2024-12-31-accounts

BRANTWOOD TRUST

ANNUAL REPORT & FINANCIAL STATEMENTS for the year ended 31 December 2024

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 2024

CONTENTS

Page

• 3 Charity Information 4 Management Trustees’ Annual Report 9 Statement of Management Trustees Responsibilities 10 Independent Examiners Report 11 Statement of Financial Activities 12 Balance Sheet 13 Cash Flow Statement 14 Notes to the Financial Statements

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) 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 CONISTON Cumbria LA21 8AD Telephone: [phone] Bankers: 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 2024. 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

• as a permanent memorial to John Ruskin and as a museum, to which members of the public shall have access, containing collections of drawings, books and objects of interest connected with John Ruskin

• as a place of study and recreation for members of universities, colleges and other places of education and such other members of the public as may from time to time be approved by the Management Trustees .

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 2024. The house, gardens, café and estate were open to the public, with free admission for children, throughout the year. Rental holiday accommodation was also offered. Part two of the installation of a new septic treatment and reed bed was completed, fulfilling a requirement of 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 Lawrence Hilliard (artist and Ruskin’s secretary), Frances Hatch (following a residency), Gerry Davies (Mr Ruskin, One Day Someone Will Scuba Dive over your House), and ‘Emissaries of the Land’ a hanging of Kurt Schwitters, John Ruskin & Derek Hyatt, presented in collaboration with the Michael Richardson Gallery, London. The summer show was on Ruskin and Shells, curated by Sandra Kemp, the final in a series of exhibitions on Ruskin and Science in collaboration with Lancaster University and the Royal Society.

4

BRANTWOOD TRUST

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

The new Art Library in the reading room was further enhanced with the donation of a collection of books specialising in 19[th] century watercolour, formerly belonging to Michael Cosgrove. The Collection continued to be displayed as fully as was consistent with good conservation practice. Five minerals from the collection of Ruskin’s minerals were loaned to the Huntington, California, for the exhibition ‘Storm Cloud’.

The education programme had a busy year in the Estate Discovery Centre, welcoming over 400 children for nature-based activities based on Ruskin-inspired learning.

In addition to recently becoming an RHS Partner Garden, the gardens were recognised by the Plant Heritage Association for their National Collection of Wisteria. Members of the British Pteridological Society assisted in the moving and new planting of historic fern collections to the area near the pond. In the same area, outdoor learning facilities were created by the very dedicated team of garden volunteers. In the Autumn a series of bioluminescence estate walks were held at night. The Illyria Theatre Company performed Romeo and Juliet and The Hound of the Baskervilles in the meadow.

In January Brantwood welcomed singer-composer Jessica Dandy as its first composer in residence. Drawing Room concerts by Anthony Hewitt and Martin Roscoe headlined our Winter Concerts series. Brantwood also participated as a venue in the Ulverston Music Festival and the Lake District Summer Music Festival.

The 10th and final Ruskin To-Day Brantwood London Lecture ‘One Haunting Conception’ was delivered at the Warburg Institute by Christine Riding, Director of Collections at the National Gallery. Hereafter the lecture is to be delivered at Brantwood.

Financial Information

The results of the Charity’s activities are contained in the attached financial statements. Key figures are as follows:

	Visitor	Admission	Shop	Accomm.	Unrestricted	Gift Aid	Restricted
	Numbers	Receipts	Sales	Receipts	Grants &	Receipts	Grants
			(profit margin)		Donations
					(exc Gift Aid)
2024	16,589	£192,321	£40,995 (44.9%)	£81,739	£377,788	£32,327	£78,348
2023	13,903	£171,430	£38,613 (38.2%)	£71,501	£498,602	£23,772	£17,928
2022	16,106	£140,720	£45,329 (55.1%)	£73,677	£206,658	£8,641	£105,703
2021	15,766	£109,234	£39,176 (55.5%)	£32,474	£116,168	£10,379	£29,953
2020	(Covid!) 4,302	£24,601	£6,112 (69.0%)	£70,381	£257,203	£3,675	£228,228
2019	27,526	£175,036	£75,736 (40.9%)	£54,069	£6,281	£13,355	£169,856
2018	23,354	£127,642	£59,770 (52.7%)	£54,560	£4,908	£10,035	£11,144
2017	23,148	£133,252	£54,451 (44.7%)	£56,517	£4,637	£10,442	£25,815

