THE STONEBRIDGE TRUST
REPORT AND AUDITED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
Charity number 506970 Company number 01304962
THE STONEBRIDGE TRUST
I N D E X
Year ended 31 March 2022
| Page | |
|---|---|
| General information | 2 |
| Report of the trustees | 3 |
| Independent auditor’s report | 6 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 |
1
THE STONEBRIDGE TRUST
G E N E R A L I N F O R M A T I O N
Year ended 31 March 2022
Trustees W J E Price C V C Brainerd K A Pierrepont Company number 01304962 Registered charity number 506970 Company secretary G M Pierrepont Registered office Pierrepont Estates Management Ltd Estate Office Thoresby Park Newark Nottinghamshire NG22 9EQ Auditors Dixon Wilson Audit Services LLP 22 Chancery Lane London WC2A 1LS Investment managers Cazenove Capital 1 London Wall Place London EC2Y 5AU Bankers Barclays Bank PLC 2 Humber Quays Wellington Street West Hull HU1 2BN Solicitors Wedlake Bell 71 Queen Victoria Street London EC4V 4AY
2
THE STONEBRIDGE TRUST
R E P O R T O F T H E T R U S T E E S
Year ended 31 March 2022
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their directors’ report with the financial statements of the charity for the year ended 31 March 2022.
Reference and administrative information
The charity registration number and the address of the principal office of The Stonebridge Trust are as listed on page 2.
The trustees who have served during the period and since the period end are as follows:
W J E Price C V C Brainerd K A Pierrepont
Structure, governance and management
The charity is controlled by its governing document, a deed of Trust dated 29 March 1977, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
New trustees may be appointed by the existing set of trustees. No formal training in trusteeship is considered necessary for current or new appointees by reason of their experience and professional qualifications. New trustees are shown around the courtyard, briefed on their aims and objectives and given the opportunity to immerse themselves in the Trust to learn about the different areas.
Staff are contracted in from Pierrepont Estates Management Ltd (a related party) which recharges to The Stonebridge Trust as a management fee. The salaries of the Events Team and the Caretaker are reviewed annually in accordance with the remainder of the Pierrepont Group of Estates.
Objectives and activities for the public benefit
The objectives of the charity are to acquire, preserve and improve for the benefit of the public, places of historical, 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 Thoresby Courtyard, its open parkland and Grade II listed building are maintained and kept open for the public to enjoy on a more sustainable basis.
These objectives continue to be met through the maintenance and management of the property at Thoresby.
The Stonebridge Trust manages Thoresby Courtyard, a Grade II listed site, in order to ensure that it is accessible to the public. The charity operates a theatre and art gallery, which make the historical buildings, in which the theatre and the gallery are based, accessible to the public.
The Courtyard and its surrounding grounds are open to the public most days of the year. The trustees have acquired the Lady Manvers collection of paintings which will be on display during numerous exhibitions held across the year within the Pierrepont Gallery at Thoresby Courtyard.
Income is also generated from rental of properties, and the hire of the hall for functions including weddings.
The Trust relies on income generated from these strategies to cover its operating costs and enable investment to ensure the ongoing preservation of Thoresby Courtyard & Park.
The current and continuing aims of the Trust are:-
-
Developing Thoresby Courtyard & Park as a destination of choice for local day visitors and tourists;
-
Introducing and developing a range of in house and third party events and activities at Thoresby;
-
Developing Thoresby Courtyard & Park as a venue for hire.
3
THE STONEBRIDGE TRUST
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2022
The trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 4 of the Charities Act 2006, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 3 of the same act.
Financial review
At 31 March 2022 total unrestricted reserves held amounted to £4,959,472 (31 March 2021 - £4,963,947).
The trustees seek to maintain reserves at least equal to the carrying value of the freehold property at Thoresby and in the longer term hope to increase reserves to a level at which they can fund major maintenance and repair works as and when they are required.
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate their exposure to the major risks. For example, the Trust has recently developed both new and existing income streams including the establishment of a trading subsidiary operating the Bay Tree Café.
The trustees consider the trust’s financial position to be satisfactory. A deficit of £4,025 was recognised in the year (18 month period to 31 March 2021 - surplus £30,426).
The trustees continue to invest donations received and other income generated in suitable investments to provide income and capital growth for the trust. The day-to-day management of the investments is covered by Cazenove Capital, who the trustees consider are suitable for this work.
Achievements and performance
Business rental income has been relatively robust throughout the year. The turnover of business units has been low and the range of facilities made available to visitors has remained consistent. Works on the property have been behind budget this year as we have experienced difficulty in appointing contractors in a very tight market.
