Stratfield Saye Preservation Trust Annual Report 2023
The Trust has continued to keep the House and the main outbuildings in a good state of repair. Each year a freelance painter is employed for around 4 weeks to do the external painting. This year painting to the windows and front door elevation were undertaken, along with some limewashing.
Works have restarted on the attics and continue.
The Coach House at the Western end of the North Stables was leaking rather seriously. All objects stored in the Coach House were being damaged by water ingress. The whole of the Western end is now being reroofed. The cost will be shared between the Landlord and the Preservation Trust.
In February it was decided to put the 1st Duke’s Coach used at Coronations on public display for the season. It was restored by Fairbourne Carriages, based in Kent, at considerable expense. When returned, it was put on display in a tent near the Visitor’s Centre.
During this Coronation year, the 1st Duke’s Coronation robes and those of his two sons were lent to English Heritage for display at Apsley House. Some minor repairs were undertaken by Alex Seth-Smith at The Textile Conservancy. The loan of the robes to English Heritage will continue to March 2024.
The House Manager has not been replaced as yet. A part-time Housekeeper was employed in April 2023. The new Head Gardener who started in April 2023 has not worked out and recruitment for a replacement is underway.
In anticipation of potential increased public access, the extension of the gardens and pleasure grounds are being explored.
The investment portfolio had a value of £5.2 million at the time of writing.
Usual Easter and Summer opening of the House took place.
DBS checks continue to be carried out on all staff across the Estate to further improve safeguarding.
Helen Williams Managing Director September 2023
Charlty voglstratlon nlbor 289822 STRATFIELD SAYE PRESERVATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
STRATFIELD SAYE PRESERVATION TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tntst•es The Du¢he$s Of111n91on The Hon. Edward Cliva Lady Rachel Billington The Earf ofAntrim Charity number 289822 Aud6tor Alliotts LLP 3 London Square Cross Lanès Guildford GU1 1UJ Solicito Blandy & Blandy Soli(itors One FrSar Street Reading Berkshire RG1 1DA Inv•skn•nt advijors Rothschild & Co. New Court St Shen,$ Lane London EC4N 8AL
STRATFIELD SAYE PRESERVATION TRUST CONTENTS Page Trusteey. report ststemenl of Iru8teè8' respon$bi iliti"e$ Independent audhofs port Statement of finanrAal aclivities Balanca sh881 Notes lo thè fin8nci813talements 9-19
STRATFIELD SAYE PRESERVATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The tru8leè8 present their annual rgport and finaneial statements for the year 9ndgd 310mber 2023. The financrdl slatsm&nls have been PTepaTed in accordance wlh the accountwig l¢AeS set out in note 1 to the financAal statements and compty wlh the twsfs goveming document, the CharitiesAct 2011 and"Ac4x*LFnling and Roporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accoTdance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (èffective 1 January 2019). Oblectlv•s and acdvldel The Straffield Sayè Pies8N81ion TIu3t is conslituled under a trust deed dated 26 June 1984 and is a registered harity (number 2898221. The main objective3 of the charity are maintaining and restorin9 Stratfield Saye House and rf$ grounds and il¥ ¢h8tte15 and archives relating to Ihg First Duke of Welllngton and openlng the house lo th8 publi¢. The Iruslees who have served during the year and Sin the year-end are 8el out ori Legal and Administrative Irrformation page. The minimum nurnber of Iruslees is three, and add"Onal Iwslees may be appointed at any time. The trustees rneel once a year where decisions are discussed aThJ taken wth any minor dec4sions being lakgn by the trustees. agent following nslIatiOn with o minimum of two Iruslees. Relatlonshlp between eharlty and rolated Par68 A majority of the INstees are independent of the Vvellesley family. All trans105 With straffld Saye Estate we carried out on an am).8 length basis. InvÈ•tm¢nt Perfomianc• The trustees, investment portr00 is held and managed ty 8 leading investment ba Rolhschikl & and the portfolio is regularfy reviw•d. The totsl value of investments increased in 2023 from £5,094,814 to £5,300,089. During the year £200.000 was drawn down and there were realised and unr•alised investment gains of £388.858. Income continues lo b8 gener8led by let property. admissions and donations. Rwiiew of tho y•ar The charity carried oul nomal repairs lo the fabric of Straffield Saye House and wo6 ofat Slraffield Saye Housè was open to the pubfie during the Easter and Summer of 2023. Straffi91d Saye House and its grounds ar8 maintained by the trustoes in a good state of repaw without recourse to any grants. The hous8 is op8n to the public and the level of visitor satisfaction is high. The trustees confimi they have paid due regard lo guidance i$$ued by the Charity Ctsmmi$$ion in deoding what aclivilies the trust should undertake. AchS•v•nRnts and perlomwnce Fundralslng •¢tlvlt40 The d)aiitys rnain fund raising aciNiti&s are from dOnl0S and from investrnent income. No prolessional fund raisèrs are usèd by the charity.
STRATFIELD SAYE PRESERVATION TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financlal rovlow Reserv Policy 11 is the policy of the trust to maintain a fund suffic4ent to produce an incLJme lo maintain the fa[C and grounds of Straffield Saye House. The trustees hokl an invesiment portfolio and drawdown 4% 01 this each year t)r the 8nnual expenditure of Ihe trust. The income for the year was £424.806. Totsl expenditure for tho year was £662,431. The in$ent gain of £388.856 resulttrd in ¥ ntrt surplus for the year of £151,231. Al the year end free reserve$ Including investrnenls of £5.300.089 and a loan of É700.000 lotslled £5.415,998. Thè trust holds a fund suffiuènt enough to cover half of the annual expenditur& of the trust It is the medium tann aim lo reach enough to cover all costs of approxim8lely £550.000. The trust Currently holds fixed a53ets of £6.1m ildIng inv8Strnenls. It is the intention of the trustees to try and add lo Ihis figure so as to provide for thg full Tunning costs of the charity, bul in the medium term will need to ¢onts"nue lo r•ly on donatw)n$. Rlsk a$$•8¥ment Th& house has a Modem fre and burglar alarni system. An annual heamh and safety in$pectKJn is carried out 109glher with a risk assessment. An 8l&ctrical installation inspection is carried out 5 yaarty, wrfh poriable appliance testing bein9 carri out annualty. Atl staff receive appropriat• training. Plan$ for tho futur• The trustees will continue lo MntaIn Straffi¥ld Say8 Hous8 and tho colledion of w0S ofart in the WelliTh3lon Collection and lo op&n the house to the puL4ic. Structure, governance and management The trustees who served during the year and up lo the dale of signature of the finanrAal statements were.. The Duchess of Wtrllington Baron Piers von W&stgnholz Thg Hon. Edward Clive Lady Rachel Billinglon The Earf ofAntrim (Resigned 26 Juty 20241 Trustees are appointèd by the Duk&, as per the Twst Deed. A $kill$ audr( 1$ ¢3rried out annually lo id¥ntify gaps in the sknlls sets of gxisling trustees. None of the trustees has 8ny benefiti81 interes in the charity. All of Ihe trustees are members of the charity. The trustees, report was approvad by the Board of Trustees. Thè Earl o Trusleo ntrim Oatèd.. aili.....lx*
STRATFIELD SAYE PRESERVATION TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees are responsible for preparing the Trustèes, Rèport and thè finaneial statements in accordartt wlh appllcablè law and United lfjngdom Actounting Standards (United Kingdom Generalty Ac(pted Accounting PractiC81. The law appllcable to charits'e$ in England and Wales requires the Iruslees to prepare finantial slalements for oach finanekql year which give a true and fair view of tho state of affairs of th8 trust and of the incomiThJ resources and gpplication of resources of the trust for that year. In Preparin9 these finanaal ststgm¢nl$, the Iruslo0$ a wuired to.. - se18Ct suitable accounting policie5 and then apply them cYnsistenlty'. - observe the methods and principles in the Charities SORP- - make judgennls and 8s¢imate$ tho1 arg reasonable and prudent,. - state whether appli¢atAo a¢¢ounting standards have been followed, subject lo any material departures disdosed and explalned in the ffinancial statements.. and prepe the firkancAal statements on the goin9 concern basis unles$ il 1$ inappropriate to presurre that the charity will continue in operatKJn. The trustees are responsible for keeping 5uffii¥ent accounting records that di8doBe with rea8onable acrJJracy al any tima thg financial posrtTon of the tru51 and enable them lo ensure that the financial statements comply wlh the Charities Ad 2011, the Charity (Acxounts and Reports) Regulations 2008 and Ihe provisions of th8 trust d8ad. Thèy a also responsible for safeguardin9 the assets of tha trust and hancè for t8king reasonable steps for Ihg Prevent and detection ol fraud and otr irregul*iti"e&
STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF STRATFIELD SAYE PRESERVATION TRUST Oplnlon We have audited thè financial statements of Straffield Saye PreseNation TTVSt {the Irust'l for lh• year 8nded 31 Dacèrnber 2023 which comprise the statement of financial actwities, the balanee sheet and the notes to the financial slatements, induding a summary ol $ignifi¢anl a¢¢ounling poli(a&s. Thg finanoal rewjrting framework that h8s boon applied in their preparation is applicablè law and Unrted Kingdtsm A¢¢ounling Slandxrds, induding Finan¢ial Reporfing Stsndard 102 The Financial Relrting Stsndanl applicable in the UK and RgpublK of lrnland {Unit8d Kingdom Generdlly Accepted Accounting Practice}. In our opinn, the financial statsments.. give a true and fair vi8w of the state of the tharity's 8ffairs es al 31 December 2023 and of its incoming resources and 8ppli¢ation of r¢$ources, for the year then ended., have been properly prepared in accordance with United Kingdom Ganerally A¢¢gpted A¢counling practi., and have been prepared in accordancg wrfh th requirem•nl$ of th• Charrfies A¢i 2011. Basis for oplnl¢n We o)nducted our audlt In 8¢cordance wlth IntemaJonal Stsndards on Audrtlng {UK) IISAS (UK)) and appllcable law. Our rgspon$ibililie$ under those standard5 are fijrther described in the Auditorfs responsibilities ft>r the audit ol the finan&1 statefflents section of our report. We are independent of the trust in acLordance wlh the ethical requirements that are relevant to our audit of tho financial statements In the UK. Induding the FRC'S Ethi¢al Standard, and we have fulfilled our other èlhieal rèsponsibilitiès in accordane¢ wlh the requiréments. bèk'eve that the audit gvidencg w& have obtsin8d is sufficient and appropriate lo provide a basis for our opinion. Con¢lu¥ions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going ojncem basis of o¢counling in the preparation of the financial statements is appropriate. Based on the work we have perfomed. we have not Id8nlrfl&d any materbal un¢ertai)lies relating to events or conditions Ihat. sndiwdual Of colle¢livety, may cast significant doubt on the Iwsfs ability lo continue as a going concèm for a period of al least twelve months from vthen the financAal statements are authorised for issue. Our responsibililies and the responsibltIeS of the Iruslees with re$pe¢t to going ct)n¢em arg describgd in thg relevant sections of this raport. Other inforniation The olh¢r infomalion compwises the information induded in the annual report other Ihan Ihe fInarla1 Statements and our audth¢s reporl thereon. The trustees are responsible for the other infomiation contained within Ihe annual raport. Our opinion on the financial statements does not cover the other infomialion and we do not express any form of assurance conclusion thor8on. Our r&$pon$iblity 1$ lo read the olher infomiatwn and. in doing so, considfjT whether the other information is materially ineA)nsistenl wth the finan81 stalemènls or our knowledge obtained in the cLurse of the aydil, or otherwise #ppears lo be materially misstated. If we identify such material inconsistencie8 or Apparent material mi55talernenls. we are required lo determine whelher this gives Tise to a materBI misstatement in the financk21 statements themselves. If. based on the work we have perfomied, we Gondude that there is a material misstatement of this other informat. we are required lo report that fa¢L We have nothing lo report in this regard. Mattern on which we are requirèd to r•port by èxe•ptlon We have nothing lo report in respect of the following matters in relation lo which the Charib•s (Accounts and Reports) Regulations 28 require us to report to you if, in our opinion." the information given in the financial stslemenl$ 1$ inconsistent in any material resF¢¢t the trustees. report., or sufficient accounting records have nol b99n kept.. or the financial slalements are not in agreement with the accounting records,. or we have not received all the irrformalion and explanations we require for our audit.
STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STRATFIELD SAYE PRESERVATION TRUST Rgspon$lbiliti of trustees As explained more fvlly in the ststement of truslee8' responsibilities. the trustees a responsible for the preparation of the finan¢ial slat&menls and for being satisfied that they give a true and fair view, and for such intemal ntrol as the trustees dètemiine is necessary lo enabl8 the preparation of finanaal stat8m&nts Ihat are fre8 from material misstatement, whether due to fraud or error, In preparing the financial $talemenl$, the trustee$ are $ponslble lor assessing the trust's ability to continue as a going ¢on¢em, dis¢losing, as applile, matters related to going ¢oncem and using Ihe going concern basis of accob.9 unless the truste88 either Intend to ¢ea8e cgerathjns, or have no realisti¢ aliemolive l)ut lo do $0. Audltorfs r09pob1IIties forthe audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Chariti8s Act 2011 and report in accordanco wth th Act and cel¥v¥nt regulations rnade or having effect thereunder. Our objectives are to obtain rèason8ble assurance about whether thè finanryal statements as a whok are free frorn malerial misstatfjm¥nl. whether due lo fraud or eor. and lo issue an audilorfs report that indudes our opinion. Reasonable assurance Is a high level of assurance bul is not a guarantee that an audit conducted in accordance wrth ISAS IUKI will aayS detect a material misstatemant when it exists. Misstatemants can arise from fiaud or error and are consideied material if. individualty or in thè aggr8gale, th&y could reasonabty b• exp•¢t•d lo influence the ecommic dec4sions of users taken on the basi8 of these finanrAal slatemenls. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedurès li our responsibilits, outlined above, to dg19d material mi$sl¥lemenls in Sp¢t of irregularities, W)ding fraud. The extent to which our procedures are Capable of dÈts¢ling irregularitie$, induding fraud, is detailed below. Extont to twhl¢h the aud115 ¢onsld•r•d capable of dets¢ttng Irr•gularftl8s. Includlng fraud Our approath lo identifying and assessing the risks of material misstatement in respect of irregularilies, induding fraud and non-compliance with laws and regulalions, wo9 as follows.. the engagem¢nt parlngr ¥n$ured that the engayemenl team colthtively had the appropriate competen, capabilities and skills lo identify or Tecognise nonvcthnpliance with applicable laws and Tegulalions,. we identified the laws and regulations appl¢cable to the company through discussions with Trustees and other m8n&3emenl, and from our knowledg8 and experiènce of Ihg sgctor, we focused on specific laws and wulatiijns which we eonsidered may have a direct material effect on the financial statements or the opgralions of the charitable company, including the Cofflpanies Act 200S. the Charities Act 2011, the ch8rits.ès SORP, tsx8b.on legislatson, data prole¢tion, antbrIbery. employment. environmen181 and health and safety legislation. we assessed the extent of compliance wrth the laws and regulations identifi8d abo throu9h m*ing enquiries ol rnanagement and inspecting legal wrrespondence", and idents.fied law5 and regulations were ¢ommuni¢atsd wrfhln Ihg audit team re9(31 and th& tsam remained alert lo instances of n0CoMplI0n throughout the audrt. We assessed thè sus¢eptfoilily of the chaiitable company's financial slat8ments lo material misstat8m8nl. induding obtsining an understanding of how fraud might occur. by: making enrwiries of managemenl as lo where they conslaered there was suscepllbllty lo fra, thelr knowledge of aclual. suspeclèd and allegod fraud., and • considering Ihg intern81 controls in place lo mitigate risks of fraud and non-compliance laws and ragulations.
STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STRATFIELD SAYE PRESERVATION TRUST Audlt re8pon$e to risks Id•ntlfi•d To address Ihe risk of fraud through management bias and override of jntrds, we.. perfomi8d analytical procedures to idenlfy any unusual or unexpected Telationships,. • revieweil all transactions listed.. assessed whether judgements and a$sLwnption$ mado In dgtgrmlning Ihg a0ting gs1imate$ were indicative of potential tias,. and investigated thg rati(ale behind 81gnifinI ur unu8ual tranBaclion8. In response lo Ihe dsk of irregulariknes non-compliance with laws and regulations, we designed procedure which induded, but were not Iwrited to.. agelg financial statamant disdosures to underfying supporting documèntation; and enquiring of management as lo a¢tual and potential li1198ti¢n and daims. There are inherent Ilmltatbons In our audf( procedures describèd above. The more removed that laws and Tegulalions are frorn financial transactions, the less likety fl is that we would become aware of nOrCOmplianCe. AudiÉing standards also limit the audit prwdwes requir¢d lo Klgntfy n9complIance wrfh laws and regulatr'ons to enquiry of the Trustees and other management and the inspection of regulatory and leg81 ¢crfresponden¢e, rf any. Material misstatements that arfse due to frèud can be harder to delect than thosè that arise from e01 ès they may involve deliberatè con¢èalment or collusion. A further descriplion of our responsibilllieg Ss available on the Flnanual Reporting Counal's websote at.. https'./l www.frc.org.uklau¢Jilorsie5ponsi)ilith?s. This description forms part of our auditorfs report, Uso of our Y•port This report 1$ made solely lo the charity's trustee5. 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 m*Jht state to the ch&ritls trustees Ihosè matters we are requirgd to state lo them in an auditofs report and for no otr PLwpose. To thè lulesl axtent pemttted by law. we do not 3pt or aSSLme re8pon8ibility to anyone other than the ¢harily and the ¢harity'$ trustees as a body, for our audit work, for this report. or for the opinions we have fOed. Alllotts LLP Chart•Y•d A¢¢ountsnts statutory Audltor 3 London Squar8 Cross Lanes Guildford GU1 1UJ Allititts LLP is eligible for appointment as auditor of the trust by virtue of its elgibility for appointment a5 auditor of a ompany under secllon 1212 of the Companiès A 2006.
STRATFIELD SAYE PRESERVATION TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unr¢strl¢tod Unmtri¢ted funds funds 2023 2022 Notes Incom• and •ndowm•nts Irom: Donations and legaci8s Chatitsble activities Investments Other Income 284,105 31.168 75.354 34,179 247.044 25.312 71,516 28.501 T¢)lal Incom• 424,806 372.373 Exp•nditure on: Investment management fees Charitablè actiwtse$ 20.723 641,708 21,086 S13,677 Total •xp•ndltyr• 662.431 S34,763 Nel gainsluossos) on inve$tmonts 12 388,856 {421,7931 Nèt in¢ome1(expgndl1oI and moverngnt In funds 151,231 (584.1831 RKoThclllatlon of fund$: Fund bal¢9$ al 1 January 2023 5,264.767 5,848,950 Fund balances at 310•¢omb•r 2023 5,415,998 5.284.767 The statement of finanual activities includes 811 gains and losses recognised in the year. All income and expen(kni d•ri¥g from continuing aCtiV8s.