As can be seen above, visitor numbers were higher in 2024 than in 2023 as were admission receipts by 12.2% (which include those to the grounds and gardens). Shop sales were also higher in 2024 by 6.2% than in 2023 (and the gross profit margin on those sales was also higher). Accommodation receipts have been higher since 2019 due to additional accommodation being available and, although there were Covid-19 restrictions from March 2020 to March 2022, travel to and from the UK was restricted in those periods. Hence the fall in receipts in 2021.

The large grants and donations in 2022 to 2024 were due to substantial donations from the Education Trust to assist with cash flow (2024: £360,000; 2023: £498,000; 2022: £202,000).

5

BRANTWOOD TRUST

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

Gift Aid receipts mainly derive from those made by visitors agreeing to include a Gift Aid donation with their admission charges.

Restricted Grants included £75,948 (2023: £nil; 2022: £94.935) from the Museum Estate & Development Fund to finance essential sewerage works which were carried out in 2022 to 2024.

Key costs and expenses have been as follows:

	Cost of Operating	Employee	Governance &
	House & Garden	Costs	Support Costs
	(excluding Employee
	Costs)
2024	£193,413	£431,340	£95,794
2023	£223,831	£342,407	£81,268
2022	£154,022	£287,752	£83,426
2021	£148,857	£214,791	£76,390
2020	£101,941	£182,399	£68,707
2019	£157,711	£177,043	£78,096
2018	£122,010	£153,760	£71,274
2017	£121,167	£159,285	£72,781

The Cost of Operating the House & Gardens (excluding employee costs) decreased in 2024 by 13.6%. This was mainly due to lower marketing and publicity costs and lower repair costs (but there was a credit from garden sub-contracting which was an adjustment from 2023). The cost of Insurance increased as did Depreciation (mainly due to the new sewerage equipment).

Even though there was one less employee in 2024 than in 2023 (2024: 20; 2023: 21), Employee Costs increased by 26%.

As well as the increase in the Director’s salary from £42,826 to £47,035, in Governance & Support costs, the cost of Telecommunications increased in 2024 by 126% to £11,915.

Net Incomes (with Deficits in brackets) have been as follows:

	Unrestricted	Restricted	Endowment	Total
	Funds	Funds	Fund	Funds
2024	£31,083	£47,354	£2,454	£80,891
2023	£170,083	(£14,206)	£1,538	£157,415
2022	(£46,431)	£86,658	£173	£40,400
2021	(£53,328)	(£6,321)	£nil	(£58,649)
2020	£90,132	£126,229	£42,492	£219,142
2019	(£46,947)	£141,788	£5,183	£100,024

The above figures do not include transfers to Unrestricted Funds from Restricted Funds in 2024 of £100,732 and transfers to Unrestricted Funds from Endowment Fund in 2020 of £299,000.

The Funds Balances are shown in the Balance Sheet with the analyses in Notes 15 to 18.

6

BRANTWOOD TRUST

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

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 currently are satisfied that systems are in place to mitigate the exposure to the major risks. However, given the current financial pressures and the seemingly permanent reduction in visitor numbers since the Covid-19 pandemic, discussions have been taking place and avenues are being explored urgently to ensure a viable future for Brantwood.

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.

Voluntary Assistance

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

7

BRANTWOOD TRUST

MANAGEMENT TRUSTEES’ ANNUAL REPORT (continued)

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

……………….. 2025

8

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 management trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2015 (FRS102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable trust will continue in operation.

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.

9

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 2024.

