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2023-04-05-accounts
|
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 - 37 |
| Trustees |
Mr P. R. Fitzgerald |
|
Mr C. M. P. Granger |
|
Mr P. E. M. Cowdy (resigned 4 December 2023) |
|
Ms A Marley (appointed 4 December 2023) |
| 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 |
|
|
Unrestricted |
Endowment |
Total |
Total |
|
|
funds |
funds |
funds |
funds |
|
|
2023 |
2023 |
2023 |
2022 |
|
Note |
£ |
£ |
£ |
£ |
| Income and endowments from: |
|
|
|
|
|
| Donations and legacies |
3 |
50,000 |
|
50,000 |
- |
| Charitable activities |
4 |
1,073,927 |
|
1,073,927 |
1,085,856 |
| Investments |
5 |
22,843 |
|
22,843 |
82,511 |
| Other income |
6 |
3,489 |
|
3,489 |
1,986 |
| Total income and endowments |
|
1,150,259 |
|
1,150,259 |
1,170,353 |
| Expenditure on: |
|
|
|
|
|
| Investment management |
|
|
779 |
779 |
7,417 |
| Charitable activities |
8 |
7,286,890 |
|
7,286,890 |
7,545,643 |
| Total expenditure |
|
7,286,890 |
779 |
7,287,669 |
7,553,060 |
| Net expenditure before net losses on |
|
|
|
|
|
| investments |
|
(6,136,631) |
(779) |
(6,137,410) |
(6,382,707) |
| Net losses on investments |
|
|
(953) |
(953) |
(60,951) |
| Net expenditure |
|
(6,136,631) |
(1,732) |
(6,138,363) |
(6,443,658) |
| Transfers between funds |
21 |
7,392,170 |
(7,392,170) |
|
- |
| Net movement in funds before other |
|
|
|
|
|
| recognised gains/(losses) |
|
1,255,539 |
(7,393,902) |
(6,138,363) |
(6,443,658) |
| Other recognised gains/(losses): |
|
|
|
|
|
| Gains/(Losses) on revaluation of assets |
|
|
(2,963,733) |
(2,963,733) |
5,863,733 |
| Net movement in funds |
|
1,255,539 |
(10,357,635) |
(9,102,096) |
(579,925) |
| Reconciliation of funds: |
|
|
|
|
|
| Total funds brought forward |
|
(1,769,733) |
62,242,881 |
60,473,148 |
61,053,073 |
| Net movement in funds |
|
1,255,539 |
(10,357,635) |
(9,102,096) |
(579,925) |
| Total funds carried forward |
|
(514,194) |
51,885,246 |
51,371,052 |
60,473,148 |
|
|
|
2023 |
|
2022 |
|
Note |
|
£ |
|
£ |
| Fixed assets |
|
|
|
|
|
| Intangible assets |
13 |
|
28,870 |
|
28,870 |
| Tangible assets |
14 |
|
12,755 |
|
16,347 |
| Heritage assets |
16 |
|
57,284,888 |
|
61,450,039 |
| Investments |
17 |
|
- |
|
645,194 |
| Investment property |
15 |
|
960,000 |
|
960,000 |
|
|
|
58,286,513 |
|
63,100,450 |
| Current assets |
|
|
|
|
|
| Debtors |
18 |
489,586 |
|
474,096 |
|
| Cash at bank and in hand |
25 |
176,336 |
|
1,497,513 |
|
|
|
665,922 |
|
1,971,609 |
|
| Creditors: amounts falling due within one |
|
|
|
|
|
| year |
19 |
(709,028) |
|
(738,911) |
|
| Net current liabilities / assets |
|
|
(43,106) |
|
1,232,698 |
| Total assets less current liabilities |
|
|
58,243,407 |
|
64,333,148 |
| Creditors: amounts falling due after more |
|
|
|
|
|
| than one year |
20 |
|
(6,872,355) |
|
(3,860,000) |
| Net assets |
|
|
51,371,052 |
