Charity regi¥tration number 289822 STRATFIELD SAYE PRESERVATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
STRATFIELD SAYE PRESERVATION TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustee¥ The Duchess ol Wellinglon Baron Piers von Westenholz The Hon. Edwaid Clive Lady Rachel Billington The Earl olAnlrim Charity number 289822 Auditor Alliotts LLP Friary Court 13-21 High Street Guildford Suriey GU13DL Solicitors Blandy & Blandy Solicilors One Friar Street Reading Berkshire RG1 1DA Invèstment advisor5 Rothschild & Co. New Court St Swilhen's Lane London EC4N 8AL
STRATFIELD SAYE PRESERVATION TRUST CONTENTS Page TTUStees' report Staternenl of IIU5tees' responsibilities Independent auditorfs report Statement of finanaal a¢tivities Balance sheet Notes lo the financial stslemen15 9-18
STRATFIELD SAYE PRESERVATION TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees present their annual report and financial slalements for the year ended 31 December 2021. The finanoal statements have been preparèd in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing docLJmenl, the Charities Act 2011 and "A¢untIng and Reporting by Charities.. Slalement ol Recommended Practice appli¢able to charities preparing their a(£ounl$ in accordance with the Finanaal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" leffeae 1 January 20191. Objectives and activities The Slraffield Saye Preservation Trust is constituted under a trust deed dated 26 June 1984 and is a registered charity Inumbei 2898221. Thè main objectwes of the chaiity are maintaining and restoring strale1d Saye House and chattels and archives laling to the First Duke of Wellin9ton and opening the house lo the public. The trustees who have served during the year and since the year-end are set out on Legal and Admini51ralive Infomialion p39•. The minimum numbgr of tnistees iq thrpp. 2nd ArlrlitinnI triJgtpp8 MAY be appointed al any time. The trustees meet once a year where decisions are di5Gussed and taken with any minor decisions being taken by the INstees' agent following consuttalion with a minimum ol Irusletrs. Relationship beleen eharity and related parties A fflajority of the trustees are independent ol the Wellesley family. All transactions with Straffield Saye Eststè arè carried out on an am's length basis. Investment Performaneo The trustee5' investment portfolio is held and rnanaged by a leading investment bank Rothschild & C4) and the portfolio is regularfy reviewed. The total value ol investments increased in 2021 from £5,557,168 to £5,625.926. During the year £272.500 was drawn down and there were reali5ed and unrealised investment gains of £798,099. Income continues lo be generated by let pioperty, admissions and donation5. Revtew of the year The charrty earried out normal repairs to the fabric of Straffield S8ye House and work5 of art. Straffield Saye House was able to operate a reduced opening to the public during the Summer of 2021 after not being able to open al all during 2020 due lo the COVID-19 pandemi¢. An additional 10A was drawn down from the investment fund lo cover lost incorne frorn the House opening. SlraKield Saye House and Ils grounds are maintained by the trustees in a good slate of repair wilhoul recourse lo any grants. The house is open lo the public and the level of visitor $3115faclion is high. The InJslees confirm they have paid due regard to guidance issued by the Charity Cornrnission in deciding what activities the trust should undertake. Achièvements and perfomiance Fundraising actlvitiès The charity's main fLJnd raising activities are from donations and from investment income. No professional fund raisers are used by the charity.
