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2021-03-31-accounts
| Governors and Advisors for the Year Ended 31st March 2021 |
1 |
| Governors' Report for the Year Ended 31st March 2021 |
2-6 |
| Chairman's Report for the Year Ended 31st March 2021 |
7-8 |
| Independent Auditors' Report to the Members ofHowick Trustees Limited |
9-12 |
| Statement of Financial Activities for the Year Ended 31st March 2021 |
13-16 |
| Balance Sheet as at 31st March 2021 |
17 |
| Statement of Cash Flows |
18 |
| Accounting Policies |
19-22 |
| Notes to the Financial Statements for the Year Ended 31st March 2021 |
23-31 |
| Current Financial Year |
Current Financial Year |
Current Financial Year |
Current Financial Year |
|
|
| Note Unrestricted Unrestricted Designated Restricted |
|
|
|
2021 |
2020 |
|
Revenue Capital Fund Fund |
|
|
Total |
Total |
|
Fund Fund |
|
£ |
|
|
|
£ |
£ |
£ |
£_ |
£ |
| Income and endowments from: |
|
|
|
|
|
| Donations and legacies 1 75,810 |
|
|
45,387 |
121,197 |
32,248 |
| Income from charitable |
|
|
|
|
|
| activities: |
|
|
|
|
|
| Garden income 154,682 |
|
|
|
154,682 |
175,749 |
| Woods income 172 |
|
|
|
172 |
|
| Income from other activities: |
|
|
|
|
|
| Gross rental income 308,739 |
|
|
|
308,739 |
337,132 |
| Biomass income 45,534 |
|
|
|
45,534 |
31,611 |
| Investment income 63,697 |
|
|
|
63,697 |
69,354 |
| Other income: |
|
|
|
|
|
| Other income 2,513 |
|
|
|
2,513 |
4,104 |
| Total incoming resources |
651,147 |
|
45,387 |
696,534 650,198 |
|
| Expenditure on: |
|
|
|
|
|
| Costs of raising funds: |
|
|
|
|
|
| Rental property costs 2 |
274,400 |
24,471 |
|
298,871 |
251,276 |
| Expenditure on charitable activities: |
|
|
|
|
|
| Woodlands 2 |
82,521 |
19,112 |
|
101,633 81,046 |
|
| Garden, arboretum and |
|
|
|
|
|
estate
2 |
260,807 |
34,198 |
45,387 |
340,392 636,741 |
|
| Total expenditure |
617,728 |
77,781 |
45,387 |
740,896 |
969,063 |
| Net (expenditure) / income |
33,419 |
(77,781) |
|
(44,362) (318,865) |
|
| before gains (losses) on |
|
|
|
|
|
| investments |
|
|
|
|
|
|
Note |
Unrestricted Unrestricted Designated Restricted |
Unrestricted Unrestricted Designated Restricted |
Unrestricted Unrestricted Designated Restricted |
2021 |
2020 |
|
|
Revenue Capital Fund Fund |
|
|
Total |
Total |
|
|
Fund Fund |
|
£ |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
| Net (expenditure) / income |
|
33,419 |
(77,781) |
|
(44,362) (318,865) |
|
| before gains / (losses) on |
|
|
|
|
|
|
| investments |
|
|
|
|
|
|
| Net realised gains on |
8 |
|
|
|
|
124,297 |
| investment assets |
|
|
|
|
|
|
| Net realised gains on |
|
|
856 |
|
856 |
|
| disposal of tangible fixed |
|
|
|
|
|
|
| Net unrealised gains/(losses) |
|
|
|
|
|
|
| on investment assets |
8 |
|
568,198 |
|
568,198 (526,090) |
|
| Net income / (expenditure) |
|
33,419 |
491,273 |
|
524,692 |
(720,658) |
| Transfers between funds |
13 |
(58,379) |
58,379 |
|
|
|
| Net movement in funds |