|
60,473,148 |
| Total net assets |
|
|
51,371,052 |
|
60,473,148 |
|
THE WHELER FOUNDATION |
THE WHELER FOUNDATION |
|
|
|
|
|
^ |
|
|
BALANCE SHEET (CONTINUED) |
|
|
|
|
AS AT 5 APRIL 2023 |
|
|
|
|
Note |
2023
£ |
|
2022 r |
| Charity funds |
|
|
|
|
| Endowment funds |
21 |
51,885,246 |
|
62,242,881 |
| Unrestricted funds |
21 |
(514,194) |
|
(1,769,733) |
| Total funds |
|
51,371,052 |
|
60,473,148 |
|
2023 |
2022 |
| Cash flows from operating activities |
|
|
| Net cash used in operating activities |
(6,310,230) |
(6,578,880) |
| Cash flows from investing activities |
|
|
| Dividends, interests and rents from investments |
|
82,511 |
| Purchase of heritage assets |
(23,264) |
(34,404) |
| Purchase of tangible fixed assets |
(663) |
(8,992) |
| Proceeds from sale of investments |
644,241 |
2,002,596 |
| Proceeds from sale of heritage assets |
1,224,682 |
215,622 |
| Loss on disposal of investment |
953 |
56,472 |
| Revaluation loss on investment |
|
4,479 |
| Net cash provided by investing activities |
1,845,949 |
2,318,284 |
| Cash flows from financing activities |
|
|
| Cash inflows from new borrowing |
3,143,104 |
3,000,000 |
| Net cash provided by financing activities |
3,143,104 |
3,000,000 |
| Change in cash and cash equivalents in the year |
(1,321,177) |
(1,260,596) |
| Cash and cash equivalents at the beginning of the year |
1,497,513 |
2,758,109 |
| Cash and cash equivalents at the end of the year |
176,336 |
1,497,513 |
| The notes on pages 16 to 37 form part of these financial statements |
|
|
|
Unrestricted |
Total |
Total |
|
funds |
funds |
funds |
|
2023 |
2023 |
2022 |
|
£ |
£ |
£ |
| Grants |
50,000 |
50,000 |
|
|
Unrestricted |
Total |
Total |
|
funds |
funds |
funds |
|
2023 |
2023 |
2022 |
|
£ |
£ |
£ |
| Rental Income |
1,072,677 |
1,072,677 |
1,046,189 |
| Timber Sales |
1,250 |
1,250 |
38,431 |
| Environmental Stewardship Scheme |
|
|
1,236 |
| Total 2023 |
1,073,927 |
1,073,927 |
1,085,856 |
| Total 2022 |
1,085,856 |
1,085,856 |
|
|
Unrestricted |
Endowment Total Total |
|
funds |
funds funds funds |
|
2023 |
2023 2023 2022 |
|
£ |
£ £ £ |
| Investment income - properties |
22,843 |
- 22,843 21,251 |
| Investment income - local cash |
|
_ 61,260 |
| Total 2023 |
22,843 |
22,843 82,511 |
| Total 2022 |
21,436 |
61,075 82,511 |
|
|
Unrestricted |
Total |
Total |
|
|
funds |
funds |
funds |
|
|
2023 |
2023 |
2022 |
|
|
£ |
£ |
r |
| Other |
interest |
3,389 |
3,389 |
1,986 |
| Other |
income |
100 |
100 |
- |
| Total |
2023 |
3,489 |
3,489 |
1,986 |
| Total |
2022 |
1,986 |
1,986 |
|
|
2023 |
2022 |
|
£ |
£ |
| Name of institution |
|
|
| Stalisfield with Otterden PCC |
4,000 |
4,000 |
| Stalisfield Village Hall |
750 |
750 |
| Bunce Ecclesiastical Charity |
2,000 |
2,000 |
| Countryside Learning |
15,000 |
15,000 |
| The Country Trust |
|
3,000 |
| Yorkshire Agricultural Society |
|
3,000 |