STRATFIELD SAYE PRESERVATION TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Financial review Reserves Policy 11 is the policy of thè trust to maintain a fund sufficient to produce an income to maintsin the fabri¢ and grounds of Slraffield Saye House. The trustees hold an investment portfolio and drawdown 4¢h of thi5 each year for the annual expenditure of the trust, although 5°/0 was drawn durin9 2020 and 2021. The income for the year was £471.821. Totsl expendilure for the year was £598,940. The investment gain of £798.099 resulted in a net surplus for the year 01 £670.980. At Ihe year end free reserves including investments of £5.625.926 and a loan of £700.000 lotal £5,848.950. The trust holds a ftjnd Sufficient enough lo cover half of the annual expendiluie ol the Irusl. 11 is the rne<liutn term aim lo leach enough lo cover all costs of approximately £400.000. The trust CUTrenlly holds fixed assèts of £6.5m including inve51rnen15. 11 is the intention of the trustees to try and add to this figure so as to provide for the lull running costs of the charity, bth in the medium term will need lo continue to rely on donations. Rlsk ass•8smtnt The house has a modern fire and burglar alarm systern. An annual health and safely inspection is carried out logether with a risk assessrnent. An e5ectrical installation inspection is carried out 5 yeajly, with portablè applianee testing being carried out annually. All staff receive appropriate training. Plans for the future The Iruslees will continue to maintain Straffield Saye House and the collection of works of art in the Wellington Collection and to open the hoijse lo the public. Structurè. govèmancè ar7d mana9ernent The Iru8lees who served during thÈ ypar 2nd up lo thÈ dAlp of xionxtijrp nf th finxnrixl.tatpmpnts wpr@'. The Duchess of Wellinglon Baron Piers von Westenholz The Hon. Edward Clive Lady Rachel Billington The Ead of Antrim Trustees are appointed by the Duke, a5 per the Trust Deed. A skills audit is carried out annually to identify gaps in the skills sets of existing trustees. None of the trustee5 ha5 any beneficial interest in the charity. All of the trustees are members of the charity. The trustees. report w35 appro y the Board of Trustees. Trustee Baron Von Westenholz Dated.. i?Jioi.2022
STRATFIELD SAYE PRESERVATION TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021 The ttustees a responsible lor preparing the Tru5tees' Report and the financial statements in accordance wtth applicable law and United Kingdom Accounting Slandar(Js iunite(J Kingoorn Generally Aceepteo Accounting Practicel- The law applicable Its ¢h3rrties in England and Wales requires the Iruslees lo ppare financial statements for each financial year which give a true and lair view ol the 5ts1e of affairs ol the trust and of the incoming resources 8nd application of resources of the truat for that year. In preparing these financial stalemenls. the trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and prinaples in the Charities SORP., make judgements and eslimales that are reasonable and prudent., slate whether applicable accotjnling standards have been followed, subject lo any material departure5 disdosed and explained in the financial statements.. and prepare the financial slalemenls on the going concern basis unless it is inappropriate to presume that the tharity will continue in operalion. The trustee3 are responsible for kccping U1¢1cnt o¢counting records that diÈcloso with raason3bl4Tr *ecuracy at any time the financial position ol the trust and enable them lo ensure that the financial 51alemenls comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions ol the trust deed. They are also responsible for Safeguarding the assets of the trust and hence lor taking asOnable steps for the prevention and detection ol fraud and other irregularities.
STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF STRATFIELD SAYE PRESERVATION TRUST Opinion We have audited the financial stalemenls ol Siralfield Saye Preservation Trust Ithe 'trust'l for the year ended 31 December 2021 which comprise the slalement of financial activities. the balan sheet and the notes to the financial statements. inclLJding a summary ol significant accoLJnting policies. The financial reporting frarnewotl( that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, induding Financial Reporting Standard 102 The Financial Reporting Standatd applicable in the UK and Republic ol Irgland (United Kingdom Generally Ac¢epted Accounting Practscel. In our opinion. the financial stalemenls.. give a true and fair view of the state ol the ¢harity'5 affairs as at 31 December 2021 and of its incoming resoLirces and application ol rèsource5. for the year then ended.. have been properfy prepared in aGGordanGe with United Kingdotn Generally AGGepted Awountin9 PraG11, and have been prepared in accordan¢e with the requirements of the Charities Act 2011. Basis for opinion We conducted OLJr audit in accordance with Inlemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitie5 under those standards are further described In the Audilorfs Trsponsibililies for the audit ol the financial stèt8menls section ol our report. We are Independent of the trust in accordance wrth the ethical requirements that ale relevant to our audit ol the financial stalernenls in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilitie5 In accordance with these requirements. We believe that the avdil evidence wc have obtaincd ITh¥ UfficiCnt and 8ppropriete to provide 8 bea1¥ for our opinion. Concluslon$ lating to going concern In auditing the finan¢ial staternents, we have concluded that the Iruslees, use of the going concen basis ol accounting in the Preparation of the finanoal slalements 15 appropriate. Based