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2024-04-05-accounts

Charity number: 1011180

THE WHELER FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

THE WHELER FOUNDATION

CONTENTS

Page
Reference and administrative details ofthe charity, its Trustees and advisers 1
Trustees’ report 2-7
independent auditors’ report on the financial statements 8-11
Consolidated statement offinancial activities 12
Consolidated balance sheet 13-14
Charity balance sheet 15-16
Consolidated statement of cash flows 17
Notestothefinancialstatements 18-40

THE WHELER FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024

Trustees Mr P. R. Fitzgerald
Mr C. M. P. Granger
Mr P. E. M. Cowdy (resigned 4 December 2023)
MsA 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 CarterJonas LLP
13-15 Albert Street
Harrogate
North Yorkshire
HG11JX

Page 1

THE WHELER FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present their annual report together with the audited financial statements of the Foundation (also referred to as the charity) for the period 6 April 2023 to 5 April 2024.

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:

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 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.

Page 2

THE WHELER FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2024

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 had been on the English Heritage ‘At Risk’ register for some time, this has now been achieved.

The Otterden Estate (including Otterden Place — a Grade II* listed building) had been in Granville Wheler’s family since 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 10.

Achievements and performance

a. 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 3,784 student visitors through a range of organised open days and Otterden 903 student visitors.

b. Key performance indicators

The Foundation showed a net deficit before investment losses and revaluation gains of £1,510,980 (2023: £6,137,410 deficit). This was attributable to the Ledston Hall Project.

The total funds of the Foundation at the year end amounted to £53,854,426 (2023: £51,371,052).

Free reserves, excluding liabilities due over one year, at the year end amounted to £92,022 (2023: deficit £555,819). However these reserves are committed to the Ledston Hall Project.

Page 3

THE WHELER FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2024

Achievements and performance (continued)

c. 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 in recent years has been the funding of the Ledston Hall Project. The funding sources were from the sale of land comprising part of the expendable endowment previously (approximately £7m), borrowing from the AMC (£3m) with the balance coming from the Unrestricted Fund. In order to meet the cost overrun mentioned above, additional loan facilities have been sourced through NatWest (£3.5m). The Trustees are satisfied that these borrowings may be repaid out of income and readily achievable land sales without significant prejudice to the Foundation's continuing objectives and plans. To this end, the following disposals were made during the year: 2 & 3 Warren House Cottages, Halls Place Barn, 2 Bankwood and Walnut Tree Cottage.

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 primary objectives.

b. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to 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.

Page 4

THE WHELER FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2024

c. Reserves policy

The Expendable Endowment represents the Endowment of the Foundation as at 5 April 2024.

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. As at 5 April 2024 free reserves, excluding liabilities due over one year, were £49,830 (2023: £43,106).

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 2024 were £53,854,426 (2023: £51,371,052). £142,152 of these were unrestricted and £53,712,274 were endowment. This project will enhance future income generation potential and contribute towards repaying the borrowing required to complete the project.

The deficit on the unrestricted funds arises from the cost of the Ledston Hall project and will be recouped by the planned disposal of property held in the expendable endowment referred to in note a above.

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. Mrs Aysha Marley was appointed a trustee on 4 December 2023 by the Trustee body under the power to appoint which vests with it and Mr Peter Cowdy retired as at that date.

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.

Page 5

THE WHELER FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2024

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 two 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 and possible battery storage site at Ledston. Any proceeds from these potential sales or lettings will be used to pay off the loans taken out to fund the Ledston Hall project and fund 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, a central feature of the village.

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 Group and the Foundation and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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.

Page 6

THE WHELER FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2024

Disclosure of information to auditors

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

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:

Trustee

Date: .s&nb Axe

Page 7

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 ‘parent charity’) and its subsidiaries (the 'group') for the year ended 5 April 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated 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 lreland' (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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.

Material uncertainty related to going concern

We draw attention to note 2.2 in the financial statements, which indicates that the financial statements of The Wheler Foundation have been prepared on a going concern basis on the basis that future financing and cash requirements in support of its operations will be generated from the sale of certain properties.

