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2022-03-31-accounts

CONTENTS PAGES
Chairman's
Statement		 3-4
Reference and Administrative Details
Objectives and Activities
8-11
Strategic Report including:
Achievements
and performance
Financial
review
Plans for Future Periods
Principal
Risks and Uncertainties
Structure, Governance
and		 Management Independent 11-14
Auditors'
Report to the Members		 15-17
Consolidated
Statement
of		 Financial Activities 18
Comparative
Consolidated		 Statement of Financial Activities 19
Consolidated
Balance Sheet		 20
Company
Balance Sheet		 21
Cash Flow Statement 22
Notes to the Financial Statements 23-34

Reference and Administrative Details
Company reference number 03340350
Charity reference number 1062762
Patrons Sir Peter Michael
The Earl ofCarnarvon
Directors and Trustees Charles
D Brims		 (Chairman)
David J Bailey
Zoe Benyon
CJulian Cazalet
Biddy Hayward
Graham
Mather
Sir Peter Michael
Malcolm
V Morris
Fiona Spencer-Jones
Justyn Waterworth
Robert Woods
Chief Executive Christopher
G Boulton
Company Secretary Oonagh
Dockley
Registered and Principal Liberty House
Office The Enterprise
Centre
Greenham
Business Park
Greenham,
Thatcham
Berkshire
RG19 6HS
Auditors Crowe UK LLP
Aquis House
49-51Blagrave Street
Reading
RG1 1PL
Bankers Svenska Handelsbanken AB
StAnthony's
House
Oxford Square,
9-21Oxford St, Newbury,
RG14 1JQ
Barclays Bank Pic
4'" Floor, Apex Plaza
Forbury Road
Reading
RG1 1AX
Solicitors Blandy & Blandy LLP
1Friar Street
Reading
RG1 1DA

The Directors and Trustees who served during the year were:
Charles
D Brims
David J Bailey
Zoe Benyon
CJulian Cazalet
Biddy Hayward
Graham
Mather
Sir Peter Michael
Malcolm
V Morris
Fiona Spencer-Jones
Justyn Waterworth
Robert Woods

Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2022 2021
Note f f f f f
Income &Endowments from:
Donations
8 Legacies		 2 300,910 148,642 449,552 489,139
Other trading activities 3 3,622,017 3,622,017 2,664,142
Investment
Income		 4 6,251,344 221,749 6,473,093 6,898,834
Total 10,174,271 370,391 10,544,662 10,052,114
Expenditure
on:
Raising Funds 5 2,548,817 2,548,817 2,644,770
Investment
management		 costs 6 3,546,525 66,585 3,613,110 3,175,118
Charitable
Activities		 7 2,994,083 514,332 3,508,415 5,069,015
Total 9,089,425 580,917 9,670,342 10,888,903
Net gains on investments 4,970,002 4,970,002 14,900,040
Net (expenditure)/ income forthe year 1,084,846 (210,526) 4,970,002 5,844,322 14,063,251
Net movement
in funds		 1,084,846 (210,526) 4,970,002 5,844,322 14,063,251
Reconciliation
offunds:
Total funds brought forward 15,839,159 6,207,418 73,537,615 95,584,192 81,520,941
Transfers between funds (122,631) 122,631
Total funds carried forward 16,801,374 6,119,523 78,507,617 101,428,514 95,584,192

Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2021 2020
Note
Income &Endowments from:
Donations
& Legacies		 2 30 489,109 489139 6373 734
Other trading
activities		 3 2,664,141 2,664,141 2,787,353
Investment
Income		 4 6,636,002 262,832 6,898,834 6,336,291
Total 9,300,173 751,941 10,052,114 15,497,378
Expenditure
on:
Raising Funds 5 2,644,770 2,644,770 3,489,314
Investment
management		 costs 6 3,146,190 28,928 3,175,118 2,903,146
Charitable
Activities		 7 4,322,827 746,188 5,069,015 3,519,047
Total 10,113,787 775,116 10,888,903 9,911,507
Loss on impairment (956,444)
Net gains on investments 2,352,493 (734,424) 13,281,971 14,900,040
Net (expenditure)/
income forthe year		 1,538,879 (757,599) 13,281,971 14,063,251 4,629,427
Net gains on fixed assets 15,068
Net movement
in funds		 1,538,879 (757,599) 13,281,971 14,063,251 4,644,495
Reconciliation
offunds:
Total funds brought
forward		 14,928,280 6,337,017 60,255,644 81,520,941 76,876,446
Transfers between
funds		 (628,000) 628,000
Total funds carried forward 15,839,159 6,207,418 73,537,615 95,584,192 81,520,941