The trustees continue to be satisfied with the performance of the investments made by the trust. The trustees will continue to monitor the performance of the investments.
Footfall has been lower than envisaged as the surge in visitor numbers following the end of Covid restrictions has now abated. Rental income from events has been more encouraging this year.
4
THE STONEBRIDGE TRUST
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2022
Trustees’ responsibility statement
The trustees (who are also the directors of The Stonebridge Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware at the time of approving our trustees’ report:
-
there is no relevant audit 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 aware of that information.
Plans for future years
The Trust plans to continue to concentrate upon consolidating its financial position. There are plans to upgrade the ageing IT system across the Courtyard with a key aim of improving connectivity to the internet which is a nonnegotiable requirement of existing and prospective tenants alike.
The Events Management function has been reformed to improve the quality of the visitor experience and focus is on increasing footfall to the property over the forthcoming year.
The Trustees are also reviewing the performance of the activities of our subsidiary trading company, Courtyard Trading Company Limited, in order to reverse the losses from catering and some events.
Approved by order of the board of trustees on 2022 and signed on its behalf by:
K A Pierrepont Trustee
5
THE STONEBRIDGE TRUST
I N D E P E N D E N T A U D I T O R ’ S R E P O R T
Year ended 31 March 2022
Opinion
We have audited the financial statements of The Stonebridge Trust (the ‘charitable company’) for the period to 31 March 2022 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
6
THE STONEBRIDGE TRUST
I N D E P E N D E N T A U D I T O R ’ S R E P O R T ( c o n t i n u e d )
Year ended 31 March 2022
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees report; or
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Sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as 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 assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charitable company by considering, amongst other things, the sector in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, UK Company Law, UK tax legislation, UK Charity Law as well as UK financial reporting standards applicable for UK charitable companies.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of consultants used for accounting outsourcing.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.
7
THE STONEBRIDGE TRUST
I N D E P E N D E N T A U D I T O R ’ S R E P O R T ( c o n t i n u e d )
Year ended 31 March 2022
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Dixon Wilson Audit Services LLP, Statutory Auditor 22 Chancery Lane London WC2A 1LS
2022
Dixon Wilson Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
8
THE STONEBRIDGE TRUST
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S ( I N C L U D I N G I N C O M E A N D E X P E N D I T U R E A C C O U N T )
Year ended 31 March 2022
| Note | Unrestricted | Unrestricted | |
|---|---|---|---|
| reserves | reserves | ||
| 18 months | |||
| ended 31 March | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Income and endowments from: | |||
| Donations and legacies | 3 | 20,019 | 78,556 |
| Charitable activities | 4 | 228,905 | 280,255 |
| Investments | 5 | 18,531 |
56,597 |
| Total income | 267,455 | 415,408 | |
| Expenditure on: | |||
| Raising funds | (19,769) | (15,319) | |
| Charitable activities | 6 | (327,928) | (563,732) |
| Net gains on investment assets | 76,217 |
194,069 |
|
| Net (expenditure)/income | (4,025) |
30,426 |
|
| Reconciliation of funds | |||
| Net movement in funds | (4,025) | 30,426 | |
| Total funds brought forward | 4,963,497 |
4,933,071 |
|
| Total funds carried forward | 4,959,472 |
4,963,497 |
All amounts are in respect of continuing operations. All gains and losses recognised in the period are included above.
9
THE STONEBRIDGE TRUST
B A L A N C E S H E E T
At 31 March 2022
| Note Fixed assets Programme related investments – freehold land and buildings 12 Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Net assets Representing: Unrestricted Funds: 17 Total funds |
2022 £ 2,357,346 656,139 1,570,605 4,584,090 399,464 92,216 491,680 (116,298) 375,382 4,959,472 4,959,472 4,959,472 4,959,472 |
2021 £ 2,357,346 762,612 1,664,316 4,784,274 292,051 90,164 382,215 (202,992) 179,223 4,963,497 4,963,497 4,963,497 4,963,497 |
|---|---|---|
For the period ended 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements have been audited under the requirements of section 144 of the Charities Act 2011.
The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime in part 15 of the Companies Act 2006. The company number is 01304962.
The financial statements on pages 9 to 19 were approved by the trustees on 2022 and were signed on its behalf by:-
K A Pierrepont Trustee
10
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
THE STONEBRIDGE TRUST
Year ended 31 March 2022
1. Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) Basis of accounting and assessment of going concern
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) issued in October 2019 and the Charities Act 2011.
The financial statements are prepared in Sterling which is the functional currency of the Trust and are rounded to the nearest £.
