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2023-12-31-accounts

BRANTWOOD TRUST

ANNUAL REPORT & FINANCIAL STATEMENTS for the year ended 31 December 2023

Charity Commission Registration No: 504743

Prepared by:

IAN DALZELL LTD Chartered Accountants

Broughton Lodge Mews Field Broughton Grange-over-Sands Cumbria LA11 6HL

BRANTWOOD TRUST

MANAGEMENT TRUSTEES’ REPORT AND FINANCIAL STATEMENTS for the year ended 31 December 2023

CONTENTS

Page

2

BRANTWOOD TRUST

CHARITY INFORMATION

Charity Commission Registration Number: 504743

Inland Revenue Exemption Number: XN 69869 Trustee: The Education Trust Limited Management Trustees: Ms Charlotte J G Robins (Chair)

Ms Charlotte J G Robins (Chair) The Hon Mrs C G Edwards Professor R A P Hewison Ms J Nichola Johnson Professor S Walker

Director of Brantwood: Howard Hull Secretary to the Management Trustees: Howard Hull Brantwood CONISTON Cumbria LA21 8AD Correspondence Address: Brantwood Trust

Brantwood Trust Brantwood CONISTON Cumbria LA21 8AD

Telephone: Bankers:

015394 41396

Barclays Bank PLC 9 Highgate Kendal Cumbria LA9 4DA

Independent Examiner:

Ian Dalzell Ltd Broughton Lodge Mews Field Broughton Grange-over-Sands Cumbria LA11 6HL

3

BRANTWOOD TRUST

MANAGEMENT TRUSTEES’ ANNUAL REPORT

The Management Trustees are pleased to present their Annual Report and the Financial Statements for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

Creation

The Charity was formed by an Order of the High Court dated 10 July 1951. The Education Trust Ltd is the Trustee of the Charity and appoints Management Trustees.

The Charity is registered with the Charity Commissioners under number 504743. The Inland Revenue recognise the Trust as a charity within the definition of Section 506(1) Income and Corporation Taxes Act 1988.

Objectives

The objectives of the Charity are to administer Brantwood

The Management Trustees have considered the Charity Commission’ guidance on public benefit, including the guidance on public benefit and fee charging. The Trust relies on grants, donations and income from admission charges to cover its operating costs. In setting the level of fees, charges and concessions, the Management Trustees give careful consideration to the accessibility to Brantwood to all who wish to visit.

The strategies employed to achieve the charity’s aims and objectives in the last year are set out in the Review of Activities below.

Review of Activities

The Charity continued to administer Brantwood in 2023. The house, café and accommodation were closed to visitors throughout January and February to allow for works to commence on a complete renewal of the water treatment systems across the entire site. The works were required by the Environment agency and funded by a grant awarded to Brantwood from the Art Council’s ‘Museum Estate and Development’ fund.

Exhibitions throughout the year in the Blue Gallery and Studio showcased works by Deidre Kelly, Rebekah Okpoti and Ian Clegg, Patricia Townsend, Kate Kirkwood, Green Door, Mark Butler, Sarah Garforth and Frank Gordon.

In March the new Art Library and reading room was opened. The library collection spans art worldwide from the pre-historic to the contemporary. Assembled by Dr Christan Hoch (1926 – 2016) and gifted to Brantwood by Dr Tony Cann.

4

BRANTWOOD TRUST

MANAGEMENT TRUSTEES’ ANNUAL REPORT (continued) Review of Activities (continued)

Brantwood’s new Estate Discovery Centre opened in June. Especially commissioned storyboard panels and a video about Brantwood’s diverse flora and fauna act as an introductory learning zone before visitors set off to explore the gardens and wooded estate.

Notable events throughout the year included the launch of ‘Flora of Chamonix’ by John Ruskin, edited and introduced by David S. Ingram and Stephen Wildman, Dr Rachel Dickinson speaking at the Friend’s Study Day, three outdoor theatre performances by Illyria Theatre Company, Drawing Room concerts by Anthony Hewitt and Martin Roscoe along with the launch of a new Winter Concerts series, Friends of Brantwood Coffee Mornings, a Fell Pony Drawing Master Class and a successful summer of ‘Wild Wednesday’ family activities.

The 9th Annual Ruskin To-Day Brantwood London Lecture on ‘The Future of Museums: renewing and reimagining the creative and civic role of museums’, was given by Esme Ward, Director of Manchester Museum, in the Benjamin West Lecture Theatre at the Royal Academy, on Friday 20th October 2023.