Notes 2022 2021
Fixed Assets
Intangible
assets		 10 100 100
Tangible assets 11 323,994 244,948
Investments 12 100,976,387 105,299,277
101,300,481 105,544,325
Current Assets
Debtors 13 14,567,384 1,727,428
Cash at Bank 14,852,556 19,244,783
29,419,940 20,972,211
Creditors: Amounts falling due within one year (4,291,907) (5,932,344)
Net Current Assets 25,128,033 15,039,867
Total Assets less Current Liabilities 126,428,514 120,584,192
Creditors: Amounts falling due after more than one year 14 (25,000,000) (25,000,000)
Net Assets 101,428,514 95,584,192
The Funds ofthe Charity
Endowment Funds 15 78,507,617 73,537,615
Restricted
Funds		 15 6,119,523 6,207,418
Unrestricted Funds 15 16,801,374 15,839,159
Total Charity Funds 101,428,514 95,584,192

Notes 2022 2021
Fixed Assets
Tangible assets 11 87,886 84,342
Investments 12 99,022,051 103,514,257
99,109,937 103,598,599
Current Assets
Debtors 13 13,842,678 1,067,362
Cash at Bank 12,997,981 17,877,143
26,840,659 18,944,505
Creditors: Amounts falling due within one year 14 (4,012,656) (5,699,636)
Net Current Assets 22,828,003 13,244,869
Total Assets less Current Liabilities 121,937,940 116,843,468
Creditors: Amounts falling due after more than one year 14 (25,000,000) (25,000,000)
Net Assets 96,937,940 91,843,468
The Funds ofthe Charity
Endowment Funds 15 74,834,394 70,033,708
Restricted
Funds		 15 6,119,523 6,207,418
Unrestricted Funds 15 15,984,023 15,602,342
Total Charity Funds 96,937,940 91,843,468

2022 2021
Notes f f
Net cash provided
by operating		 activities 1 (19,975,883) (4,636,403)
Investment
income received		 6,473,093 6,898,834
Investment
properties
reclassified		 as current asset held for sale 13,085,000
Net costs ofpurchase of property (988,235)
Payments to acquire tangible fixed assets (182,330)
Payments
in respect ofcapitalised		 development costs (2,803,872) (9,582)
Payments
relating to additions		 to investment property (3,165,134)
Net cash (used in)/provided
by		 investing activities 15,583,656 3,724,118
Net cash (used in) investing
activities
Change
in cash and cash equivalents		 (4,392,227) (912,285)
Cash and cash equivalents
brought		 forward 19,244,783 20,157,068
Cash and cash equivalents
carried forward		 14,852,556 19,244,783
NOTE TO THE CASHFLOW STATEMENT 2022 2021
f f
Reconciliation ofnet income/(expenditure) to net cash used in operating activities
Net income/(expenditure)
for		 the year 5,844,321 14,063,251
Net gains on investments (4,970,002) (14,900,040)
Investment
income receivable		 (6,473,093) (6,898,834)
Amortisation/
Depreciation		 103,284 94,049
Decrease/(increase)
in debtors		 (12,839,956) 441,061
(Decrease)/Increase
in creditors		 (1,640,437) 2,564,110
(19,975,883) (4,636,403)
At 1April At 31March
2021 2022
Cashflows
f f f
Cash 19,244,783 (4,392,227) 14,852,556
Loan notes due after one year (25,000,000) (25,000,000)
Net debt (5,755,217) (4,392,227) (10,147,444)

Equipment 33.3%per annum on cost
Freehold & Leasehold Land & Buildings 20% per annum on cost
Fixtures & Fittings 15.0%per annum on cost
Intangible
assets		 10%per an
num		 on cost

