**REGISTERED COMPANY NUMBER: 03880688 (England and Wales) REGISTERED CHARITY NUMBER: 1079695**
**Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 31st March 2022**
**for**
**Winifred Wharton Trust**
Cheney & Co 310 Wellingborough Road Northampton NN1 4EP
**Winifred Wharton Trust**
## **Contents of the Financial Statements for the year ended 31st March 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|11|
|**Detailed Statement of Financial Activities**||12||
**Winifred Wharton Trust (Registered number: 03880688)**
## **Report of the Trustees for the year ended 31st March 2022**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
Its objectives are to preserve for the benefit of the townspeople of the Borough of Wellingborough and of the nation at large, whatever of historical, architectural and constructional heritage that may exist in and around the Borough of Wellingborough. The primary means of delivering this is by providing a museum/heritage centre in which to display collections of artefacts.
The Trustees have decided that, in the current economic climate we should be careful of taking new initiatives. We have a healthy bank balance and we do not seek funding from the local Council or anywhere else. Wellingborough is now in a unitary authority with Corby, Kettering and East Northants ("North Northamptonshire"). There is also a 'Town Council' which is effectively a parish council and the two groups are in competition with each other and the result is lack of understanding.
We depend on profits from our shop, café, and room letting. The room lettings have reduced because the NCC adult learning and adoption courses are now mainly held in their own premises. We are fortunate in attracting very able volunteers and the friendly atmosphere in the building is reflected in our visitor reviews on TripAdvisor...
We issue a monthly newsletter which we email out, now to over 1800 customers. This advertises the many activities we hold in the museum, mainly in the school holidays, and we try to maintain these as free admission, being aware of the financial difficulties of some families. We try to support other museums and groups by co-operating with them to put on event days at the museum. All of our Museum collection is catalogued and photographed on the computer program Modes for Windows and there is no backlog.
## **Public benefit**
Winifred Wharton Trust has made reference to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing its aims and objectives and planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set for the organisation, thus ensuring public benefit continues to be delivered.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Charitable activities. Our usual attendance before Covid was 40,000 a year. We are not yet back to that level, but during the pandemic we were closed from March 18th 2020 to May 17th 2021, so we lost a month in this year's accounts
.
On TripAdvisor, we are the number 1 attraction in the Borough of Wellingborough.
Renewal of our Accreditation which is the quality standard for museums is due now. Accreditation signifies that we run our museum properly and look after our exhibits, most of which have been donated by the public.
We have 30 volunteers in the museum, and run with two committees - the Museum Committee, which organises the historic displays and the building, and the Trustees who control the financial and staffing side. During the pandemic, we had to make our only paid staff member redundant after several months of furloughing him. Since the year end, we are employing a new paid member of staff on a flexible time basis.
## **FINANCIAL REVIEW**
## **Financial position**
Our shop trading company, Dulley's Baths Ltd. continues to donate all its profits to the Trust. The Trustees were concerned for the future of Wellingborough as a shopping town and this has proved to be the case. People are still; reluctant to go shopping in the town and this is reflected in the reduction in our shop takings. The hiring out of our Dulley Room has diminished considerably as we are cutting down on evening bookings.
## **Investment policy and objectives**
It is difficult to find a bank offering a worthwhile interest rate, but we are not inclined to put the future of the museum at risk by taking any chances with our cash.
Page 1
**Winifred Wharton Trust (Registered number: 03880688)**
## **Report of the Trustees for the year ended 31st March 2022**
## **FINANCIAL REVIEW**
## **Reserves policy**
The trustees believe they need to ensure the future of the charity by making sure that it has sufficient reserves to meet running costs. We are aware that the Charity Commission does not like charities to hold large cash reserves, but this was not of our doing, and the person who bequested us the legacy would have wanted us to look to the future rather than gambling on new attractions. In the current year the new NNC council is charging us part business rates. Under the Borough of Wellingborough, we had 100% rebate. We are now only getting 90% rebate so we are paying £1200 a year. We are appealing against this.
## **FUTURE PLANS**
Our future plan is to 'keep going'. Our policy of running an excellent shop and letting out meeting rooms, rather than seeking grants which can so easily be cut off has proved successful in these difficult times and we see no reason to change.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The organisation is a charitable company limited by guarantee, incorporated on 19th November 1999 and registered as a charity on 3rd March 2000.
Anyone (including organisations) may be appointed a member. Their admission and conditions of membership are regulated by the trustees. At March 31st 2022 the members total four and are its trustees, each of whom agrees to contribute £10 in the event of the charity winding up.
## **Recruitment and appointment of new trustees**
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, all trustees shall retire at the company's first Annual General Meeting (AGM) and are available for re-election. Thereafter, all trustees will serve a period up to 3 years, one third of all trustees retiring and being available for re-election at each AGM.