Financial Information

The results of the Charity’s activities are contained in the attached financial statements.

Visitors (2023: 13,903; 2022: 16,106; 2021: 15,766; 2020: 4,302; 2019: 27,526; 2018: 23,354; 2017: 23,148; 2016: 23,162) to Brantwood were lower than in 2022. However, admission receipts were higher by 21.8% at £171,430 in 2023 than in 2022 (£140,720). The increase was due to changes in admissions including online sales and an annual ticket. Shop sales at £38,613 were lower than 2022 (£45,329) but similar to 2021 (£39,176). The profit margin on shop sales was disappointing at only 38.2% (2022: 55.1%; 2021: 55.5%). This was mainly related to more low margin items being sold (sale or return and local goods) as well as a large drop in some high margin items like postcards (possibly related to changes in shop layout). Unrestricted grants and donations were higher in 2023 than in 2022 at £522,374 (2022: £214,299; 2021: £126,547; 2020: £260,878; 2019: £19,636; 2018: £14,943; 2017: £15,079; 2016: £24,856). The large grants in 2023 and 2022 were due to large donations from The Education Trust in 2023 to assist with cash flow (2023: £498,000; 2022: £202,000; 2021: £60,000; 2020: £180,000). and Gift Aid receipts of £23,772 which were higher than previously due to better admission administration procedures. Restricted grants totalled £17,928 in 2023 compared with £105,703 in 2022 (2021: £29,953 were received in 2022. The 2022 grants included £94,935 from the Museum Estate & Development Fund to finance essential sewerage works which were carried out in 2023. Excluding irrecoverable VAT, the cost of operating the house and gardens increased by 27.8% in 2023 to £560.387 compared with £438,425 in 2022 (2021: £358,515). Employee costs rose by 19% (2023: 342,407;2022: £287,762; 2021: £214,791; 2020: £182,399; 2019: £177,043; 2018: £153,760; 2017: £159,285; 2016: £142,422) though there were the more employees (21 compared with 18). Governance and Support Costs of the Charity decreased by 2.6% to £81,268 g from £83,246 in 2022 (2021: 76,390; 2020: £68,707; 2019: £78,096; 2018: £71,274) partly due to an Estate Management Plan report (£3.065) and Estate Workers training courses (£2,080) in 2022.

5

BRANTWOOD TRUST

MANAGEMENT TRUSTEES’ ANNUAL REPORT (continued) Financial Information (continued)

The net result was an increase in overall funds of 157,415 (2022 increase £40,400; 2021: decrease £58,649; 2020: increase £258,853, 2019: increase £182,415; 2018: decrease £88,428; 2017: increase £11,091; 2016: increase £228,410) made up by an increase in Unrestricted funds of £170,083 (2022: decrease £46,431; 2021: decrease £52,328); 2020: increase £90,132; 2019: decrease £46,947; 2018: decrease £46,685; 2017: decrease £77,582; 2016: increase £37,149), an decrease in Restricted funds of £14,206 (2022: increase £86,658; 2021: decrease £6,321; 2020: increase £126,229; 2019: increase £141,788; 2018: decrease £10,157; 2017: increase £5,267; 2016: increase £183,097), and an increase in the Endowment fund of £1,538 (2022: increase £173; 2021: £nil; 2020: increase £42,492; 2019: increase £87,574; 2018: decrease £6,586; 2017: increase £83,406; 2016: increase £38,164). The Endowment fund’s bank accounts of £163,112 are included in Investments in the Balance Sheet.

Due to the Charity’s objective of maintaining the house and gardens of Brantwood, it is necessary to build up reserves as much as possible so that the Charity is less reliant on large donations and grants. Major projects undertaken at Brantwood have been financed from grants, donations and loans (with no fixed terms of repayment or interest) for those purposes. Once major projects have been completed, it is necessary to continue to maintain them (despite the grants having been used up). Therefore, further increases in reserves are necessary.

The Management Trustees have assessed the major risks to which the Charity is exposed, those related to its operations and finances, and are satisfied that systems are in place to mitigate the exposure to the major risks.

Heritage Assets Management Policy

Brantwood maintains a collection of artefacts, pictures and literature related to John Ruskin. Most of them are on display, while the remainder are held in the archives being maintained as necessary.

Acquisitions are made by purchase or donation. Very rarely, Brantwood disposes of objects from the collection in order to fund new acquisitions where the Management Trustees determine that this does not detract from the integrity of the collection.

