Annual Report and Financial Statements

For year ended 31 December 2014

For House Trust Registered charity number 1032478

Compton Verney House Trust Contents of the consolidated financial statements For the year ended 31 December 2014

Contents Page

Reference and administrative details 3

Report of the Governors 4

Independent auditor’s report 22

Statement of financial activities 24 (Incorporating an income and expenditure account)

Balance sheet 25

Notes to the financial statements 26

Page 2 of 36 Compton Verney House Trust Reference and administrative details For the year ended 31 December 2014

Registered Charity number 1032478

Registered office and operational address Compton Verney, , CV35 9HZ

Governors First appointed Sir Peter Moores CBE DL Founder 1 April 2011 Kirsten Suenson-Taylor Chair 1 October 2010 Dame Prof Jessica Rawson Vice Chair 1 January 2014 Janet Bell Smith 1 January 2013 Chris Carter 1 September 2012 Irving David 1 July 2010 Victoria Dickie 1 November 2013 Sir Mark Jones 1 April 2011 Ludo Keston 1 November 2010 Paul Lindsell 1 January 2006 John Martyn 1 September 2012 Rita McLean 1 September 2012 Richard Shore 29 July 1998 Janatha Stubbs MBE MOM 1 January 2006 Lady Celia Goodhart Hon Governor

Principal Bankers Solicitors Barclays Bank plc Bates Wells & Braithwaite 48B & 50 Lord Street Scandinavian House Liverpool 2 – 6 Cannon Street Merseyside L2 1TD EC4M 6YH

Auditors Director Sayer Vincent LLP Dr Steven Parissien Chartered Accountants & Registered Auditors

Invicta House 108 – 114 Golden Lane London EC1Y 0TL

Page 3 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014

The Governors present their report and the audited financial statements for the year ended 31 December 2014.

The financial statements have been prepared on the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, applicable law and the requirements of the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2005).

The organisation is an unincorporated charity, constituted under a trust deed dated 27 August 1993and registered as a charity on 1 February 1994.

Who we are Compton Verney is a national art gallery and ‘Capability’ Brown landscape located nine miles from Stratford-upon-Avon. It is an unincorporated charity with the aim of providing an inspiring and entertaining cultural day out for visitors of all ages and backgrounds – whether they have come to see our highly-acclaimed art exhibitions, to take part in our wide-ranging programme of activities, or to enjoy the diverse features of our extensive historic landscape.

Everything we do supports our mission: to share our passion for art and landscape with as many people as possible.

Compton Verney is:

 a unique cultural attraction that is inclusive and relaxed yet, at the same time, innovative and bold;  a must-see, engaging, family-friendly destination;  ‘the national gallery on your doorstep’ – a nationally-accredited and internationally- recognised art gallery which stages some of the most important art exhibitions in the area, connecting our region to the world by working closely with the UK’s large, state-funded national museums and small independent galleries alike;  one of the most distinctive and user-friendly hire venues in the region;  an exemplar for environmental sustainability.

Our history The house and landscape at Compton Verney were owned by the Verney family – later created Lords Willoughby de Broke – from the mid-fifteenth century to 1921, when the 19th Baron sold the estate. (The Verneys had rebuilt the mansion after 1711, and had employed Robert Adam and Lancelot ‘Capability’ Brown to remodel both house and grounds after 1761.) In 1993 the Peter Moores Foundation (PMF) bought the site, including the near-derelict mansion, and, following a £20 million building project to restore the Georgian mansion and add a modern wing to house exhibition spaces and visitor facilities, Compton Verney was fully opened to the public as a major, nationally-accredited art gallery in 2004.

Page 4 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014

Our audience Of our 70,200 visitors (including 4,600 school visits) during 2014, the majority visited us from within a 60-minute drive time from Compton Verney – a catchment area that includes Birmingham, , Coventry, Leamington Spa and the Cotswolds. Visitor numbers were 10,000 higher than in 2013, giving us our third most successful year to date.

Our achievements in 2013 Exhibitions Exhibitions play a crucial role at Compton Verney in strengthening and increasing audiences and in making a significant contribution to the cultural landscape, both regionally and nationally. During 2014 we staged two major special exhibitions, demonstrating our continued commitment to excellence in quality of content and presentation:

 Moore Rodin (15th February - 31 August), a ground-breaking international exhibition, organised in collaboration with the Musée Rodin and the Henry Moore Foundation, which compared the works of two giants of modern sculpture. Of the 160 works, 11 were large scale pieces in the grounds – including one of Rodin’s most famous works, Monument to the Burghers of Calais (usually on display outside the Houses of Parliament) and Moore’s magnificent, monumental Three Piece Sculpture: Vertebrae.

 British Folk Art (27 September - 14 December), organised in association with Tate Britain, was the first major exhibition of its kind in the UK to celebrate the energy, variety and inventiveness of Britain’s unsung, often self-taught and anonymous folk artists. It comprised 180 remarkable and spectacularly displayed objects in a huge variety of media from collections across the UK (including our own), and incorporated ships’ carvings, quirky trade signs, toby jugs, pin cushions and bone objects made by soldiers, as well as reproductions of famous art works by embroiderer Mary Linwood and paintings by Alfred Wallis.

Collections The six permanent collections are at the heart of Compton Verney. It is our responsibility to care for them on behalf of the Compton Verney Collection Settlement (CVCS) and to improve access to them on behalf of our audiences, the public and future generations. Major areas activity in 2014 included:  The development of plans for the major re-display of the Chinese collection, funded by the DCMS/Wolfson Foundation and Arts Council through the Designation Development Fund.

 The special display Art from Ammunition: Trench Art from the First World War (15 July-14 December), which demonstrated the remarkable creativity of soldiers, prisoners of war, civilian internees and refugees, many of whom created extraordinary objects from the everyday by-products of the First World War. Drawn from a local private collection, the objects originated from over 25 of the countries directly involved in the war. Page 5 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014

 Processing bequests to the Marx-Lambert collection by Eleanor Breuning, Enid Marx’s executor, including a number of Marx-designed neckties donated by Katia Marsh (whose uncle was Marx’s brother). A number of the items are now incorporated into the existing display.

 Outgoing loans to the Fondazione Roma-Arte-Musei, Rome, the Niedersachasiches Landesmuseum, Hanover and Tate Britain.

 The successful de-accession by CVCS of a major work by Bernardo Strozzi, through a process carefully guided and monitored by The Museums Association and Arts Council England. Both bodies subsequently applauded the manner in which the disposal was conducted, and are now promoting the de-accession nationally as an exemplar of good practice.

