THE STONEBRIDGE TRUST REPORT AND AUDITED FINANCIAL STATEMENTS PERIOD I OCTOBER 2019 TO 31 MARCH 2021 Charlty number 506970 Company number 01304962 THE STONEBRIDGE TRUST l N D EX Perlod l October 2019 to 31 March 2021 Page General information Report ol the trustees Independent auditor's report Ststement of financpal acnvities 10 Btlance Sheet Notes to the financlal statements 12 THE STONEBRIDGE TRUST GENERAL INFORMA TION Period l October 2019 to 31 March 2021 TriFStees H P Mathe50n Iretlred on 16 Septernber 2020) WIEPri C V C Brainerd K A Pierrepont lappolnted on 16 September 2020) Company number 01304962 RÈ8l$tered charlty number 506970 Company secretary H P Matheson {retlrÈd on 16 September 2010} G M Pierrepont lappointed on 16 September 20201 Key management personnel B Perry. Comrnercial & Leisure Manager Reglstered office Pierrepont Estates Management Ltd Estate Office Thore5by Park NÈw2rk Nottingharnshire NG22 9EQ Audltor5 Dlxon W]150n Audit SeNces LLP 22 Chancery Lane London WC2A I LS Investment manager5 C2zentsve Capit l London Wall Place London EC2Y SAU Bankers Barclays Bank PLC 2 Humber Quay5 Wellingwn Street West Hull HUI 2BN Sollcltors Wedake Bell 71 Queen Victorla Street London EC4V 4AY THE STONEBRIDGE TRUST R EPO R T O F TH E T R USTE ES Perlod l October 2019 to 31 March 2021 The trustees, who are a150 director5 of the tharlty for the purpose5 of the Companies Act 2006, present the1r directors, report the financial statemenrs ol the charity for the period l October 2019 to 31 March 2021. Reference and admln15tratlve Informatlon The charity re8iStratlon number and the address of the prlncipal office of The Stonebridge Trust are as Ilsted on page The trustees who have ser¥ed durlng the period and since the period end are as foll¢M.' H P Mtheson Iredred on 16 Septembcr 20201 WI EPrice C V C Brainerd K A Pierrepont {3ppoSnted on 16 September 20201 Structure. governance and management The charty is controlled by its governing documen¢ a deed of Trust dated 29 March 1977. and constitutes a limittd company, Ilmlted by guarantee. as defined by the Cor(panies Act 2006. New trustees rnay be 3ppolnted by the exlstlng set of trustees. No formal trainingin trutteeship is considored necessary for current or new appoiThtees by reason ol their experience and professional qualifications. New trustQES are shown around ¢he courryard, brrefed on their aims and obSecdves and glven the 0pp0rwn￿Y to irnmerse themsefves in the Trust to learn about the dKferent areas. B Perry is contracted in from Pierrepont Emtes Management Ltd {a related party) which recharge5 to The Stonebridge Trust on an hourly basis. The salartes of the Events Team and the Caret2ker are reviewed annually in accordance with che remalnder of the Pierrepont Group ol Eststos. Objectives and actlvltles for the public benefit The objective5 of the charity are to acquire. preserve and improve for the benefit of the public, places of hlstorSc31. archaeological or architectural interest or of natural or cultivated beauty in Nottinghamshire and the provision of ready access to them by the public. The vision of the Trust is to ensure that Thore5by Courtyard, it5 open parkland and Grade11 Ilstod bulldlng are malntained and kept open for the pvblic to enjoy on a more sustainable basis. These oblecdves contlnue to be rnet through the maintenance and management of the property at Thoresby. The Stonebrldge Trust manage5 Thoresby Courtyard, a Grade11 listed sits, In order to ensure that It is accessible to the pvbllc. The charity operates a theatre and art gallery. which make the historical buildings, in which the theatre and the gallery are based. aecessible to the public. The Courtyard and its surrounding grounds are open to the pub11c mst days of the year. The trustees have acqutred tho Lady Mthvers collection of paintings which will be on dlsplay durlng numerous exhibitions held across the year wlthln the Plerrepont Gallery ar Thore5by Courryard. Income is also generared from rental of properties, and the hlre of the hall for functions including weddings. The Trust relies on income generated from these stratsgies to cover its operating costs and enable Inve5trnent to ensure the ongoing preseryation of Thoresby Courtyard & Park. The current and continuing aims of the Trust arc'.