on the work we have perfomied. we have not identthed any rnalerial uncertsinties relating lo events or conditions that. individually 01 collectively. may cast significant doubt on the Iru51's ability to continue as a going concern for a peiiod of al least e1ve months from when the financial slalements are authorised lor issue. Our responsibilities and the responsibilitiès of thè trustees with respect lo going concem are dèscribed in thè relevant sections of this report. Other information The other information Comprises the information included in the annual report other than the finala1 statements and our 3uditDrfs réport thereon. The trustees are r•sponsiblg for tho Other infom)31ion containèd within thè annual report. Our opinion on the financlal statements does not ¢oveT the other information and we do not express any form of assurance conclusion thereon. Our responsibility 15 to read the other information and. in doing so. ¢onsideT whether the other information is rnaterially inconsistent with the financial stalernents or our knowledge obtained in the course of the audit. or otherwise appears lo be materially mis51ated. If we identify such material inconsistencies or apparent matÈf131 mi5slalements, we are required to determine whether this gives rise to a material misslalèrnenl in the financial statements Ihernselves. If, based on the work we have performed, we conclude that there is a material misstatement ol this other information, wè 3rè required to report that fact. We have nothing lo report in this regard. Matters on which we are Tequired to report by exception We have nothing to report in respect of the following matters in relation to whith the Ch8rilies (Accounts and Reports) Regulali0n5 2008 require us to report lo you if, in our opinioll. the inforrnation given in the financial statements is inconsistent in any material respect wrth the Iruslees, report., or sufficient accounting records have not been kept." oi the financial statements are not in agreement with the accounting records". or we have not received all the information and explanations we require for our audit.
STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF STRATFIELD SAYE PRESERVATION TRUST Responsibilities of trustees As explained more lully In ine siaiemeni of irusiees. responsibiliiie5, Ihe rrustees are responsiDie for ine preparaiion of the financi31 statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees deterrnine Is necessary to enable the preparation of financial slalements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statemen15, the trustees are responsible for assèssing the trust's ability to continue as a going concern. disdosing, as applicable. rnattefS related to going concern and using the going concern basis of accounting unless the trustees either intend to cease opèrations. or have no realistic altemalive bul lo do so. Auditorfs responslbllities for the audit of the financlal ststements We have been appointed as auditor under section 144 of the Charitiès Act 2011 and report in accordance with the Act and rclcvant regulations made or having effgct theraundèr. Our objectives are to obtain reasonable assurance about whether the financial slalemen15 as a whole are frèe from material misslalemenl. whelher due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is 3 high level of assurance but is not a gu3ranlee that an audit conducted in accordance with ISAts IUKI will always dgt8Ct g m3t•rial misstatement when il exists. Misstslem&nts Can arisè from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic deasions of users taken on the basis of these financial statement5. IrTegulaiilies. including tra¢Jd. are instances of non-compliance with laws and regulation5. We design procedures in line with our responsibilities. outlined above. to dÈtÈet material misstatements in respect of irregularities. including fravd. The extent to which our procedure5 are eapable of detecting irregularities, including traud. Is detailed below. Extent to which the audit was Considered eapablè of detecting irregularities, including frdud Our approach to identifying and a55essing thè risks ol material misslalement in Tesped of Irregularbties, induding fraiid 2nd nrJn-p.nmpliAncè with laws and regulatlOll5. was as follows. the engagement partner ensured that thè engagement team collectively had the appropriate competen, capabilities and skills to identify or reco9ni5e non-eompliance with applicable laws and regulations". we identified thè laws and regulations applicable lo the company through discussions with Trustees and other management. and from our knowledge and experience ol the sector,. we focused on specific laws and regulations which we con51dered may have a direct rnaterial effect on the financial 518tements or tne operaiions of Ihe charirable cornpany, inciucjing ine Companles Aci 2006. Ihe Charities Act 2011. the Charities SORP, taxation legislation. data protection. antbribery, employment, environmental and heatth and safety legislation., we assessed the extent ol cornpliance wrth the laws and regulation5 identified 8bove through making enquiries of management and inspecting legal ¢orrÈspondence". and identified law5 and regulations were communicated within tho audit team Tegularly and the team remained alert lo instances ol non-compliance throughout the audit. We assessed the susceptibility ol the charitable company's financAal statements lo material misstatement, including obtaining an understanding of ttow fraud might tsceur. by.. makin9 ènqvirios of m2na9•rngnt as to where they considered there wa$ susceptibility to frgud. their knowledge of actual, suspected and alleged fraud,. and considenng the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations.
STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STRATFIELD SAYE PRESERVATION TRUST Audit r•spons• to risks identified To addrc-- Ihc riok of freud through management bia¥ and overrid¢ of Gontrolj. we.. performed analytical procedures to identify any unusual or unexpected relationships.. reviewed all transactions listed., assessed whether judgements and assurnplions made in determining the accounting estimates were indicative of potential bias.. and investiqaled the rationale behind significant or unusual transactions. In response to the risk of Irregularities and non-compliance with laws and regulations. we designed proeedure5 which included, bul were not limited to.. agreeing financial statement disclosures lo underlying supporting documenlalion". and enquiring of management as to actual and potential lrtigalion and claims. There are inherent limitations in our audrt procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become awaie ol noTroompliance. Auditing Standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the Inspection of regulatory and legal correspondence. if any. Malenal mi55tatements that arise due to fraud can be hardèr lo detect than those that arise from error as they may Involve deliberate concealment or collusion. A further description of our responsibilities is available on the Finanijal Reporting Council's website al.. https.'Il www.frc.org.uklauditOTsresponsibilities. This description foms part of our audilorfs report. Use of Ouf rèport This report is made solely lo the charity's trustees. as a body. in accordanoe with part 4 of the Gharilies IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so th31 we might state to the charity's Iruslees those matters we are required to stale lo Ihein ii) ai) <iudituT's Ivyuil tiiid lui liv vlli¥i puiptiiv. Tv Iliv full¥bt vxleiil permitted by law. we do not accept or assume responsibility lo anyone other than the charity and the charity's Iruslee5 as a body, lor our audit work. for this report. or for the opinions we have formed. Christophèr Cairn¥ BS¢ FCA (Senior Statutory Audltorl for and on bohalf ofAlliotts LLP 2511012022 Chartèred A¢¢ountsnts ststutory Auditor Friary Court 13-21 High Street Guildford Surrey GU13DL Alliotts LLP is eligible for appointment as auditor of the trust by virtue of its eligibility lor appointment as audit()i of a company under section 1212 of the Companies Act 2006.
STRATFIELD SAYE PRESERVATION TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 unmtrietèd Unresiriaeo funds funds 2021 2020 Notss Donations and legacies Charitable actiwlies Investments Other income 331,233 1,789 77,711 61,088 181,406 11101 76.432 30,414 Total ineom• 471,821 288.142 Investment managernenl fees 22,108 21.4 Charitable 8Ctivi(ies 576,832 545.416 Total resour¢¢$ expended 598,940 566.480 Net gainslllosse51 on investments 11 798,099 217,793 Nèt movement in funds 670,980 160,5451 Fund balances al 1 January 2021 5.177.970 5,238,515 pund balances at 31 Dècember 2021 5,177,970 The stalemenl ol financial activities includes all gain5 and losses recognised in thè year. All income and expenditure derive fitsm continuing activities.