|
(24,960) 549,652 |
|
|
524,692 (720,658) |
|
| Reconciliation of funds |
|
|
|
|
|
|
Fund balances brought
forward at 1st April 2020 |
13 |
9,466 3,678,208 |
|
|
3,687,674 4,408,332 |
|
| Fund balances carried |
|
|
|
|
|
|
| forward at |
13 |
(15,494) 4,227,860 |
|
|
4,212,366 3,687,674 |
|
| 31st March 2021 |
|
|
|
|
|
|
| Prior Financial Year |
Prior Financial Year |
Prior Financial Year |
|
|
|
| Note Unrestricted Unrestricted |
|
|
Designated Restricted |
|
2020 |
|
Revenue Capital Fund Fund |
|
|
|
Total |
|
Fund Fund |
|
|
|
|
|
A^ |
£ |
£ |
£ |
£ |
| Income and endowments from: |
|
|
|
|
|
| Donations and legacies |
1 31,330 |
|
|
918 |
32,248 |
| Income from charitable |
|
|
|
|
|
| activities: |
|
|
|
|
|
| Garden income 175,749 |
|
|
|
|
175,749 |
| Woods income |
|
|
|
|
|
| Income from other activities: |
|
|
|
|
|
| Gross rental income |
337,132 |
|
|
|
337,132 |
| Biomass income 31,611 |
|
|
|
|
31,611 |
| Investment income 69,354 |
|
|
|
|
69,354 |
| Other income: |
|
|
|
|
|
| Other income 4,104 |
|
|
|
|
4,104 |
| Total incoming resources |
649,280 |
|
|
918 |
650,198 |
| Expenditure on: |
|
|
|
|
|
| Costs of raising funds: |
|
|
|
|
|
| Rental property costs 2 |
246,889 4,387 |
|
|
|
251,276 |
| Expenditure on charitable activities: |
|
|
|
|
|
| Woodlands 2 |
62,841 18,205 |
|
|
|
81,046 |
| Garden, arboretum and |
|
|
|
|
|
estate
2 |
450,829 |
39,994 145,000 |
|
918 |
636,741 |
| Total expenditure |
760,559 |
62,586 |
145,000 |
918 |
969,063 |
| Net (expenditure) / income |
(111,279) |
(62,586) (145,000) |
|
|
(318,865) |
| before gains (losses) on |
|
|
|
|
|
| investments |
|
|
|
|
|
|
Note |
Unrestricted Unrestricted |
Designated Restricted |
Designated Restricted |
2020 |
|
|
Revenue Capital Fund Fund |
|
|
Total |
|
|
Fund Fund |
|
|
|
|
|
£
£ |
£ |
£ |
£ |
| Net (expenditure) / income |
|
(111,279)
(62,586) (145,000) |
|
|
(318,865) |
| before gains / (losses) on |
|
|
|
|
|
| investments |
|
|
|
|
|
| Net realised gains on |
|
124,297 |
|
|
124,297 |
| investment assets |
|
|
|
|
|
| Net realised gains on |
|
|
|
|
|
| disposal of tangible fixed |
|
|
|
|
|
| Net unrealised gains/(losses) |
|
|
|
|
|
| on investment assets |
|
(526,090) |
|
|
(526,090) |
| Net income / (expenditure) |
|
13,018 (588,676) (145,000) |
|
|
(720,658) |
| Transfers between funds |
|
(64,136) 64,136 |
|
|
|
| Net movement in funds |
|
(51,118) (524,540) |
(145,000) |
|
(720,658) |
| Reconciliation of funds |
|
|
|
|
|
| Fund balances brought |
|
|
|
|
|
| forward at 1st April 2029 |
|
60,584 4,202,748 |
145,000 |
|
4,408,332 |
| Fund balances carried |
|
|
|
|
|
| forward at |
13 |
9,466 3,678,208 |
|
|
3,687,674 |
| 31st March 2020 |
|
|
|
|
|
|
|
|
Restated |
Restated |
|
Note |
2021 |
2021 2020 |
2020 |
|
|
£ |
£ £ |
£ |
| Fixed assets |
|
|
|
|
| Tangible assets |
6 |
|
1,153,719 |
1,172,265 |
| Heritage assets |
7 |
|
211,831 |
211,831 |
| Investments |
8 |
|
2,862,310 |
2,294,112 |
