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2023-04-05-accounts

Amended Annual Report and Accounts 2022 - 23

‘Minstead Trust helps me live in my own home, and to learn new skills like woodwork. I am really happy here - everyone is so kind.’ Phil

Our Vision

A society where people with learning disabilities enjoy fulfilling lives of their own choosing.

Our Mission

We support people with learning disabilities to fully develop their individual potential by providing opportunities, enhancing life skills, ensuring informed choice, and influencing society.

Our Purpose

We aim to go beyond basic needs to

help explore and achieve individuals’ potential.

Who We Are

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Minstead Trust Annual Report and Accounts 2022 - 23

Chief Executive’s Statement

This first year of our latest five-year strategy has been marked by solid achievement against the backdrop of an external environment which is becoming increasingly inhospitable to organisations like Minstead Trust.

The cost-of-living crisis affects everyone, but unlike profitmaking businesses which have the option of delivering a lower return to their shareholders, nonprofits who are already required to operate at the edge of break-even have no such flexibility. In addition, all care providers are being faced with numbers that simply do not balance. With the minimum wage increasing by almost 10% year on year, and median local authority funding increasing by around 3%, it is not difficult to see that much of the sector is racing toward a precipice.

At Minstead Trust, we are choosing an unconventional direction. We recognise that local authority funding is already stretched, is insufficient to meet support requirements, and in most cases is failing to keep pace with wage inflation. Furthermore, funding is typically pitched only at an individual’s most basic needs, and not at the potential of that individual to live a rich and fulfilling life of their own choosing. We are working to overcome this shortfall by becoming more self-sufficient, building our trading income so that

an individual’s support and progress is not interrupted – nor their aspirations quashed - by the vagaries of intra-governmental funding.

We are indebted to several grant funders who see the potential of our vision and have put their faith and funding behind us. This is giving us the time required to weather the current downturns in discretionary spending and individual voluntary giving, and to bring our work integration social enterprises up to the levels of financial sustainability required to realise this vision.

Despite the challenges of operating in this space, we continue to make strategic headway. We have made excellent progress toward increasing the involvement of people we support in influencing the services we provide. We have seen another year of significant growth, with two new social enterprises and one new care service. This has added to our roster of talented and dedicated staff, volunteers, suppliers, and supporters and increased our capacity to deliver positive outcomes for people with learning disabilities. We have also taken our first steps to bring society closer to people with learning disabilities, with our Experts by Experience programme which is beginning to

offer consultative services to businesses and other organisations via mystery shopper initiatives and other feedback.

Our wonderful staff and volunteers continue to design and deliver excellent person-centred support that makes a huge difference to peoples’ lives. In addition, I am tremendously excited by and proud of the innovative ideas that are bubbling up from all areas of the Trust as to how we can meet the demands of the future. Despite the challenges of the external environment, we remain optimistic about our plans, and enthusiastically dogged in pursuit of improving the lives of the people we support. Whilst this report can only scratch the surface of all the important things happening at Minstead Trust, it gives an insight into where we are, where we are heading, and invites you to come along on the journey.

Adam Dodd

Minstead Trust Chief Executive

4 Minstead Trust Annual Report and Accounts 2022 - 23

Outgoing Chair’s Statement

In the last annual report I was delighted to be able to describe Minstead Trust’s strong emergence from the pandemic as it grew in areas such as the new supported living service in Portsmouth, and the development of new social enterprises such as

Lily&Lime and Brickyard Café. The past year has seen further growth and new developments as outlined in the report.

Being Chair of the Board of Trustees has given me an opportunity to be part of a team of Trustees, managers and staff who are working together to realise our new and ambitious strategy to consolidate our achievements and maximise our opportunities for growth and success. I was recently challenged by someone who questioned whether Minstead Trust was too ambitious. My response is that we can never be too ambitious because our ambition is not for personal or organisational glory. It’s an ambition to improve the lives and the future opportunities of the people we support; to deliver superb outcomes that meet the expectations of their families; and to improve society’s understanding of the way that the learning disability community can be supported better. This year’s report outlines some of the ways in which we have refused to curb our ambition and demonstrates just what can be achieved when we work together with a vision to enhance the lives of people who have so much to offer and so many successes to celebrate.

We have said goodbye to three Trustees this year who have served the Board well over several years. However I am delighted to say that we have also recruited three new Trustees this year who each bring a wealth of experience, work and life skills that will contribute to the varied remit of the Board and its committees. Trustees are all volunteers and are asked to work hard for the Trust. They collaborate with each other and the senior team to ensure that the most effective decisions are made, that opportunities for growth and development are carefully judged, and due diligence and risk assessments are undertaken but don’t limit our ambitions. We are always seeking new Trustees to bring additional skills to the Board and we welcome people from very varied backgrounds.

I have been privileged to be Chair of a very industrious and collaborative Board since 2020. We had to develop new ways of working together during the pandemic and we are stronger for that. I am pleased to remain as a serving Trustee even though I have decided to step down as Chair from spring 2023. I am immensely grateful to my fellow Trustees for their support over the past three years and to Adam and his team for their leadership. I am very pleased to be succeeded as Chair by Jo Grunwell, who has been a Trustee for five years and who will bring a renewed energy and ambition to the role of Chair.

Elizabeth Selby

Minstead Trust Chair of Trustees 2020-2023

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Minstead Trust Annual Report and Accounts 2022 - 23

Incoming Chair’s Statement

Firstly, I would like to thank Elizabeth for her time as Chair and take the opportunity to recognise the excellent support, guidance, expertise and contribution she has made to the Trust, the Board of Trustees, our amazing staff and

volunteers and the people we support over the last three years.

I am humbled to take on the role of Chair at such an exciting period in the Trust’s history. I am also very grateful to be supported by such a capable and dynamic board and senior leadership team who work so well together in the pursuit of our ambition and purpose.

Our expansion into Bournemouth, Christchurch and Poole this year is an excellent example of how we have increased both our geographical presence and service offering to lay the groundwork for trialling services to support the transition from one phase of life to another. Being a parent trustee, I have personal experience of the challenges that come with transitions such as leaving school or college and leaving home and look forward to contributing both my strategic and customer experience to this, and all parts of our strategic plan.

I look forward next year to reporting our progress against the strategy together with the impact this has for the people we support and our wider stakeholders.

In line with our strategic aims, we have grown significantly in the five years since I first became a trustee, including during this reporting period. As we continue to grow it is important that we continue to develop our infrastructure to meet the needs of an increasingly diverse organisation and I am particularly focused on ensuring we have the skills, capability and resources to meet our growth targets and the opportunities and challenges these present.

Josephine Grunwell

Minstead Trust Chair of Trustees

6 Minstead Trust Annual Report and Accounts 2022 - 23

Jia• dTrv5t

Our personal highlights

Some of the people we support reveal the highlights and successes of their year.

Luci:

’I’ve been enjoying the fact that I can bring my own recipes as a vegan to our café’.

Louisa:

Lily:

‘I have been doing events catering and baking in the Lily&Lime café recently and helping to support other people to learn how to do this.’

‘I love living in my house, we get lots of support and have lovely carers coming in. I go out and go shopping with my one-to-one

support.’

Silas:

Josh:

’This year I became an apprentice chef. I’ve wanted to be a chef since I was 13 years old. I love the job here.’

’I am a person who loves gardening and works hard every day. I want more people to know about my gardening.’

Richard:

’I really enjoyed putting on a show for an audience, and for them to clap. My dream is to always be happy and to be seen by lots of people.’

8 Minstead Trust Annual Report and Accounts 2022 - 23

Support services

1. Poole Supported Living

3. Residential

3. New Forest Day Opportunities

4. New Forest Supported Living

5. Portsmouth Day Opportunities

Activity sessions and community visits to help people learn new skills

6. Portsmouth Supported Living

Social enterprises

7. Furzey Gardens

Public gardens, tea rooms and wedding venue

8. Minstead Lodge

Country house wedding and events venue

9. The Real Jam & Chutney Company

10. Hanger Farm Arts Centre

Theatre, events and wedding venue

11. Brickyard Café and Events

12. Lily&Lime cafés

Who we are

10 Minstead Trust Annual Report and Accounts 2022 - 23

Each week

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Minstead Trust Annual Report and Accounts 2022 - 23

Progress against our five-year strategy 2022-2027

This was the first year of our strategy under our unifying purpose: we seek to go beyond support for basic needs to help explore and realise individuals’ potential.

