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2024-03-31-accounts

The Wordsworth Trust

Trustees’ report and consolidated financial statements

Registered charity number 1066184 Registered company number 03442086 For the year to 31 March 2024

wordsworth GRASMERE

The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated ‘financial statements For the year to 31 March 2024

Contents

Page Number
Trustees’AnnualReport 1
Statementofresponsibilities oftheTrustees ofTheWordsworth Trust in respectofthe Trustees’Annual Annual
Reportand the financial statements 17
Independentauditor’s reportto themembers ofTheWordsworth Trust 18
Consolidated statement offinancial activities (incorporatingincome&expenditure account) 22
Consolidated and companybalance sheets 23
Consolidated statement ofcashflows 24
Notes 25

www.wordsworth.org.uk

The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

Trustees’ Annual Report

The Trustees. are pleased to present their report together with the audited consolidated financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Companies Act 2006, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable-to charities preparing their accounts in. accordance with the Financial Reporting Standard applicable inthe UK and:Republic of Ireland FRS 102.

The Wordsworth Trust is registered with the Charity Commission, registration number 1066184, and is a company limited by guarantee, registration number 03442086. The charitable company is governed by its Memorandum and Articles of Association. The Trust was incorporated on. 30 September 1997 and the registered address is Dove Cottage, Grasmere, Cumbria, LA22 9SH. The Trustees’ Annual: Report also contains the information required under the Companies Act 2006 for a. Directors’ Report. The Trust is honoured to have as Royal Patron, His. Majesty The King. The Honorary President of the Trust during the year was The Rt Hon Lord Smith of Finsbury PC. Chair Professor Sir Drummond Bone Hon. Treasurer Gesa Blackmore AGA, CPA The Robert Woof Director Michael McGregor Company Secretary Philip Stone Trustees who served during theyear Professor Sir Drummond Bone Professor Simon Bainbridge Ms Gesa Blackmore ACA, CPA Professor Donna Chambers (appointed 20th July 2023) Dr Amy Concannon Ms Judith Cooke Dr Paul Davies Dr Anna Fleming Mr David Heal Mr Jonathan Johnson OBE (appointed 20th July 2023) Professor David McKitterick Ms Lisa Peter Tim Robertson , Ms Anne Young :

The Trustees are the members of the charitable company and act as Directors for the purposes of company law. In the event ofthe charitable company being wound up, the guarantee of eachmember is limited to £1.

In accordance with the Articles of Association trustees retire and, if eligible, will offer themself for re-appointment at the forthcoming Annual Retirement Meeting. There are no trustees retiring this year.

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The Wordsworth Trust Registered company number 03442086, tegistered charity number 1066184 Trustees’ report and ‘consolidated financial statements For the year ended 31 March 2024

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Trustees’ annual report (continued)

Objectives and Activities

The Wordsworth Trust has been keeping Wordsworth’s memory alive at Dove Cottage since it was founded over 130 years ago. =

During this time, the Wordsworth Trust has acquired many of the other historic buildings that neighbour Dove Cottage, secured the great majority of Wordsworth’s manuscripts, established an archive, library and fine art collection dedicated to Romanticism and the cultural history of the Lake District, and created the Jerwood Centre, a conservation and research centre, so that these holdings can remain at Dove Cottage, one of the world’s most important literary sites. oe

The Wordsworth Trust’s purposes are set’ out in its Memorandum and Articles. of Association, and can be summarised as:

  1. to provide a living memorial to William Wordsworth and his contemporaries by looking after Dove Cottage and its environs, and by preserving and developing a — permanent collection; and : :

  2. to advance public knowledge and enjoyment of the works of Wordsworth and the literature and culture of the Romantic period (c.1770-1850) through a wide range of public activities.

The Wordsworth Trust’s aims are the same in their intent as these purposes. They provide publictherebybenefit meet thethroughdefinitionthe advancementof ‘charitable purposes’of education,in theheritage,2011 Charitiesculture Act.and the arts, and.

Wordsworth wrote poetry ‘to console the afflicted; to add sunshine to daylight by making the happy happier; to teach the young and the gracious of every age to see, to think and feel’. Our activities are inspired by this vision: of a world in which anyone, anywhere, can enrich their life through Wordsworth’s ideas and philosophy, regardless of means or background. In carrying them out, we have therefore taken due regard of the Charity Commission’s public benefit guidance.

Our activities, and the criteria that we use to measure their success, are reported in detail under ‘Achievements and Performance’. While certain activities are aimed at.[specific] beneficiary groups, most are open to anyone; they take place all year round, some are free of charge and in some instances, charges are waived for people with limited financial means.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees” report and consolidated financial statements For the year ended 31 March 2024

Our Public Impact in Numbers

12 months to 12 months to Variance
31. March 2024 31 March. 2023
General visits toWordsworth Grasmere 27,708 25,492
Participation in activities for young people in .
formal education (counted in student-days)
Secondary, primaryand pre-school 6,327 4,883 30%
Highereducation - shortcourses 352 457. -23%
Highereducation - other 13 194 -93%
Teacher development opportunities 10. 33 -70%
Total 6,702 5,567 20%
Participation ininformallearningactivities —
Activities aimed atelderly /vulnerable adults 1,104 638 73%
Activities aimed at young people (excluding
family activities} 43 : 313 ~86%
Events and.activities for families! 2,390 2,055 14%
Activities for general audiences 939 802 17%
Talks, poetry readings and other events o
(excluding family events) #! 5)401 2,233 : 142%
Total 9,837 6,041 63%
Participationindigital activities , a .
Formal education 267 43 521%
Informal learningi 741 1,320
Website (unique views) 163,328 180,917 ~10%
Views of videos on. YouTube channel tii 60,813 81,057. 4. -25%
Social media followers (asof31March2023) 60,516 57,514 5%
Total 285,665 320,851 : -11%
Research visits (counted in research-days) 242
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Publications
New titles published inyear 2 4 -50%
Publication sales 2,741 2,868 “4%.
Participants in vocational training (starting in
year) iii 17 89%
Volunteersiv 43 2 207%

i Includes 421 family members taking part in self-guided activities at Wordsworth Grasmere. These are therefore also included in the figure of 27,708 general visits. i Attendances’at digital events might be understated because it is only possible to count devices logged. in, not the number of people using each device, lit Excludes work experience placements. 'v People who did voluntéer work on a regular basis and / or for a sustained period of time.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

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Achievements and Performance

1. Overview of progress against strategy

. . 2023/24 proved to be another challenging year for the Wordsworth Trust, and for the — cultural sector as a whole, with income stagnatingand costs increasing. Visitor numbers to Wordsworth Grasmere increased by 9%, but remained well.below pre-pandemic levels. International visitors continued to be slow to return and domestic markets were affected by high inflation, leading to an increased cost of living. Controlling costs, including putting a freeze on recruitment, meant that we were unable to adopt our usual 7-day opening for much of the year. More encouragingly, feedback from those who did visit Wordsworth Grasmere continued to be overwhelmingly positive. We were also greatly encouraged by the substantial increase in _ people taking part in our formal and informal learning activities. Clearly, people continue to. find meaning andinspiration in the lives and works of William and Dorothy Wordsworth. . Further endorsement came through us being named Small Visitor Attraction of the Year at the 2023 Cumbria Tourism Awards, and being shortlisted for the Association for Historic Interpretation Awards. _ Three years on from the completion of our ‘Reimagining Wordsworth’ project and faced with multiple challenges, the Trustees recognised the need for a fundamental review of our operating model. Following a successful application to the National Lottery Heritage Fund (principal funder of ‘Reimagining Wordsworth’) we appointed consultants to undertake a full business review, which will be completed in 2024. oe In the meantime, we explored ways to make ourselves more financially sustainable. We _ successfully trialled bespoke, exclusive experiences for high-spending visitors, and wil! look to launch these in 2024. We continued to invest in our estate, with a view to generating more -income to support our charitable activities. We also sought to increase our contributed — income and received a boost in January 2024 with the news that the Arts Council England have asked us to rebid to extend its funding of National Portfolio organisations from 3 to 4... 2, Public benefit ~ a} Measuring our performance performance We monitor monitor our.activities. by beneficiary group, beneficiary group, group, as. shown shown in the the table on page 3. As well as the statistical measures shown here, we talk to here, we talk to we talk to talk to to our beneficiaries beneficiaries ‘and invite their feedback to. ensure that we we are meeting their needs and and aspirations. :

2, Public benefit ~ a} Measuring our performance performance We monitor monitor our.activities. by beneficiary group, beneficiary group, group, as. shown shown in the the table on the statistical measures shown here, we talk to here, we talk to we talk to talk to to our beneficiaries beneficiaries ‘and invite ensure that we we are meeting their needs and and aspirations. ,

b) Wordsworth Grasmere

We continued to welcome visitors to Wordsworth Grasmere, and saw numbers increase for the second year in succession following our re-opening in May 2021..In addition to Dove Cottage, the Museum, the Garden-Orchard and Woodland, visitors enjoyed a varied programme of daily activities, including Live Poetry, Gallery Tours, Behind the Scenes Tours,

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

Sketching, Loose Leaf Poetry and Noticing Nature. Our Make and Play sessions were popular during the summer holidays, as were the Sensory Superhero Packs in our Sensory Garden.

The focus of our exhibitions programme in 2023 was To the Lakes!, which encouraged our 21stcentury visitors to put themselves in the shoes (and the clothes) of the intrepid early tourists. The exhibition was accompanied by a 28-page souvenir booklet, and supplemented by a rich programme of events and activities. Highlights included a sell-out performances of James Plumptre’s 1798 play The Lakers at Theatre by the Lake in Keswick, and a series of walks re-creating important Romantic literary adventures. A specially commissioned film of each walk was shown at the 2023 Kendal Mountain Festival.

Our Community Gallery played host to a range of co-curated displays, including an artistic response to To the Lakes! by members of Equal Arts, commissioned responses to Wordsworth’s Guide to the Lakes by local artists Rema Grace, Finn Beames and Sally Ann Staunton, an interpretation of Charles Fletcher’s manuscript tour of the Lakes by Curating for Change Trainee (and local resident) Will Clark, and a touring exhibitionof the notebooks of the scientist and poet Sir Humphry Davy, a collaboration with the Davy Notebook Project.

Our trainees and interns curated several online exhibitions during the year, with subjects including the poet Susanna Blamire, the significance of Dove Cottage’s Garden-Orchard and a celebration of the long-standing creative partnership between the Wordsworth Trust and the Parkhill Poets of Allerdale COSC, a social and day care centre for adults with physical disabilities.

Wordsworth Grasmere proved to be a popular location for press and media visits. We welcomed TV crews from Dubai and France, the latter for a documentary by French rock climber and mountaineer Catherine Destivelle (who joined one of the above-mentioned literary walks). Sikh Influencer Harjinder Kukreja, who has 4 million followers across social platforms, visited in April. Wordsworth Grasmere also featured in an episode of Matt Baker: Christmas Travels with Mum & Dad which aired on Channel 4 in December.

c) Formal education

In 2023/24 we achieved 6,327 school engagements, a 30% increase on the previous year and the second highest figure in the past 10 years. Engagements were split evenly between primary and secondary level, which is unusual as museums often struggle to engage with secondary school pupils. We also focused on increasing our engagement with schools based in the Levelling Up areas of Barrow-in-Furness and Copeland, with the result that we exceeded our target in these areas by more than 50%. Our after-school Drama Club for children aged 8-11 from Grasmere Primary School continued to go from strength to strength; their work this year culminated in a performance of ‘Sparkles of Light’, based on Wordsworth’s ‘To a Butterfly’ poems.

