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2021-12-31-accounts

WHITTINGTON CASTLE PRESERVATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Company No. 03688770 (England and Wales) Registered Charity No. 1075248

WHITTINGTON CASTLE PRESERVATION TRUST

COMPANY INFORMATION

Directors and Trustees Mr Jonjo Evans (Chairman) Mrs Davina Fairweather Miss Juliette Fox (Appointed 21 October 2021) Mrs Elizabeth Franks (Appointed 21 October 2021) Mrs Georgina Groom (Appointed 21 October 2021) Mrs Andrea Hamilton-Hill Mr Paul Jones Lady Susan Newborough Mr Peter Robinson Mrs Sarah Thursfield Rev. Suzan Williams (Appointed 3 July 2022) Miss Jessie Williams-Hinds (Appointed 21 October 2021) Secretary Mrs Sarah Thursfield Company Number 03688770 (England and Wales) Charity Number 1075248 Registered Office Whittington Castle Castle Street Whittington Oswestry Shropshire SY11 4DF Independent Examiner Mr R J Humphreys FCA James, Holyoak & Parker Limited 1 Knight’s Court Archers Way Battlefield Enterprise Park Shrewsbury Shropshire SY1 3GA

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WHITTINGTON CASTLE PRESERVATION TRUST

CONTENTS

Page
Trustees' Report 4 - 5
Chairman's Report 6 - 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Accounts 11 - 16

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WHITTINGTON CASTLE PRESERVATION TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees, who are also directors of the charity, present their report with the financial statements of the charity for the Year Ended 31 December 2021. The trustees have adopted the provisions of the Charities SORP 2015 (FRS102).

Charity information

Whittington Castle Preservation Trust is a registered charity and private company limited by guarantee with no issued share capital, incorporated in England and Wales. The registered office is Whittington Castle Castle Street, Whittington, Oswestry, Shropshire, SY11 4DF. The registered company number is 03688770 (England & Wales), and the registered charity number is 1075248.

Trustees/Directors

The directors/trustees, who held office during the year and up to the date of signature of the financial statements was as follows:

Mr Jonjo Evans (Chairman) Mr Paul Bentley (Appointed 21 October 2021, Resigned 25 January 2022) Mrs Joy Duddell (Resigned 2 February 2021) Mrs Davina Fairweather Miss Juliette Fox (Appointed 21 October 2021) Mrs Elizabeth Franks (Appointed 21 October 2021) Mrs Georgina Groom (Appointed 21 October 2021) Mrs Andrea Hamilton-Hill Mr Paul Jones Mrs Linda Lindup (Resigned 28 June 2021) Mr Michael May (Resigned 17 June 2021) Lady Susan Newborough Mrs Sylvia Ray (Resigned 28 July 2021) Mr Peter Robinson Mrs Chantal Schlatter (Resigned 28 January 2021) Mrs Patricia Stepney (Resigned 25 June 2021) Mrs Sarah Thursfield Rev. Suzan Williams (Appointed 3 July 2022) Miss Jessie Williams-Hinds (Appointed 21 October 2021)

Governing document and charity objective

The charity is bound by its governing document, a deed of trust. The purpose of the charity is to preserve and promote the use of Whittington Castle to the wider community.

Statement of trustees' responsibilities

The trustees (who are also directors of Whittington Castle Preservation Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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WHITTINGTON CASTLE PRESERVATION TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees are responsible for keeping adequate accounting records that 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Approved by order of the board of trustees on 22 September 2022, and signed on its behalf by:

Mr Jonjo Evans Trustee and Director

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WHITTINGTON CASTLE PRESERVATION TRUST

CHAIRMANS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

2021 was the second year of learning to live with Covid-19. What we didn’t know at the beginning of 2021 was that this would be another year of change and adjustment, one which I am delighted to say we met head-on with determination and enthusiasm. So much so that by the end of the year we were a stronger team leading a very different looking Castle.

Managing a small charity with limited resources and especially during a period of crisis placed a great strain on the trustee Board and I am extremely grateful to those who put in many hours of work to support our activities.

Heritage Lottery Fund

There is no doubt that we would not be in the strong position we are now without the support of the Heritage Lottery Fund throughout 2021. Monies to cover repairs and salaries meant that we had the confidence to continue to invest in the Castle from our own funds.

Changes to the Castle interior and exterior were the result of significant restricted funds successfully bid for. Indeed, we have received praise from the Heritage Lottery for our leadership of the Castle. New furniture for kitchen@thecastle had already brought freshness to the brand and in 2021 much needed internal works were completed. We were looking very shabby internally – not in the best shape to maximise our earning potential. This, coupled with a clear-out of 14 years of accumulated stuff and paperwork, has brought new light and energy to our function and meeting rooms.