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:

• examine the accounts under section 145 of the Act;

• follow the procedures laid down in the general Directions given by the Charity Commission under section 14(5)(b) of the Act; and

• state whether particular matters have come to our attention.

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

…........................... 2025

10

BRANTWOOD TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024

		Unrestricted	Restricted	Endowment	Total	Unrestricted	Restricted	Endowment	Total
	Notes	Funds	Funds	Fund		Funds	Funds	Fund
		2024	2024	2024	2024	2023	2023	2023	2023
		£	£	£	£	£	£	£	£
Income and Endowments from:
Donations, Grants & Legacies	2	410,115	78,348	-	488,463	522,374	17,928	-	540,302
Charitable Activities
House & Garden Admission Charges		192,321			192,321	171,430			171,430
Takings from Events & Courses	3	9,812			9,812	6,260			6,260
Other Trading Activities
Ground & Building Rents		14,588			14,588	16,749			16,749
Sales of Merchandise	4	40,995			40,995	38,613			38,613
Accommodation Receipts	4	81,739			81,739	71,501			71,501
Investment Income	5	1,263		2,454	3,717	350		1,538	1,888
Total Income		750,833	78,348	2,454	831,635	827,277	17,928	1,538	846,743
Expenditure on:
Costs of Raising Funds:
Costs Relating to Merchandise Sold	4	(22,608)			(22,608)	(23,883)			(23,883)
Charitable Activities:
Cost of Operating House & Gardens	6	(689,553)	(30,994)		(720,547)	(615,772)	(31,734)		(647,506)
Artistes' Fees & Events Expenses	3	(7,589)	-		(7,589)	(17,539)	(400)		(17,939)
Total Expenditure		(719,750)	(30,994)	-	(750,744)	(657,194)	(32,134)	-	(689,328)
Net Income/(Expenditure) before		31,083	47,354	2,454	80,891	170,083	(14,206)	1,538	157,415
before Gains/Losses on Investments
Net Gains/(Losses) on Investment Assets:
Realised	9			-	-			-	-
Unrealised	9			-	-			-	-
Net Income/(Expenditure)		31,083	47,354	2,454	80,891	170,083	(14,206)	1,538	157,415
Transfers between Funds		100,732	(100,732)		-	-			-
Net Movement in Funds		131,815	(53,378)	2,454	80,891	170,083	(14,206)	1,538	157,415
Reconciliation of Funds
Fund Balances brought forward		469,276	806,586	673,047	1,948,909	299,193	820,792	671,509	1,791,494
Fund Balances carried forward		601,091	753,208	675,501	2,029,800	469,276	806,586	673,047	1,948,909

The attached Notes form part of these financial statements

11

BRANTWOOD TRUST BALANCE SHEET as at 31 December 2024

BRANTWOOD TRUST BALANCE SHEET as at 31 December 2024
		2024	2023
	Notes	£	£
Fixed Assets
Tangible Fixed Assets	8	1,612,753	1,488,485
Investments	9	165,567	163,113
		__	__
Total Fixed Assets		1,778,320	1,651,598
		=======	=======
Current Assets
Stocks	10	14,798	14,005
Debtors	11	268,168	224,921
Cash at Bank and in Hand	12	23,526	107,464
		__	__
Total Current Assets		306,492	346,390
Creditors : Amounts falling due within one year	13	(38,997)	(46,936)
		__	__
Net Current Assets/(Liabilities)		267,495	299,454
		=======	=======
TOTAL ASSETS LESS CURRENT LIABILITIES		2,045,815	1,951,052
Creditors : Amounts falling due after one year	14	(16,015)	(2,143)
		__	__
TOTAL ASSETS LESS LIABILITIES		2,029,800	1,948,909
		=======	=======
Charity Funds
Unrestricted Funds	15	601,091	469,276
Restricted Funds	16	753,208	806,586
Endowment Fund	17	675,501	673,047
		__	__
TOTAL CHARITY FUNDS	18	2,029,800	1,948,909
		=======	=======
Approved by the Board of Management Trustees on ….................... 2025		-	-
and signed on its behalf by :