Participation in our higher education courses was 23% down on 2022/23, reflecting the cyclical nature of this programme. In June we launched our new university short course offer, and during the year welcomed to Wordsworth Grasmere universities and colleges from the UK and North America. We also delivered a livestreamed workshop for college students in Kolkata. For many, the experience was profound. One professor commented: ‘Every student without exception, I believe, was transformed by the weekend.’

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The. Wordsworth Trust Registered company number 03442086, registered charity number 1066184 : Trustees’ repoit atid consolidated financial statements For the year ended 31 March 2024

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d) Informal learning.

Participation in our informal activities increased significantly this year. In part this was due to our focused efforts in the Morecambe Bay area. Regular groups have been established in Morecambe and Barrow and we collaborated with The Well (based in Barrow) to welcome to Grasmere a group of men recovering from narcotic or alcohol addiction. The centre head wrote: ‘The men.came back literally “buzzing” with excitement and enthusiasm for the time they had experienced with you’. At the 2023 Morecambe Poetry Festival, 12 of our young writers were included in the Festival anthology.

Informal learning encompasses a broad range of activity, led by freelance writers and artists as well as our own.team. Much of it is targeted at people with particular needs, for example those. living. with. or. caring for someone with dementia, people with long-term health conditions, those in remote rural communities, refugees and asylum seekers. Working in partnership is fundamental to the success of these activities, and our collaborators during the year included Cumbria Wildlife Trust, Artworks-Art4All, Women’s Community Matters and Glenthorne Quaker Centre. In September we welcomed staff of the Liverpool-based Beacon Counselling Trust for a two-day workshop. The Beacon Trust supports over 3,000 people a year in north west England in the areas of suicide bereavement and gambling addiction. Feedback was overwhelmingly positive: ‘For us the whole day was perfect anda very therapeutic and valuable part of the aftercare we are receiving’. - One of our most successful collaborations of 2022/23 was Refuge from the Ravens - Wordsworth rewritten by homeless Britain, a project originated by Zwiebelfish CIC. We were delighted to see this given.a new lease of life in the formof an exhibition at the Houses of Parliament in May. This was made possible by Tim Farron, MP for Westmorland and Lonsdale, who sponsored the exhibition and hosted a.reception.

Our regular activities in communities across Cumbria included ‘Tales from the Tea Room’ - ‘one of the cultural highlights of our moveto North Cumbria’ - ‘What are Words Worth?’ ‘Writing for Pleasure’ and ‘Living Letters’. We continued to support writers’ groups in Shap and Allhallows.

e) Families and young people.

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We were pleased to see attendanceatactivities for families increase by 14%, a reflection of our efforts to make Wordsworth Grasmere a family-friendly destination. Our ever-popular Twilight Tales sessions sold out, as did our Georgian Christmas Family Workshop, with wreath making, clog dancing, pomander making and poetry writing. Looking beyond Grasmere, we. visited many Cumbrian libraries. over the course of the year, with our ‘Rucksack of Rhymes’, ‘Busy Bees’ and ‘Welcoming Spring’ sessions for young children proving extremely popular.

The Dove Cottage Young Poets, a group of 14-21-year-olds, mentored by published poet Katie Hale,.visited Wordsworth Grasmere and wrote poems that respond to our collection. A film of the poets reading their work will feature in the Museum. Two of the poets were also invited to perform with the Brewery Poets in Kendal. |

Poets from Untrodden Ways, our school students’ poetry group based in Barrow, also visited Wordsworth Grasmere and participated in a creative writing workshop.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

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f) Events

2023/4 sawa significant increase in attendance at talks, workshops and other events, with numbers more than doubling to 5,400. At Wordsworth Grasmere, we hosted a 3-day wood engraving course led by leading experts Chris Daunt and Carole Thirlaway, and a Poetry & Paint Weekend run by artist Alison Critchlow. Our monthly Romanticism talks covered an impressive range of topics and included collaborations with the British Association of Romantic Studies (exploring the life and work of Humphry Davy) and the University ofDerby (examining the relationship between trees, tourism, and biodiversity in the Lake District in the early 19 century).

In partnership with Grasmere Village Hall, we hosted two events during the year: ‘The Dreamtime Fellrunner’, a theatrical performance by poet and fellrunner Julie Carter, anda launch event (with Granta Books) for All Before Me: A Search for Belonging in Wordsworth’s Lake District by our former Education Manager Esther Rutter. Beyond Grasmere our annual Wordsworth Lecture at the British Library — the first since the pandemic - attracted 155 people for a discussion and celebration of ‘Coleridge at 250’.

g) Contemporary Poetry

Poet Laureate Simon Armitage returned to Grasmere in September for his annual, sell-out poetry reading, attracting 182 guests. Through our continuing association with the Michael Marks Awards for Poetry Pamphlets we partnered on the Environmental Poet of the Year _ Award, Linda France, the 2022 winner, gave a writing workshop and poetry reading, and we published the winning pamphlet for 2023, A Thousand Miles from the Sea by Jane Burn.

‘Go to the Poets’, our bi-monthly series of contemporary readings and open mic events, featured Liz Berry, Rachel Long, Nick Makoha, Amy Acre, Victoria Kennefick and Gillian Clarke. After her 2020 residency was postponed due to Covid, Suji Kwock Kim finally joined us as Poet in Residence in June, reading, writing, researching and running workshops. In March we once again hosted the annual Poetry Business Competition Winners’ Reading, featuring Laurie Bolger and Doreen Gurrey.

Our regular poetry groups for adults, Dove Cottage Poets and Discover Poetry, continued to run monthly. Dove Cottage Poets also featured in the exhibition Dredged by artist Jocelyn McGregor at Windermere Jetty Museum. Their accompanying pamphlet, Voices of Windermere, was launched at Wordsworth Grasmere.

h) New media

Our social media presence continued to grow, with a 5% increase in followers. However, digital engagement overall declined by 11%, as many more people engaged in person with our informal learning activities.

h) Other performance measures : Continuing our journey to becoming a more diverse and inclusive organisation, our senior managementMuseum Consortium team begandeliveredparticipatingby Anti inRacistan anti-racismCumbria. programme for the Cumbria |

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report-and consolidated financial statements For the year ended 31 March 2024

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In an era of climate change, we are increasingly mindful of our impact on the planet. Actions to reduce the carbon footprint of our buildings are detailed elsewhere. At an individual level, several ofour staff qualified as Carbon Literacy Trainers and ran.a Carbon Literacy Training session for all staff, which resulted in people making individual pledges to reduce their carbon footprint. . , We increased significantly our number of volunteers in 2023/24 and they enriched our work. in many ways: giving costumed poetry readings, tending to Dove Cottage Garden-Orchard, documenting ourcollection, acting (in The Lakers) and supporting guided walks. As a partner in the Cumbria Museum Consortium, we also helped to deliver ‘Helping Hands’ a Cumbriawide project to increase and diversify cultural volunteering that concluded in 2024. . Once again, we benefited from many generous gifts to our collection. 'These included 12 _ superb drawings by the Cumbrian artistJohn ‘Warwick’ Smith, received from an anonymous donor under the Acceptance in Lieu scheme. Nicholas and Cecilia Powell gifted a sketchbook of drawings by Sir George Beaumont in memory of Tony Reavell. Through. Professor Paul Betz we acquired a copy of The Early Letters of William and Dorothy _ Wordsworth annotated by Mary Moorman, biographer of Wordsworth and former Chair of the Wordsworth Trust. The manuscript, ‘Some Observations and Directions in Practice’ (referencing Wordsworth’s father) was the gift of Dr William Zachs. The descendants of Wordsworth’s landlord John Benson donated the Benson / Bore collection of manuscripts, which has beenon loan to the Wordsworth Trust since 1993. Through the continued _ generosity of the W.W. Spooner Charitable Trust, we acquired important drawings by __ David Cox, Edward Dayes, William Green and several other artists. oo We were partners in a project led by Lancaster University, ‘Addressing the Histories and Legacies of Colonialism in Romantic-period Literary House Museums: Dove Cottage and a Beyond’. This explored the ways in which we interpret our collection and the stories that we share with our visitors. | a a. fon EES We were delighted to continue our sponsorship of the Wordsworth Grasmere Prize for wonLiterature by poetandHannahPoetryHodgsonat the 2023for herLakelandcollectionBook163of theDays. Year Awards.. This year’s Prizeae was 3. Acknowledgements _ oe We gratefully acknowledge the support of a great many funding bodies and individuals who care as much as we do about celebrating Wordsworth’s legacy. National Portfolio funding from Arts Council England provides a crucial underpinning for all our activities,and our ongoing strategy for financial resilience is being made possible by the National Lottery Heritage Fund and players of the National Lottery. We thank Westmorland and Furness Council, for supporting usas a Strategic Cultural Partner and through the Rural England Prosperity Fund, and our other two funding partners: Lancaster University and Brigham Young University. The John R. Murray Charitable Trust, the Sir John Fisher Foundation and the Wyfold Charitable Trust have each enabled us to achieve our purposes at a financially challenging time, and Cumbria Local Enterprise Partnership has helped us to explore ways oflooking after our collection in a more environmentally sustainable way. We thank Bill Zachs and Malcolm & Nicole Thorogood for their tremendous support for our work; and we thank our Patrons, our Friends and our many other supporters, including all those who responded to our Big Give Arts for Impact appeal in March and made it so successful.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended. 31 March 2024

Future Plans

Following completion of the business review, we will create a new vision for the Wordsworth Trust and implementa plan to ensure our future sustainability. The extension of Arts Council National Portfolio funding to 2027 offers us the security to sustain programmes that fulfil Wordsworth’s wish for his own poetry - that it ‘live and do good’. Increasingly, our work will focus on ways in which being creative and engaging with nature can enhance people's wellbeing. . Wordsworth was also arguably the first environmental poet. Mindful of our responsibility to the environment we will continue to improve the energy efficiency of our estate and will programme events and activities that promote environmental awareness and individual responsibility. ,

Specific activities for 2024/25 include:

Financial Review

1. Summary

The net (expenditure) /income for the year, including investment gains and losses, was £(32,000) (2022-23: £1,122,000 net expenditure).

Income from admission for the year was £360,000 (2022-23 £295,000). This is a significant improvement but does not reach the levels estimated during the Reimagining Wordsworth project. Covid, cost of living and possibly the fall in foreign visitors have contributed to the disappointing levels.

During 2023/24, we have seen improvements in investment income and an increase in property valuations.

The salary costs for the year amounted to £862,000 (2022-23 £949,000) showing a fall in costs despite pressure from wage inflation and helped by a recruitment freeze.

