2021-04-05-accounts

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Charity number: 1011180

THE WHELER FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

3a Partners Protecting your future.

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THE WHELER FOUNDATION

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CONTENTS

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |es| |Page| |Reference|and|administrative|details|of the|charity,|its|Trustees|and|advisers|1| |Trustees’|report|2-7| |Independent|auditors'|report on|the financial|statements|8-11| |Statement of financial|activities|12| |Balance sheet|13|-|14| |Statement|of cash|flows|15| |Notes|to the financial|statements|16|-|36|

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THE WHELER FOUNDATION

TLE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED5 APRIL 2021

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Trustees Mr P. R. Fitzgerald Mr C. M. P. Granger Mr P. E. M. Cowdy

Charity registered number 1011180

Principal office Regent House 13 - 15 Albert Street Harrogate HG1 1JX

Independent auditors WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Agent Carter Jonas LLP 13-15 Albert Street Harrogate North Yorkshire HG1 1JX

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THE WHELER FOUNDATION

LLL TRUSTEES’ REPORT FOR THE YEAR ENDED5 APRIL 2021 Neeneeeeee ee The Trustees present their annual report together with the audited financial statements of the Foundation (also referred to as the charity) for the year 6 April 2020 to 5 April 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Objectives and activities

a. Policies and objectives

The Foundation's objectives are:

1. The maintenance and preservation of lands of historic, educational or landscape value, or natural beauty for the benefit of the public, whether or not educational.

2. The maintenance and preservation of historic buildings and works of art for the benefit of the public, whether or not educational.

3. Encouragement or assistance to agriculture, forestry and rural industry for the benefit of the public whether or not educational.

4. The making of gifts or donations to charitable bodies, where in the opinion of the Board of Trustees, such gifts or donations shall be conducive to the promotion of the objects of the Trust or any of them.

The success of achieving these objectives in the reporting period is considered at Trustee meetings through consideration of the Managing Agents reports which address these areas and financial information.

b. Strategies for achieving objectives

The Trustees have given due regard to the Charity Commission's revised guidance in respect of public benefit and have continued to carry out the charitable objects above throughout the year by conserving and safeguarding the Foundation's assets, by providing public access where possible, for example for educational purposes, and by carrying out the appropriate grant-making policy.

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THE WHELER FOUNDATION

SSS TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2021 ————S———eeeeeeSSOtC(CC

Objectives and activities (continued)

c. How we achieve our objectives

The majority of the Foundation's land was left to the Wheler Foundation on the death of Granville Wheler in 2004. Ledston Hall is a Grade 1 Listed building dating back to c.1200. The building and its estate had been in Granville Wheler's family since 1653.

Since the Foundation was established, a major priority has been to restore Ledston Hall, which has been on the English Heritage ‘At Risk’ register for some time.

The Otterden Estate (including Otterden Place — a Grade II* listed building) had been in Granville Wheler’s family since at least 1612. Otterden Place is especially historic as one of the places where the very first experiments with electricity were carried out in 1729. The property is now in a poor state of repair and its restoration is a second major priority of the Foundation.

The Foundation also provides access to the Ledston and Otterden Estates for schools and other groups of both adults and children via pre organised visits. These visits provide the opportunity for young people to learn about and appreciate the countryside and the historical and educational context of estates such as those at Ledston Hall and Otterden Place.

d. Grant-making policies

Proposed grants are reviewed against the criteria set out in the Trust Deed. In the current year the Trustees have awarded appropriate grants to institutions and individuals as set out in note 6. Unusually, due to the spring 2020 Trustees’ meeting (at which the majority of grants are agreed) falling just after year end, there are effectively 2 year’s worth of grants in one year this year.

Achievements and performance

a. The Ledston Hall Project

This year a major project has been started to restore and conserve Ledston Hall, which should secure the future of this exceptional property for future generations. Work is progressing well and we expect it to be virtually complete by June 2022. The project has been delayed to some extent due to the COVID-19 pandemic. Costs have overrun the original budget due to this and to certain necessary works which were only discovered on a closer examination of the structure as work was carried out.

However the results of the project so far are extremely positive and the restoration is of a high standard.

b. Review of activities In maintaining and conserving the Foundation's assets, the Trustees have enabled the public as a whole to continue to enjoy the beauty and diverse history of the Ledston and Otterden estates. Each year, the Trustees accommodate student visits to both estates, in acknowledgement of the Foundation's ongoing commitment to education. For the period of these accounts, Ledston welcomed 451 student visitors through a range of organised open days. Numbers are down greatly as visits were unable to take place for much of the year due to the impact of COVID-19 restrictions.