Learning Learning is central to our mission. Our learning and public programmes take our collections, exhibitions and landscape as their point of inspiration for newcomers, regular visitors and seasoned experts alike. Main areas of activity in 2014 included:

 4,600 students taking part in Learning programmes, including a record number of secondary school visits.

 Continued expansion and growth in popularity of Forest School sessions, including the introduction of a new Early Years programme.

 Major additions to the events programme, including an enormously successful 10th Birthday Party in May, which attracted over 1,300 people, and Viva Italia!, a month of talks, music and other activities in September.

 Over 10,265 families and visitors participating in our activities and events programme, 2,000 more than in 2013. This figure, however, does not include the many thousands more who enjoyed the trails, backpacks, and other programmes devised devised to enhance the experience of our exhibitions, collections and park.

The Park One of our key goals in 2014 was to continue to exploit the historic parkland at Compton Verney as a way of building new audiences. To this end, many parkland projects were undertaken during 2014, including:

 Additional planting to embellish areas close to the Chapel, throughout the Ice House Coppice and in the East Park.

 Seeding areas of the coppice with wild flowers to increase bio-diversity and interest.

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 Planting the Dan Pearson/William Morris meadow, to be ready for summer 2015.

 Conducting HLF-funded wildlife surveys, some in collaboration with the British Trust for Ornithology (which recorded more than 80 bird species on-site).

 Expansion of the popular grounds blog, whose visitors rose from 2,621 in 2013 to 3,679 in 2014; increased digital media activity by the Head of Landscape; and the establishment of a Compton Verney grounds Flickr group

 The re-settling of our bee colonies in their four new, secure hives.

 The extension of our programme of grounds walks, led by the Head of Landscape and Gardens.

 Building partnerships with Warwickshire Wildlife Trust, the CB300 Festival Committee and Warwickshire College

Partnerships Compton Verney’s future depends to a large extent on our ability to build and maintain regional and national partnerships, devised to provide us with the sound bedrock of financial and professional support that is essential if we are to realise our full potential. During 2014 we accordingly

 Strengthened our national exhibition partnership network of museums and galleries, devising exhibition tours around the partnership and working with national bodies such as the Royal Shakespeare Company and the BBC.

 Used our recently-formed regional cultural alliance,‘CW8’ (Coventry and Warwickshire 8), to lobby regional and national government, national arts bodies such as the Arts Council and, most importantly, regional businesses.

 Developed collaborative links with local commercial partners.

 Built collaborative partnerships with regional Higher Education Institutions, notably the Universities of Oxford and Warwick.

 Worked with strategic marketing partners to increase our brand awareness and increase visitor numbers – partners such as the Coventry and Warwickshire Family Friendly Consortium, the Museums Network, the Heart of England Galleries Group and the West Midlands Museum Directors’ Group.

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Fundraising 2014 was a transformational year in fundraising for Compton Verney, as we pursued both match funding for the HLF grant application for our grounds restoration project and general funding for other aspects of our work.

 As at 31 December, funds raised during 2014 totalled £339,000 in new cash and £418,000 in pledge payments received. In addition, over £442,000 was promised in the form of new pledges, giving us a grand total of almost £1.2 million in cash and pledges received in the year.

 Our Round Two Heritage Lottery Fund application was submitted, with a full set of designs and planning permissions for all new structures, landscaping proposals, and detailed business and activity plans. The total figures above include £523,000 which was raised in match funding for the project, with submitted proposals for a further £300,000 still under consideration at the end of the year.

 The number of funding application we submitted to Trusts and Foundations was greatly increased this year: 77, as opposed to 50 the year before. During the year we were awarded a number of major grants, including from the Garfield Weston Foundation (£75,000), the Wolfson Foundation (£125,000), the Country Houses Foundation (£25,000) and Fidelity UK (£47,000) all for the new Visitor Welcome Centre. Where cash was received in the year the amounts are recognised in the statement of financial activity on page 21. Outstanding pledges will be recognised in the accounts when received or when the conditions for their receipt are met. Approximately 30% of our applications were successful in 2014 – a very favourable rate in the sector.

 We also enjoyed considerable success in attracting statutory funding, from the redisplay of the Chinese collection (for which the Arts Council Designation Fund awarded us £89,000) and the installation of energy-efficient lights, wi-fi and new air handling units in the galleries (for which the Arts Council Capital Grants Scheme gave us £123,000) to the development of the volunteer programme (for which the Big Lottery Fund Awards for All provided us with £10,000) and new art works in the park (for which the Arts Council’s Grants for the Arts programme awarded us £15,000). These amounts will be received and reflected in the 2015 accounts.

 The number of Benefactors continues to rise, with nine members joining the scheme in 2014 – up from six in 2013.

A fundraising opera event in July, under the leadership of our Patron, Bridget Barker, raised a record £27,000.

Page 8 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014

Marketing Effective marketing is essential to the future success of Compton Verney in communicating and explaining our offer to diverse audiences across our catchment area.

During 2014 our Marketing team maintained Compton Verney’s profile by winning national and regional media coverage for our exhibitions and activities, via outlets as varied as BBC Radio 2, Country Life magazine and The Oxford Times.

We also delivered the second stage of our research project, made possible by ACE’s Strategic Support Fund. This included delivering door drops to 33,297 local homes in targeted postcode areas; test campaigns to 5,000 new email addresses; a comprehensive re-design of all of our print outputs, resulting in the highest pick-up rate for five years; the production of a new video for our Moore Rodin exhibition, resulting in our highest-ever number of views on You Tube; and the creation of a highly popular Giraffe Trail in the park as part of the summer holiday marketing campaign.

During the year we also launched a new Ambassadors scheme, designed to help promote Compton Verney at grassroots level to local audiences. 34 Ambassadors were successfully recruited, who subsequently contributed over 300 hours of their time.

In 2014 we additionally broadened Compton Verney’s digital reach, resulting in over one million people being reached through advertisements paid for through our new Google Ad Grants account; attracted 193,190 visits to our website (a 22% increase on 2013, with a 32% increase in new users); secured a 25% growth in the number of our Twitter followers (raised to 4,704) and 1,235 new ‘Likes’ for to Compton Verney’s Facebook Page, nearly doubling our total; and raised over £10,000 through the Art Fund’s ‘Art Happens’ crowdsourcing project, to enable us to create Dan Pearson’s William Morris Meadow project at Compton Verney for 2015.

Commercial activity In 2014 we welcomed almost 65,600 general visitors and 4,600 learning visitors to the site – a grand total of 70,200, and an increase of 10,000 on 2013.