Shropshire Council and Parish Council funds

We were extremely grateful for significant monies to help us to fund and build a new three-cubicle toilet block in the Castle grounds. Improvements to our kitchen and food preparation areas meant the loss of two internal toilets and, for more months than we care to remember, we had no choice but to use portable loos. Thankfully, those days are now behind us. The new toilet block, completed in November 2021, blends beautifully into the landscape, matching the style of the adjacent bothy.

kitchen@thecastle opening

A warm September evening was the occasion for the opening of our new kitchen. Over 100 guests enjoyed conversation, canapes and the delightful singing voice of Kizzy Lumley-Edwards before kitchen@thecastle was opening formally by Cllr Frank Davis, Leader of Whittington Parish Council. It was a chance to renew contacts with friends and supporters and remind us that we could socialise again.

Staff changes

Changes at the Castle continued with several staff moving on to pastures new. Our Castle Manager Sue Ellis left after 14 years’ service, seeing the Castle through the inception of the Preservation Trust and through Covid-19; our much loved chef Angus retired because of ill health.

Undaunted, we pressed on with a recruitment process to appoint a new General Manager and from an extremely strong field selected Kimberley Powell to take on the role. Kimberley has been a breath of fresh air and immediately set-to to improve our compliance, processes and procedures, ably supported by our external consultants. By the end of 2020 we had a new and stronger chef and front of house team in place. Our chef team members bring in-house bakery skills as well as flair and creativity – all contributing to fulfilling our ambition of kitchen@thecastle being a destination of choice. Customer feedback and repeat visitor numbers say it all.

Volunteers

Volunteers are the mainstay of a small charity and in 2021 we secured several new members of the team. New volunteers have brought renewed vigour to activities, working alongside those much valued volunteers who have given many years of service to the Castle. 2020 and 2021 placed a lot of strain on us all and everyone stepped up when needed.

New trustees and strategy

Several trustees joined the Board in 2021 bringing specialist skills in marketing and the environment. In November 2021, the Board participated in its first awayday to develop the Castle’s strategy. Good governance has been reinforced and strategic implementation plans now drive all critical aspects of the business.

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WHITTINGTON CASTLE PRESERVATION TRUST

CHAIRMANS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Kickstart

Our commitment to young people led us to be successful in appointing three staff members each on a six-month contract to learn basis business skills. More than anything else we learnt that six months is nowhere near long enough for such training.

Events and activities

Nervousness about being in the company of others meant that we offered a leaner events’ programme than in pre Covid years. Nonetheless, some of our favourite events returned for which we know people were very grateful.

Looking forward

Where does that leave the Castle at the end of 2021? Answer: stronger, fresher, confident and more resilient. During our strategy discussions we have confirmed three areas of emphasis which will support our overall aim of being a visitor destination of choice:

We believe that these guiding principles, strong leadership, outstanding customer service and dedicated volunteer support will secure us for the foreseeable future.

Mr Jonjo Evans Chairman 22 September 2022

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WHITTINGTON CASTLE PRESERVATION TRUST

INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS/TRUSTEES OF WHITTINGTON CASTLE PRESERVATION TRUST

I report to the charity trustees on my examination of the accounts of the company for the Year Ended 31 December 2021 which are set out on pages 9 to 16.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  2. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Robert Humphreys BEng FCA

James, Holyoak and Parker Limited 1 Knights Court Archers Way Battlefield Enterprise Park Shrewsbury Shropshire SY1 3GA

Dated: 22 September 2022

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WHITTINGTON CASTLE PRESERVATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Summary Income and Expenditure Account

Notes
Income from:
Donations, legacies and grants
2
Charitable activities
3
Investment income
4
Total incoming resources
Expenditure on:
Raising funds
5
Charitable activities
6
Other expenditure
7
Transfers between funds
Reconciliation of funds:
Total funds brought forward
16
Total funds carried forward
16
Net
income/(expenditure)
and
net
movement in funds		 Restricted
£
69,220
-
-		 Unrestricted
£
54,164
135,728
5		 Total
2021
£
123,384
135,728
5		 Total
2020
£
96,733
60,006
5
69,220
-
71,701
-
-		 189,897
46,931
99,387
10,122
-		 259,117
46,931
171,088
10,122
-		 156,744
8,668
75,797
18,399
-
(2,481)
49,000		 33,457
49,434		 30,976
98,434		 53,880
44,554
46,519 82,891 129,410 98,434

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

All income and expenditure derives from continuing activities.