- Developing Thoresby Courty2rd & Park as t destination OF cholco for local day v)5Itors and tourists. Introducing and developing a range ol in house and third party events and activities at Thore5by' Developing Thoresby Courtyard & Park 35 3 venuo for hlre. THE STONEBRIDGE TRUST Perlod l October 2019 to 31 March 2021 The trustees, havifig regard to Lhe public benefit guidance published by the Charity Commlssion in accordance with section 4 of the Charities Aci 2006, conslder that the purpose and actlvlties of the charity satisfy the requlrements of the public benefit Lest set out in section 3 of the same acc. Financlal review At 31 March 2021 totrdl unrestrltted reseryes held amounted to 14.963,947 (30 Soptornber 2019 . £4,933,071). The tru5tee5 seek to rnalnraln reserves at least equal to the carrylng value of the freehold property at Thore5by and in the longer term hope to increase reserves to a level at which they can fund major malntenance and repair works as and when they are required. The trustees have a duty to identify and review the risks to whith the Eharity is exposed and to ensure appropriate controls are in place to provide reasonable assurance agaln5t fraud and error. The trustres have assessed the major risks to which the charity is exposed, in particular those related to the operntlons and finances of the charity, and are satisfied that systems are in place to mltlgtte thelr exposure to the major risk5. For example, the Trust ha5 recently developed both new and existlng incotne sEream5 including the establishment of a trading Subsidiary operating the Bay Tree Café. The trustses consider the trust's financial position to be 5at15fattory. A surplus of £30,426 was recognised in the period (year ended 30 September 2019- £113,840). The truskes continue to invest donations received and other income generated in suitable investments to provide Incorne and c*ital growth for the trust. The day.to-day management of the inve5tmetbts 15 covered by Cazenove Capital. who the trustees consider are suitable lor this work Achieven*nts and performance The Trust was hit hard by the Covid-19 pandemic throughout the period, with conference, wedding and events income suffering a large number of cancellations and postponements during lock down periods. as well as a lack of Customer demand drlven by uncertainty. Several govemment grants were recèived during the perlod as well as a "Bounce Back" loan. Business rental income ha5 been relatlvely robv5G wlth m05t tenants using government support to Shore up their Ilnances during periods of shutdown and redutrd footfall. The Trusttr2nsferred the operation ofweddiTrgs and events to The CourtyardTradingCompany ICTCI in November 2020. such that all tradlng, Including Cateri￿ 15 now carriod out through th15 5ub51dlary. The new car park on an adjteent site k8 now in use and has improved vlsitor captcity. The refurblshment Of the Courtyard Coffee Shop and Re5¢aurant wa5 completed although CoYld-19 restricted the abllity to capltalise on th15 new facility lully. The trustees contifiue to be satisfied with the performance of the investment5 made by the trust The trus￿e$ will continue to rnonltor the performance of the inYe5tmeTht5. Thls period Includes the change to the Trust's accounting date to 31 March each year for ease of reporting. AccordIn￿y, this accounting period covers 18 months. THE STONEBRIDGE TRUST Perrod l October 2019 to 31 March 2021 Tru5tee5' re5pon$lbi15ty statement The trustees Iwho are also the directors of The Stonebridgo Trust for the purposes of company lawl are respon51ble lor preparing the Report of tho Trustees and the financial statements in accordance with applicable law and United Klngdom Accounting Stsndards IVni¢ed Kingdom Generally Acccpted Accounting Practice}. Company law require5 the truscee5 w prepare financi21 statements for each flnancSal year which give a true and fair view of the state ol affairs ol the charitable COTnp3ny and of the incorning resources and application tsf resources, Including the income and expenditure. ol the charitable company for that period. In preparing those financial statements, the trustee5 are required to.. select 5ulrable accounting policies and then apply thom consistendy.. observe the method5 and princlples in the Charlty SORP IFRS 102>- make judgements 2nd estimate5 that are reasonable and prudenl state whether applicable UK accounting standards have been followed., prepare the financial statsmerbts on rhe going concern basis unless It is in2pproprSate to presume that the charitable comp3ny wlll continue In busines5. The trustees are re$ponslble for keeping proper accounting records which disclose w¢th reasonable accuracy at any tlme the financial position ol the charitable company and to enable them to ensure that the financral statements comply with the Companles Att2006. They are ￿s0 responsible for 531eguarding the assets ofrho charltsble company and hence for taklng reasonable Steps for the prevention and detectlon of frlud and other Irregularitie5. In so far as the trustees are aware at the time of approving our trustses, report.. there is no relevant audlt Information of which the company's auditors are unaware., each trustee has taken all the steps