All cost headings have been under scrutiny and fortunately we had fixed or low inflation contracts on utilities and insurance costs.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report-and: consolidated financial statements. For the year ended 31 March 2024

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The National Portfolio Organisation grant we receive from Arts Council England as part of the Cumbria Museum Consortium was renewed with effect from 1 April 2018 for four years and was then extended to 31 March 2023 as part of the Arts Council’s Covid recovery measures. Following a rigorous application process we were delighted to have been awarded a further National Portfolio Organisation grant which will run to 31st March 2026.

The performance of the trading subsidiary Dove Cottage Promotions Ltd (DCP) .has improved but it is still being impacted by the difficult trading conditions. There is no doubt that discretionary spend is low and is being influenced bythe cost of living crisis. . . Increases in admissions have clearly had a positive influence on the performance of the Café and Shop.

Consequently, Dove Cottage Promotions Ltd lost £16,000 in the year compared:to a profit-of £37,000: in 2022-23. The 2022-23 accounts included a write-off of an underlying company balance and.the trading loss was £33,000.

2. Investments

We own several properties in Town End, Grasmere (in the vicinity of Dove Cottage) as investment assets with the rental income being an important source of revenue. Capital appreciation on the properties helps sustain our long-term financial security. The properties are let to a mix of our staff and third parties and rents are assessed against market rates. One property is a.guest house and is let on a commercial lease. Rental income for the year was £85,000 (2022-23: £90,000). : A review of the properties will result in-an expected. increase in revenue in. 2024-25. with external renters being advertised and pursued. A revaluation of the investment properties was performed during summer 2024 resulting in an adjustment to increase the fair value of the properties by £118,000. The Trustees accepted this valuation as reflecting the current market but were aware that a change in the economic climate could result in a reduction in these valuations. a We have four discrete investment funds which are managed by Cazenove Capital Management (the wealth management arm of Schroder plc): the Development Fund, the RS Woof Memorial Fund, which permanently endows the post of the Robert Woof Director, and the Catalyst Endowment.. Fund, which is held in the balance sheet under cash at bank. A fourth fund has been added to the portfolio forthe donation from the John R. Murray Charitable Trust. There are no ethical © restrictions on any of the funds under management, but we have agreed the following statement on environmental, social and governance issues in investing. © a “The Wordsworth Trust recognises the importance of responsible investing and also that environmental, social and governance (ESG) issues can have substantial investment implications. The Trust requires its Investment Managers to have adopted a Responsible Investment policy, such as the United Nations Principles for Responsible Investment (UNPRI) and the UK Stewardship Code. The Trust also expects that, wherever possible, managers of third-party funds consider ESG issues to be an integral part of the investment process and that its own investment managers encourage managers of third party funds in this endeavour.” : Po

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The Development Fund comprises both a permanent endowment and a designated element. Due to the restrictions placed upon the entire Development Fund by the donor of the endowment element, both components of the fund must be treated as permanent endowment. The fund overall is invested on a total return basis and the. managers have investment discretion to meet a target total return of CPI1+2%. ,

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

Trustees plan to allocate at least £50,000 p.a. on a regular basis in order to aid planning within the organisation. The Trustees have the right to take up to 5% to help cash flow in difficult trading conditions, this option was taken. During the year we drew down £87,890. The Catalyst Endowment Fund is invested with a prudent approach to risk, to maximise income consistent with maintaining the real value of the capital. There has been a slight shift in this approach since 2020-21 towards increasing the capital value. It has a higher requirement for income than the Development Fund being set at 3.5%.

The purpose of the RS Woof Memorial Fund is to endow the position of the Robert Woof Director. To this end the objective of the fund is to maximise income while maintaining the capital value. The Property Improvement Fund was created following a donation from the John R Murray Charitable Trust. The purpose ofthe fund was for urgent property maintenance. The balance was to be used supporting reserves. Due to the difficult trading performance the Trustees agreed to redesignate the fund, reducing the fund from £700,000[to][ £450,000.][At][the][end][of][2023-24][only] £393,000 of[this][fund][remains.][£102,643][has][ been][spent][ on][ property][ from][ the][original][fund.]

Although the capital value of the investments decreased over the year all our fixed asset investments are managed for the longer term and Trustees remain confident that although the short-term outlook is still uncertain the long-term outlook remains favourable. There have been some small increases in values since the end of March.

Following a competitive tender in line with our investment policy our Trustees appointed new investment managers from June 2024, details of which are:

CCLA One Angel Lane London EC4R 3AB

3, Reserves

We maintain reserves to enable us to fulfil our charitable remit by providing for business continuity, security for our collection, and the maintenance of our properties in circumstances where our revenue requirements may not be covered by short-term income. The reserves are managed to offer the best return for the charity while remaining relatively liquid to meet our needs. The Trustees periodically review their reserves policy as part of the risk management process, and they have identified several main reasons for holding reserves:

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The Wordsworth Trust Registered. company number 03442086, registered charity number 1066184 Trustees’ report-and consolidated financial statements For the year ended 31 March 2024

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The level.of reserves therefore varies.depending on the specific circumstances and cannot be expressed as an exact figure. However, after taking all of these factors into consideration the’Trustees believe a free reserve (funds not tied to fixed assets, designatedor restricted funds) of relatively liquid assets equivalent to the external income required to fund between three and six months’ budgeted-expenditure is:appropriate. Atthe end of the year our total funds are £2 1,199,000. Of this £2,963,000 are endowment funds and £6,751,000 are restricted funds which are not available for the general purposesof the charity. The Designated Development Fund of £1,058,000 must be treated as permanent endowment under the terms of the Endowment Development Fund as described in note 17 to the accounts. Of the other four designated funds, the.Collection Assets Fund of £3,964,000, represents our heritage assets and cannot be realised without the sale of the collection. The designated Warren Collection Fund of £59,000 is held. as cash or near.cash and is available to spend at any time on the acquisition of[heritage] assets and the Property Improvement Fund set up from the donation in 2021-22 from the John R. Murray Charitable Trust amounts to £393,000. Investment properties held in the unrestricted funds totalled a further £5,988,000.: To purchase investment. properties and fixed assets and to provide workingrefinanced capital, Trusteeshad taken out a long-term interest-only loan of £1,000,000. This loan was in January 2020 to a repayment loan with a termof five years and a repayment profile of 15 years, The amount outstanding at 31st March 2024 was £815,820 (31% March 2023: £889,428)... | 4. Fundraising The activities reported-here are only achieved with the generous financial support of others, and fundraising is an ongoing activity. We currently employ 1.4 FTE fundraising staff members,and our fundraising costs also reflect the Director's involvement in the effort. Trustees.FundraisingRevenueactivityfundraisingis co-ordinatedis overseen by the byDevelopment the Trustees’Manager,Fundraising who reportsCommittee,quarterlyto whichto the _ - _ Development Manager also reports quarterly.

We are registered with the Fundraising Regulator, and we give due consideration to its codes of practice, including the general principles of fairness, respect and being sensitive to the needs of people who may be in vulnerable circumstances. We explain how we take ethical considerations into account when soliciting and accepting donations in our Donations Policy. This is published on our website along with our Feedback Policy, which explains how we would respond to any complaints about our fundraising. We did not.receive any such complaints during the year. We engaged the services of a fundraising strategy consultant towards the end of the year. The consultant's work does not involve applying for, or appealing for donations on our behalf, and no fees were incurred during the year. _

STRUCTURE, GOVERNANCE AND MANAGEMENT. | 1. Board of Trustees . . . The Board of Trustees is responsible for our overall management ‘and ‘strategic direction and comprises between 5 and 15 members. Board members come from a range of backgrounds including Wordsworth and Romantic scholars, museum professionals, educationalists and business people. In January 2019 the Board reviewed and then adopted the updated Articlesof Association. When filling vacancies, the Board reviews its existing skills to ensure it can draw on a range of relevant experience in fulfilling its obligations. It also seeks to ensure that the Board reflects the diversity of our beneficiaries. Trustees are appointed by the Board, and candidates are subject to a vetting process to verify their suitability as a charity trustee. We advertise to recruit new Trustees

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The Wordsworth Trust Registered compariy number 03442086, registered charity number 1066184 Trustees’ report:and consolidated financial statements For the year ended 31 March 2024

with appropriate qualifications, backgrounds and experience. Candidates are shortlisted and interviewed by the Nominations Committee, which makes recommendations to. the Board as a whole.

On appointment, Trustees complete a register of interests and undertake an induction programme that includes familiarisation with our purposes and operation, our strategies and objectives. They receive copies of our main documents including financial statements and business plan and meet senior employees and other staff. There is ad hoc training for Trustees after appointment. There are job descriptions for the position of Trustee and the posts of Chair and Honorary Treasurer.

Each Trustee retires from office at the third Annual Retirement Meeting following the commencement of their term of office. Retiring Trustees may be reappointed but those appointed before 1s‘ April 2019 can serve for no more than twelve continuous years and those appointed on or after 1st April 2019 can serve for no more than nine continuous years. The Trustees have no interest in the Trust’s surplus or assets, receive no remuneration and must comply with the Trust’s Conflict of Interest Policy.

To assist in the performance of its role, the Board has established several standing committees. Individual Trustees serve on a number of committees which consider specific matters in greater detail and make recommendations on those matters to the Board as a whole. The Board has reviewed its committee structure in July 2022 and agreed the following:

Two Trustees along with the Robert Woof Director form the board of the trading subsidiary, Dove Cottage Promotions Ltd.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and. consolidated financial statements For the year ended 31 March 2024

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Trustees’ annual report (continued) ms Structure, governance and management (continued) . The Board approves the annual plans and budgets against which our performance is assessed. Dayto-day management ofthe Trustis delegated to theRobert Woof Director and the senior management teamstanding(SMT), committeesThe Boardand reportsmet fourfromtimes theduring SMT. 2023-24,to receive and review minutes from the

  1. Senior Management Team . The SMT provides the Board with departmental reports and quarterly management accounts for each meeting. The members of the SMT attend the Board meetings. The[Director][is][responsible][to][the] Board for the financial performance against annual budgets and for the charitable impact of the Trust. The SMT are the Key Management Personnel for the Trust. —

Salaries for the SMT members are reviewed annually, usually at the same time as all other staff. As with all positions at the Trust SMT salaries are on occasion benchmarked against salaries in comparable organisations. oe

During the year to 31 March 2024 the SMT comprised: The Robert Woof Director Michael McGregor Principal Curator and Head of Learning Jeff Cowton MBE : - Development Manager Mark Bains: «= Finance and Operations Director Philip:Stone Head of Visitor Experience Stephanie Byast . . _ :

3. Risk Management

The Trustees keep the major risks to which the charity is exposed under review and seekto mitigate against those risks which could, if they occur, have a‘severe impact on our-ability to achieve our strategic targets. Where appropriate, insurance has been taken out. Despite this, Trustees are aware that any system of control can provide only reasonable and not absolute assurance against material loss or misstatement... . . _

In the opinion of the Trustees, we have established resources and review systems, which under normal conditions should allow these risks to be mitigated to an acceptable level in day-to-day operations. The Trustees have identified the following as being the main risks to which the charity is exposed: : : .

