Your Trust in Scotland
annual review
2011-2012
2
The National Trust for Scotland: Annual Review for 2011-2012
The National Trust for Scotland: Annual Review for 2011-2012
Chairman’s Foreword
In my second year as Chairman I feel that I am only now starting to get
to know the National Trust for Scotland and am only too well aware
how much more there is to discover.
This underscores one of the most delightful things about the Trust; that it is a vital
repository of the artefacts, information, knowledge, skills and places that collectively
make up our heritage and shape our country’s character. The more I find out about
the Trust and what it cares for, the more motivated I become in ensuring that we are
successful in delivering the five-year strategy “Securing the Future of Our Past”.
“We are on the
cusp of more
change and the
next few years
are going to
be especially
exciting.”
Sir Kenneth Calman,
Chairman
This report is based on expressing the well-being and functioning of the Trust in terms of
pounds and pence. We are quite clear how much it costs to keep the Trust running – but
the cost to the nation and the world if we don’t succeed in delivering a sustainable future
will be measured in far more than monetary terms. That is why I am glad to report steady
progress over the last year and the promise of more to come.
As we begin to drop the adjective ‘new’ from the Board of Trustees, I can see that we have
accomplished a great deal in the course of 12 months. We have successfully overseen the
development and launch of the five-year strategy and approved the first annual delivery
plan, which begins to turn visionary objectives into reality. We have grasped issues that
once seemed intractable and begun to turn criticism towards constructive change and
credibility. I think it is worth a reminder that Trustees are themselves volunteers and they
have displayed an outstanding level of dedication and given up a great deal of time in
order to achieve so much.
We are on the cusp of more change and the next few years are going to be especially
exciting. None of this would be possible, however, without Kate Mavor and the Trust’s
workforce, who are grappling with myriad tasks and details as they modernise the Trust
and refocus it towards its core purpose. Many of these details seem unimportant when
set alongside our great mission of conservation but, taken together, they will build a
foundation for the complete transformation of the Trust and its long-term prospects.
Having been able to spend time with staff at our properties from the tip of the Northern
Isles to the ‘deep south’ of Dumfries and Galloway, it is very important to me to recognise
how clearly excited they are about the prospect of change and the potential for freeing up
a culture of ambition and achievement. Their support is hugely valued.
This marks the final year of the Duke of Buccleuch and Queensberry’s Presidency. It is
difficult to express just what a debt of gratitude the Trust owes him. He has helped to
steer us through the most difficult of times and yet retained the diplomacy and decency
befitting one of the greatest ambassadors the Trust has ever had.
To our members and volunteers I must, once again, offer my thanks for your continued
support. I ask that you carry on helping us in any way you can. It may not seem obvious
just at this moment but, by continuing to be a member or giving what you can of your
time and donations, you are sowing the seeds of the enormous changes and efforts that
are to come.
Sir Kenneth Calman, Chairman, June 2012
3
The National Trust for Scotland: Annual Review for 2011-2012
4
Chief executive’s report
From 2009 through to the beginning of 2011 it seemed that the
Trust was on a roller-coaster. In little over a year we experienced
crisis, uncertainty and the scrutiny of the independent review led
by the Rt Hon Sir George Reid. We ended the period with the
triumphant opening of the Robert Burns Birthplace Museum and
the election of a new Board of Trustees.
The past 12 months have been quieter but they are perhaps more emblematic of where
we are going.
“We are getting on
with the tasks in
hand. We have
implemented or
made serious
inroads into the
recommendations
made by the
strategic review.”
Kate Mavor,
Chief Executive
The pivotal moment came in August 2011 when we launched our new strategy, “Securing
the Future of Our Past”. A great deal of thought has been put into the objectives expressed
in the strategy, not least in re-defining our core purpose as being “to conserve and
promote our heritage”. This may not seem altogether original but it had been recognised
that we had lost focus and that many people were unsure of our purpose and direction.
As required by the independent review, we have consulted widely in order to agree
on these words. The Tak Tent membership survey of summer 2011 confirmed virtually
unanimous support for them.
The strategy sets out a vision for the Trust and the heritage we care for, based on taking
forward detailed actions in five strategic areas: the portfolio and its conservation,
the promotion of Scotland’s heritage, financial sustainability, visitor enjoyment and
investment in our people.
