CONTENTS- |
PAGE |
|---|---|
CompanyInformation |
|
Trustees’Report |
|
ReportoftheIndependentAuditor |
14-18 |
ConsolidatedStatementofFinancialActivity(incorporatingtheIncomeand |
19 |
ExpenditureAccount) |
|
ConsolidatedBalanceSheet |
20 |
CharityBalanceSheet |
21 |
ConsolidatedCashFlowStatement |
22 |
NotestotheConsolidatedandCharityFinancialStatements |
23~ 42 |
Trustees |
DavidLascelles,Earl |
ofHarewood |
|
|---|---|---|---|
DianeLascelles,CountessofHarewood |
|||
ArifAhmad(appointed19September2022) |
|||
MichaelBates |
|||
IwonaBlazwick |
|||
JeremyBurton |
|||
RachelMapplebeck |
|||
AndreaNixon |
|||
NimaPoovaya-Smith |
|||
EmilyShard |
|||
PaulDolan(resigned |
18November2022) |
||
CharlesSebag-Montefiore(resigned25May2023) |
|||
Chair |
LadyEmilyShard |
||
TrustDirector |
JaneMarriott(until |
January2023) |
|
ChiefExecutiveOfficer |
RachelCrewes(from |
March2023) |
|
Company |
Secretary |
MartinHorbury(resignedSeptember2022) |
|
GemmaWhitehead(appointedJanuary2023) |
|||
Registered |
Office |
HarewoodHouse |
|
&Principal |
Office |
Harewood, |
|
Leeds, |
|||
LS179LG |
|||
Registered |
CompanyNumber |
02004021 |
|
CharityRegistrationNumber |
517753 |
||
Bankers |
NatWestBankPlc |
||
LeedsCityOffice |
|||
&ParkRow, |
|||
Leeds,LSI1QS |
|||
Solicitors |
| |
WrigleysSolicitorsLLP |
|
19CookridgeStreet, |
|||
Leeds |
|||
LS23AG |
|||
Auditors |
SafferyLLP |
||
MitreHouse,NorthParkRoad |
|||
Harrogate |
|||
HG]5RX |
|||
Investment |
Managers |
CazenoveCapital |
|
1LondonWailPlace, |
|||
London |
|||
EC2Y5AU |
CommitteeMembershipat31December2022: |
||||
|---|---|---|---|---|
ArifAhmad(appointed19September2022) |
AF |
(ChairofAuditCommittee) |
||
MichaelBates |
F |
|||
IwonaBlazwick |
||||
JeremyBurton |
AFC| |
(ChairofFinance& GeneralPurposesCommittee) |
||
DavidLascelles,Earl |
ofHarewood |
N |
||
DianeLascelles,CountessofHarewood |
||||
RachelMapplebeck |
||||
AndreaNixon |
||||
NimaPoovaya-Smith |
‘ |
|||
LadyEmilyShard |
F |
(ChairofTrustees) |
||
PaulDolan(resigned |
|8 November2022) |
AF |
(DeputyChairoftheBoardofTrustees,ChairofAuditCommittee) |
|
CharlesSebag-Montefiore(resigned25May2023) |
| |
AFC_| |
(ChairofCollectionsCommittee) |
HAREWOOD HOUSE TRUST LIMITED
TRUSTEES' REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)
B - Financial Review
The results for the year ended 31 December 2022 are shown on page 19 in the consolidated statement of financial activity (incorporating the income and expenditure account). Net assets have decreased to £17,880,568 from £18,113,060 a movement of £232,942 inclusive of all donations and unrealised gains on investments. The results for the year and the balance sheet of Harewood House Trading Limited are shown at note 22 (page 37), and the results are consolidated within these accounts.
Overall income from day visitor and membership admissions increased by 9.4% from the prior year to a total of £2,241,618 (2021 - £2,048,988). Within this number, visitor and membership admissions under gift aid was up on prior year at £897,482 (2021 - £776,721). These increases in income are due to the continued return to full operations after the restrictions imposed by COVID-19 in 2020 and through into 2021. Costs of generating voluntary income decreased to £963,110 (2021 - £1,001,507). Fundraising and trading costs increased to £1,452,851 (2021 - £1,313,266). This increase in costs is due to the higher levels of activity across the Harewood House Trust site. Expenditure on charitable activities increased to £2,077,156 (2021 - £1,694,980) and was significantly impacted by rising costs in particular utilities and maintenance.
The Trust’s trading activities (events, retail, catering and film work) generated net profit before gift aid of £463,990 (2021 - £308,148) for the year.