Consequently, income from admission and retail improved considerably, with admission tickets and membership sales totalling £510,779 during the year (up 26% from 2013) and retail income at £183,135 (up 8% from 2013). Bestselling lines in the year were handbags (over £32,000 sold), exhibition and specialist books (over £28,000 sold), greeting cards (more than £10,000 worth sold) and scarves (of which we sold over £7,000). With over 20,000 transactions in the year, the conversion rate in the shop averaged an excellent 31%, with an average transaction value of £9.16 and a spend-per-visitor of £2.79 (compared to £2.31 in 2013).

Disappointingly, our hire and event business did not keep pace with this success. Nevertheless, we still delivered 24 weddings, 15 private functions and 13 corporate functions during the year –

Page 9 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014 including a large event for Audi in the summer. These raised £80,000 in venue hire income, compared to the £105,000 of 2013.

At the 2014 Wedding Industry Awards, however, Compton Verney was delighted to win the award for the Best Events Team in the West Midlands, which points to a great future ahead.

Future plans Looking ahead, our main priority is to welcome more visitors to the site (our 2015 target is 69,000, rising to 100,000 visitors a year by 2020), and to secure long-term financial and organisational sustainability.

In order to achieve this, from 2016 onwards we will be making major strategic changes to the timing, structure and delivery of Compton Verney’s open season; building our alliances, networks and partnerships in the cultural, educational and commercial sectors; and fully exploiting our outstanding ‘Capability’ Brown parkland as a major asset for building audiences, via a £3.7 million Park Restoration Project supported by a £2.5 million Heritage Lottery grant.

Page 10 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014

OUR GOVERNANCE

The Board of Governors All of Compton Verney's activities are ultimately controlled by the Board of Governors. At quarterly board meetings, the Governors steer the strategic direction of Compton Verney House Trust and monitor the work of the executive. Specifically, the Board is responsible for the approval of the financial statements and annual budgets, risk management, health and safety, the exhibitions policy, and any significant changes in operations.

The Governors refer to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities, and consider how planned activities will contribute to the aims and objectives that have been set.

The Director and Deputy Director attend every Board meeting; other senior staff attend meetings as appropriate.

The Chair of the Board has, since January 2012, been museum conservation professional Kirsten Suenson-Taylor. Kirsten is a member of the Moores family, and is also a trustee of the Compton Verney Collection Settlement (CVCS), and the Compton Verney Fund (CVF).

Compton Verney’s Governors are independent professionals chosen for their outstanding reputation in their field of expertise, their powerful networks and their personal commitment to Compton Verney. New Governors are recruited following an assessment of the balance of skills, knowledge and experience already possessed by the existing Board members and the identification of areas in need of more support, given the current strategic priorities of the organisation. Governors are appointed having been interviewed by a Nominations Panel, a sub- committee of the main Board. Prior to joining the Board, new Governors are provided with a detailed induction pack and have an induction meeting with the Director and Deputy Director to ensure they fully understand our vision for Compton Verney and can work with all our stakeholders. The induction pack comprises a comprehensive welcome file of information on Compton Verney House Trust and its related organisations, including copies of the latest Forward Plan and accounts, minutes of Board meetings, exhibition schedules and gallery publications.

Governors are appointed for a term of between three and four years, all of which are set to conclude at the end of the financial year. At the end of their term of office, Governors either retire or, in exceptional cases, may be asked by the Chair to offer themselves for re-appointment. The Chair meets with each Governor individually once a year to review performance, exchange feedback, share plans for the future, and agree personal priorities and targets for the year ahead.

Governors give their time voluntarily and receive no benefits from the charity, but their expenses are covered to ensure that an individual’s ability to participate is not dependent upon their financial means. (Expenses are set out in note 6 to the accounts.) All of our Governors are also supporters or donors. Page 11 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014

Governors are actively engaged as ambassadors and advocates for Compton Verney, and are required to utilise their network of contacts on behalf of the gallery – introducing potential supporters, funders and partners to the senior staff and to the site. They are also required to support the executive staff in their work from time to time, harnessing their particular professional skills and experience to advise the executive on key issues, help steer important projects and initiatives, and act as mentors to senior staff.

The Governors have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. CVHT's risk policy sets out a framework to enable the Governors to fulfil their obligations in respect of risk, and a risk register is used to identify, assess, review and manage or mitigate those risks. Insurance policies are in place to cover specific risks – for instance, the risk of damage to the building and to the art on display. The Finance and Audit Sub-Committee (see below) assists Compton Verney in managing its corporate governance and risk management obligations.

Our Board Kirsten Suenson Taylor - Chair Originally an archaeologist, Kirsten trained as an archaeological conservator and worked for many years at the Museum of London. More recently, Kirsten has worked with ICON (The Institute for Conservation), helping to promote conservation to government and to the public. Kirsten has been a trustee of Compton Verney Collection Settlement since 1999 and a trustee of Peter Moores Foundation since 2004.

Professor Dame Jessica Rawson – Vice Chair Dame Jessica began her career in the British Museum working on ancient China. She moved to Oxford to become Warden of Merton College between 1994 and 2011. Her work as Warden was concerned with the administration of the College, with its academic achievements and its life as a community of students and academics. Dame Jessica’s academic work covers all aspects of Chinese Art and Archaeology.

Sir Peter Moores CBE DL - Founder Sir Peter Moores was born in Lancashire and educated at Eton College and Christchurch, Oxford, where he studied Italian and German. He had a gap year at Glyndebourne working as a behind- the-scenes administrator and then studied at the Vienna Academy of Music. In 1957 he joined his father’s business, Littlewoods, becoming Vice-Chairman in 1976, Chairman 1977-80 and remaining as a director until 1993. His public appointments include Governor of the BBC (1981- 3), Trustee of the Tate Gallery (1978-85) and Director of Scottish Opera (1988-93). In 1991, he was awarded a CBE and received a knighthood in the New Year’s Honours List in 2003 in recognition of his charitable services to the arts.

Janet Bell Smith A graduate of Aston University, Janet Bell Smith has worked in the field of Human Resources for over 30 years, initially with PricewaterhouseCoopers as Head of HR (Assurance) in the Midlands Page 12 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014 and more recently as a freelance consultant and Lay Advisor for the NHS. Her previous non- executive roles have included the Birmingham Royal Ballet, Warwickshire Primary Care Trust and two local Hospices. Outside of work Janet has been a magistrate for over 25 years including chairing the Coventry and Warwickshire Bench of magistrates for the last three years. She has the honour of undertaking the role of the High Sheriff of Warwickshire for 2015 / 2016.