Yet it would be a mistake to think that we have spent the year with our heads in the
strategic clouds. There has been a lot of ‘doing’ to go along with the thinking, not least in
ensuring our properties remain open and accessible for all to enjoy.
We are getting on with the tasks in hand. We have implemented or made serious inroads
into the recommendations made by the strategic review. We have begun to review,
change and update the systems which allow the Trust to function, touching on financial
management, record-keeping and the ongoing portfolio review. Our staff have worked
out how in practical terms they can deliver the vision expressed in the new strategy;
determining what it will take to begin and sustain the changes we need to make. This has
resulted in the publication of our first annual corporate plan, “Sowing the Seeds”, which
will take us into 2013 and is published on the Trust’s website.
Seeds have indeed been sown.
Between March 2011 and March 2012, through our public appeals, we raised £642,981.
This magnificently generous sum exceeds what was achieved in 2010/11 by 6%.
This money has been put to good use: repairing footpaths at Ben Lawers, Glencoe and
Torridon, reintroducing Black Grouse on Arran, the labour of volunteers in Dollar Glen,
Ben Lomond and the Hermitage, repairing snow and storm damage at Threave Garden
and on the island of Canna, restoring and re-interpreting the castle at Culzean and a
whole host of conservation projects across the country.
It was also a year when quite exceptional legacies were gifted to the Trust. Of particular
note was the £3.4m George Anderson Memorial Bequest, left to the Trust by his daughter,
Mrs Clovella Mutch of Elgin. This money will be spent on conserving properties in the
north of Scotland.
The National Trust for Scotland: Annual Review for 2011-2012
5
“Our strategy is
to replace the
unsustainable
position of annual
deficits with a
sustainable
position based on
a proper level of
investment in the
conservation of
the properties we
care for.”
Support like this has enabled us to maintain the amount we spend on conservation repairs
and maintenance and is a reminder that we cannot function without help and partnership
from others. A further example is the announcement by the Scottish Government of a
generous package of £5m support towards the new Battle of Bannockburn Visitor Centre.
This was augmented by a grant of £4m from the Heritage Lottery Fund that will allow us
to take forward significant landscaping and restoration works and enhance the quality of
the pioneering interpretation of the history of the battle.
Yet, despite these positive developments, I must again play the role of the ‘ghost at the
feast’. When we exclude Legacy income we continue to operate at a deficit in the face
of the continually rising costs of maintaining ancient buildings and conserving beautiful
objects, gardens and landscapes. We expect to be in deficit again next year – and we are
well aware that we will have to invest, as part of the strategy, in the changes that will turn
around this situation for good.
Our strategy is to replace the unsustainable position of annual deficits with a sustainable
position based on a proper level of investment in the conservation of the properties we
care for. This will require us to raise funds to a degree we have never attempted before
and to raise the level of Trust Membership to new heights.
The National Trust for Scotland: Annual Review for 2011-2012
7
The seeds are being sown and steady progress is being made as you can see from our Key
Performance Indicators in Table 1 below. Change is unsettling but the steadfast dedication
of our staff and volunteers is making it both real and achievable. I should like to thank
them all for their unremitting hard work and for their active involvement in shaping the
strategy which I am confident will secure the future of our organisation.
Given their importance to the Trust’s future, it is right and proper that we should be fully
committed to the health and well-being of our staff and volunteers, as well as the safety
of our visitors. Our moral and legal obligations are encapsulated in our new Health and
Safety Policy, which was published last December.
The policy requires us to report on our progress in promoting staff well-being, safety and
protection from injury. We are taking baseline measures this year so that we can report on
performance annually thereafter.
This is simply another example of the new management systems we are bringing into the
Trust. These will support new ways of working which in turn mean we can sustain and
develop the Trust in its vital role of conserving Scotland’s heritage.
Table 1: Key Performance Indicators
KPI
2012
%
change
£m4
General Income Fund Balance
22.14
65)
Spend on conservation repairs & improvements
8.94
(10)
Membership Subscription Income
10.84
3)
Paying Visitors (Admissions)
2.74
4)
Legacy Income
12.44
53)
Investment Income
7.34
12)
Commercial Net Income/Contribution
1.44
7)
Wages & Salaries
17.84
6)
2011
000’s4
3124
1)
1,6084 4)
2,2364
-)
4394
(1)
000’s5
3085
1,5435
2,2275
4435
Members*
Total Visitors excluding countryside properties
Total Visitors including countryside properties
Paying Visitors
*Figures for 2011 have been re-based to include properties recording visitors for the first time.