Charlotte J G Robins Chair of Management Trustees

The attached Notes form part of these financial statements

12

BRANTWOOD TRUST CASH FLOW STATEMENT for the year ended 31 December 2024

BRANTWOOD TRUST CASH FLOW STATEMENT for the year ended 31 December 2024
		2024	2023
	Notes	£	£
Net Cash Outflow from Operating Activities	19	(366,457)	(374,742)
		======	======
Returns on Investments and Servicing of Finance :
Bank Interest Received		1,263	350
Investment Income Received		2,454	1,538
Bank Interest Paid		(9)	(37)
Hire Purchase Interest Paid		(1,045)	(479)
		_	_
Net Cash Inflow from Returns on Investments and
Servicing of Finance		2,663	1,372
		======	======
Capital Expenditure & Financial Investment :
Payments to Acquire Tangible Fixed Assets		(165,793)	(74,878)
Receipts from Sales of Tangible Fixed Assets		2,500	-
Receipts from Sales of Fixed Asset Investments		-	-
Receipts from Sales of Fixed Asset Investments (Bank)		(2,454)	(1,538)
Movement in Trading Subsidiary Indebtedness		(57,902)	(44,247)
Net Movement in Cashflows attributable to
Endowment Fund		-	-
		_	_
Net Cash Outflow from Investing Activities		(223,649)	(120,663)
		======	======
Net Cash Outflow before Financing		(587,443)	(494,033)
		======	======
Financing :
Donations & Grants Received		488,463	540,302
Hire Purchase Loan Incurred		21,500	-
Hire Purchase Loan Repayments		(4,504)	(2,825)
Net Movement in Cashflows attributable to
Endowment Fund		-	-
		_	_
Net Cash Inflow from Financing		505,459	537,477
		======	======
Increase/(Decrease) in Cash & Cash Equivalents	20	(81,984)	43,444
		======	======
		-	-

The attached Notes form part of these financial statements

13

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024

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

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.

14

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

1. Accounting Policies (continued)

• b) Income (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.

15

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

1. Accounting Policies (continued)

• d) Tangible Fixed Assets & Heritage Assets (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

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 depreciation.

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.

• e) Depreciation is provided on certain tangible fixed assets so as to write off the cost less scrap value over their estimated useful lives. The following rates and methods are used :

• Sewerage Plant - 15% per annum reducing balance Fixtures, Fittings, Equipment & Serwerage 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.

• f) All Investments are stated at market value. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

• g) Foreign Currencies. Transactions in foreign currencies are translated into sterling at the rate ruling at the date the transaction is settled.

16

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

1. Accounting Policies (continued)

• h) Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

• i) Pension Scheme. The Charity operates a defined contribution pension scheme for certain employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension charge represents contributions payable by the Charity to the scheme.

• j) Leases & Hire Purchase Obligations Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Interest on finance leases and hire purchase obligations is charged to the profit and loss account over the period of the agreement and represents a constant proportion of the balance of capital repayments outstanding. Rentals on operating leases are charged directly to the profit and loss account in the period they are incurred.

• k) Value Added Tax. Since 01/01/2016 the Charity has only been able to claim Input Tax using the "partial exemption" rules. This is because it has been agreed with HMRC that Admission Fees and Education Courses Income are exempt from VAT. The irrecoverable VAT on additions to tangible fixed assets is added to the cost of those additions. Irrecoverable VAT on expenses has been allocated to the cost of operating the house and gardens as this is the major area where it arises.

