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##
||||||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|||||||
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|||||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||||
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|||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|
##
##
##
##
##