Kate Mavor, Chief Executive, June 2012
£m5
13.45
9.95
10.55
2.65
8.15
6.55
1.35
16.85
The National Trust for Scotland: Annual Review for 2011-2012
8
Conservation Director’s Report
Terry Levinthal
“...Conservation
at the NTS is a
collaborative
activity. Whether
it is the
professionalism
and commitment
of our staff, or
the keenness and
enthusiasm of
volunteers at
properties.”
Terry Levinthal,
Conservation Director
Removing lipstick from an 18th-century marble bust of George, Lord
Haddo at Haddo House, Aberdeenshire was one of the more unusual
conservation activities that took place during the year. The Trust
presents its properties generally as “open” displays, where visitors can
experience a historic house as it might have been lived in by its former
residents. We also encourage people to use our properties for events
such as weddings. However, these two positive attributes of the Trust
can collide in unexpected ways. No doubt the “dressing up” of George
was thought to be a harmless prank, fuelled by the festive nature of
the occasion. However, what our mysterious make-up artist did not
appreciate was the potential for permanent damage that this simple
act of amusement may have caused. The porous nature of marble
means that the chemicals found in substances like lipstick can leach
into the sculpture, resulting in a permanent stain and disfigurement.
Fortunately, the skills of our Conservators and Curators, coupled with
the diligence of property staff, meant that we were able to remove the
substance before this took place.
This was but one of many things that formed part of our £8.9m investment in conservation
this year. At the other end of the scale, we were on site at Hutcheson’s Hall in Glasgow
with a £400,000 repair project, making the building fit for re-use following a period of
vacancy. We completed an investment of £250,000 into refurbishing and converting
the former Manse on St Kilda as a staff base with small exhibition/presentation facilities
for the 2,000 people who visit the archipelago each year (an incredibly complex task
given the remoteness – no quick visits to the ironmonger if you run out of screws). We
completed a major repair of the Royal Tennis Court at Falkland Palace, one of only
two such buildings in Scotland. Beaton’s Cottage on Skye was rethatched. Repair and
maintenance work on three Glencoe bridges was completed, and the major repair of Sir
John Fowler’s suspension bridge at Corrieshalloch commenced. A major collection of
Scottish Colourists was hung in a new gallery at the House of Dun.
In addition, significant research at The Hill House into the problems and potential
solutions of the defective cement render has led to an emerging conservation strategy that
will resolve the water penetration issue. Similar work at Drum Tower, one of our oldest
properties, is underway, where dampness is causing problems in the library. This critical
thinking is a fundamental part of the Trust’s conservation activity, and is embedded in our
Conservation Principles. Ill-informed repair work can cause as much damage (or more) as
no work at all.
Our Building Team managed one of the largest ever spends on routine maintenance
activity through the Annual Repair Grant (ARG) programme, undertaking £1.5m worth
of work on our most important buildings, both large and small. The ARG programme is
supported by Scottish Ministers through their agency Historic Scotland, and we are most
grateful for their support of £1m over three years (match funded by NTS to provide a £3m
fund). On the back of this huge preventative maintenance programme, we were able
to show Scottish Ministers the value of the work done – as a result, they have agreed to
support us for three more years at the same grant level. Thank you!
The National Trust for Scotland: Annual Review for 2011-2012
“We celebrated
the grant of
nearly £4m from
the Heritage
Lottery Fund,
which together
with a separate
grant of £5m
from the Scottish
Government, will
result in a new
visitor centre at
Bannockburn in
time for the 700th
anniversary of the
battle in 2014.”
We are equally grateful to Scottish Natural Heritage. Their continued support has enabled
us to roll out one of the most exciting nature conservation projects undertaken by the
Trust. Our new “Wildlife Watch” project will capture and share the incredible diversity of
life at our properties, whether it is sea eagles on Shieldaig Island, wildcats at Leith Hall,
bats at Threave or the world’s largest gannetry on the sea stacks of St Kilda. In addition,
over 23,000 people attended a guided walk or NTS Ranger-led countryside event and
our Mountains for People Project restored 38km of path and a further 350km of footpaths
benefited from planned maintenance via our in-house footpath team.