| Kent Agricultural Society |
- |
2,500 |
| Eastling Village Hall |
1,000 |
- |
| Otterden Church Fund Agent fee 2021-22 |
180 |
|
| St Lawrence Chapel Insurance |
2,476 |
2,069 |
| St Lawrence Chapel Repairs |
250 |
7,418 |
| St Lawrence Chapel pick open safety deposit box |
|
54 |
| Countryside Learning -Christmas classroom days sponsorship |
|
1,000 |
| St Lawrence Chapel storm damage insurance claim |
(2,214) |
|
| St Lawrence Chapel organ tuning |
234 |
|
|
23,676 |
40,791 |
|
23,676 |
40,791 |
|
Unrestricted |
Endowment |
|
|
|
funds |
funds |
Total |
Total |
|
2023 |
2023 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
| Estate management costs |
1,531,613 |
|
1,531,613 |
1,134,025 |
| Grants paid (note 6) |
23,676 |
|
23,676 |
40,791 |
| Surplus on disposal of land |
- |
|
|
(71,096) |
| Ledston Hall Project |
5,731,601 |
|
5,731,601 |
6,441,923 |
| Total 2023 |
7,286,890 |
|
7,286,890 |
7,545,643 |
| Total 2022 |
7,616,739 |
(71,096) |
7,545,643 |
|
|
Activities |
Grant |
|
|
|
undertaken |
funding of |
Total |
Total |
|
directly |
activities |
funds |
funds |
|
2023 |
2023 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
| Estate management costs |
1,531,613 |
|
1,531,613 |
1,134,025 |
| Grants paid (note 6) |
- |
23,676 |
23,676 |
40,791 |
| Surplus on disposal of land |
|
|
|
(71,096) |
| Ledston Hall Project |
5,731,601 |
|
5,731,601 |
6,441,923 |
| Total 2023 |
7,263,214 |
23,676 |
7,286,890 |
7,545,643 |
| Total 2022 |
7,504,852 |
40,791 |
7,545,643 |
|
|
|
Total |
Total |
|
|
funds |
funds |
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Staff costs |
50,642 |
45,550 |
|
Repairs |
5,649,347 |
6,171,386 |
|
Insurance |
233,740 |
186,718 |
|
Agent management fees |
223,109 |
255,102 |
|
Legal and professional fees |
430,030 |
523,361 |
|
Loan interest |
169,574 |
97,773 |
|
Bank charges |
85,700 |
534 |
|
Water, rates and energy |
110,948 |
39,018 |
|
Motor and machinery expenses |
9,987 |
16,998 |
|
Website costs |
99 |
100 |
|
Irrecoverable VAT |
151,658 |
149,396 |
|
Sundry expenses |
26,701 |
10,334 |
|
Bad debts |
(1,104) |
(15,514) |
|
Running costs of Education Centre |
|
3,977 |
|
Depreciation |
4,255 |
5,371 |
|
Chattels storage costs |
- |
9,698 |
|
Governance costs |
118,528 |
76,146 |
|
Surplus on sale of land |
- |
(71,096) |
|
Total 2023 |
7,263,214 |
7,504,852 |
| 10. |
Auditors' remuneration |
|
|
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Fees payable to the Foundation's auditor for the audit ofthe charity's annual |
|
|
|
accounts |
10,670 |
9,280 |
|
2023 |
2022 |
|
£ |
£ |
| Wages and salaries |
46,100 |
44,264 |
| Social security costs |
4,039 |
807 |
| Contribution to defined contribution pension schemes |
503 |
479 |
|
50,642 |
45,550 |
| Intangible assets |
|
|
Intangibles |
| Cost |
|
| At 6 April 2022 |
28,870 |
| At 5 April 2023 |
28,870 |
| Net book value |
|
| At 5 April 2023 |