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a THE WHELER FOUNDATION een NE reer ee ee eee TRUSTEES' REPORT (CONTINUED) NeeeFOR THE YEAR ENDED5 APRIL 2021 Achievements and performance (continued)

c. Key performance indicators

The Foundation showed a net deficit before investment losses and revaluation gains of £4,087,540 (2020: £870,675 surplus). This was attributable to the Ledston Hall Project.

The total funds of the Foundation at the year end amounted to £61,053,073 (2020: £61,517,471).

Free reserves at the year end amounted to £2,435,117 (2020: surplus £1,767,740). However these reserves are committed to the Ledston Hall Project.

d. Fundraising activities and income generation

The principal funding source of the Foundation is income from freehold properties which formed the estates of the Wheler family and were endowed upon the charity as described below. The properties are a mix of residential, commercial and agricultural farms and bare land.

The Foundation does not engage directly in any fundraising activity.

Financial review

a. Financial Review

The Trustees consider that the financial position of the Foundation is satisfactory and that it enables them to make adequate provision for the essential maintenance of the properties and assets held.

The principal funding sources of the Foundation are the rental income from the assets held within the estates and also where appropriate the disposal of certain parts of the Foundation's land, which is permitted by the Trust Deed. This funding supports the key objectives of the Foundation.

The major financial consideration this year has been the Ledston Halll Project. The planned funding sources were from the sale of land comprising part of the expendable endowment in the previous year (approximately £7m), borrowing from the AMC (£3m) with the balance coming from the Unrestricted Fund. In order to meet the cost overrun discussed above, additional loan and overdraft facilities of some £3.5m are being arranged. The Trustees are satisfied that these borrowings may be repaid out of income and readily achievable land sales without damage to the Foundation’s objectives and plans.

In the longer term, the intention is to put in hand the conservation of Otterden Place. Other less major projects are intended to ensure that the estates continue to thrive and flourish as entities in pursuance of the Foundation's objectives.

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources fo continue in operational existence for the foreseeable future. Accordingly we continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. The annual distributions agreed during the year were at a reduced level (partly in view of many of these distributions helping to support events which were unable to take place during 2020 due to COVID-19), this has helped to balance out a loss of income from COVID-19 related rent abatements on the commercial side of the rental portfolio.

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THE WHELER FOUNDATION

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TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2021

c. Reserves policy

The Expendable Endowment represents the Endowment of the Foundation as at 5 April 2021.

The Free Reserves of the Foundation consist of the unrestricted fund plus any long term borrowings (repayable in more than one year) less the balance sheet value of any unrestricted fixed assets.

It is the policy of the Foundation that Free Reserves which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Foundation's current activities whilst consideration is given to ways in which additional funds may be raised.

Funds may also be accumulated in accordance with the Trustees’ powers to provide for repair and maintenance work to identified Heritage assets and designated as such.

The total reserves held at 5 April 2021 were £61,053,073 (2020 £64,000,943). £2,644,782 of these were unrestricted and £58,408,291 were endowment. During the year the Trustees approved the use of £4,667,460 of the expendable endowment fund, being part of the proceeds of the land at Charing in the prior year, to be used for the Ledston Hall Project. This project will enchance future income generation potential and contribute towards repaying the borrowing required to complete the project.

Structure, governance and management

a. Constitution

The Wheler Foundation is a registered charity, number 1011180, and was established by a Declaration of Trust Deed dated 4 March 1992 and the Will of Mr G. H. H. Wheler dated 16 September 2002 and the First Codicil to that Will dated 6 January 2004.

b. Methods of appointment or election of Trustees

Trustees, Mr P. R. Fitzgerald and Mr C. M. P. Granger, were appointed under the Declaration of Trust dated 4 March 1992 by the settlor of the Trust, Mr Granville H. H. Wheler. Under the Declaration of Trust there is no maximum number of Trustees and the minimum number is two. Mr P. E. M Cowdy was appointed a trustee on 19 August 2017 by the Trustee body under the power to appoint which vests with it.

c. Policies adopted for the induction and training of Trustees

Each Trustee is given a copy of the governing document and a copy of the latest Annual Report and financial statements. All new Trustees are briefed by the Chair of Trustees.

d. Key management personnel remuneration

The Trustees consider themselves as comprising the key management personnel of the Foundation in charge of directing and controlling the Foundation. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 11 and 26 to the accounts.