STRATFIELD SAYE PRESERVATION TRUST BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Notes Fixed ass•ts Tangible assets Investments 14 16 838,801 5.300.089 846,641 5.094,814 6,138,890 S,941,455 Currentass•ts 16 17 3,058 46.249 1.737 3.658 36.872 27.441 D•btors Cash at bank and in hand 51.014 67.971 CreditOfB: amoubrt falllng duo wlthln on• y•ar 19 IT73.936) (744.659) Not ¢unYnt liabllltks <722.8Y21 676,6881 Total as5•ts l•ss curr•nl Il•bilitio$ S.415.998 5,264,767 The lunds of th• trust Unre¥tricted fijnds 21 5,415.998 5.264,767 5.415.998 5.264.707 The financial $tatements were approved by the Iruslees on.a.i.l.i.c)laJ2 TheE l of Anlrim
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounllng poll¢1 Charlty Information Straifield Saye Prtrservation Trust is a charitable trusl established on 26 June 1984 and 15 a registered charily (no. 289622}. 1.1 Accounting conventlon The financial statements ha been propared in acGordan¢o wlh the trusfs govaming dunI, the Charitres Act 2011, FRS 102 'The Financial Reportin9 Standard applicable in the UK and Republic of Ireland. fFRS 102.1 and the Chaiitses SORP 'A¢Unting and Reportiftg by Ch8rilies.' Statemonl of Recommanded Pra¢ti¢e appli¢able to Charities preparing their a¢¢ounts in 3rdanCe wlh the Finan¢r81 Reporting Standard applicabbe in the UK and Republic of Ireland IFRS 1021. leffectNe 1 January 20191. The trust is a Public Benerrt Entity as d8fmed by FRS 102. The trust has taken advantage of th? pmmsions in thg SORP for charrbes not to prepare a St818mgnt of Cash Flows. Tho finanual statemen15 are prepared in sterling, which 15 the functional cuThenLy of the trust. Monetary amounts in Ihese finanaal statements ar8 round8d to lh• nearest £. The finand81 statements havo been piepared under the historical ¢osl convention. modified lo include the revalualion of investments and certain finan11 inytrumenl$ at fair value. The prinapal acts)unting policies adopted are sel out below. 1.2 Golng conc•m At the lime of approVg th8 finanual statements, the Irust8•s hav8 a r8asonable expedaln thal th& trust has &Jequale sourCeS to continue in opetalional existence for the foreseeable future. Thu8 the twsl88S continue ¢0 adopt the going cxjncern basis of arcounling in preparing the finana81 $latsments. 1.3 Charitable nd• Lknrestllded fund$ are availablfr for use at the dlscrellon of the Iwstees In furfheran¢e of thelr tharhable objecth'ves. Restricted fvnds are subjoct to specfft condtbons by donors of grantors as to how they may be used. The purposes and usos of the $trId funds $¢1 out in tho notes to tho financ4•1 $tst¢ments. Endowment funds are sublect lo spedfi¢ ¢ondrtOons by donorn thal1he capital must be malntabnefl by Ihe Irusl. 1A Incom• Income is recognised when the trust is le9alty entitled lo rt after any perfomian¢e conditions have beon met. the amounts can be m¢a$ufed teliabty, and il is probable that income will be re¢eived. Cash donations ar& recognised on rtteipl. Olhar donations 8ie recognised once the trust has boen Mlffied of the donalion, unloss performance conditions require defertal of the amount. Income tax reCoverae in TelalK)n to donatlons re¢eived under GiftAid or deeds of covenant is rècognised al thé timè of the donation. Legacles are re¢ogni8ed on receipt or otherwse rfthe trust has been notifd of an impending distributhjn. Ihe anK)unl Is known. and receipt is expected. If the amount is not known, the legacy is trealed as a contingent asset. Income from govemment grant$ is recognised * the fair valuè of assot roceiv8d or r8c8iv¥bl& when there is reasable assurane8 that thè grant conditions will be mét and the grants will be received. A grant that specffies perfoman¢e condthons is recognised in income when tho perfoTman¢e Condilions are mel. W)tre a grant does not spefy perf0rnan conditions Il is recognised in income when the Proceeds a receNed or receivabltr. A grant rècewed before the recognilion criteria are satisfied is recognised as a liablty.
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accounting polici•s Icontlnuedl 1.6 Expèndltur• Income and expenses ar• Indj•d in the finan¢i•l slalemonts as th•y b•¢ome re¢eN•t40 or du•. Expanses exdudo VATwhere Ihi8 is r¢coverabl8 by the tharrty. Reu$ expended are induded in the Slaternenl of Financial Actwitres on an accruals basis and we allocated 10 4 $pecffic activity where costs rglate diredly to that activity. Costs of generating funds are th? costs directly attributsblfj to raising funds. Charitable expenditure indudes costs directty relIng to the oblethves of the charlty and the ¢0818 Invc4vod supporbng that work. Support Costs include those costs connected with Ihe management of the thaws assets. organisational management and admini$lralion and compllance with conslitutional and slaluiory rgquiremgnts. Expendilure on support CStS of the eh8rity includes all ¢xp&ndilurs not dirèclly r8l*ed lo thè charrtable aetmty or fundraising ntUreS. These are apportioned lo the other activities based on time spent performing the activities. 1.0 Tangible fixed assets Tangible fixed assets are inits'alty measured at cost and subsequenuy measured at rst or valua1ion. net of depreciation and any impairmgnt losses. Depreciation is recognised so as to write off the ¢ost or v8luation of ast8 less their iesithl values over their uselul lives on the following bases- Freehold land and buildin9S Fixlvres, fftting5 and equipment Heritage assets 5°A straight line Hgrftage assets are not depreciated as they are fyjnsidered lo have an indefinite useftl lile. The gain or loss arising Dn the (fisposal of an asset is detemiined as the t1rf1eren¢8 betr the sale procee(ts and th8 carrying value of the asset, and is recognised in net incomellexpendilurel for the yeai. 1.7 Fixed asset In¥•slm•nts Fixed asset inv8stmenls are inili81ty measureil 81 Irans8dion pricè exduding transathon ¢o$ls, and are 5ubsequentty measured at fair value al each reporting dale. Change8 in fair value are recogni8ed in net incomellexpenditurel for the year. Transactn costs afe expensed as incurred. A subsidiary 18 an enlty Control by the tNst. Control is the power to govem the finanrAal and cyerating poliaes of the entty 50 as lo obtain benefits from its activities. 1.8 Imp41rn)•nt offlxed assets Al each reporting en(1 dalo. the trust rewews the carrying arnoun18 of its tangible assets lo detemmne whether thor¢ 1$ any indicatiork that those assets have suffered an impairrnent loss. If any such indication exists, the recovèrable amount of the asset is è$limalad in ord&r lo dètemiine Ihe ext&nt of Ihe impaimienl loss lrfanyl. 10-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting polci (Continued) 1.9 Skn¢k¥ Stocks a stated al the lowar of cost and estimated sellng price less $tS to compbete and sell. Cost ctsmprises dired maleria15 and. wh8ra applicable, direct labour costs and thosé ov8rheads Ihat ha b8en incurred in brirbging the stocks to their present location 8nd cwdition. Items held for distribution 8t no or nominal considaralion aro moasured the lower of Teplacefflent Gosl and cost. Net realISab value is the estimated selling prlce less all esthmated Costs of o)mplellon and costs lo incurred Mi matelin9. $$lling and distribubon. 1.10 C•¥h and cash equlvalents Cash and ¢ash èquivalents include cash in hand. deposits he * call %%4lh banks, Olher 5hort-tenn liquid investsllen15 wlh original malurilies of three month$ or le$s. and bank overdrafts. Bank overdrafts are shown within borrowings in ryjrrent IHbiliti8s. 1.11 Flnanclal Instrunwnts The trust has elected to apply thg pwslons ol Sectlon 11 'Basic Flnanoal Inslrumonts. and Section 12 '0ther Financial Instrumènts Issues. of FRS 102 10 all of ils ffinanrial inslrumenls. Financial instwments are recognised in the trusfs balan sheet when the tnjsl becomes party lo the contractual provi8itsn¥ of the instrument. Financial assets and liabiliti$s are offset, with the net amounts wesented in the financial 51alemenls, when there is a legalty enfor¢eable rigm to set off the re¢ogni3ed arrUnts and thère is an intention lo settle on a nel basi$ or to realise the asset and s8tt19 the liability simullaneousty. 8aJlc financialassots Basic finantsal assets, which indude debtors and 4Jsh and bank balances. are initialty measured at transaction price including transaction eosts and are subsequenlly Carried at amortised cost using the effeciNe interest method unless the arrang¢mgnt constitutes a finani>ng Iran$a¢tion. Whe the transaction 1$ measured al thè presént value of the fuiure re¢eipls di$Unted at a m8rkel r81e of intsrost. Financial assets classified as r1Vabl& within one year are not amortised. 8a$lt Ilnanclalllabilitios Basic finanual liabilities, including creditors and bank klans are initsally recogrised at tran$aGtion pri¢x unless Ihtr arrangement consltutes a financing transaction. where the debt instrument is measured at the present value of the fubjre payments discountèd at 4 market ral• of intswsl. Financial liabilitiès da8srfd 88 payable within one yfiar are not amortised. Debt instruments are subsequenlty carried al amortised C•JsI. usihg thè effectNe Interest rate method. Trade cre¢&tors are obligalions to pay for goods or SeiceS that have be&n acqured in the ordinary course of operations fiom suppliers, Amounts payable are dassffitrd as current liabiltties rf payment is due wilhin one year or less. If not. they 3r& presented 8$ notttent liabilities. Trado credrtors aro rèLxignised inilialty al transaction pri¢e and $ubsequenUy me88ured al amorti3ed cost using the effec*ve interest method. 0•c09n1tlo of financial liabllhl•s Finan¢ial liabilrties are derewgni$ed when the Iru$l'$ Gontraclual oNigotions expirg or arg dIharged or cancelled. 11