The main considerations that influenced the strategy were:

1. That exemplary service delivery starts with treating those delivering the service with the same care and attention their beneficiaries expect

2. That social care is in some ways broken, lacking the funding to encourage expertise and investment in the sector, or even to solve chronic staff retention issues

3. That if this situation is to change, we will have to change it

4. That society unwittingly places numerous barriers in the way of people with learning disabilities living fulfilled lives of their own choosing

5. That people with learning disabilities can be productive members of society if given the opportunity to develop work skills

6. That society needs to be shown that inclusion is not merely a buzzword, but can be the backbone of a better society for all

7. That neither paying our staff appropriately nor influencing society are government-funded activities, and so if they are to happen, we must generate reliable, sustainable, and unrestricted funds of our own.

Broadly speaking, the organisation is taking the first two years of the strategy to focus on quality and continuing its work to build infrastructure to support radical future growth – but with an aim to grow the impact of the organisation as the goal, rather than the organisation itself. Hence large parts of the strategy are aimed at influencing society – an area in which there are huge gains to be made and in which we believe we are well positioned to help.

The strategy is ambitious, far-reaching, and underpinned by detailed operational plans and budgets. We will report on progress against our objectives annually in this report.

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Five year strategy: 2022-2027

Exploring and nurturing potential

People with learning disabilities usually have their needs assessed by the local authority. But delivering excellent care in support of someone’s assessed needs is only part of the story, and not everyone has an assessment.

We will:

We believe every person has potential, which can go far beyond the basic needs for which they receive support.

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Minstead Trust Annual Report and Accounts 2022 - 23

Five year strategy: 2022-2027

Educating and inspiring society

People with learning disabilities have a huge amount to offer the world. But usually their input and influence is undervalued and ignored.

We will:

We believe in reducing or removing barriers in society and showing how people with learning disabilities can participate fully in their communities.

14 Minstead Trust Annual Report and Accounts 2022 - 23

Five year strategy: 2022-2027

Involving the people we support throughout our organisation

This improves our services and makes it more likely that the people we support will fulfil their potential.

We will:

Find the best ways to involve people with learning disabilities and give them the opportunities and support to make the fullest possible contribution to their services, our enterprises, and the way Minstead Trust develops

Put communication, feedback and research mechanisms into everything we do, to become a true learning organisation

Enable people to express their own views and ensure that their voices are heard

We believe that it is the right of people with learning disabilities to be involved in the creation and implementation of our services.

Create paid roles for people with learning disabilities in all our departments.

Minstead Trust Annual Report and Accounts 2022 - 23 15

Our progress on key objectives for the financial year ending March 2023

1. To acquire a profitable business that can be transformed into a social enterprise

2. To migrate our residential care home to improved premises in the community

3. To initiate an outreach programme in Portsmouth

4. To refocus our people and culture practices to be based around our new values

5. To create an online induction programme to speed up and deepen the onboarding process

6. To develop and broaden our approach to equity, diversity and inclusion

7. To influence how retail serves learning disability customers through the creation of an ‘Experts by Experience’ mystery shopper service

8. To trial and test different methods of improving the involvement of the people we support in the development of our organisation

9. To open at least one more hospitality venue as a social enterprise

10. To reduce our level of debtors to an average level below one month of invoicing

16 Minstead Trust Annual Report and Accounts 2022 - 23

Our key objectives for the financial year ending March 2024 are:

1. To move our care home residents to improved premises in the community

3. To empower our staff continuously to improve our services and operations

4. Grow the involvement of our volunteers through the creation of new volunteer roles at all levels of the Trust

5. To decide upon and trial a way to better measure our effectiveness

6. To select and trial a new way to measure our impact on society

7. To implement a new pay review scheme that rewards expertise and experience in the care sector whilst helping to support high standards of care and support

8. To carry out a strategic review on the future use of Minstead Lodge, our flagship property

9. To extend our services in Bournemouth, Christchurch and Poole

10. To extend our Lily&Lime services in Portsmouth

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Minstead Trust Annual Report and Accounts 2022 - 23

Part one uring e year k) IA 18 Min5t

‘I like all of it. I like the new skills I can use, more bodies make a job quicker. I have learnt all different skills and I can help out my mum at the house.’

The first year of our five year strategy called for strengthening the foundations of what we do, ready for significant growth in later years. In particular, we said we would:

A focus on quality

Having grown rapidly over the last few years, we took a step back and invested in independent assessments of the quality of our services, both through professional auditors and through customer feedback.

We were pleased that our efforts to work towards truly person-centred care were recognised, not only by Care Quality Commission (CQC) assessors but also by families of some of the people we support. As you can see from Royce’s case study, we have begun to be more flexible and personcentred in our creation of opportunities in ways that demonstrate the positive contributions that can be made when people with learning disabilities are welcomed, valued, and can fully integrate with their communities.

Customers of our established social enterprises continued to be happy and willing to recommend our venues to their friends, evidenced by consistently high feedback scores.

There were, however, some hard truths to be faced too, centred around a failure to get some of the basics right from time to time. In one case, a record-keeping discrepancy led to our residential care home being downrated by CQC. This has led to some deep reflections and detailed corrective action plans. One of our strategic objectives is to become a true learning organisation. We have

already made great strides in creating an open culture in which people have the psychological safety to admit mistakes. Building on this, the first half of the next year will see us implement a continuous improvement framework across the Trust, empowering everyone in the Trust to be able to suggest, test, and enact improvement and we look forward to the imminent opportunity to seek external assessment again and prove the progress we have made.

Culture

We are determined to become a true learning organisation.

However, in social care and in social enterprises, it is difficult to learn and to optimise as every day, every experience, and every interaction is unique.

As such, those who work in the sector are on a constant voyage of discovery. Most of the time, what we do is incredibly rewarding and from that a natural momentum flows, but naturally, mistakes will be made. It is critical that staff and volunteers feel able to raise concerns or escalate when they happen without fear of blame so that we can keep the people we support safe and also learn and improve. As such, it is a vital underpinning principle of our People and Culture Strategy that leaders and managers support an inclusive and psychologically safe environment, in which all voices will be heard, and in which individuals can share their thoughts, feelings, ideas, questions, concerns, or mistakes without fear of punishment or humiliation. In such an open culture, people will take the interpersonal risk to speak up, either about their own shortcomings, or

20 Minstead Trust Annual Report and Accounts 2022 - 23

about practice which troubles them, or with ideas that enable organisations like us to innovate and find fresh solutions to long-standing challenges.

To support this cultural aim, we have implemented a clear shift toward a restorative, rather than a retributive, approach to conflict resolution. Constructive conflict in a workplace is a benefit when it leads to better considered solutions to problems. This restorative process involves bringing parties together to discuss and appreciate each other’s points of view, before conflicts escalate beyond repair, and without assigning blame. This has proven very successful, with only one grievance progressing beyond a mediation stage in the year.

Whilst changing culture is never achieved overnight, we have been greatly encouraged by the results of a pulse survey carried out halfway through the year. 94% of respondents agreed or strongly agreed that they enjoy their job, and 89% of respondents agreed or strongly agreed that they felt safe to voice their opinions at work. Whilst there is still room for improvement, these numbers suggest that we are very much on the right track.

New services

We have once again enjoyed organic growth in several of our services. Having expanded our operations with a supported living service in Portsmouth last year, we extended this service with an outreach programme that is initially supporting a young person to attend a course at Portsmouth University. Demand for our day opportunities in Portsmouth has also increased this year.

The Trust also won a tender with Bournemouth, Christchurch, and Poole (BCP) Council to give tenancy support to 38 people in Poole. This is our first service in the BCP catchment area and is the first step in a plan to create a broader presence in that geographical hub, allowing us to roll out a more holistic model of support spanning supported living, carers representation and, in time, social enterprises.

It is a cornerstone of our strategy to develop rapidly our social enterprises – social businesses intended to both deliver social outcomes through providing work experience and employment opportunities for people with learning disabilities, but also to provide unrestricted income with which we can meet the needs of people whose funding is inadequate and, increasingly, to make up the shortfalls in what local authorities pay for the services they do commission. This year, we opened Brickyard Café at The Brickworks Museum in Bursledon during April, purchased The Real Jam & Chutney Company and converted it into a work integration social enterprise in October, and reopened the café at Hanger Farm Arts Centre for the first time since the pandemic.

As at the year end, we are in discussions with both Portsmouth City Council and BCP Council about taking on new services.

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Minstead Trust Annual Report and Accounts 2022 - 23

‘Overall, 17 people have benefitted from 173 hours of support.’