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THE WHELER FOUNDATION

ee TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2021

Plans for future periods

Future developments

The Foundation has a view to preserve and maintain its historic structures, particularly around the Principal Houses and parkland. There is a management scheme in place to maintain the buildings in a structurally sound and weatherproof condition.

Otterden Place remains vacant following the vacation of the long standing tenant. The property requires substantial restoration and renovation and the Trustees are currently considering options and costings.

The Foundation is currently pursuing planning applications on three sites in Ledsham, as well as a site at Otterden, in addition to pursuing the possible residential development of certain further land at Charing through a Promotion Agreement. Any proceeds from these potential sales will be used to fund the Ledston Hall and other conservation projects.

The Foundation is also considering plans to renovate a Listed farmhouse at Ledsham, erect a new grain store at Newfield Farm, Ledston and to renovate the Chequers Inn pub in Ledsham.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• ° select suitable accounting policies and then apply them consistently;

• ° observe the methods and principles of the Charities SORP (FRS 102); e make judgments and accounting estimates that are reasonable and prudent; e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material 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 business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the Foundation's and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE WHELER FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• e so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• ® that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, WR Partners, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

TrusteeMr P. E. M. Cowdy Ae, ew Date: | 2 2022

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THE WHELER FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WHELER FOUNDATION

Opinion

We have audited the financial statements of The Wheler Foundation (the ‘charity') for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• ° give a true and fair view of the state of the charity's affairs as at 5 April 2021 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; and

• ° have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WHELER FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. if we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 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 e we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE WHELER FOUNDATION (CONTINUED)

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• . We reviewed the susceptibility of the charity's financial statements to material misstatement and identified the principal risks, implementing a series of testing procedures to provide us with sufficient comfort to issue our opinion.

• . We reviewed the charity's regulatory environment to ensure we could conclude that it had acted in accordance with the framework relevant to the charity and its environment and identify any instances of non-compliance.

• ° We also assessed the charity's internal control procedures to ensure we could appropriately scrutinise these controls and establish whether our understanding of the control environment was sufficient to supplement our additional testing procedures.

• . The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and charitable company awareness to carry out our work to the required standard.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WHELER FOUNDATION (CONTINUED)

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Use of our report

This report is made solely to the Foundation's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Foundation's 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 Foundation and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Date:

WR Pariners are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE WHELER FOUNDATION

i ae STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED5 APRIL 2021

		Unrestricted	Unrestricted	Endowment	Total	Total
			funds	funds	funds	funds
			2021	2021	2021	2020
	Note		£	£	£	£
Income and endowments from:
Charitable activities	3		1,004,235	-	1,004,235	1,053,443
investments	4		21,424	175,448	196,872	109,341
Otherincome	5		4,040	-	4,040	15,429
Weital'\ieni@eatid uminenitnante			1,029,699	175,448	1,205,147	1,178,213
Expenditure on: Investmentmanagement Charitable activities	7		5,277,364	15,323 -	15,323 5,277,364	461 307,077
‘ Total expenditure			5,277,364	15,323	5,292,687	307,538
Net (expenditure)/income before net losseson investments		(4,247,665)		160,125	(4,087,540)	870,675
Net lossesoninvestments				(168,408)	(168,408)	(54,432)
Net(expenditure)/income Transfersbetweenfunds	20	(4,247,665) 4,667,460		(8,283) (4,667,460)	(4,255,948) -	816,243 .
Netmovement infunds before other recognised gains/(losses)		SS 419,795 (4,675,743)			———————_- Ss (4,255,948)	816,243
Other recognised gains/(losses): Gains/{Losses) on revaluation ofassets			.	3,791,550	3,791,550	(2,482,678)
			419,795	(884,193)	(464,398)	(1,666,435)
Net movement in funds		cee				2s
Reconciliation offunds:
Total fundsbroughtforward			2,224,987	59,292,484	61,517,471	63,183,906
Netmovement infunds			419,795	(884,193)	(464,398)	(1,666,435)
Totalfundscarriedforward		2,644,782 a ee		58,408,291 ee	61,053,073 ee	61,517,471

The notes on pages 16 to 36 form part of these financial statements.