STRATFIELD SAYE PRESERVATION TRUST BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note3 Fixed assets Tangible asse15 Investments 12 13 874.853 5.625.926 319.139 5,557.168 6,500,779 5,876.307 Currnnt as$ets Stocks Debtors Cash al bank and in hand 15 16 4,472 29,599 45,002 4.557 32.306 47.320 79,073 84.183 Creditors: amounts falling due within one year 18 1730.9021 1782,5201 Net current liabilities 1651,8291 1698.3371 Totsl assets less current liabilities 5,848.950 5,177,970 Incom• funds Unrestricted funds 5.846.950 5,177,970 5,848,950 5.177.970 The financial slalemenls were approved by the Trustees on 1711012022 Trustoo Baron Von Westenholz
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting pollcles Charity information Stratfield Saye Preservation Trust is a chaiilable trust established on 26 June 1984 and is a registered charity Ino. 2898221. 1.1 Accounting convention The finanaal slalements have been prepared in accordance with the Iru51'5 Igoveming documentl, the Charitie5 Act 2011, FRS 102 "The Financial Reporting Standard applicable In the UK and Republic ol Ireland" I"FRS 102.1 and the Charities SORP "Accounting and Reporting by Chanlies.. Statement ol Recommended Pf8Ctiee applicable to charities preparing their accoun15 In accordance with the Financial Reporting standard appiic2bie In the UK Republlc of Ireland IFRS 1021" (effective l January 20191. Tli IrLssI is a Public Benefit Entity as defined by FRS 102. The trusl has taken advantage of the provision5 in the SORP for charitie5 not to prepare a Statement of C8sh Flows. The financial statements are prepared in slerfing. which is the functional currency of the trust. Monetary amounts in these financial 51alements are rounded lo the nearest £. The financial 51alements have been prepared under the historical cost ¢onvenlion. modthed lo indudo the revaluation of inv¥btiiiviil& di)d certain finanGi81 instruments at fair value. The principal accounting polirie¥ adopted are set out below. 1.2 Going concern Al the time of approving the financial statements, the trustees have considered the irrpact of Cowd 19 and nave a reasoable expeGliltivii tlidl Iliv Iiubl l)as ade9Uate resourGes to continue in operational existence for the foreseeable future. Thus the Iruslees continue to adopt the going concem basis ol accounting in preparing the financial statements. 1.3 Charitable funds Uniestricied funds are avaiiaDle for use ai rhe discretion of Ihe Iiuslevb iii fuilliviaiice of their tharit6ble objeclives. Restricted funds are subject to specifie condrtions by donors as to how they rnay be used. Thè purposes and uses ol Ihe resln¢ted funds are sel out in the notes to the fin8ncial slalemenls. Endowment funds are subject10 5pecifi¢ conditions by donors th81 the capital musl be maintained by the trusl. 1.4 Income Income is re¢ognised when the Irvsl is leoally entitled lo il after any performance conditions have been met, the arnoun15 ran be measured reliably. and it is probable that income will be received. Cash donation5 are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unlèss perforrnan conditions require deferral ol the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covènant is recognised at the timè ol the donation. Legacies are recognised on reIpt or otherwise if the trust has been notified of an Impending distribution, the amount is known, and receipt is èxpected. If the amount is not known, the legacy Is treated as a conlingenl asset.