• l) Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

• m) Going Concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

17

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

2.	Donations, Grants & Legacies Received	2024	2023
a)	Unrestricted :	£	£
	Education Trust (for Cash Flow)	360,000	498,000
	BAE (Community Investment Fund)	2,000
	SLDC Covid Business Support Grants	-	-
	Gift Aid received	32,327	23,772
	Friends of Brantwood	14,900	-
	Visitors & Others	888	602
		_	_
		410,115	522,374
		======	======
b)	Restricted :
	Baywind Energy (Energy Audit)	-	2,300
	Bowland Trust (Annexe Bookshelf)	24	4,976
	Bowland Trust (Visitor Experience)	2,318	-
	Arts Council England (Natural Connections)	-	1,495
	J H Whitehouse Estate (for Exhibit)	-	1,000
	Keswick to Barrow Walk (for Defribillator) (purchased 2023)	-	(178)
	Ruskin Mill Trust (Loft Exhibition)	-	6,000
	BAE (for Learning Loft Project)	-	400
	Farming in Protected Landscapes	-	1,527
	Lake District National Park	-	408
	Garden Donations	58	-
	Museum Estate and Development Fund Grant (for Sewerage Works)	75,948	-
		_	_
		78,348	17,928
		======	======
c)	Total Donations and Grants Received	488,463	540,302
		======	======
3.	Events & Courses	2024	2023
		£	£
	Takings	9,812	6,260
	Artistes' Fees & Events Expenses	(7,589)	(15,069)
		_	_
	Gross Deficit/(Surplus)	2,223	(8,809)
		======	======
	Learning Loft Project Costs (funded by Grants)	-	(400)
	Learning Loft Project Costs (not funded by Grants)	-	(2,470)
		_	_
		-	(2,870)
		======	======

18

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

4.	Trading Operations		2024		2023
			£		£
a)	Sales of Books, Prints, Gifts & Garden Produce		40,995		38,613
	Cost of Sales		(22,608)		(23,883)
			_		_
	Gross Profit	44.9%	18,387	38.2%	14,730
			======		======
5.	Investment Income		2024		2023
			£		£
	Bank Interest Received (from Unrestricted Funds)		1,263		350
	Dividends & Interest on Investments (from Endowment Funds)		2,454		1,538
			_		_
			3,717		1,888
			======		======
6.	Cost of Operating House & Gardens		2024		2023
			£		£
	Employees' Salaries & NIC		384,844		309,561
	Employer's NIC		25,483		15,785
	Employer's Pension Contributions		21,013		17,061
	Garden and Building Repairs Sub-Contractors (2024 Credit from 2023)		(5,720)		13,546
	Volunteers' Expenses		9,177		6,941
	Marketing & Publicity		10,363		24,529
	Project Development - Natural Connections		-		2,935
	Commission on Admissions		1,740		1,777
	Heat & Light		39,369		32,217
	Rent of Pier, Rates & Water Charges		2,196		2,829
	Insurance & Security		36,671		26,747
	Cleaning & Laundry		9,645		7,368
	Rented Accommodation Costs		10,720		16,753
	Repairs, Renewals & Equipment Hire		22,850		43,066
	Estate & Garden Expenses		11,126		10,506
	Equipment Depreciation		39,024		24,927
	Artefacts Repairs, Exhibitions Renewals & Materials		2,713		3,739
	Irrecoverable VAT		3,539		5,951
			_		_
			624,753		566,238
	Governance & Support Costs (see Note 7)		95,794		81,268
			_		_
			720,547		647,506
			======		======
a)	The average number of employees (including Director) during the year wa		20		21
b)	No employees earned more than £60,000

19

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

7.	Governance & Support Costs	2024	2023
		£	£
	Director's Salary & NIC	47,035	42,826
	Employer's NIC	5,244	4,711
	Employer's Pension Contributions	4,000	4,000
	Director's Accommodation Costs	2,546	2,149
	Telecommunications	11,915	5,271
	Subscriptions, Licences, Staff Training & Courses	3,822	1,768
	Job Advertising & Staff Hiring Costs	-	75
	Computer Consultancy & Maintenance	7,878	6,848
	General Office & Sundry Expenses	5,516	5,709
	Credit Card Charges	2,132	2,122
	Bank Charges	335	451
	Bank Interest	9	37
	Hire Purchase Interest	1,045	479
	Motor & Travelling Expenses	2,417	2,884
	Trustees' Expenses	-	38
	Independent Examiners Fees	1,900	1,900
		_	_
		95,794	81,268
		======	======