28,870 |
| At 5April 2022 |
28,870 |
|
Plant and |
Motor |
|
|
machinery |
vehicles |
Total |
|
£ |
£ |
£ |
| Cost or valuation |
|
|
|
| At 6 April 2022 |
41,619 |
19,095 |
60,714 |
| Additions |
663 |
|
663 |
| At 5 April 2023 |
42,282 |
19,095 |
61,377 |
| Depreciation |
|
|
|
| At 6 April 2022 |
29,910 |
14,457 |
44,367 |
| Charge for the year |
3,095 |
1,160 |
4,255 |
| At 5 April 2023 |
33,005 |
15,617 |
48,622 |
| Net book value |
|
|
|
| At 5 April 2023 |
9,277 |
3,478 |
12,755 |
| At 5 April 2022 |
11,709 |
4,638 |
16,347 |
|
Freehold |
|
investment |
|
property |
|
£ |
| Valuation |
|
| At 6 April 2022 |
960,000 |
| At 5 April 2023 |
960,000 |
|
Land and |
|
|
|
buildings |
Chattels |
Total |
|
2023 |
2023 |
2023 |
|
£ |
£ |
£ |
| Carrying value at 6 April 2022 |
60,637,687 |
812,352 |
61,450,039 |
| Additions |
23,264 |
- |
23,264 |
| Disposals |
(1,121,161) |
(103,521) |
(1,224,682) |
| Revaluations |
(2,963,733) |
- |
(2,963,733) |
|
56,576,057 |
708,831 |
57,284,888 |
|
2023 |
2022 |
|
£ |
£ |
| Bank loans |
130,749 |
|
| Trade creditors |
157,664 |
29,016 |
| Other taxation and social security |
(75,391) |
(90,551) |
| Other creditors |
|
90,550 |
| Accruals and deferred income |
496,006 |
709,896 |
|
709,028 |
738,911 |
|
2023 |
2022 |
|
£ |
£ |
| Bank loans |
6,872,355 |
3,860,000 |
| Statement of funds |
Statement of funds |
|
|
|
|
|
| Statement of funds - current year |
|
|
|
|
|
|
|
Balance at 6 |
|
|
Transfers |
Gains/ |
Balance at 5 |
|
April 2022 |
Income |
Expenditure |
in/out |
(Losses) |
April 2023 |
|
£ |
£ |
E |
£ |
£ |
E |
| Unrestricted |
|
|
|
|
|
|
| funds |
|
|
|
|
|
|
| General Funds - |
|
|
|
|
|
|
| all funds |
(1,769,733) |
1,150,259 |
(7,286,890) |
7,392,170 |
|
(514,194) |
| Endowment |
|
|
|
|
|
|
| funds |
|
|
|
|
|
|
| Estate Property |
|
|
|
|
|
|
| Fund |
61,597,687 |
|
|
(7,392,170) |
(2,963,733) |
51,241,784 |
| Estate |
|
|
|
|
|
|
| Investment Fund |
645,194 |
|
(779) |
|
(953) |
643,462 |
|
62,242,881 |
|
(779) |
(7,392,170) |
(2,964,686) |
51,885,246 |
| Total offunds |
60,473,148 |
1,150,259 |
(7,287,669) |
|
(2,964,686) |
51,371,052 |
|
Balance at |
|
|
Transfers |
Gains/ |
Balance at |
|
6 April 2021 |
Income |
Expenditure |
in/out |
(Losses) |
5 April 2022 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Unrestricted |
|
|
|
|
|
|
| funds |
|
|
|
|
|
|
| General Funds - |
|
|
|
|
|
|
| all funds |
2,644,782 |
1,109,278 |
(7,616,739) |
2,092,946 |
|
(1,769,733) |
| Endowment |
|
|
|
|
|
|
| funds |
|
|
|
|
|
|
| Estate Property |
|
|
|
|
|
|
| Fund |
55,699,550 |
- |
71,096 |
(36,693) |
5,863,734 |
61,597,687 |
| Estate |
|
|
|
|
|
|
| Investment Fund |
2,708,741 |
61,075 |
(7,417) |
(2,056,253) |
(60,952) |
645,194 |
|
58,408,291 |
61,075 |
63,679 |
(2,092,946) |
5,802782 |
62,242,881 |
| Total of funds |
61,053,073 |
1,170,353 |
(7,553,060) |
|
5,802,782 |