|
|
|
4,227,860 |
3,678,208 |
| Current assets |
|
|
|
|
| Debtors |
9 |
75,984 |
62,717 |
|
| Cash at bank |
|
35,452 |
38,265 |
|
|
|
111,436 |
100,982 |
|
| Liabilities |
|
|
|
|
| Creditors amounts falling due within |
|
|
|
|
| one year |
10 |
(126,930) |
(91,516) |
|
| Net current assets |
|
|
(15,494) |
9,466 |
| Net assets |
|
|
4,212,366 |
3,687,674 |
| Funds of the charity: |
|
|
|
|
| Unrestricted funds: |
|
|
|
|
| Capital |
|
|
4,227,860 |
3,678,208 |
| Revenue |
|
|
(15,494) |
9,466 |
| Designated fund |
|
|
|
|
| Restricted fund |
|
|
|
|
| Total funds |
13 |
|
4,212,366 |
3,687,674 |
|
Note |
2021 |
2021 |
2020 |
2020 |
|
|
£ |
£ |
£ |
£ |
| Cash used in operating activities |
15 |
|
(8,131) |
|
(117,548) |
| Cash flows from investing activities |
|
|
|
|
|
| Purchase of tangible fixed assets |
|
(61,128) |
|
(152,462) |
|
| Sale of tangible fixed assets |
|
2,749 |
|
|
|
| Purchase of investments |
|
|
|
|
|
| Sale of investments |
|
|
|
200,000 |
|
| Interest income |
|
7 |
|
243 |
|
| Dividend income |
|
63,690 |
|
69,111 |
|
|
|
|
5,318 |
|
(656) |
| Cash flows from financing activities |
|
|
|
|
|
| Repayment of the capital element of |
|
|
|
|
|
| hire purchase contracts |
|
|
|
(2,548) |
|
|
|
|
|
|
(2,548) |
| (Decrease) / increase in cash and |
|
|
|
|
|
| cash equivalents |
|
|
(2,813) |
|
(3,204) |
| Cash and cash equivalents at the |
|
|
|
|
|
| beginning of the year |
|
|
38,265 |
|
41,469 |
| Total cash and cash equivalents at |
|
|
|
|
|
| the end of the year |
|
|
35,452 |
|
38,265 |
| Relating to: |
|
|
|
|
|
| Bank balances and short-term deposits |
|
|
35,452 |
|
38,265 |
| Land |
Nil |
| Buildings |
2% of original cost |
| Car Park |
4% of original cost |
| Biomass |
4% of original cost |
| Visitor Centre and Artwork |
3.33% of original cost and 10% of original cost |
| Plant and Machinery |
15% reducing balance |
| Tractors |
25% reducing balance
Lt> |
| Donations and Legacies |
|
|
|
2021 |
2020 |
|
£ |
£ |
| Grants received (restricted fund) |
45,387 |
918 |
| Grants received |
52,006 |
|
| Other donations |
23,804 |
31,330 |
|
121,197 |
32,248 |
|
Direct Costs Staff Costs Support Costs 2021 |
Direct Costs Staff Costs Support Costs 2021 |
2020 |
|
£ £ |
£ £ |
£ |
| Rental expenses |
91,854
24,657 |
182,360 298,871 |
251,276 |
| Woodlands |
26,919 50,406 |
24,308 101,633 81,046 |
|
| Garden, arboretum and estate |
70,782 212,401 |
57,209 340,392 636,741 |
|
|
189,555 287,464 |
263,877 740,896 |
969,063 |
|
2021 |
2020 |
|
£ |
£ |
| Insurance |
13,220 |
13,626 |
| Rates |
23,271 |
25,516 |
| Equipment repairs and renewals |
4,559 |
12,538 |
| Professional costs |
86,662 |
66,034 |
| Office expenses |
27,635 |
21,763 |
| Non-Recoverable VAT |
30,749 |
34,029 |
| Depreciation |
77,781 |
75,208 |
|
263,877 |
248,714 |
|
2021 |
2020 |
|
£ |
£ |
| Audit fee |
8,500 |
7,500 |
| Staff costs |
778 |
755 |
| Other support costs |
4,819 |
4,678 |
|
14,096 |
12,933 |