20

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

8. Fixed Tangible Assets comprise :

Fixed Tangible Assetscomprise :
	Buildings	Grounds &	Exhibits	Fixtures,	Total
		Sewerage		Fittings &
		Plant		Equipment
	£	£	£	£	£
Cost & Valuations :
At Start adjusted	687,200	254,809	512,956	356,038	1,811,003
Disposals at cost	-	-	-	-	-
Additions at cost	-	136,321	3,030	26,442	165,793
	_	_	_	_	_
At End	687,200	391,130	515,986	382,480	1,976,796
	======	======	======	======	======
Aggregate Depreciation :
To Start	-	20,349	-	302,169	322,518
Eliminated in respect of Disposals	-	-	-	-	-
Charge for year	-	31,359	-	10,166	41,525
	_	_	_	_	_
To End	-	51,708	-	312,335	364,043
	======	======	======	======	======
Net Book Value :
At Start	687,200	234,460	512,956	53,869	1,488,485
	======	======	======	======	======
At End	687,200	339,422	515,986	70,145	1,612,753
	======	======	======	======	======

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:

Cost or Valuation At start of year Additions Donations Revaluation surplus Disposals At end of year	2024 2023 2022 2021 2020 £ £ £ £ £ 512,956 511,956 503,956 496,900 469,881 3,030 1,000 8,000 7,056 27,019 - - - - - - - - - - - -
	515,986 512,956 511,956 503,956 496,900

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

	2024	2023	2022	2021	2020
Additions at cost since the valuation:	£	£	£	£	£
Painting of W G Collingwood			8,000
Furniture for House				7,433
Geology Collection					27,019
Paintings for House		1,000
Stained Glass Panels for The Eyrie	2,680
Wisteria Paintings	350
No disposals have taken place since the valuation.
The above information relates only to transactions in artefacts,		pictures and	literature.

21

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

9.	Fixed Tangible Investmentscomprise :	Fixed Tangible Investmentscomprise :	2024	2023
			£	£
	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		165,566	163,112
			======	======
	Total Cost at End		165,566	163,112
			=======	=======
	Total Market Value at End		165,566	163,112
			=======	=======
	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 :	2024	2023
		£	£
	Books	6,592	5,680
	Gifts & Post Cards	8,206	8,325
		_	_
		14,798	14,005
		======	======
**11. **	Debtorscomprise :	2024	2023
		£	£
	Trade Debtors	678	11,454
	Other Debtors :
	Gift Aid Due	-	363
	VAT Refund Due	2,875	6,129
	Trading Subsidiary	262,071	204,169
	Prepayments	2,544	2,806
		_	_
		268,168	224,921
		======	======

22

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

**12. **	Cash at Bank and in Handcomprises :	2024	2023
		£	£
	Managers` Accounts	22,586	106,623
	Cash	940	841
		_	_
		23,526	107,464
		======	======
**13. **	Creditors : Amounts falling due within one yearcomprise :	2024	2023
		£	£
	Bank Overdraft - Managers` Account & Credit Card	3,180	5,134
	Trade Creditors	5,539	14,486
	Deposits Received for Wedding Bookings & Concerts	3,650	5,069
	Loan from Education Trust for Cash Flow Purposes	-	-
	Rents Received in Advance	2,165	2,248
	Monies Collected for Friends of Brantwood	3,443	1,622
	Other Creditors :
	PAYE & NIC	9,060	8,851
	VAT	-	-
	Accruals	5,805	6,495
	Amounts due on Hire Purchase Agreement (due within one year)	6,155	3,031
		_	_
		38,997	46,936
		======	======
	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 :	2024	2023
		£	£
	Amounts due on Hire Purchase Agreement (due within 5 years)	16,015	2,143
		_	_
		16,015	2,143
		======	======
**15. **	Unrestricted Funds	2024	2023
		£	£
	Balance at Start	469,276	299,193
	Movement in funds for the year	131,815	170,083
		_	_
	Balance at End	601,091	469,276
		======	======