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BALANCE SHEET AS AT 5 APRIL 2021

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||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |Note|£|£| |Fixed|assets| |Intangible|assets|12|28,870|28,492| |Tangible assets|13|12,809|16,082| |Heritage|assets|15|55,767,524|52,314,673| |Investments|16|2,708,741|6,397,148| |Investment|property|14|960,000|866,000| |59,477,944|59,622,395| |Current|assets| |Debtors|17|554,021|1,978,899| |Cash|at bank|and|in|hand|24|2,758,109|877,350| |3,312,130|2,856,249| |Creditors:|amounts|falling|due|within|one| |year|18|(877,001)|(101, 173)| |Net current assets|2,435,129|2,755,076| |Total|assets|less current|liabilities|61,913,073|62,377,471| |Creditors:|amounts|falling|due|after|more| |than|one year|19|(860,000)|(860,000)| |Net assets|61,053,073|61,517,471| |Total|net assets|61,053,073|61,517,471|

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BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2021
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2021 2020
Note £ £
Charity funds
Endowment funds 20 58,408,291 59,292,484
Unrestricted funds 20 2,644,782 2,224,987
Total funds 61,053,073 61,517,471
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The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

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Mr P. E. M. Cowdy fin —
Date: | éLK, etd
The notes on pages 16 to 36 form part of these financial statements.
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STATEMENT OF CASH FLOWS FOR THE YEAR ENDED5 APRIL 2021

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |eee,| |2021|2020| |Note|£|£| |Cash|flows|from|operating|activities| |Net cash|used|in|operating|activities|23|(2,247,841)|16,875| |Cash flows|from|investing|activities| |Dividends,|interests|and|rents from|investments|196,872|109,341| |Proceeds|from|the|sale|of tangible|fixed|assets|-|147| |Purchase|of intangible|assets|(378)|(3,534)| |Purchase|of tangible|fixed|assets|(1,000)|(13,395)| |Proceeds|from|sale|of|investments|3,520,000|1,180,000| |Purchase|of investments|-|(7,631,580)| |Improvement|additions to|heritage assets|-|(62,799)| |Proceeds from|sale of heritage|assets|244,699|7,515,064| |Gain|on|disposal|of|heritage assets|-|(576,912)| |Loss|on|disposal|of investments|47,356|26,594| |Revaluation|loss|on|investments|121,051|27,838| |Net cash|provided|by|investing|activities|4,128,600|570,764| |Change|in|cash|and cash|equivalents|in the year|1,880,759|587,639| |Cash|and|cash|equivalents|at the|beginning|of the year|877,350|289,711| |Cash|and|cash|equivalents|at the end|of the year|24|2,758,109|877,350| |The|notes|on|pages|16|to|36|form|part|of these|financial|statements|

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2021 eee ee enn

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1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Wheler Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

• 1.2 Going concern

After making enquires, the Trustees have a reasonable expectation that the Foundtion has adequate resources to continue in operational existence for the foreseeable future. The Foundation therefore continues to adopt the going concern basis in preparing its financial statements.

The Trustees have also assessed the potential impact on the future operations of the Foundation with regard to the Covid-19 outbreak. The Foundation is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements.

1.3 Income

All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

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SS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2021 eee

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

The cost of generating funds includes the costs of managing the investment properties to the extent that these costs are not chiefly charitable.

Governance costs are those incurred in connection with administration of the Foundation and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the Foundation's operations, including support costs and costs relating to the governance of the Foundation apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All costs relating to projects for the maintenance, conservation or restoration of the Heritage Assets are charged to expenditure in the year in which they are incurred.

1.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.6 Intangible assets and amortisation

Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

1.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery - 25% reducing balance Motor vehicles - 25% reducing balance

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1. Accounting policies (continued)

1.8 Heritage assets

The Foundation holds a number of properties and pieces of land. These comprise the freehold property of the former G.H.H Wheler 1992 Settlement, the freehold property of the Ledston and Otterden Estates which were transferred to the Wheler Foundation on 5 April 2006. In accordance with section 34 of FRS102, Heritage land and building assets are recognised on the Balance Sheet at the latest valuation dated 5 April 2020.

The objectives of these assets being held are:

1. The maintenance and preservation of lands of historic, educational or landscape value, or natural beauty for the benefit of the public, whether or not educational.

2. The maintenance and preservation of historic buildings and works of art for the benefit of the public, whether or not educational.

3. Encouragement or assistance to agriculture, forestry and rural industry for the benefit of the public whether or not educational.

4. The making of gifts or donations to charitable bodies, where in the opinion of the Board of Trustees, such gifts or donations shall be conducive to the promotion of the objects of the Trust or any of them.