The Charity maintains a register for its collection of heritage assets which records the nature, provenance and current location of each asset. The exhibits are managed by the Collection Manager who reports to the Charity's Director. The Director ensures that the exhibits are managed in accordance with policies approved by the Trustees.

Management Trustees

The names of Management Trustees are stated in the Charity Information attached to this Report. The Trustee of the Charity is the Education Trust Ltd.

Staff

The Charity employs staff to care for the exhibits and grounds at Brantwood. In addition, volunteers are used to steward the house. Mr Howard Hull is the Director.

6

BRANTWOOD TRUST

MANAGEMENT TRUSTEES’ ANNUAL REPORT (continued)

Voluntary Assistance

Some voluntary assistance is received by the Charity especially from the Friends of Brantwood.

Connected Charities

Education Trust Limited (Registered number 9049R under the Co-operative & Community Societies Act 2014) is the Trustee of Brantwood Trust and appoints its Management Trustees.

Some of the Management Trustees of Brantwood Trust are also Directors of Education Trust Limited (Registered number 9049R under the Co-operative & Community Societies Act 2014).

By order of the Board of Management Trustees

Charlotte J G Robins Chair

……………….. 2024

7

BRANTWOOD TRUST

STATEMENT OF MANAGEMENT TRUSTEES` RESPONSIBILITIES

The management trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the management trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing financial statements the managerment trustees are required to:

The management trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charitable trust and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and trust deed. They are responsible for safeguarding the assets of the charitable trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

8

BRANTWOOD TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRANTWOOD TRUST

We report on our examination of the accounts of Brantwood Trust for the year ended 31 December 2023.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the "Act") and that an independent examination is needed. The charity’s gross income exceeded £250,000 and we are qualified to undertake the examination under section 145 of the Act by being a qualified member of the Institute of Chartered Accountants in England & Wales.

It is our responsibility to:

Basis of independent examiner's statement

Our examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no material matters have come to our attention which give us cause to believe that, in material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

3.the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Ian R Dalzell MA FCA on behalf of IAN DALZELL LTD Chartered Accountants Broughton Lodge Mews Field Broughton Grange-over-Sands Cumbria LA11 6HL

…........................... 2024

9

BRANTWOOD TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Notes Funds Funds Fund Funds Funds Fund
2023 2023 2023 2023 2022 2022 2022 2022
£ £ £ £ £ £ £ £
Income and Endowments from:
Donations, Grants & Legacies 2 522,374 17,928 - 540,302 214,299 105,703 - 320,002
Charitable Activities
House & Garden Admission Charges 171,430 171,430 140,720 140,720
Takings from Events & Courses 3 6,260 6,260 6,483 6,483
Other Trading Activities
Ground & Building Rents 16,749 16,749 14,014 14,014
Sales of Merchandise 4 38,613 38,613 45,329 45,329
Accommodation Receipts 4 71,501 71,501 70,362 70,362
Investment Income 5 350 1,538 1,888 20 173 193
Total Income 827,277 17,928 1,538 846,743 491,227 105,703 173 597,103
Expenditure on:
Costs of Raising Funds:
Costs Relating to Merchandise Sold 4 (23,883) (23,883) (20,354) (20,354)
Charitable Activities:
Cost of Operating House & Gardens 6 (615,772) (31,734) (647,506) (508,366) (16,834) (525,200)
Artistes' Fees & Events Expenses 3 (17,539) (400) (17,939) (8,938) (2,211) (11,149)
Total Expenditure (657,194) (32,134) - (689,328) (537,658) (19,045) - (556,703)
0
Net Income/(Expenditure) before 170,083 (14,206) 1,538 157,415 (46,431) 86,658 173 40,400
before Gains/Losses on Investments
Net Gains/(Losses) on Investment Assets:
Realised 9 - - - -
Unrealised 9 - - - -
Net Income/(Expenditure) 170,083 (14,206) 1,538 157,415 (46,431) 86,658 173 40,400
Transfers between Funds - - - -
Net Movement in Funds 170,083 (14,206) 1,538 157,415 (46,431) 86,658 173 40,400
Reconciliation of Funds
Fund Balances brought forward 299,193 820,792 671,509 1,791,494 345,624 734,134 671,336 1,751,094
Fund Balances carried forward 469,276 806,586 673,047 1,948,909 299,193 820,792 671,509 1,791,494