4part two !':1 ommunity supporters '?41 t ondAwJunts 2022- 23

Case study

Peter Anstee: Volunteer Horticulturist, New Forest Day Opportunities

Peter first came to Minstead Lodge in 1996 at the age of 16 years old. Having lived at home and been totally reliant on his parents, Peter briefly lived in Minstead Lodge before quickly moving into shared, supported living accommodation with two other men in nearby Totton. He describes this moment as the start of his new, independent life.

With the support of Minstead Trust staff he learnt to cook, shop for himself, carry out household tasks and even manage money and learn how to budget.

Perhaps most importantly however, it was during this time that Peter started to make friends and indulge his love of gardening. After a challenging time at school where he often felt isolated, he finally found support and friendship with the people he lived with, staff and the fellow attendees of New Forest Day Opportunities.

Another pivotal moment in his life, Peter claims, was the travel training he received from Minstead Trust. Gaining the confidence to hop on a bus or a train was a game-changer. Crucially, it enabled him to apply for a full-time paid job at a private school in Lymington which was an hour’s train ride away. Peter worked there as part of the garden

and maintenance team for almost 20 years during which time he also got married and moved in to a new home.

Sadly a back injury following a fall at work and a subsequent operation resulted in almost four years out of work at a time that also coincided with the Covid pandemic. Although his physical health continues to improve, his mental health took a significant downturn. In the summer of 2022, in a bid to rebuild his own self-confidence, Peter reached out to Minstead Trust offering to return as a volunteer.

Almost a year on and Peter now volunteers two days a week in the gardens at Minstead Lodge and often alongside the people we support. He knows only too well what the calm and beautiful lodge gardens can offer in helping to support one’s own mental well-being, but his real

enjoyment now comes from sharing his learned skills and experience with those people who are currently being supported by the Trust.

Peter’s story is another lovely example of how a little time, support and encouragement has enabled someone to lead a fulfilling, independent life in which they have learned and worked and thrived.

24 Minstead Trust Annual Report and Accounts 2022 - 23

Volunteering

Our volunteers are a vital part of the work we do at Minstead Trust, and their impact extends far beyond the time everyone puts into helping our work for people with learning disabilities. They:

Social Enterprises

This last point is particularly salient for this year, as we have accelerated our strategy to radically build our social enterprises.

Volunteers at Hanger Farm Arts Centre have helped us to grow the use of the centre to the point at which it reached break-even for the first time, whilst continuing to provide work experience opportunities for people with learning disabilities.

The former owners of Real Jam & Chutney Company volunteered with us for several months following the acquisition to develop the jammaking skills of our team. Others have driven the delivery van. This support has been crucial in allowing us to increase our number of commercial customers by 15% in the first five months of operation, and helped us to provide 540 hours of work experience in addition to a paid apprenticeship role.

Furzey Gardens volunteers once again provided vital support to the gardens, allowing us the capacity to deliver thousands of hours of work experience and training to people whilst modelling an inclusive and sustainable business to our visitors. In addition, our volunteers were instrumental in Furzey Gardens’ centenary year, which we celebrated in 2022. Talents deployed included the research and delivery of historical talks about the rich, plant-hunting past of the gardens, as well as detailed cataloguing of the 100 most interesting specimens. The database they have created will continue to provide rich material across a variety of media for years to come and deepen the experience of visiting the gardens for the more discerning horticulturist.

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Minstead Trust Annual Report and Accounts 2022 - 23

Finance and Facilities Committee. We also welcomed three new trustees over the course of the year: Olly Trumble, Sam Agnew, and Gael Sellwood (a parent of an individual we support). With experience in education, care, and charity governance, these new additions bring a rich mix of skills and a fresh perspective that is invaluable as the Trust navigates the challenging waters of innovating in adult social care.

Board of Trustees

Our Board is populated entirely by volunteers who each give a significant amount of time, attention, and expertise to the organisation each year. We were greatly saddened by the passing of one of our longest-standing trustees, Amanda Dixon, who lost her battle with a long illness shortly before the end of a nine-year tenure. Amanda’s contribution was unfailing, thoughtful, and centred wholly in the interests of the people we support. She and her service to Minstead Trust will be greatly missed.

At our Annual General Meeting in November, we also said goodbye to Robert Stirling and Zahid Nawaz after six years each, both financial services professionals and longstanding members of the

The end of the year also marked the end of the tenure of our Chair of the Board of Trustees since February 2020, Elizabeth Selby. Taking on the role just one month before the nation went into its first lockdown and social care was launched into crisis, Elizabeth guided the Trust through a very challenging period, including the many challenges of COVID-19 for a voluntary organisation comprising care services and hospitality, recruiting a new Chief Executive Officer, and overseeing the creation of a new five-year strategy.

Despite these challenges, Elizabeth’s leadership and guidance supported a period of very significant growth for the charity, with new care services in Portsmouth and Poole, three new social enterprises, record increases in voluntary income and numbers of supporters, and a 50% increase in both turnover and the number of people we support. The Trust owes Elizabeth a huge debt of gratitude for her service, and we are delighted that she is continuing her involvement with us as a trustee.

We are very grateful for the 128 volunteers who supported us during the year, contributing nearly 12,000 hours and numerous positive outcomes between them.

26 Minstead Trust Annual Report and Accounts 2022 - 23

‘Being a trustee is an incredibly rewarding experience.’

Funders

We are extremely grateful for the support from all our donors.

We are particularly grateful to The Werth Foundation for a generous gift late in the year. In addition, we would like to thank the following supportive community funders:

The following businesses have also offered invaluable support:

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Minstead Trust Annual Report and Accounts 2022 - 23

One Year Timeline

----- Start of picture text -----
Financial year ending
March 2022
278 people supported
£5.3m turnover
221 staff
112 volunteers
----- End of picture text -----

----- Start of picture text -----
July 2022
Olly Trumble
joins as our
youngest ever
Trustee
----- End of picture text -----

----- Start of picture text -----
October 2022
Real Jam & Chutney
Co Ltd is acquired,
moved to Minstead
Lodge, and
transformed into a
work integration
social enterprise
----- End of picture text -----

----- Start of picture text -----
December 2022
Hanger Farm Arts
Centre caps off its
most successful
year to date
----- End of picture text -----

----- Start of picture text -----
March 2023
BCP contract
to deliver tenancy
support to
38 people in
Poole begins
----- End of picture text -----

----- Start of picture text -----
April 2022
Brickyard Café
opens at The
Brickworks Museum,
Bursledon
----- End of picture text -----

----- Start of picture text -----
August 2022
Furzey Gardens
welcomes over
3,000 visitors to
theatrical
performances in
the grounds
----- End of picture text -----

----- Start of picture text -----
November 2022
Amanda Dixon,
Robert Stirling, and
Zahid Nawaz reach
the end of their
tenure as Trustees.
Samantha Agnew
joins as Trustee
----- End of picture text -----

----- Start of picture text -----
February 2023
Gael Sellwood
joins as Trustee
----- End of picture text -----

----- Start of picture text -----
Financial year ending
March 2023
301 people supported
£6.5m turnover
248 staff
128 volunteers
----- End of picture text -----

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Minstead Trust Annual Report and Accounts 2022 - 23

ee inancial revi 30 nuoLRwt and A• 2022 .

Minstead Trust consolidated accounts show a net income of £6.49m with a deficit of £215k compared to a net income of £5.36m and a surplus of £81k in 2021-22. This is an increase of 21.3% in income and decrease in surplus equal to 3.27% of total funds. Charitable costs increased by 27%.

The increase in income was largely from the acquisitions of Brickyard Café and Real Jam & Chutney Co Ltd, as well as some additional income from the new tenancy support service contract in Poole with BCP Council. We also saw a full year of income from a supported living house opened partway through the previous year.

It is a cornerstone of our current strategy to grow our social enterprises rapidly and achieve surplus generation quickly. Alongside the social benefits of providing work experience and employment opportunities for people with learning disabilities, the intention is to use the unrestricted funds generated from these social businesses to support new initiatives and to pay our support workers a more appropriate wage for the work they do and the skill required to do it well.

The trustees designated an infrastructure fund of £250,000 over two years to invest in new skills and additional capacity to support the demands of this strategy. This year’s deficit was therefore planned and reflects the early stages of that strategy in action. Early milestones have been hit, with the opening of two new social enterprises in the period, and a 127% increase in social enterprises revenue to £1.16m, with gains in all existing social enterprises on top of the new additions. The Board have set an ambitious target of reaching breakeven for the year 2023-2024.

In our care and support services, we have also seen revenue growth which is largely reflective of modest increases in local authority rates, and some organic growth in three of our services.