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WHITTINGTON CASTLE PRESERVATION TRUST

BALANCE SHEET AS AT 31 DECEMBER 2021

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Stocks
Cash at bank and in hand
13
Net current assets
14
Net assets
Charity funds
Unrestricted funds
16
Restricted funds
16
Creditors: amounts falling due within one
year
Creditors: amounts falling due after more
than one year		 9,449
4,300
34,177		 2021
£
94,956
34,454
-		 108
5,955
62,877		 2020
£
30,416
68,018
-
47,926
(13,472)		 68,940
(922)
129,410 98,434
82,891
46,519		 49,434
49,000
129,410 98,434
- -

These accounts are prepared in accordance with the special provisions relating to companies subject to the small company regime within Part 15 of the Companies Act 2006.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

The financial statements were approved and authorised for issue by the Board of Trustees on 22 September 2022 and signed on its behalf by:

………………………………………… ………………………………………… Mr Jonjo Evans Mrs Davina Fairweather Director and Trustee Director and Trustee

The notes on pages 11 to 16 form part of these financial statements. Company Registration Number: 03688770 (England & Wales)

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WHITTINGTON CASTLE PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. Summary of significant accounting policies

1.1 General information and basis of preparation

Whittington Castle Preservation Trust is a private company limited by guarantee, and a registered charity in England and Wales . The company number is 3688770 (England & Wales), and the registered charity number is 1075248. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity. The address of the registered office is Whittington Castle Castle Street, Whittington, Oswestry, Shropshire, SY11 4DF. The nature of the charity’s operations and principal activities are to preserve and promote the use of Whittington Castle to the wider community.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016) , the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.3 Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Voluntary income is received by way of grants, donations and gifts, and is included in full in the Statement of Financial Affairs when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the value of services provided by volunteers has not been included.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Investment income is included as it becomes receivable.

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WHITTINGTON CASTLE PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1.4 Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Rentals applicable to operating leases, where substantially all of the benefits and risks remain with the lessor, are charged to income and expenditure as incurred.

Expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

1.5 Allocation and apportionment of costs

Allocation of wages and salaries is based on the cost for each staff member and the fund for which they work.

Allocation of support costs is based on the share of the income for each fund as the trustees believe this best represents the consumption of resources.

1.6 Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land and buildings straight line over 99 years Plant and machinery straight line over 5 years

1.7 Stock

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

1.8 Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

1.9 Pensions

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

1.10 Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and 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.

1.11 Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

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WHITTINGTON CASTLE PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2.
Donations, legacies and grants
Restricted
£
Donations
-
Grant income
69,220
Coronavirus Job Retention Scheme grants
-
Other government coronavirus grants
-
Membership
-
Miscellaneous
-
Kickstart income
-
69,220
3.
Income from charitable activities
Restricted
£
Shop income
-
Car park
-
Functions
-
Tea room
-
-
4.
Investment income
Restricted
£
Deposit account interest
-
-
5.
Analysis of expenditure on fundraising activities
Restricted
£
Costs directly allocated to activities
Fundraising trading
-
-
6.
Analysis of expenditure on charitable activities
Restricted
£
Costs directly allocated to activities
Wages and social security
49,000
Rates and water
-
Insurance
-
Light and heat
-
Telephone
-
Advertising
-
Depreciation
5,572
Miscellaneous
-
Premises costs
17,129
71,701		 Restricted
£
-
69,220
-
-
-
-
-		 Unrestricted
£
9,792
-
6,279
20,115
831
3,228
13,919		 Total
2021
£
9,792
69,220
6,279
20,115
831
3,228
13,919		 Total
2020
£
16,076
52,400
12,782
10,000
3,407
2,068
-
69,220 54,164 123,384 96,733
Restricted
£
-
-
-
-		 Unrestricted
£
14,386
12,599
14,235
94,508		 Total
2021
£
14,386
12,599
14,235
94,508		 Total
2020
£
7,533
7,866
7,590
37,017
- 135,728 135,728 60,006
Restricted
£
-		 Unrestricted
£
5		 Total
2021
£
5		 Total
2020
£
5
- 5 5 5
Unrestricted
£
46,931		 Total
2021
£
46,931		 Total
2020
£
8,668
- 46,931 46,931 8,668
Unrestricted
£
58,603
572
13,113
5,967
1,506
2,503
5,273
11,850
-		 Total
2021
£
107,603
572
13,113
5,967
1,506
2,503
10,845
11,850
17,129		 Total
2020
£
52,408
463
9,049
5,076
1,603
1,010
2,940
3,248
-
71,701 99,387 171,088 75,797