Chris Carter After study at the Architectural Association and training as a landscape architect at Gloucestershire College of Art & Design and Pershore College of Horticulture, Chris became Cornwall County Council's first landscape architect. He joined Colvin and Moggridge in 1972, becoming an Associate in 1974, and Partner to Hal Moggridge in 1982. He remains an active Consultant in the practice, and is Chairman of the Gardens Panel at the Sir Harold Hillier Gardens.

Irving David Irving David read Law at the London School of Economics and subsequently trained with a leading London entertainment law firm, Wright & Webb. After qualifying as a solicitor, he joined Warner Brothers and became head of legal and business affairs for their London-based record company and music publishing subsidiaries, WEA Records and Warner Bros Music. He returned to private practice and is now a senior partner at DWFM Beckman Solicitors based in Central London, specialising in Intellectual Property and with particular expertise in the music, dance and electronic games industries.

Victoria Dickie Victoria Dickie set up as a fundraising consultant in 2004 to provide advice to Boards and senior management of arts organisations in all aspects of fundraising. She has had experience in masterminding and implementing effective strategies for major capital fundraising projects as well as general revenue fundraising from the corporate sector, individuals and Trusts & Foundations. Victoria has also set up fundraising departments for Trinity College of Music and the National Galleries of Scotland and worked for The Royal Academy of Arts as Head of Corporate Affairs, and is currently a Governor of the Central School of Speech and Drama.

Lady Goodhart After Oxford, Lady Goodhart went into the Civil Service but took to part-time teaching when raising her three children. She has always combined her work with various appointments on committees in public life, and has been Chairman of Youth Clubs UK and the Family Planning Association. Nearly a decade in politics was followed by becoming Principal of Queens College London, a secondary school for girls. She chaired the Equality and Diversity Committee on the Council of Goldsmiths College, University of London and received an Honorary Degree from the College. She has chaired the Oxford University Society and is an Honorary Fellow of St Hilda's College, Oxford, of City & Guilds and of the FRSA.

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Sir Mark Jones Mark Jones read PPE at Oxford and Art History at the Courtauld Institute of Art. He joined the British Museum in 1974, was appointed Director of the National Museums of Scotland in 1992 and from 2001 to 2011 he was Director of the V&A, where he led a ten-year, £120 million programme of renewal of the museum’s buildings and displays, and established a strong programme of design-focused exhibitions, seen all around the world. He has published widely on medals and museums. He is a Fellow of the Royal Society of Edinburgh, an Honorary Professor at Edinburgh University, and has Honorary Doctorates from Royal Holloway College, Dundee University, the University of Abertay (Dundee) and the University of East Anglia. Mark Jones is now Master of St Cross College at the University of Oxford. He was awarded a knighthood in 2010 for services to the arts.

Ludo Keston Ludo Keston is the Director of the River and Rowing Museum in Henley-on-Thames. Before arriving at Henley, he was Director of the Herbert Art Gallery and Museum in Coventry and General Manager at the RSC in Stratford-on-Avon. Previous board membership has included Coventry Transport Museum, Stratford-on-Avon College, Shakespeare Country, Stratford-on-Avon Town Management partnership, Audiences Yorkshire and the City of York Council cultural strategy development group.

Paul Lindsell Paul Lindsell is an experienced managing director in the marketing consultancy and services industry. Paul began his career in the art world, as the Art Fund’s first ever Public Relations Manager. He then acquired a professional training in commercial marketing companies until founding his first company, Lindsell Marketing, in 1994. He also has twenty years expertise in market research and customer/prospect data analysis.

John Martyn John Martyn’s career in finance began with the Ford Motor Company, followed by BICC, the Littlewoods Organisation and finally with Dalgety PLC, where he was Group Finance Director for 10 years. He returned to Littlewoods as a non-executive director and combined this with the position of Estates Bursar at Trinity College, Oxford. He is a graduate of Exeter University, Fellow of the Chartered Institute of Management Accountants and is a member of the Association of Corporate Treasurers.

Rita McLean Rita McLean has worked in the museums and heritage sector throughout her career. She was Director of Birmingham Museums and Art Gallery from 2004 until May 2012, and has extensive experience of implementing museum and heritage development projects of varying scales, collections development and staging exhibition and museum education programmes. Rita previously served as a member of the National Museums Directors Council, on the Creative and Cultural Skills Heritage Advisory Panel, and on the Heritage Lottery Fund’s national expert panel for Museums, Libraries and Archives. She now combines work as a Museum and Heritage Page 14 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014 consultant with historical research, lecturing and writing projects. She is a member of the National Trust’s Midlands Region Advisory Board and chairs Birmingham Civic Society’s Heritage Committee.

Richard Shore Richard Shore has spent the majority of his career, following his MBA from the Manchester Business School, in the automotive sector. He spent 14 years at Ford Motor Company in a variety of finance roles, which included joint ventures and start-ups and culminated in the role of Director of Strategy for Ford in Europe. Whilst on assignment in Germany he was appointed to the Board of the Independent Bonn International School for three years as Treasurer. Since 2006 he has worked for Jaguar Land Rover and is currently Chief Financial Officer, China.

Janatha Stubbs MBE, MOM A Board Director for The Littlewoods Organisation between 1982 and 1998, Janatha Stubbs was member of the Malta Playing Fields Association from 1972 until 2007, and their Chairman from 1980 until 2000. Founder and President of Ir-Razzett Tal-Hbiberija, a centre for people with disabilities, since 1989, Janatha was awarded the Malta Order of Merit for charitable works in 1993 and the MBE in 2003 for services to the disabled in Malta. She was Chairman of Compton Verney House Trust from 1993 to 2005.

The Finance and Audit Sub-Committee Chaired by Adam Broke OBE FCA FTII, the Finance and Audit Sub-Committee reports to the CVHT Board of Governors (one member of which sits on the sub-committee). The CVHT Deputy Director submits quarterly accounts and strategic financial reports to each sub-committee meeting; the meeting minutes are then reported to the CVHT Governors, who are ultimately responsible for reviewing financial performance. The Chair and Director of CVHT also attend on an occasional basis.

The Finance and Audit Sub-Committee provides oversight of the accounting systems, procedures and policies and financial reporting, and makes recommendations to the CVHT Board on any changes that are required. Working with the executive, it reviews significant risks to the organisation, assesses their likely impact and makes recommendations on the best ways of mitigating risk. It is also responsible, on behalf of CVHT, for reviewing the performance of the auditors and (if necessary) for recommending changes.