We celebrated the grant of nearly £4m from the Heritage Lottery Fund, which together
with a separate grant of £5m from the Scottish Government, will result in a new visitor
centre at Bannockburn in time for the 700th anniversary of the battle in 2014. The use of
cutting-edge digital media in the presentation and interpretation of this story of two kings
is in development. Major archaeological investigations have also taken place ahead of
building work. Alas, no major finds (yet!).
Back at Haddo House, our archaeologists had the unexpected pleasure of uncovering
structural remains of the House of Kelly, a mediaeval tower and later complex that
preceded the house, during the routine monitoring of trench work for a new fire main.
Fieldwork at St Abb’s Head gave a tantalising glimpse of what could be one of the most
significant East Coast early Christian monastic sites in Scotland. More work to be done!
Finally, conservation at the NTS is a collaborative activity. Whether it is the
professionalism and commitment of our staff, or the keenness and enthusiasm of
volunteers at properties or on the likes of Thistle camps, they cannot fail to impress in
their passion for the National Trust for Scotland. I thank them all.
Terry Levinthal, Conservation Services & Projects Director, June 2012
9
The National Trust for Scotland: Annual Review for 2011-2012
10
Finance Director’s Report
Iain Reid
I am pleased to report that, despite the tough economic climate in
which we are operating, the financial position of the National Trust
for Scotland is continuing to improve. The remainder of this report
outlines the progress we have made over the past year.
VISITOR NUMBERS
“I am pleased to
report that, as a
result of the work
we have carried
out to comply with
FRS 30, our
auditors now feel
able to give an
unqualified audit
report.”
Iain Reid,
Finance Director
We recorded a total of 2.2m people visiting our properties this year, which is static on
last year on an approximate like for like basis. Given the size of many of our properties,
particularly those we classify as countryside properties, measuring the number of visitors
is very difficult. However, we feel that total visitor numbers is a useful measure of our
success in achieving our strategic objective of increasing visitor enjoyment. We are
therefore trying to improve the reliability and accuracy of measurement tools such as
footpath counters.
Some 439,000 visitors paid to enter our properties this year, a 1% fall on the previous
year. This continues the slow but steady decline we have seen in the past few years and
emphasises the need to attract more visitors and identify new revenue streams to replace
the lost income.
Membership
Membership subscriptions continue to be a major source of income, accounting for 20%
of our total income. Our membership numbers have again risen, continuing the trend
that has been evident for the past few years, and by the end of the financial year we had
added a further 4,000 members bringing our total membership to 312,000. This is an
excellent achievement and demonstrates that the public continue to perceive an NTS
membership as a worthwhile financial commitment. We are not however complacent
and, as part of our five-year strategy, will be exploring ways of attracting new members
and engaging with a wider range of stakeholders.
INCOMING RESOURCES – INCOME
Income (£000)
Legacies
12,440
Membership
10,750
Commercial Activities
10,203
Investment Income
7,252
Grants
4,327
Admissions
2,747
Appeals & Donations
1,927
Rents
1,724
Other Property Income
1,144
Other income Resources TOTAL
208
52,722
12
The National Trust for Scotland: Annual Review for 2011-2012
Property Income
Income generated from property admissions was up 6% to £2.7m partly due to the first
full year of operation of the Robert Burns Birthplace Museum. In addition we experienced
modest admission income increases across our visited property portfolio despite the fall
in the number of paying visitors. Many of our properties contain ancillary buildings that
are let on either a residential or commercial basis and we have also managed to increase
rental income from these properties by £0.2m to £1.7m.
Commercial
Our commercial income is drawn mainly from our retail, catering, holiday cottage, cruise
and function operations and we achieved increases in income in all these categories
during the year. However, these improvements were partially offset by cost increases
resulting in a 7% increase in contribution to £1.4m. Retail contribution improved
significantly this year and our cruise operations continue to be a valuable source of
income for the Trust. Our catering operations however made a small loss during the year
and this is an area which will receive particular focus during the coming year.