As stated in note 2.2, the Trustees note that the future operation of the Foundation is dependent on the disposals of certain properties and the potential to refinance. These events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Foundation’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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

Page 8

THE WHELER FOUNDATION

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:

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 contro] 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 Group's and the parent 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 Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Page 9

THE WHELER FOUNDATION

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 151 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 fine 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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ report.

Page 10

THE WHELER FOUNDATION

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

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.

WA Parkers

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

Date: 4/y/1025

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

Page 11

THE WHELER FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted Endowment Total Total
funds funds funds funds
2024 2024 2024 2023
Note £ £ £ £
Income and endowments from:
Donations and legacies 4 - - - 50,000
Charitable activities 5 1,101,644 - 1,101,644 1,073,927
Other trading activities 6 164,929 - 164,929 -
Investments 7 24,926 - 24,926 22,843
Other income 8 15,948 - 45,948 3,489
Total income and endowments 1,307,447 - 1,307,447 1,150,259
Expenditure on:
Other trading expenses 9 233,617 - 233,617 779
Charitable activities 11 2,584,810 - 2,584,810 7,286,890
Tota! expenditure 2,818,427 - 2,818,427 7,287,669
Net expenditure before net losses on
investments (1,510,980) - (1,510,980) (6,137,410)
Net losses on investments - - - (953)
Net expenditure (1,510,980) - (1,510,980) (6, 138,363)
Transfers between funds 24 2,167,326 (2,167,326) - -
Net movement in funds before other Ree ee Enna
recognised gains/(losses) 656,346 (2,167,326) (1,510,980) (6, 138,363)
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed
assets - 3,994,354 3,994,354 (2,963,733)
Net movement in funds 656,346 1,827,028 2,483,374 (9, 102,096)
Reconciliation of funds:
Total funds brought forward (514,194) 51,885,246 51,371,052 60,473,148
Net movement in funds 656,346 1,827,028 2,483,374 (9, 102,096)
Totalfundscarriedforward 142,152 53,712,274 53,854,426 51,371,052

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18-42 form part of these financial statements.

Page 12

THE WHELER FOUNDATION

CONSOLIDATED BALANCE SHEET AS AT 5 APRIL 2024

2024 2023
Note £ £
Fixed assets
Intangible assets 16 28,870 28,870
Tangible assets 17 21,260 12,755
Heritage assets 19 59,991,550 57,284,888
Investment property 18 960,000 960,000
61,001,680 58,286,513
Current assets
Debtors 21 454,458 489,587
Cash at bank and in hand 302,175 176,336
756,633 665,923
Creditors: amounts falling due within one .
year 22 (781,262) (709,029)
Net current liabilities (24,629) (43,106)
Total assets less current liabilities 60,977,051 58,243,407
Creditors: amounts falling due after more
than one year 23 (7,122,625) (6,872,355)
Net assets 53,854,426 51,371,052
Totalnetassets 53,854,426 51,371,052

Page 13

THE WHELER FOUNDATION

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 5 APRIL 2024

2024 2023
Note £ £
Charity funds
Endowment funds 24 53,712,274 51,885,246
Unrestricted funds 24 142,152 (514,194)
Totalfunds 53,854,426 51,371,052

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

neue Date: a AerQ4 20S

The notes on pages 18 to 40 form part of these financial statements.

Page 14

THE WHELER FOUNDATION

CHARITY BALANCE SHEET AS AT 5 APRIL 2024

2024 2023
Note £ £
Fixed assets
Intangible assets 16 28,870 28,870
Tangible assets 17 15,488 12,755
Heritage assets 19 59,991,550 57,284,888
Investments 20 1 -
Investment property 18 960,000 960,000
60,995,909 58,286,513
Current assets
Debtors 21 484,696 489,586
Cash at bank and in hand 291,961 176,336
776,657 665,922
Creditors: amounts falling due within one
year 22 (726,827) ‘ (709,028)
Net current assets/ liabilities 49,830 (43, 106)
Total assets less current liabilities 61,045,739 58,243,407
Creditors: amounts falling due after more
than one year 23 (7,122,625) (6,872,355)
Net assets excluding pension asset 53,923,114 51,371,052
Totalnetassets 53,923,114 51,371,052