Staffing The Director is vested with day-to-day responsibility for the running of Compton Verney, and is appraised annually by the Chair against a set of agreed targets. (In turn, annual targets are set for the Deputy Director, the Senior Management Team and all other staff.) In December 2014 the Director, Dr Steven Parissien, was supported by the Deputy Director, Rachel Davies, and a Senior Management Team (SMT) comprising the Head of Programming, Alison Cox; the Head of Development, Alice Gosling; the Head of Marketing, Sam Skillings, the Head of Operations, Cranmer Webb; and the Head of Landscape and Gardens, Gary Webb.

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During 2014 CVHT engaged an average of 23 employees on permanent contract; 36 employees on seasonal (March-December) contracts and 44 volunteers. The on-site caterers, Ampersand, also employed permanent and casual staff in the restaurant and café on seasonal (March- December) contracts.

Our team of volunteers support all areas of the organisation. In total, the volunteer team contributed 6,500 hours during 2014 – which, working on the basis of a seasonal gallery assistant wage, had a value of over £47,500 to the organisation.

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RELATED PARTIES Compton Verney House Trust (CVHT) co-operates with three related charities and two related companies in order to achieve its objectives. The three charities are the Compton Verney Collection Settlement (CVCS), the Compton Verney Fund (CVF) and the Peter Moores Foundation (PMF), all founded by Sir Peter Moores. The related companies are Compton Verney Publications Limited and Katamor Limited. Compton Verney Collection Settlement (CVCS) CVCS is a charitable trust (number 1085810), set up at the same time as CVHT in 1993. The Trustees of CVCS own the permanent collection at Compton Verney, and a loan deed outlines the terms upon which the collection is displayed at CVHT. This bipartite structure was recommended by the Department of National Heritage (DNH) for the protection of the Collection, and has recently been re-endorsed by Arts Council England. By placing the collection in a separate trust, it is protected from sale, either in part or as a whole, should CVHT run into financial difficulties.

New CVCS Trustees are appointed on either the recommendation of the executive or of existing trustees on the basis of their relevant expertise. They tend to be museum professionals, able to advise on collection-related issues. The CVHT Director and Collections Manager attend every board meeting; other senior CVHT staff attend meetings as appropriate.

Although CVCS functions as a separate board from CVHT, it shares some members with the latter, including CVHT's current Chair. CVCS's Chairman is the London-based financial adviser Adam Broke of chartered accountants Mercer & Hole, who is also Chairman of the CVHT Finance & Audit Sub-Committee (see above) and a Trustee of CVF (see below).

The Compton Verney Fund (CVF) The Compton Verney Fund (CVF) was established by trust deed in March 2010 to hold an endowment of £25 million on Compton Verney's behalf. CVF is a separate trust, with a separate Board from CVHT, and stands independently to ensure its assets cannot be compromised by any potential difficulty encountered by CVHT. The Chair of CVHT and CVCS are members of the CVF Board, ensuring that all three trusts work together and communicate clearly in order to achieve the shared goal of running a successful art gallery at Compton Verney.

The Peter Moores Foundation (PMF) The Peter Moores Foundation (PMF) formerly provided the finance to establish Compton Verney, and provided CVHT with financial support until the Compton Verney Fund was established in 2010. In 2014 PMF supported CVHT's exhibition programme with a donation of £370,000 and matched CVHT’s fundraising income on a £-for-£ basis. When the Peter Moores Foundation was closed in April 2014, funding of £8 million held and administered by the Peter Moores Charitable Trust was ring-fenced for the continuation of the £-for-£ match funding scheme.

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Compton Verney Publications Limited (CVPL) Compton Verney Publications Limited is wholly owned by CVHT, and provides the educational activities, hire and catering and retail activity at Compton Verney. The Chair of CVHT's Board of Governors, Kirsten Suenson-Taylor, was an unpaid director of CVPL during 2014.

Katamor Limited Katamor Limited provided CVHT with secretarial and management services on a commercial basis. Sir Peter Moores was a director of Katamor Limited and, by virtue of his majority shareholding, is its controlling party. Katamor Limited was dissolved in July 2014.

Page 18 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014

FINANCIAL REVIEW Incoming resources Total income in the year amounted to more than £3.6 million. Voluntary income of £2.7 million (up from £2.2 million in 2013) included income of £1.25 million from the Compton Verney endowment fund, £370,000 from the Peter Moores Foundation in support of our exhibition programme, and over £613,000 from the Peter Moores Foundation Challenge Fund, which supports the growth of our Building and Gallery Income Fund (also called our Sustainability Fund) for the maintenance and improvement of our facilities. The balance of this figure came from public donations and grants from the Arts Council, the Heritage Lottery Fund, the Garfield Weston Foundation and other trusts and foundations. Activities for generating funds at £386,000 included income from fundraising events (£38,000) and retail income of £183,000, but this total was down by £47,000 on the previous year, reflecting a reduction in income from catering and hire. Income from charitable activities (admissions to our galleries and grounds) amounted to more than £510,000 in 2014, up 26% on the previous year, reflecting the contribution of the additional 10,000 visitors to site. Investment income at just over £13,000 was down on 2013, reflecting a movement of £1.5 million cash from Barclays to a specialist charity investment fund midway through the year. Unrealised gains of £74,000 were generated by the investment and recognised in the year.

Resources Expended Total expenditure in 2014 was just over £2.8 million, up 13% on 2013. The increase reflects a more expensive exhibition programme and the start of our grounds restoration project. The majority of other costs relating to staff and building running expenses were stable.

Net Movement in Funds With income up by almost £600,000 up on the year before and costs up by over £326,000, overall Compton Verney's total net operating surplus, at £861,000, was up by £341,000 (66%) on 2013. In fact unrestricted incoming resources were up more than 95% from £384,000 in 2013 to £751,000 in 2014 reflecting the increase in visitor numbers and ticket yield in 2014 and the success of our fundraising activities, amplified by the match funding we received from the Peter Moores Foundation Challenge Fund, for which we are very grateful.

Balance Sheet Overall Compton Verney's net assets were increased by £861,000 in 2014, reflecting the surplus created by our additional visitors and fundraising activities during the year. The value of tangible fixed assets fell by £39,000 as depreciation outstripped capital purchases in a year without any major capital investment.

The value of our current assets reduced by over £592,000 in 2014, as cash was transferred into investments. Creditors increased by over £82,000 at the year-end, reflecting an increase in fundraising income carried forward for 2015 projects. At the year-end Compton Verney had total reserves of £24.6 million. Of this sum, £21 million related to amounts invested in tangible fixed

Page 19 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014 assets. The balance of £3.6 million represents Compton Verney's cash reserves, held against future requirements in line with our reserves policy. An analysis of these reserves is given in note 15 to the accounts.