The overall consolidated deficit of the charity for the year was £232,492 (2021 - surplus £414,973), which included non-admissions related grants and donations of £130,913 (2021 -£975,207) as shown in Note 4. In 2021 this included £19,297 of income from the Coronavirus Job Retention Scheme (CJRS).
The unrestricted endowment fund (comprised of Heritage Assets) at 31 December 2022 was valued at £10,088,916 (2021 - £10,088,916). The Endowment Fund, established in 2015 was valued at £2,764,198 at 31 December 2022 (2021 - £3,001,297). Additions of £670,000 were made to and £268,351 has been used from the restricted fund during the year leaving a balance at 31 December 2022 of £964,834 (2021 - £563,185).
There are £11,501,050 (2021 - £11,501,050) of heritage works of art which are maintained and displayed for the public benefit. These were last valued during 2016. These assets represent a small proportion of the works of art made available by the Trust for the public benefit, the rest of which are loaned to the Trust from the estate of the 7[th] Earl of Harewood, other Lascelles family trusts and family members.
The Trustees have given full consideration to the going concern basis as detailed in the accounting policy 2 (a) noted on page 24.
Page 8
HAREWOOD HOUSE TRUST LIMITED
AUDITOR’S REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 13, the trustees (who are also the directors of the parent 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 the 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 group and the parent 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 group or the parent 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 auditors under the Companies Act 2006 and report in accordance with regulations made under those Acts.
Our objectives are to obtain reasonable assurance about whether the group and parent 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 the 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.
Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.
Page 16
HAREWOOD HOUSE TRUST LIMITED
AUDITOR’S REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)
Auditor’s responsibilities for the audit of the financial statements (continued)
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 17
30 October 2023
Unrestricted |
Unrestricted |
Restricted |
Endowment |
Total |
Total |
|||
|---|---|---|---|---|---|---|---|---|
NOTES |
Funds |
Funds |
Fund |
31.12.22 |
© |
31.12.21 |
||
£ |
£ |
£ |
£ |
£ |
||||
Incomeandendowmentsfrom: |
||||||||
Donationsandlegacies |
||||||||
Admissionsundergiftaid,donationsandgrants |
4 |
1,002,571 |
701,747 |
~ |
1,704,318 |
1,751,928 |
||
Incomefromcharitableactivities |
||||||||
Conservationandeducation |
1,368,128 |
- |
= |
1,368,128 |
1,278,386 |
|||
Othertradingactivities |
||||||||
Retail,eventsandcatering |
1,318,536 |
~ |
- |
1,318,536 |
1,049,811 |
|||
Incomefrominvestments |
106,742 |
- |
- |
106,742 |
86,130 |
|||
Totalincomeandendowments |
3,795,977 |
701,747 |
- |
4,497,724 |
4,166,255 |
|||
Expenditureon: |
||||||||
Raisingfunds |
||||||||
Costsofgeneratingvoluntaryincome |
963,110 |
- |
- |
963,110 |
1,001,507 |
|||
Fundraisingtradingcosts |
1,452,851 |
- |
- |
1,452,851 |
1,313,266 |
|||
Charitableactivities |
1 |
2,045,409 |
31,747 |
- |
2,077,156 |
1,694,980 |
||
Totalexpenditure |
4,461,370 |
31,747 |
- |
4,493,117 |
4,009,753 |
|||
Net(experiditure)/income |
(665,393) |
670,000 |
- |
4,607 |
156,502 |
|||
Net(lesses)/gainsoninvestments |