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continuedl 1.12 Employ•• bengfits The cost of any unused holiday •ntrtl&menl is rec¢gnisod in the period in vA)ic41 the employ¢e's servi¢es are reGeiv8d. Tominalion beneffts are recognised immediatety as an expense when the tru51 is demonstrabty committed to tomiinale the employment of an employe¢ or lo providg 16miination benofits. 1.13 Rotlw•m•nt b•n•fits Paymgnts to define(l ¢onlribuiion retirement benefft 8chome8 are tharged as an expen8e a8 they fall due. Crfllcal accountlng estlmatss and Judg•m•nts In th8 8ppli¢alion of the Irusl's accounting policie5. the trustees are Tequired lo make judgements, eslimales and assumptions about the carying amount of assets and liabilities that are not readily apparent from other source5. The estimates and associated assumptions are basad on historical exp8ri8nc8 and other factors that are considered to be relevant. Actual results may differ from these esllmates. The èstimates and undertying assumptions are Teviewed on an ongjing ba8is. Revisions to 8ctounb.ng estimates are recognised in the period in which the estimate is revised where the rewsion affects cnly that pèriod, or in the period of th8 r8wsion and fvlure period$ wherg the rovision aff8cs b¢)th ¢urrw)t and future periods. A key estlmalon In the 8ecounls is that the heiitage assets have an indefinite useful lrfe. giviro rise to no depallOn in the year. Incom• from donadons and legacleg Unrnstrlctsd UnreStrid funds funds 2023 2022 Donations anij gffts 284,105 247,¢)44 Incomg from ¢hirftsbl• a¢tivilie8 Unrestricted funds 2023 Unrestricted fund 2022 Charhabl• activili A(Imissions Shop 18.062 13.106 20.591 4,ni 31.168 25,312 12-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 kncomè from Inv•stm•nts unr•Stsict Unr•striGt•d funds funds 2023 2022 Rental inco Income from listed nvestments Interest receivatle 37,944 37.143 267 37.200 34,267 49 75,354 71,516 Oth•r IncoThe unrestrict Unrestrl¢ted fund• lunds 2023 2022 Other income 34,179 28,501 Exp¢ndlture ¢n ¢harItsb aGlivities Ch•ritsbl¢ activitie• 2023 Charttsbl• •¢tlvltl•8 2022 Dlrè¢t costs Repairs and maintenance Premises insurance 223,017 62,045 108,188 56,242 285,(2 164,410 Share of 8UPPOrt and govem•n¢e Gts (see nots 81 Support Goveman 349,979 6,687 340.517 8.750 641,708 513.677 Anatysi5 by fund Unrestricted funds 641.708 513,677 13-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support ¢o¥ts allocated to actlvltleJ 2023 2022 Staff costs Depreaalion Rent. rale8, Utilities Othar slaff costs Office costs Motor running exp&n$e$ Travel and subsistence Insurance Bank charges Legal and professional Governance eosts 228.291 7,839 74.743 1.525 20,364 4,618 1,636 6,467 808 1,080 9,275 227.843 23,812 54.821 633 20.121 3,477 906 7,996 655 653 8,750 356,648 349.287 Analys•d between: Charitable adivities 356.646 349.267 Govem8n¢e ¢xJsts indudes paym8nts to th8 auditors of £9.27512022- £8.7501 for audrt f88S. Some of the Trusts support funOn are piwdgd wthout charge by Straffield Saye Estste. Thi$ support includes the financ8 lunction, house opening and propety matters amongst others. Due lo the natu and variabilty of this support the Trustee5 do not considerthal il is possible lo quanltfy or measure the value of the support and $0 no amounts have be8n induded in donations nor corresponi*ng costs to r8flocl this. Net movem•nt In fund8 2023 2022 The nel movement in funds is stated after ¢hargingl(creditingl'. Fees payablè for thé aLJdrt of the ¢harWs finonual statements Depreaalion of owned tsngible fred asse15 Lossllprofftl on disposal of tangible fixed a$$&ts 12,022 7,639 8,750 28,212 14,8001 10 TrnJtee5 None of Ihe trustees {or any persons conneded with them) reIVed any remuneration or bénerrts from the trust during the year {2022." none were reimbursed}. 14-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employges The avorage monthty number of employees during the yearwas.. 2023 Number 2022 Numbèr Full time staff Guides Steward Tol 11 10 Employment costs 2023 2022 Wages and salari8$ So¢ial security costs Other pension costs 208,280 15,859 4,152 210.173 12.107 5,363 228,291 227,643 The employ¥9 twmber ft)r 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 employ8d. r8$pactN•ty. AS a rul1, thèy are still induded in the average employees calculation. There werg no empbyèes whose 8nnual remunera1 was more than £60.OCKI. R•muneTrtion of koy managern•nl p•vsonno1 Key management pe150nnel received remuneration of £nil12022.. £nil). 12 Galns and10ss•s on investments Unrnstrict•d Unr•strict•d funds funds 2023 2022 Galnsl{lossesl ari$irwJ on.. Revaluation of investments 368.856 {421,7931 13 T•xatlon The tharty is exemptfrom taxation on ils aC1'v.S because 811 its income 18 applied for Charitable purp0888. 15-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 T•ngiblg fixed a¥*•ts Freohold Iwnd Flxturns, and bul1dlfft Ilttlngs and equlpmwt HerMag• Co$t At 1 January 2023 25,5 3S7,272 779,026 1.161,798 At 31 De¢ernber 2023 25.500 357,272 779,IY26 1.161,798 Depre¢iation and IMpalmnt At 1 January 2023 Depreciation thargeL1 in tho yr 315,158 7.839 315,158 7.839 Al 31 December 2023 322.997 322.997 Carylng amount At 31 December 2023 25,500 34,275 779,026 838,801 Al 31 December 2022 25,500 42,114 779,027 846,641 Hentsgè assets brought 8re held al Christie's 2008 valuation figure. Their histo11¢4 c08t was £189.844. 15 Fixed asset Investments Llst Invè8tm•nts Ca•h In Other portfollo Inv•6tmeni# Totsl Co8t orvaluallon Al 1 January 2023 V8lualion changes 4,701,403 389,885 393.410 1184.6101 5.094,814 205,275 At 31 Dècember 2023 5,091,288 208.800 5.3CKI,089 Carylng amount Al 31 December 2023 5,091,288 208,800 5.3fJ),089 Al 31 December 2022 4,701,403 393,410 5.094.814 2023 2022 Other investmants comprise.. Investments in subsidiarie8 23 16-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Stocks 2023 2022 Finisheil gts)ds and goods for resale 3,058 3,658 17 Debtorn 2023 2022 Amounts falling du9 Within on• year. Trade debiors Amounts owed by subsidiary undertakings Amounts owed by fellow gTOUP undertaking8 Olher ¢Jèblors Prepaymgnls and a¢¢fuèd incoffle 27 16,727 29,522 5,272 30,886 46249 36,872 18 Loam and overdr•fts 2023 2022 Other loans 700.0 700.000 Payable wilhin yar 700,000 700.000 The Other loan is interesl-fr88, uThSered and repayable on demand. 19 Cr•dltor¥: amounts flling due wlthln one year 2023 2022 BowTowings Other laKalion and soaal sec#Jrity Trade creditors Other creditors A¢¢ruals and deferreil income 18 700,000 6,808 39,433 3,349 24,348 7CK).000 3.485 21.427 740 19,7 773,936 744,659 20 R•llrement benefit sch•m•8 2023 2022 D•ffin•d ntrIbutiOn schem•s Charge lo profil or lJ$s in Te$p8¢t of deffined contribUtn schemes 4,152 5,363 17-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR ThIE YEAR ENDED 31 DECEMBER 2023 20 thr•m•nl bon $¢h¢m•¥ IConllnu•dl The trust operates a deffined c(sntribulion pensron scheme for all qUalIn9 employees. The assets of the scheme are held separately from th08e of trust In an independendy lMInIStered fvnd. 21 Unre8trl¢tsd lund• The unreslrict8d funds of th8 charity ¢omprise the unèxpanded balanees of donalons and 9rants whith are rv)I subject to specific ¢onditions by donors and grantors as to how Ihty may be used. These indude designated fvnds whKh have been sel aside out of unrestricled funds by the trustees for 5pectfic purposes. At 1 January 2023 In¢omlng rp50urc• Resources ewnded Galns and los$ At31 DK¢mbeT 20Z3 General funds 5,264.767 424,806 1662.431) 388,856 5.415.998 Provlou8 year. At1 January 2022 Incomlng •our¢ Resources gxpend•d Gains and 10$$0s At31 0g¢•mb•r 2022 General funds 5.848,950 372,373 1534.763) 1421.7931 5,264.767 18-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 22 Related party trangacllon¥ Thè charity has a £700,rJJo loan trom a famty charitable trust which has been in place for ovor 20 yaars is repayable on dèmand. There were also some trans¥Aions whh olher enloties of whlch one of the Iruslees is a Injstee or a director, summarised below.. t r8ethargès (for costs and wages} made from the Straffield Saye Estate lo the trust totaled £164.262 P022.. £58,570). Al the year end £1,99912022'. £643) was owed by the trust. Nel rtttharges of £nil {2022.' £10,957) were made from the trust to the Stralfield Saye Fèm. Al the year end a net of È22212022.' NI) wa$ ow•d to the trust. Net recharges of £4,870 {2022'. £3,ODn were made from Wellinglon County Park Limited to tho Irusl. At the y¢ai end a net of £1,442 {2022.- £796) was owed by the trust. Nel tharge5 of £37.94412022= £37,071} We charged by the trnst to Weifinglon Eslales Educalion Mile for net of costs and wages. Al the year end a nel of£744 {2022= nil) wa8 owed to the Irvst. Net recharyes of £61 12022.. £niil weTe made from Wellinglon Riding to the trust Ai th8 year and a n8t of £nil 12022". nil) wa5 owed lo the trust. 23 Sub*ldlarl•s Thes• finanaal statements are separate trust finanual statements for Slraffield Saye Preservation TrusL Detals of the t8rS subsidiaries al 31 De¢gmber 2023 are a$ follw$: Mame of und•rt•klng Regi#tered Natur• of busin9 Class of % Hold sh8rts ld Direct IndiYe¢t Straffield Saye PreSerVatic The Estate Limited Offico, Stratfield Saya, Hampshire. RG7 2BT Trading $ub$idiary Ordlnary 100.00 19-
Charlty voglstratlon nlbor 289822 STRATFIELD SAYE PRESERVATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
STRATFIELD SAYE PRESERVATION TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tntst•es The Du¢he$s Of111n91on The Hon. Edward Cliva Lady Rachel Billington The Earf ofAntrim Charity number 289822 Aud6tor Alliotts LLP 3 London Square Cross Lanès Guildford GU1 1UJ Solicito Blandy & Blandy Soli(itors One FrSar Street Reading Berkshire RG1 1DA Inv•skn•nt advijors Rothschild & Co. New Court St Shen,$ Lane London EC4N 8AL
STRATFIELD SAYE PRESERVATION TRUST CONTENTS Page Trusteey. report ststemenl of Iru8teè8' respon$bi iliti"e$ Independent audhofs port Statement of finanrAal aclivities Balanca sh881 Notes lo thè fin8nci813talements 9-19