The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
(b) Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the charitable company qualifies as a small charitable company.
(c) Income recognition
All income is recognised in the statement of financial activities when the Trust has entitlement to the income, it is probable that the income will be received and the amount of the income can be measured reliably.
Donations and grants are recognised when the Trust has entitlement to the income, there is reasonable assurance of receipt and the amount of income can be measured reliably.
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Income from interest royalties and dividends is included in the accounts when receipt is 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 gains and losses includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Rents are recognised on an accruals basis. The rental income is matched to the days of the period.
(d) Expenditure and liabilities
Expenditure and liabilities are recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis.
Costs of generating funds are those costs incurred in trading activities that raise funds.
Pension scheme contributions are recognised in the year in which they are payable to the scheme.
11
THE STONEBRIDGE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2022
(e) Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs (accountancy, legal fees and auditors’ remuneration) which have all been allocated to charitable activities.
(f) Programme related investments
Programme related investments represent properties held by the charity which are made readily available to the public in order to fulfil the charity’s aim. The investments are held at cost with an annual impairment review carried out by the trustees. Where assets are gifted to the trustees, initial recognition is at market value of the date of the gift.
(g) Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life on a straight-line basis:
| Robes and chairs | - not depreciated |
|---|---|
| Paintings | - not depreciated |
| Museum improvements | - between 4% and 20% on cost |
| Integral features | - 10% on cost |
| Fixtures and fittings | - 15% on cost |
| Motor vehicles | - 25% on cost and 20% on cost |
| Computer equipment | - 15% on cost |
Fixed assets are capitalised at cost, or market value at the time of transfer to the charity in respect of donated assets.
(h) Investments
Tradeable investments are initially recognised at their transaction value and subsequently measured at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
Investments in subsidiaries are included at cost less provision for impairment.
The Charity has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group, of which this is the parent, qualifies as a small group.
(i) Financial instruments
The charity only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
(j) Taxation
The charity is exempt from corporation tax on its charitable activities.
(k) Pension costs and other post-retirement benefits
All new employees were entered into The Pierrepont Estates Management Limited Group Life Assurance Scheme, in which the charity participated on a defined contribution basis. Contributions payable to this pension scheme are charged to the statement of financial activity in the period to which they relate.
12
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
THE STONEBRIDGE TRUST
Year ended 31 March 2022
2. Legal status of the charity
The charity is a UK company limited by guarantee, incorporated in England and Wales, and has no share capital. The liability of each member in the event of the charity being wound up is limited to £1. Its registered address is Pierrepont Estates Management Ltd, Estate Office, Thoresby Park, Newark, Nottinghamshire, NG22 9EQ.
| 3. Donations and legacies Donations under gift aid Government grants |
2022 £ 352 19,667 20,019 |
2021 £ 1,430 77,126 |
|---|---|---|
| 78,556 | ||
| 4. Income from charitable activities Rent Riding Hall income Event income Caravan income Art exhibitions Gallery sales and commissions Theatre income Other income |
2022 £ 104,230 47,104 63,860 1,120 882 280 22 11,407 228,905 |
2021 £ 111,842 53,807 104,779 900 2,592 730 3,884 1,721 |
| 280,255 |
||
| 5. Investment income Income from tradeable investments |
2022 £ 18,531 |
2021 £ 56,597 |
| 6. Charitable activities expenditure Governance costs (see note 7) Staff costs (see note 9) Theatre expenditure Other gallery expenditure Rental costs |
2022 £ 12,425 - 45 54,625 260,833 327,928 |
2021 £ 15,208 179,223 1,879 65,922 301,500 563,732 |
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THE STONEBRIDGE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2022
| 7. Governance costs Accountancy Legal fees Auditors’ remuneration |
2022 £ 5,000 3,325 4,100 12,425 |
2021 £ 600 10,708 3,900 |
|---|---|---|
| 15,208 |
||
| 8. Net expenditure for the period Net expenditure is stated after charging: Auditors’ remuneration Depreciation – owned assets |
2022 £ 4,100 97,665 |
2021 £ 3,900 88,549 |
| 9. Staff costs Wages and salaries Staff training costs Social security costs Other pension costs |
2022 £ - - - - - |
2021 £ 165,593 244 2,153 11,233 |
| 179,223 |
The average number of persons employed during the period was 0 (period ended 31 March 2021 - 3). Staff costs have been outsourced to Pierrepont Estates Management Limited who are paid a management fee. The management fee is included within rental costs.
10. Taxation
The charity is exempt from tax on income and gains falling within Part 11 of the Corporation Tax Act 2010 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.