Donations were down year-on-year to £391k from £590k (a decrease of 33.9%). The previous year was unusually high, containing a legacy and a large corporate donor. Much of the remaining difference was expected as the cost-of-living crisis took hold, and the UK braced itself for recession. In particular, the summer season at Furzey Gardens (entrance to which is by donation) was unusually quiet. We were pleased at the success of our efforts to secure alternative sources in light of these effects. We saw a great deal of enthusiasm and support for our strategy from grant funders, awards from whom increased to £280k from £218k (28.4%).

The majority of our increase in expenditure came from increased staffing, with a full-timeequivalent increase of 23 people. This represented the first full year of an expanded Senior Leadership Team, increased staffing owing to new social enterprises, including management structure to prepare for and achieve growth, and a new care and support service in Poole.

Trade debtors have been an operational difficulty for several years owing to systems issues within local authorities, but we were able to make good progress during the year to recover sums that had been owing for some time. The year end balance was reduced to £368k from £700k in the previous year, a reduction of 47%. This is the primary driver in the slight increase in cash holdings we have seen year-on-year, despite the planned deficit.

2022-23 Income £6.494m

Fees and contributions 68%

Social Enterprises 18%

Donations, grants and legacies 8% Property income and investments 6%

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Minstead Trust Annual Report and Accounts 2022 - 23

' BATMAN Governance and management *i'i 32 1+kn5téadTn￿tAnftu￿1 Report and Aceounts 2022 - 23

Our Governance Structure

Minstead Trust was established in 1986 and incorporated in 1996 as a charity and company limited by Guarantee and registered in England and Wales.

Charity number 1053319 Company number 03149116

Charitable Objects and Public Benefit

Our Charitable Objects are:

1. To support people with a disability, or otherwise excluded by their social or economic circumstances and members of their family and their carers by means of providing services, facilities, campaigning and support to enable them to lead more independent and fulfilling lives and become fully integrated in society.

2. To preserve, maintain and develop the historic gardens and buildings particularly at Furzey Gardens, Minstead for the enjoyment and benefit of the horticultural groups and the general public and in particular people who are otherwise excluded by their social or economic circumstances

3. To provide facilities for the better carrying out of the objects herein referred to without prejudice to the generality of this object to provide library, workshop, research, employment, training, recreational, spiritual and other residential and non-residential facilities as may be necessary to promote such objects.

Charity Trustees have a duty to report on their charity’s public benefit. They should demonstrate that:

1. There is an identified benefit or benefits

2. The benefit must be to the public or section of the public.

This report sets out the activities that Minstead Trust carried out to further its strategic aims and public benefit and charitable objects. The Trustees take note of the Charity Commission’s advice on public benefit and confirm that our activities meet the requirement of Public Benefit of our charity.

Board of Trustees

Our Trustees have ultimate responsibility for directing the work of our charity, ensuring that it is solvent, well run and delivering against our charitable objects or the public benefit. The Trustees of Minstead Trust are Directors of Minstead Trust for the purpose of company law. No Trustee has any financial interest in the charity. No Trustee receives any remuneration for their services as a Trustee but may be reimbursed reasonable and necessary expenses.

The Board of Trustees appoint the Chief Executive who is accountable to the trustees for the day to day running of the charity, and for implementing the strategic business plan approved by Trustees. The Board set out the delegated responsibilities to the CEO on an annual basis.

The Trustees ordinarily serve up to two terms of three years. The Board met four times in the year as well as an annual away day. All Trustees sit on at least one committee of the Board which

convene several times a year depending on the specific Terms of Reference as set out in the Governing Document.

The Committees during the year were:

The Board elects a Chair and Deputy Chair who ordinarily fulfil that role for a period of three years.

Trustee Recruitment, Training and Induction

The Board seek to ensure a good mix of experience and expertise, including finance, HR, commercial, risk, senior management and direct experience of learning disabilities. During the year, three new trustees were recruited, and three retired. Two of the current twelve Trustees have family experience of learning disabilities.

New positions are advertised, following a skills assessment by the Board. The recruitment process is overseen by the Governance Committee and aims to involve some of the people we support.

All Trustees receive induction training by the Senior Management Team and complete the NCVO Trustee Induction Training as well as Safeguarding Training. All Trustees are subject to our Safer Recruitment Policy for staff and volunteers. Safeguarding Training is refreshed every three years.

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Minstead Trust Annual Report and Accounts 2022 - 23

Risk Management

The Board is ultimately responsible for risk management, and takes a neutral attitude to risk, balancing the quality and safety needs of a human service charity with the need to be strategically and financially progressive. The Board undertakes a fundamental risk review annually. Each risk is assigned a likelihood and estimated impact which together give the risk an overall rating. The highest rated strategic risks are reviewed at each Board meeting and the Committees review and manage the risks related to their remit outside of the Board meetings. The Board confirms that this process

was followed throughout the year, and that control systems exist to manage identified risks. Members of the Senior Leadership Team (SLT) compile and maintain operational risk registers that provide more granular detail of overarching areas of risks, again with likelihood and estimate impact calculations applied to indicate the severity of risk in each case. Risk mitigations and controls are specified. The key risks that the Board have identified and actively monitor and control with risk mitigation and a responsible manager for each risk include:

----- Start of picture text -----
Risk Impact on strategic or operational objectives
Changes in government policy and/or Misalignment of our strategy and impacting upon
inconsistent policy application services and finances
Forced closure or reduction in services Catastrophic loss of income and/or reputational
damage impacting the Trust’s operations
Reputation/Poor public perception of charity Reduction in support and goodwill
sector and/or Minstead Trust
Strategy is not sufficiently future focused, flexible Failure to meet the current trend or future needs of
and/or diverse our beneficiaries, leading to a decline in use of our
services and ineffective use of money
Inadequate or inaccurate reserves, cash-flow Limited ability to delivery strategy which impacts
and/or investment management the charity’s sustainability
The Board reviewed the organisational Risk Register during the period and deemed it fit for purpose,
following a substantial refresh in the prior year.
----- End of picture text -----

34 Minstead Trust Annual Report and Accounts 2022 - 23

Decision Making and Management of the Charity

Having agreed the annual budget, which is linked to the five-year strategy, the Board delegate the policy implementation and day-to-day management to the Chief Executive. The detail is set out in the Delegation of Powers included within the Trust’s Governing Rules. Outcomes and key performance indicators are monitored through committees and through quarterly Balanced Scorecard and Financial Report to the Board.

The Chief Executive was supported during the year by a senior management team comprised of:

Pay and Remuneration Policy

Our pay philosophy is to support recruitment and retention of excellent staff by implementing sustainable and appropriate pay and benefits packages. We believe that all contracted roles should attract a minimum of the Real Living Wage whenever possible, and we work to generate income from our social enterprises to supplement the pay levels that local authority contracts will afford.

any pay increases on those members of our team who are least well paid. In addition, we focus our benefits package on financial resilience, including discount cards, physical and mental health schemes, and death-in-service insurance.

The pay review process is presented to the People and Culture Committee and agreed by the Board based on recommendations made by the Chief Executive on behalf of the Senior Management Team. The People and Culture Committee also review the recommendations for CEO and Senior Leadership Team pay and these are subsequently subject to agreement by the Board of Trustees.

All staff were paid at or above the Real Living Wage Foundation’s recommended figure.

Fundraising Practises

Minstead Trust takes a diversified approach to fundraising, generating voluntary income from individual donors, including donations to Furzey Gardens, fundraising events, corporate supporters, trusts, and foundations. Our fundraising team consists of 2.6 staff including a project officer and is overseen by the Director of Development. The Trust does not employ any professional fundraising organisations.

We are registered with the Fundraising Regulator and work to the Fundraising Code of Conduct.

Staff remuneration is reviewed on an annual basis, based on job evaluation, comparable market benchmarking and the charity’s financial parameters. Frontline roles are regularly benchmarked against other similar organisations in the area with a view to be at or close to the top of the list of best payers. Other roles are assigned to a particular grade, and each grade is banded around a midpoint set at the level of the independently-determined average market rate for that role in our location and sector. We meet equal pay requirements by differentiating within a salary band only on the basis of qualifications, skills, and/or performance. Our main objective as a responsible employer is to work towards paying in line with the recommendation of the Real Living Wage Foundation and each year have focused

35

Minstead Trust Annual Report and Accounts 2022 - 23

Reserves Policy

The Board reviews the reserves policy annually in all cases or more frequently as required in light of changing circumstances.

The total funds of the charity at the end of the reporting period are £6,370,662. Of this amount, £115,317 is restricted and therefore not available for the general purposes of the charity. In addition, £250,000 was designated for core cost infrastructure development over the two years comprised of the reporting year and next year of which £34,506 remains. A further £5.16m has been designated, representing the value of the tangible fixed assets (mainly properties) necessary for the day-to-day operations of the Trust.

