 040	478	1040	478

Year ended 31	December 2	020
					2020	2019
					F000	f'000
Net cash used	in operating	activities			706	27
Cash flows from investing		activities
Interest and dividends					2	1
Purchase	ofequipment					(168)
Net cash provided by investing activities					2	167
Change in cash	and cash equivalents		in the year		708	(194)
Cash and cash	equivalents brought		forward		316	510
Cash and cash	equivalents	at the	end ofthe year		1 024	316
					2020	2019
Reconciliation	of net income to net cash flow from operating			activities	R'000	f.'000
Net movement in funds					562	(139)
Depreciation					26	18
Interest					(2)	(2)
(Increase)/decrease in		debtors			10	40
Increase/(decrease) in		creditors			89	86
Decrease	/(increase) in stock				21	(30)
Net cash used	in operating	activities			706	27
					2020	2019
					6'000	f'000
Cash atbank					1 024	316

h)	Allocation ofsupport costs
	Support costs have been allocated between governance			costs	and other		support costs.		Governance					activities
	comprise organisational administration and compliance			with constitutional			and statutory		requirements.
	Governance and support costs	have been apportioned		between		all activities based on staff					head count.
i)	Fund accounting
	Restricted funds (note 11)are to be used for specific purposes					as laid down by the donor.					Expenditure				which
	meets these criteria is charged	to the fund.
	Unrestricted funds are donations and other incoming resources					received	or generated	for		its		general		purposes.
	They include funds designated	by the trustees for	particular purposes where their use remains at the											discretion				of
	trustees.
J)	Tangible fixed assets
	Fixed assets are stated at cost	less accumulated	depreciation		and impairment losses. Assets							costing		more than
	E2,000are capitalised. Depreciation is calculated		to write off the costs of				the fixed asset		by		equal instalments							as
	follows, all straight line.
	Depreciation is calculated on a	straight line basis	to allocate the charge to their residual						values over					the
	estimated useful lives as follows:
	Motor vehicles	10years
	Landscape equipment	5 years
	Tea room equipment	5 years
	Fixtures and fittings	3years
	Computer equipment	3years
	Trustees have considered the value ofthe works		ofart	held by		the Trust and accordingly				estimated			the		value of
	these works and related pieces.
k)	Stocks
	Stocks are valued at the lower	ofcost and net realisable		value.
I)	VAT
	The group is partially exempt for VAT and irrecoverable			VAT is		included	in expenditure.		The			charity's		subsidiary,
	Painshill Enterprises Limited is	registered within the same VAT				group.
m)	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.
n)	Cash at hand and in bank
	Cash at bank and cash in hand	includes cash and short term highly liquid					investments	with			a	short	maturity				of
	three months or less from the date ofacquisition		or opening of			the deposit or similar account.
o)	Creditors and provisions
	Creditors and provisions are recognised where the charity has					a present	obligation resulting					from a past event
	that will probably result in the transfer offunds 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.
p)	Financial instruments
	The charity only has financial assets 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.
q)	Pension scheme
	Painshill Park Trust contributes	to a group personal perision scheme, the assets ofwhich								are administered							by
	Nest. It is a defined contribution	scheme. All contributed		costs		are accounted for on the			basis of charging								the	cost
	of providing pensions over the	period when the charity		benefits		from the	employees'	services. The					charity				has no
	further liability under the scheme.

Painshill Park Trust Limited	Painshill Park Trust Limited
Notes to the consolidated	accounts (continued)
Year ended 31 December	2020
2 Analysis ofgroup income
						Note 11
					Unrestricted	Restricted	Total 2020		Total 2019
					E'000	F'000	6'000		6'000
Donations, legacies	and	grants
National Lottery Heritage			Fund			26		26	26
National Lottery Heritage			Fund			250		250
Garfield Weston Foundation					50			50
The John Coates Charitable				Trust		10		10
National Lottery Community				Fund		10		10
Lady Alexander of Weedon									20
Richard Reay-Smith					5			5
Kilroot Foundation					10			10
Anonymous									14
Sir Hugh and Lady	Stevenson								10
Cargill PLC								9	5
Cargill Inc.								5	5
Community Foundation		for		Surrey				5	5
Other donations including			Gift Aid		28			35	27
Charitable activities
Admission					614			614	383
Membership					292			292	104
Education					36			36	87
Events					45			45	48
Other park income					11			11	16
Other trading activities
Tearoom					365			365	322
Retail					130			130	86
Commercial events	and	filming			93			93	137
Venue hire					58			58	156
Investment income
Bank interest
Other Income
Job Retention Scheme					84			84
Insurance claims					43			43
Other income					1			1
Total Income					18	3 2	2	89	1453

