REGISTERED COMPANY NUMBER: 03249545 (England and Wales)

REGISTERED CHARITY NUMBER: 1058526

Report of the Trustees and

Financial Statements

for the Year Ended 30 November 2024

for

STONELEIGH ABBEY LIMITED

(A COMPANY LIMITED BY GUARANTEE)

Page

Report of the Trustees

1

to

6

Report of the Independent Auditors

7

to

9

Statement of Financial Activities

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

to

28

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Charity as set out in the Memorandum and Articles of Association are:

i) to preserve as an historic national monument buildings of historic or architectural or artistic interest and importance, including in particular the mansion Stoneleigh Abbey, and to protect and improve the amenities of such buildings and their surroundings;

ii) to preserve for the benefit of the nation the furniture, pictures and other chattels of historic and artistic interest;

iii) to facilitate and encourage access to and the study and appreciation of such buildings and chattels and the estate by the general public.

The Charity has the general aim of preserving the historic mansion Stoneleigh Abbey and encouraging access to and the study and appreciation of the buildings, chattels and the estate by the general public.

In shaping the objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. The charity relies on grants, investment income and the income from fees and charges to cover its operating costs. In setting the level of fees, charges and concessions, the trustees give careful consideration to the accessibility of the Abbey for those on low incomes.

The strategies employed to achieve the Charity's objectives are to:

- publicise the facilities available to the public;

- maximise the other income of the Charity in order to fund ongoing maintenance and restoration projects;

- apply for grants that may be available to assist with funding of further restoration projects.

The Charity furthers its objectives by pursuing a number of courses of activity.

The Charity acquired land and buildings at Stoneleigh Abbey, Warwickshire in December 1996, and contracts were placed for major repair works to the Abbey West Wing, the Riding School, Stables and Coach House, the Abbey Gatehouse, important Park structures - two bridges and weirs and sluices - and improvements to the infrastructure including power, water supply and drainage. All these contracts have been completed.

A further contract was completed in 2002 for the conversion of the Riding School into an events function suite. This was supported by Heritage Lottery Fund.

A major contract has been fulfilled for the renovation of the Repton landscape and bridges, weirs and the 'lake' financed to a significant extent by Natural England, a division of Defra. In 2014/15 grants were received from Natural England to further restore the Repton Landscape. In 2016/17 grants were received from Natural England to restore the Water Wheel.

In addition to admission charges a retail outlet and tea rooms and an information point operate on the site.

A property management plan has been implemented for the ongoing maintenance of the building, grounds and chattels. This deals in detail with separate elements of the mansion, the remaining building, the park, the public rooms, the furnishings and the chattels, and the ancillary properties held as investment properties by the Trust.

The Trustees have responsibility for a number of properties near to the estate where the income arising is used for the general purposes of the charity. Some properties may become development properties and it is policy to enhance and realise those assets where appropriate.

The Charity has been successfully established as a venue for events from music to corporate hospitality and weddings with a renewed emphasis in this area. The Charity's trading subsidiary, Stoneleigh Abbey Events Limited, accrues material profits from events and hire of its facilities which it is intended will be paid to Stoneleigh Abbey Limited. The company has a substantial number of bookings for weddings and events through 2025 and beyond.

Affordability and access to the Abbey and grounds is important to the Trustees and this is reflected in the pricing policy for entry to the Abbey and grounds. The Trustees have had due regard to guidance published by the Charity Commission on Public Benefit. The Charity has been successfully established as a venue for events from music to corporate hospitality and weddings with a renewed emphasis in this area.

Short term objectives of the Charity is to increase visitor numbers & associated income. The Trustees' long term objectives of the Charity is to have a dedicated visitor centre which will enable the Charity to provide educational opportunities and enhance the visitor experience.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The year to 30 November 2024 has been a positive year for the Charity. The Charity has focused on enhancing the visitor experience at the Abbey which has led to positive reviews and greater visitor numbers. Despite limited financial support from the government, the Charity has continued to support it's employees, customers and local community. The Trustees look forward to building on their plans to improve visitor experience along with supporting each other through the challenges ahead.

The parkland is open to the public between Easter and the 24th December and the walks and views of the house and lake planned by Humphrey Repton will be enjoyed by a wider public.

The Trustees continue to explore the links with Jane Austen, Oriel College Oxford, Sir Henry Parkes (five times Premier of New South Wales), Lord Byron and Sir William Dugdale (a renowned Warwickshire historian and 17th Century man of letters) to further promote public interest in Stoneleigh Abbey.