necessary to make themselves aware of any relevant audit information and to establish that the company's auditors are avrare of that Information. Impact of Covid-19 on the buslness Covid-19 re5trictlons resulted in the closure of the Park to the public in March 2020 with lirnited re opening to allow acce55 to external Park areas. Retail units and maln catering facilities remained dosed until June 2020 wlth the stan ol a small-scale tske-awty drinks operatfjon. The park reopened fully in August 2020, however, was sublect further dosures in November 2020 and the first quarter of 2021 wlth a negatlve impacr on lootFall during these pcrlods. ental income proved more resilient than of events and caterlng durlng the perlod. The Trust entrred into agreements to defer rental income, impacting upon cash flow and resulting in a Small number of defaults. The transfer of bu5ines5 to CTC in November 2020, meant that the impact of the 2021 lockdown was le55 severe than those previous In order to mklgate the Impact of Covld-19 the Trustee5 have.. recelved grani supporL frorn the local iuthority to the value of £65,102 durlng the period as well as lutqough support of £12,024,. received a bu5ine5s rate holidar? applied to the bank for a short term loan under the governrnenr'5 Covi&19 Business Interruption Loan Scheme. negat￿ted a £50.000 overdrafc faciliry with the bank. THE STONEBRIDGE TRUST Period l October 2019 to 31 March 2Q21 Golng concern Along with the actions detailed above, the charity ha5 sufficient assets to enable it to weather the storm of Covld.19 at the time ol signing these accounts. Liquidity 15 being supported by Short terrn borrowing facilities. In the longer terrn. should restriction5 CQlIEtinue. the Trust would need ro divest pari ol its investments to provide operating c2Pital until conditions returned to normal. Plans for future years The Trustplans to concentrate u￿n consolidating its financial p051uon durlngthe exiLof the Covid-19 pandemic. There are plans to upgrade the aging IT system across the Courtyard with a key aim ol improving connectivty to the internet which is a non-negotlable requirement of existing and prospective tenants alike. The trustees will continue to explore new owrttjnltles of interest so that the number of visltor5 returns to pre-Covid- 19 levels. Furthermore, the potential alternatwe use of space including the development of working sPa￿S wlll be explorod. Approved by order of the board of trustees on 2022 and slgned on Its behdf by: K A Pierrepont Trustee THE STONEBRIDGE TRUST I N D EP END E NT AU D ITO R S R EPO R T Perlod l October 2019 to 31 March 2021 Oplnlon We havo audited the financial stttements of The Stonobrldge Trust {the 'charitable companll for the perlod to 31 March 2021 whlch comprise the 5taremenr of flnincial activities, balance sheec and note5 to the financi81 statemenrs, including a summary of significant accounting policies. The financi21 r£portyng frdmoworl< that has been applled in thelr preparation is applicable law and UnlLed Kingdom Accountlng Standards, Including Financial Reporting Stsndard 102 The Financial Reporting Stand3rd applicable in the UK and RepublK of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statrments.. give a true and fair view of the state of the charltable company'5 affalr5 as at 31 March 2021 and of its Incoming re$ource5 and applicatlon of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generd11y Accepted Accounting Practice. have been prepared in accordance with the requirements of the Charitie5 Act 2011. Basls for oplnlon We conducted our audit in accordance with InternatIon￿ Standards on AudSting IUKI IISAS (UKII and applicable law. Our responsibilities under those standards al-e further descrlbed in the Audittsr's responsibillues for the audit of the financial 5taternents section ol our reporL We are independent ol the charitable company in accordance with the ethical requirements that are releyant to our audit of the linancial Statements in the UK. includtng the FRC'S Erhlcal Standard. and we have fulfilled our other ethical responslbilities In accordance with these requlrements. We belleve thar the audi¢ eyldence we have obtained Is sufficlent and appropriate to provide a ba515 for our opinion. Contlu5ions relatln8 to 8olns concern In auditing the financial statsments, we havo concluded that the trustee's use of the going contern basis of accounting in the preparatlon of the financkal statements 15 appropriace. Based on the work we have performed. we have not Identrfled any rnaterlal uncertalnties relating to event5 or Conditions that. inéividually or collectwely, may casc signrflcant doubt on the charltable company's abillty to continue as i golng concern for a period of at least twelve months