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2023-03-31-accounts

Page
Reference and Administrative Details ofthe Charity, its Trustees and Advisers
Trustees'
Report		 2-10
Independent Auditors' Report on the Financial Statements 11 - 15
Consolidated Statement of Financial Activities 16
Consolidated Balance Sheet 17
Charity Balance Sheet 18-19
Consolidated Statement ofCash Flows 20
Notes to the Financial Statements 21-43
Trustees Lady Willoughby de de Eresby Eresby
Mrs C A Butler
Mr R
I Calvocoressi		 CBE
Mr FJ F M Dymoke
Mr N Harries
Sir M Jones
Mr H P Matheson
Lt Col. SSt. M Miller
Mrs STroughton DStJ
Company registered
number 01356661
Charity registered
numbers 507478 and SC039364
Registered office Grimsthorpe
Estate		 Office
Grimsthorpe
Bourne
PE10 OLY
Company secretary Mr FJ F M Dymoke
Managing Director Lt. Col SSt. M Miller
Independent auditor Streets Audit LLP
Chartered
Accountants		 and Statutory Auditor
Lucy Tower Street
Lincoln
Lincoins hire
LN1 1XW
Bankers Bank of Scotland
1 Galvelmore
Street
Crieff
Perthshire
PH7 4DN
Solicitors Taylor Vinters
Merlin Place
Milton Road
Cambridge
Cambridgeshire
CB4 ODP
Investment Managers Ruffer LLP
31 Charlotte
Square
Edinburgh,
EH2		 4ET
Investment Managers CCLA Investment Management Limited
85 Queen Victoria Street
London, EC4V4ET

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2023 2023 2023 2023 2022
Note F E E
Income and
endowments from:
Donations
and		 legacies 1,371 1,371 9,772
Charitable
activities		 3,040,013 3,040,013 3,0'/0, 630
Other trading activities 196,871 196,871
Investments 208,450 208,450 17,858
Other income 75,000 4,710,000 4,785,000
Total income and
endowments 3,313,255 208,450 4,710,000 8,231,705 3,038,260
Expenditure on:
Raising funds 7,067 7,067 128,071
Charitable
activities		 9 3,902,362 19,956 3,922,318 3,939,842
Total expenditure 3,902,362 27,023 3,929,385 4,067,9'/3
Net
(expenditure)/income
before net gains on
investments (589,107) 181,427 4,710,000 4,302,320 (1,029,653)
Net gains on
investments 1,445 1,445 1,917,305
Net
(expenditure)/income (589,107) 182,872 4,710,000 4,303,765 887,652
Transfers
between
funds 19 4,710,000 (4,710,000)
Net movement in
funds (589,107) 4,892,872 4,303,765 887,652
Reconciliation of
funds:
Total funds brought
forward 5,120,107 15,907,087 21,607,542 42,634,736 41,747,084
Net movement in funds (589,107) 4,892,872 4,303,765 887,652
Total funds carried
forward 4,531,000 20,799,959 21,607,542 46,938,501 42,634,736

2023 2022
Note
Fixed assets
Tangible assets 14 35,187,254 28,270,347
Investments 15 625,788 631,411
35,813,042 28,901,758
Current assets
Stocks 16 19,047 22,695
Debtors 17 3,075,993 973,817
Cash at bank and in hand 9,215,996 13,785,939
12,311,036 14,782,451
Creditors: amounts falling due within one
year 18 (1,185,577) (1,049,473)
Net current assets 11,125,459 13,732,978
Total assets less current liabilities 46,938,501 42,634,736
Net assets excluding pension asset 46,938,501 42,634,736
Total net assets 46,938,501 42,634,736
Charity funds
Endowment
funds		 19 21,607,542 21,607,542
Restricted funds 19 20,799,959 15,907,087
Unrestricted
funds		 19 4,531,000 5,120,107
Total funds 46,938,501 42,634,736