11. Pension costs
The charity previously offered a money purchase scheme which employees were able to join.
14
THE STONEBRIDGE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2022
12. Programme related investments – freehold land and buildings
| Carrying value at 1 April 2021 Value at 31 March 2022 |
2022 £ 2,357,346 2,357,346 |
2021 £ 2,357,346 |
|---|---|---|
| 2,357,346 |
13. Tangible fixed assets
| Cost At 1 April 2021 Additions Disposals At 31 March 2022 Depreciation At 1 April 2021 Charge for the period Eliminated on disposal At 31 March 2022 Net book value At 31 March 2022 At 1 April 2021 |
Robes Fixtures Museum and Motor Computer and improve- Integral chairs Paintings vehicles equipment fittings ments features Total £ £ £ £ £ £ £ £ 5,000 96,475 15,894 44,700 139,764 683,328 32,638 1,017,799 - - - 6,990 1,500 - - 8,490 - - - - (15,283) (6,000) - (21,283) 5,000 96,475 15,894 51,690 125,981 677,328 32,638 1,005,006 - - 14,187 43,223 62,951 123,973 10,853 255,187 - - 1,707 1,435 14,851 76,497 3,173 97,663 - - - - (1,783) (2,200) - (3,983) - - 15,894 44,658 76,019 198,270 14,026 348,867 5,000 96,475 - 7,032 49,962 479,058 18,612 656,139 5,000 96,475 1,707 1,477 76,813 559,355 21,785 762,612 |
|---|---|
15
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
THE STONEBRIDGE TRUST
Year ended 31 March 2022
| 14. Investments Tradeable investments Investment in subsidiary Investments Tradeable investments Market value at 1 April 2021 Additions Revaluation Disposals at market value Market value at 31 March 2022 Investment in subsidiary Historic cost at 1 April 2021 Additions Historic cost at 31 March 2022 |
2022 2021 £ £ 1,570,604 1,664,315 1 1 1,570,605 1,664,316 1,664,315 1,876,255 512,888 1,943,555 76,217 (79,587) (682,816) (2,075,908) 1,570,604 1,664,315 1 1 - - 1 1 |
|---|---|
The investment in subsidiary represents a 100% holding in Courtyard Trading Company Limited, a licenced restaurant premises, whose registered office is Estate Office, Thoresby Park, Newark, Nottinghamshire, United Kingdom, NG22 9EQ.
| 15. Debtors: amounts falling due within one year Trade debtors Prepayments VAT Other debtors Loan to subsidiary |
2022 £ 28,309 7,659 344 153 362,999 399,464 |
2021 £ 48,154 313 8,181 404 234,999 292,051 |
|---|---|---|
| 16. Creditors: amounts falling due within one year Trade creditors Other creditors and accruals Deferred income |
2022 £ 30,195 68,996 17,107 116,298 |
2021 £ 95,425 66,863 40,704 202,992 |
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THE STONEBRIDGE TRUST
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2022
| 17. Analysis of movements in unrestricted funds |
17. Analysis of movements in unrestricted funds |
|||
|---|---|---|---|---|
| 2021 | Movement | 2022 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 4,963,497 | (4,025) |
4,959,472 |
|
| Total funds | 4,963,497 | (4,025) |
4,959,472 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Gains and | Movement | |
| Resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 267,455 |
(347,697) | 76,217 |
(4,025) |
| Total funds | 267,455 |
(347,697) | 76,217 |
(4,025) |
17
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
THE STONEBRIDGE TRUST
Year ended 31 March 2022
18. Related party transactions
During the period, the charity received management services, building services and other general services from related parties. All transactions are undertaken on an arm’s length basis and both their amounts and nature are summarised below:
Thoresby Farming is a related party in the period as K A Pierrepont’s husband, G M Pierrepont, is a partner. During the period, expenses of £nil (2021 - £10,126) were charged to the charity and expenses of £nil (2021 - £nil were recharged by the charity to the partnership. At 31 March 2022 the balance owed to Thoresby Farming is £nil (2021 - £nil).
Pierrepont Settlement is a related party in the period as G M Pierrepont is a beneficiary and W J E Price is a trustee. During the period, expenses of £2,400 (2021 - £nil) were charged to the charity and expenses of £2,400 (2021- £nil) were recharged by the charity to the trust. At 31 March 2022 the balance owed to Pierrepont Settlement is £nil (2021 - £nil).