2 Donations
and Legacies		 2022 2021
f
Donations to general charitable funds and appeals 449,552 489,139
449,552 489,139
3 Activities for generating funds 2022
f		 2021
Income from supply ofservices 2,918,306 2,664,142
2,918,306 2,664,142
4 Investment
income		 2022 2021
f f
Gross rental income 7,480,269 7,059,844
Gifts of rent in kind (358,836) (359,190)
Rental income 7111433 6,700,634
Interest receivable 55,371 198,180
7176804 6,838,834
5 Costofservices &other costs 2022 2021
f f
Supply ofservices 2,548,817 2,644,770
2,548,817 2,644,770
6 Investment
management		 costs 2022 2021
f
Interest payable 972,000 975,551
Other cost ofgenerating rental income 2,641,110 2,199,567
Total costs ofgenerating rental income 3,613,110 3,175,118

Grants to
Institutions		 Grants to
Individuals		 Grants to
Individuals		 Grants to
Individuals		 Subsidised
Rents		 Partnerships Peter Baker
Fund		 2022 2021
Category f f f f E
Arts 192,830 723,482 526 916,838 657,185
Community 1,093,855 26,871 210,090 49,250 1,380,066 1,151,637
Education 101,206 30,167 7,666 23,004 162,043 508,221
Health 51,953 20,297 72,250 1,536,041
Nature &Conservation 16,566 3,988 3,000 23,554 19,450
Sport 47,100 10,760 23,600 81,460 263,645
Youth 121,683 47,971 6,350 176,004 88,704
Disability (962) 73,624 72,662 274,981
Diversity 8,977 8,977 52,400
Elderly 144 2,000 2,144 6,000
Poverty Relief 151,679 11,000 162,679 83,155
1,785,031 30,167 100,495 1,003,957 139,027 3,058,677 4,641,419
Support costs 449,738 427,595
Total 3,508,415 5,069,014
Material Grants paid and payable
Organisation		 to Institutions are as follows: 2022
f		 2021
Corn Exchange Newbury 603,560 451,145
Community
Youth Project - 3year funding		 150,000
The Watermill Theatre 82,851
Hungerford
Town Football Club		 75,000
Newbury
&Thatcham		 Hospital Building Trust 750,000
Mary Hare Foundation 200,000
Bradfield
Hall		 CIO 100,000
Total 911,411 1,501,145
Grants to
institutions		 Grants to
Individuals		 Subsidised
Rents		 Partnerships Peter Baker
Fund		 2021 2020
Category f f f f f
Arts 57,432 70,000 527,253 2,500 657,185 563,861
Community 834,352 38,261 238,687 40,337 1,151,637 1,055,589
Education 404,737 33,440 16,544 53,500 508,221 307,618
Health 501,594 1,024,047 10,400 1,536,041 181,586
Nature &Conservation 17,450 2,000 19,450 141,041
Sport 207,815 45,000 10,830 263,645 347,265
Youth 88,583 (879) 1,000 88,704 258,527
Disability 74,981 200,000 274,981 217,182
Diversity 52,400 52,400
Elderly 6,000 6,000 45,736
Poverty Relief 83,155 83,155 6,000
2,328,499 33,440 108,261 2,050,652 120,567 4,641,419 3,124,405
Support costs 427,595 394,642
Total 5,099,014 3,519,047
Matedial Grants paid and payable to Institutions
Organisation		 are as follows: 2021f 2020
E
Corn Exchange Newbury 451,145 452,921
Newbury
&Thatcham		 Hospital Building Trust & Newbury District Cancer Care Trust (Rosemary Appeal) 750,000 61,948
Mary Hare Foundation 200,000
Bradfield
Hall CIO		 100,000
Total 1,501,145 514,869