from when the financlal ststemenrs are thorlsed for15sue. (Mr responsibilities and the responsibilitie5 of the trustees wich respect w going concern are described in the relevant 5ection5 of thi5 reporL Othèr Information The other information comprises the Information includEd in the annul report, other than the financlal statements and our audlror's repon thereon. The trustee5 are responsible for the other informarion. Our opinion on the rtnanclal statements does not cover the other Information and we do not express any form of assurance conclusion theroon. In connettion wlth our audit of the financial 5taternents, our re5ponslblllty15 to read the other Inforrnatlon a#d. In doing so. con51der whether the other information is rnaterially inconsistent Kqth the financial statements or our knowledge obtained in the audit or otherwisc appo2rs to bo materially misstatcd.11 we identify such materl inconsistencies or 2PP2rent material misstttemonts, wc are roqulrod to dctormSnc whether there Is a materlal mlsstatement In the financial statements or a rnaterial rnis5tacement of the other1tTrformation. 11, based on the work we have performed, we conclude that there is a material misstatement ol rhis other information, we are required to report that fact. We have nothing to report in this regard. THE STONEBRIDGE TRUST Period l October 2019 to 31 March 2021 Matter5 on which we are required to report by exceptlon We have nothlng to report in respect of the following matters in relation co whlch the Charitle5 {Account5 and Reports) Regulations 2008 requires US to report to you if, in our opinion.. the informttlon gfven In the financial ststements is Inconsistent Sn any miterlal respect wlth the trustees report., or Sufficient accounting record5 have not been kepr., or the financlal statements are not In 2greement with the 2ccountlng records. or we have not received all the Informatlon and explanatlons we requlre for our audiL Responsibilities of trustees A5 explalned more fulty In the trustees. respon51bilities statemen¢ Set out on page 4. the trU5tees (who are also directors of the charitable company for the purposes of cornpany lawl are responsible for the preparation of the financlal statements and for being sttisfied that thÈy glve 2 true and falr view. and f()r such Internal tontrol as thc trU5Tre5 determlne Is necessary to enable the prewararlon of flnancial statrments that are free from material misStatrmen¢ whether due to fraud or error. In preparing the financial statsments, the trustees are responsible for assessing the charitable company's abillty to continue a5 a going concern, di5c1051ng, as applicable. matters related to going concern and using the golng concern basls of accounting unless the trustees eithor Intend to Ilquldate the charltable Company or to cease operations, or have no realistic alternative but to do so. AudltoPs responslbllltles for the audlt of the flnanclal Statements We have been appointed as auditor under section 144 of the Charities Act 201 l and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtaln reasonable assurance about whether the financial statements a5 a whole are free from material misstatement whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable as5uranco k a high level of assurance, but is not a guarantee thit an audit conducted in accordance wlth ISA5 (UK) wlll alway5 detect a maierial mlsstatement when It exlsts. Misststrrnents can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expectsd to influence the economic decislons of users taken on the basls of these financlal 5taternents. Irregularities, including fraud. arc instances of non-compliance with laws and regulations. We design procedures in line with our responsibillties, tsuilined above, to detect material misstatements in respert of irregularlties. Includlng fraud. The exceni co which our procedures are capable of detectSng irregularltle5, including fraud 15 decailed below.. We galned an understandlng of the legal and regulacory framework applicable to the charitable company by con51dering. amongst other things, the lurisdictions in which it opèrates, and considered the rlsk ol acts by the charitable company that were contrary to applicable laws and regulations, including Iraud. We designed audit procedures to respond to the assessed level ol risk, bui recognised that the ris1( of not detecting a material mi55tatement due to fraud is higher than the risk of not detecting one resulting from error. a5 fraud may involve deliberate concealment by* for example, forgery or intentlonal m15representations, or through collusion. We focused on laws and regulations which could give r15e to a material rnis5tatement in the financlal staternenrs, Includlng. but not limlted to, UK Company Law, UK