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuèdl Income from goveinrnenl grants is recognised al the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be mèt and the gran15 will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. ere a grant does not speoify performance conditions il is recognised in income when the proceeds are recewed or receivablè. A grant received before the recognition critaria are satisfied is recognis8d as a liability. 1.5 Expenditure Incorne and expenses are included in the financial staternents as they become receivable or due. Expenses exclude VAT where thi5 is recoverable by the charity. Resources expended are included in the Statement of Financial Activities on an acLruals basis and are allocated to a specific activity where costs rèlaté directly to that activity. Ctssts of generating funds are the costs diractly attributable to raising funds. Charitable expenditure includes all costs directly relating to the objectives of the charity and the costs involved supporting that work. Support costs include those costs connected with the manaqernenl of the charity's assets, organisat'onal management and administration and cornpliance with constitutional and statutory requirements. Expenditure on support costs of the charity includes all expenditure not diredly related to the charitable activity or fundraising ventures. These are apportioned to the other activitiès b3sed on tirne spent performing the actiwties. 1.6 Tangible fixed assèts Tangible fixed a55els are initially measured at cost and 5vb5equenlly measured al cost or valuation. net of depreciation and any irrpaimienl losses. Depre¢ialion 15 recognised so as lo wrrte off the ¢osl or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildin9$ Fixture5. fittings and equipment Heritage assets 5 /0 straight line Heritage assets are not depreciated as they are considered lo have an indefinite useful lrfe. The 9ain or loss arising on the disposal of an asset 15 determined as the difference betwèen the sale proceeds and the carrying value of the asset, and 15 recogni5ed in net incomellexpenditurel for the year. 1.7 Flx•d asset investments Fixed asset investments are initially measLJred al transaction price excluding transaction costs, and are subsequently measured al lair value al each reporting date. Changes in fair value are recognSed in net incomollexpènditurÈl for the ycar. Transaction costs arc cxpenved 93 incurred. A subsidiary is an entity controlled by the trust. Control is the power lo govern the financial and operating poli¢ies of the entity so as to obtain benefrts from rts activities. 1.8 Impaimient of fixed assets At eaeh reporting end date. the trust reviews the carrying 3moLJnts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount ol the asset 1$ estimated in order to determine the extent of the impairment10s5 lif anyl. 10-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting poli¢i•s (Continued) 1.9 Stocks Stocks are slated at the lower of cost and estimatèd selling price less costs to complete and sell. Cost comprises direct materials and, where applicable. direct labour wsls and those overheads that have been incurred in bringing the stocks lo their present location and condition. Itern5 held for distribution al no or ominal con5ideraliuii dfe IFl¥dbuittd Ili¥ Ivwei of ieplaGenieiit GOSt and Gost. Nel realisable value is the estirllaled Selling price less all estimated costs of completion and costs to be incurred in marketing. selling and distribution. 1.10 Cash and cash eqyivalènts Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-temi liquid inve5ttnents with original malurilies ol three months or less, and bank overdrafts. Bank overdrafls are shown within borrowings in current liabilitie5. 1.11 Financial instrumènts The trust has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 '0ther Financial In51rurnents Issues, ol FRS 102 to all of its financial instruments. Financial instruments are recognised in the twst's balan sheet when the trust becomes paty lo the contractual piovisions ol the instrument. Financial assets and liabilities are offset. wrth the nel amounts presented in the financial slalemenls. when there is a legally enforceable right to set off the recognised arnounls and there is an intention to settle on a nel basis or to realise the 855el and settle the liability simultaneously. Basi¢ financlal assets Basic financial assets. which indude debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at arnortised cost usin9 the effective intere51 mèthod unless the arrangement constitutes a financing Iransaclion, where the Iransaction 15 me8¥ured Elt thc prcvcnt value of the futurè racoipts discounlod at a mark4tl rate of interest. F*nancial asset$ classified as ieceivable within one year are not amortised. Basic financial Ilabilities Basic financial liabilities, including creditors and bank loans are initl8lly reeognised at transaction pri unless the arrangement conslitutcs a financing tran¢t10Th. wherc the debt instrument IÈ mèasurod at th8 prosenl value of the future payments discounted al a market rate of interest. Financial liabililies classified as payable within one year are not amortised. Debt instruments are subsequently carried at arnort15ed cost. using thè effective interest rale method. Tiadè creditors are obligation5 to pay for goods or services that have been a¢quired in the Ordin course ol operations from supplier5. Amoun15 payable are classified as current liabilitie5 il payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Dere¢ognftion of financial liabilitiès Financial liabilrties are derecogni5ed when the Irusl's contractual obligations expire or are discharged or cancelled.