Reserves Policy The Board of Governors review the reserves policy and the level of unrestricted retained reserves carried forward annually, and make changes where appropriate to ensure that Compton Verney's reserves are adequate to safeguard against unpredictable income streams, future potential risks and planned investment requirements. The Governors retain these reserves to support future expenditure, either of a capital or revenue nature, which cannot be covered by incoming resources. Following the 2013 review, the Governors agreed that the general, unrestricted cash reserves should be maintained at between three and six months' net cash flow requirements and that, as an organisational priority, Compton Verney's Designated Building and Gallery Sustainability Fund should be systematically built up to support the ongoing development, conservation and maintenance of the estate, as well as to provide funding for strategic initiatives, artistic or commercial, to improve our financial sustainability.

On 31 December 2014 Compton Verney held the following reserves:

 An unrestricted general fund of £805,000 to cover approximately six months’ net cashflow requirements.

 Restricted funds of £144,000, representing grants received but unspent at the year end.

 A designated building and gallery fund, representing the resources the trust has already invested in the development of the gallery, grounds and other fixed assets. The balance of this reserve at 31 December 2014 was £21 million.

 A designated building and gallery sustainability fund, created to allow us to maintain and improve our facilities in the future. At the year end the balance on this reserve was £2.7 million.

The balance on all reserve accounts are monitored as part of the management accounting and contingency planning process.

Investment Policy and Objectives Compton Verney House Trust holds two investments. The share capital of its wholly-owned subsidiary, Compton Verney Publications Limited valued at £2 and units in the CCLA COIF Charity Investment Fund, valued at £1,574,000 at the year end. In addition bank balances generated investment income of over £13,000 in 2014.

Page 20 of 36 Compton Verney House Trust Report of the Governors For the year ended 31 December 2014

STATEMENT OF RESPONSIBILITIES OF THE GOVERNORS Law applicable to charities in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and

 select suitable accounting policies and then apply them consistently;

 make judgements and estimates that are reasonable and prudent;

 state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;

 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Governors are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors Sayer Vincent LLP were appointed as the charity's auditors during the year, and have expressed their willingness to continue in that capacity.

Approved by the Governors on 19 May 2015 and signed on their behalf by

Kirsten Suenson-Taylor Chair

Page 21 of 36 Compton Verney House Trust Report of the Independent Auditors to the Trustees of Compton Verney House Trust

We have audited the financial statements of Compton Verney House Trust for the year ended 31 December 2014, which comprise the Statement of Financial Activities, balance sheet and the related notes. 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).

This report is made solely to the trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees 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 charity and the trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities We have been appointed as auditor under section 144/145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. In addition, we read all the financial and non-financial information in the trustees’ report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements In our opinion the financial statements:  give a true and fair view of the state of the charity’s affairs as at 31 December 2014, and of its incoming resources and application of resources, for the year then ended;

 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

 have been prepared in accordance with the Charities Act 2011.

Page 22 of 36 Compton Verney House Trust Report of the Independent Auditors For the year ended 31 December 2014

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion,  the information given in the trustees’ report is inconsistent in any material respect with the financial statements;

 or sufficient accounting records have not been kept; or

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

 we have not received all the information and explanations we require for our audit.

Sayer Vincent LLP Chartered Accountants & Registered Auditors Invicta House 108 – 114 Golden Lane London EC1Y 0TL Sayer Vincent is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 23 of 36 Compton Verney House Trust Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 December 2014

2014 2013 Restricted Unrestricted Total Total Note £ £ £ £ Incoming resources Incoming resources from generated funds Voluntary income 2 394,418 2,314,396 2,708,814 2,163,410 Activities for generating funds 3 37,791 347,905 385,696 433,159 Investment income - 13,408 13,408 24,765 Incoming resources from charitable activities Public display of art collections 4 - 510,779 510,779 403,780 Total incoming resources 432,209 3,186,488 3,618,697 3,025,114 Resources expended Costs of generating funds: Fundraising and retail - 596,444 596,444 392,884 Charitable activities Public display of permanent collections - 1,429,605 1,429,605 1,844,837 Special exhibition / project costs 396,552 368,966 765,518 222,658 Governance costs - 40,253 40,253 45,238 Total resources expended 5 396,522 2,435,268 2,831,820 2,505,617 Net incoming resources before transfers 35,657 751,220 786,877 519,497 Gross transfers between funds 9,945 (9,945) - - Net incoming resources before other recognised gains and losses 45,602 741,275 786,877 519,497 Unrealised gains on investments 15 - 74,007 74,007 - Net movement in funds 45,602 815,282 860,884 519,497 Reconciliation of funds 15 Total funds brought forward 98,399 23,649,032 23,747,431 23,227,934 Total funds carried forward 15 144,001 24,464,314 24,608,315 23,747,431 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.

Page 24 of 36 Compton Verney House Trust Balance sheets At 31 December 2014

The Group The Charity 2014 2013 2014 2013 Note £ £ £ £

Fixed assets Tangible fixed assets 9 20,980,889 21,019,778 20,980,889 21,019,778 Investments 10 1,574,007 - 1,574,009 2 22,554,896 21,019,778 22,554,898 21,019,780 Current assets Stocks 11 43,466 49,830 43,466 49,830 Debtors 12 167,136 282,940 227,542 422,980 Cash at bank and in hand 2,284,876 2,754,926 2,201,424 2,595,423 2,495,478 3,087,696 2,472,432 3,068,233

Liabilities Creditors: amounts falling 13 due within one year (442,059) (360,043) (419,015) (340,582)

Net current assets 2,053,419 2,272,653 2,053,417 2,727,651 Net assets 14 24,608,315 23,747,431 24,608,315 23,747,431 Funds Restricted funds 15 144,001 98,399 144,001 98,399 Unrestricted funds Designated funds 23,659,185 22,984,904 23.659.185 22,984,904 General funds 805,129 664,128 805,129 664,128 Total charity funds 24,608,315 23,747,431 24,608,315 23,747,431

Approved by the Board of Governors on 13 May 2015 and signed on the behalf of

Kirsten Suenson-Taylor Chair

Page 25 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014

1. ACCOUNTING POLICIES a) The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Charities Act 2011. They follow the recommendations in the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005). These financial statements consolidate the results of the charitable company and its wholly- owned subsidiary Compton Verney Publications Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006 and paragraph 397 of SORP 2005. b) Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities when receivable. Volunteer time is not included in the financial statements. c) Revenue grants are credited to the statement of financial activities when received or receivable whichever is earlier, unless they relate to a specific future period, in which case they are deferred. Where unconditional entitlement to grants receivable is dependent upon fulfilment of conditions within the charity's control, the incoming resources are recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions the incoming resource is deferred. d) Grants for the purchase of fixed assets are credited to restricted incoming resources when receivable. Depreciation of fixed assets purchased with such grants is charged against the restricted fund. Where a fixed asset is donated to the charity for its own use, it is treated in a similar way to a restricted grant. e) Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered. Resources expended are allocated to the particular activity where the cost relates directly to that activity. Support costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity: Fundraising and retail 26% Public display of permanent collections 59% Special exhibition costs 15% Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with the constitutional and statutory requirements and include any costs associated with the strategic management of the charity's activities. f) Costs of generating funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.