The attached Notes form part of these financial statements

10

BRANTWOOD TRUST BALANCE SHEET as at 31 December 2023

BRANTWOOD TRUST
BALANCE SHEET
as at 31 December 2023
2023 2022
Notes £ £
Fixed Assets
Tangible Fixed Assets 8 1,488,485 1,438,534
Investments 9 163,113 161,575
__ __
Total Fixed Assets 1,651,598 1,600,109
======= =======
Current Assets
Stocks 10 14,005 16,011
Debtors 11 224,921 167,578
Cash at Bank and in Hand 12 107,464 77,029
__ __
Total Current Assets 346,390 260,618
Creditors : Amounts falling due within one year 13 (46,936) (64,059)
__ __
Net Current Assets/(Liabilities) 299,454 196,559
======= =======
TOTAL ASSETS LESS CURRENT LIABILITIES 1,951,052 1,796,668
Creditors : Amounts falling due after one year 14 (2,143) (5,174)
__ __
TOTAL ASSETS LESS LIABILITIES 1,948,909 1,791,494
======= =======
Charity Funds
Unrestricted Funds 15 469,276 299,193
Restricted Funds 16 806,586 820,792
Endowment Fund 17 673,047 671,509
__ __
TOTAL CHARITY FUNDS 18 1,948,909 1,791,494
======= =======
Approved by the Board of Management Trustees on ….................... 2024 - -
and signed on its behalf by :

Charlotte J G Robins Chair of Management Trustees

The attached Notes form part of these financial statements

11

BRANTWOOD TRUST CASH FLOW STATEMENT for the year ended 31 December 2023

BRANTWOOD TRUST
CASH FLOW STATEMENT
for the year ended 31 December 2023
2023 2022
Notes £ £
Net Cash Outflow from Operating Activities 18 (374,742) (245,421)
====== ======
Returns on Investments and Servicing of Finance :
Bank Interest Received 350 20
Investment Income Received 1,538 173
Bank Interest Paid (37) (86)
Hire Purchase Interest Paid (479) (149)
_ _
Net Cash Inflow from Returns on Investments and
Servicing of Finance 1,372 (42)
====== ======
Capital Expenditure & Financial Investment :
Payments to Acquire Tangible Fixed Assets (74,878) (57,239)
Receipts from Sales of Tangible Fixed Assets - -
Receipts from Sales of Fixed Asset Investments - -
Receipts from Sales of Fixed Asset Investments (Bank) (1,538) (173)
Movement in Trading Subsidiary Indebtedness (44,247) (25,574)
Net Movement in Cashflows attributable to
Endowment Fund - -
_ _
Net Cash Outflow from Investing Activities (120,663) (82,986)
====== ======
Net Cash Outflow before Financing (494,033) (328,449)
====== ======
Financing :
Donations & Grants Received 540,302 320,002
Hire Purchase Loan Incurred - 8,675
Hire Purchase Loan Repayments (2,825) (676)
Net Movement in Cashflows attributable to
Endowment Fund - -
_ _
Net Cash Inflow from Financing 537,477 328,001
====== ======
Increase/(Decrease) in Cash & Cash Equivalents 19 43,444 (448)
====== ======
- -

The attached Notes form part of these financial statements

12

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

1. Summary of Significant Accounting Policies

General Information and Basis of Preparation

The Charity was formed by an Order of the High Court dated 10 July 1951. The Education Trust Ltd is the Trustee of the Charity and appoints Management Trustees. The address of the registered office is given in the Charity Information on page 3 of this Annual Report. The objectives and nature of the charity's operations and principal activities are described in the Trustees Annual Report.

The Charity constitutes a public benefit entity as defined by FRS102.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2015) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements have been prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these Financial Statements. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements do not consolidate the results of the charity and its wholly owned subsidiary Brantwood Trust Enterprises Ltd because The Charities Act 2011 (as amended by the Charities Act 2011 (Group Accounts) Regulations 2015 (SI2015/322)) has raised the limit of gross income from £500,000 to £1 million.

a) Fund Accounting

Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent those assets which must be held permanently by the Charity, principally investments. Income and capital gains arising on the endowment funds can be used in accordance with the objects of the Charity and are periodically transferred to unrestricted funds. Investment management charges and legal advice relating to the fund are charged against the fund.

b) Income

All income resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.

13

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

1. Accounting Policies (continued)

Income from grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the Charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers (in line with the SORP (FRS102)).

For legacies, entitlement is the earlier of the Charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the Charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the Charity’s right to receive payment is established.

c) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the headings shown in the SOFA.