The trustees agreed a revision to the Trust’s reserves policy during the year, opting for a risk-based approach to calculating necessary cash holdings. At the year end, this figure was £1.17m. This figure is calculated on the basis of our key strategic risks, with a view to meeting the following needs:

The cash holdings as at the year-end were £1.62m, of which £500k is held in a highly liquid investment vehicle. The free reserves of the charity as at the end of the reporting period stand at £1,058,137, which is 9.64% below the calculated reserves figure. However, as the free reserves calculation

includes liabilities related to long-term mortgages, the Board is comfortable that cash holdings represent a better means of managing financial risk, and that our current reserves are adequate.

Investment Policy

The Board has the power to invest charitable funds. Investment decisions are taken collectively by the Board, but trustees receive recommendations from the Finance and Facilities Committee. During the year, this committee included one current and one former banker with investment specialisations. The performance of investments is monitored by the Board quarterly based on reports from the Finance Director. In general, the Board has agreed a medium risk profile in line with the aim of the policy to generate a return on the excess of inflation over

the long term, whilst generating an annual income to support the ongoing activities of the Trust. Capital growth will be used to support project development as and when required by the Strategic Plan.

The Board has adopted an ethical investment strategy informed by guidelines published by the Church of England’s Ethical Investment Advisory Group.

Throughout the period, however, the Board has maintained a sum slightly greater than £500,000 in a Charity Fund with CCLA. This fund trades daily and is therefore highly liquid.

Honorary Offices

Minstead Trust benefits from a Patron and Ambassador. Professor Joy Carter CBE DL, Former Vice Chancellor of the University of Winchester and Deputy Lord Lieutenant for Hampshire has been patron of Minstead Trust since 2016.

Our Ambassador, Reverend Tim Selwood, founded Minstead Trust and was Chair of Trustees until 2016 and a Trustee until 2018. He is supported by several Learning Disability Ambassadors who promote the work of the Trust to the community.

We thank our Patron and Ambassadors for their ongoing support and involvement in Minstead Trust.

36 Minstead Trust Annual Report and Accounts 2022 - 23

Key volunteers, staff and advisors

Patron: Professor Joy Carter, CBE, DL Ambassador: Rev. Tim Selwood

Trustees

The Directors of the charitable company are its Trustees for the purposes of Charity Law and throughout this report are collectively referred to as Trustees or the Board.

The Directors during the year under review are:

Mrs Elizabeth Selby, Chair

Mr Graham Waters, Deputy Chair Mr Ian Clark

Mrs Amanda Dixon (resigned October 2022) Ms Josephine Grunwell

The Hon Lady McDonald

Mr Zahid Nawaz (resigned November 2022)

Mr Robert Stirling (resigned November 2022)

Senior Management Team

Chief Executive: Adam Dodd, ACMA, CGMA, MSc LLB (Hons) Director of Finance: Jeanette Adamson, FCCA Director of Care and Support: Travis Musselwhite Director of Development: Dawn Wood MA (Oxon) Director of Human Resources: Heidi Oldrey MCIPD Director of Social Enterprises: Jay Powell Regional Director of Care: Lisa Lee BA (Hons)

Company Secretary: Wendy Newton

Registered Office

Minstead Lodge Seaman’s Lane, Minstead, Hampshire, SO43 7FT

Mr Martin Callaghan

Mrs Ann Day

Mrs Gael Sellwood (appointed February 2023) Mrs Samantha Agnew (appointed November 2022) Mr Oliver Trumble (appointed July 2022)

Auditors

Ward Goodman Audit Services Ltd 4 Cedar Park, Cobham Road, Ferndown Industrial Estate Wimborne, Dorset, BH21 7SF

Bankers

Lloyds Bank Plc 39 High Street, Lymington, Hampshire, SO41 9ZF

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Minstead Trust Annual Report and Accounts 2022 - 23

Statement of the Trustees’ Responsibilities

Company law 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 charitable company and of the incoming resources and application of resource, including the income and expenditure, of the charitable company for that period.

In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Auditors

The auditors, Ward Goodman, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This trustee’s report under the Charities Act 2011 and in accordance to the Special Provisions of Part 15 of the Companies Act 2006 was approved by the board of Trustees on 1 November 2023 and is signed and authorised on its behalf by:

Elizabeth Selby Chair of Trustees

38 Minstead Trust Annual Report and Accounts 2022 - 23

Report of the Independent Auditors to the Trustees of Minstead Trust

Opinion

We have audited the consolidated financial statements of Minstead Trust (the ‘charitable parent company’ and its trading subsidiary, together ‘the group’) for the year ended 31 March 2023 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets and the consolidated statement of cashflows and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 and the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees and directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. 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.

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Minstead Trust Annual Report and Accounts 2022 - 23

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 group and parent charitable company’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 and parent charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Sections 144 and 152 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 a Report of the Independent Auditors 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. .

40 Minstead Trust Annual Report and Accounts 2022 - 23

Audit procedures performed by the engagement team included:

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 Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable group’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 charitable group’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitable group’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

I M Rodd BSc FCA FCCA

(Senior Statutory Auditor) For and on behalf of Ward Goodman Audit Services Ltd

Registered Auditor

4 Cedar Park, Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, BH21 7SF Date: 01/11/2023

41

Minstead Trust Annual Report and Accounts 2022 - 23

Part five Consolidated Statements For the year ending 31 March 2023

42 Minstead Trust Annual Report and Accounts 2022 - 23

Minstead Trust Consolidated Statement of Financial Activities for the Year Ended 31 March 2023 (incorporating an income and expenditure account)

----- Start of picture text -----
2023 2022
Unrestricted funds Restricted funds Total funds Total funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 379,756 290,993 670,749 808,939
- - - -
Charitable activities
Student fees and contributions 6 4,767,079 - 4,767,079 4,029,244
Primary purpose trade 6 959,778 - 959,778 505,162
Subsidiary trading income 34,895 - 34,895 -
Other trading activities 4 50,911 - 50,911 8,975
Investment income 5 10,904 - 10,904 586
Other income - - - 100
Furzey Gardens Transfer of Assets - - 2,785
Total 6,203,323 290,993 6,494,316 5,355,791
EXPENDITURE ON
Support other funding 7 29,181 - 29,181 30,506
Charitable activities 8 6,404,167 257,676 6,661,843 5,243,908
Real J&C Trading Expenditure 18,786 - 18,786 -
Total 6,452,134 257,676 6,709,810 5,274,414
Net gains/(losses) on investments - - - -
NET INCOME (248,811) 33,317 (215,494) 81,377
Transfers between funds 21 120,437 (120,437) - -
Net movement in funds (128,374) (87,120) (215,494) 81,377
RECONCILIATION OF FUNDS
Total funds brought forward 6,383,719 202,437 6,586,156 6,504,779
TOTAL FUNDS CARRIED FORWARD 6,255,345 115,317 6,370,662 6,586,156
----- End of picture text -----

All activities relate to continuing operations. The notes on pages 48 to 49 form part of these financial statements.

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Minstead Trust Annual Report and Accounts 2022 - 23

Minstead Trust Consolidated Balance Sheet at 31 March 2023

----- Start of picture text -----
2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 14 23,299 -
Tangible assets 15 5,402,050 5,395,800
5,425,349 5,395,800
CURRENT ASSETS
Stock 17 14,701 13,947
Debtors 18 565,803 812,667
Cash at bank and in hand 1,623,883 1,560,701
2,204,387 2,387,315
CREDITORS
Amounts falling due within one year 19 (467,204) (345,345)
NET CURRENT ASSETS 1,737,183 2,041,970
TOTAL ASSETS LESS CURRENT LIABILITIES 7,162,532 7,437,770
CREDITORS
Amounts falling due after more than one year 20 (791,870) (851,614)
NET ASSETS 6,370,662 6,586,156
FUNDS
Unrestricted funds 21 1,058,137 938,376
Designated funds 21 5,197,208 5,445,343
Restricted funds 21 115,317 202,437
TOTAL FUNDS 6,370,662 6,586,156
----- End of picture text -----

The charitable group is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable group as at the end of each financial year and of its surplus and deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable group.

These financial statements have been audited under the requirements of Section 144 of the Charities Act 2011. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small groups.

These financial statements were approved by the Board of Trustees on 1 November 2023 and were signed on its behalf by:

Trustee - Graham Waters

The notes on pages 48 to 49 form part of these financial statements.