Depreciation is not charged since the chattels are considered to have indeterminate lives and a high residual value.

• 1.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/{Losses) on investments’ in the Statement of financial activities.

1.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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413 Accounting policies (continued)

1.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount ofthe[settlement] can be[estimated][reliably.]

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.13 Financial instruments

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds, where there is no power to convert the capital in to income are classified as permanent endowments. Permanent endowment funds much normally be held indefinitely. Where trustees have the power to convert endowment funds into income, such funds are classified as expendable endowments.

Investment income, gains and losses are allocated to the appropriate fund.

1.15 Expendable endowment fund

The Trust capital representing the land with which the Trust was endowed, is shown as an Expendable Endowment fund, as the Trustees have the power to realise the capital for charitable purpose, at their discretion. The income of the fund is available for general purposes and is shown in the unrestricted fund.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2021

1. Accounting policies (continued)

1.16 Investment properties

Investment properties are recognised on the Balance Sheet at the valuation obtained at 5 April 2021. These represent land and buildings that the Foundation has purchased to generate future rental income from to support the objectives of the Foundation.

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Foundation makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

3. Income from charitable activities

	Unrestricted funds	Total funds	Total funds
	2021	2021	2020
	£	£	£
Rental Income	979,855	979,855	1,001,320
Timber Sales	22,524	22,524	47,172
Environmental Stewardship Scheme	1,856	1,856	4,951
Total 2021	1,004,235	1,004,235	1,053,443
Total2020	1,053,443	1,053,443

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2021

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4. Investment income

	Unrestricted	Endowment	Total	Total
	funds	funds	funds	funds
	2021	2021	2021	2020
	£	£	£	£
Investment income -properties	21,251	-	21,251	20,676
Investment income - local cash	173	175,448	175,621	88,665
Total 2021	21,424	175,448	196,872	109,341
Total2020	21,631	87,710	109,341

5. Other incoming resources

		Unrestricted funds	Endowment funds	Total funds	Total funds
		2021	2021	2021	2020
		£	£	£	£
Other	interest	4,040	-	4,040	15,429
Total	2021	4,040	-	4,040	15,429
Total	2020	10,675	4,754	15,429

6. Analysis of grants

	Grantsto	Total	Total
	Institutions	funds	funds
	2021	2021	2020
	£	£	£
Grants paid	115,288	115,288	12,008
Total 2021	115,288	115,288	12,008
Total2020	12,008	12,008

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

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6. Analysis of grants (continued)

The charity has made the following material grants to institutions during the year:

	2021	2020
	£	£
Name of institution
Stalisfield with Otterden PCC	10,000	-
Stalisfield Village Hall	1,500	-
Murston All Saints Charity	2,500	-
Bunce Ecclesiastical Charity	4,000	-
Countryside Learning	50,000	-
Hedge Laying Society	1,500	-
The CountryTrust	12,000	-
Society for Protection ofAncient Buildings	1,500	-
Royal Agricultural Society of England	2,500	-
Yorkshire Agricultural Society	11,000	-
KentAgricultural Society	5,500	-
Royal Agricultural Benevolent Institution	1,500	-
Innovation forAgriculture	1,250	-
St Lawrence Chapel Insurance	1,904	1,778
StLawrence Chapel Repairs	280	790
Stipend toVicar ofLedsham with Fairburn	-	9,440
Queen Elizabeth Scholarship Trust	2,500	-
Woodmeadow Trust	1,750	-
	111,184	12,008
Stipend toVicar of Ledsham with Fairburn	4,104	-
	115,288	12,008

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

ts Analysis of expenditure on charitable activities

Summary by fund type

	Unrestricted funds	Endowment funds	Total funds	Total funds
	2021	2021	2021	2020
	£	£	£	£
Estatemanagement costs	883,045	-	883,045	871,981
Ledston Hall Project	4,279,031	-	4,279,031	-
Grants paid (note6)	115,288	-	115,288	12,008
Surplus on sale of land	-	-	-	(576,912)
Total 2021	5,277,364	=	5,277,364	307,077
Total2020	883,989	(576,912)	307,077
Analysis ofexpenditure by activities
	Activities Grant undertaken = funding of directly activities		Total funds	Total funds
	2021	2021	2021	2020
	£	£	£	£
Estate management costs	883,045	-	883,045	871,981
Ledston Hall Project	4,279,031	-	4,279,031	-
Grants paid	-	115,288	115,288	12,008
Surplus on disposal ofland	-	-	-	(576,912)
Total 2021	5,162,076	115,288	5,277,364	307,077
Total2020	295,069	12,008	307,077