Governance and Support Costs comprise costs which assist the work of the Charity but do not directly represent charitable activities and include office and travel costs, director's payroll costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity. Where governance and support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities. The costs are disclosed as a separate note because the management of the Charity exerts budgetary control over these costs and not on any basis of allocation. Although some support costs relate to raising restricted donations and grants, they are not allocated against those designated funds or projects.

d) Tangible Fixed Assets & Heritage Assets

Land & Buildings

The land and buildings which comprise the Brantwood estate include the main building and outbuildings, gardens and woodland. The house was built in the late 18th century and had many distinguished owners. Perhaps the most was John Ruskin who purchased it in 1871, made many additions and alterations, and occupied it until his death in 1900. Ruskin also developed the grounds of 250 acres into gardens and woodlands.

The estate and buildings thereon were purchased by J H Whitehouse in the 1930s and he helped to form the Charity in 1951 to care for the property in perpetuity. The property was transferred by a Deed of Appointment dated 28 May 1952 to the trust of The Education Trust Limited (a connected Charity of Brantwood Trust which appoints its Management Trustees). The Education Trust Limited has resolved that it is appropriate for Brantwood Trust to treat the estate and buildings as it own.

14

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

1. Accounting Policies (continued)

Land & Buildings (continued)

The cost of major additions to buildings and the grounds (except the sewerage system) are capitalised in the Balance Sheet. The Charity aims to maintain the property and estate in a steady state of repair. Therefore, no depreciation is charged. The costs of maintenance are charged to the Statement of Financial Activities when incurred.

Exhibits

The Charity has a collection of artefacts, pictures and literature related to John Ruskin which are held in support of the Charity's primary objective of increasing knowledge, understanding and appreciation of John Ruskin.

The Charity's collection of artefacts, pictures and literature is reported in the Balance Sheet at market value or cost (where the acquisition was made after a valuation). Valuations are made by professional valuers (Lyon & Turnbull). Gains and gains and losses on revaluation are recognised in the Statement of Financial Activities. A valuation of the exhibits was carried out in 2009 and this revaluation, plus the cost of additions thereafter is included in the financial statements. Previously, additions to Exhibits prior to 1 January 1990 were not capitalised and from that date additions costing more than £500 have been capitalised.

It is the Charity's policy to maintain and preserve its collection of artefacts, pictures and literature in good order. These costs are charged to the Statement of Financial Activities when incurred. Items in the collection of artefacts, pictures and literature are deemed to have indeterminate lives and the Management Trustees do not consider it appropriate to charge

Acquisitions are made by purchase or donation. Purchases are initially recorded at cost and donations are recorded at current value ascertained by the Charity's curators with reference, where possible, to commercial markets using recent transaction information from auctions.

The Charity's management policy in respect of heritage assets is summarised in the Trustees' Report

The Charity also exhibits some items relating to John Ruskin which are loaned from other collections of artefacts, pictures and literature. These items are not accounted for in the financial statements of the Charity.

Preservation and Conservation Costs

Expenditure which, in the Management Trustees' view, is required to preserve or prevent further deterioration of individual items, including preservation work on land and buildings, is recognised in the Statement of Financial Activities when it is incurred.

Sewerage Plant - 15% per annum reducing balance Fixtures, Fittings, Equipment & Sewerage Works - 15% per annum reducing balance Computer Equipment - 33.3% per annum straight line

Due to ongoing maintenance and their particular historic importance, the valuation of buildings and exhibits is not expected to fall. Therefore, the costs associated with the buildings and exhibits are not depreciated.

15

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

1. Accounting Policies (continued)

16

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

2. Donations, Grants & Legacies Received 2023 2022
a) Unrestricted
:		 £ £
Education Trust (for Cash Flow) 498,000 202,000
SLDC Covid Business Support Grants - 2,667
Gift Aid received 23,772 8,641
Friends of Brantwood - -
Visitors & Others 602 991
_ _
522,374 214,299
====== ======
b) Restricted
:
Baywind Energy (Energy Audit) 2,300 -
Bowland Trust (Annexe Bookshelf) 4,976
Arts Council England (Natural Connections) 1,495 -
R Hewison (for Exhibit) - 250
C Simon (for Exhibit) - 500
S Walker (for Exhibit) - 250
J H Whitehouse Estate (for Exhibit) 1,000 3,000
Victoria & Albert Museum (for Exhibit) - 4,000
Keswick to Barrow Walk (for Defibrillator) (purchased 2023) (178) 1,600
Ruskin Mill Trust (Loft Exhibition) 6,000 -
Friends of Brantwood (for Learning Loft Project) - 1,168
BAE (for Learning Loft Project) 400 -
Farming in Protected Landscapes 1,527 -
Lake District National Park 408 -
Museum Estate and Development Fund Grant (for Sewerage Works) - 94,935
_ _
17,928 105,703
====== ======
c) Total Donations and Grants Received 540,302 320,002
====== ======
3. Events & Courses 2023 2022
£ £
Takings 6,260 6,483
Artistes' Fees & Events Expenses (15,069) (6,244)
_ _
Gross Deficit/(Surplus) (8,809) 239
====== ======
Learning Loft Project Costs (funded by Grants) (400) (2,211)
Learning Loft Project Costs (not funded by Grants) (2,470) (2,694)
_ _
(2,870) (4,905)
====== ======