tax legislation, UK Charity Law as well as UK financial reporting standards applicable for UK ch2rir2ble companies. Our tests included agreeing the financial 5racemont dlsc105ures to underlying supporting documentation, enquiries with management and Ènqulries of consultants used for tccountlng outsourclng. As in all our audits, we also addressed the risk of rnanagement override of internal controls. including testing journa15 and evaluating whether there was evidence ol bias by management that represented a risk ol material mi55tatsment due to fraud. THE STONEBRIDGE TRUST Perlod l October 2019 ¢0 31 March 2021 There 2re inhÈrent1Srni¢ations in the audit procedure5 described above and, the further removed nonrycompliance wich laws and regulatltsns is frort) the ovont5 and transactions refletted in the flnancial statements, the less likely we would become aware of ii. We did not identify any key audlt rnattrrs relating to irregularities, including fraud. A further description of our re5ponslblllties for the audit of the financlal statemenrs 15 locatsd on the Financial Reporting Council's Websi￿ a¢.. www.frc.or&uklauditorsre5ponslbSlltie5. This descript￿n forms part of our audltor's report. Use of our report This report is made solely to the charitable companys trustees, as a body. In accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audlt work has been undertaken so that we might state to the charitable company's trVStees those mattsrs we are required to state to them in an auditor's report and for no other pury>ose. To the fullest extent permitted by law. we do not accept or a55ume re5poThsibility to anyone other than the charitable company and the charitable corrpany's trustee5 as a body. for our 2udit work, for thls report, or for the opinions we have formed. Dixon Wilson Audit Services LLP. Statutory Auditor 22 Chancory Lane London WC2A I LS 31 March 2022 DFxon Wilson Audit Services LLP 15 e11glble to act a5 an audstor in tem)s of sectlon 1212 of the Companie5 Act 2006. THE STONEBRIDGE TRUST ST A T EM EN T OF F I N AN C I AL ACT IVITI ES I I NC LU D I N G INCOME AND EXPENDITURE ACCOUNTI Period l October 2019 to 31 March 2021 Note Unrestricted Unyestrtcted reserves reserves l October 2019 Year ended to 31 March 30 September 2021 2019 Income and endowments from: DonatlOn5 and legacie5 Charitable acuvitres Investments 78.556 280,255 56.597 54.632 350,302 72.113 477.047 Total Income 415.408 ExpendltuY¢ on: Ralsing funds Charitable actiyiiies 115.319) 1563.732} 194,069 {445J171 82.310 Net galns on Imiestment assets Net Income 30,426 113.840 Reconclllatlon of funds Net movement In funds 30.426 113.840 4.819.231 4.933.071 Toral fund5 brought forward Total fund5 carried foThYard 4,933.071 4,963,497 All amounts are In respect of Con￿n￿1ng operatlons. All galns and105ses recogn15ed In the perlod are Included above. 10 THE STONEBRIDGE TRUST BALANCE SHEET At 31 March 2021 Note 31 March 30 September 2021 2019 Ftxed a55ets Programme retated investrnents-freehold land and buildings Tangible a55ets Investments 2,357,346 762,612 1,664,316 2,357,346 328.808 1,876.256 4.784.274 4,562.410 Current assets Debcors Cash at bank and In hand 292,051 90,164 189,564 277.783 382,215 467.347 Cyeditors: amounts falling due withln one year Net current assets 16 (202,992) 179223 (96,6861 370.661 Total assets le55 current Ilabllltles 4.963,947 4,933,071 Net assets 4.963.497 4.933,071 Representing.. UnrestF4cted Funds.. 4,963,497 4.933,071 Total funds 4.963,497 4.933.071 For the period ended 31 March 2021 the charity was entided to exemptK)rF from aud￿ under section 477 of the Companle5 Act 2006 relating to small companies. The members have not rcquirodthe company to obtaln an audlt of Its accounts for the period in question in accordance with 5QCtlon 476. The trustees ad(nowledge their responslbllitles for tomplying wlth the requlretnents of the Acr with respect to accounting recor(k and the pr*aration ol accounts. The financial ststements have been audlted under the requlrernents of Section 144 of the Charitie5 Act 2011. The ae¢ounts have been prcpared In accordance wlth the provisions applicable to companies subjett to the small companie5 reglme In part 15 01 the Companies Act 2006. The company nurnber 01304962. The financll stateFnents on pages 10 to 20 were approved by the trustses on KlafQ.lL. 5vdned on its half by.'