Analysis of	expenditure	expenditure
					Charitable	activities
						Vrsitor			Governance
			Raising funds E'000	Landscape E'000 management E'000			Education E'000	Support costs E'000	costs E'000	Total 2020 E'000	Total 2019 E'000
Staff costs			38	164		282	55	196		736	789
Restoration				5						6	30
Gardening				52						62	56
Maintenance				34		15				49	66
Occupancy				4		160				164	171
Commercial	operations					185				185	200
Events			125			15				140	125
Marketing and adverusing Legal and professional fees IT			6	12		63		91 17	16	69 119 17	40 58 17
Depredation Other costs				13		11 68		2 18	0	26 86	8 64
			169			799	55	324	16	1,647	1,624
Support and	governance	costs	20	82		205	33	(324)	(16)
Total				366							1 624

Staff costs
					2020	2019
					6'000	E'000
Salaries and wages					627	600
Casual staff	salary costs				51	106
Social security costs					44	51
Employer's	contribution	to defined	contribution	pension scheme	13	12
					735	769

2020	2019
No.	No.
1	1

remuneration and ben (2019:6)	remuneration and ben (2019:6)	efits for the k	ey management personnel isf	307,852(2019:f2	42,587). 20	20 included 9pe	rsonnel
The average number		of employees	(head count based on number	of staff employed)	was;	2020	2019
						No.	No.
Raising funds						1	1
Landscape Visitor management Education						5 13 2	4 12 4
Support						5	3
Governance						1	1
Total						27	25
Net expenditure	for	the year
						2020	2019
This is stated after charging:						K'000	f."000
Auditor's remuneration						5	5
Operating lease Depreciation	payments					17 26	9 18

										Motor	Landscape	Landscape	Office	Tea room
									vehicles E'000		equipment f'000		equipment F'000	equipment f'000	Works ofArt E'000	Total f'000
	Cost
	At the start of	the	year							80		29	33	120	60	322
	Additions
	Disposals
	At the end of	the year								80		29	33	120	60	322
	Accumulated	depreciation
	At the start of	the	year							18			31	6		60
	Charge for year									8			2	11		26
	Depreciation on disposals
	At the end of	the year								26		10	33	17		86
	Net book value
	At the end of	the year								54		19		103	60	236
	At the start of	the	year							62		24		114	60	262
8	Investments	in trading				subsidiaries							Group		Charity
	Name ofsubsidiary									Holding			Proportion	ofvoting	Registered	Investment
	Painshill Enterprises			Limited					Ordinary		Shares		100%		England	1
	Income from the trading					subsidiary		is received		by way of Gift		Aid. Please refer to		note 13for further details.
9	Debtors due	within		one year									Group		Charity
													2020	2019	2020	2019
													6'000	E'000	K'000	f'000
	Trade debtors												2	48	1	15
	Prepayments	and accrued income											98	62	98	62
	Current accounts		with		trading		subsidiaries								172	37
	Other debtors														5	5
													105	115	276	119
10	Creditors falling		due			within	one	year					Group		Charity
													2020	2019	2020	2019
													f'000	F'000	f.'000	'Z'000
	Trade creditors												114	102	106	46
	VAT												8	15	10	17
	Other taxes &social			security									17	18	17	18
	Accruals and	deferred				income							116	45	114	36
	Bank Loan												50		50
	Other creditors													22		22
													305	202	297	139
	Creditors: amounts				falling due			in more	than one year
	Finance lease												48	61	48	61
	Hire purchase												2	3	2	3
													355	266	347	203

			E'000	F'000	E'000
Fund balances at 31 December 2020 are represented		by:
Tangible Current	fixed assets assets		236 1,102	57	236 1,159
Current	liabilities		(305)		(305)
			1,034	57	1,090
Creditors	due after one year		(50)		(50)
Total net	assets		984	57	1 040

		2020	2019
		F'000	f'000
Turnover		672	716
Operating costs		354 318	490 226
Paid to charity under deed of covenant		318	226
The assets and liabilities ofthe subsidiary	were:	2020 E'000	2019 f'000
Current assets		326	289
Current liabilities		326	289
Share capital

s is
2020	2019
E'000	F'000
	12

Movement in funds	(prior year)
		At 1Jan	Income	Expenditure	Revaluation	At 31Dec
		2019				2019
		L'000	L'000	L"000	L"000	E'000
Restricted funds
Resilient Heritage			26	(29)
Temple ofBacchus		23	37	(23)		37
Car Park			14	(16)		(2)
Landscape equipment	and vehicles	10	10	(3)		17
Volunteering Programme			5	(2)		3
Other landscape donations			4	2		3
Charity restricted funds		34	96	(75)	3	58
Unrestricted funds
Designated - Painshill	Developments	150		(90)		60
Designated - Temple	ofBacchus	25				25
General funds		408	1357	1459	29	335
Unrestricted funds		583	1,357	(1,549)	29	420
Group total funds		617	1453	1624	33	478