17

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

4. Trading Operations 2023 2022
£ £
a) Sales of Books, Prints, Gifts & Garden Produce 38,613 45,329
Cost of Sales (23,883) (20,354)
_ _
Gross Profit 38.2% 14,730 55.1% 24,975
====== ======
5. Investment Income 2023 2022
£ £
Bank Interest Received (from Unrestricted Funds) 350 20
Dividends & Interest on Investments (from Endowment Funds) 1,538 173
_ _
1,888 193
====== ======
6. Cost of Operating House & Gardens 2023 2022
£ £
Employees' Salaries & NIC 309,561 259,902
Employer's NIC 15,785 16,447
Employer's Pension Contributions 17,061 11,413
Garden and Building Repairs Sub-Contractors 13,546 10,066
Volunteers' Expenses 6,941 2,291
Marketing & Publicity 24,529 12,258
Project Development - Natural Connections 2,935 6,366
Commission on Admissions 1,777 3,907
Heat & Light 32,217 24,819
Rent of Pier, Rates & Water Charges 2,829 2,633
Insurance & Security 26,747 23,478
Cleaning & Laundry 7,368 7,009
Rented Accommodation Costs 16,753 7,481
Repairs, Renewals & Equipment Hire 43,066 13,319
Estate & Garden Expenses 10,506 13,253
Equipment Depreciation 24,927 19,372
Artefacts Repairs, Exhibitions Renewals & Materials 3,739 4,411
Irrecoverable VAT 5,951 3,349
_ _
566,238 441,774
Governance & Support Costs (see Note 7) 81,268 83,426
_ _
647,506 525,200
====== ======
a) The average number of employees (including Director) during the year was: 21 18

b) No employees earned more than £60,000

18

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

7. Governance & Support Costs 2023 2022
£ £
Director's Salary & NIC 42,826 39,164
Employer's NIC 4,711 4,441
Employer's Pension Contributions 4,000 4,000
Director's Accommodation Costs 2,149 2,050
Telecommunications 5,271 5,164
Subscriptions, Licences, Staff Training & Courses 1,768 9,384
Job Advertising & Staff Hiring Costs 75 63
Computer Consultancy & Maintenance 6,848 7,339
General Office & Sundry Expenses 5,709 4,949
Credit Card Charges 2,122 2,500
Bank Charges 451 426
Bank Interest 37 86
Hire Purchase Interest 479 149
Motor & Travelling Expenses 2,884 1,711
Trustees' Expenses 38 -
Independent Examiners Fees 1,900 2,000
_ _
81,268 83,426
====== ======

19

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

8. Fixed Tangible Assets comprise :

Fixed Tangible Assetscomprise :
Buildings Grounds & Exhibits Fixtures, Total
Sewerage Fittings &
Plant Equipment
£ £ £ £ £
Cost & Valuations :
At Start adjusted 680,385 194,431 511,956 349,353 1,736,125
Disposals at cost - - - - -
Additions at cost 6,815 60,378 1,000 6,685 74,878
_ _ _ _ _
At End 687,200 254,809 512,956 356,038 1,811,003
====== ====== ====== ====== ======
Aggregate Depreciation :
To Start - 7,514 - 290,077 297,591
Eliminated in respect of Disposals - - - - -
Charge for year - 12,835 - 12,092 24,927
_ _ _ _ _
To End - 20,349 - 302,169 322,518
====== ====== ====== ====== ======
Net Book Value :
At Start 680,385 194,431 511,956 59,276 1,438,534
====== ====== ====== ====== ======
At End 687,200 234,460 512,956 53,869 1,488,485
====== ====== ====== ====== ======

As stated in Note 1d), the land and buildings are treated as assets of Brantwood Trust. The original acquisition does not have a historical cost and, due to its historic nature and background (and listed status) as a heritage asset.