STRATFIELD SAYE PRESERVATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The tru8leè8 present their annual rgport and finaneial statements for the year 9ndgd 310mber 2023. The financrdl slatsm&nls have been PTepaTed in accordance wlh the accountwig l¢AeS set out in note 1 to the financAal statements and compty wlh the twsfs goveming document, the CharitiesAct 2011 and"Ac4x*LFnling and Roporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accoTdance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (èffective 1 January 2019). Oblectlv•s and acdvldel The Straffield Sayè Pies8N81ion TIu3t is conslituled under a trust deed dated 26 June 1984 and is a registered harity (number 2898221. The main objective3 of the charity are maintaining and restorin9 Stratfield Saye House and rf$ grounds and il¥ ¢h8tte15 and archives relating to Ihg First Duke of Welllngton and openlng the house lo th8 publi¢. The Iruslees who have served during the year and Sin the year-end are 8el out ori Legal and Administrative Irrformation page. The minimum nurnber of Iruslees is three, and add"Onal Iwslees may be appointed at any time. The trustees rneel once a year where decisions are discussed aThJ taken wth any minor dec4sions being lakgn by the trustees. agent following nslIatiOn with o minimum of two Iruslees. Relatlonshlp between eharlty and rolated Par68 A majority of the INstees are independent of the Vvellesley family. All trans105 With straffld Saye Estate we carried out on an am).8 length basis. InvÈ•tm¢nt Perfomianc• The trustees, investment portr00 is held and managed ty 8 leading investment ba Rolhschikl & and the portfolio is regularfy reviw•d. The totsl value of investments increased in 2023 from £5,094,814 to £5,300,089. During the year £200.000 was drawn down and there were realised and unr•alised investment gains of £388.858. Income continues lo b8 gener8led by let property. admissions and donations. Rwiiew of tho y•ar The charity carried oul nomal repairs lo the fabric of Straffield Saye House and wo6 ofat Slraffield Saye Housè was open to the pubfie during the Easter and Summer of 2023. Straffi91d Saye House and its grounds ar8 maintained by the trustoes in a good state of repaw without recourse to any grants. The hous8 is op8n to the public and the level of visitor satisfaction is high. The trustees confimi they have paid due regard lo guidance i$$ued by the Charity Ctsmmi$$ion in deoding what aclivilies the trust should undertake. AchS•v•nRnts and perlomwnce Fundralslng •¢tlvlt40 The d)aiitys rnain fund raising aciNiti&s are from dOnl0S and from investrnent income. No prolessional fund raisèrs are usèd by the charity.
STRATFIELD SAYE PRESERVATION TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financlal rovlow Reserv Policy 11 is the policy of the trust to maintain a fund suffic4ent to produce an incLJme lo maintain the fa[C and grounds of Straffield Saye House. The trustees hokl an invesiment portfolio and drawdown 4% 01 this each year t)r the 8nnual expenditure of Ihe trust. The income for the year was £424.806. Totsl expenditure for tho year was £662,431. The in$ent gain of £388.856 resulttrd in ¥ ntrt surplus for the year of £151,231. Al the year end free reserve$ Including investrnenls of £5.300.089 and a loan of É700.000 lotslled £5.415,998. Thè trust holds a fund suffiuènt enough to cover half of the annual expenditur& of the trust It is the medium tann aim lo reach enough to cover all costs of approxim8lely £550.000. The trust Currently holds fixed a53ets of £6.1m ildIng inv8Strnenls. It is the intention of the trustees to try and add lo Ihis figure so as to provide for thg full Tunning costs of the charity, bul in the medium term will need to ¢onts"nue lo r•ly on donatw)n$. Rlsk a$$•8¥ment Th& house has a Modem fre and burglar alarni system. An annual heamh and safety in$pectKJn is carried out 109glher with a risk assessment. An 8l&ctrical installation inspection is carried out 5 yaarty, wrfh poriable appliance testing bein9 carri out annualty. Atl staff receive appropriat• training. Plan$ for tho futur• The trustees will continue lo MntaIn Straffi¥ld Say8 Hous8 and tho colledion of w0S ofart in the WelliTh3lon Collection and lo op&n the house to the puL4ic. Structure, governance and management The trustees who served during the year and up lo the dale of signature of the finanrAal statements were.. The Duchess of Wtrllington Baron Piers von W&stgnholz Thg Hon. Edward Clive Lady Rachel Billinglon The Earf ofAntrim (Resigned 26 Juty 20241 Trustees are appointèd by the Duk&, as per the Twst Deed. A $kill$ audr( 1$ ¢3rried out annually lo id¥ntify gaps in the sknlls sets of gxisling trustees. None of the trustees has 8ny benefiti81 interes in the charity. All of Ihe trustees are members of the charity. The trustees, report was approvad by the Board of Trustees. Thè Earl o Trusleo ntrim Oatèd.. aili.....lx*
STRATFIELD SAYE PRESERVATION TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees are responsible for preparing the Trustèes, Rèport and thè finaneial statements in accordartt wlh appllcablè law and United lfjngdom Actounting Standards (United Kingdom Generalty Ac(pted Accounting PractiC81. The law appllcable to charits'e$ in England and Wales requires the Iruslees to prepare finantial slalements for oach finanekql year which give a true and fair view of tho state of affairs of th8 trust and of the incomiThJ resources and gpplication of resources of the trust for that year. In Preparin9 these finanaal ststgm¢nl$, the Iruslo0$ a wuired to.. - se18Ct suitable accounting policie5 and then apply them cYnsistenlty'. - observe the methods and principles in the Charities SORP- - make judgennls and 8s¢imate$ tho1 arg reasonable and prudent,. - state whether appli¢atAo a¢¢ounting standards have been followed, subject lo any material departures disdosed and explalned in the ffinancial statements.. and prepe the firkancAal statements on the goin9 concern basis unles$ il 1$ inappropriate to presurre that the charity will continue in operatKJn. The trustees are responsible for keeping 5uffii¥ent accounting records that di8doBe with rea8onable acrJJracy al any tima thg financial posrtTon of the tru51 and enable them lo ensure that the financial statements comply wlh the Charities Ad 2011, the Charity (Acxounts and Reports) Regulations 2008 and Ihe provisions of th8 trust d8ad. Thèy a also responsible for safeguardin9 the assets of tha trust and hancè for t8king reasonable steps for Ihg Prevent and detection ol fraud and otr irregul*iti"e&
STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF STRATFIELD SAYE PRESERVATION TRUST Oplnlon We have audited thè financial statements of Straffield Saye PreseNation TTVSt {the Irust'l for lh• year 8nded 31 Dacèrnber 2023 which comprise the statement of financial actwities, the balanee sheet and the notes to the financial slatements, induding a summary ol $ignifi¢anl a¢¢ounling poli(a&s. Thg finanoal rewjrting framework that h8s boon applied in their preparation is applicablè law and Unrted Kingdtsm A¢¢ounling Slandxrds, induding Finan¢ial Reporfing Stsndard 102 The Financial Relrting Stsndanl applicable in the UK and RgpublK of lrnland {Unit8d Kingdom Generdlly Accepted Accounting Practice}. In our opinn, the financial statsments.. give a true and fair vi8w of the state of the tharity's 8ffairs es al 31 December 2023 and of its incoming resources and 8ppli¢ation of r¢$ources, for the year then ended., have been properly prepared in accordance with United Kingdom Ganerally A¢¢gpted A¢counling practi., and have been prepared in accordancg wrfh th requirem•nl$ of th• Charrfies A¢i 2011. Basis for oplnl¢n We o)nducted our audlt In 8¢cordance wlth IntemaJonal Stsndards on Audrtlng {UK) IISAS (UK)) and appllcable law. Our rgspon$ibililie$ under those standard5 are fijrther described in the Auditorfs responsibilities ft>r the audit ol the finan&1 statefflents section of our report. We are independent of the trust in acLordance wlh the ethical requirements that are relevant to our audit of tho financial statements In the UK. Induding the FRC'S Ethi¢al Standard, and we have fulfilled our other èlhieal rèsponsibilitiès in accordane¢ wlh the requiréments. bèk'eve that the audit gvidencg w& have obtsin8d is sufficient and appropriate lo provide a basis for our opinion. Con¢lu¥ions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going ojncem basis of o¢counling in the preparation of the financial statements is appropriate. Based on the work we have perfomed. we have not Id8nlrfl&d any materbal un¢ertai)lies relating to events or conditions Ihat. sndiwdual Of colle¢livety, may cast significant doubt on the Iwsfs ability lo continue as a going concèm for a period of al least twelve months from vthen the financAal statements are authorised for issue. Our responsibililies and the responsibltIeS of the Iruslees with re$pe¢t to going ct)n¢em arg describgd in thg relevant sections of this raport. Other inforniation The olh¢r infomalion compwises the information induded in the annual report other Ihan Ihe fInarla1 Statements and our audth¢s reporl thereon. The trustees are responsible for the other infomiation contained within Ihe annual raport. Our opinion on the financial statements does not cover the other infomialion and we do not express any form of assurance conclusion thor8on. Our r&$pon$iblity 1$ lo read the olher infomiatwn and. in doing so, considfjT whether the other information is materially ineA)nsistenl wth the finan81 stalemènls or our knowledge obtained in the cLurse of the aydil, or otherwise #ppears lo be materially misstated. If we identify such material inconsistencie8 or Apparent material mi55talernenls. we are required lo determine whelher this gives Tise to a materBI misstatement in the financk21 statements themselves. If. based on the work we have perfomied, we Gondude that there is a material misstatement of this other informat. we are required lo report that fa¢L We have nothing lo report in this regard. Mattern on which we are requirèd to r•port by èxe•ptlon We have nothing lo report in respect of the following matters in relation lo which the Charib•s (Accounts and Reports) Regulations 28 require us to report to you if, in our opinion." the information given in the financial stslemenl$ 1$ inconsistent in any material resF¢¢t the trustees. report., or sufficient accounting records have nol b99n kept.. or the financial slalements are not in agreement with the accounting records,. or we have not received all the irrformalion and explanations we require for our audit.
STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STRATFIELD SAYE PRESERVATION TRUST Rgspon$lbiliti of trustees As explained more fvlly in the ststement of truslee8' responsibilities. the trustees a responsible for the preparation of the finan¢ial slat&menls and for being satisfied that they give a true and fair view, and for such intemal ntrol as the trustees dètemiine is necessary lo enabl8 the preparation of finanaal stat8m&nts Ihat are fre8 from material misstatement, whether due to fraud or error, In preparing the financial $talemenl$, the trustee$ are $ponslble lor assessing the trust's ability to continue as a going ¢on¢em, dis¢losing, as applile, matters related to going ¢oncem and using Ihe going concern basis of accob.9 unless the truste88 either Intend to ¢ea8e cgerathjns, or have no realisti¢ aliemolive l)ut lo do $0. Audltorfs r09pob1IIties forthe audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Chariti8s Act 2011 and report in accordanco wth th Act and cel¥v¥nt regulations rnade or having effect thereunder. Our objectives are to obtain rèason8ble assurance about whether thè finanryal statements as a whok are free frorn malerial misstatfjm¥nl. whether due lo fraud or eor. and lo issue an audilorfs report that indudes our opinion. Reasonable assurance Is a high level of assurance bul is not a guarantee that an audit conducted in accordance wrth ISAS IUKI will aayS detect a material misstatemant when it exists. Misstatemants can arise from fiaud or error and are consideied material if. individualty or in thè aggr8gale, th&y could reasonabty b• exp•¢t•d lo influence the ecommic dec4sions of users taken on the basi8 of these finanrAal slatemenls. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedurès li our responsibilits, outlined above, to dg19d material mi$sl¥lemenls in Sp¢t of irregularities, W)ding fraud. The extent to which our procedures are Capable of dÈts¢ling irregularitie$, induding fraud, is detailed below. Extont to twhl¢h the aud115 ¢onsld•r•d capable of dets¢ttng Irr•gularftl8s. Includlng fraud Our approath lo identifying and assessing the risks of material misstatement in respect of irregularilies, induding fraud and non-compliance with laws and regulalions, wo9 as follows.. the engagem¢nt parlngr ¥n$ured that the engayemenl team colthtively had the appropriate competen, capabilities and skills lo identify or Tecognise nonvcthnpliance with applicable laws and Tegulalions,. we identified the laws and regulations appl¢cable to the company through discussions with Trustees and other m8n&3emenl, and from our knowledg8 and experiènce of Ihg sgctor, we focused on specific laws and wulatiijns which we eonsidered may have a direct material effect on the financial statements or the opgralions of the charitable company, including the Cofflpanies Act 200S. the Charities Act 2011, the ch8rits.ès SORP, tsx8b.on legislatson, data prole¢tion, antbrIbery. employment. environmen181 and health and safety legislation. we assessed the extent of compliance wrth the laws and regulations identifi8d abo throu9h m*ing enquiries ol rnanagement and inspecting legal wrrespondence", and idents.fied law5 and regulations were ¢ommuni¢atsd wrfhln Ihg audit team re9(31 and th& tsam remained alert lo instances of n0CoMplI0n throughout the audrt. We assessed thè sus¢eptfoilily of the chaiitable company's financial slat8ments lo material misstat8m8nl. induding obtsining an understanding of how fraud might occur. by: making enrwiries of managemenl as lo where they conslaered there was suscepllbllty lo fra, thelr knowledge of aclual. suspeclèd and allegod fraud., and • considering Ihg intern81 controls in place lo mitigate risks of fraud and non-compliance laws and ragulations.
STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STRATFIELD SAYE PRESERVATION TRUST Audlt re8pon$e to risks Id•ntlfi•d To address Ihe risk of fraud through management bias and override of jntrds, we.. perfomi8d analytical procedures to idenlfy any unusual or unexpected Telationships,. • revieweil all transactions listed.. assessed whether judgements and a$sLwnption$ mado In dgtgrmlning Ihg a0ting gs1imate$ were indicative of potential tias,. and investigated thg rati(ale behind 81gnifinI ur unu8ual tranBaclion8. In response lo Ihe dsk of irregulariknes non-compliance with laws and regulations, we designed procedure which induded, but were not Iwrited to.. agelg financial statamant disdosures to underfying supporting documèntation; and enquiring of management as lo a¢tual and potential li1198ti¢n and daims. There are inherent Ilmltatbons In our audf( procedures describèd above. The more removed that laws and Tegulalions are frorn financial transactions, the less likety fl is that we would become aware of nOrCOmplianCe. AudiÉing standards also limit the audit prwdwes requir¢d lo Klgntfy n9complIance wrfh laws and regulatr'ons to enquiry of the Trustees and other management and the inspection of regulatory and leg81 ¢crfresponden¢e, rf any. Material misstatements that arfse due to frèud can be harder to delect than thosè that arise from e01 ès they may involve deliberatè con¢èalment or collusion. A further descriplion of our responsibilllieg Ss available on the Flnanual Reporting Counal's websote at.. https'./l www.frc.org.uklau¢Jilorsie5ponsi)ilith?s. This description forms part of our auditorfs report, Uso of our Y•port This report 1$ made solely lo the charity's trustee5. 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 m*Jht state to the ch&ritls trustees Ihosè matters we are requirgd to state lo them in an auditofs report and for no otr PLwpose. To thè lulesl axtent pemttted by law. we do not 3pt or aSSLme re8pon8ibility to anyone other than the ¢harily and the ¢harity'$ trustees as a body, for our audit work, for this report. or for the opinions we have fOed. Alllotts LLP Chart•Y•d A¢¢ountsnts statutory Audltor 3 London Squar8 Cross Lanes Guildford GU1 1UJ Allititts LLP is eligible for appointment as auditor of the trust by virtue of its elgibility for appointment a5 auditor of a ompany under secllon 1212 of the Companiès A 2006.
STRATFIELD SAYE PRESERVATION TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unr¢strl¢tod Unmtri¢ted funds funds 2023 2022 Notes Incom• and •ndowm•nts Irom: Donations and legaci8s Chatitsble activities Investments Other Income 284,105 31.168 75.354 34,179 247.044 25.312 71,516 28.501 T¢)lal Incom• 424,806 372.373 Exp•nditure on: Investment management fees Charitablè actiwtse$ 20.723 641,708 21,086 S13,677 Total •xp•ndltyr• 662.431 S34,763 Nel gainsluossos) on inve$tmonts 12 388,856 {421,7931 Nèt in¢ome1(expgndl1oI and moverngnt In funds 151,231 (584.1831 RKoThclllatlon of fund$: Fund bal¢9$ al 1 January 2023 5,264.767 5,848,950 Fund balances at 310•¢omb•r 2023 5,415,998 5.284.767 The statement of finanual activities includes 811 gains and losses recognised in the year. All income and expen(kni d•ri¥g from continuing aCtiV8s.