Page 15

THE WHELER FOUNDATION

CHARITY BALANCE SHEET (CONTINUED) AS AT 5 APRIL 2024

2024 2023
Note £ £
Charity funds
Endowment funds 24 51,885,246 51,885,246
Restricted funds 24 - -
Unrestricted funds 24 2,037,868 (514,194)
Totalfunds 53,923,114 51,371,052

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

(cite 4 Date:‘ 4% Adr8 2015,a

The notes on pages 18 to 40 form part of these financial statements.

Page 16

THE WHELER FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|(1,157,029)|(6,310,230)| |Cash|flows|from|investing|activities| |Purchase|of|heritage|assets|(3,007)|(23,264)| |Purchase|of tangible|fixed|assets|(13,672)|(663)| |Proceeds|from|the|sale|of|investments|-|644,241| |Proceeds|from|sale|of|heritage|assets|1,294,199|1,224,682| |(Profit)/|Loss|on|disposal|of investment|-|953| |Interest|received|5,348|-| |Net|cash|provided|by|investing|activities|1,282,868|1,845,949| |Cash|flows|from|financing|activities| |Cash|inflows|from|new|borrowing|-|3,|143,|104| |Net|cash|provided|by|financing|activities|-|3,143,104| |Change|in|cash|and|cash|equivalents|in|the|year|125,839|(1,321,177)| |Cash|and|cash|equivalents|at the|beginning|of the|year|176,336|1,497,513| |Cash|and|cash|equivalents|at the|end|of the|year|302,175|176,336| |The|notes|on|pages|18|to|40|form|part|of these|financial|statements|

----- End of picture text -----

Page 17

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

1. General information

The Wheler Foundation is a registered charity, incorporated in England and Wales and domiciled in the United Kingdom. Its registered office and principle place of business is 13-15 Albert Street, Harrogate, HG1 1X.

2. Accounting policies

2.1 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 financial statements have been prepared to give a ‘true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

2.2 Going concern

The Trustees assess whether the use of going concern is appropriate |.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Foundation to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements.

The Foundations forecasts and projections show that the Foundation expects to be in a positive cash position going forward, however this is dependent on the sale of multiple properties. The Foundation Trustees are confident that the sales of these properties will be completed in the short term to ensure sufficient cash is available. If a scenario occurred whereby the properties were not sold on a timely basis, the Trustees would seek to agree a refinancing package with the bank, underpinned by the future sale of properties.

The Trustees also consider that it is unlikely that the Foundation will comply with its banking covenants in the 12 months post year end which could impact the availability of current loan finance. However, they are confident that they would reach agreement with their banking provider to retain appropriate levels of finance to support the operations. underpinned by the future sale of properties. The Foundation therefore continues to adopt the going concern basis in preparing its financial statements.

Page 18

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

2. Accounting policies (continued)

2.3. 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.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

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.

2.4 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.

2.5 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.

Page 19

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

2. Accounting policies (continued)

2.6 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.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

2.7 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% Motor vehicles - 25%

Page 20

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL. 2024

2. Accounting policies (continued)

2.8 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.

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 Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

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.

2.11 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.

Page 21

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

2. Accounting policies (continued)

2.12 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 of the 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 Consolidated statement of financial activities as a finance cost.

2.13 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.

2.14 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.

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.

2.15 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.

2.16 Investment properties

Investment properties are recognised on the Balance Sheet at the valuation at 5 April 2022. These represent land and buildings that the Foundation has purchased to generate future rental income from to support the objectives of the Foundation.

Page 22

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

3. 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.