23

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

16. Restricted Funds

Restricted Funds
		Grounds &
		Sewerage
	Buildings	Plant	Exhibits	Equipment	Projects	Total
	£	£	£	£	£	£
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)
	_	_	_	_	_	_
At 31-12-23	325,134	156,271	182,385	33,290	109,506	806,586
Grants & Donations received in	2024				78,348	78,348
Transfer to General Donations					(100,732)	(100,732)
Costs Incurred		84,622			(87,022)	(2,400)
Depreciation		(23,178)		(5,416)		(28,594)
	_	_	_	_	_	_
At 31-12-24	325,134	217,715	182,385	27,874	100	753,208
	======	======	======	======	======	======

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):

		2024	2023
		£	£
	Natural Connection	-	-
	Building Conservation	100	100
	Sewerage Work	-	8,674
	Defibrillator	-	-
	Arts Council Recovery Fund	-	100,732
		__	__
		100	109,506
		=======	=======
**17. **	Endowment Fund	2024	2023
		£	£
	Balance at Start	673,047	671,509
	Surplus for Year on Income	2,454	1,538
	Realised Gain/(Loss) on Disposals of Investments in year	-	-
	Unrealised (Deficit)/Surplus for year on Investments	-	-
	Transfer to Unrestricted Funds	-	-
		__	__
		675,501	673,047
		=======	=======

24

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

18. Analysis of Net Assets between Funds

**18. **	Analysis of Net Assets between Funds
		Unrestricted	Restricted	Endowment	Total
		Funds	Funds	Fund	Funds
		£	£	£	£
	Tangible Fixed Assets	349,710	753,108	509,935	1,612,753
	Tangible Investment Assets	1	-	165,566	165,567
	Cash at Bank and in Hand (less Overdraft & Credit Card)	20,246	100	-	20,346
	Other Current Assets	282,966	-	-	282,966
	Current Liabilities (exc Overdraft & Credit Card)	(35,817)	-	-	(35,817)
	Longer Term Liabilities	(16,015)	-	-	(16,015)
		_	_	_	_
		601,091	753,208	675,501	2,029,800
		======	======	======	======
**19. **	Net Cash Inflow/(Outflow) from Operating Activities		2024		2023
			£		£
	Net Incoming Resources		80,891		157,415
	Depreciation		39,024		24,927
	(Increase)/Decrease in Stocks		(793)		2,006
	(Increase) in Debtors		14,655		(13,096)
	Increase/(Decrease) in Creditors		(9,108)		(4,320)
	Investment Income		(3,717)		(1,888)
	Donations & Grants Received		(488,463)		(540,302)
	Bank Interest Paid		9		37
	Hire Purchase Inerest Paid		1,045		479
			_		_
	Net Cash (Outflow) from Operating Activities		(366,457)		(374,742)
			======		======
**20. **	Cash & Cash Equivalents		2024		2023
			£		£
a)	Managers & Café Accounts
	Balances at Start		101,489		56,094
	Net Cash Inflow/(Outflow) in year		(82,083)		45,395
			_		_
	Balances at End		19,406		101,489
			======		======
b)	Cash
	Balance at Start		841		2,792
	Net Cash Inflow/(Outflow) in year		99		(1,951)
			_		_
	Balance at End		940		841
			======		======
c)	Total
	Balance at Start		102,330		58,886
	Net Cash Inflow/(Outflow) in year		(81,984)		43,444
			_		_
	Balance at End		20,346		102,330
			======		======

25

BRANTWOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2024

21. Transactions with Trustees and Connected Persons

The Management Trustees neither received nor waived any remuneration during the year (2023: £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.

26