||||||||
Unrealised(losses)/ gainsonrevaluationofinvestmentassets |
18 |
- |
- |
(237,099) |
(237,099) |
258,471 |
||
Net(expenditure)/incomeafter(losses)/gainson |
||||||||
investments |
(665,393) |
670,000 |
(237,099) |
(232,492) |
414,973 |
|||
Transfers |
23 |
268,351 |
(268,351) |
- |
- |
~ |
||
Netmovementinfunds |
(397,042) |
401,649 |
(237,099) |
(232,492) |
414,973 |
|||
Reconciliationoffunds |
||||||||
FundsbroughtforwardonJanuaryIst |
4,459,662 |
563,185 |
13,090,213 |
18,113,060 |
17,698,087 |
|||
FundscarriedforwardonDecember31st |
4,062,620 |
964,834 |
12,853,114 |
17,880,568 |
"18,113,060 |
|||
TheStatementofFinancialActivityincludesallgains |
and |
losses |
recognisedintheyear. |
|||||
Thenotesatpages23- 42formpartofthesefinancial |
statements: |
NOTES |
31.12.22 |
31.12.21 |
|
|---|---|---|---|
£ |
£ |
||
Fixedassets |
|||
Tangibleassets |
17 |
1,279,605 |
1,297,315 |
Heritageassets |
17 |
13,590,686 |
13,609,656 |
Investments |
18 |
3,434,198 |
3,001,297 |
18,304,489 |
17,908,268 |
||
Currentassets |
|||
Stocks |
19 |
30,609 |
29,657 |
Debtors |
20 |
424,256 |
321,407 |
Cashatbankandinhand |
21 |
- |
410,972 |
454,865 |
762,036 |
||
Liabilities |
|||
Creditors- amountsfallingdue |
21 |
(878,786) |
(557,244) |
withinoneyear |
|||
(878,786) |
(557,244) |
||
Netcurrent(liabilities)/ assets |
(423,921) |
204,792 |
|
Totalassetslesscurrent |
17,880,568 |
18,113,060 |
|
liabilities |
|||
Netassets |
17,880,568 |
18,113,060 |
|
Financedby: |
|||
Fundsofthecharity |
|||
Endowmentfunds |
23 |
12,853,114 |
13,090,213 |
Restrictedfunds |
23 |
964,834 |
563,185 |
Unrestrictedfunds |
23 |
4,062,620 |
4,459,662 |
Totalfunds |
17,880,568 |
18,113,060 |
HAREWOODHOUSETRUST |
LIMITED |
wet |
wet |
HAREW |
|---|---|---|---|---|
CHARITYBALANCESHEET |
||||
ASAT31 |
DECEMBER2022 |
|||
NOTES |
31.12.22 |
31.12.21 |
||
£ |
£ |
|||
Fixedassets |
||||
Tangibleassets |
17 |
1,199,408 |
1,203,122 |
|
HeritageassetsInvestments |
1718 |
13,590,686__3,434,298 |
13,609,6563,001,397 |
|
18,224,392 |
17,814,175 |
|||
Currentassets |
||||
Debtors |
20 |
175,953 |
171,176 |
|
Cashatbankandinhand |
21 |
357,312 |
||
175,953 |
528,488 |
|||
Liabilities |
||||
Creditors- amountsfallingdue |
2] |
(639,115) |
(259,954) |
|
withinoneyear |
||||
(639,115) |
(259,954) |
|||
Netcurrent(liabilities)/ assets |
(463,162) |
268,534 |
||
Totalassetslesscurrent |
17,761,230 |
18,082,709 |
||
liabilities |
||||
Netassets |
17,761,230 |
18,082,709 |
||
Financedby: |
||||
Funds |
||||
Endowmentfund |
12,853,114 |
13,090,213 |
||
Restrictedfunds |
964,834 |
563,185 |
||
Unrestrictedfunds |
3,943,282 |
4,429,311 |
||
Totalfunds |
17,761,230 |
18,082,709 |
31.12.22 |
31.12.21 |
||
|---|---|---|---|
£ |
£ |
||
Netincomingresources |
: |
4,607 |
156,502 |
Investmentincome |
(106,742) |
(86,130) |
|
(102,135) |
70,372 |
||
Depreciation |
331,071 |
340,992 |
|
(Increase)/ Decreaseinstocks |
(952) |
17,656 |
|
(increase)/ Decreaseindebtors |
(102,849) |
315,811 |
|
Decrease/ (Increase)increditors |
115,441 |
(209,455) |
|
Netcashinflowfromoperatingactivities |
240,576 |
335,376 |
Analysisofcashandcashequivalentsandchangesduringtheyear |
Analysisofcashandcashequivalentsandchangesduringtheyear |
||
|---|---|---|---|
Analysisofcashandcashequivalents |
|||
31.12.22 |
|||
O£ |
|||
Cashatbankandinhand |
(206,101) |
410,972 |
|
(206,101) |
410,972 |
||
b) |
Analysisofchangeincashandcashequivalents |
||
Balanceasat| January2022 |
410,972 |
211,498 |
|