_ 2022 2nd were K A Pierrepont Trustee THE STONEBRIDGE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Period l October 2019 to 31 March 2021 Accourbting polltkes The principal accounting policies adoptedi judgements and key 50urtts ol estimation uncertainty in the preparation of the flnancial statements are a5 follows: {3} Bas15 of accountlng and assessment of golng concern The fIn￿CIal statements have been prepared in accordance with the Financial Reporting Standard applicable In the UK 2nd Ropubllt of Ireland (FRS 1021. the Statement of Recc>mmended Prattice.. Accounting and Reporting by Charities preparing cheir accounts in accordancewith the Financial Reporringstsndard appllcable in the UK and Republic of Ireland Icharities SORP IFRS 10211 issued in October 2019 and the Charities Act 2011. The Trust consticutes 2 public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unlo55 Other￿Se Stated In the relevant accountlng policy note. The trustres consider that there are no materlal uncertainties About the Tru5c's abllity to continuc as a going concem. (b) Exemptlon from preparlng a cash flow statement Exemption has been taken from preparing a cash flow statement on the ground$ that the charitable company qualifies as a small charit*>le company. {c) Income recognition All Income 15 recognked In the $¢atement of nnancknl aCtIv￿leS when the Tru$¢ has enJtlement to the Income. t Is probable that the Income will be receNed and the amount of the incorne can be measured reliably. Donations are recognised when the Trust has entydernent to the income, there is reasonable a5surantr of receipt and the amount of income can be measured reliably. Git Aid recelvable 15 included in intome when there is a valid declaration from the donor. Any Grfi Aid 2mount recovered on a donatlon ts considered to be part of that gift and is treated as tn additlon to the same fund as the initlal donation unless the donor or the terrns of thc appeal have specified otherwise. Income from incere5t royaltie5 and dlyidends Is Included in the accounts when re￿ipt probable and the amount receivable can be measured reliably. Event and Riding Hall income is included in the accounts upon performance of the contract. Investment gins and losses includes any realised or unrealised gains or losses on the sale ol investments and any gain or10$5 resulting frorn revalulng Investments to market value at the end of the Rents are recogni$ed on an a¢¢ruals b¥ls. The rental Income Is mttched to the dtys of the perlod. (d) Expendlture and liabilitie5 Expenditure and Ikabilitie5 are recognised once there is a I￿ or constructive obligation to make a payment to a third party. it 15 probable that 5ettlernent wi11 be required and tho amount of the obligation can be measured rellably. All expenditure LE accounted for on an accruals ba515. Costs of generaclng funds are those c05ts Incurred In trading actfvltles that rélse fund5. Pension 5cherne contributlons are recognised In the year in whlch they are payable to the scheme. 12 THE STONEBRIDGE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Perlod l October 2019 to 31 March 2021 (e) Allocation of support COSt5 5upptrrt tosts are those functions thit asslst the work of the eharKy but do not direttly vndÈrtakÈ charitablè activlties. Support C95ts Include goyemance costs (accountsncyi legal fees and auditors, remuneration) which have all been located to charitable activitles. (fj Programme related Investments Prog7mrne related inve5trnents represent propertie5 held by the charity whlch are made readily available to th2 public in order to fulfil the charity's aim. The investments are held at cost with an annual impairment review carried out by the trustoos. Where assets aro gifted to the trustees. inltial recognition Is at market value of tho date of the glft. (g) Tan8lble fixed assets Depreciation is provlded at the followlng annual rates In order to write off each asset over its estimated useful Iwe on 2 5traight.llne basIs'. Robes and chairs Palntings Museum Improvements Integral features Flxture5 and fittlngs Motor YehKles Computer equipment not provided not provided - 4% on cos¢ l 0% cost 15% on cost - 25% on cost and 20% on cost 15% on cost FEr impairment. (l) Flnanclal Instruments The charity ha5 financlal 3S5ets and financlal lknbilitlES that qualfy 35 ba51£ ftnancial 1n5truments. Basic fthancial instruments are Inldally recogni5ed at tran5actlon value and 5ubsequendy measured at thelr settlement vlue. (j) Taxation The charlty l& o¥ompt from corporntlon tsx on Its chtrirkble ￿t￿ltieS. {k) Pension costs and other post-retirement benefits All new employees are entered into The Pierreponr Estates MarAgement Limited Group Lrfe Assurance Scheme, in which the charity participates on a defined Contribution basis. Contributkons pay2bleto this pension scheme are charged to tho 5tatetnont of financlal actNlty In the poriod to whkh they relate. THE STONEBRIDGE TRVST NOTES TO THE FINANCIAL ST A TEMENTS Perlod l October 2019 to 31 March 2021 Legal status of the charlty The charSty Is a UK company Ilmited by guarintee, Incorpornted in England and Wales, and has Tro share capltal. The liabilityof