8. Analysis of expenditure by activities

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

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8. Analysis of expenditure by activities (continued)

Analysis of direct costs

		Tota!	Total
		funds	funds
		2021	2020
		£	£
	Staff costs	45,521	46,681
	Repairs	3,927,097	304,437
	Insurance	176,742	154,856
	Agentmanagementfees	269,328	164,761
	Legal and professionalfees	559,191	67,459
	Loan interest	21,865	27,273
	Bank charges	226	235
	Water, ratesand energy	19,375	9,366
	Motorand machineryexpenses	9,447	9,918
	Website costs	100	92
	IrrecoverableVAT	75,843	24,482
	Sundry expenses	8,100	8,058
	Bad debts	(22,260)	(31,994)
	Running costs ofEducation Centre	2,759	4,936
	Depreciation	4,162	§,213
	Chattels storage costs	11,928	42,013
	Governancecosts	52,652	34,195
	Surpluson sale ofland	-	(576,912)
	Total 2024	5,162,076	295,069
9.	Auditors’ remuneration
		2021	2020
		£	£
	Fees payable to the Foundation's auditorforthe audit ofthe charity's annualaccounts	8,820	8,400

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2021

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10. Staff costs

	2021	2020
	£	£
Wages and salaries	44,263	45,332
Social security costs	779	874
Contribution to defined contribution pension schemes	479	475
	45,521	46,681

The average number of persons employed by the charity during the year was as follows:

2021	2020
No.	No.
2	2

No employee received remuneration amounting to more than £60,000 in either year.

The total remuneration and benefits received by key management personnel in the year was £Nil (2019: ENil).

11. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).

During the year ended 5 April 2021, expenses totalling £407 were reimbursed or paid directly to 2 Trustees (2020 - £256 to 2 Trustees). These expenses related to meeting expenses, postage and document certification fees.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

12. Intangible assets

	Intangibles
	£
Cost
At6April 2020	28,492
Additions	378
At 5 April2021	28,870
Net book value
At 5April 2021	28,870
At5April2020	28,492

The above intangible assets reflect 84 Basic Premium Scheme entitlements that were purchased previously in regard to Newfield Farm and the Basic Premium Scheme entitlements in regard to Newton Farm purchased in the current year.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2021

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13. Tangible fixed assets

		Plant and	Motor
		machinery £	vehicles £	Total £
	Cost orvaluation
	At6 April 2020	31,627	19,095	50,722
	Additions	1,000	-	1,000
	At5 April 2021	32,627	19,095	51,722
	Depreciation
	At6 April 2020	23,791	10,849	34,640
	Charge forthe year	2,211	2,062	4,273
	At 5 April2021	26,002	12,911	38,913
	Net book value
	At5April 2021	6,625	6,184	12,809
	At5April2020	7,836	8,246	16,082
14.	Investment property
				Freehold
				investment
				property
				[z
	Valuation
	At6 April 2020			866,000
	Gain/{Loss) on revaluation			94,000
	At5April2021			960,000

The current valuations were made by Dan Taylor MRICS FAAV of Carter Jonas LLP, Chartered Surveyors, on an open market value for existing use basis.

The investment property was valued as at 5 April 2021.

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peSSSee THE WHELER FOUNDATION —— LLL EE ——— TE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2021

15. Heritage assets

Assets recognised at valuation

	Land and
	buildings	Chattels	Total
	2021	2021	2021
	£	£	£
Carrying value at6 April 2020	51,042,000	1,272,673	52,314,673
Disposals	-	(244,699)	(244,699)
Revaluations	3,697,550	-	3,697,550
	54,739,550	1,027,974	55,767,524

Heritage land and buildings

These comprise the freehold property of the Ledston and Otterden Estates which were transferred to the Wheler Foundation on 5th April 2006, following the death of the Settlor in 2004. In accordance with section 34 of FRS102, Heritage land and building assets have been recognised on the Balance Sheet at the valuation obtained at 5 April 2021.

Heritage chattels

The heritage chattels held are made up of pictures, furniture, objects of art, books, manuscripts, silverware and porcelain which are held at the Otterden and Ledston estates.

The heritage chattels were included in the financial statements for the year ended 5 April 2010 at an external valuation provided by Christie, Manson and Woods Limited on 11 June 2010. The chattels were valued at this date at their current market value, each chattel being given a lower and upper value. The chattels were included in the financial statements at the middle of those two total values.