STRATFIELD SAYE PRESERVATION TRUST BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Notes Fixed ass•ts Tangible assets Investments 14 16 838,801 5.300.089 846,641 5.094,814 6,138,890 S,941,455 Currentass•ts 16 17 3,058 46.249 1.737 3.658 36.872 27.441 D•btors Cash at bank and in hand 51.014 67.971 CreditOfB: amoubrt falllng duo wlthln on• y•ar 19 IT73.936) (744.659) Not ¢unYnt liabllltks <722.8Y21 676,6881 Total as5•ts l•ss curr•nl Il•bilitio$ S.415.998 5,264,767 The lunds of th• trust Unre¥tricted fijnds 21 5,415.998 5.264,767 5.415.998 5.264.707 The financial $tatements were approved by the Iruslees on.a.i.l.i.c)laJ2 TheE l of Anlrim
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounllng poll¢1 Charlty Information Straifield Saye Prtrservation Trust is a charitable trusl established on 26 June 1984 and 15 a registered charily (no. 289622}. 1.1 Accounting conventlon The financial statements ha been propared in acGordan¢o wlh the trusfs govaming dunI, the Charitres Act 2011, FRS 102 'The Financial Reportin9 Standard applicable in the UK and Republic of Ireland. fFRS 102.1 and the Chaiitses SORP 'A¢Unting and Reportiftg by Ch8rilies.' Statemonl of Recommanded Pra¢ti¢e appli¢able to Charities preparing their a¢¢ounts in 3rdanCe wlh the Finan¢r81 Reporting Standard applicabbe in the UK and Republic of Ireland IFRS 1021. leffectNe 1 January 20191. The trust is a Public Benerrt Entity as d8fmed by FRS 102. The trust has taken advantage of th? pmmsions in thg SORP for charrbes not to prepare a St818mgnt of Cash Flows. Tho finanual statemen15 are prepared in sterling, which 15 the functional cuThenLy of the trust. Monetary amounts in Ihese finanaal statements ar8 round8d to lh• nearest £. The finand81 statements havo been piepared under the historical ¢osl convention. modified lo include the revalualion of investments and certain finan11 inytrumenl$ at fair value. The prinapal acts)unting policies adopted are sel out below. 1.2 Golng conc•m At the lime of approVg th8 finanual statements, the Irust8•s hav8 a r8asonable expedaln thal th& trust has &Jequale sourCeS to continue in opetalional existence for the foreseeable future. Thu8 the twsl88S continue ¢0 adopt the going cxjncern basis of arcounling in preparing the finana81 $latsments. 1.3 Charitable nd• Lknrestllded fund$ are availablfr for use at the dlscrellon of the Iwstees In furfheran¢e of thelr tharhable objecth'ves. Restricted fvnds are subjoct to specfft condtbons by donors of grantors as to how they may be used. The purposes and usos of the $trId funds $¢1 out in tho notes to tho financ4•1 $tst¢ments. Endowment funds are sublect lo spedfi¢ ¢ondrtOons by donorn thal1he capital must be malntabnefl by Ihe Irusl. 1A Incom• Income is recognised when the trust is le9alty entitled lo rt after any perfomian¢e conditions have beon met. the amounts can be m¢a$ufed teliabty, and il is probable that income will be re¢eived. Cash donations ar& recognised on rtteipl. Olhar donations 8ie recognised once the trust has boen Mlffied of the donalion, unloss performance conditions require defertal of the amount. Income tax reCoverae in TelalK)n to donatlons re¢eived under GiftAid or deeds of covenant is rècognised al thé timè of the donation. Legacles are re¢ogni8ed on receipt or otherwse rfthe trust has been notifd of an impending distributhjn. Ihe anK)unl Is known. and receipt is expected. If the amount is not known, the legacy is trealed as a contingent asset. Income from govemment grant$ is recognised * the fair valuè of assot roceiv8d or r8c8iv¥bl& when there is reasable assurane8 that thè grant conditions will be mét and the grants will be received. A grant that specffies perfoman¢e condthons is recognised in income when tho perfoTman¢e Condilions are mel. W)tre a grant does not spefy perf0rnan conditions Il is recognised in income when the Proceeds a receNed or receivabltr. A grant rècewed before the recognilion criteria are satisfied is recognised as a liablty.
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accounting polici•s Icontlnuedl 1.6 Expèndltur• Income and expenses ar• Indj•d in the finan¢i•l slalemonts as th•y b•¢ome re¢eN•t40 or du•. Expanses exdudo VATwhere Ihi8 is r¢coverabl8 by the tharrty. Reu$ expended are induded in the Slaternenl of Financial Actwitres on an accruals basis and we allocated 10 4 $pecffic activity where costs rglate diredly to that activity. Costs of generating funds are th? costs directly attributsblfj to raising funds. Charitable expenditure indudes costs directty relIng to the oblethves of the charlty and the ¢0818 Invc4vod supporbng that work. Support Costs include those costs connected with Ihe management of the thaws assets. organisational management and admini$lralion and compllance with conslitutional and slaluiory rgquiremgnts. Expendilure on support CStS of the eh8rity includes all ¢xp&ndilurs not dirèclly r8l*ed lo thè charrtable aetmty or fundraising ntUreS. These are apportioned lo the other activities based on time spent performing the activities. 1.0 Tangible fixed assets Tangible fixed assets are inits'alty measured at cost and subsequenuy measured at rst or valua1ion. net of depreciation and any impairmgnt losses. Depreciation is recognised so as to write off the ¢ost or v8luation of ast8 less their iesithl values over their uselul lives on the following bases- Freehold land and buildin9S Fixlvres, fftting5 and equipment Heritage assets 5°A straight line Hgrftage assets are not depreciated as they are fyjnsidered lo have an indefinite useftl lile. The gain or loss arising Dn the (fisposal of an asset is detemiined as the t1rf1eren¢8 betr the sale procee(ts and th8 carrying value of the asset, and is recognised in net incomellexpendilurel for the yeai. 1.7 Fixed asset In¥•slm•nts Fixed asset inv8stmenls are inili81ty measureil 81 Irans8dion pricè exduding transathon ¢o$ls, and are 5ubsequentty measured at fair value al each reporting dale. Change8 in fair value are recogni8ed in net incomellexpenditurel for the year. Transactn costs afe expensed as incurred. A subsidiary 18 an enlty Control by the tNst. Control is the power to govem the finanrAal and cyerating poliaes of the entty 50 as lo obtain benefits from its activities. 1.8 Imp41rn)•nt offlxed assets Al each reporting en(1 dalo. the trust rewews the carrying arnoun18 of its tangible assets lo detemmne whether thor¢ 1$ any indicatiork that those assets have suffered an impairrnent loss. If any such indication exists, the recovèrable amount of the asset is è$limalad in ord&r lo dètemiine Ihe ext&nt of Ihe impaimienl loss lrfanyl. 10-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting polci (Continued) 1.9 Skn¢k¥ Stocks a stated al the lowar of cost and estimated sellng price less $tS to compbete and sell. Cost ctsmprises dired maleria15 and. wh8ra applicable, direct labour costs and thosé ov8rheads Ihat ha b8en incurred in brirbging the stocks to their present location 8nd cwdition. Items held for distribution 8t no or nominal considaralion aro moasured the lower of Teplacefflent Gosl and cost. Net realISab value is the estimated selling prlce less all esthmated Costs of o)mplellon and costs lo incurred Mi matelin9. $$lling and distribubon. 1.10 C•¥h and cash equlvalents Cash and ¢ash èquivalents include cash in hand. deposits he * call %%4lh banks, Olher 5hort-tenn liquid investsllen15 wlh original malurilies of three month$ or le$s. and bank overdrafts. Bank overdrafts are shown within borrowings in ryjrrent IHbiliti8s. 1.11 Flnanclal Instrunwnts The trust has elected to apply thg pwslons ol Sectlon 11 'Basic Flnanoal Inslrumonts. and Section 12 '0ther Financial Instrumènts Issues. of FRS 102 10 all of ils ffinanrial inslrumenls. Financial instwments are recognised in the trusfs balan sheet when the tnjsl becomes party lo the contractual provi8itsn¥ of the instrument. Financial assets and liabiliti$s are offset, with the net amounts wesented in the financial 51alemenls, when there is a legalty enfor¢eable rigm to set off the re¢ogni3ed arrUnts and thère is an intention lo settle on a nel basi$ or to realise the asset and s8tt19 the liability simullaneousty. 8aJlc financialassots Basic finantsal assets, which indude debtors and 4Jsh and bank balances. are initialty measured at transaction price including transaction eosts and are subsequenlly Carried at amortised cost using the effeciNe interest method unless the arrang¢mgnt constitutes a finani>ng Iran$a¢tion. Whe the transaction 1$ measured al thè presént value of the fuiure re¢eipls di$Unted at a m8rkel r81e of intsrost. Financial assets classified as r1Vabl& within one year are not amortised. 8a$lt Ilnanclalllabilitios Basic finanual liabilities, including creditors and bank klans are initsally recogrised at tran$aGtion pri¢x unless Ihtr arrangement consltutes a financing transaction. where the debt instrument is measured at the present value of the fubjre payments discountèd at 4 market ral• of intswsl. Financial liabilitiès da8srfd 88 payable within one yfiar are not amortised. Debt instruments are subsequenlty carried al amortised C•JsI. usihg thè effectNe Interest rate method. Trade cre¢&tors are obligalions to pay for goods or SeiceS that have be&n acqured in the ordinary course of operations fiom suppliers, Amounts payable are dassffitrd as current liabiltties rf payment is due wilhin one year or less. If not. they 3r& presented 8$ notttent liabilities. Trado credrtors aro rèLxignised inilialty al transaction pri¢e and $ubsequenUy me88ured al amorti3ed cost using the effec*ve interest method. 0•c09n1tlo of financial liabllhl•s Finan¢ial liabilrties are derewgni$ed when the Iru$l'$ Gontraclual oNigotions expirg or arg dIharged or cancelled. 11