each mernber in the event ol the charity being wound up is limitsd to £ l. Its registered address Is Plerrepont Estat￿ Managemerst Ltd, Estste Office, Thoresby Park, Newark. Nottingharnshire. NG22 9EQ. Donatlon5 and legacles l Ortober 2019 to 31 March 2021 Year ended 30 September 2019 Donations under aid Government granrs 1,430 77.126 1.408 53.225 78556 54.632 Income from charltable actlvlde$ l October 2019 to 31 March 2021 Year ended 30 September 2019 Rent Riding Hall income Event Income Carnvan income Art exhibitions Gallery sales and commlsslons Theatre income Other sncome 111,842 53.807 104,779 900 2,5￿1 730 3,884 96.750 120.799 105.551 9.752 4.985 2.225 5.249 4.991 280,255 350.302 Investment Income l October 2019 to 31 March 2021 Year ended 30 September 2019 Income from tradeable investments 56,597 72.113 Charitable activitie5 expenditure l October 2019 to 3 1 March 2021 Year ended 30 September 2019 Governance costs (see note 71 Stsff costs Isoe note 9) Theatre expenditure Other gallery expendiwre Rental costs 15.208 179,223 1,879 65,922 301,500 9.779 169.613 2,623 30.963 232.539 563,732 445.517 14 THE STONEBRIDGE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Perlod l October 2019 to 31 March 2021 Governance costs l Octobey 2019 to 31 March 2021 Year ended 30 September 2019 Accountancy Legal fees Auditor5, remuneration 60Q) 10.708 3,900 2.725 3.554 3.500 15.208 9.779 Net expendlture for the pevlod l October 2019 to 31 March 2021 Year ended 30 September 21119 Net expendlture 15 Stated after charyng.. Auditor5. remuneratlon Depreclation- owned assets 3,900 88.549 3.500 20,887 Staff costs l October 2019 to 31 March 2021 Year ended 30 September 2019 Wages and salaries Staff tr21ning costs Social security costs Other pension costs 165.593 244 2,153 11,233 147,968 1.106 9.750 10.789 179.223 169.613 The average number ol porsons employed during the period was 3 (year ended 30 September 2019- 6). All ernployees are engaged in artNitie5 relatlng to the company's charitablc and fundraising attivities, admlnistratlon and management. No employee earned over £60,000 per annum In the current period or durlng the year ended 30 September 2019. 10, Taxation The tharlty is exemptfrom tax on income and gains falling within Part I l of the Corporation Tax Act 2010 or 5ectltsn 252 of the Taxatlon of Chargoabto Galns Act 1992 to the extsnt that these are applled to its charitable objectives. Pension cost5 The tharity tjffers a money purchase stheme which employees are able to kln. 15 THE STONEBRIDGE TRUST N OT ES TO TH E F I N AN C I A L ST A TE M E NTS Period l October 2019 to 31 March 2021 12. Programme related Investments- freehold land and bulldlngs l October 2019 to 31 March 2021 Year ended 30 September 2019 Carrying value at l October 2019 Value at 31 March 2021 2,357,346 2,357.346 2,357.346 2,357.340 Tanglble flxed assets Robe$ Flxdtres Museum and improve• Integral fittlngs ments leatures Motor chdrs Paltktlng5 vehlcle5 Computer equlpment Totsl Cost Ai l Octobor 2019 Additions Dlsposals At31 Marth2021 SPOO 96.475 19.479 45.601 1,672 (2.5731 44,7fY) 104,519 35,245 197,529 485,799 32,638 501,241 522,716 16,1581 32,638 1.017,799 13,5851 15,894 96.475 139,764 683,320 Depreclatlon At l October 2019 Charge for the perlod Elhnknated on dlspo$ At 31 March 2021 10.602 7,170 13,5851 14,187 43,7 I,n5 (2,2101 43,223 46,847 16,104 65,183 58,790 6,D93 172,433 4,760 88,549 15,795} 255.187 62,951 123,973 10053 Net book value At 31 l•ar¢h 2021 s,o(M) 96,475 1,707 1,477 76.813 559,355 21,785 761612 At l October 2019 5,000 96,475 8,877 IA93 57.672 132,346 26,545 328008 16 THE 5TONEBRIDGE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Perlod l October 2019 to 31 Mavch 2021 14. Inve$tment$ l October 2019 to 31 March 2021 Year ended 30 September 2019 Tradeable inYe5trnents Inve5ttnent 5ub51dlary Investments 1.664.315 1.876.255 1,664,316 1,876,256 Trddeable investments Market value at l October 2019 Additlons Revaluation Disposals at market value Market Value at 31 Marth 2021 I ￿76,255 1,943,555 (79,5871 P,075,9081 1,664,315 2.043,75 82,310 (249,8051 1,876.255 Investment In subsldlary Historic cost at l October 2019 Additions Historic cost at 31 March 2021 The Investment In subsldiary roprosonts a 100% holding In Courtyard Tradlng Cornwy Limlted 15. Debtors.. amounts falllng due wlthln one year l October 2019 to 31 March 2021 Year ended 30 Sèptember 2019 Trade debtors Prepiyments VAT Other debtor5 Loan to subsidiary 48,154 313 27.165 11.900 404 234.999 500 149.999 292,051 189,564 16. Credltors: amounts falllng due wlthln one year l October 2019 to 31 March 2021 Year ended 30 September 2019 Trade credltors Social securlty and other taxes VAT Other Credltors and accruals Deferred income {see note 171 95,425 23J84 