(Decrease)/ Increaseinnetcashandfunds |
(617,073) |
199,474 |
|
Balanceasat31December2022 |
(206,101) |
410,972 |
4 |
Donationsandlegacies |
||||||||
|---|---|---|---|---|---|---|---|---|---|
Admissionsundergiftaid, |
|||||||||
donationsandgrants |
31.12.22 |
34.12.22 |
=331.12..22 |
31.12.21 |
31.12.21 |
31.12.21 |
|||
£ |
£ |
£ |
£ |
||||||
Unrestricted |
Restricted |
Total |
Unrestricted |
Restricted |
Total |
||||
AdmissionsandHarewoodCardandgiftaid_ |
a4 |
495 |
- |
897,482 |
776,721 |
- |
776,721 |
||
DonationfromPatriciaHarewood |
- |
676,643 |
616,643 |
. |
. |
7 |
|||
TrustFund |
|||||||||
DonationfromExecutorsofthe |
|||||||||
7thEarlofHarewoodand |
- |
- |
- |
221,000 |
- |
221,000 |
|||
subsequentWillTrust |
|||||||||
CulturalRecoveryRund |
- |
- |
- |
- |
346,723 |
346,723 |
|||
HistoricEnglandCoronavirusJobRetention |
~- |
~- |
-- |
-- |
296,12719,297 |
296,12719,297 |
|||
ArtsCouncilEngland |
- |
25,104 |
25,104 |
- |
31,380 |
31,380 |
|||
NationalHeritageLotteryFund |
- |
- |
- |
- |
27,840 |
27,840 |
|||
MuseumsandGalleries |
|||||||||
ExhibitionTaxRelief |
69,016 |
. |
69,016 |
||||||
Othergrantincome~ |
- |
- |
- |
18,000 |
- |
18,000 |
|||
Otherdonations |
36,073 |
- |
36,073 |
14,840 |
- |
14,840 |
|||
1,002,571 |
701,747 |
1,704,318 |
1,030,561 |
721,367 |
1,751,928 |
Othertradingactivities |
||||
|---|---|---|---|---|
Retail,eventsandcatering |
31.12.22 |
3142.21 |
||
Retailshopsandcafes |
: |
£486,516 |
£538,719 |
|
Cateringandcourtyardevents |
262,188 |
202,905 |
||
Otherevents |
424,490 |
213,181 |
||
Rentsandfilmingincome |
109,167 |
73,016 |
||
Sundry |
36,175 |
21,990 |
||
1,318,536 |
1,049,811 |
|||
Allincomefromtradingactivitieswas |
unrestricted |
inbothyears. |
||
Incomefrominvestments |
. |
31.12.22 |
31.12.21 |
|
Dividends |
£106,742 |
£86,130 |
||
Interest |
- |
- |
||
106,742 |
86,130 |
|||
Allincomefrominvestmentactivities |
wasunrestrictedinbothyears. |
|||
Costsofgeneratingvoluntary |
income |
31.12.22 |
31.12.21 |
|
£ |
£ |
|||
Marketingandpromotion |
104,020 |
119,834 |
||
Operatingcosts |
354,057 |
393,007 |
||
Support(seenote12) |
499,253 |
483,433 |
||
GovernanceCosts(seenote13) |
5,780 |
5,233 |
||
963,110 |
1,001,507 |
Fundraisingtradingcosts |
31.12.22 |
31.12.21 |
|||
|---|---|---|---|---|---|
£ |
£ |
||||
CommercialtradingoperationHouseandeventoperation |
543,3551535690: |
- |
540,155137,759 |
||
Development |
. |
45,135 |
41,909 |
||
Support(seenote12)GovernanceCosts(seenote13) |
702,5378,134 |
587,0886,355 |
|||
1,452,851 |
1,313,266 |
||||
Theaboveincludes£0ofrestrictedcosts(2021 |
-£45,379). |
10 |
Investment |
ManagementCosts. |
31.42.22 |
31.12.21 |
|---|---|---|---|---|
£ |
£ |
|||
Investment |
managementfees |
6,810 |
9,899 |
|
6,810 |
9,899 |
Conservation |
Conservation |
Conservation |
|||||||
|---|---|---|---|---|---|---|---|---|---|
ofHarewood |
ofBird |
ofart-and |
|||||||
Houseand |
Gardenand |
educational |
|||||||
gardens |
collection |
projects |
Total2022 |
Total2021 |
|||||
£ |
£ |
£ |
£ |
£ |
|||||
Maintaining |
propertyopentothepublic |
196,741 |
- |
~ |
196,741 |
240,674 |
|||
Exhibitions |
andeducationalprogrammes |
- |
- |
560,400 |
560,400 |
244,926 |
|||
Conserving |
collections |
7,374 |
261,164 |
- |
268,538 |
399,659 |
|||
Marketingandevents |
34,673 |
17,337 |
17,337 |
69,347 |
79,889 |
||||
Support(see |
note12) |
193,210 |
247,214 |
530,465 |
970,889 |
722,017 |
|||
Governance |
costs(seenote13) |
2,237 |
2,862 |
6,142 |
11,241 |
7,815 |
|||