4, income from donations and legacies

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Grants - - 50,000
Total2023 50,000 50,000

5. Income from charitable activities

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Rental Income 1,071,935 1,071,935 1,072,677
Timber Sales 21,945 21,945 1,250
Environmental Stewardship Scheme 7,764 7,764 _
-
Total 2024 1,101,644 1,101,644 1,073,927
Total2023 1,073,927 1,073,927

Page 23

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

6. Income from other trading activities

Income from non charitable trading activities

Trading income

----- Start of picture text -----
|||| |---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2024|2024|2023| |£|£|£| |164,929|164,929|-|

----- End of picture text -----

ie Investment income

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2024|2024|2023| |£|£|£| |Investment|income|-|local|investment|properties|24,926|24,926|22,843| |Total|2023|22,843|22,843|

----- End of picture text -----

  1. Other incoming resources

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2024|2024|2023| |£|£|£| |Other|interest|5,348|§,348|3,389| |Other|income|10,600|10,600|100| |Total|2024|15,948|15,948|3,489| |Total 2023|3,489|3,489|

----- End of picture text -----

Page 24

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

9. Expenditure on raising funds

Other trading expenses

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Administration expenses 231,512 231,512 -
Administration staff costs 2,105 2,105 -
233,617 233,617 -

Page 25

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

10. Analysis of grants

Grants to Total Total
Institutions funds funds
2024 2024 2023
3 £ £
Grants paid 20,542 20,542 23,676
Total 2024 20,542 20,542 23,676
Total2023 23,676 23,676
TheGrouphasmadethefollowingmaterialgrantstoinstitutionsduringtheyear:
2024 2023
£ £
Name of institution
Stalisfield with Otterden PCC - 4,000
Stalisfield Village Hall 650 750
Bunce Ecclesiastical Charity - 2,000
Countryside Learning 15,000 15,000
Eastling Village Hail - 1,000
Otterden Church Fund 4,892 180
St Lawrence Chapel Insurance - 2,476
St Lawrence Chapel Repairs - 250
St Lawrence Chapel storm damage insurance claim - (2,214)
St Lawrence Chapel organ tuning - 234
20,542 23,676
20,542 23,676

Page 26

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

11. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds Total Total
2024 2024 2023
£ £ £
Estate management costs 1,101,567 1,101,567 1,531,613
Grants paid (note 6) 20,542 20,542 23,676
Ledston Hall Project 1,462,701 1,462,701 5,731,601
Total 2024 2,584,810 2,584,810 7,286,890
Total2023 7,286,890 7,286,890

12. Analysis of expenditure by activities

Activities
Grant
undertaken _ funding of
directly
activities		 Activities
Grant
undertaken _ funding of
directly
activities		 Total
funds		 Total
funds
2024 2024 2024 2023
£ £ £ £
Estate management costs 1,101,567 - 1,101,567 1,531,613
Grants paid (note 6) - 20,542 20,542 23,676
Ledston Hall Project 1,462,701 - 1,462,701 §,731,601
Total 2024 2,564,268 20,542 2,584,810 7,286,890
Total2023 7,263,214 23,676 7,286,890

Page 27

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

12. Analysis of expenditure by activities (continued)

Analysis of direct costs

Total Total
funds funds
2024 2023
£ E
Staff costs 48,991 50,642
Repairs 1,404,976 5,649,347
Insurance 129,604 233,740
Agent management fees 196,118 223,109
Legal and professional fees 162,436 430,030
Loan interest 420,640 169,574
Bank charges 431 85,700
Pension costs 483 -
Water, rates and energy 22,147 110,948
Motorand machinery expenses 9,302 9,987
Website costs 100 99
IrrecoverableVAT 49,191 151,658
Sundry expenses 18,025 26,701
Bad debts 6,861 (1,104)
Depreciation 5,167 4,255
Governance costs 93,296 118,528
Profit on disposal (3,500) -
Total 2024 2,564,268 7,263,214
13. Auditors’ remuneration
2024 2023
£ £
Fees payable to the Foundation's auditor for the audit ofthe charity's annual
accounts 14,450 10,670

Page 28

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

14. Staff costs

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Wages and salaries 46,776 46,100 44,714 46,100
Social security costs 3,794 4,039 3,794 4,039
Contribution to defined contribution pension
schemes 526 503 483 503
51,096 50,642 48,991 50,642

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

Group Group
2024 2023
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 ENil (2023: ENil).

15. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 5 April 2024, expenses totalling £NIL were reimbursed or paid directly to no Trustee (2023 - £NIL to no Trustee).

Page 29

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
16. Intangible assets
Group and Charity
Intangibles
£
Cost
At 6 April 2023 28,870
At 5 April 2024 28,870
Net book value
At 5 April 2024 28,870
At5April2023 28,870

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 prior year.

Page 30

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

17. Tangible fixed assets

Group and Charity

Plant and Motor
machinery vehicles Total
£ £ £
Cost or valuation
At 6 April 2023 42,282 19,095 61,377
Additions 8,872 4,800 13,672
Disposals (1,262) (8,100) (9,362)
At 5 April 2024 49,892 15,795 65,687
Depreciation
At 6 April 2023 33,005 15,617 48,622
Charge for the year 3,097 2,070 5,167
On disposals (1,262) (8,100) (9,362)
At 5 April 2024 34,840 9,587 44,427
Net book vaiue
At 5 April 2024 15,052 6,208 21,260
At5April2023 9,277 3,478 12,755

Page 31

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

18. Investment property

Group and charity

Freehold
investment
property
£
Valuation
At 6 April 2023 960,000
At5April2024 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.

19. Heritage assets

Group and Charity

Assets recognised at valuation

Land and
buildings Chattels Total
2024 2024 2024
£ £ £
Carrying value at 6 April 2023 56,576,057 708,831 57,284,888
Additions 3,007 - 3,007
Disposals (1,285,172) (5,527) (1,290,699)
Revaluations 3,994,354 - 3,994,354
59,288,246 703,304 59,991,550

Page 32

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

19. Heritage assets (continued)

Group and Charity (continued)

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 2024.

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.

Page 33

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

20. Fixed asset investments

Investments
in
subsidiary
companies
charity £
Cost or valuation
Additions 1
At 5 April 2024 1
Net book value
At§April2024 1

Principal subsidiaries

The following was a subsidiary undertaking of the charity:

Name Company
number		 Registered office or
place of business		 principal principal Classof
shares		 Holding
Ledston Hall Limited 13976695 Regent House, 13-15Albert Albert Ordinary 100%
Street, Harrogate, United
Kingdom, HG1 1JX
The financial results ofthe subsidiary for the year were:
Name Income Expenditure Profit/(Loss)
£ £ / Surplus/
(Deficit) for
the year
£
LedstonHallLimited 164,929 (233,617) (68,688)

The financial results of the subsidiary for the year were:

Ledston Hall Limited principal activity includes letting and operating of own or leased real estate. Ledston Hall began trading in 15th March.

Ledston Hall Limited net assets split consists of £35,747 current assets and £104,435 current liabilities.

Page 34

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

21. Debtors

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 50,532 30,875 38,739 30,875
Amounts owed by group undertakings - . 49,999 -
Other debtors 2,619 2,701 2,619 2,700
Prepayments and accrued income 401,307 456,011 393,339 456,011
454,458 489,587 484,696 489,586
Creditors: Amounts falling due within one year
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Bank loans 166,651 130,749 166,651 130,749
Trade creditors 146,571 157,664 146,571 157,664
Other taxation and social security (3,539) (75,391) (3,539) (75,391)
Other creditors 35,430 - - -
Accruals and deferred income 436,149 496,007 417,144 496,006
781,262 709,029 726,827 709,028

22. Creditors: Amounts falling due within one year

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

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Bank loans 7,122,625 6,872,355 7,122,625 6,872,355

Bank loans are secured by land and buildings owned by the Foundation, included in Heritage assets.