Five year financial summary of heritage (exhibits) asset transactions:

Five year financial summary of heritage (exhibits) asset transactions:
Cost or Valuation
At start of year
Additions
Donations
Revaluation surplus
Disposals
At end of year		 2023
2022
2021
2020
2019
£
£
£
£
£
511,956
503,956
496,900
469,881
354,710
1,000
8,000
7,056
27,019
115,171
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
512,956
511,956
503,956
496,900
469,881

The exhibits were revalued in Summer 2009 by professional valuers (Lyon & Turnbull) at £338,120. The revaluation surplus was added to the Endowment Fund.

surplus was added to the Endowment Fund.
2023 2022 2021 2020 2019
Additions at cost since the valuation: £ £ £ £ £
Painting of W G Collingwood 8,000
Furniture for House 7,433
Geology Collection 27,019 114,763
Books 408
Paintings for House 1,000

No disposals have taken place since the valuation.

The above information relates only to transactions in artefacts, pictures and literature.

20

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

9. Fixed Tangible Investmentscomprise : Fixed Tangible Investmentscomprise : 2023 2022
£ £
Listed Investment Trusts & Shares
 :
Cost at Start - -
Unrealised Gains to Start - -
_ _
Market Value at Start - -
Additions at Cost
Disposal Proceeds - -
Realised Gains/(Losses) in Year - -
Unrealised Gains/(Losses) in Year - -
_ _
Market Value at End - -
====== ======
Bank Deposit 163,112 161,574
====== ======
Total Cost at End 163,112 161,574
======= =======
Total Market Value at End 163,112 161,574
======= =======
Unlisted Shares:
Investment in Subsidiary 1 1
======= =======

The Charity owns all the share capital of a trading subsidiary company which operates the restaurant at Brantwood. Brantwood Trust Enterprises Ltd - registered in England number 09397946.

The accounts of the subsidiary are not consolidated into these accounts because the gross income of the charity and subsidiary is less than £1million.

**10. ** Stockscomprise : 2023 2022
£ £
Books 5,680 7,966
Gifts & Post Cards 8,325 8,045
_ _
14,005 16,011
====== ======
**11. ** Debtorscomprise : 2023 2022
£ £
Trade Debtors 11,454 960
Other Debtors :
Gift Aid Due 363 -
VAT Refund Due 6,129 4,522
Trading Subsidiary 204,169 159,922
Prepayments 2,806 2,174
_ _
224,921 167,578
====== ======

21

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

**12. ** Cash at Bank and in Handcomprises : 2023 2022
£ £
Managers` Accounts 106,623 74,237
Cash 841 2,792
_ _
107,464 77,029
====== ======
**13. ** Creditors : Amounts falling due within one yearcomprise : 2023 2022
£ £
Bank Overdraft - Managers` Account & Credit Card 5,134 18,143
Trade Creditors 14,486 21,277
Deposits Received for Wedding Bookings & Concerts 5,069 7,980
Loan from Education Trust for Cash Flow Purposes - -
Rents Received in Advance 2,248 -
Monies Collected for Friends of Brantwood 1,622 1,465
Other Creditors :
PAYE & NIC 8,851 7,487
VAT - 1,258
Accruals 6,495 3,624
Amounts due on Hire Purchase Agreement (due within one year) 3,031 2,825
_ _
46,936 64,059
====== ======
Accruals
Amounts due on Hire Purchase Agreement (due within one year)		 6,495
3,031
_
46,936
======		 3,624
2,825
_
64,059
======
The Loans from Bowland Charitable Trust and Education Trust had no fixed term for repayment and are interest free.
**14. ** Creditors : Amounts falling due after one yearcomprise : 2023 2022
£ £
Amounts due on Hire Purchase Agreement (due within 5 years) 2,143 5,174
_ _
2,143 5,174
====== ======
**15. ** Unrestricted Funds 2023 2022
£ £
Balance at Start 299,193 345,624
Movement in funds for the year 170,083 (46,431)
_ _
Balance at End 469,276 299,193
====== ======

22

BRANTWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

16. Restricted Funds

Restricted Funds
Grounds &
Sewerage
Buildings Plant Exhibits Equipment Projects Total
£ £ £
£		 £ £
At 31-12-21 325,134 86,366 173,385 39,423 109,826 734,134
Grants & Donations received in 2022 105,703 105,703
Costs Incurred - 26,803 8,000 - (43,524) (8,721)
Depreciation (4,020) (6,304) (10,324)
_ _ _ _ _ _
At 31-12-22 325,134 109,149 181,385 33,119 172,005 820,792
Grants & Donations received in 2023 18,106 18,106
Transfer to General Donations (178) (178)
Costs Incurred 59,458 1,000 6,398 (80,427) (13,571)
Depreciation (12,336) (6,227) (18,563)
_ _ _ _ _ _
325,134 156,271 182,385 33,290 109,506 806,586
====== ====== ======
======		 ====== ======

The Buildings, Grounds and Exhibits Funds arise from grants and donations to the Charity which have enabled it to make major alterations to the buildings or grounds at Brantwood or purchase exhibits for Brantwood.