FINANCIAL REVIEW

Financial position

The Trustees report total income decreased by £342,146 to £567,728 (2023: £909,874) with 2023 income including £461,654 other income resulting from the lifting of a restrictive covenant. Total expenditure increased by £182,162 to £995,141 (2023: £812,979).

The Charity reports net expenditure of £427,413 (2023: net income of £96,895) before investment gains. In addition, there were investment gains of £74,595 (2023: losses of £9,508) and investment property revaluation gains of £nil (2023: gains of £629,147).

Total funds decreased from £20,456,297 to £20,103,479 during the year. This includes designated funds of £19,586,192 (2023: £18,579,956).

The admissions (entrance fees plus tea room and gift shop takings) brought in £153,595 (2023: £144,043), whilst the cost of tour guides and related costs amounted to £304,342 (2023: £231,009).

The cost of maintenance and upkeep of the Abbey, grounds and contents for the year was £520,269 (2023: £407,391).

Income from rents and related service charges raised £219,133 (2023: £217,433).

Investment powers and policy

Under the Memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish, subject to taking appropriate professional investment advice. The Trustees have regard to the liquidity requirements of operating the charity and to the reserves policy.

Funds have been placed with an investment manager under a discretionary agreement with an investment strategy for capital growth and moderate risk and no individual investment to comprise more than 10% of the portfolio without written instructions from the Trustees.

Reserves policy

Reserves are principally represented by tangible fixed assets and investments. The Charity’s policy on reserves is that free reserves should be held at a level to enable it to develop its level of activity, and to provide adequate working capital for the Charity to continue operations.

The level of free reserves is measured as general unrestricted funds, excluding designated funds. At 30 November 2024 free reserves amounted to £517,287 (2023: £876,341).

Going concern

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

FUTURE PLANS

The Trustees are committed to continuing the restoration and enhancement works undertaken in recent times to the Abbey's landscape and river setting, and associated structures. Funding for additional projects is being sought.

The Trustees are exploring the possibility of realising non-income generating assets in order to provide funds for future enhancements to the estate and visitor facilities and to carry out further restoration works to the historic properties.

The Trustees have an obligation to Natural England to increase the number of visitors. The target is to attract 100,000 visitors per year. In order to achieve the target, major funds will be needed for a visitor centre and for major works on the historical Repton pathways and medieval routes throughout the landscape setting and associated structures.

The Charity has not received any grants from HLF or Historic England since 1996. Those grants were expended on restoring and stabilising the heritage buildings at Stoneleigh Abbey.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Resources available

The Charity is governed by an involved and experienced body of trustees, who oversee the development plans, investments and finances, and management of the estate. The Trustees employ the services of professionals for project management, estate management, investment management and legal and accountancy services to supplement their own expertise, and to ensure the complete range of management skills necessary to manage such a high profile and public interest undertaking. New trustees are appointed by the Board and require approval by H M Revenue and Customs before appointment.

The Trustees bring years of experience in their specialist skills. The Chairman, Tony Bird, brings his experience in industry and property. He is supported by Mrs Dorothy Ingle, a company director, who brings her experience in the advertising, marketing and public relations industry, dealing mainly with Blue Chip companies. Mr Roger Pringle is a noted historian, who was the Director of the Shakespeare Birthplace Trust and is now a life trustee of that trust.

The financial resources available to the Trust comprise grants for capital expenditure and revenue deficit funding, which have all been utilised.. The Trust has an overdraft facility with its bankers.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03249545 (England and Wales)

Registered Charity number

1058526

Registered office

The Estate Office

Stoneleigh Abbey

Kenilworth

Warwickshire

CV8 2LF

Trustees

A P M Bird OBE

R Davies MBE (resigned 4.8.25)

Mrs D Ingle

R Beresford Pringle

Auditors

Gravita Audit Western Limited

Chartered Accountants & Registered Auditors

6-8 Bath Street

Bristol

BS1 6HL

Investment Advisers

Harris Allday

Church Mews

Ombersley

Wrcestershire

WR9 0EW

Bankers

Barclays Bank plc

150 Parade

Leamington Spa

Warwickshire

CV32 4AZ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Stoneleigh Abbey Limited 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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;

-	make judgements and estimates that are reasonable and prudent;

-	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:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 8 September 2025 and signed on its behalf by:

Mrs D Ingle - Trustee

Opinion

We have audited the financial statements of Stoneleigh Abbey Limited (the 'charitable company') for the year ended 30 November 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 30 November 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 trustees' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the 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.