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees” report and consolidated financial statements For the year ended.31 March 2024

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Trustees’ annual report (continued) Structure, governance and management (continued)

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Financial|Adequacy|of|cash|reserves|in|the|||Tight.cost-contrel|and|careful reviewof|cash|flow|budgets,|with.a| |current|economic|downturn|and ||decision|to|sell|a|property|and|pay|off|a|long-term|loan,| |slow|recovery|after|COVID,|and|re-||. significantly|helping cash|flow pressure.| |branding| |numbers.|offer attractive.and|relevant.| |Funding|The|loss|of|support|from|a|major|| Communication with|grant giving bodies.| |funding|agreement|on|expiry,|in|| Monitoring|to|ensure|delivery|on|existing|funding|agreements,| |particular|the|National|Portfolio|||achieving|targetsand outcomes.| |Organisation|grant|from|the|Arts|| Adequate|preparation|and|resource|to.|ensure|detailed|and| |Council|which|runs|to|31st|March|||imaginative bids are|developed.| |2026,|Development of fundraising|strategy.| |raising|activity.|Adherence|to-establishéd|codes:of|practice.| |Governance|Failure|to|follow|good|governance|| Nominations|Committee.| |practice.|Trustee|induction and|identification|of training|needs.| |Conflict|of interest|policy.| |Approved|strategy,|operating plan|and annual budgets.| |Job-descriptions.| |Health|and|||Failure|to|comply|with|Health|&|||Regular review of Health|and|Safety|Policies.| |Safety|Safety|and|safeguarding|||Review-of Safeguarding|Policy-and|training|for-all.staff.| |obligations.|Review:|of all incidents by|Management|Committee...| |Insurance| |Operational|Major|damage|or|déstruction|of ||Intruder|and.|fire|alarm.|systems|were|improved|as|part|of| |Dove|Cottage.|Reimagining Wordsworth|project.| |Improvements|have|been|made|to|the|stability|of|Dove|Cottage| |including|a|reduction.in|risk|from|water|damage,|a|new|heating| |system|and|roof|and|general|repairs|to|the|fabric:of|the|building,| |Operational|Theft|of,|environmental|or ||Collection|stored|in|locations|with|BMS|to|BS5454|and| |accidental|damage|to|collection|||Government|Indemnity|Scheme|standards|built|into’|the|new| |assets|or|damage|as|a|result|of|| museum.| |repeated|use.|Monitoring|of|[statutory]|[regulations.]| |Insurance.| |Financial|Poor|financial|management|and/or ||Policies-codified|in|the|Financial|Control!|Manual.| |control|or breach|offinancial|trust.|||Insurance.| |Pre-employment|checks.| |Trustee|reporting|and.audit.| |Personnel|Inability|to|retain|and|recruit|key|||Review salary and benefit packages,| |staff,|Staff appraisal|system.| |Provide|a|comfortable|working|environment|with|a|positive| |organisational|culture.| |Offer|of accommodation|for|staff.| |Regulatory|Failure|to|comply|with|external|| Monitor regulations|and|changes|to them.| |regulations.|Staff training.| |Collection|management policies.| |Insurance|cover.| |Cyber Security|||Protect|the|devices we|use,|and|the ||Full|review has|taken place|this year with|our computer software| |services|we|access|from|theft|or ||provider, with|changes|to a number of procedures.| |damage.|Prevent|unauthorised|||A Cyber|Essentials|audit|is planned.| |access|to|the|information|we|store.|||Cyber|Insurance|is now in|place.|

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

Trustees’ annual report (continued)

Structure, governance and management (continued)

5. Principal advisors

Principal solicitors: Bates Wells 10 Queen Street Place London EC4R 1BE

Principal bankers: Barclays Bank plc Leicester LE87 2BB

Investment advisors: Cazenove Capital (until April 2024) 1 London Wall Place London EC2Y 5AU

Registered auditor: RSM UK Audit LLP Bluebell House Brian Johnson Way Preston PR2 5PE

DISCLOSURE OF INFORMATION TO AUDITOR

The Trustees who held office at the date of approval of this Trustees’ report confirm that, so far as they are each aware, there is no relevant audit information of which the Company’s auditor is unaware; and each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

AUDITOR

RSM UK Audit LLP have indicated their willingness to be appointed for another term and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

By order of the board.

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U bye.
Professor Sir Drummond Bone
Chair of Trustees
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19 October 2024
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Registered company number 03442086 Registered charity number 1066184

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

Statement of responsibilities of the Trustees of The Wordsworth Trust in respect of the Trustees’ Annual Report and the financial statements

The Trustees (who are also directors of The Wordsworth Trust for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 the group and of the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to the auditors

By order ofth aa i Professor SirYrummond ne Chair of Trustees

19 October 2024

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustées” report and: consolidated financial statements oe ; For the: year.ended 31 March 2024

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; : — oe INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE WORDSWORTH TRUST Opinion © . Weand have audited the financial statementsof The Wordsworth Trust (the ‘parent charitable company’)

its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the consolidated statement of financial activities, the consolidated and charity balance sheets, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable inthe UK and Republic ofIreland” (United Kingdom Generally Accepted Accounting Practice).

Conclusions relating to: going concern:

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In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis ofaccounting in thepreparation of the financial statementsis appropriate... Based on the work we have performed, we have notidentified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of. at least twelve months from when the financial statements are authorised for[issue.] Our-responsibilities and the responsibilities.of the trustees with respect'to going concern.are.described in the relevant sections of this report. _

Other information : 2 Me ee : : The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is. materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives www.wordsworth.org-uk 18

The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

}

rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us'to-report.to you if,in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 19, the trustees for(who are also the directors of the charitable company for the purposesof company law) are responsible the preparation of the financial statements and for being satisfied that they give atrue and fair view, and for such internal control as the trustees determine is necessary to enable the preparation offinancial statements that are free from material misstatement, whether due ‘to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and 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 or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements.as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in www.wordsworth-org.uk , 19

The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report andconsolidated financial statements | For the year ended 31 March 2024 | material misstatement when misstatement when when it exists. exists. Misstatements can arise } individually or in the aggregate, they could reasonably be | taken on the basis of these these financial statements. |

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accordance. with ISAs (UK) will always detect a material misstatement when misstatement when when it exists. 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 these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination: of material..amounts: and disclosures in. the financial statements, to perform audit procedures to help identify instances.of non-compliance with other laws and regulations that may have a» material effect on. the. financial statements, and.,.to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. , In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement. of the financial statements due to fraud, to obtain sufficient appropriate audit evidence _ regarding the assessed risks ofmaterial misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud . audit. or suspected fraud identified during the However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and forthe prevention and detection of fraud. .

e discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact. on the financial statements are FRS 102,.Charities SORP.(FRS.102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents. :

The group audit engagement team identified the risk of management override of controls and revenue cut off as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationalein relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgements and estimates. Our testing in respect of revenue.cut off included substantive tests ofdetail.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and-consolidated financial statements For the year ended 31 March 2024

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. _ This

description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might'state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

KAREN MUSGRAVE (Senior Statutory Auditor) For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants Bluebell House Brian Johnson Way Preston PR2 5PE

Date (lag.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

:

Consolidated statement of financial activities (incorporating income & expenditure account)

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |for the|year ended 31|March 2024|:|:| |Unrestricted funds|Endowment funds|Total|Total| |Unrestricted|Designated.|Development.|ce|Other|Restricted|2023-24|2022-23| |funds|Development|Fund|Endowment|funds| |Fund|Funds| |Notes|£000|£000|£000|£000|£000|£000|£000| |Income.and|endowments|from:| |Donations and legacies|3|171|1|-|-|495|667|603| |Charitable|activities:|ae|-| |Admission|fees|and:sales..|4|411|-|.|.|:|411.||331| |Other trading activities|;| |Bookand|gift|shop|sales”|:|5|180|+|-|-|2|180|170| |Investments|:|a)|112|16.|46|36|-|210|189| |Other|20|-|-|-|-|20|69| |Total income|894.|Ah|46|36.|495.|1,488|1,362| |Expenditure:on:| |Raising|funds| |Fundraising-costs|181|.|.|7|-|188|161| |Book and|gift'shop|costs|196|-|-|-|-|196|196| |Investment management costs|2|10|6|-|18|20| |Management costs ofthe|letestate|93|:|-|-|»|93.)|90| |Charitable|activities:|.| |Custodianship|337|:|-|2|56|395|408| |Access.and learning|511|-|-|2|522|1,035|1,059| |Total-expenditure|7|1,318|2|10|17|578|1925|1,934| |(424)|15|36|19|(83)|(437)...|(572)| |Net (losses)/gains on investments|298|39|56|14|*|407.|(550)| |Net: (expenditure)/income|(126)|54|92|33|(83)|;|(30)|(L122)| |Transfers between|funds|8|(211)|21|36|21|133|-|-| |Net movements in funds|(337)|75|128|54|50|~——~—«(80)—St~«é«(4|22| |Reconciliation of funds:|—.—|——|—|ee|——| |Total|funds|bf'at‘1 April 2023|10,724|983|1,708|1,073|6,741|21,229|22,351| |Total funds cfat31 March 2024|10;387|1,058|1,836|1,127|6,791|21,199|21,229|

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The notes on pages 25 to 47 form a part of these financial statements.

The net income and resulting net movement in funds arise from continuing operations.

The charitable company has no recognised gains or losses other than the net movement of‘funds for the period.

There is no material difference between the reported results and the historical results of the charitable company.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

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Balance Sheet
at 31 March 2024
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Notes Group Charitablecompany company
31 March 31 March 31 March 31 March
2024 2023 2024 2023
£000 £000 £000 £000
Fixed assets
Tangible assets 9 7,615 7,845 7,611 7,844
Heritage assets 10 3,964 3,836 3,964 3,836
Investmentproperty 11 5,988 5,870 5,988 5,870
Investments 12 4,417 4,299 4,432 4,314
Total fixed assets 21,984 21,850 21,995 21,864
Currentassets
Stocks 13 32 39 - -
Debtors 14 108 70 245 217
Cash at bankand in hand 49 283 36 247
Total current assets 189 392 281 464
Creditors:Amounts fallingdue within oneyear 15: (233) (197) (226) (190)
Netcurrentassets (44) 195 55 274
Total assets less current liabilities 21,940 22,045 22,050 22,138
Creditors:Amounts fallingdueaftermorethan oneyear 16 (741) (816) (741) (816)
Total netassets 21,199 21,229 21,309 215322
The fundsofthe charity
Undesignated funds:
Generalfunds ity 658 990 768 1,083
Revaluation reserve 17 5,313 5,195 5,313 5,195
5,971 6,185 6,081 6,278
Designated funds:
Warren Collection Fund iW, 59 59 59 59
Collection Assets Fund 17 3,964 3,836 3,964 3,836
Designated DevelopmentFund Te 1,058 983 1,058 983
Designated Property Improvement Fund LT: 393 644 393 644
Total unrestricted funds 11,445 11,707 11,555 11,800
Restricted funds: 17 6,791 6,741 6,791 6,741
Endowment funds:
EndowmentDevelopmentFund Le 1,836 1,708 1,836 1,708
RS Woof Memorial Fund 17 254 251 254 251
CatalystEndowmentFund 17 873 822 873 822
Totalcharityfunds 21,199 21,229 21,309 21,322