Legacies
2011/12 was an exceptional year for legacy income and we are extremely grateful to
everyone who made some provision for the Trust in their will. Total legacy income was
£12.4m with £8.1m of this being unrestricted. We cannot budget for legacy income due
to its unpredictable nature and therefore cannot rely on it as a source of funding for our
recurring costs. In recent years however income from legacies has played a vital role in
improving the Trust’s overall financial position and funding our important conservation
work.
Appeals & Donations
On the face of it our income from appeals and donations fell by 43% compared with
the previous year. However, 2010/11 included significant donations to Hugh Miller’s
Cottage, the Robert Burns Birthplace Museum and from the President’s Ball. None of these
recurred in 2011/12 and the response to our public appeals continued to be strong during
the year under review.
Investments
Despite the continuing economic downturn and the well publicised difficulties in the
Eurozone our investment income rose this year by £0.7m to £7.3m. Our investment
portfolio is managed according to the restrictions (if any) attached to the funds. As a result,
funds where we can only use income derived from the fund capital are managed with a
view to maximising that income within acceptable risk levels. These funds are invested
in equities (managed by Martin Currie) or commercial property (managed by Aberdeen
Property Investors). Similarly where we are able to use both the income and capital from
a fund the monies are invested in equities with the aim of producing both capital growth
and an acceptable level of income.
Property values continued to slide during the year and the value of the Trust’s commercial
property investment portfolio fell by £3.4m or 15% over the 12-month period excluding
gains on other property investments included for the first time this year. These assets are
however held primarily for the income they generate and we are able to take a long-term
view when assessing fluctuations in capital values.
The National Trust for Scotland: Annual Review for 2011-2012
The allocation of our investment assets and the performance of our investment managers
are overseen by the Investment Committee. No significant changes were made to the
allocation of assets during the year but we have been in discussions with our bankers
with a view to borrowing additional monies to take advantage of attractive investment
opportunities.
Grants
Grant income fell by 46% during the year to £4.3m. However year to year analysis
of grant income can be skewed by major grant-assisted projects underway at any one
point in time. Last year’s figures, for example, include £5.1m of grant assistance that
we received in connection with the Robert Burns Birthplace Museum which opened in
January 2011. We have no such major receipts this year although the 2011/12 figures do
include £0.9m of support from the Scottish Government and the Heritage Lottery Fund for
the redevelopment of the visitor centre and restoration of the monuments and landscape
at Bannockburn. This is the start of a very exciting project for the Trust which will run for
the next couple of years with a scheduled opening in June 2014.
In addition to support for large projects we also receive grant assistance towards our
ongoing conservation work from a number of different bodies. Both Scottish Natural
Heritage and Historic Scotland have continued their grant agreements with us and
we also receive support for individual properties from a variety of local authorities. In
addition we have secured funding under the Scottish Rural Development Programme for
some of our countryside projects.
All receipts of grant assistance are greatly appreciated particularly at a time when the
budgets of the donating bodies are under pressure.
INCOMING RESOURCES – EXPENDITURE
Expenditure (£000)
Property Operating 19,626
Expenditure
Conservation, Repairs
8,904
& Improvements
Commercial Activities
8,756
Publicity and Fundraising
3,119
Membership and Recruitment
984
Governance Costs
718
Other Resources Expended
TOTAL
9
42,116
13
“2011/12 was an
exceptional year
for legacy income
and we are
extremely grateful
to everyone who
made some
provision for the
Trust in their will.”
Wages & Salaries
The year ended 29 February 2012 represented the second year of our three-year pay
commitment and as a result a progression award totalling £0.45m was made to improve
base salaries. In addition a general cost of living increase of 1.5% was given to all staff.
These two factors represent £0.7m of the £1.0m increase in staff costs over the year.
The balance of the increase is attributable to new posts created and the first full year of
operation of the Robert Burns Birthplace Museum.
I am pleased to report that in February this year the Board of Trustees approved the
implementation of the third and final progression increase of a further £0.45m together
with a 2% inflationary award. This brings the total progression award over the three years
of the current deal to £1.35m.
In addition to its paid workforce the Trust is fortunate to have a nucleus of around 3,000
volunteers who give up their free time to support the Trust’s activities in many different
ways. Last year our volunteers contributed almost 200,000 hours of work, the notional
financial value of which is approximately £2m based on the National Minimum Wage.