In accordance with SORP 2015 (FRS 102), the heritage chattels are not depreciated but are instead reviewed for evidence of impairment at each balance sheet date. The board consider there to have been no material changes to the valuation and no evidence of impairment.

Heritage chattels management policy

The heritage chattels are held mainly within the Heritage properties owned by the foundation, some of which are let. Public access is granted to the properties where possible.

Heritage Chattels are shown at market value at 11 June 2010. The Trustees regularly review the chattels for impairment and adjust the valuation accordingly.

Depreciation is not charged since the chattels are considered to have indeterminate lives and a high residual value.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

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16. Fixed asset investments

	Listed
	investments
	£
Costor valuation
At6April2020	6,397,148
Disposals	(3,567,356)
Revaluations	(121,051)
At 5 April 2021	2,708,741
Net bookvalue
At5 April 2021	2,708,741
At5April2020	6,397,148

17. Debtors

	2021	2020
	£	£
Duewithin one year
Trade debtors	23,269	215,283
Otherdebtors	56,131	-
Prepayments and accrued income	474,621	1,763,616
	554,021	1,978,899

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2021

18. Creditors: Amounts falling due within one year

	2021	2020
	£	£
Trade creditors	165,842	32,735
Othertaxation and social security	-	3,897
Accruals and deferred income	711,159	64,541
	877,001	101,173

19. Creditors: Amounts falling due after more than one year

Bank loans

2021	2020
£	£
860,000	860,000

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20. Statement of funds

Statement of funds - current year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at 6|Transfers|Gains/|Balance|at 5| |April|2020|Income|Expenditure|in/out|(Losses)|April|2021| |£|£|£|£|£|£| |Unrestricted| |funds| |Designated| |funds| |Designated| |Funds-|all|funds|607,721|-|(607,721)|-|-|-| |General|funds| |General funds|1,617,266|1,029,699|(4,669,643)|4,667,460|-|2,644,782| |Total| |Unrestricted| |funds|2,224,987|1,029,699|(5,277,364)|4,667,460|-|2,644,782| |Endowment| |funds| |Estate|Property| |Fund|51,908,000|-|-|-|3,791,550|55,699,550| |Estate| |Investment|Fund|6,397,151|-|=|(3,520,002)|(168,408)|2,708,741| |Estate| |Investment|Fund| |(cash)|640,422|175,448|(15,323)|(800,547)|.|:| |Estate| |Prepayments|346,911|.|-|(346,911)|-|-| |59,292,484|175,448|(15,323)|(4,667,460)|3,623,142|58,408,291| |Total|of funds|61,517,471|1,205,147|(5,292,687)|=|3,623,142|61,053,073|

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 THE YEAR ENDED5 YEAR ENDED5 ENDED55 APRIL 2021 2021

CeeEeeFOR THE YEAR ENDED5 THE YEAR ENDED5 YEAR ENDED5 ENDED55 APRIL 2021 2021 20. Statement of funds (continued)

Statement of funds - prior year

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|Transfers|Gains/|—|Balance|at| |6 April 2019|Income|Expenditure|in/out|(Losses)|5 April 2020| |£|£|£|£|£|£| |Unrestricted| |funds| |Designated| |funds| |Designated| |Funds|-|-|-|607,721|-|607,721| |General|funds| |General|funds|2,086,026|1,085,749|(883,989)|(670,520)|-|1,617,266| |Total| |Unrestricted| |funds|2,086,026|-|(883,989)|(62,799)|-|2,224,987| |Endowment| |funds| |Estate|Property| |Fund|61,097,880|-|576,912|(7,284,112)|(2,482,680)|51,908,000| |Estate| |Investment|Fund|-|-|-|6,451,581|(54,430)|6,397,151| |Estate| |Investment|Fund| |(cash)|-|92,464|(461)|548,419|-|640,422| |Estate| |Prepayments|-|-|-|346,971|-|346,911| |61,097,880|92,464|576,451|62,799|(2,537,110)|59,292,484| |Total|of funds|63, 183,906|92,464|(307,538)|-|(2,537,110)|61,517,471|