Page 35

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |24.|Statement|of funds| |Statement|of funds|-|current year| |Balance|at|6|Transfers|Gains/|Balance|at|5| |April|2023|Income|Expenditure|in/out|(Losses)|April|2024| |£|£|£|£|£|£| |Unrestricted| |funds| |General|Funds|-| |all|funds|(514,194)|1,307,447|(2,818,427)|2,167,326|-|142,152| |Endowment| |funds| |Endowment| |Funds|-|allfunds|51,885,246|-|-|(2,167,326)|3,994,354|53,712,274| |Total|of funds|§1,371,052|1,307,447|(2,818,427)|-|3,994,354|53,854,426| |Statement|of funds|-|prior year| |Balance|at|Transfers|Gains/|Balance|at| |6 April 2022|Income|Expenditure|infout|(Losses)|5|April|2023| |£|£|£|£|£|£| |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|of funds|60,473,148|1,150,259|(7,287,669)|-|(2,964,686)|51,371,052|

----- End of picture text -----

Page 36

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

25. Summary of funds

Summary of funds - current year

Balance at 6 Transfers Gains/ Balance at 5
April 2023 Income Expenditure in/out (Losses) April 2024
£ £ £ £ £ £
General funds (514,194) 1,307,447 (2,818,427) 2,167,326 - 142,152
Endowment
funds 51,885,246 - - (2,167,326) 3,994,354 53,712,274
51,371,052 1,307,447 (2,818,427) - 3,994,354 53,854,426
Summary offunds - prioryear
Balance at Transfers Gains/ _—_Balance at
6 April2022 Income Expenditure in/out (Losses) 5 April2023
£ £ £ £ £ £
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

General Funds

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

Endowment Funds

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

The transfer made in the year from expendable Endowment Fund to the General Fund represents the Trustees decision to use the Bank Loans to fund the Endowment fund activities, including the conservation of Ledston Hall.

Page 37

SS £8 SAE FESS SS

THE WHELER FOUNDATION

et

ST A eT Se

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED5 APRIL 2024

26. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted Endowment Total
funds funds funds
2024 2024 2024
£ £ £
Tangible fixed assets 21,260 - 21,260
Intangible fixed assets 28,870 - 28,870
Investment property - 960,000 960,000
Heritage assets - 59,991,550 59,991,550
Current assets 706,633 50,000 756,633
Creditors due within one year (614,611) (166,651) (781,262)
Creditors due in more than one year - (7,122,625) (7,122,625)
Total 142,152 53,712,274 53,854,426
Analysis of net assets between funds - prior period
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 22,461 643,462 665,923
Creditors due within one year (578,280) (130,749) (709,029)
Creditors due in more than one year - (6,872,355) (6,872,355)
Total (514,194) 51,885,246 51,371,052

Page 38

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

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

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Group|Group| |2024|2023| |£|£| |Net|expenditure|for the|period|(as|per|Statement|of|Financial|Activities)|(1,510,980)|(6,138,363)| |Adjustments|for:| |Depreciation|charges|5,167|4,255| |(Profit)/|Loss|on|the|sale|of|heritage|assets|(3,500)|-| |Decrease/(increase)in|debtors|35,128|(15,490)| |Increase/(decrease)|in|creditors|322,504|(160,632)| |Interest|paid|(5,348)|-| |Net|cash|used|in|operating|activities|(1,157,029)|(6,310,230)|

----- End of picture text -----

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |28.|Analysis|of cash|and|cash|equivalents| |Group|Group| |2024|2023| |£|£| |Cash|in|hand|302,175|176,336| |Total|cash|and|cash|equivalents|302,175|176,336| |29.|Analysis|of changes|in|net|debt|

----- End of picture text -----

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |At|6|April|At|5|April| |2023|Cash|flows|2024| |£|£|£| |Cash|at|bank|and|in|hand|176,336|125,839|302,175| |Debt|due|within|1|year|(130,749)|(35,902)|(166,651)| |Debt due|after|1|year|(6,872,355)|(250,270)|(7,122,625)| |(6,826,768)|(160,333)|(6,987,101)|

----- End of picture text -----

Page 39

THE WHELER FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

30. 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 £235,290 (2023: £284,191).

Fees are calculated on normal commercial terms. Included in prepayments and accrued income is an amount of £181,976 (2023: £208,804) in respect of these services. Also included in accruals is an amount of £136,502 (2023: £60,950) and included in trade creditors is £10,699 (2023: £31,254) 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.

Page 40