Conservation, Repairs and Improvements
Over the course of the year the Trust spent some £8.9m on conservation repairs and
improvements to the properties under our care. This represents a fall on last year’s figure
but is considerably in excess of the totals in the previous four years, reflecting both the
continuing improvement in the Trust’s financial position and improved work planning.
Major projects during the year included the completion of the Little Houses Improvement
Scheme project at Threadneedle Street, Peterhead, the first phase of the development of
new plant nursery facilities at Threave and our ongoing maintenance of footpaths in our
mountain properties.
We are continuing to explore ways of improving the planning, approval and execution
of our conservation projects in order to ensure that our expenditure in this core area is as
effective as possible.
The National Trust for Scotland: Annual Review for 2011-2012
FIXED ASSETS & HERITAGE ASSETS
These 2011/12 accounts include for the first time the impact of FRS 30 – Heritage Assets
and the accounting policy adopted by the Trust as a result of the new standard is detailed
in note 1 to the accounts. In addition, in note 12 we have provided additional detail on
the heritage assets that the Trust owns. As a result of the work carried out to implement the
new standard we have capitalised as investments, stated at valuation, £2.8m of buildings
which are holiday cottages or commercial or residential lets owned by the Trust. The
buildings have no heritage significance in themselves and are not part of a larger estate
which has heritage significance. These properties have been acquired over the past 80
years and generate recurring rental income for the Trust.
In recent years the Trust’s decision not to capitalise its heritage assets has resulted in our
auditors qualifying their audit opinion on the basis that our accounting policy was not in
line with FRS 15. I am pleased to report that, as a result of the work we have carried out
to comply with FRS 30, our auditors now feel able to give an unqualified audit report.
ENVIRONMENTAL SUSTAINABILITY
During the past year we have carried out a major exercise to compile base data relating
to energy usage across the Trust’s offices and visited properties. As a result we now have
a listing of all 40 gas and 500 electricity meters linked to Trust properties and we also
have usage statistics for those properties using oil-fired heating. This exercise has already
yielded considerable cost savings but the real benefit will be the ability this gives us to
monitor usage over time on a meter by meter basis. We plan to make this information
available to property managers on a regular basis to assist them in controlling their energy
usage. The information will also allow us to progress the calculation and monitoring of
the Trust’s carbon footprint.
In the coming year we will be using the data we have gathered to tender our electricity
and gas supplies and we aim to extend our usage statistics to include water as well.
STATEMENT OF FINANCIAL ACTIVITIES
The Trust reports its financial activities in accordance with the statutory reporting regime
for charities and accordingly reports income from grants, appeals and donations in the
year in which it is received. Expenditure is however only recorded when a contractual
commitment arises or where goods or services have been received. This can create
mis-matches in timing within the financial statements between expenditure and
associated income receipts.
SUMMARY
Thanks to the unusually high level of unrestricted legacy income in the past two years
the balance of our General Income Fund, our primary measure of financial stability,
has climbed to £22.1m, ahead of the target included in our five year strategy of £21m.
However this improvement masks the real challenge facing the Trust which is that our
recurring income remains less than our recurring expenditure. The identification and
exploitation of new income streams is one of the main features of our five-year strategy
and we can now tackle these challenges from a much stronger financial position.