Page 26 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014

1. ACCOUNTING POLICIES - continued Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure. Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity. g) Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: Freehold property see below Plant and machinery 4 years Fixtures and fittings 4 years The Governors consider the residual value of the freehold property to be at least equal to its cost, and therefore there is no depreciation charge on the property. The Governors carry out a review of the property at least annually to ensure there is no indication of an impairment to the property. However the cost of the freehold property includes fit out costs such as gallery lighting and a separate building in the grounds used for the sale of admission tickets. As these assets are deemed to have a useful life of less than 50 years, depreciation has been charged on the following basis Fit out costs 10 years Ticket office 20 years Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. h) Investments held as fixed assets are revalued at market value at the balance sheet date. The gain or loss for the period is taken to the statement of financial activities. i) Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. j) Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund together with a fair allocation of management and support costs. k) Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. l) Designated funds are unrestricted funds earmarked by the board of management for particular purposes. m) The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions. Page 27 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014

1. ACCOUNTING POLICIES - continued n) Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the statement of financial activities on a straight line basis over the lease duration. 2. VOLUNTARY INCOME

Restricted Unrestricted 2014 Total 2013 Total £££ £ Donations 2a - 2,270,417 2,270,417 1,918,064 Grants 2b 394,418 43,979 438,397 245,346 Other income - - - - Total 394,418 2,314,396 2,708,814 2,163,410

2A. DONATIONS Restricted Unrestricted 2014 Total 2013 Total £££ £ Compton Verney endowment income - 1,250,000 1,250,000 1,250,000 Peter Moore's Foundation - 983,000 983,170 632,000 Other donations - 37,247 37,247 36,064 Total - 2,270,417 2,270,417 1,918,064

2B. GRANTS RECEIVED Restricted Unrestricted 2014 Total 2013 Total £££ £ Arts Council England 77,669 34,125 111,794 135,056 Heritage Lottery Fund 168,799 - 186,799 - 29 May 1961 Charitable Trust 10,000 - 10,000 - Garfield Weston Charitable Trust 75,000 - 75,000 - Lord Leverhulmes Charitable Trust 5,000 - 5,000 - Saintbury Trust 2,000 - 2,000 - Rural Payments Agency - 5,032 5,032 13,450 Natural England - 4,822 4,822 - Department of Sport & Culture - - - 17,400 Clothworkers Foundation - - - 5,000 Ratcliff Foundation 2,000 - 2,000 2,000 PF Charities Trust 2,000 - 2,000 2,000 Arts Connect West Midlands 4,500 - 4,500 - Stanley Smith 3,000 - 3,000 - Rowlands Trust 4,000 - 4,000 - The Prince’s Foundation for Children & Arts 14,500 - 14,500 - Other Grants 7,950 - 7,950 70,430 Total 394,418 43,979 438,397 245,346

Page 28 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014

3 ACTIVITIES FOR GENERATING FUNDS Restricted Unrestricted 2014 Total 2013 Total £££ £ Shop turnover - 183,135 183,135 170,064 Sundry income - 13,182 13,182 12,595 Educational activities, hire and on site catering - 151,588 151,588 195,675 Fundraising events income 37,791 - 37,791 54,825 37,791 347,905 385,696 433,159

4 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Restricted Unrestricted 2014 Total 2013 Total £££ £ Gallery grounds and admissions - 504,939 504,939 398,625 Talks and lectures - 5,840 5,840 5,155 - 510,779 510,779 403,780

Page 29 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014 5. CHARITABLE EXPENDITURE

Public display of Special Fundraising permanent exhibitions Governance Support 2014 2013 and retail collections / projects costs costs Total Total £££ ££ £ £ Staff costs ( Note 7) 216,822 457,278 - 25,112 344,739 1,043,951 954,580 Cost of sales and exhibitions 149,142 - 320,180 - - 469,322 382,607 Utilities - 130,338 - -32,585 162,932 171,880 Insurances - 52,681 69,945 2,9155,426 130,967 82,140 Security - 122,319 20,331 -- 142,650 131,710 Marketing - - - -129,643 129,643 175,610 Telephones / Postage / Stationery - 1,840 - - 28,270 30,110 33,075 Travel /Subsistence / Entertaining 7,158 4,612 - - 14,528 26,298 21,851 Maintenance - 85,644 - -28,886 111,530 123,371 Information Technology - - - - 31,767 31,767 29,542 Cleaning - 59,556 - -14,889 74,445 63,025 Consultancy / Professional Fees - - - - 10,469 10,469 14,451 Recruitment / Training - - - - 11,772 11,772 13,108 Trustees' expenses - - - 976 - 976 898 Auditors' remuneration - - - 11,250 - 11,250 11,239 General Rates - - - - 16,268 16,268 19,429 Volunteers Expenses / Temporary Staff 77 13,239 - - 358 13,674 19,273 Other Expenses - - - - 1,170 1,170 58,945 Secretarial ------20,600 Storage - 3,307 - -5,250 8,557 7,313 Grounds Restoration - - 229,749 - - 229,749 - Signage and Print 6,035 5,892 - - - 11,926 12,883 Depreciation - - - -162,402 162,403 158,087 Total resources expended 379,234 936,706 640,205 40,253 835,422 2,831,820 2,505,617 Support costs 217,210 492,899 125,313 - (835,422) - - Total charitable expenditure 596,444 1,429,605 765,518 40,253 - 2,831,820 2,505,617

Page 30 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014

6. Statutory disclosures As required under company legislation, the following expenditure is disclosed 2014 2013 £ £ Depreciation 162,403 158,087 Trustees' indemnity insurance 2,915 2,915 Trustees' remuneration Nil nil Trustees' reimbursed expenses 976 898 Auditors' remuneration:  Audit (net of VAT) 11,250 11,239 Trustees' reimbursed expenses represent the reimbursement of travel and subsistence costs to one (2013:2) trustee relating to attendance at meetings of the trustees.