Total2022 |
- |
434,235 |
528,577 |
1,114,344 |
2,077,156 |
1,694,980 |
|||
Total2021 |
832,175 |
395,983 |
466,822 |
Security & |
Headoffice |
Depreciation |
Bankcharges |
Bankcharges |
Total202.2 |
Total2021 |
||
|---|---|---|---|---|---|---|---|---|
SiteServices |
andFinance |
andinterest |
||||||
Office |
||||||||
£ |
£ |
£ |
£ |
£ |
£ |
|||
Costsofvoluntaryincome |
397,194 |
25,788 |
75,839 |
431 |
499,252 |
483,433 |
||
Fundraisingtradingcosts |
558,923 |
36,288 |
106,719 |
- |
607 |
702,537 |
587,088 |
|
Charitableactivities: |
||||||||
HarewoodHouseandGardens |
153,715 |
9,978 |
29,350 |
167 |
193,210 |
354,161 |
||
BirdGardenconservation |
196,678 |
12,769 |
37,553 |
214 |
247,214 |
168,094 |
||
Artconservationandeducation |
422,027 |
27,400 |
80,580 |
458 |
530,465 |
199,762 |
||
772,420 |
50,147 |
147,483 |
839 |
970,889 |
722,017 |
|||
Total2022 |
1,728,537 |
112,223 |
330,041 |
1,877 |
2,172,678 |
1,792,538 |
||
Total2021. |
. |
1,402,538 |
69,328 |
311,960 |
8,712 |
13 |
Governancecosts |
31.12.22 |
31.12.21 |
|---|---|---|---|
£ |
£ |
||
Trustees'meetingexpenditure |
3,115 |
3,331 |
|
Trustees!indemnityinsurance |
2,940 |
2,172 |
|
Auditor'sremuneration |
19,100 |
13,900 |
|
25,155 |
19,403 |
||
14 |
Staffcosts |
31.12.22£ |
31.12.21£ |
Wagesandsalaries |
1,553,481 |
1,364,895 |
|
Nationalinsurance |
133,072 |
107,109 |
|
Pensioncosts |
58,740 |
51,087 |
|
1,745,293 |
1,523,091 |
follows: |
||||||
|---|---|---|---|---|---|---|
2022 |
2021 |
|||||
£60,000£100,000£110,000 |
tototo |
£70,000£110,000£120,000 |
3-l |
1-I |
||
Total |
4 |
3 |
31.12.22 |
31.12.21 |
|||||
|---|---|---|---|---|---|---|
No |
No |
|||||
House& admissions |
16 |
25 |
||||
BirdGarden |
3 |
5 |
||||
Gardens |
6 |
7 |
||||
Retail& catering |
8 |
7 |
||||
Events |
2 |
2 |
||||
Support& management |
7 |
21 |
13 |
|||
Fulltimeandfull-time |
equivalents |
; |
56 |
59 |
||
15 |
Operatingdeficit |
|||||
Theoperatingsurplus/deficitisstatedaftercharging: |
31.12.22 |
34.12.21 |
||||
. |
£ |
£ |
||||
Auditor'sremuneration |
19,100 |
13,900 |
||||
Depreciation |
331,071 |
340,992 |
||||
Trustees'meetingexpenses |
3,115 |
3,331 |
||||
Trustees’indemnityinsurance |
, |
2,940 |
2,172 |
FOR |
THEYEA |
RE |
NDED31DEC |
EMBER2022 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOTES |
|||||||||||||
17Grouptangiblefixedassets |
Heritageworksof.art(note17(a)) |
Heritagebuildings&refurbishment(note17(a)) |
Modern&contemporaryworksofart(note17(a)) |
Biomassinstallation |
Plantandmachinery |
Playsroundequipment |
Tractors&GroundsEquipment |
Assetsunderconstruction |
Total |
||||
Cast |
£ |
z |
£ |
£ |
£ |
z |
£ |
£ |
£ |
||||
asat1January2022AdditionsDisposalsRevaluation |
11,501,050--- |
3,133,545--- |
-40,124~= |
352,047-“~ |
3,274,04664,539-: |
234,63223,763-= |
189,601S-- |
70,590165,965“- |
18,755,510294,391]-- |
||||
asat31December2022 |
11,501,050 |
3,133,545 |
40,124 |
352,047 |
3,338,585 |
258,395 |
189,601 |
236,555 |
19,049,901 |
||||
Depreciation |
|||||||||||||
asat1January2022DisposalsChargefortheyear |
. |
--~ |
1,024,93859,095 |
- |
--- |
97,826-18,450 |
2,348,044-236,337 |
198,229-14,664 |
179,503~2,525 |
— |
--- |
3,848,540-331,071 |
|
asat31December2022 |
- |
1,084,033 |
~ |
116,276 |
2,584,381 |
212,893 |
182,028 |
- |
4,179,611 |
||||
Netbookvalue |
|||||||||||||
asat31December2022 |
11,501,050 |
2,049,512 |
40,124 |
235,771 |
754,204 |
45,502 |
7,573 |
236,555 |
14,870,291 |
||||
asat31December2021 |
11,501,050 |
2,108,607 |
~ |