8 Support Costs 2022 2021
E E
Management 194,643 185,060
Finance 56,046 53,287
Public Relations 56,225 53,457
Administration 19,950 18,967
Governance 122,874 116,824
449,738 427,595
Suppport costs are allocated to activities on the basis oftime spent.
Auditors'
remuneration		 2022 2021
E E
Fees payable to the company's auditors and its associates for the audit ofthe company's annual 22 925 21 7511
Fees payable tothe company's auditor and its associates in respect of:
Taxation and compliance services 250
250
9 Payroll
82 Pensions
The aggregate
payroll costs were:		 2022 2021
E
Wages
82Salaries		 1,071,602 1,095,116
Social security costs 119,681 122,659
Pension costs 81,945 78,031
1,273,228 1,295,806
The number ofemployees whose emoluments as defined for taxation purposes amounted to over E60,000 in:
2022 2021
E230,000 —E240,000 1 1
E130,000 - E140,000 1 1
E120,000 - E130,000 1
E110,000 - E120,000
Total
f
100
100
100
Fixtures Ik
Equipment
f		 Fittings
E		 Total
f
286,669 1,694,438 1,981,107
3,234 179,096 182,330
289,903 1,873,534 2,163,437
279,189 1,456,970 1,736,159
5,781 97,503 103,284
284,970 1,554,473 1,839,443
4,933 319,061 323,994
7,481 237,468 244,948
40,672 1,013,164 1,053,836
42,274 42,274
40,672 1,055,438 1,096,110
40,672 928,822 969,494
38,730 38,730
40,672 967,552 1,008,224
87,886 87,886
84,342 84,342

Investments Group Company
2022 2021 2022 2021
f f
UK investment
property		 100,976,387 105,299,277 97,303,163 101,795,369
Investments
in group undertakings		 1,718,888 1,718,888
100,976,387 105,299,277 99022 051 103,514,257
Movement
in market value of UK		 investments
2022 2021
f f
Market value at 1April 105,299,277 87,234,103
Net gains/ (losses) on revaluation in the year 4,970,002 14,900,040
Acquisitions
at cost		 3,792,108 3,165,134
Assets transferred
to current assets held for sale		 (13,085,000)
Market value at 31March 100,976,387 105,299,277
Historical cost at 31March 47,810,754 44,018,646

04495954 09761102 10291683
GBP TGE GCT
f f f
Balance Sheet
Fixed Assets 3,908,390 942 100
Net current assets/(liabilities) 2,148,418 (16,883) 168,490
Net Assets 6,056,808 (15,941) 168,590
Shareholders' Funds
Share capital 1,718,886 1 550,000
Reserves 4,337,922 (15,942) (381,410)
Total Funds 6,056,808 (15,941) 168,590
Profit &Loss Account
Income 3,398,181 291,534 155,198
Expenditure (2,621,432) (353,153) (120,478)
Profit/ (Loss) for the year 776,749 (61,619) 34,720

13 Debtors Group Company
2022 2021 2022 2021
f f f f
Investment
property		 held for sale 13,085,000 13,085,000
Trade debtors 984,969 1,082,725 658,515 858,853
Amounts
owed		 by group undertakings 22,777
Other debtors 281,379 370,325 50,610 155,516
Prepayments 87,974 225,146 25,776 52,993
Tax recoverable 128,062 49,232
14,567,384 1,727,428 13,842,678 1,067,362
14 Creditors: Amounts falling due within one year
Group		 Company
2022 2021 2022 2021
f f f f
Trade creditors 154,617 763,834 121,326 741,998
Amounts
owed		 to subsidiary undertakings 151,095 147,311
Other taxation &social security 242,776 171,193 201,536 105,487
Other creditors 212,461 290,029 199,267 276,307
Accruals &deferred income 3,682,053 4,707,288 3,339,432 4,428,533
4,291,907 5,932,344 4,012,656 5,699,636
Group Company
2022 2021 2022 2021
f f f f
Deferred income brought forward 1,208,393 1,262,131 1,175,067 1,041,239
Released
in the		 year (1,208,393) (1,262,131) (1,175,067) (1,041,239)
Introduced
in the year		 1,210,539 1,208,393 1,136,761 1,175,067
Deferred income carried forward 1,210,539 1,208,393 1,136,761 1,175,067
Rent and service charge is invoiced in advance. Rental income which relates to a rental period after the year end is deferred and recognised in that future
Creditors: Amounts falling due after more than one year
Group		 Company
2022 2021 2022 2021
f f f f
Private placement loan notes 25,000,000 25,000,000 25,000,000 25,000,000