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WHITTINGTON CASTLE PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

7.
Analysis of other expenditure
Restricted
Unrestricted
£
£
Support costs
Equipment leasing and other maintenance
5,942
Accountancy
-
1,080
Bank charges
-
1,892
General administration costs
-
1,208
-
10,122
8.
Net deficit for the year
Net deficit is stated after charging:
Depreciation of tangible fixed assets owned by the charity
Independent examiner's fee
Amounts paid to Independent examiner in respect of other services		 Restricted
£
-
-
-		 Unrestricted
£
5,942
1,080
1,892
1,208		 Total
2021
£
5,942
1,080
1,892
1,208		 Total
2020
£
8,573
1,200
976
7,650
- 10,122 10,122 18,399
2021
£
10,845
1,000
80		 2020
£
2,940
1,000
200

9. Trustees' remuneration and expenses

No trustee of the company, nor any person connected with them, has received or is due to receive any remuneration for the period, directly or indirectly from the Charity's funds.

No expenses have been reimbursed to any of the trustees in their role as trustees.

10. Staff costs and employee benefits

The average monthly number of employees and full time equivalent (FTE) during the year was as follows:

2021
Number
General manager
1
Tea room supervisor
1
Catering assistants
5
Chef
1
8
The total staff costs and employees benefits was as follows:
Wages and salaries
Expenses
Social security costs *		 2021
Number
1
1
5
1		 2021
FTE
1
1
2
1		 2020
Number
1
1
2
-		 2020
FTE
1
1
1
-
8 5 4 3
2021
£
107,603
-
-		 2020
£
52,408
-
-
107,603 52,408

No employee received total remuneration and employee benefits of more than £60,000.

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WHITTINGTON CASTLE PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

11. Tangible fixed assets

Land & buildings
£
Cost or valuation:
At 31 December 2020
29,741
Additions
36,873
At 31 December 2021
66,614
Depreciation:
At 31 December 2020
5,051
Charge for year
673
At 31 December 2021
5,724
Net book value:
At 31 December 2020
24,690
At 31 December 2021
60,890
12.
Debtors
Other debtors
Prepayments
13.
Creditors: amounts falling due within one year
Accrued expenses
Trade creditors
Social security and other taxes
Hire purchase
Other creditors
14.
Creditors: amounts falling due in more than one year
Hire purchase		 Land & buildings
£
29,741
36,873		 Fixtures and
fittings
£
-
36,929		 Plant &
machinery
£
54,821
1,583		 Total
£
84,562
75,385
66,614 36,929 56,404 159,947
5,051
673		 -
7,386		 49,095
2,786		 54,146
10,845
5,724 7,386 51,881 64,991
24,690 - 5,726 30,416
60,890 29,543 4,523 94,956
2021
£
9,449
-		 2020
£
108
-
9,449 108
2021
£
1,115
12,041
316
-
-		 2020
£
195
-
126
601
-
13,472 922
2021
£
-		 2020
£
-
- -

15. Analysis of net assets between the funds

Fixed assets
Net current assets		 Unrestricted
funds
£
48,437
34,454		 Designated
funds
£
-
-		 Restricted
fund
£
46,519
-		 Total
£
94,956
34,454
82,891 - 46,519 129,410

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WHITTINGTON CASTLE PRESERVATION TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

16. Fund reconciliation

Unrestricted:
General reserve
Designated funds:
Kitchen refurbishment
Total unrestricted funds
Restricted:
Heritage Lottery Fund
Other grant income
Total restricted funds
Total funds		 As at
1 Jan 2021
£
34,434
15,000		 Income
£
189,897		 Expenditure &
gains/(losses)
£
(156,440)		 Transfers
£
15,000
(15,000)		 As at
31 Dec 2021
£
82,891
-
49,434 189,897 (156,440) - 82,891
49,000 65,220
4,000		 (67,701)
(4,000)		 -
-		 46,519
-
49,000 69,220 (71,701) - 46,519
98,434 259,117 (228,141) - 129,410

Purposes of Designated Funds

The designated funds have been set aside for the purpose of a comprehensive refurbishment of the castle's kitchen and catering facilites, for which work was undertaken and completed in 2021.

Purposes of Restricted Funds

The resticted funds solely relate to a grant from the Heritage Lottery Fund. This grant is intended to fund improvements and repairs at the castle, and the Board have no leeway to amend the use of the funds. The balance is made entirely of restricted fixed assets held at the year end.

17. Related party transactions

No material transactions with related parties occurred during the year.

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