Iain Reid, Finance Director, June 2012
15
16
The National Trust for Scotland: Annual Review for 2011-2012
Summary Financial Statements
Summary Statement of Financial Activities and movement in General Income
Fund
for the year ended 29 February 2012
Total
Total
Note
INCOMING RESOURCES 2012
£000s
2011
£000s
Incoming Resources from Generated Funds
Membership Subscriptions
Appeals & Donations
Legacies
Commercial Activities
Investment Income
Grants
10,750
1,927
12,440
10,203
7,252
4,327
10,507
3,408
8,076
9,759
6,531
8,031
Income from Charitable Activities
Property & Other Income
Admissions
Rents
Other
2,747
1,724
1,144
2,588
1,538
1,067
Other Incoming Resources
208
450
Total
52,722
51,955
Cost of Generating Funds
Membership and Recruitment
Publicity and Fundraising
Commercial Activities
984
3,119
8,756
992
2,570
8,405
Charitable Expenditure
Property Operating Expenditure
Conservation, Repairs & Improvements
Other Resources Expended
19,626
8,904
9
18,504
9,922
49
Governance Costs
718
831
1
-
7501
Total
42,116
48,744
NET INCOMING RESOURCES
10,606
3,181
Attributed to Endowment, Restricted and Designated Funds
Transfers (to)/from Designated and Restricted Funds
Unrealised gains on revaluations of Property Investment Assets 1
– Exceptional Item
(7,671)
2,909
2,810
1,100
3
-
ATTRIBUTABLE TO THE GENERAL INCOME FUND
8,654
4,284
2
2
-
-
64
548
Net Movement on THE General Income Fund
8,654
4,896
Opening Balances
13,405
8,509
Closing GENERAL INCOME Fund Balances
22,059
13,405
OUTGOING RESOURCES
Exceptional Item – Grants Repaid
Realised Losses on Disposals of Investment Assets
Unrealised gains/(losses) on Revaluations of Investment Assets
18
The National Trust for Scotland: Annual Review for 2011-2012
Summary Financial Statements
Summary Group Balance Sheet as at 29 February 2012
Total
Total
2012
2011
£000s
£000s
FIXED ASSETS
Intangible Fixed Assets
Tangible Fixed Assets
Investments
137
24,917
147,058
263
25,285
144,580
172,112
170,128
NET CURRENT ASSETS
20,247
10,896
TOTAL ASSETS LESS CURRENT LIABILITIES
192,359
181,024
Creditors: Amounts falling due after more than one year
(1,330)
(775)
NET ASSETS
191,029
180,249
FINANCED BY FUNDS
Restricted Funds
Designated Funds – Tangible Fixed Assets
Designated Funds – Other
General Funds
135,992
23,859
9,119
22,059
132,393
25,005
9,446
13,405
191,029
180,249
Notes to the Accounts
1. Impact of Exceptional Items
During last year the Trust sold its offices in Charlotte Square, Edinburgh and, as a result, had to repay grants
received in earlier years from the Heritage Lottery Fund and Historic Scotland. These repayments were made
from restricted funds and did not therefore affect the closing balance of the General Income Fund.
During the year ended 29 February 2012 the Trust capitalised for the first time certain properties which are
primarily held as income generating assets. The value of these properties was £2.8m and this is treated as an
addition to the General Income Fund.
2 Realised/(Unrealised) Investment Gains
The General Income Fund is invested primarily in cash and the Board consider that it is no longer appropriate for it to
share in any realised or unrealised investment gains or losses.
The simplified accounts are not statutory accounts but are a summary of the information relating to both the statutory
Statement of Financial Activities and the Balance Sheet. The simplified accounts have been externally audited by the
Trust’s auditors. The full statutory accounts were signed on 28 June 2012 and are available for download from the
Trust’s website www.nts.org.uk.
The National Trust for Scotland: Annual Review for 2011-2012
19
20
The National Trust for Scotland: Annual Review for 2011-2012
We have examined the summarised financial statements
of The National Trust for Scotland for the year ended 29
February 2012.
Respective responsibilities of the trustees and the auditor:
The trustees are responsible for preparing the summarised financial statements in
accordance with applicable United Kingdom law and the recommendations of the
Charities SORP.
Our responsibility is to report to you our opinion on the consistency of the summarised
financial statements with the full annual financial statements and the Trustees’ Annual
Report.
We conducted our work in accordance with Bulletin 2008/3 issued by the Auditing
Practices Board.
Opinion
In our opinion the summarised financial statements are consistent with the full annual
financial statements and the Trustees’ Annual Report of The National Trust for Scotland for
the year ended 29 February 2012.
BAKER TILLY UK AUDIT LLP
Statutory Auditor
Chartered Accountants
First Floor, Quay 2
139 Fountainbridge Edinburgh EH3 9QG
6 July 2012
The National Trust for Scotland: Annual Review for 2011-2012
21
22
The National Trust for Scotland: Annual Review for 2011-2012
TRUST GOVERNANCE
PATRON
HRH The Prince Charles, Duke of Rothesay KG KT GCB OM
PRESIDENT
The Duke of Buccleuch and Queensberry KBE FRSE DL
HONORARY VICE-PRESIDENTS
Hugh Cheape, Mrs June Baxter, Sir William Purves, Angus McDonald, Michael Scott-Morton
(all appointed 24 September 2011)
BOARD of TRUSTEES MEMBERS
Professor Sir Kenneth Calman KCB DL MD FRSE Chairman
Julian Birchall Deputy Chairman
Margaret Alexander* **
Jillian Carrick***
Sir Peter Erskine Bt
Keith Griffiths*
Nicholas Groves-Raines
Robin Harper
Amanda Herries ***
James Knox
Diana Murray**
Prof Ian Percy CBE* ***
Benjamin Tindall
The President is ex officio a member of the Board of Trustees.