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continuedl 1.12 Employ•• bengfits The cost of any unused holiday •ntrtl&menl is rec¢gnisod in the period in vA)ic41 the employ¢e's servi¢es are reGeiv8d. Tominalion beneffts are recognised immediatety as an expense when the tru51 is demonstrabty committed to tomiinale the employment of an employe¢ or lo providg 16miination benofits. 1.13 Rotlw•m•nt b•n•fits Paymgnts to define(l ¢onlribuiion retirement benefft 8chome8 are tharged as an expen8e a8 they fall due. Crfllcal accountlng estlmatss and Judg•m•nts In th8 8ppli¢alion of the Irusl's accounting policie5. the trustees are Tequired lo make judgements, eslimales and assumptions about the carying amount of assets and liabilities that are not readily apparent from other source5. The estimates and associated assumptions are basad on historical exp8ri8nc8 and other factors that are considered to be relevant. Actual results may differ from these esllmates. The èstimates and undertying assumptions are Teviewed on an ongjing ba8is. Revisions to 8ctounb.ng estimates are recognised in the period in which the estimate is revised where the rewsion affects cnly that pèriod, or in the period of th8 r8wsion and fvlure period$ wherg the rovision aff8cs b¢)th ¢urrw)t and future periods. A key estlmalon In the 8ecounls is that the heiitage assets have an indefinite useful lrfe. giviro rise to no depallOn in the year. Incom• from donadons and legacleg Unrnstrlctsd UnreStrid funds funds 2023 2022 Donations anij gffts 284,105 247,¢)44 Incomg from ¢hirftsbl• a¢tivilie8 Unrestricted funds 2023 Unrestricted fund 2022 Charhabl• activili A(Imissions Shop 18.062 13.106 20.591 4,ni 31.168 25,312 12-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 kncomè from Inv•stm•nts unr•Stsict Unr•striGt•d funds funds 2023 2022 Rental inco Income from listed nvestments Interest receivatle 37,944 37.143 267 37.200 34,267 49 75,354 71,516 Oth•r IncoThe unrestrict Unrestrl¢ted fund• lunds 2023 2022 Other income 34,179 28,501 Exp¢ndlture ¢n ¢harItsb aGlivities Ch•ritsbl¢ activitie• 2023 Charttsbl• •¢tlvltl•8 2022 Dlrè¢t costs Repairs and maintenance Premises insurance 223,017 62,045 108,188 56,242 285,(2 164,410 Share of 8UPPOrt and govem•n¢e Gts (see nots 81 Support Goveman 349,979 6,687 340.517 8.750 641,708 513.677 Anatysi5 by fund Unrestricted funds 641.708 513,677 13-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support ¢o¥ts allocated to actlvltleJ 2023 2022 Staff costs Depreaalion Rent. rale8, Utilities Othar slaff costs Office costs Motor running exp&n$e$ Travel and subsistence Insurance Bank charges Legal and professional Governance eosts 228.291 7,839 74.743 1.525 20,364 4,618 1,636 6,467 808 1,080 9,275 227.843 23,812 54.821 633 20.121 3,477 906 7,996 655 653 8,750 356,648 349.287 Analys•d between: Charitable adivities 356.646 349.267 Govem8n¢e ¢xJsts indudes paym8nts to th8 auditors of £9.27512022- £8.7501 for audrt f88S. Some of the Trusts support funOn are piwdgd wthout charge by Straffield Saye Estste. Thi$ support includes the financ8 lunction, house opening and propety matters amongst others. Due lo the natu and variabilty of this support the Trustee5 do not considerthal il is possible lo quanltfy or measure the value of the support and $0 no amounts have be8n induded in donations nor corresponi*ng costs to r8flocl this. Net movem•nt In fund8 2023 2022 The nel movement in funds is stated after ¢hargingl(creditingl'. Fees payablè for thé aLJdrt of the ¢harWs finonual statements Depreaalion of owned tsngible fred asse15 Lossllprofftl on disposal of tangible fixed a$$&ts 12,022 7,639 8,750 28,212 14,8001 10 TrnJtee5 None of Ihe trustees {or any persons conneded with them) reIVed any remuneration or bénerrts from the trust during the year {2022." none were reimbursed}. 14-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employges The avorage monthty number of employees during the yearwas.. 2023 Number 2022 Numbèr Full time staff Guides Steward Tol 11 10 Employment costs 2023 2022 Wages and salari8$ So¢ial security costs Other pension costs 208,280 15,859 4,152 210.173 12.107 5,363 228,291 227,643 The employ¥9 twmber ft)r 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 employ8d. r8$pactN•ty. AS a rul1, thèy are still induded in the average employees calculation. There werg no empbyèes whose 8nnual remunera1 was more than £60.OCKI. R•muneTrtion of koy managern•nl p•vsonno1 Key management pe150nnel received remuneration of £nil12022.. £nil). 12 Galns and10ss•s on investments Unrnstrict•d Unr•strict•d funds funds 2023 2022 Galnsl{lossesl ari$irwJ on.. Revaluation of investments 368.856 {421,7931 13 T•xatlon The tharty is exemptfrom taxation on ils aC1'v.S because 811 its income 18 applied for Charitable purp0888. 15-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 T•ngiblg fixed a¥*•ts Freohold Iwnd Flxturns, and bul1dlfft Ilttlngs and equlpmwt HerMag• Co$t At 1 January 2023 25,5 3S7,272 779,026 1.161,798 At 31 De¢ernber 2023 25.500 357,272 779,IY26 1.161,798 Depre¢iation and IMpalmnt At 1 January 2023 Depreciation thargeL1 in tho yr 315,158 7.839 315,158 7.839 Al 31 December 2023 322.997 322.997 Carylng amount At 31 December 2023 25,500 34,275 779,026 838,801 Al 31 December 2022 25,500 42,114 779,027 846,641 Hentsgè assets brought 8re held al Christie's 2008 valuation figure. Their histo11¢4 c08t was £189.844. 15 Fixed asset Investments Llst Invè8tm•nts Ca•h In Other portfollo Inv•6tmeni# Totsl Co8t orvaluallon Al 1 January 2023 V8lualion changes 4,701,403 389,885 393.410 1184.6101 5.094,814 205,275 At 31 Dècember 2023 5,091,288 208.800 5.3CKI,089 Carylng amount Al 31 December 2023 5,091,288 208,800 5.3fJ),089 Al 31 December 2022 4,701,403 393,410 5.094.814 2023 2022 Other investmants comprise.. Investments in subsidiarie8 23 16-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Stocks 2023 2022 Finisheil gts)ds and goods for resale 3,058 3,658 17 Debtorn 2023 2022 Amounts falling du9 Within on• year. Trade debiors Amounts owed by subsidiary undertakings Amounts owed by fellow gTOUP undertaking8 Olher ¢Jèblors Prepaymgnls and a¢¢fuèd incoffle 27 16,727 29,522 5,272 30,886 46249 36,872 18 Loam and overdr•fts 2023 2022 Other loans 700.0 700.000 Payable wilhin yar 700,000 700.000 The Other loan is interesl-fr88, uThSered and repayable on demand. 19 Cr•dltor¥: amounts flling due wlthln one year 2023 2022 BowTowings Other laKalion and soaal sec#Jrity Trade creditors Other creditors A¢¢ruals and deferreil income 18 700,000 6,808 39,433 3,349 24,348 7CK).000 3.485 21.427 740 19,7 773,936 744,659 20 R•llrement benefit sch•m•8 2023 2022 D•ffin•d ntrIbutiOn schem•s Charge lo profil or lJ$s in Te$p8¢t of deffined contribUtn schemes 4,152 5,363 17-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR ThIE YEAR ENDED 31 DECEMBER 2023 20 thr•m•nl bon $¢h¢m•¥ IConllnu•dl The trust operates a deffined c(sntribulion pensron scheme for all qUalIn9 employees. The assets of the scheme are held separately from th08e of trust In an independendy lMInIStered fvnd. 21 Unre8trl¢tsd lund• The unreslrict8d funds of th8 charity ¢omprise the unèxpanded balanees of donalons and 9rants whith are rv)I subject to specific ¢onditions by donors and grantors as to how Ihty may be used. These indude designated fvnds whKh have been sel aside out of unrestricled funds by the trustees for 5pectfic purposes. At 1 January 2023 In¢omlng rp50urc• Resources ewnded Galns and los$ At31 DK¢mbeT 20Z3 General funds 5,264.767 424,806 1662.431) 388,856 5.415.998 Provlou8 year. At1 January 2022 Incomlng •our¢ Resources gxpend•d Gains and 10$$0s At31 0g¢•mb•r 2022 General funds 5.848,950 372,373 1534.763) 1421.7931 5,264.767 18-
STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 22 Related party trangacllon¥ Thè charity has a £700,rJJo loan trom a famty charitable trust which has been in place for ovor 20 yaars is repayable on dèmand. There were also some trans¥Aions whh olher enloties of whlch one of the Iruslees is a Injstee or a director, summarised below.. t r8ethargès (for costs and wages} made from the Straffield Saye Estate lo the trust totaled £164.262 P022.. £58,570). Al the year end £1,99912022'. £643) was owed by the trust. Nel rtttharges of £nil {2022.' £10,957) were made from the trust to the Stralfield Saye Fèm. Al the year end a net of È22212022.' NI) wa$ ow•d to the trust. Net recharges of £4,870 {2022'. £3,ODn were made from Wellinglon County Park Limited to tho Irusl. At the y¢ai end a net of £1,442 {2022.- £796) was owed by the trust. Nel tharge5 of £37.94412022= £37,071} We charged by the trnst to Weifinglon Eslales Educalion Mile for net of costs and wages. Al the year end a nel of£744 {2022= nil) wa8 owed to the Irvst. Net recharyes of £61 12022.. £niil weTe made from Wellinglon Riding to the trust Ai th8 year and a n8t of £nil 12022". nil) wa5 owed lo the trust. 23 Sub*ldlarl•s Thes• finanaal statements are separate trust finanual statements for Slraffield Saye Preservation TrusL Detals of the t8rS subsidiaries al 31 De¢gmber 2023 are a$ follw$: Mame of und•rt•klng Regi#tered Natur• of busin9 Class of % Hold sh8rts ld Direct IndiYe¢t Straffield Saye PreSerVatic The Estate Limited Offico, Stratfield Saya, Hampshire. RG7 2BT Trading $ub$idiary Ordlnary 100.00 19-