60,473,148 |
|
Balance at 6 |
|
|
Transfers |
Gains/ |
Balance at 5 |
|
April 2022 |
Income |
Expenditure |
in/out |
(Losses) |
April 2023 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| General funds |
(1,769,733) |
1,150,259 |
(7,286,890) |
7,392,170 |
|
(514,194) |
| Endowment |
|
|
|
|
|
|
| funds |
62,242,881 |
|
(779) |
(7,392,170) |
(2,964,686) |
51,885,246 |
|
60,473,148 |
1,150,259 |
(7,287,669) |
|
(2,964,686) |
51,371,052 |
| Summary of funds - prior year |
|
|
|
|
|
|
|
Balance at |
|
|
Transfers |
Gains/ |
Balance at |
|
6 April 2021 |
Income |
Expenditure |
in/out |
(Losses) |
5April 2022 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| General funds |
2,644,782 |
1,109,278 |
(7,616,739) |
2,092,946 |
- |
(1,769, 733) |
| Endowment |
|
|
|
|
|
|
| funds |
58,408,291 |
61,075 |
63,679 |
(2,092,946) |
5,802,782 |
62,242,881 |
|
61,053,073 |
1,170,353 |
(7,553,060) |
- |
5,802,782 |
60,473,148 |
|
Unrestricted |
Endowment |
Total |
|
funds |
funds |
funds |
|
2023 |
2023 |
2023 |
|
£ |
£ |
£ |
| Tangible fixed assets |
12,755 |
- |
12,755 |
| Intangible fixed assets |
28,870 |
|
28,870 |
| Investment property |
- |
960,000 |
960,000 |
| Heritage assets |
|
57,284,888 |
57,284,888 |
| Current assets |
22,460 |
643,462 |
665,922 |
| Creditors due within one year |
(578,279) |
(130,749) |
(709,028) |
| Creditors due in more than one year |
- |
(6,872,355) |
(6,872,355) |
| Total |
(514,194) |
51,885,246 |
51,371,052 |
|
Unrestricted |
Endowment |
Total |
|
funds |
funds |
funds |
|
2022 |
2022 |
2022 |
|
£ |
£ |
£ |
| Tangible fixed assets |
16,347 |
|
16,347 |
| Intangible fixed assets |
28,870 |
|
28,870 |
| Fixed asset investments |
|
645,194 |
645,194 |
| Investment property |
|
960,000 |
960,000 |
| Heritage assets |
812,352 |
60,637,687 |
61,450,039 |
| Current assets |
1,971,609 |
- |
1,971,609 |
| Creditors due within one year |
(738,911) |
- |
(738,911) |
| Creditors due in more than one year |
(3,860,000) |
|
(3,860,000) |
| Ttl |
(1,769,733) |
62,242,881 |
60,473,148 |
|
2023 |
2022 |
|
£ |
£ |
| Net expenditure for the year (as per Statement of Financial Activities) |
(6,138,363) |
(6,443,658) |
| Adjustments for: |
|
|
| Depreciation charges |
4,255 |
5,454 |
| Dividends, interests and rents from investments |
|
(82,511) |
| Increase in debtors |
(15,490) |
(10,626) |
| Decrease in creditors |
(160,632) |
(47,539) |
| Net cash used in operating activities |
(6,310,230) |
(6,578,880) |
|
2023 |
2022 |
|
£ |
£ |
| Cash in hand |
176,336 |
1,497,513 |
| Total cash and cash equivalents |
176,336 |
1,497,513 |
|
At 6 April |
|
At 5 April |
|
2022 |
Cash flows |
2023 |
|
£ |
£ |
£ |
| Cash at bank and in hand |
1,497,513 |
(1,321,177) |
176,336 |
| Debt due within 1 year |
|
(130,749) |
(130,749) |
| Debt due after 1 year |
(3,860,000) |
(3,012,355) |
(6,872,355) |
|
(2,362,487) |
(4,464,281) |
(6,826,768) |