As permitted by s408 of the Companies Act 2006, the charitable company has not presented its own statement of financial activities and related notes as it prepares group accounts. The charitable company has made a deficit of £16k in the year to 31 March 2024 (£1,159k deficit in the year to 31 March 2023). These financial statements have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies. Approved by the board ofTrustees on 19 October 2024 and signed on its behalf by: Professor Sir Drummond Bone Chair of Trustees

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: : : Registered company number 03442086 company number 03442086 03442086 Consolidated statement of cash cash flows For the.year the.yearyear to: 31-March 2024 31-March 2024 2024

The: Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements Forthe year ended 31 March 2024

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|||||||| |---|---|---|---|---|---|---| |Registered company number 03442086 company number 03442086 03442086|Registered|charity number|1066184| |Consolidated|statement|of cash cash|flows|.| |For the.year the.yearyear|to: 31-March 2024 31-March 2024 2024|,| |2023-24|2022-23| |£000|£000| |Cash|flows from|operating activities| |Net cash provided|by: operating|activities|(276)|(528)|ous| |Cash flows from investing activities| |Dividends-and|interest:allocated|to|income|125|99|:| |Rents:from investment properties|85|90| |Purchase of fixed:assets|(57)|(41)| |Net transfer to|fixed.asset investments|-|(559)| |Invested:cash used|for management charges|20|(3)| |Proceeds|from|sales:of.assets|-| |Net cash used in investing activities|173|(414)| |Cash|flows from financing activities| |Repayments|of borrowing|(74)|(73)|;| |Interest. payable on loan|(57)|(35)| |Cash used.in|financing activities|(131)|{108}| |Change.in|cash and:cash.equivalents.in:the period:|(234)|(1,050)| |Cash:and cash|equivalents|at start of year|283|1,333|;| |Cash and cash equivalents at end of|year|49|283|S| |Reconciliation of net:income to net-cash|used inoperating activities| |Net (expenditure)|/income|‘|(30)|(1,122)| |Adjustments for:|;|:| |Depreciation|“oat|287|285|“| |Losses/(gains)|on investments|:|:|(286)|230| |Losses/|(Gains)|on revaluation of|investment properties|(118)|320|-| |Dividends and interest|(124)|(99)| |Rent|on:investment properties|(85)|(90).|:| |Interest payable|on|loan|57|35| |Receipts|of endowment|-|-|:| |Investment management costs|18|21| |Decrease(Increase)|instocks|7|(2)| |(Increase)/decrease|in|debtors|(38)|(4)| |Increase/(decrease).in|creditors|36|(33)| |Net cash provided|by|operating activities|(276)|(528)|

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The Wordsworth Trust Registered company number 03442086, registered. charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

Notes (forming part of the financial statements)

1 Accounting policies

The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the group’s financial statements.

Basis ofpreparation

The Wordsworth Trust (the “Trust”) is a registered charity and a company limited by guarantee and incorporated and domiciled in England and Wales.

These group and parent company financial statements have ‘been.prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Trust’s governing document, the Companies Act 2006, the Charities Act 2011 and 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 FRS102. ‘The presentation currency:of these financial statements is sterling.

The parent company is included in the consolidated financial statements and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of certain disclosures for the parent company financial statements.have been applied:

The accounting policies set out below-have;-unless otherwise stated, been.applied consistently to. all periods presented in these financial statements.

The Wordsworth Trust meets the definition ofa public benefit entity under FRS 102.

Measurement convention

The financial statements are prepared on the historical cost basis except for investment property that is stated at fair value.

Basis of consolidation

These consolidated financial statements consolidate the results of the Trust and its wholly owned subsidiary undertaking, Dove Cottage Promotions Limited (registered number 02091130), on a line-byline basis.

These accounts are made up to 31 March 2024 and aré based on the. accounts of the subsidiary undertaking which are coterminous with those of the Trust.

Under Section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own profit and loss account.

In the parent financial statements, investments in:subsidiaries are carried.at. cost less impairment.

Going concern

The Trustees, having reviewed future financial forecasts and considered the difficult trading conditions following the coronavirus pandemic and the current cost-of living crisis and the impact of these on the Trust, have a reasonable expectation that the Trust, supported by secured funding, has. adequate resources to continue in operational existence for the foreseeable future, a:period that isnot less than twelve months from the date of signing the financial statements. Thus, on this basis, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report ‘and consolidated financial statements For the year ended 31 March 2024

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Notes (continued)

1 Accounting policies (continued)

Related party transactions

Transactions with those subsidiary undertakings whose voting rights are 100% controlled within the group are not disclosed, as provided for in FRS 102, section 33. Transactionswith other parties are detailed in note 21.

Fixed asset investments

Fixed asset investments are included at the quoted mid-market price ruling at the balance sheet date. Realised and.unrealiséd gains and losses on investments are shown in the Statement of Financial Activities and represent the:change inmarket value from the beginning of the year. Unquoted investments are included at the share capital value.

Investment property

: cee

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. . Subsequentto initial recognition . ij. “investment properties whose fair value can. be measured reliably. without-undue cost.or effort are . held at fair value. Any gains or losses arising from changes in the fair value are recognised in the Statement of Financia! Activities in the period that they arise;and

ii. no: depreciation.is provided: in respect of investment.properties.applying the fair value model.

Fixed assets and depreciation

Fixed assets and depreciationassets and depreciationand depreciationdepreciation Fixed assets and depreciationassets and depreciationand depreciationdepreciation Fixed assets and depreciationassets and depreciationand depreciationdepreciation
: Depreciation is provided towrite offthe costless theestimated residual-value of tangible fixéd assetsby
equal instalments over their estimated useful economic lives.asfollows: :
Property - betweenthirtytwoand fiftyyears
Plant - fifteenyears
. Museumfittings - twelveyears .
Motorvehicles - fouryears
Fixtures, fittingsandequipment - between:three andfiveyears years
Intangible assets ~ : - thréeyears
Fixed assets purchasedbelow£500 are notcapitalised.
. .
Heritage assets .

Items purchased for the collection are valued at cost. Donated items have been valued at the Curator’s best.estimate of current value at the time ofacquisition since 2010. It is the responsibility of the Trust to preserve and conserve Collection items for the benefit of the nation and due to: their nature they are expected: to: havea‘long life: «Depreciation: is.therefore not.charged.:on:.collection. items. which are capitalised since this is deemed to be immaterial. Impairment reviews are carried out annually,

_..,,

Stocks | Stocks consist of purchased goods for resale.and are stated at the lowerof costand.estimated:selling price less costs'to complete'and sell.» ee : Debtors . : 7 Trade and other debtors are recognised at the-settlement amount:due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated:financial statements For the year ended 31 March 2024

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Notes (continued)

Creditors

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

Income

All income is recognised once the Trust has entitlement to the resources, it is probable that the resources will be received and the monetary value can be measured with sufficient reliability.

Donations and grants

Income from donations-and grants is. credited to.the: Statement of Financial Activities, when receivable. Where such income is received in advance the income is deferred until the Trust becomes entitled to the resources. Legacies are recognised on an accruals basis to the extent that the Trust has been notified that itis a beneficiary and there is a clear indication of the amounts involved.

Government grants

Government grants are recognised in income when received or, for grants that specify performance conditions, when received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received. A grant received before the recognition criteria are satisfied is recognised as a liability. :

Income from charitable activities

Income from admissions to Dove Cottage and Museum and for charitable activities undertaken by the Trust is recognised when receivable. Related gift aid is also accounted for ona receivable basis.

Book and gift shop sales

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Trading income from the book and gift shop operated by the Trust's trading subsidiary represents the value of goods sold net of VAT and-this is recognised at the point of sale.

Investment income

Investment income and gains of the Development Fund are split between the Designated and Endowment funds based on the opening value of their investments. Investment income generated on restricted funds remains restricted. Rents and interest are included when receivable at an amount which includes any tax recoverable from HMRC. .

Expenditure

Expenses are accounted for on an accruals basis.

Direct charitable expenditure includes the direct costs of the activities. Support costs are also incurredto enable the Trust to provide these activities. Where such costs relate to more than one functional cost category, they have been apportioned as a percentage of staff time employed on the relevant activity.

Pension costs

The Trust contributes to the defined contribution pension schemes of some employees. The assets of the schemes are held separately from those of the Trust in independently administered funds. The amount charged in the Statement of Financial Activities represents the contributions payable to the schemes in respect of the accounting period.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements : For the year ended 31 March 2024.

Notes (continued)

1 Accounting policies (continued) . Fund accounting Funds held by.the-Trustare-either:. _ . Unrestricted generalfunds ~ these are funds which canbe used in'accordance with the charitable objectives at the discretion of the Trustees.” ~ 7 : : : : Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects. Designated: Development Fund.-.a designated:unrestricted:-fund shown separately.from the.Endowment Development Fund, since it is.expendable in the event of a.75% majority decision by the Trustees. However this fund must be treated as if it were an endowment fund, otherwise the whole of the Endowment Development Fund becomes repayable. ES . _ Designated Property Improvement Fund ~ a designated unrestricted fund created to support the _ improvement of the wider estate. Pe - Te a Restricted funds -— these are funds that can only be used for restricted purposes within the objects of the Trust. Restrictions-arise when'specified by the-donor or when-funds are raised fora restricted purpose. Endowment Development Fund - a permanent endowment fund created to provide an additional income stream for the Trust. ae ee ; ee R-S:Woof Memorial Fund=apermanent endowment fund to be used to endow the post of the Robert Woof Director of the Trust. . Catalyst Endowment Fund - supported by Arts Council England, this.is a restricted endowment fund established to support the general operating costs of the Trust. Further explanation. of the nature and purpose of each fund: is included in the notes to the financial statements. Wherea grant or donation is received to fund a capital item or where an asset is donated, if there is an obligation relating to the future use or retention of the relevant asset, the balance relating to that asset is held within restricted funds as long as that restriction exists. Where there is no’such restriction, the restricted income relating to the purchase of capital items is transferredto unrestricted funds in the Statement. of Financial Activities. a Taxation. oe wie . . : sok . . : ass The Wordsworth Trust is considered to pass the tests'set out in Paragraph 1 Schedule:6 Finance Act 2010 . and...therefore it .meets the. definition. of.a..charitable. company, for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3:Part 11 Corporation Tax Act 2010. or Section 256 of the Taxation of Chargeable Gains Act 1992,.to'the extent that such income or gains are applied:exclusively to charitable purposes. No tax charge has arisen in the year. = For Dove Cottage Promotions Limited tax on the profit or loss for the year comprises current and deferred _ tax,directlyTax inis recognisedequity or otherin the comprehensiveprofit and lossincome,accountinexceptwhich to case theitextentis recognisedthat it relatesdirectlyto items recognisedin equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and.any-adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from recognisedthe inclusionin theof incomefinancialand statements. expensesin tax assessments in periods different from= those in which they are

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Irrecoverable VAT

Irrecoverable VAT is accounted for in the expenditure category under which the cost is incurred.

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The Wordsworth Trust Registered company number 03442086, registered charity. number 1066184 Trustees’ report and consolidated. financial statements Forthe year ended 31 March 2024

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Notes (continued)

1 Accounting policies (continued)

Critical accounting judgements and key sources of estimation uncertainty

In applying the charity’s.accounting policies, the Trustees are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Trusteés’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Critical accounting Judgements

:

The critical accounting judgements that the Trustees have made in the process of applying the charity’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that- havea significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. within the next financial year are discussed below.