|
2021 |
2020 |
|
£ |
£ |
| Salaries |
253,612 |
253,150 |
| Employers N1 |
10,737 |
11,567 |
| Pension costs |
23,115 |
22,963 |
|
287,464 |
287,680 |
|
Freehold |
|
|
|
|
Land and |
Plant and |
|
|
|
Buildings Equipment |
|
Tractors |
Total |
|
£ |
£ |
£ |
£ |
| Cost or Valuation |
|
|
|
|
| At 1st April 2020 |
929,029 752,766 |
|
165,436 |
1,847,231 |
| Additions in the year |
|
51,728 |
9,400 61,128 |
|
| Disposals |
|
|
(4,440) (4,440) |
|
| At 31st March 2021 |
929,029 804,494 |
|
170,396 |
1,903,919 |
| Depreciation |
|
|
|
|
| At 1st April 2020 |
266,626 |
279,236 |
129,103 |
674,965 |
| Charges for the year |
16,907 |
49,916 |
10,958 |
77,781 |
| Charge for the year |
|
|
(2,546) |
(2,546) |
| At 31st March 2021 |
283,533 |
329,152 |
137,515 |
750,200 |
| Net Book Amount |
|
|
|
|
| At 31st March 2021 |
645,496 |
475,342 |
32,881 |
1,153,719 |
| At 31st March 2020 |
662,403 |
473,529 |
36,333 1,172,265 |
|
|
At Valuation At Cost Total |
|
£ £ £ |
| At 1st April 2020 |
211,331 211,331 |
| Additions in the year |
|
| Disposals |
|
| At 31st March 2021 |
211,331 211,331 |
| Summary Analysis of Heritage Asset |
2021 |
2020 |
2019 |
2018 |
2017 |
| Transactions: |
£ |
£ |
£ |
£ |
£ |
| Purchases and additions |
|
|
3,600 |
2,780 |
|
| Donations |
|
|
|
|
|
| Total Additions |
|
|
3,600 |
2,780 |
|
| Charge for impairment |
|
|
|
|
|
| Total charge for impairment |
|
|
|
|
|
| Disposals |
|
|
|
|
|
| Total Disposals |
|
|
|
|
|
| Proceeds from disposals |
|
|
|
|
|
| Total sale proceeds |
|
|
|
|
|
|
Investment Quoted |
|
Property Investments Total |
|
£ £ £ |
| At Valuation |
|
| At 31st March 2020 |
275,000 2,019,112 2,294,112 |
| Additions |
|
| Disposals |
|
| Valuation changes in year |
568,198 568,198 |
| At 31st March 2021 |
275,000 2,587,310 2,862,310 |
| At Cost |
|
| At 31st March 2021 |
29,600 1,199,896 1,229,496 |
| At 31st March 2020 |
29,600 1,199,896 1,229,496 |
| Schedule of Investments at 31st March 2021 |
|
|
Valuation |
|
|
|
|
Gains / |
|
|
Number of |
Original |
(Losses) in |
Market |
|
Units |
Cost |
Year |
Value |
| Security |
|
£ |
£ |
£ |
| Blackrock Fund Managers Ltd BLK Charities UK |
|
|
|
|
| Equity A |
74,452 |
164,833 |
98,574 496,146 |
|
| RIT Capital Partners Ordinary £1 |
57,600 |
539,638 |
342,144 1,382,400 |
|
| M&G Charifund Income Units |
23,050 |
143,706 |
63,837 |
339,404 |
| Legg Mason Investment Funds - Global Multi |
|
|
|
|
| Strategy Bond |
130,317 |
167,709 |
13,136 |
138,267 |
| Schroder Oriental Income Fund Ordinary £0.01 |
51,750 |
99,363 |
43,988 |
144,641 |
| Aviva Investors UK SCVS Ltd Strategic Bond |
85,664 |
84,647 |
6,519 |
86,452 |
|
|
1,199,896 |
568,198 2,587,310 |
|
|
2021 |
2020 |
|
£ |
£ |
| Trade debtors |
56,498 |
41,248 |
| Other debtors |
14,036 |
16,855 |
| Prepayments |
5,450 |
4,614 |
|
75,984 |
62,717 |
|
2021 |
2020 |
|
£ |
£ |
| Trade creditors |
21,965 |
32,620 |
| Other creditors |
475 |
475 |
| Payments received in advance |