Our responsibilities for the audit of the financial statements

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

i) We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We determined the following laws and regulations of most significance were: Charity SORP 2019 and UK GAAP.

(ii) We obtained an understanding of how the charity complies with those legal and regulatory frameworks by making inquiries of management. We corroborated our enquiries through our review of board minutes and other relevant meeting minutes.

(iii) We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;

- and assessing the extent of compliance with the relevant laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Bracher BSc FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

Chartered Accountants & Registered Auditors

6-8 Bath Street

Bristol

BS1 6HL

8 September 2025

2024

2023

Unrestricted

Restricted

Endowment

Total

Total

funds

funds

funds

funds

funds

Notes

£

£

£

£

£

INCOME AND

ENDOWMENTS FROM

Donations and legacies

3

149,386

-

-

149,386

56,996

Charitable activities

6

Visitors to the Abbey

43,665

-

-

43,665

53,496

Raising funds

4

109,930

-

-

109,930

90,547

Investment income

5

249,023

-

-

249,023

246,876

Other income

7

15,724

-

-

15,724

461,959

Total

567,728

-

-

567,728

909,874

EXPENDITURE ON

Raising funds

8

364,178

-

-

364,178

287,913

Charitable activities

9

Visitors to the Abbey

110,694

-

-

110,694

117,675

Maintenance and upkeep of the Abbey, grounds and contents

520,269

-

-

520,269

407,391

Total

995,141

-

-

995,141

812,979

Net gains on investments

74,595

-

-

74,595

619,639

NET INCOME/(EXPENDITURE)

(352,818

)

-

-

(352,818

)

716,534

RECONCILIATION OF

FUNDS

Total funds brought forward

20,456,297

-

-

20,456,297

19,739,763

TOTAL FUNDS CARRIED FORWARD

20,103,479

-

-

20,103,479

20,456,297

2024

2023

Unrestricted

Restricted

Endowment

Total

Total

funds

funds

funds

funds

funds

Notes

£

£

£

£

£

FIXED ASSETS

Tangible assets

16

24,207

-

-

24,207

17,971

Heritage assets

17

13,871,985

-

-

13,871,985

13,871,985

Investments

Investments

18

461,998

-

-

461,998

847,019

Investment property

19

5,690,000

-

-

5,690,000

5,690,000

20,048,190

-

-

20,048,190

20,426,975

CURRENT ASSETS

Debtors

20

253,924

-

-

253,924

335,760

Cash at bank

3,032

-

-

3,032

15,323

256,956

-

-

256,956

351,083

CREDITORS

Amounts falling due within one year

21

(201,667

)

-

-

(201,667

)

(321,761

)

NET CURRENT ASSETS

55,289

-

-

55,289

29,322

TOTAL ASSETS LESS CURRENT LIABILITIES

20,103,479

-

-

20,103,479

20,456,297

NET ASSETS

20,103,479

-

-

20,103,479

20,456,297

FUNDS

24

Unrestricted funds

20,103,479

20,456,297

TOTAL FUNDS

20,103,479

20,456,297

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 8 September 2025 and were signed on its behalf by:

D Ingle - Trustee

Cash flows from operating activities

Cash generated from operations

1

(553,965

)

37,180

Net cash (used in)/provided by operating activities

(553,965

)

37,180

Cash flows from investing activities

Purchase of tangible fixed assets

(10,696

)

-

Purchase of fixed asset investments

(82,753

)

(108,567

)

Sale of fixed asset investments

551,142

121,620

Interest received

9,307

10,212

Dividends received

84,468

75,433

Transactions with subsidiary

30,792

(70,111

)

Movement in cash held in investments

(8,773

)

13,365

Net cash provided by investing activities

573,487

41,952

Cash flows from financing activities

Capital repayments in year

(1,280

)

(4,955

)

Net cash used in financing activities

(1,280

)

(4,955

)

Change in cash and cash equivalents in the reporting period

18,242

74,177

Cash and cash equivalents at the beginning of the reporting period

2

(24,428

)

(98,605

)

Cash and cash equivalents at the end of the reporting period

2

(6,186

)

(24,428

)

1.	RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024

2023

£

£

Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities)

(352,818

)