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Notes|(continued)| |2|Statement of Financial Activities comparative|figures|—| |The|Charities|SORP|requires|comparative|figures.|to.|be.|presented|for.|every.|figure|given|in|the| |statement|of financial|activities.|Consolidated|figures|for|the|year|ended|31|March|2023|are|given| |below.|:|:|:| |Unrestricted|funds|Endowment funds|Total|Total| |:|Unrestricted|Designated|Development|Other,|Restricted|©|2022-23|2021-22| |funds|. Development|Fund|Endowment|funds| |Fund|=|Funds| |£000|£000|£000|£000|£000|£000|£000| |Notes|bead| |‘Income and|endowments from:| |Donations:and|legacies|3|192|1|-|-|410|603|2,309| |Charitable|activities| |Admission|fees and sales|4|331|-|:|=,|:|331|211| |Other trading activities|;| |Bookandgift|shop|sales|5|170|-|:|-|-|170|127| |“Investments|6|92|ode|41|32|-|189|169| |Other|69|_|-|:|-|69|108| |Total income|854|25|41|32|410|1,362|2,924| |Expenditure|on:|;|)| |Raising funds.| |Fundraising|costs|©”|;|154|:|:|7:|<|161|161| |Book and|gift:shop‘costs.|©|196|-|nes|:|:|196|152| |Investment management costs|2|5|8|5|-|20|18,| |Management costs of|the let estate|90|-|-|-|-|90|100| |Charitable|activities:|;| |Custodianship|350|.|:|2.|56|408|491| |Access and learning|454|cosas|:|-|3|602|1,059|14,185| |‘Total expenditure|7|"7,246|5|og|7|658°|1,934|2,107| |(392)|20|33.,|15|(248)|(572)|817| |Net (losses) /gains on investments|:|(339)|(51)|(88)|(72)|-|(550)|1842| |Net (expenditure)/income|(731).|a|BD)|(85):|(57)|(248)|(1,122)|2,659| |~|“Transfers between funds|ge|2)|(24)|(39)|(19)|Ta|eal|-| |Net movements|in funds|(649)|(55)|(94)|(76)|(248)|(1,122)|2659| |Reconciliation of funds:|:| |Total funds|brought.forward at 1 April 2022|11,373|1,038|1,802.|1,149|6;989|22,351|19,692| |Total funds carried forward at 31-March 2023|10,724.|983|1,708|1,073|6,741|21,229|22,354|

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated. financial statements For the year ended 31 March 2024

Notes (continued)

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3 Donations and legacies
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3
Donations andand legacies
Unrestricted Designated Restricted 2023-24 2022-23
funds Development funds
Fund
£000 £000 £000 £000 £000
Arts Council England (NPO Grant) - - 329 329 329
Watercolours - accepted in lieu of inheritance 98 - - 98 -
tax by: HMRC and allocated to Wordsworth
Trust
W:-W. Spooner CharitableTrust 10 - - 10 45
Westmorland and Furness (strategic cultural - - 18 18 -
partnership)
Westmoreland and Furness (culture recovery - : 22 22 -
supportfund)
Arts, Council England (Culture Recovery Fund) - - - - 36
South.Lakeland District Council - . * “ 18
Michael Marks Charitable Trust - - 25 25 24
Lancaster University - - 20 20: 20
National Lottery.Heritage Fund - - 23 23 -
Cecilia and Nicholas Powell 13 - - 13 11
Friends of the National Libraries - - - - 11
Westmorland and:Furness (NPO grant) : * 10 10.. 10
Rothermere Foundation - - - - 10
SirJohn Fisher Foundation - - 7 7 10
University ofLeeds - - - - 9
Social EnterpriseAcademy/NCHF - - 10 10 -
BrighamYoung University - - 14 14 -
Cumbria Local Enterprise Partnership - - 10 10 -
Joanna Tracher 5 - - 5 -
Wyfold CharitableTrust 5 : - 5 -
Dr: William Zachs 4 - - 4 -
John:RMurrayCharitable Trust - - 7 7 -
Tom and Blaine Wells - - - - 8
Northern Powerhouse Internationalisation - - - - 5
Fund
Patricia Grodd and Michael Stone - - - - 4
The Estate ofthe late Lady Chorley - - - - 3
The Estateofthe late Nina Drucker - - - - 3
Friends 12 - - 12 12
Patrons 15 - - 15 17
GiftAid and other's (£2,000 orbelow) 9 1 - 10 18
171 1 495 667 ~ 603

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The Wordsworth Trust Registéred company number 03442086, registered charity number 1066184. Trustees’ report and consolidated: financial statements For the year ended 31 March 2024

Notes (continued)

4 Income from charitable activities

2023-24 2022-23
£000 £000
Admission fees 362 295
Short.course:programme 46 36
Publications 3 2
Less.sales to subsidiary - (2)
Profit on. sale‘offixed asset - -
411 331

5 Commercial trading.activity income

The charitable company. has one trading subsidiary, Dove Cottage Promotions Limited; a company incorporated in England and Wales (company registration number 02091130). The charitable company owns the entire share capital of this company being 15,000 £1 ordinary shares. Dove Cottage Promotions Limited operated a book-and gift shop-and acafé throughout the year... A summary: of the trading result of Dove Cottage Promotions Limited is shown. below. ‘Audited financial statements for the year ended.31 March 2023 are filed with the:Registrar-of Companies. A Gift-Aid donation of the taxable profit of ENil (2021-22: ENiD was made. to The Wordsworth Trust.

2023-24 2022223
£000 £000
Turnover 180 170.
Costofsales (84) (79)
Gross profit 96 91
Administrativeexpenses (112) (424)
Exceptionalincome ere 70
Operating (loss)./ profit (16) 37
Tax ; : -
(loss)./ profit‘on ordinaryactivitiesaftertaxation . (16) 37
Giftaidpayment - —
Retained (loss) /profitfortheyearafterpaymentofgiftaid (16) 37
The ageregateofthe assets, liabilitiesandfundswas:.
31 March 2024 31 March 2023
£000 £000
Assets
Liabilities		 56
(151)		 79
(158)
Funds (95) (79)

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and. consolidated financial statements For the year ended 31 March 2024

Notes (continued)

6 Investmentincome
Group 2023-24 2022-23
£000 £000
Dividends receivable 125 99
Rents receivable 85 90
210 189

7 Analysis of expenditure

Analysis of expenditureexpenditure
Group
Direct.costs Supportcosts 2023-24 2022-23
£000 £000 £000 £000
Fundraising‘costs 116 72, 188 161
Bookand gift.shop costs Costofsales 83 : 83 79
Other 113 - 113 117
Investmentmanagementcosts 18 - 18 20
Managementofthelet.estate 73 20 93 90
403 92 495 467
Cost ofcharitable activities
Custodianship
Historicbuildings 12 9 21 48
Collection 318 56 374 360
330 65 395 408
Access.and learning
Visitoroperations 538 278 816 823
Exhibitions and publications 32 23 55 58
Education
Contemporary literature		 88
30		 43
3		 131
33		 141
37
688 347 1,035 1,059
Total costofcharitable activities 1,018 412 1,430 1,467
Totalexpenditure 1,421 504 1,925 1,934

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7 Analysis of expenditure (continued)

= Allocation-of support costs

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|||||||| |---|---|---|---|---|---|---| |Fundraising|Management|Charitable| |of|let estate|activities|2023-24|2022-23| |:|£000|£000|£000|£000|£000| |Management|46|12|260|318|300| |Finance|-|16|4|90|110|88| |Information,|technology|6|2|31|39|38| |Human-resources|-|-|1|1|14| |Governance|5|1|30|36|27| |73|19|412|504|467|

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Support costs are allocated in line with salary costs based on an estimate of the actual time spent, which Trustees believe is consistent with the use of the resources. The cost allocation includes an elementof judgement and the Trustees have had to consider the cost beriefit of detailed calculations . and record keeping. Therefore the support costs shown are a best estimate of the costs that have been so. allocated.

The following costs. are included in. the management and administrative costs of The Wordsworth Trust and:Dove Cottage Promotions Limited:

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||||||||| |---|---|---|---|---|---|---|---| |Group|Charitable|company| |2023-24|2022-23|2023-24|2022-23| |£000|£000|“£000|£000| |Audit fees|28|25|25|23| |Depreciation|on|owned fixed|assets|287|285|287|285|

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

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Notes (continued)

7 Analysis of expenditure (continued)

Staff numbers and costs

The average number of staff employed during the year (excluding directors who are Trustees) was 36 (2022-23: 39), The Trust employs a number of seasonal and part-time staff; the average number of full-time equivalent employees was 31 (2022-23: 34),

The total staff costs for the group were as follows:

The total staff costscosts for the groupthe groupgroup were as follows:
2023-24 2022-23
£000 £000
Wages.and salaries 766 833
Employers’ social security costs 62 76
Employers’. pension contributions 34 40
Grouptotal 862 949

One memberof staff received emoluments totalling more than £60,000 for the year (2022-23: One). The Trust contributes to the defined contribution pension schemes for most employees. All eligible staff are enrolled into a qualifying defined contribution pension scheme. The pension charge for the year represents contributions payable by the Trust to the pension schemes and:amounted to £33,676 (2022-23: £40,216), Atthe end of the year £5,626 in contributionwa s outstanding (2022-23: £8,254). - Day-to-day management of the Trust is delegated to the Senior Management Team (SMT). The employee benefits of the SMT, including employer pension contributions. and. employers’ social security costs for the year, were £245,831 (2022-23: £259,135). The salary costs of SMT are allocated on a time spent basis across the restricted and unrestricted funds.

No goodwill payments in compensation for loss of employment on dismissal were made in the year.

The Trustees received no remuneration during the year. Travel and subsistence éxpenses of £2,932 (2022-23: £6,724) were paid to or on behalf of 13 trustees.(2022-23: 13) during the year of which £136 (2022-23: £296) was unpaid at the year end. Nothing was paid in relation to travel and subsistence for the Trust’s President (2022-23: Nil).

Interest payable

2023-24 2022-23
£000 £000
On bank loans and overdrafts 57 35

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Registered company number 03442086, registered. charity number 1066184 Trustees’ report and consolidated financial statements For thé year ended 31 March 2024

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Notes (continued)

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||||||||| |---|---|---|---|---|---|---|---| |8|Transfers between|funds|;| |Transfers|into unrestricted funds|during the year comprised:| |2023-24| |:|£000| |.|Investment income|transferred from the Designated Development Fund’|,|24| |Investment income transferred from the Endowment|Development. Fund|36| |Investment income|transferred|from the Catalyst Endowment Fund|21| |Investment.income+transferred|from|the|Restricted|Property|Fund|'|133| |Total transfers|211|

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On 8 November 2014 Trustees passed a resolution in accordance’ with Regulation’3(2) of the Charities (Total Return) Regulations 2013 to invest the Endowment Development Fund on a total return basis,

The baseline value of the gift component of the fund was set as the value when the fund became permanent endowment in accordance with the agreement with the donor, the National Lottery Heritage Fund, on 1 January 2013. The balance ofinvestment gains, investment losses, investment : income and transfers to the general fund since this date represent the closing balance of unapplied : total return... 2. = oS At the same time in-exercise ofthe power ofinvestmentin the Trust’s Articles of Association Trustees also resolved to invest the Designated Development Fund on the same basis.