76,467 |
28,251 |
| Accruals |
28,023 |
30,170 |
|
126,930 |
91,516 |
|
2021 |
2020 |
|
£ |
£ |
| Carrying amount of financial assets |
|
|
| Debt instruments measured at amortised cost |
70,534 |
58,103 |
| Equity instruments measured at cost less impairment |
2,587,310 |
2,019,112 |
|
2,657,844 |
2,077,215 |
| Carrying amount of financial liabilities |
|
|
| Measured at amortised cost |
126,930 |
91,516 |
|
Unrestricted |
Unrestricted Designated Restricted |
Unrestricted Designated Restricted |
Unrestricted Designated Restricted |
|
|
Revenue |
Capital Major Work Fund |
|
|
|
|
Fund |
Fund Fund |
|
|
Total |
|
£ |
£ |
£ |
£ |
£ |
| Balance at 1st April 2020 |
9,466 |
3,678,208 |
|
|
3,687,674 |
| Net (expenditure) / income in the year |
33,419 |
491,273 |
|
|
524,692 |
| Transfers between funds |
(58,379) |
58,379 |
|
|
|
| Balance at 31st March 2021 |
(15,494) |
4,227,860 |
|
|
4,212,366 |
| Represented by: |
|
|
|
|
|
| Fixed assets |
|
4,227,860 |
|
|
4,227,860 |
| Net current assets |
(15,494) |
|
|
|
(15,494) |
| Total Net Assets as at 31st March 2021 |
(15,494) |
4,227,860 |
|
|
4,212,366 |
|
2021 |
2020 |
|
£ |
£ |
| Net movement in funds |
524,692 |
(720,658) |
| Depreciation |
77,781 |
75,208 |
| (Gains) on disposal of tangible fixed assets |
(856) |
|
| Investment income |
(63,697) |
(69,354) |
| Net unrealised losses on investment assets |
(568,198) |
526,090 |
| Realised (gains) on investment assets |
|
(124,296) |
| (Increase) / decrease in debtors |
(13,267) |
219,836 |
| Increase / (decrease) in creditors |
35,414 |
(24,374) |
| Net cash (absorbed) / generated from operating activities |
(8,131) |
(117,548) |
|
2021
£ |
2021
£ |
2020
£ |
2020f |
| Income |
|
|
|
|
| Rents from houses and land |
|
308,739 |
|
337,132 |
| Garden and arboretum |
|
154,682 |
|
175,749 |
| Biomass income |
|
45,534 |
|
31,611 |
| Interest |
|
7 |
|
243 |
| Investment income |
|
63,690 |
|
69,111 |
| Woods |
|
172 |
|
|
| Other Income |
|
2,513 |
|
4104 |
| Grants |
|
97,393 |
|
918 |
| Donations |
|
23,804 |
|
31,330 |
|
|
696,534 |
|
650,198 |
| Expenditure |
|
|
|
|
| Woodlands and sawmill |
23,650 |
|
11,411 |
|
| Garden and arboretum |
59,495 |
|
80,510 |
|
| Salaries and pension payments |
287,464 |
|
287,680 |
|
| Rates and insurances |
36,491 |
|
39,142 |
|
| Property repairs and renewals: |
|
|
|
|
| Howick Hall |
14,556 |
|
144,697 |
|
| Bathing House and Old School House |
3,699 |
|
14,321 |
|
| Others |
88,155 |
|
181,730 |
|
| Vehicle and equipment expenses |
4,559 |
|
12,538 |
|
| Audit and accountancy |
12,650 |
|
10,650 |
|
| Sundry and office expenses |
58,384 |
|
57,792 |
|
| Professional fees |
74,012 |
|
53,384 |
|
|
663,115 |
|
893,855 |
|
| Depreciation |
|
|
|
|
| Buildings |
16,907 |
|
16,907 |
|
| Tractor |
10,958 |
|
12,099 |
|
| Plant and equipment |
49,916 |
|
46,202 |
|
|
|
(740,896) |
|
(969,063) |
| Operating Deficit for the Year |
|
(44,362) |
|
(318,865) |