716,534

Adjustments for:

Depreciation charges

4,460

5,933

Gain on investments

(74,595

)

(619,639

)

Interest received

(9,307

)

(10,212

)

Dividends received

(84,468

)

(75,433

)

Decrease/(increase) in debtors

81,836

(88,725

)

(Decrease)/increase in creditors

(119,073

)

108,722

Net cash (used in)/provided by operations

(553,965

)

37,180

2.	ANALYSIS OF CASH AND CASH EQUIVALENTS

2024

2023

£

£

Notice deposits (less than 3 months)

3,032

15,323

Overdrafts included in bank loans and overdrafts falling due within one year

(9,218

)

(39,751

)

Total cash and cash equivalents

(6,186

)

(24,428

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.12.23

Cash flow

At 30.11.24

£

£

£

Net cash

Cash at bank

15,323

(12,291

)

3,032

Bank overdraft

(39,751

)

30,533

(9,218

)

(24,428

)

18,242

(6,186

)

Debt

Finance leases

(1,280

)

1,280

-

(1,280

)

1,280

-

Total

(25,708

)

19,522

(6,186

)

1.	GENERAL INFORMATION

Stoneleigh Abbey Limited is a company limited by guarantee (number 03249545) and is a registered charity (number 1058526), registered in England and Wales. The registered office is The Estate Office, Stoneleigh Abbey, Kenilworth, Warwickshire, CV8 2LF.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in the financial statements are rounded to the nearest £.

These financial statements are those of the parent company only and not that of the group, as the charitable parent company has taken advantage of the available exemptions not to prepare consolidated accounts.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make some judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported for income and expenditure. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following significant judgements have been made by management in preparing these financial statements;

- valuation of investment properties

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Heritage assets

These comprise the historic assets of Stoneleigh Abbey and the surrounding estate, and the furniture, pictures and other chattels, of historic and artistic interest at the Abbey. The Abbey was built in 1150 and added to up until the mid 19th Century.

Heritage assets are included at cost, except for certain donated properties included in land and buildings that were not capitalised at valuation at the date of donation. They are let out from time to time but form part of the overall historic site. It is not considered necessary for them to be valued, as this would involve significant cost compared to the benefit obtained.

Depreciation is not charged on historic land and buildings, and chattels, as the residual value is considered to be at least as high as the carrying value.

It is the policy of the Charity not to dispose of the heritage assets held. Further assets may be acquired to enhance the items on display, as funds permit.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Cash and short term investments

Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments

The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the charity's contractual obligations are discharged, cancelled, or they expire.

3.	DONATIONS AND LEGACIES

2024

2023

£

£

Donations

123,382

43,834

Grants

26,004

13,162

149,386

56,996

Grants received, included in the above, are as follows:

2024

2023

£

£

Environmental Stewardship Schemes

26,004

13,162

4.	RAISING FUNDS

2024

2023

£

£

Gift Shop

7,967

7,904

Tea Room

101,963

82,643

109,930

90,547

The comparatives have been reclassified to reflect the nature of the income.

5.	INVESTMENT INCOME

2024

2023

£

£

Rents received

155,248

161,231

Income from listed investments

20,583

19,231

Service charge income

63,885

56,202

Deposit account interest

9,307

10,212

249,023

246,876

6.	INCOME FROM CHARITABLE ACTIVITIES

2024

2023

Activity

£

£

Entrance fees

Visitors to the Abbey

43,665

53,496

The comparatives have been reclassified to reflect the nature of the income.

7.	OTHER INCOME

2024

2023

£

£

Other income

15,724

461,959

Other income in the prior year is in respect of the lifting of a restrictive covenant.

8.	RAISING FUNDS

Raising donations and legacies

2024

2023

£

£

Costs of obtaining grants

4,889

3,428

Included in the above is £3,242 (2023: £3,191) in respect of apportioned support staff costs.

Other trading activities

2024

2023

£

£

Events

14,615

14,886

Publicity

13,421

15,029

Gift Shop

4,264

3,933

Tea Room

169,930

90,258

Gift Shop/Tea Room - allocation of support staff costs

19,454

19,143

221,684

143,249

Included in Tea Room is £124,553 (2023: £44,673) in respect of direct staff costs. Events includes £12,969 (2023: £12,743) in respect of the apportioned support staff costs and Publicity includes £6,485 (2023: £6,381) in respect of apportioned support staff costs.