44 Minstead Trust Annual Report and Accounts 2022 - 23

Minstead Trust Charity Balance Sheet at 31 March 2023

----- Start of picture text -----
2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 15 5,359,189 5,395,800
Investments 16 30,100 100
5,389,289 5,395,900
CURRENT ASSETS
Stock 17 12,551 13,947
Debtors 18 622,926 812,667
Cash at bank and in hand 1,622,704 1,560,701
2,258,181 2,387,315
CREDITORS
Amounts falling due within one year 19 (467,078) (345,345)
NET CURRENT ASSETS 1,791,103 2,041,970
TOTAL ASSETS LESS CURRENT LIABILITIES 7,180,392 7,437,870
CREDITORS
Amounts falling due after more than one year 20 (791,870) (851,614)
NET ASSETS 6,388,522 6,586,256
FUNDS
Unrestricted funds 21 1,115,301 938,476
Designated funds 21 5,157,904 5,445,343
Restricted funds 21 115,317 202,437
TOTAL FUNDS 6,388,522 6,586,256
----- End of picture text -----

The notes on pages 48 to 49 form part of these financial statements. These financial statements were approved by the Board of Trustees on 1 November2023 and were signed on its behalf by: Trustee - Graham Waters

Minstead Trust Annual Report and Accounts 2022 - 23 45

Minstead Trust Consolidated Cashflow Statement for the Year Ended 31 March 2023

----- Start of picture text -----
2023 2022
Notes £ £
Cash flows from operating activities:
Cash generated from operations 1 323,397 (237,713)
Net cash provided by (used in) operating activities 323,397 (237,713)
Cash flows from investing activities:
Purchase of tangible fixed assets (183,182) (574,936)
Purchase of fixed asset investments (30,000) -
- -
Sale of tangible fixed assets
- -
Sale of fixed asset investments
Interest received 10,904 586
Dividends received - -
Net cash provided by (used in) investing activities (202,278) (574,350)
Cash flows from financing activities:
New loans in year - 300,000
Loan repayments in year (102,834) (99,417)
Interest on loans in year 44,897 40,046
Net cash provided by (used in) financing activities (57,937) 240,629
Change in cash and cash equivalents in the reporting period 63,182 (571,434)
Cash and cash equivalents at the beginning of the reporting period 1,560,701 2,132,135
Cash and cash equivalents at the end of the reporting period 1,623,883 1,560,701
----- End of picture text -----

All activities relate to continuing operations. The notes on pages 48 to 49 form part of these financial statements

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Minstead Trust Annual Report and Accounts 2022 - 23

Notes to the Consolidated Cash Flow Statement for the Year Ended 31 March 2023

----- Start of picture text -----
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022
£ £
Net income for the reporting period (as per the statement of financial activities) (215,494) 81,377
Adjustments for:
Depreciation charges 177,592 159,357
Amortisation charges 2,589 -
- -
Profit on disposal of fixed assets
Interest received (10,904) (586)
Dividends received - -
Revaluation of listed investment - -
Cashflows before movement in working capital (46,217) 240,148
Decrease / (increase) in stock 1,924 (7,623)
Decrease / (increase) in debtors 247,763 (530,505)
Increase / (decrease) in creditors 119,927 60,267
Net cash provided by (used in) operating activities 323,397 (237,713)
----- End of picture text -----

All activities relate to continuing operations. The notes on pages 48 to 49 form part of these financial statements

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Minstead Trust Annual Report and Accounts 2022 - 23

Minstead Trust Notes to the Financial Statements For the Year Ended 31 March 2023

1. LEGAL FORM

Minstead Trust is a private company, Limited by Guarantee, registered in England and Wales. The company’s registered number and registered address can be found on the Company Information Page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2015)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Basis of Consolidation

The group financial statements consolidate the financial statements of Minstead Trust and its wholly owned subsidiary The Real Jam & Chutney as if they formed a single entity. Intercompany transactions and balances have therefore been eliminated in full. The Real Jam & Chutney was acquired in October 2022.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grants (including those received from government bodies) are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Grant income is deferred when the donor specifies use of the grant to be in the future, or where there are conditions for full entitlement and those conditions have not yet been satisfied.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is

probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

between 7% and 10% reducing balance

between 10% and 20% on cost

48 Minstead Trust Annual Report and Accounts 2022 - 23

Stocks

Stocks are valued at the lower of cost or net realisable value.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Incoming resources and resources expended are shown exclusive of value added tax (VAT) where appropriate. However, where the VAT is irrecoverable it is included within the category of resources expended for which it was incurred.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other postretirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments

Investments included in the accounts are included at market value. Gains arising from the sale of quoted investments are disclosed in the SOFA as realised gains. Gains arising from changes to the market values of quoted investments are disclosed in the SOFA as unrealised gains.

Debtors and prepayments

Debtors and prepayments are recognised at the transaction price where an entity has a present obligation resulting from a past event that will probably result in the transfer of funds from a third party to the charity and the amount due to settle the obligation can be measured or estimated reliably.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their transaction price after allowing for any trade discounts due.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

All financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing

transaction with scheduled repayment dates, the financial asset or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Significant judgements and estimates

In the application of the charity’s accounting policies, which are described above, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Gifted properties are considered to be an area of estimation uncertainty as a professional valuation is not obtained by Trustees.

Charitable activities

Costs of charitable activities comprises those costs incurred by the charity in the delivery of its activities including the primary purpose trading. It includes both costs that can be allocated directly to such activities and includes an apportionment of support costs. Support costs are allocated on a basis designed to reflect the use of the resource and allocated according to time spent on each category as set out in notes 8 and 9.

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Minstead Trust Annual Report and Accounts 2022 - 23

----- Start of picture text -----
3 DONATIONS AND LEGACIES 2023 2022
£ £
Donations 390,687 590,768
Grants 280,062 218,171
Donated services and facilities - -
670,749 808,939
Grants received, included in the above, are as follows:
2023 2022
£ £
Grants for social care 66,621 80,441
Business grants 158,590 14,000
-
COVID grants 42,538
Government and Education Grants 15,456 15,580
Computers and plant 6,925 32,960
Building and Land Projects 16,470 25,000
Other Grants 16,000 7,652
280,062 218,171
4 OTHER TRADING ACTIVITIES 2023 2022
£ £
Sponsorships 1,438 720
Sales 49,473 8,255
50,911 8,975
5 INVESTMENT INCOME 2023 2022
£ £
Other fixed asset invest - FII - -
Deposit account interest 10,904 586
10,904 586
----- End of picture text -----

50 Minstead Trust Annual Report and Accounts 2022 - 23

----- Start of picture text -----
6 INCOME FROM CHARITABLE ACTIVITIES 2023 2022
Area Activity £ £
Day services Student fees and contributions 1,256,051 1,173,200
Residential Student fees and contributions 803,513 774,166
Supported living Student fees and contributions 2,377,968 1,887,968
Hanger Farm income Charitable activity 329,547 193,910
Rental income Primary purpose trade - rental income 363,288 292,973
Hospitality Primary purpose trade - Food & hospitality training 335,003 19,583
Nursery Primary purpose trade - Plants sales 24,980 24,933
Arts & Crafts Primary purpose trade - Sales of products from crafts 7,171 1,951
Furzey Gardens Primary purpose trade 200,508 154,537
Lily & Lime Primary purpose trade 28,828 11,185
5,726,857 4,534,406
7 SUPPORT OTHER FUNDING 2023 2022
Raising donations and legacies £ £
Freelancers 21,758 22,467
Advertising 2,869 2,433
24,627 24,900
Other trading activities £ £
Commission 4,554 5,606
4,554 5,606
Aggregate amounts 29,181 30,506
8 CHARITABLE ACTIVITIES COSTS Direct £ Support £ Totals £
Charitable activities 6,592,121 67,133 6,659,254
9 SUPPORT COSTS
Finance £
Charitable activities 67,133
----- End of picture text -----

Minstead Trust Annual Report and Accounts 2022 - 23 51

----- Start of picture text -----
10 NET INCOME/(EXPENDITURE) 2023 2022
£ £
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets 177,592 159,357
Amortisation 2,589 -
- -
Surplus on disposal of fixed asset
Auditors remuneration 11,877 11,332
----- End of picture text -----

11 TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees’ expenses

During the year the trustees of Minstead Trust were paid expenses of £nil (2022 - £nil) and provides Directors indemnity insurance £1,442 (2022 - £2,057). The Memorandum and Articles of Association preclude the payment of any remuneration.