254,221 |
926,002 |
36,403 |
10,097 |
70,590 |
14,906,970 |
Heritage |
Heritage |
Heritage |
Madern |
& |
Tractors |
& |
Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
17 |
Cont'd |
Charitytangiblefixedassets |
worksof. |
buildings |
& |
contemporary |
Biomass |
Plantand |
Playground |
Grounds |
under |
|||
.art |
refurbishment |
worksof |
art |
installation |
machinery |
equipment |
Equipment |
construction |
Total |
|||||
(note17(a)) |
(note17(a)) |
(note17(a}) |
||||||||||||
£ |
F |
£ |
£ |
£ |
£ |
£ |
£ |
z |
||||||
Cost |
||||||||||||||
asat|January2022AdditionsDisposals |
11,501,050> |
3,133,545 |
- |
-40,124 |
352,047“ |
3,072,84945,851 |
234,63223,763 |
189,601 |
~ |
70,590165,965 |
18,554,313275,703 |
|||
Revaluation |
||||||||||||||
asat31December2022 |
11,501,050 |
3,133,545 |
40,124 |
352,047 |
3,118,700 |
258,395 |
189,601 |
236,555 |
18,830,016 |
|||||
Depreciation |
||||||||||||||
asat|January2022Disposals |
~ |
1,024,938 |
- |
97,826 |
2,241,039 |
198,229 |
179,503 |
> |
3,741,535 |
|||||
Chargefor theyear |
- |
59,095 |
- |
18,450 |
203,654 |
14,664 |
2,525 |
- |
298,388 |
|||||
asat31December2022 |
~ |
1,084,033 |
116,276 |
2,444,693 |
212,893 |
182,028 |
- |
4,039,923 |
||||||
Netbookvalue |
||||||||||||||
as-at31December2022 |
11,501,050 |
2,049,512 |
40,124 |
235,771 |
674,007 |
45,502 |
7,573 |
236,555 |
14,790,094 |
|||||
agat31December2024 |
14,501,050 |
2,108,607 |
- |
254,221 |
831,810 |
36,403 |
10,097 |
70,590 |
14,812,778 |
NonlistedinvestmentsheldbytheCharityrelateto£100investmentintHarewood HarewoodHouseTradingLtd.(2021:£100). |
hewhollyownedsubsid |
iarycompany, |
|---|---|---|
Charity |
Charity |
|
31.12.22 |
31.12.21 |
|
£ |
£ |
|
Investmentinsubsidiary |
100 |
100 |
Listedinvestments |
Charity |
Charity |
31.12.22 |
31.12.21 |
|
Costorvaluation |
£ |
£ |
asat1 January2022:Additions |
3,001,297670,000 |
2,742,826- |
Disposals |
- |
- |
Unrealisedgains(losses)/ gainsonrevaluationofinvestmentassets |
(237,099) |
258,471 |
asat3]December2022 |
3,434,198 |
3,001,297 |
Carryingamount |
||
asat| January2022 |
‘3,001,297 |
2,742,826 |
asat31December2022 |
3,434,198 |
3,001,297 |
Allinvestmentsshownaboveareheidatvaiuation.Investmentsatfairvaluecomprise: |
Equities |
2,167,221 |
2,238,226 |
|---|---|---|
Bonds |
365,124 |
249,498 |
Multiassetfunds |
“ |
- |
Alternatives |
470,377 |
443,279 |
Cashheldwithintheinvestmentportfolio |
431,476 |
70,294 |
3,434,198 |
3,001,297 |
19 |
Stocks |
. |
Group |
Group |
Charity |
Charity |
||
|---|---|---|---|---|---|---|---|---|
31.12.22 |
31.12.21 |
31.12.22 |
31.12.21 |
|||||
—€£ |
£ |
£ |
£ |
|||||
Retail,cateringandguidebooks |
30,609 |
29,657 |
- |
- |
||||
30,609 |
29,657 |
- |
- |
|||||
20 |
Debtors |
Group |
Group |
Charity |
Charity |
|||
31.12.22 |
31.12.21 |
31.12.22 |
31.12.21 |
|||||
£ |
£ |
£ |
£ |
|||||
TradedebtorsPrepayments |
313,098111,158 |
287,62633,781 |
66,461109,492 |
137,39533,781 |
||||
424,256 |
321,407 |
175,953 |
171,176 |
|||||
21 |
Creditors: |
Group |
Group |
Charity |
Charity |
|||
amountsfallingduewithinoneyear |
31.12.22 |
31.12.21 |
31.12.22 |
31.12.21 |
||||
£ |
£ |
£ |
£ |
|||||
Tradecreditors |
292,356 |
173,766 |
221,102 |
130,276 |
||||
Othercreditorsincludingsocialsecurityandothertaxes |
90,070 |
, |
48,923 |
5,255 |
8,593 |
|||
Accruals |
91,139 |
124,055 |
82,908 |
121,085 |
||||
Eventdepositsinadvance |
199,120 |
- |
210,500 |
9,500 |
- |
|||
Cashatbankandinhand |
206,101 |
- |
320,350 |
- |
||||
878,786 |