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Ae¢ounting policies (Continued) 1.12 Employee benefits The cost of any unused holiday entitlernent is recognised In the period in which the employee's seNices are received. Termination benefi15 are re¢ognised immediately as an expense when the trust is demonstrably commimed to temiinate the employment of an ernployee or to provide termination benefits. 1.13 Retirement benefits Payments to defined contribution retirement benèfrt schemes are charged as an expensè as they fall due. Critical accounting estimates and judgements In the application of the trust's accounting policies, the trustees are required lo make judgements. eslirnales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslirnales and associated assumpiions are based on historical experience and other factors that re considered lo be relevant. Actual ie5ults may differ from theso es1imale5. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates ale recognised in the period in which the estimate is revised where the ievision affects cfily that pèriod, or in thg poriod of Ihè rèvi$itsn and future pcrIod whcrc thc rC10n Bffcd3 both ¢vrrent end future periods. A key eslirnation in the accounts is that the heriiage assets have an indefinite useful life, giviry rise lo no depreciation in the year. Donations and lègacie¥ Unrestricted Unrestricted funds funds 2021 2020 Donations and gifts Government grant income 329.000 2,233 140,000 41,406 331.233 181,406 Govèmmenl grant income relates to the job retention scheme and rates grants received in the yearto support the charity through the coronavirus pandemic. 12
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Choritable activitles 2021 2020 Admissions Shtsp 1,621 168 11251 1,789 Investm•nts Unrestricted Unrestricted fund$ funds 2021 2020 Rental income Income frorn Iisled investmenls Interest receivable 46.800 30,909 40.138 36.294 77,711 76,432 Oth•r Income Unrestricted Unrestricted funds funds 2021 2020 Other income 61,088 30.414 13-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Charitsble activitie¥ Admissions Admissions 2021 2020 Repair5 and maintenance Premises in5urarice 199,053 53,440 157.661 45.758 252,493 203.419 Share of support costs Isee note 81 Share of governance costs Isee note 81 318,609 5,730 336,157 5.840 576.032 545.416 Support¢osts Support Governance co$Ts 2021 Support cos15 Governance 05TS 2020 Staff costs Depreciation Rent, rates and utilities Other staff costs offi costs Motor runnin9 expenses Travel and sub$i$lence Insurance Bank charges Sundry expenditure Garden costs Legal ano professional fees 190.014 64.388 39.306 616 15,125 708 190.014 64.388 39.306 616 15.125 708 206 7,341 792 239.730 29.347 43.571 1.843 14.724 122 545 3,285 680 35 1,947 239,730 29.347 43,571 1,843 14,724 122 545 3,285 680 35 1,947 7.341 792 13 13 328 328 Audit fees 5,730 5,730 5,840 5,840 318,609 5.730 324,339 336.157 5.840 341.997 Analysed between Charitable a¢livilies 318.609 5,730 324,339 336,157 5,840 341.997 Governance costs includes payments to Ihe auditors of £5.73012020- £5,840) lor audit fees. Some ol the TIu5tS 5UPPOrt function are provided without charge by Straffield Saye Estate. This support includes the finance function. house opening and property matters amongst others. Due lo Ihe nature and variability of thi5 SUPPOrt the Truslees do not consider thal it is possible to quantify or measure the value of the support and so no amounts have been included In donations nor corresponding costs lo reflect this. 14-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees None of the trustee5 {or any persons connected with them) received any remLJneration or benefits from the trust during the year12020". none were reimbursedl. 10 Employ*e$ The average rllonthly number of employees during the year was". 