7. STAFF COSTS AND NUMBERS

Staff costs were as follows: 2014 2013 £ £ Salaries and wages 944,571 859,258 Social security costs 72,863 68,040 Pension contributions 26,517 27,282 1,043,951 954,580 Total emoluments paid to staff were: 971,088 866,540

During the year the number of staff receiving emoluments in excess of £60,000 were as follows; 2014 2013 No. No. Between £80,000 and £99,999 1 1

This charity paid the following pension contributions on behalf of this employee 2014 2013 £ £ Defined contribution scheme 5,212 4,969

The average weekly number of employees (full-time equivalent) during the year was as follows:

2014 2013 No. No. Fundraising and retail 7 7 Public display of permanent collections 24 24 Governance 1 1 32 32 8. TAXATION

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Page 31 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014

9. TANGIBLE FIXED ASSETS Freehold Plant and Fixtures property machinery and fittings Totals £££ £ Cost At the start of the year 21,765,113 249,186 463,969 22,478,267 Additions in year 38,088 49,263 36,163 123,514 Disposals in the year (48,279) (191,273) (239,551) At the end of the year 21,803,201 250,170 308,859 22,362,230

Depreciation At the start of the year 829,389 212,238 416,863 1,458,490 Charge for the year 125,676 8,500 28,227 162,403 Disposals in year - (48,279) (191,273) (239,551) At the end of the year 955,065 172,458 253,818 1,381,341

Net book value At the end of the year 20,848,135 77,712 55,042 20,980,889 At the start of the year 20,935,724 36,948 47,106 21,019,778

10. INVESTMENTS 2014 2013 £ £ Market value at the start of the year - - Additions at historic cost 1,500,000 - Unrealised gain 74,007 - Market value at end of the year 1,574,007 - Historic cost at the end of the year 1,500,000 -

Investments are held within the COIF Charities Investment Fund with CCLA

Page 32 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014

10. INVESTMENTS - SUBSIDIARY UNDERTAKING The charity owns the whole of the issued ordinary share capital of Compton Verney Publications limited, a company registered in England. The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities for the group. Available profits are gift aided to the charity. A summary of the results of the subsidiary is shown below: 2014 2013 £ £ Turnover 334,723 195,675 Cost of generating funds (136,643) (24,725) Gross profit 198,080 170,950 Other expenditure (5,000) (5,000) Profit / (loss) on ordinary activities 193,080 165,950 Gift aid to parent undertaking (193,080) (165,950)

Profit before tax - - Taxation - - Profit / (loss) for financial year - -

The aggregate of the assets, liabilities and funds was: Assets 152,522 191,308 Liabilities (152,250) (191,306) Funds 2 2

11. STOCKS The Group The Charity 2014 2013 2014 2013 £ £ £ £ Stocks 43,466 49,830 43,466 49,830 43,466 49,830 43,466 49,830

12. DEBTORS The Group The Charity 2014 2013 2014 2013 £ £ £ £ Trade debtors 76,026 37,364 6,956 5,558 Other debtors - 6,087 - 6,087 VAT 4,361 40,839 15,746 46,734 Prepayments and accrued income 86,749 198,650 204,840 364,600 167,136 282,940 227,542 422,979

Page 33 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR The Group The Charity 2014 2013 2014 2013 £ £ £ £

Trade creditors 127,273 131,492 127,162 126,130 Taxation and social security 34,899 31,142 34,899 31,142 Accruals and deferred income 279,887 197,409 256,954 183,310 442,059 360,043 419,015 340,582

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Designated General funds funds funds Total funds £££ £ Tangible fixed assets - 20,980,889 - 20,980,889 Investments - 1,574,007 1,574,007 Net current assets 144,001 1,104,289 805,129 2,053,419 Net assets at the end of the year 144,001 23,659,185 805,129 24,608,315

Page 34 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014 15. MOVEMENT IN FUNDS Transfers and gains / At the start Incoming Outgoing (losses) on At the end of the year resources resources investments of the year ££££ £ Restricted funds Chapel restoration 49,501 - - - 49,501 Catalyst Project 15,893 77,669 (93,562) - - Park restoration project 33,005 281,299 (229,749) 9,945 94,500 Other restricted funds - 73,241 (73,241) - - Total restricted funds 98,399 432,209 (396,552) 9,945 144,001

Unrestricted funds Designated funds Building and Gallery Fund 21,019,778- - (38,889) 20,980,889 Building and Gallery Sustainability Fund 1,965,126 - - 713,170 2,678,296

Total designated funds 22,984,904 - - 674,281 23,659,185

General funds 664,128 3,186,488 (2,435,268) (610,219) 805,129 Total unrestricted funds 23,649,032 3,186,488 (2,435,268) 64,062 24,464,314 Total funds 23,747,431 3,618,697 (2,831,820) 74,007 24,608,315 Purposes of restricted funds Restricted funds of £144,001 represent grants received but unspent at the year-end: The Chapel Restoration fund holds fundraising income raised for the specific purpose of restoring the “Capability” Brown chapel. The Park Restoration Project fund represents fundraising income raised but not yet spent for this project which will not commence in earnest until 2015.

Page 35 of 36 Compton Verney House Trust Notes to the financial statements For the year ended 31 December 2014 15. MOVEMENT IN FUNDS (CONTINUED) Purposes of designated and general funds The Governors retain unrestricted reserves to support all future expenditure, either of a capital or revenue nature, which cannot be covered by incoming resources. The Governors review the level of unrestricted retained reserves carried forward annually to ensure they provide a sound underpinning, in terms of cash flow, planning and risk to ongoing investments in the capital infrastructure of the estate. The Governors have decided as a priority to increase the Designated Building and Gallery Sustainability Fund to ensure it is sufficient to support the ongoing development, conservation and maintenance of the estate, as well as to provide funding for strategic initiatives, artistic or commercial, which will improve our financial sustainability. It is also the only fund available to support any unanticipated expenditure of an emergency nature.

At the year-end, the Designated Building and Gallery Sustainability Fund stood at £2,678,296.

The Governors believe that unrestricted general funds should be held to cover up to six months’ running and reorganisation costs, in order to finance operations should extraordinary events beyond the Trust's control affect its revenue streams or operating costs. At the year-end, current general reserves stood at £805,129 and was in line with the policy.

Page 36 of 36

Compton Verney Warwickshire CV35 9HZ

T. 01926 645 500 [email protected] www.comptonverney.org.uk Registered charity no. 1032478