557,244 |
639,115 |
259;954 |
31.12.22 |
31.42.21 |
|||
|---|---|---|---|---|
£ |
£ |
|||
TurnoverExpenditureOtherincome |
1,237,176(773,186)- |
982,116(677,915)3,947 |
||
Netprofit |
463,990 |
308,148 |
||
Giftaiddonation |
(375,000) |
(300,000) |
||
Profit/ (Loss)aftergiftaidtoparentcompany |
88,990 |
8,148 |
||
Summarybalancesheet |
31.12.22 |
31.12.21 |
||
Fixedassets |
80,198 |
£ |
94,192 |
£ |
CurrentassetsCurrentHabilities |
393,578(354,337) |
233,548(297,229)9% |
||
Liabilitiesdueaftermorethan-oneyear |
||||
Netassets |
119,439 |
30,511 |
||
Capitalandreserves |
||||
CalledupsharecapitalProfitandlossreserves |
100119,339 |
10030,411 |
||
Shareholders’funds |
119,439 |
30,511 |
HAREWOOD HOUSE TRUST LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
NOTES
23 Group funds
Reconciliation and analysis of movement in funds
| Closing value of funds Transfer Investment (losses) / gains Expenditure for the year Income for the year Opening value of funds Comparative 2021 Closing value of funds Transfer Investment (losses) / gains Expenditure for the year Income for the year Opening value of funds |
Unrestricted Fund £ - (4,461,370) 3,795,977 4,459,662 268,351 4,062,620 Unrestricted Fund £ - (3,631,596) 3,444,888 3,998,379 647,991 4,459,662 |
Restricted Fund £ - (31,747) 701,747 563,185 (268,351) 964,834 Restricted Fund £ - (378,157) 721,367 867,966 (647,991) 563,185 |
Expendable Endowment Fund £ 2,764,198 - (237,099) - - 3,001,297 Expendable Endowment Fund £ 3,001,297 - 258,471 - - 2,742,826 |
Unrestricted Endowment Fund £ 10,088,916 - - - - 10,088,916 Unrestricted Endowment Fund £ 10,088,916 - - - - 10,088,916 |
Total 31.12.22 £ 17,880,568 - (237,099) (4,493,117) 4,497,724 18,113,060 Total 31.12.21 £ 18,113,060 - 258,471 (4,009,753) 4,166,255 17,698,087 |
Total 31.12.21 £ 18,113,060 - 258,471 (4,009,753) 4,166,255 17,698,087 Total 31.12.20 £ 17,698,087 - (86,509) (3,591,282) 3,337,272 18,038,606 |
||||
|---|---|---|---|---|---|---|---|---|---|---|
The endowment fund of £2,500,000 was donated by the Trustees of the 7th Earl of Harewood Will Trust in the year ended 31 December 2015 and must be invested with the aim of generating the greatest possible income return, without unduly putting the capital at risk. Any income generated from the endowment fund may be used for the general purposes of Harewood House Trust Limited, including to cover general running costs, and as such has been shown as unrestricted income. Capital must be invested with the aim of maximising income whilst maintaining the value of the capital, but can be applied to income with the approval of the funders.
The Restricted fund primarily relates to the 'Will Trust Projects Fund' to fund special projects including capital works, maintenance projects, exhibitions, education programmes and other similar projects.
In the year ended 31 December 2022 there were transfers totalling £268,351 made from restricted to unrestricted funds consisting of spending on eligible items relating to the 'Will Trust Projects Fund'. These transfers related to building conservation, technology and infrastructure development, programme development and spending on consideration of future capital project plans such as feasibility studies, brand development and surveys.
Post year end, a drawdown of £1,000,000 was made from the expendable endowment fund, with a commitment to release a further £250,000 if and when required to support the ongoing operational needs of the Trust.