2023 2022
Note
Fixed assets
Tangible assets 14 35,187,254 28,270,347
Investments 15 625,789 631,411
35,813,043 28,901,758
Current assets
Stocks 16 19,047 22,695
Debtors 17 3,115,367 973,817
Cash at bank and in hand 9,215,995 13,785,939
12,350,409 14,782,451
Creditors: amounts falling due within one
year 18 (1,224,951) (1,049,473)
Net current assets 11,125,458 13,732,978
Total assets less current liabilities 46,938,501 42,634,736
Net assets excluding pension asset 46,938,501 42,634,736
Total net assets 46,938,501 42,634,736
Charity funds
Endowment
funds		 19 21,607,542 21,607,542
Restricted funds 19 20,799,959 15,907,087
Unrestricted
funds		 19 4,531,000 5,120,107
Total funds 46,938,501 42,634,736

2023 2022
Cash flows from operating
activities
Net cash used
in operating
activities		 1,980,074 620,385
Cash flows from investing
activities
Dividends,
interests
and rents from investments		 208,451 17,858
Purchase oftangible
fixed assets		 (6,758,468) (5,110,944)
Proceeds from sale of investments 16,612,456
Purchase of investments (9,993)
Net cash (used in)/provided
by investing		 activities (6,550,017) 11,509,377
Cash flows from financing
activities
Net cash provided
by financing
activities
Change
in cash and cash equivalents
in		 the year (4,569,943) 12,129,762
Cash and cash equivalents
at the beginning		 ofthe year 13,785,939 1,656, '/77
Cash and cash equivalents
at the end of		 the year 9,215,996 13,785,939
The notes on pages 21 to 43 form part ofthese financial statements

Unrestricted Total Total
funds funds funds
2023 2023 2022
Donations 1,371 1,371 2,450
Government grants 7,322
Total 2023 1,371 1,371 9,772
Total 2022 9,772 9,772

Unrestricted Total Total
funds funds funds
2023 2023 2022
F
Income from charitable activities - Grimsthorpe 2,781,336 2,781,336 2,774,867
Income from charitable activities - Drummond 258,677 258,677 235,763
Total 2023 3,040,013 3,040,013 3,0f0,630
Unrestricted Total Total
funds funds funds
2023 2023 2022
F
Grimsthorpe 8 Drummond Castle Enterprises Ltd 196,871 196,871

Restricted Total Total
funds funds funds
2023 2023 2022
Interest 208,450 208,450 f7,858
Total 2022 f7,858 f7,858

Unrestricted Endowment Total Total
funds funds funds funds
2023 2023 2023 2022
F F
Miscellaneous Income 75,000 75,000
Sale of Land 4,280,000 4,280,000
Sale of Property 430,000 430,000
Total 2023 75,000 4,710,000 4,785,000
Total 2022

Restricted Total Total
funds funds funds
2023 2023 2022
Investment management fees 7,067 7,067 128,071
Total 2022 128,071 128,071

Unrestricted Restricted
funds funds Total Total
2023 2023 2023 2022
Grimsthorpe 3,270,346 19,956 3,290,302 3,289,191
Drummond 596,923 596,923 620,747
Governance 35,093 35,093 29,904
Total 2023 3,902,362 19,956 3,922,318 3,939,842
Total 2022 3,916,601 23,241 3,939,842

Activities
undertaken Support Total Total
directly costs funds funds
2023 2023 2023 2022
Grimsthorpe 2,987,012 303,290 3,290,302 3,289,191
Drummond 560,666 36,257 596,923 620,747
Governance 35,093 35,093 29,904
Total 2023 3,547,678 374,640 3,922,318 3,939,842
Total 2022 3,577,279 362,563 3,939,842

Grimsthorp Total Total
e Drummond funds funds
2023 2023 2023 2022
Public Access Expenditure 283,511 51,537 335,048 312,358
Castle &grounds upkeep 792,777 441,605 1,234,382 1,211,295
Other property upkeep 822,970 44,516 867,486 865,746
Conservation ofcollection 19,956 19,956 20,075
Security 237,357 237,357 189,428
Forestry 59,076 59,076 211,947
Major Restoration and improvement 578,786 50 578,836 604,888
Office Expenses 1,200
Management Expenses 192,579 22,958 215,537 160,342
Total 2023 2,987,012 560,666 3,547,678 3,577,279
Total 2022 2,989,109 588,170 3,577,279
Analysis ofsupport costs
Grimsthorp Total Total
e Drummond Governance funds funds
2023 2023 2023 2023 2022
F
Staff costs 275,438 17,864 293,302 267,335
Professional Fees 17,229 17,229 15,802
Property
Upkeep		 14,417 14,417 9,419
Office Expenses 10,163 10,163 4,628
Management Costs 36,257 36,257 53,670
Bad Debts 3,272 3,272 11,709
Total 2023 303,290 36,257 35,093 374,640 362,563
Total 2022 300,082 32,577 29,904 362,563