The Equipment Fund arises from grants and donations to the Charity which are used to purchase equipment and motor vehicles for use by the Charity. This equipment and vehicles are depreciated and a transfer is made from the Fund each year to Unrestricted Funds so as to write off the Fund balance at the same rate as the underlying assets.

The Projects Fund arises from grants and donations to the Charity for specific purposes. When these purposes have been fulfilled (including incurring costs and expenses), the funds are transferred to Unrestricted Funds so as to reduce the costs and expenses incurred by that Fund for that purpose.

Grants received which have not yet been fully spent are as follows (shown above as carried forward in Projects):

2023 2022
£ £
Natural Connection - 1,441
Building Conservation 100 100
Sewerage Work 8,674 68,132
Defibrillator - 1,600
Arts Council Recovery Fund 100,732 100,732
__ __
109,506 172,005
======= =======
**17. ** Endowment Fund 2023 2022
£ £
Balance at Start 671,509 671,336
Surplus for Year on Income 1,538 173
Realised Gain/(Loss) on Disposals of Investments in year - -
Unrealised (Deficit)/Surplus for year on Investments - -
Transfer to Unrestricted Funds - -
__ __
673,047 671,509
======= =======

23

BRANTWOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

18. Analysis of Net Assets between Funds

**18. ** Analysis of Net Assets between Funds Analysis of Net Assets between Funds
Unrestricted RestrictedEndowment Total
Funds Funds Fund Funds
£ £ £ £
Tangible Fixed Assets 281,470 697,080 509,935 1,488,485
Tangible Investment Assets 1 - 163,112 163,113
Cash at Bank and in Hand (less Overdraft & Credit Card) (7,176) 109,506 - 102,330
Other Current Assets 238,926 - - 238,926
Current Liabilities (exc Overdraft & Credit Card) (41,802) - - (41,802)
Longer Term Liabilities (2,143) - - (2,143)
_ _ _ _
469,276 806,586 673,047 1,948,909
====== ====== ====== ======
**19. ** Net Cash Inflow/(Outflow) from Operating Activities 2023 2022
£ £
Net Incoming Resources 157,415 40,400
Depreciation 24,927 19,372
(Increase)/Decrease in Stocks 2,006 2,078
(Increase) in Debtors (13,096) (51)
Increase/(Decrease) in Creditors (4,320) 12,740
Investment Income (1,888) (193)
Donations & Grants Received (540,302) (320,002)
Bank Interest Paid 37 86
Hire Purchase Interest Paid 479 149
_ _
Net Cash (Outflow) from Operating Activities (374,742) (245,421)
====== ======
**20. ** Cash & Cash Equivalents 2023 2022
£ £
a) Managers & Café Accounts
Balances at Start 56,094 56,475
Net Cash Inflow/(Outflow) in year 45,395 (381)
_ _
Balances at End 101,489 56,094
====== ======
b) Cash
Balance at Start 2,792 2,859
Net Cash Inflow/(Outflow) in year (1,951) (67)
_ _
Balance at End 841 2,792
====== ======
c) Total
Balance at Start 58,886 59,334
Net Cash Inflow/(Outflow) in year 43,444 (448)
_ _
Balance at End 102,330 58,886
====== ======

24

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023

21. Transactions with Trustees and Connected Persons

The Management Trustees neither received nor waived any remuneration during the year (2021: £nil).

The Charity did not pay for accommodation or travel for Management Trustees attending trustees' meetings.

22. Connected Charities

The following Charity is the Trustee of Brantwood and appoints its Management Trustees. Some of the directors are also Management Trustees of Brantwood :

Education Trust Limited

23. Other Work by Independent Examiner

In common with many other entities of our size and nature we use our independent examiner to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. When required, they also install, maintain and instruct us in the use of book-keeping and payroll computer software and also perform relief book-keeping services. They also assist in the appointment of book-keeping staff.

25