, Adopting a power of total return allows the Trustees to invest permanently endowed funds to maximise total return and to apply an appropriate portion of the unapplied total return to:income each year. Until a decision is made to transfer a portion of unapplied total return to income, the unapplied total return remains invested as part of the permanent endowment. The power allows the Trustees to:decide in each year how much of the unapplied total return is transferred to income funds and so available for expenditure. Having considered their obligations under the duty of evenhandedness, the Trustees made a transfer of a total of £87,890 (2022-23: £65,000) unapplied total return from both elements of the Development Fund to unrestricted income funds.

In making this decision the Trustees have taken account of the investment climate, the return.on investment for the year and the income needs of the charity. The Trustees have taken-advice from their Investment Sub-Committee and the Investment. Managers, Cazenove Capital: Management Ltd, as to the sustainability of the investment fund after making this transfer.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report.and. consolidated financial statements For the year ended 31 March 2024

Notes (continued)

8 Transfers between funds (continued)

Investment Unapplied Unapplied Total
fund total return
£000 £000 £000
Openingvalue oftheEndowmentDevelopmentFund
Giftcomponent 1,261 . 1,261
Unapplied total return - 447 447
Total 1,261 447 1,708
Movements duringtheyear
Investment return: dividends and interest - 46 46
Investmentreturn: realised and unrealised gains/ (losses) - 138 138
Transfer - = -
Investmentmanagement charges - (10) (10)
Total - 174 174
Unapplied total return allocated to income - _. (46) (46)
Netmovement duringtheyear - 128 128
Closingvalue at31 March 2024
Gift:component 1,261 = 1,261
Unapplied total return - 575 575
Total 1,261 575 1,836
Investment Unapplied. Total -
fund total return
£000 £000 £000
Openingvalue ofthe Designated DevelopmentFund
Giftcomponent 715 - 715
Unapplied total return : 268 268
Total 715 268 983
Movements duringtheyear
Investment return: dividends and interest - 16 16
Investment return: realised and unrealised gains - 76 76
Transfer - - :
Investmentmanagement charges - (2) (2)
Donations received 1 - 1
Total 1 90 91
Unapplied total return allocated to income - (16) (16)
Netmovement duringtheyear 1 74 75
Closingvalue at31 March 2024
Giftcomponent 716 - 716
Unapplied total return - 342 342
Total 716 342 1,058

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated. financial statements For the year ended 31 March 2024

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9 Tangiblefixed assets _-
Group
hyd		 : . Jorwood Otheria
prop		 Intangible assets Fixtures, fittings,
equipmentand
motorvehicles		 Total
‘ £000 £000 £000 £000 £000
Cost setae ow
: At1 April 2023 3,442 5,640 7 . 4603 10,692
Additions - 43 - 44 57
Disposals/write off - - - - -
At 31 March2023 3,442 5,683 Taeos 1,617 10,749
Depreciation : :
At‘1 April 2023 1,864 463 6 514... 2;847
Charge for theyear 50 114 1 122 287
Disposals/write off * : - - *
; At 31 March2024 1,914 577 7 636 3,134
.
Netbookvalue
At31 March2024 1,528 5,106 0 981 7,615
os At 31March2023 1,578 5,177 1 84,089: : 7,845

os

The total.of non-depreciable assets included in other freehold property at the year end was £279,204 (2022-23: £279,204). Underthe terms of the National Lottery Heritage Fund grant to support the Reimagining Wordsworth — project the National Lottery Heritage Fund has taken a charge over the four properties owned by the Trust which were the main focus of the project.In 2020-21 prior to the transfer of the redevelopment costs the net book value of the properties covered by the charge was £832,783 with the a redevelopment costs and net of depreciation at the year end this is £4,653,226 (2022-23: £4,750,419).

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended-31.March 2024

Notes (continued)

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |9|Tangible|fixed|assets|(continued)| |Charitable Company|Jerwood|Other Freehold|Intangible|Fixtures,|Total| |Centre|property:|assets|fittings,| |equipment| |and motor| |vehicles| |£000|£000.|£000|£000|£000| |Cost| |At1|April|2023|3,442|5,640|7|1,583|10,672| |Additions|-|42|-|12|54| |Disposals/write|off|-|-|-|-|-| |At 31|March|2024|3,442|5,682|7|1,595|10,726| |Depreciation| |Ati|April|2023|1,864.|463|6|495|2,828| |Charge|for year|50|114|1|122|287| |Disposals/write|off|-|-|_|-|-| |At'31|March|2024|1,914|577|7|617.|3,115| |Net book-value| |At31 March|2024|1,528|5,105|0|978|7,611| |At 31|March|2023|1,578|5,177|1|1,088|7,844| |10|Heritage|assets| |Dove|Cottage,|the|home|of William William|Wordsworth|from|1799|to|1808,|was|acquired|by|the|Trust|in| |1890|and|is|maintained|as a a|visitor|attraction|‘for|the|eternal|possession|of those who those who who|love|English| |poetry all all|over the world’. the world’. world’.| |The|Trust|acquires|objects|within|the|subject|area:|William|Wordsworth|and|the|Age|of|British| |Romanticism.|To|understand|and|interpret|the|context|and|significance|of|this|subject,|it|is| |occasionally|necessary|to|collect|items|before|and|after|the|accepted|chronological|framework|for| |the|Romantic|period,|1750-1850.|Priority|areas|for|collecting|are|manuscripts,|printed|works,|fine| |art.|and|artefacts|that|advance|the|public|knowledge|and.|enjoyment|of|the|works|of|William| |Wordsworth|and|the|literature|and|culture|of this|period.|

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. Dove Cottage, the home of William William Wordsworth from 1799 to 1808, was acquired by the Trust in 1890 and is maintained as a a visitor attraction ‘for the eternal possession of those who those who who love English poetry all all over the world’. the world’. world’.

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The Wordsworth Trust Registered company number 03442086, registered charitynumber 1066184 Trustees’ report-and consolidated financial statements For the year ended 31 March 2024

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Notes (continued)

10

Heritage assets (continued)

Items purchased for the. collection are valued at cost.. Donated items have been valued at the Curator’s best estimate of current value at the time of acquisition since 2010. It is the responsibility of the Trust to preserve and conserve collection items for the benefit of the nation and due to their nature they are expected to have.a.long life. Depreciation is therefore not chargedon collection.items which are capitalised since this is deemed to be immaterial. Impairment reviews are carried out . annually...%.% : ; Preservation and Management : a : Expenditure which in the Trustees view is required to preserve or prevent further deterioration of : individual items is recognised in the Statement of Financial Activities when incurred. . The Trust complies with PAS 197:2009, the BSI and Collections Trust's Code ofpractice for cultural collections management, works to SPECTRUM: the UK MuseumCollections Management Standard and maintains a full catalogue ofcollection items including a description, the condition of the item, where itis kept and acquisition information. : oo The Trust has digitised much of its manuscript and finé art collections. These collections are variously available online either on the Trust's own website or by subscription to educational establishments on the AM Digital website. All newly acquired works of art are digitised as part of the cataloguing process. ; : The Trust actively encourages public engagement with the collection. Within the Jerwood Centre adjacent to the museum the Trust runs a research room where bona fide researchers may view original material. There isa programme of events throughout the year, aimed at audiences of all ages and a variety of backgrounds; monthly talks on site, workshops, specialist day courses and conferences. University academicsand groups of students spend several days learning about the meaning of manuscripts and then create interpretative projects for wider audiences; several thousand school children visit the site each year and learn from resources developed from the collection. Outreach activities take facsimiles of our collections into the communities of Cumbria.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated: financial.statements For the year ended 31 March 2024

Notes (continued)

10 Heritage assets (continued)

Disposal

The Trust has.a long term purpose, and holds and builds the permanent collection in relation to its stated objectives. The Trust accepts the principle that, except for sound curatorial reasons, there is a strong presumption against the disposal of any items in the museum’s collection.

Items may be removed from the collection for the following reasons:

Proposals to remove an item or items from the collection are the responsibility of the Curator, and will be presented for approval to the Collections Committee, followed by the full Board of Trustees.

Decisions to dispose of objects will not be made with the principal aim of generating funds. Any monies received by the Trust from the disposal of items will be applied for the benefit of the collection. This will normally mean the purchase of further acquisitions but in exceptional cases improvements relating to the care of collection may be justifiable. Where an object has been donated or purchased with external funding, any conditions relating to its disposal will always be adhered to.

Once a decision to dispose of an item has been taken, priority will be given to retaining the item in the public domain, unless it is to be destroyed. It will therefore be offered in the first instance, by exchange, gift or sale directly to other accredited museums likely tobe interested in its acquisition.

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||||| |---|---|---|---| |2023-24|2022-23| |£000|£000| |Opening value|of|Heritage Assets| |Purchases|2,790|2;790| |Donations|at valuation|783|714| |Transfer from|Investment Property|263|263| |Total|3,836|3,767| |Acquisitions during the period| |Purchases|-|*| |Donations|at valuation|128|69| |Total|128|69| |Closing value|of Heritage Assets| |Purchases|‘|2,790|2,790| |Donations|at valuation|911|783| |Transfer from|Investment Property|263|263| |Total|3,964|3,836|

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Donated items are valued on acquisition based on evidence from a recognised source if received with the donation or at the Curator’s best estimate of current value at the time of acquisition.