Group and Group anrj
Company Company
2023 2022
F
Wages and Salaries 997,324 966,390
Contribution to defined contribution pension schemes 83,530 75,391
Pension 64,577 58,371
1,145,431 1,100,152
The average number of persons employed by the Charity during the year was as follows:
Group Group
2023 2022
No. No.
Grimsthorpe 49 49
Drummond 8 8
57 57
Group Group
2023 2022
No. No.

of Trus tees' re muneration
and o		 ther benefits was as follows
2023 2022
Lt Col. SSt. M Miller Remuneration 74,427 71,208
Pension contributions paid 5,121 4,900

Freehold Plant and Other fixed
property machinery assets Total
F F
Cost or valuation
At 1 April 2022 24,856,419 606,588 3,318,695 28,781,702
Additions 6,931,486 10,500 6,941,986
Disposals (7,500) (7,500)
At 31 March 2023 31,787,905 609,588 3,318,695 35,716,188
Depreciation
At 1 April 2022 511,355 511,355
Charge for the year 25,079 25,079
On disposals (7,500) (7,500)
At 31 March 2023 528,934 528,934
Group and Company
(continued		 )
Freehold Plant and Other fixed
property machinery assets Total
E F E
Net book value
At 31 March 2023 31,787,905 80,654 3,318,695 35,187,254
At 31March 2022 24,856,419 95,233 3,318,695 28,270,347

Listed
investments
Group
Cost or valuation
At 1 April 2022 631,410
Revaluations (5,622)
At 31 March 2023 625,788
Net book value
At 31 March 2023 625,788
At 31March 2022 631,410
Investments
in
subsidiary Listed
companies investments Total
Charity
Cost or valuation
At 1 April 2022 631,410 631,411
Revaluations (5,622) (5,622)
At 31 March 2023 1 625,788 625,789
Net book value
At 31 March 2023 1 625,788 625,789
At 31March 2022 1 631,410 631,411

Group Group Company Company
2023 2022 2023 2022
f. f.
Due within one year
Trade debtors 2,813,715 677,591 2,813,715 677,591
Other debtors 117,234 167,570 156,608 167,570
Prepayments and accrued income 145,044 128,656 145,044 128,656
3,075,993 973,817 3,115,367 973,817

Group Group Company Company
2023 2022 2023 2022
Trade creditors 654,265 783,097 654,265 783,097
Amounts
owed to group undertakings		 39,374
Other taxation and social security 17,523 19,592 17,523 19,592
Other creditors 9,197 6,673 9,197 6,673
Accruals and deferred income 504,592 240,111 504,592 240,111
1,185,577 1,049,473 1,224,951 1,049,473
Group Group Company Company
2023 2022 2023 2022
Deferred Income Summary: In Advance of
Public Access Opening
Deferred income at 1 April 2022 11,788 1,643 11,788 1,643
Resources deferred
during the		 year 16,241 11,788 16,241 11,788
Amounts released
from previous		 periods (11,788) (1,643) (11,788) (1,643)
Total 16,241 11,788 16,241 11,788

Balance at
Balance at 1 Transfers Gains/ 31 March
April 2022 Income Expenditure in/out (Losses) 2023
Unrestricted
funds
General Funds 5,120,107 3,313,255 (3,902,362) 4,531,000
Endowment
funds
Endowment
(Permanent) 21,607,542 4,710,000 (4,710,000) 21,607,542
Restricted
funds
Collection
Management
Reserve 2005 631,332 2 (27,023) 27,021 1,445 632,777
Collection
Management
Reserve 10,588,000 208,448 (569,515) 10,226,933
Gallery
Construction 4,687,755 5,252,494 9,940,249
15,907,087 208,450 (27,023) 4,710,000 1,445 20,799,959
Total offunds 42,634,736 8,231,705 (3,929,385) 1,445 46,938,501