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2021

—_—eese—oOoooooe—— 21. Summary of funds

Summary of funds - current year

	Balance at6 April2020 £	Income £	Expenditure £	Transfers in/out £	Gains/ (Losses) z:	Balance at5 April 2021 £
Designated
funds	607,721	-	(607,721)	-	=	-
Generalfunds Endowment	1,617,266	1,029,699	(4,669,643)	4,667,460	-	2,644,782
funds	59,292,484	175,448	(15,323)	(4,667,460)	3,623,142	58,408,291
	61,517,471	1,205,147	(5,292,687)	-	3,623,142	61,053,073
Summaryoffunds -prioryear
	Balanceat 6 April2019 Ee	Income £	Expenditure £	Transfers infout £	Gains/ (Losses) £	__Balanceat 5April2020 £
Designated
funds General funds Endowment	- 2,086,026	- 1,085,749	- (883,989)	607,721 (670,520)	- -	607,721 1,617,266
funds	61,097,880	92,464	576,451	62,799	(2,537,110)	59,292,484
	63,183,906	1,178,213	(307,538)	-	(2,537,110)	61,517,471

General Funds

These funds are held by the Foundation to further the objects of the charity as set out in the Trustees Report.

Designated Funds

These funds have been used for ther Ledston Hall conservation project, currently being undertaken.

Endowment Funds

‘The Estate Property Funds represent the Heritage and investment properties held at the Ledston and Otterden Estates.

The transfer made in the current year from the expendable Endowment Fund to the General Fund represents the Trustees decision to use part of the expendable Endowment Fund (originating from the sale of land at Charing) for the conservation of Ledston Hall.

The transfer made in the prior year between the General Fund and Endowment Fund represents property improvements made in the year.

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22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Analysis of net assetsnet assetsassets between funds - current yearcurrent yearyear
	Unrestricted	Endowment	Total
	funds	funds	funds
	2021	2021	2021
	£	£	£
Tangiblefixed assets	12,809	-	12,809
Intangible fixed assets	28,870	-	28,870
Fixed asset investments	-	2,708,741	2,708,741
Investment property	-	960,000	960,000
Heritage assets	1,027,974	54,739,550	55,767,524
Current assets	3,312,130	-	3,312,130
Creditorsduewithin oneyear Creditorsdue in morethan oneyear	(877,001) (860,000)	- -	(877,001) (860,000)
Total	2,644,782	58,408,291	61,053,073
Analysis of netassets between funds - prioryear
	Unrestricted	Endowment	Total
	funds	funds	funds
	2020	2020	2020
	£	E	£
Tangiblefixed assets	16,082	-	16,082
Intangiblefixed assets	28,492	-	28,492
Fixed asset investments	-	6,397,148	6,397,148
Investment property	-	866,000	866,000
Heritage assets	1,272,673	51,042,000	52,314,673
Currentassets	1,868,913	987,336	2,856,249
Creditorsduewithin oneyear	(101,173)	-	(101,173)
Creditors due in morethan oneyear	(860,000)	-	(860,000)
Total	2,224,987	59,292,484	61,517,471

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23. Reconciliation of net movement in funds to net cash flow from operating activities

				2021	2020
				£	£
	Net income/expenditure Activities)	for the year (as per Statement	of Financial	(4,255,948)	816,243
	Adjustments for:
	Depreciation charges			4,273	5,364
	Dividends, interests and rentsfrom investments Decrease/(increase) in debtors			(196,872) 1,424,280	(109, 341) (444,462)
	Increase/(decrease) in creditors			776,426	(250,929)
	Netcash provided by/(used in) operating activities			(2,247,841)	16,875
24.	Analysis ofcash and cash equivalents
				2021	2020
				£	£
	Cash inhand			2,758,109	877,350
	Totalcashand cash equivalents			2,758,109	877,350
25.	Analysis ofchanges in	netdebt
			At6April 2020	Cash flows	At 5April 2021
			£	£	£
	Cash atbank and in hand		877,350	1,880,759	2,758,109
	Debtdue after 1 year		(860,000)	-	(860,000)
			17,350	1,880,759	1,898,109

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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED5 APRIL 2021
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26. Related party transactions

Mr C. M. P. Granger is a Trustee of the Foundation and a partner of property consultants, Carter Jonas LLP. During the year Carter Jonas charged the Foundation professional fees of £347,608 (2020: £354,027).

Fees are calculated on normal commercial terms. Included in prepayments and accured income is an amount of £201,072 (2020: £306,989) in respect of these services. Also included in accruals is an amount of £45,727 (2020: £41,946) and included in trade creditors is £20,991 (2020: £3,635) in respect of these services.

None of the Trustees make any charge to the Foundation for the time spent in connection with their duties as trustees.

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