In prior years, activities were as follows:
A donation of £1,500,000 was received in 2019. In 2021, £241,446 was spent on eligible items and was transferred from restricted to unrestricted reserves. A further £110,419 of the Cultural Recovery Fund Grant and £296,126 from Historic England was also invested in capital assets and transferred to unrestricted reserves in 2021.
Page 38
23 |
GroupFundsContinued |
GroupFundsContinued |
||||||
|---|---|---|---|---|---|---|---|---|
SumimaryofRestrictedFunds |
||||||||
Opening |
Incomein |
Expenditure |
Capital |
Balance |
||||
Value |
Year |
inYear |
Projects |
31.12.22 |
||||
;WillTrustProjectsFund |
£563,185 |
£- |
£- |
£(268,351) |
£294,834 |
|||
PatriciaHarewoodTrustFund |
: |
676,643 |
(6,643) |
- |
670,000 |
|||
ArtsCouncilEngland |
- |
25,104 |
(25,104) |
- |
- |
|||
Total |
563,185 |
701,747 |
(31,747) |
(268,351) |
964,834 |
|||
. |
Opening |
Incomein |
Expenditure |
Capital |
Balance. |
|||
Comparative2021 |
Value |
Year |
inYear |
Projects |
31.12.21 |
|||
WillTrustProjectsFund |
£804,631 |
£- |
£- |
£(241,446) |
£563,185 |
|||
CulturalRecoveyFund |
63,335 |
702,070 |
(358,860) |
(406,545) |
- |
|||
CIRS |
- |
19,297 |
(19,297) |
- |
~ |
|||
Total |
867,966 |
721,367 |
(378,157) |
(647,991) |
563,185 |
|||
Analysisofgroup.netassetsbetweenfunds |
||||||||
Expendable |
Unrestricted |
|||||||
Unrestricted |
Restricted |
Endowment |
Endowment |
Total |
||||
Fund |
Fund |
Fund |
Fund |
31.12.22 |
||||
£ |
£ |
£ |
£ |
£ |
||||
Fixedassets |
4,781,375 |
670,000 |
2,764,198 |
10,088,916 |
18,304,489 |
|||
Netcurrent(liabilities)/ assets |
(718,755) |
294,834 |
- |
: |
- |
(423,921) |
||
Total |
4,062,620 |
964,834 |
2,764,198 |
10,088,916 |
17,880,568 |
|||
Expendable |
Unrestricted |
|||||||
Unrestricted |
Restricted |
Endowment |
Endowment |
Total |
||||
Comparative2021 |
— |
Fund |
Fund |
Fund |
Fund |
31.12.21 |
||
£ |
£ |
£ |
£ |
£ |
||||
Fixedassets |
4,818,055 |
- |
3,001,297 |
10,088,916 |
17,908,268 |
|||
Netcurrent(liabilities)/ assets |
(358,393) |
563,185 |
= |
- |
204,792 |
|||
Total |
4,459,662 |
563,185 |
3,001,297 |
10,088,916 |
18,113,060 |
|||
24 |
Financialinstruments |
31.12.22 |
31.12.21 |
|||||
£ |
£ |
|||||||
Financialassetsmeasuredatamortisedcost |
106,997 |
287,626 |
||||||
Financialliabilitiesmeasuredatamortised |
cost |
582,615 |
297,821 |
OwedtotheCharityby: |
|||
|---|---|---|---|
HarewoodEstate |
£122 |
(2021- |
£Nil) |
TheEarlandCountessofHarewood |
£3,717 |
(2021- |
£7,855) |
HarewoodProvisionsCompanyLimited |
£6,069 |
(2021- |
£5,026) |
HarewoodHolistics |
£120 |
(2021- |
£Nil) |
OwedtotheTradingCompanyby: |
|||
HarewoodEstate |
£184 |
(2021- |
£640) |
HarewoodProvisionsCompanyLimited |
£18,623 |
(2021- |
£36,111) |
HarewoodEstate |
£24,169 |
(2021- |
£2,501) |
|---|---|---|---|
HarewoodEnergySupplyCoLimited |
£25,790 |
(2021- |
£18,915) |
HarewoodProvisionsCompanyLimited |
£403 |
(2021- |
£4,280) |
GeraldineConnerFoundation |
£ENi |
(2021- |
£Nil) |
OwedbytheTradingCompanyto: |
|||
HarewoodEstate |
£15,796 |
(2021- |
£96) |
HarewoodProvisionsCompany |
£21,221 |
(2021- |
£21,330) |
HarewoodHouseTrusttoTrading |
£276,519 |
(2021 |
-£274,526) |
|---|---|---|---|
HarewoodHouseTradingtoTrust |
£2,423 |
(2021 |
-£205) |