----- Start of picture text -----
|||| |---|---|---| |12 STAFF COSTS|2023|2022| |£|£| |Wages and salaries|4,381,584|3,501,168| |Social security costs|361,078|268,454| |Other pension costs|89,272|68,482| |4,831,934|3,838,104| |The average number of employees during the year was as follows:|2023|2022| |Employees|239|189| |2023|2022| |The full time equivalent was|155|132| |The number of employees whose employee benefits (excluding|2023|2022| |employer pension costs) exceeded £60,000 was:| |£60,001 - £70,000|0|0| |£70,001 - £80,000|1|1|

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

The total remuneration and benefits for key management personnel in the year to 31 March 2023 amounted to £458,295 (2022: £342,666).

52 Minstead Trust Annual Report and Accounts 2022 - 23

----- Start of picture text -----
13 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted funds £ Restricted funds £ Total funds £
INCOME AND ENDOWMENTS FROM
Donations and legacies 527,855 281,084 808,939
Charitable activities
Student fees and contributions 4,029,244 - 4,029,244
Primary purpose trade 505,162 - 505,162
Furzey Gardens trading income - - -
Other trading activities 8,975 - 8,975
Investment income 586 - 586
Other income 100 - 100
Furzey Gardens Transfer of Assets 2,785 - 2,785
Total 5,074,707 281,084 5,355,791
EXPENDITURE ON
Support other funding 30,506 - 30,506
Charitable activities
Charitable activities 5,116,522 127,386 5,243,908
Furzey Gardens trading expenditure - - -
Total 5,147,028 127,386 5,274,414
Net gains/(losses) on investments - - -
NET INCOME (72,321) 153,698 81,377
Transfers between funds 174,950 (174,950) -
Net movement in funds 102,629 (21,252) 81,377
RECONCILIATION OF FUNDS
Total funds brought forward 6,383,719 202,767 6,586,486
TOTAL FUNDS CARRIED FORWARD 6,486,348 181,515 6,667,863
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53

Minstead Trust Annual Report and Accounts 2022 - 23

----- Start of picture text -----
14 INTANGIBLE FIXED ASSETS
Goodwill
COST £
Additions 25,888
AMORTISATION
Charge for year (2,589)
NET BOOK VALUE
At 31 March 2023 23,299
At 1 April 2022 -
----- End of picture text -----

15 TANGIBLE FIXED
COST
At 1 April 2022
Additions
Disposals
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
Eliminated on disposal
At 31 March 2023
NET BOOK VALUE
At 31 March 2023		 ASSETS - MINSTEAD TRUST AND SUBSIDIARY
Freehold property
Long leasehold
Plant and machinery
£
£
£
5,298,841
-
133,844
12,102
47,503
48,335
-
-
-
5,310,943
47,503
182,179
373,415
-
46,014
85,361
2,948
10,582
-
-
-
458,776
2,948
56,596
4,852,167
44,555
125,583		 ASSETS - MINSTEAD TRUST AND SUBSIDIARY
Freehold property
Long leasehold
Plant and machinery
£
£
£
5,298,841
-
133,844
12,102
47,503
48,335
-
-
-
5,310,943
47,503
182,179
373,415
-
46,014
85,361
2,948
10,582
-
-
-
458,776
2,948
56,596
4,852,167
44,555
125,583		 Fixtures and fttings
£
211,574
14,304
-
225,878
98,947
13,166
-
112,113
113,765		 Motor vehicles
£
221,747
37,827
-
259,574
137,664
17,848
-
155,512
104,062		 Computer equipment
£
310,590
23,771
-
334,361
124,756
47,687
-
172,443
161,918		 Totals
£
6,176,596
183,842
-
6,360,438
780,796
177,592
-
958,388
5,402,050
At 1 April 2022 4,925,426 -
87,830		 112,627 84,083 185,834 5,395,800

54 Minstead Trust Annual Report and Accounts 2022 - 23

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15 TANGIBLE FIXED ASSETS - MINSTEAD TRUST
Freehold property Long leasehold Plant and machinery Fixtures and fittings Motor vehicles Computer equipment Totals
COST £ £ £ £ £ £ £
At 1 April 2022 5,298,841 - 133,845 211,574 221,747 310,590 6,176,597
Additions 12,102 47,503 44,776 14,304 - 19,827 138,512
Disposals - - - - - - -
At 31 March 2023 5,310,943 47,503 178,621 225,878 221,747 330,417 6,315,109
DEPRECIATION
At 1 April 2022 373,415 - 46,013 98,946 137,663 124,758 780,795
Charge for year 85,361 2,948 10,582 13,165 15,692 47,375 175,123
Eliminated on disposal - - - - - - -
At 31 March 2023 458,776 2,948 56,595 112,111 153,355 172,133 955,918
NET BOOK VALUE
At 31 March 2023 4,852,167 44,555 122,026 113,767 68,392 158,284 5,359,191
At 1 April 2022 4,925,426 - 87,832 112,628 84,084 185,832 5,395,802
16 FIXED ASSET INVESTMENTS - TRUST
Listed investments Unlisted investments Totals
MARKET VALUE £ £ £
At 1 April 2022 - 100 100
Additions - 30,000 30,000
Disposals - - -
Revaluations - - -
At 31 March 2023 - 30,100 30,100
NET BOOK VALUE
At 31 March 2023 - 30,100 30,100
At 1 April 2022 - 100 100
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55

Minstead Trust Annual Report and Accounts 2022 - 23

17 STOCKS

17 STOCKS
Finished Goods Trust and subsidiary
2023
2022
£
£
14,701
13,947		 Trust
2023
2022
£
£
12,551
13,947
18 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trust and subsidiary
2023
2022
£
£
Trade debtors
367,778
700,223
Amounts owed from group undertakings
-
-
Other debtors
46,057
24,662
VAT
34,999
28,090
Prepayments and accrued income
116,969
59,692
565,803
812,667
19 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trust and subsidiary
2023
2022
£
£
Bank loans
61,204
59,397
Trade creditors
112,160
84,636
Social security and other taxes
86,993
85,885
Other creditors
76,050
61,251
Deferred tax
126
-
Accrued expenses
130,671
54,176
467,204
345,345
20 CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE YEAR		 Trust
2023
2022
£
£
360,842
700,223
65,292
0
45,158
24,662
34,665
28,090
116,969
59,692
622,926
812,667
Trust
2023
2022
£
£
61,204
59,397
112,160
84,636
86,993
85,885
76,050
61,251
-
-
130,671
54,176
467,078
345,345
Trust and subsidiary Trust
2023 2022 2023 2022
£ £ £ £
Bank loans 791,870 851,614 791,870 851,614

56 Minstead Trust Annual Report and Accounts 2022 - 23

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21 MOVEMENT IN FUNDS
Incoming Resources Gains and
Trust and subsidiary At 1.4.22 Transfers At 31.3.23
resources expended losses
£ £ £ £ £ £
Unrestricted funds
General fund 938,376 6,203,323 (6,452,134) - 368,572 1,058,137
Essential assets 5,195,343 - - - (32,641) 5,162,702
Infrastructure 250,000 - - - (215,494) 34,506
6,383,719 6,203,323 (6,452,134) - 120,437 6,255,345
Restricted funds -
Community Group - Drop Ins 13,829 - - - - 13,829
Step Up To Work 47,857 61,121 (74,111) - - 34,867
General Capital Expenditure 22,323 - - - (22,323) -
Furzey Bridge (Meadow) 25,069 - (3,036) - (12,766) 9,267
Big Give - Wellbeing 51,550 28,566 (36,685) - - 43,431
Furzey Centenary Art Commission 2022 12,932 650 (7,528) - (6,054) -
The Real Jam and Chutney - 82,590 (45,714) - (36,876) -
Social Enterprises - 75,000 (75,000) - -
Other restricted funds (<£10k) 28,877 43,066 (15,602) - (42,418) 13,923
202,437 290,993 (257,676) - (120,437) 115,317
TOTAL FUNDS 6,586,156 6,494,316 (6,709,810) - - 6,370,662
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57