Statement offun ds - prior year
Balance at
Balance at Transfers Gainsi 31March
1 April 2021 Income Expenditure in/out (Losses) 2022
Unrestricted
funds
General Funds 3,521,852 3,020,402 (3,916,601) 2,494,454 5,120,'/07
Endowment
funds
Endowment
(Permanent) 21,607,542 21,607,542
Endowment
Fund
(Expendable) 2,464,966 (2,487,579) 22,613
24,072,508 (2,487,579) 22,613 21,607,542
Restricted
funds
Collection
Management
Reserve 2005 571,678 445 (19,945) 12,476 66,678 631,332
Collection
Management
Reserve 11,556,859 17,413 (128,071) (2,686,215) '/, 828,014 10,588,000
Gallery
Construction 2,020,891 2,666,864 4,687,755
Forestry
Machinery 3,296 (3,296)
14,152,724 17,858 (151,312) (6,875) 1,894,692 15,907,087
Total offunds 41,747,084 3,038,260 (4,067,913) '/, 9'I7,305 42,634,736

Summary
offun		 ds - current yea r
Balance at
Balance at 1 Transfers Gains/ 31 March
April 2022 Income Expenditure in/out (Losses) 2023
General funds 5,120,107 3,313,255 (3,902,362) 4,531,000
Endowment
funds 21,607,542 4,710,000 (4,710,000) 21,607,542
Restricted funds 15,907,087 208,450 (27,023) 4,710,000 1,445 20,799,959
42,634,736 8,231,705 (3,929,385) 1,445 46,938,501
Summary
offund		 s - prior year
Balance at
Balance at Transfers Gains' 31March
1April 2021 Income Expenditure infout (Losses) 2022
General funds 3,521,852 3,020,402 (3,916,601) 2,494,454 5,120,'/07
Endowment
funds 24,072,508 (2,487,579) 22,613 21,607,542
Restricted funds 14,152,724 17,858 (151,312) (6,875) 1,894,692 15,907,087
41,747,084 3,038,260 (4,067,913) 1,917,305 42,634,736

Analysis of net assets between fund s - current year
Unrestricted Restricted Endowment Total
funds funds funds funds
2023 2023 2023 2023
Tangible fixed assets 3,960,713 9,618,999 21,607,542 35,187,254
Fixed asset investments 78 625,710 625,788
Current assets 1,755,786 10,555,250 12,311,036
Creditors due within one year (1,185,577) (1,185,577)
Total 4,531,000 20,799,959 21,607,542 46,938,501

Analysis of net assets between funds - prior year
Unrestricted Restricted Endowment Total
funds funds funds funds
2022 2022 2022 2022
Tangible fixed assets 1,975,050 4,687,755 21,607,542 28,270,347
Fixed asset investments 78 63'/,333 631,411
Current assets 4,194,452 10,587,999 14,782,451
Creditors due within one year (1,049,473) (1,049,473)
Total 5,120,107 15,907,087 21,607,542 42,634,736

Group Group
2023 2022
F
Net income for the year (as per Statement of Financial Activities) 4,303,765 887,652
Adjustments
for:
Depreciation
charges		 25,079 39,003
Gains on investments 5,622 (1,917,305)
Dividends,
interests		 and rents from investments (208,450) (17,858)
Decrease/(increase) in stocks 3,648 (10,858)
Decrease/(increase) in debtors (2,102,176) 1,041,745
Increase/(decrease) in creditors (47,414) 598,006
Net cash provided by operating activities 1,980,074 620,385

Group Group
2023 2022
f.
Cash in hand 9,215,996 13,785,939
Total cash and cash equivalents 9,215,996 13,785,939

At 1 April At 31 March
2022 Cash flows 2023
F
Cash at bank and
in hand		 13,785,939 (4,569,943) 9,215,996
13,785,939 (4,569,943) 9,215,996
Capital commitments
Group Group Company Company
2023 2022 2023 2022
Contracted for but not provided in these
financial statements
Construction ofthe Temporary Visitor
Buildings 126,800
Development of Featherweil Barns 769,578 769,578
Construction of Estate Services Centre 260,600 260,600
126,800 1,030,178 1,030,178