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|||||||| |---|---|---|---|---|---|---| |Year to 31|March| |Five year financial summary of|heritage|2024|2023|2022|2021|2020| |asset|transactions|£000|£000|£000|£000|£000| |Purchases|-|-|.|-|1| |Donations|128|69|54|5|68| |Total:|acquisitions|128|69|54|5|69| |There have been|no|disposals|in|the|last|five years.|

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31 March 2024

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Notes (continued)
11 Investmentproperty -UK UK «
Groupandcharitablecompany 31March 31March
2024 2023
: £000 : £000
Broughtforward
ae		 : 5,870 6;190
Increase/(decrease) onrevaluation 118 (320)
Carried forward
-		 ; i “5,988 5,870
Are-valuation ofa selection ofthe investment propertieswas was performedbyMr D. HackneyFRICS
duringsummer2024 resulting inanadjustmentto increasethe fair value ofthe properties by
£118,000.
12. Fixed asset investments , .
:
,
:		 : are Group Group Charitable Charitable
company company
; . .
,
.
.
;		 . --31.March
2024		 31.March
2023		 31March:
2024		 31-March
2023
‘ £000 £000 £000 £000
Ordinary £1:sharesin‘DoveCottagePromotionsLimited : “sok - 15 15
: Development
Fundinvestments:
RSWoofMemorialFundinvestments		 2,894
254		 = 2,691
251		 2,894
254		 2,691
251
. CatalystEndowment.Fundinvestments. 876 822 876 822
PropertyDevelopmentFund investments 393 535 393 535
: 4,417 4,299 «4,432 4,314
~
Group.andcharitablecompany Development RSWoof Catalyst Property Totals
Fund: Memorial:Fund Endowment ;.Development.
£000 £000: .- £000 £000: £000
Opening marketvalue
:		 2,691, 251 822 535 4,299
Additions
Disposals		 595
(678)		 -
-		 164
(170)		 13
(173)		 772
(1,021)
Net investmentprofits 238 2 42 cB 290
Closingmarketvaltie 2,846 253 858 383 4,340
Cashon deposit 44 1 16 7 68
Accrued income : 4 - 2 3 9
2,894 294 es 876 393 4,417
All investments other than the subsidiary are listed on the London StockExchange. Investments in the
followingfundsexceeded5% 5% ofthe:total portfolio at31 March2024:
M&GInvestmentManagementGlobalDividend Dividend Fund
TroyAssetManagementTrojanFund
_.
TroyAssetManagementTrojan.IncomeFund
Vanguard S&P 500Exchange Traded Fund.		 oe , -
13 Stocks ,
Group 31March 31March
2024 2023
£000 £000
Goods:heldforresale 32 39

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and ‘consolidated financial statements For the year ended 31 March 2024

Notes (continued)

14 Debtors: amounts fallingduewithin oneyear Debtors: amounts fallingduewithin oneyear Debtors: amounts fallingduewithin oneyear
Group Group Charitable Charitable
company company
31.March 31 March 31March 31March
2024 2023 2024 2023
£000 £000 £000 £000
;
Trade debtors 16 10 16 8
Othertaxes and social security - - - -
Prepayments
Accrued income		 32
60		 30
30		 24
60		 28
30
Amountsowedbysubsidiaryundertaking - - 145 151
108 70 245 217
15 Creditors: amounts fallingduewithin oneyear
Group Group Charitable Charitable
company. company
31:March 31 March 31-March 31-March
. 2024 2023 2024 2023
£000 £000 £000 £000
Trade creditors 34 34 32 31
Othertaxesandsocial
Other creditors		 social security. 15
8		 17
10		 13
8		 15
10
Bank'loan 74 74 74 74
Accruals 102 62 99°: 60
233 197 226 190
16 Creditors: amounts falling due aftermorethanoneyear year
Group Group Charitable Charitable
; company company
31-March 31 March: 31March 31 March
2024 2023 2024 2023
£000 £000 £000 £000
Bankloan -duebetween2.and 5years 295 295 295 295
- dueafter5years 446 521 446 521
741 816 741 816

The interest only bank loan from 2015 was refinanced in January 2020. The new loan is ona capital and interest repayment basis with a term of five years, a repayment profile of fifteen years and an original capital repayment holiday of 12 months which was extended to 18 months. Capital repayments have been made since October 2021. Interest is charged at the base rate plus 1.65%. The loan is secured on four investment properties owned by the Trust. The amount outstanding represents 39% (2023: 43%) of[the][ value][of][ the][properties][charged.]

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended. 31 March 2024

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Notes (continued) Notes (continued)
17 Reconciliation ofmovementin funds ..
“Group Fundsat1 Income Expenditure. Transfers Fundsat31
April 2023 /investment March2024 2024
(losses)/gains
: £000 £000 £000 £000 £000
Unrestricted funds: .
General funds 990 741 (1318) 245 658
Revaluation:‘reserve 5,195 - - 118 5,313
Warren Collection:Fund 59 - - - 59
Collection Assets:Fund 3,836 128 - = 3,964
DesignatedDevelopmentFund 983 16 (2) 61 1,058
DésignatedPropertyImprovementFund 644 25 - (276) 393
Restrictedfunds: .
Incomefunds
«:
:		 21 495 (335) (114) 67
Acquisition funds...
.		 2 - - - 2
ReimaginingWordsworth - capital 5,284 - (197) - 5,087
ReimaginingWordsworth- delivery 10 - : - 10
Capitalfunds 1,424 _- (46) 247 1625
Endowment funds: , : :
EndowmentDevelopmentFund 1,708 46 (10) 92 1,836
RSWoofMemorial Fund 251 15 (4) (8) 254
CatalystEndowmentFund 822 22 (13) 42 . 873
21,229 1,488 (1,925) 407 21,199

The Revaluation Reserve:has arisen on the valuation of investments and properties shown in:notes 11 and 12. The Warren Fund has been designated: by the Trustees for the purchase of books, manuscripts and fine arts. The fund. comprises the balance of an unrestricted legacy received during 2000. The Collection:Assets Fund.represents the amount of heritage assets capitalised. This find consists-of a mixture of both restricted and unrestricted amounts, an allocation of which is not possible. In 2015 the Trustees designated funds to the Reimagining Wordsworth project to develop the Town End site. Supported by the National Lottery Heritage Fund the development phase ran from January 2016 to January 2018, In March 2018 the National Lottery Heritage Fund announced support for the delivery phase started in May 2018 and was completed in 2021-22, Fundraising secured the remaining funding and this income was split between designated and restricted funds. National Lottery Heritage Fund income for both the development and the delivery phase of the project was treated as restricted income. The Trustees have designated ‘a proportion of the donation in 2021-22 from John R..Murray Charitable Trust to support the improvement of the wider estate. a : The Designated Development Fund has been established by. the Trust to provide an income that will contribute towards the Trust’s:core running-expenses. The intention is to maintain an income generating : fund: Exceptionally, the fund is expendable in the eventof a 75%. majority decision by the Trustees. The terms ofthe contract under which the Endowment Development Fund was established require that the Designated Development Fund be operated as an endowment, the result of a breach being that the amount = given to establish the Endowment Development Fund will be repayable. However, these conditions do not -_ directly apply to the Designated Development Fund, and so it continues to be disclosed as a designated fund within unrestricted funds. . ee The Endowment Development Fund was established by the Trust in order to build up a portfolio. of investments to provide an alternative source of income. On 1st January 2013 the fund became permanent endowment: The full amount given to.establish the fund is repayable in the event ofa default. As a result of the financial pressures in 2020-21 due to the global pandemic and consequent lockdown the Trust received in principle permission from the body which financed the Endowmént Development Fund to releaseits restrictions.on the fund to allow the Trust to draw down some of the capital in these exceptional circumstances ifrequired.

The RS: Woof Memorial Fund is an endowment fund for the purposes of endowing the post of the Robert Woof Director of the Trust,

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial-statements For the year ended 31 March 2024

Notes (continued) The Catalyst Endowment Fund is an endowment fund established with the aid of Arts Council England Catalyst Funding to support the general operating costs of the Trust. In 2020-21 the Arts Council England has given the Trust permission to draw down some of this funding: should:it need to do so to remain financially viable. The Trust must put in place a plan to replace any funding used.

18 Analysis of net assets between funds

Unrestricted funds Unrestricted funds Endowmentfunds Endowmentfunds
Group Unrestricted
funds		 Designated
Development
Fund		 Development
Fund		 Other
endowment
funds		 Restricted
funds		 Total
funds
£000 £000 £000 £000 £000 £000
Fundbalancesat31 March2024 representedby:
Fixed assets 11,415 1,058 1,836 1,127 6,548 21,984
Currentassets 233 - - - (44) 189
Current liabilities (233) - - - - (233)
Creditors fallingdue afteroneyear (741) - - - - (741)
10,674 1,058 1,836 1,127 6,504 21,199
Fundbalances at31 March2023 represented by:
Fixed assets 11,381 983 1,708 1,073 6,705 21,850
Currentassets 356 - - - 36 392
Currentliabilities (197) - - - - (197)
Creditors fallingdueafteroneyear (816) - - : - (816)
10,724 983 1,708 1,073 6,741 21,229

In the opinion of the trustees, the group’s assets are sufficient to fulfil the obligations of the group.

; Unrestricted Funds Unrestricted Funds EndowmentFunds Funds Funds
Charitablecompany Unrestricted
funds		 Designated
Development		 Development
Fund		 Other
endowment		 Restricted
funds		 Total
funds
Fund funds
£000 £000 £000 £000 £000 £000
Fundbalancesat31 March 2024 representedby:
Fixed assets 11,470 1,058 1,836 _ 1,127 6,504 21,995
Currentassets 245 - - - - 245
Currentliabilities (190) - - - : (190)
Creditors fallingdue after oneyear (741) - - - - (741)
10,784 1,058 1,836 1,127 6,504. 21,309
Fundbalances at31 March2023 representedby:
Fixed assets 11,395 983 1,708 1,073 6,705 21,864
Current assets 428 - - - 36 464
Currentliabilities (190) - - - - (190)
Creditors fallingdueafteroneyear (816) - - - - (816)
10,817 983 1,708 1,073 6,741 21,322

19 Share capital

The charitable company is limited by guarantee and as such, has no share capital. In the event of the charitable company being wound up, the guarantee of each member is limited to £1.

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The Wordsworth Trust Registered company number 03442086, registered. charity number 1066184 Trustéés’ report and consolidated financial statements For-the-year ended 31 March 2024

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20 Capital commitments : ; : . Capital commitments at the end of the financial year for which no provision has been made are as follows: : 31 March March 31 March March

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||||| |---|---|---|---| |follows:|:|31 March March|31 March March| |2024|2023| |:|£000|£000| |Authorised but not committed|-|-| |Against which|orders have been placed|38|38|

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The capital commitments noted represent the contractual relationships with a contractor involved in the delivery phase of the Reimagining Wordsworth project.

21 Related party transactions = In aggregate Trustees, co-opted committee members, the President and members of the SMT made donations totalling £4,535 during the year (2023: £2,500). This can be split as follows:

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|||||||||| |---|---|---|---|---|---|---|---|---| |2023-24|2022-23| |Unrestricted|:|3,935|1,900| |Restricted|600|600| |In kind|-|-| |Total donations|=|:|4,535|2,500| |Financial|instruments| |Group|Group|Charitable|Charitable| |:|:|--|company.|company| |31 March|31|March|31 March|31|March| |2024|2023|2024|2023| |£000|£000|£000|£000| |Financial|assets|at amortised|cost|76|40|»|221|189| |Financial|liabilities|at amortised|cost|959|996|9546.|991|

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Financial assets represent trade debtors, accrued income and amounts owed by the subsidiary undertaking. Financial liabilities represent trade and other creditors, accruals and the bank loan.

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The Wordsworth Trust Registered company number 03442086, registered charity number 1066184 Trustees’ report and consolidated financial statements For the year ended 31. March 2024

Notes (continued)

23 Consolidated analysis of changes in net debt

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Group|Charitable: company| |1|Other non|Other non| |Note|April|31 March|1 April|31 March| |2023|Cash flow|cash|2024|2023|Cash flow|cash|2024| |movements|movements| |£000|£000|£000|£000|£000|£000|£000|£000| |Cash|at bank and|in|283|(234)|-|49|247|(211)|-|36| |hand| |Bank loan|15|(74)|75|(75)|(74)|(74)|75|(75)|(74)| |Debt due within|one|(74)|75|(75)|(74)|(74)|75|(75)|(74)| |year| |Bank loans|16|(816)|-|75|(741)|(816)|-|75|(741)| |Debt due|after more|(816)|-|75|(741)|(816)|-|75|(741)| |than|one year| |Total net debt|(607)|(159)|-|(766)|(643)|(136)|-|(779)|

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