Minstead Trust Annual Report and Accounts 2022 - 23

21 MOVEMENT IN FUNDS - Continued

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Incoming|Resources|Gains and| |Trust|At 1.4.22|Transfers|At 31.3.23| |resources|expended|losses| |Unrestricted funds| |General fund|938,476|6,168,428|(6,399,479)|-|407,876|1,115,301| |Essential assets|5,195,343|-|-|-|(71,945)|5,123,398| |Infrastructure|250,000|-|-|-|(215,494)|34,506| |6,383,819|6,168,428|(6,399,479)|-|120,437|6,273,205| |Restricted funds|-| |Community Group - Drop Ins|13,829|-|-|-|-|13,829| |Step Up To Work|47,857|61,121|(74,111)|-|-|34,867| |General Capital Expenditure|22,323|-|-|-|(22,323)|-| |Furzey Bridge (Meadow)|25,069|-|(3,036)|-|(12,766)|9,267| |Big Give - Wellbeing|51,550|28,566|(36,685)|-|-|43,431| |Furzey Centenary Art Commission 2022|12,932|650|(7,528)|-|(6,054)|-| |The Real Jam and Chutney|-|82,590|(45,714)|-|(36,876)|-| |Social Enterprises|-|75,000|(75,000)|-|-| |Other restricted funds (<£10k)|28,877|43,066|(15,602)|-|(42,418)|13,923| |202,437|290,993|(257,676)|-|(120,437)|115,317| |TOTAL FUNDS|6,586,256|6,459,421|(6,657,155)|-|-|6,388,522|

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

58 Minstead Trust Annual Report and Accounts 2022 - 23

----- Start of picture text -----
21 MOVEMENT IN FUNDS - Continued
Incoming Resources Gains and
Trust and subsidiary comparatives: At 1.4.21 Transfers At 31.3.22
resources expended losses
£ £ £ £ £ £
Unrestricted funds
General fund 1,200,355 5,074,707 (5,147,028) - (189,658) 938,376
Essential assets 4,830,735 - - - 364,608 5,195,343
Infrastructure 250,000 - - - - 250,000
6,281,090 5,074,707 (5,147,028) - 174,950 6,383,719
Restricted funds -
Community Group - Drop Ins 11,625 3,600 (1,396) - - 13,829
Step Up To Work 32,783 38,591 (23,517) - - 47,857
Above the Rafters 12,538 - (8,435) - (4,103) -
General Capital Expenditure 84,090 - - - (61,767) 22,323
HCC Covid-19 Recovery Grants 18,362 44,618 (62,980) - - -
Toilet Block in NFDS 34,248 21,000 - - (55,248) -
Furzey Bridge (Meadow) - 44,500 (2,085) - (17,346) 25,069
Nature Session Equipment 702 - (702) - - -
Big Give - Wellbeing 15,000 50,265 (12,200) - (1,515) 51,550
Furzey Centenary Art Commission 2022 - 22,000 (9,068) - - 12,932
Other restricted funds (<£10k) 14,341 56,510 (7,003) - (34,971) 28,877
223,689 281,084 (127,386) - (174,950) 202,437
TOTAL FUNDS 6,504,779 5,355,791 (5,274,414) - - 6,586,156
----- End of picture text -----

Minstead Trust Annual Report and Accounts 2022 - 23 59

----- Start of picture text -----
21 MOVEMENT IN FUNDS - Continued
Incoming Resources Gains and
Trust comparatives: At 1.4.21 Transfers At 31.3.22
resources expended losses
£ £ £ £ £ £
Unrestricted funds
General fund 1,217,544 5,057,618 (5,147,028) - (189,658) 938,476
Essential assets 4,830,735 - - - 364,608 5,195,343
Infrastructure 250,000 - - - - 250,000
6,298,279 5,057,618 (5,147,028) - 174,950 6,383,819
Restricted funds -
Community Group - Drop Ins 11,625 3,600 (1,396) - - 13,829
Step Up To Work 32,783 38,591 (23,517) - - 47,857
Above the Rafters 12,538 - (8,435) - (4,103) -
General Capital Expenditure 84,090 - - - (61,767) 22,323
HCC Covid-19 Recovery Grants 18,362 44,618 (62,980) - - -
Toilet Block in NFDS 34,248 21,000 - - (55,248) -
Furzey Bridge (Meadow) - 44,500 (2,085) - (17,346) 25,069
Nature Session Equipment 702 - (702) - - -
Big Give - Wellbeing 15,000 50,265 (12,200) - (1,515) 51,550
Furzey Centenary Art Commission 2022 - 22,000 (9,068) - - 12,932
Other restricted funds (<£10k) 14,341 56,510 (7,003) - (34,971) 28,877
223,689 281,084 (127,386) - (174,950) 202,437
TOTAL FUNDS 6,521,968 5,338,702 (5,274,414) - - 6,586,256
----- End of picture text -----

60 Minstead Trust Annual Report and Accounts 2022 - 23

21. MOVEMENT IN FUNDS - Continued

DESIGNATED FUNDS

Essential Assets Fund

The net book value (historical cost minus accumulated depreciation) of property, computer equipment and vehicles.

Infrastructure

Designated fund agreed by the board of trustees regarding future infrastructure improvements.

Restricted funds

Community Group - Drop Ins

We have opened a number of community drop-in centres to provide support for those people in society who have not been successful in securing a more permanent provision from their local authority. There is administration and common general costs associated with the provision of these centres, and this fund tracks the income received against these costs and associated expenditure.

Step Up To Work

An ambitious programme that aims to help people transition from learning basic skills of a job to becoming employable and even employed. The primary costs are a Job Opportunities Mentor and bursary funding for those individuals who are not able to fund the placement through other means.

Transport Capex

A grant for purchasing vehicles. We are gradually extending and refreshing our fleet across the Trust.

Above the Rafters

Funding for the Community Theatre, which provides opportunities for local people with learning disabilities to be part of a theatrical team.

General Capital Expenditure

Trust purchases of large capital items in the course of running the organisation.

Lawn Mower

For the purchase of a lawn mower for the surrounding land that requires maintaining.

HCC Covid-19 Recovery Grants

Hampshire funded grants to support the trust with the ongoing Covid outbreak and the restrictions the organisation faces.

SCC Infection Control Grants

Southampton funded grants to support the trust with the ongoing Covid outbreak and the restrictions the organisation faces.

Toilet Block in NFDS

A fund to support the design and construction of a dedicated accessible toilet block for the use of our Day Opportunities attendees, staff, and volunteers.

Wiltshire Control Grants

Wiltshire funded grants to support the trust with the ongoing Covid outbreak and the restrictions the organisation faces.

Furzey Bridge (Meadow)

To build a bridge at Furzey gardens to improve pathways and extend the gardens to the open meadow areas.

Bicycle

To purchase a bicycle to aid in health regime and wellbeing of staff.

Nature Session Equipment

For the purchase of equipment and cost of producing the Nature sessions.

Lent Appeal and Xmas Appeal

For the purchase of horticulture items to be used by the Trust for maintaining the land and properties.

Big Give Wellbeing

For supporting the wellbeing of people we support and staff, offering the opportunity for the trust to provide more than just contracted support where it is needed.

Portsmouth Teapot Café (YBS)

Set-up costs for a mini internal social enterprise, in which the people we support serve each other in a café environment.

61

Minstead Trust Annual Report and Accounts 2022 - 23

Involvment Worker

This fund is for a part time role that will help aid the recruitment and development of champions in individual areas, who are willing to provide more focus for individual areas.

TRANSFER IN FUNDS

Transfers have been made from restricted funds to general funds where a restriction has been fulfilled through the purchase of capitalised equipment in the year.

Photo Equipment

For the purchase of quality photography equipment for the trust’s marketing team.

Furzey Centenary Art Commission 2022

For the Furzey Gardens centenary year and the Art commission that is part of project.

Hanger Farm Sound and Cinema Equipment

Fund is for the purchase of sound and cinema equipment to aid development of the overall theatrical and cinematic experience at Hangar Farm.

Storm Eunice Appeal

Fund is for the clean up after the storm Eunice and supporting the rebuilding and removal of trees and garden structures that have been damaged.

Transfers have been made from restricted funds to general funds where expenditure has been identified which was incurred in previous years but was not allocated to the appropriate fund in the relevant year. Transfers have been made to recognise this expenditure and correct the fund balances.

Transfers have been made from designated funds to general funds due to a deficit made within the year ended 31 March 2023.

22. RELATED PARTY DISCLOSURE

During the year the trustees of Minstead Trust, donated an aggregate amount of £624.20 (2022 - £5,025) to Minstead trust.

Whitemoor Refurbishments

For the refurbishment of Whitemoor to change of use from a bed and breakfast to a residential care home.

During the year the Senior Management team of Minstead Trust, donated an aggregate amount of £354.97 (2022 - £10) to Minstead trust.

62

Minstead Trust Annual Report and Accounts 2022 - 23

14 Vin$￿ttdTruStAnnUol Report and Accounts 2022- 23

Minstead Trust is a charitable company registered in England and Wales, registered number 03149116. Registered charity number: 1053319. VAT number: 287 5996 22