Pierrepont Estate Management Limited is a related party in the period W J E Price is a director. During the period, expenses of £162,627 (2021 - £168,524) were charged to the charity and expenses of £229,675 (2021 - £105) were recharged by the charity to the company. At 31 March 2022 the balance owed to Pierrepont Estates Management Limited is £25,563 (2021 - £92,611).
Thoresby Settlement is a related party in the period as G M Pierrepont is a beneficiary and W J E Price is a trustee. During the period, expenses of £12,023 (2021 - £nil) were charged to the charity and expenses of £12,329 (2021 - £4,211) were recharged by the charity to the trust. At 31 March 2022 the balance owed to Thoresby Settlement is £260 (2021 balance owed from Thoresby Settlement - £46).
Courtyard Trading Company Limited is a related party in the period as The Stonebridge Trust owns 100% of the shares. During the period, expenses of £87,653 (2021 - £nil) were charged to the charity and expenses of £91,453 (2021 - £8,140) were recharged by the charity to the company. At 31 March 2022 the balance owed from Courtyard Trading Company Limited is £362,999 (2021 - £238,799).
Trustees
In the prior year £250 was included in other debtors as owing from the trustees in repayment of amounts paid as honoraria. Under the terms of the Trust Deed, the Trust cannot remunerate non-professional trustees. This amount was repaid in the year.
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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
THE STONEBRIDGE TRUST
Year ended 31 March 2022
19. Financial assets and liabilities
The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at their amortised cost.
| Financial assets Cash at bank and in hand Trade debtors Other debtors Loan to subsidiary Financial liabilities Trade creditors Other creditors and accruals |
2022 £ 92,216 28,309 4,121 362,999 487,645 30,195 68,996 99,191 |
2021 £ 90,164 48,154 8,898 234,999 382,051 95,425 107,567 202,992 |
|---|---|---|
20. Obligations under leases
The total of future minimum lease income is as follows:
Not later than one year Later than one year and not later than five years |
2022 £ 53,182 45,957 99,139 |
2021 £ 40,501 28,826 69,327 |
|---|---|---|
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D E T A I L E D S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
THE STONEBRIDGE TRUST
Year ended31 March 2022
| INCOME Donations and legacies Donations under gift aid Grant income Income from charitable activities Rent Riding Hall income Event income Caravan income Art exhibitions Gallery sales and commissions Theatre income Other income Investment income Fixed asset investment income Total income EXPENDITURE Raising funds Charitable activities Wages Staff training costs Social security Pension costs Theatre expenditure Other gallery expenditure Professional fees Rental costs Depreciation of museum improvements Depreciation of motor vehicles Depreciation of computer equipment Depreciation of integral features Depreciation of fixtures and fittings Loss/(profit) on disposal of fixed assets Accountancy Legal fees Auditors’ remuneration Net gains on investment assets Net income |
18 months ended 31 March 2022 2021 £ £ 352 1,430 19,667 77,126 20,019 78,556 104,230 111,842 47,104 53,807 63,860 104,779 1,120 900 882 2,592 280 730 22 3,884 11,407 1,721 228,905 280,255 18,531 56,597 267,455 415,408 19,769 15,319 - 165,593 - 244 - 2,153 - 11,232 45 1,879 54,625 65,922 61,099 95,914 98,096 116,675 76,497 58,790 1,707 7,170 1,435 1,725 3,173 4,760 14,851 16,104 3,975 363 5,000 600 3,325 10,708 4,100 3,900 327,928 563,732 76,217 194,069 (4,025) 30,426 |
18 months ended 31 March 2022 2021 £ £ 352 1,430 19,667 77,126 20,019 78,556 104,230 111,842 47,104 53,807 63,860 104,779 1,120 900 882 2,592 280 730 22 3,884 11,407 1,721 228,905 280,255 18,531 56,597 267,455 415,408 19,769 15,319 - 165,593 - 244 - 2,153 - 11,232 45 1,879 54,625 65,922 61,099 95,914 98,096 116,675 76,497 58,790 1,707 7,170 1,435 1,725 3,173 4,760 14,851 16,104 3,975 363 5,000 600 3,325 10,708 4,100 3,900 327,928 563,732 76,217 194,069 (4,025) 30,426 |
|---|---|---|
| 78,556 111,842 53,807 104,779 900 2,592 730 3,884 1,721 |
||
| 280,255 56,597 |
||
| 415,408 |
||
| 15,319 |
||
| 165,593 244 2,153 11,232 1,879 65,922 95,914 116,675 58,790 7,170 1,725 4,760 16,104 363 600 10,708 3,900 |
||
| 563,732 |
||
| 194,069 30,426 |
This page does not form part of the statutory financial statements.
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