* Member of Audit & Risk Management Committee
** Member of Investment Committee
*** Member of Nominations Committee
SENIOR MANAGEMENT TEAM MEMBERS
Kate Mavor, Chief Executive
Terrence Levinthal, Conservation Services & Projects Director
Iain Reid, Finance Director
Peter Selman, Property and Visitor Services Director
Henk Berits, Director of Commercial Services, Marketing & Development
George Wilson, Director of Human Resources
COMMITTEE CONVENORS
Frank Hitchman, Audit & Risk Management Committee (retired 24 September 2011)
Prof Ian Percy, Audit & Risk Management Committee (appointed 24 September 2011)
James Ferguson, Investment Committee
Lesley Knox, Nominations Committee (appointed 13 October 2011)
Giles Herdman, London Committee (appointed 13 October 2011)
The National Trust for Scotland: Annual Review for 2011-2012
23
24
The National Trust for Scotland: Annual Review for 2011-2012
Head Office
Hermiston Quay
5 Cultins Road
Edinburgh
EH11 4DF
Investment Managers
Martin Currie Investment Management
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2ES
Bankers
The Royal Bank of Scotland plc
West End Office
142/144 Princes Street
Edinburgh
EH2 4EQ
Property Investment Managers
Aberdeen Property Investors
123 St Vincent Street
Glasgow
G2 5TS
Solicitors
Anderson Strathern LLP
1 Rutland Court
Edinburgh
EH3 8EY
Independent Auditors
Baker Tilly UK Audit LLP
First Floor, Quay 2
139 Fountainbridge
Edinburgh
EH3 9QG
The National Trust for Scotland: Annual Review for 2011-2012
25
26
The National Trust for Scotland: Annual Review for 2011-2012
funding acknowledgements
Donations
We would like to thank the following for their financial support: Patron’s Club and Wemyss Heritage
Circle members, Trusts and Foundations, Corporates, Individuals, Groups and NTS Members’ Centres
& Friends Groups; the NTS Foundation USA and the Canadian Foundation. We would also like to
thank all those who have gifted a legacy. A list of donors can be found online at
www.nts.org.uk/About/Donors
CONSERVATION PROJECTS
The National Trust for Scotland gratefully acknowledges the various forms of support for
conservation projects throughout Scotland. Principal amongst our benefactors are public sector
funding partners which include the Scottish Government; the European Union, in particular
the European Regional Development Fund, the European Agricultural Development Fund, the
European Social Fund and the Scottish Rural Development Programme. We would also like to
acknowledge the support of the National Lottery, particularly the Heritage Lottery Fund; Historic
Scotland; Scottish Natural Heritage; the National Heritage Memorial Fund; Scottish Enterprise;
Landfill Communities Fund; Forestry Commission Scotland; the Crown Estate; the Scottish
Museums Council; Year of Scotland’s Islands; South Ayrshire Council, Angus Council, Highlands
and Islands Council.
The National Trust for Scotland: Annual Review for 2011-2012
Front cover: Castle Fraser, Aberdeenshire;
Inside front cover: Newhailes, Musselburgh;
Inside back cover: House of Dun, Angus;
Back cover: Robert Burns Birthplace Museum, Alloway.
Photography: Mike Bolam, Angus Bremner, Andrew Cawley,
Brian Chapple, Stephen Copp, Colin Campbell, Douglas
MacGregor, the National Trust for Scotland Photo Library,
Shaila Rao, John Sinclair, Alasdair Smith,
Ewen Weatherspoon, Stephen Whitehorne.
The National Trust for Scotland for Places of
Historic Interest or Natural Beauty is a charity
registered in Scotland,
Charity Number SC 007410
www.nts.org.uk
27
www.nts.org.uk
The National Trust for Scotland for Places of Historic Interest or Natural Beauty is a charity registered in Scotland, Charity Number SC 007410