Group 2022
Endowment Restricted Unrestricted Total
f f f f
Investments 82,444,000 3,892,041 14,640,346 100,976,387
Fixed Assets 324,094 324,094
Net current assets 13,085,000 767,455 11,275,578 25,128,033
Bank Loans (17,339,940) (7,660,060) (25,000,000)
Transfers 318,557 1,460,027 (1,778,584) 0
Net Assets 78,507,617 6,119,523 16,801,374 101,428,514
Funds brought
forward		 Income Expenditure Transfer Gains/ Losses Funds carried
forwards
f f f
Peter Baker Fund 4,971,248 217,688 (205,612) 4,983,324
Abbeyfield (Newbury) Society Fund 744,682 4,062 748,744
Coronavirus Emergency Appeal Fund 155,271 18,406 (101,068) (72,609)
Laptops for learning Appeal Fund 152,460 2,700 (155,160)
Surviving to Thriving Mental Health Fund 183,757 65,400 (218,043) 50,400 81,514
25th Anniversary Appeal Fund 250,000 250,000
Help Welcome Ukrainians to West Berkshire 25,000 25,000
Help Welcome Afghan refugess to West Berksl 26,137 (33,604) 25,000 17,533
West Berkshire Physical Activity Fund 36,000 (22,592) 13,408
Total restricted funds 6,207,418 370,393 (580,919) 122,631 6,119,523
Endowment 73,537,615 4,970,002 78,507,617
Unrestricted 15,839,159 10,174,269 (9,089,423) (122,631) 16,801,374
Total Funds 95,584,192 10,544,662 (9,670,342) 4,970,002 101,428,514
Funds Analysis continued Company 2022
Endowment Restricted Unrestricted Total
f f f f
Investments 82,444,000 3,892,041 12,686,010 99,022,051
Fixed Assets 87,886 87,886
Net current assets 13,085,000 767,456 8,975,547 22,828,003
Bank Loans (17,339,939) (7,660,061) (25,000,000)
Transfers (3,354,667) 1,460,026 1,894,641
Net Assets 74,834,394 6,119,523 15,984,023 96,937,940
Funds brought
forward		 Income Expenditure Transfer Gains/ Losses Funds carried
forwards
f f f
Peter Baker Fund 4,971,248 217,688 (205,612) 4,983,324
Abbeyfield (Newbury) Society Fund 744,682 4,062 748,744
Coronavirus Emergency Appeal Fund 155,271 18,406 (101,068) (72,609)
Laptops for learning Appeal Fund 152,460 2,700 (155,160)
Surviving to Thriving Mental Health Fund 183,757 65,400 (218,043) 50,400 81,514
25th Anniversary Appeal Fund 250,000 250,000
Help Welcome Ukrainians to West Berkshire 25,000 25,000
Help Welcome Afghan refugess to West Berksl 26,137 (33,604) 25,000 17,533
West Berkshire Physical Activity Fund 36,000 (22,592) 13,408
Total restricted funds 6,207,418 370,393 (580,919) 122,631 6,119,523
Endowment 70,033,708 4,800,686 74,834,394
Unrestricted 15,602,342 8,639,716 (8,135,405) (122,631) 15,984,023
Total Funds 91,843,468 9,010,109 (8,716,324) 4,800,686 96,937,940

Lessor co mmitm ents
2022 2021
f
Amounts falling due on Tenant leases in less than 12months 5,475,948 5,471,273
Amounts falling due on Tenant leases in 2to 5years 15,532,234 14,593,891
Amounts falling due on Tenant leases in more than 5years 20,768,185 23,639,227
Total amounts falling due on Tenant leases 41776367 43,704331

Intra-group transactions during the year resulted in the following year end balances;
2022 2021
Amounts
owed by group companies		 f f
The Good Exchange 22,777
Amounts
owed to group companies
Greenham Business Park 151,095 147,311
2022 2021
Amounts
charged to companies		 in the year: f f
Greenham Busines Park 175,440 135,988
Amounts
charged by companies		 in the year:
Greenham Busines Park 2,861,233 2,744,353
2,861,233 2,744,353