2.647 2.990 22536 45.129 66.863 40,704 202,992 96.686 17 THE STONEBRIDGE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Perlod l Octobèr 2019 to 31 March 2021 17. Deferred Income Deferred income comprise5 advance booking5 for evwts held at the hall. in partlcular weddings, and RPA grant monie5 retrived. l October 2019 to 31 March 2021 Year ended 30 September 2019 Balance as at l October 2019 Amount released to income eamed from charltable actNities Arnourt deferred in year Balance a5 at 31 March 2021 45,129 (45,1291 40,704 45,350 (40,118) 39,897 45,129 40,704 18. Anatysls of movements In unrestrlcted fund$ Balance at l October 2019 Balance at 31 March 2021 Net movement Vnrestrtcted funds Generd fund 4,933,071 30,426 4.963,497 Total funds 4,933,071 30,426 4,963,497 Net movement In fvnd5. included in the above are as follows.. Incoming Resources Resources èxpendèd Galns and losses Movement In funds Unrestricted furtds Gener￿ fund 415.392 1579,051} 609,477 30,426 Toral funds 41 5,392 1579,051} 609,477 30,426 IB THE STONEBRIDGE TRUST NOTES TO THE FINANCIAL ST A TEMENTS Perlod l October 2019 to 31 March 2021 19. Related party tran5action5 During tho porlod. tho chariLY roceNed management servKes, bullding 5er¥ice5 and other general serwtr5 from relatsd parties. All transactions are undertaken on an ami's length basis and both their amounts and nature are summarised below.. Thoresby Farming is a related pry In the period as H P Matheson's son is a partner. During the perio(L expenses of £10.12612019 £1.705} were charged to the chariLy and expenses of £nil QOI 9- £6751 were recharged by che chariiy to the partnership. At 31 March 2021 the balance owed to Thoresby Farming is £nil (2019 - £nill. Plerrepont SettlÈmÈnt Is a related party in the period as H P Math@son's son Is a boneficiary. Durlng the period, expense5 of £nil 2019 - £31,556) were charged to the charlw and expenses of £nil12019 - £2651 were recharged by the charity to the trusL At 31 Marth 2021 tht balance owed to Plerrepont Setdement15 £nll12019. £6781. ierrepont Estate Management Limited ￿ a relatsd party in the period as H P Matheson owns 50% of the shares. Durlng the period, expenses of £168,52412019- 1127,4161 were charged to the charity and expen5e& of £105 P019 . £1741 were recharged by the charity to the company. At 31 March 2021 the balance owed to Pierrepont Esta￿5 Management Limited is £92.61112019- £3,403}. Thoresby Settlen)ent 15 a related pary in the period as H P Matheson and his son are benefiCIar￿5. During the perlod, expenses of £nil12019- £24,976) were charged to the charity and expen￿ of £4,21112019 . £3,795) were recharged by the tharlty to the trust. At 31 March 2021 the balance owed from Thoresby Settlement Is £4612019. £2.9071. Courtyard Trading Company Limited is a related party in the period as The Stonebridge Trust owns 100% of the 5h3res. During the period. expenses of £nil12019- £nill were charged to the charlty and expenses of 18,14012019. £nS11 were recharged by the charjcy ¢0 the company. At 31 March 2021 the balance owed from Courtyard Trading Company Llmited ts £238,79912019- £149.999}. Key management personnel The trustees review the rernuneration of the Cgmmerchil & Leisure Manager. In aggregate, they were paid £27,B75 (year ended 30 Septsmber 2019- £51,4211- Trustees During the prior year £250 was pald to Willlam Pritr and £250 YA5 pald to Claire Brainard as honoraria. During the curreni period a further Q50 was paid to each. Under the ￿rrn5 ofthe Trust Deed, the Trust cannot remunerats non- prole55itrnal trustees. During the perlod £750 of the trustee expenses were repaid and a further £250 ha5 therefore been Included a5 an interest-free loan withln other debtors In nore 15. Arrangements have been madefor these amounts to be repaid by the Trustse5 after the year end. THE STONEBRIDGE TRUST NOTES TO THE FINANCIAL ST A TENENTS Perlod l October 2019 to 31 Marth 2021 20. Financial a55et5 and liabilitie5 The charity has financial assets and financial liabilities of 2 kind that qualfy as basic financial Instruments. These are initially recognisod at transactlon value and 5ubsequendy measured at their amorused cost. Flnanclal a55ets l October 2019 to 31 March 2021 Year ended 30 September 2019 Cash at banlc and in hand Trade debtors Other debtor5 Loan to subsidiary 90.164 48,154 8.585 234,999 277.782 27.165 500 149.999 455,446 381,902 FinancFal liabilities Trade creditor5 Other creditors and 2ccfLnls 95,425 66,863 23,384 22.536 162,288 45,920 21. Obllgatlons under leases The totsl of future minimum lease income 15 a5 follow5.' l October 2019 to 31 March 2021 Year ended 30 September 2019 Not latsr than one year later than one year and not later than flve year5 40,501 28,B26 32.435 55,488 69,327 87,923 20