2021 Numbèr 2020 Number Full litne staff Part time statt Stewards Total 10 13 Employment costs 2021 2020 Wage5 and salaries Soeial security costs Other pension costs 170.035 13,916 6.063 215,849 16,260 7,621 190,014 239,730 The employee number for Guides above is the average over the year. Guides. however, are only used during the months of May and September, where 16 and 14 people were employed, respeetively. During the year thèse guides remained in employment by the trust. however were furloughed due to lockdowns. As a result. they are still induded in the average employees calculation. There were no employees whose annual remuneration was £60,000 or more. 11 Net gainslllo$$e$l on Investments Unrestriet•d UnstrICted lunds funds 2021 2020 Revaluation ol investments Gainlllossl on sale of investments 776,600 21.499 224,927 17,1341 798.099 217.793 15-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 12 Tangible fix•d assets FrgBhoio land and bulldings Flxtures. rittlngs and equlpment Merttage assets Total Cost At 1 January 2021 Additions 26,600 360,852 919 150,844 619.183 555,106 620,102 At 31 December 2021 25,500 370,771 779,027 1,175,298 Depreciation and impairment Al 1 January 2021 Depreciation charged in the year 236,057 64.388 236,057 64,388 At 31 December 2021 300.445 300.445 Carrying amoLtnt Al 31 December 2021 25,500 70.326 779.027 874.853 At 31 Dcccrnbcr 2020 25,500 133,795 159.844 319.139 Heritage assets brought forward are held at Christie's 2008 valuation figure. Their historical cost was £189,844. 13 Fixed asset investmènts Listed investments Cash in Othèr portfolio invèstments Total Cost or valuation Al 1 January 2021 Additions Valuation changes Disposa15 4,730.847 222,573 819.613 1649.9581 826.320 5.557.168 222.573 496,143 1649,9581 1323,470) Al 310ecember 2021 5,123.075 502,850 5.625,926 Carrying omDunt Al 31 December 2021 5,123,075 502.850 5,625,926 Al 31 December 2020 4,730.847 826.320 5.557.168 2021 2020 Other investments compn5e'. Nots¥ Invèstmènts In subsidiaries 20 16-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 14 Financial instruments 2021 2020 Carrying amount of financial assets Instruments measured at fair valLJe through profit or k)ss 5.123,075 4.730.847 15 Stocks 2021 2020 Finished goods and goods for resale 4.472 4,557 16 Debtors 2021 2020 Amounts falllng due within one year: Trade debtors Other debtors Prepayments and accrued incorne 1.836 6.638 21,125 3.249 7.657 21.400 29,599 32,306 17 Loan$ and ovèrdrafts 2021 2020 Other loans Note 18 700.000 700.000 Payable within one y&ar 700,000 700.000 The loan is interest-free, unsecured and repayable on demand. 18 Creditors= amounts falling due within one year 2021 2020 Borrowings Other laxalion and so¢ial security Tiade Crèditors Other creditors Accruals and deferied incorne Not• 17 700.000 2,951 6,461 724 20,766 700,000 3,679 14.242 550 64.049 730.902 782.520 17-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 19 R•latèd party transactions The eharity has a £700.000 loan from a family charitable trust which has been in place for over 15 years but is Tepayable on dtrrnand. There were also some transactions with other entities of which one of the trustees is a Iru51ee or a director, surnmarised below.. Net recharges (for costs and wagesl made from the Wellington Estate lo the trusl lolalled £77,060 12020.. £75.0821. At the year end a net £1.47312020.. £7,702) was owed by the trust. Net recharges of £41.993 12020". £25,444 credit) were made from the Irust to Ihe Straffield Saye Fam). Al the year end a net £1,60012020'. £nill was owed by the trust. Nel ieGharge5 01 £1.98012020.' £1,556 credit) were made from Wellinglon Country Park Lirnited lo the trust and the year end balance was £18812020.. £1291 owed by the trust. £37,200 12020.. £37,200) was charged by the trust to Wellington Estates Education Limitèd for rent. £Nil 12020.. £nill was owed to the trust at the year end. 20 Subsidiaries These financial statements a separate trust financial 5ts1ements for Stralfield Saye Preservation Trust. Details of the trusl's subsidiaries at 31 Decernber 2021 are as follows.. vf uiid¥rL&kiii¥ R¢yi¥tered offieè NatYl¢ gf bu>ines5 Class of •har•s hèld Direct Indirect Slratfield Saye Preservation The Eslale Limited Office, Slraffield Saye, Hampshire, RG7 2BT Trading subsidiary Ordinary 100.00 18-