## **Organisational structure**
In accordance with the Articles of Association, the number of trustees shall not be less than three but shall not be subject to any maximum. At March 31st 2022 there are four trustees. The trustees meet four times a year.
## **Induction and training of new trustees**
New trustees are encouraged to attend appropriate external training courses, and meet key employees and other trustees - all of which will facilitate the undertaking of their role.
## **Related parties**
The only related party considered by the Trustees are those disclosed in the notes to these financial statements.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
03880688 (England and Wales)
**Registered Charity number** 1079695
## **Registered office**
146 Main Road Wilby Wellingborough, Northamptonshire NN8 2UE
## **Trustees**
Mrs I.H. Wharton R.D. Wharton Mrs D Keech C Bailey
## **Company Secretary**
Mrs I.H. Wharton
Page 2
**Winifred Wharton Trust (Registered number: 03880688)**
## **Report of the Trustees for the year ended 31st March 2022**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Independent Examiner**
P A Sparks FCA FCCA Cheney & Co 310 Wellingborough Road Northampton NN1 4EP
## **Solicitors**
DFA Ltd 8 Cheyne Walk, Northampton. NN1 5PT.
## **Advisers**
Bankers
CAF Bank Limited 25 Kings Hill Avenue, Kings Hill, West Malling Kent ME19 4JQ
## **MEMBERS OF MANAGEMENT COMMITTEE**
Members for the Management Committee, who are directors and trustees for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.
In accordance with company law, as the company's directors, we certify that:
- so far as we are aware, there is no relevant accounts information of which the company's accountants are unaware; and
- as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant accounts information and to establish that the charity's accountants are aware of that information.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 7th December 2022 and signed on its behalf by:
R.D. Wharton - Trustee
Page 3
**Independent Examiner's Report to the Trustees of Winifred Wharton Trust (Registered number: 03880688)**
## **Independent examiner's report to the trustees of Winifred Wharton Trust ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2022.
## **Responsibilities and basis of report**
As the charity's 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 charity'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:
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
4. 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.
P A Sparks FCA FCCA Cheney & Co 310 Wellingborough Road Northampton NN1 4EP
7th December 2022
Page 4
## **Winifred Wharton Trust**
## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31st March 2022**
|**2022**
Unrestricted
Restricted
**Total**
fund
fund
**funds**
Notes
£
£
**£**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**26,678**
**-**
**26,678**
**Charitable activities**
Costs of generating funds
**-**
**-**
**-**
Investment income
2
**831**
**-**
**831**
**Total**
**27,509**
**-**
**27,509**
**EXPENDITURE ON**
Raising funds
**2,378**
**-**
**2,378**
**Charitable activities**
Costs of generating funds
**21,114**
**-**
**21,114**
**Total**
**23,492**
**-**
**23,492**
**NET INCOME/(EXPENDITURE)**
**4,017**
**-**
**4,017**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**426,673**
**497,890**
**924,563**
**TOTAL FUNDS CARRIED FORWARD**
**430,690**
**497,890**
**928,580**|2021
Total
funds
£
895
5,919
96
6,910
13,328
17,682
31,010
(24,100)
948,663
924,563|
|---|---|
The notes form part of these financial statements
Page 5
## **Winifred Wharton Trust (Registered number: 03880688)**
## **Balance Sheet 31st March 2022**
|Notes
**FIXED ASSETS**
Tangible assets
7
Heritage assets
8
**CURRENT ASSETS**
Debtors
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
**68,757**
**50,828**
**119,585**
**20,096**
**342,078**
**362,174**
**(51,069)**
**311,105**
**430,690**
**430,690**|Restricted
fund
£
**497,890**
**-**
**497,890**
**-**
**-**
**-**
**-**
**-**
**497,890**
**497,890**|**2022**
**Total**
**funds**
**£**
**566,647**
**50,828**
**617,475**
**20,096**
**342,078**
**362,174**
**(51,069)**
**311,105**
**928,580**
**928,580**
**430,690**
**497,890**
**928,580**|2021
Total
funds
£
567,786
50,828
618,614
25,929
331,076
357,005
(51,056)
305,949
924,563
924,563
426,673
497,890
924,563|
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 7th December 2022 and were signed on its behalf by:
R.D. Wharton - Trustee
The notes form part of these financial statements
Page 6
**Winifred Wharton Trust**
## **Notes to the Financial Statements for the year ended 31st March 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
These financial statements for the year ended 31st March 2022 that comply with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistency applied to all years presented unless otherwise stated.
The presentation currency of the financial statements is the Pound Sterling (£).
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Restricted Property Fund - 4% on cost Fixtures and fittings - 10% on cost Computer equipment - 25% on cost
## **Heritage assets**
Depreciation is not charged on heritage assets as the residual value is considered to be higher than the carrying value.The trustees review any additional purchases for the increase in the display for the Museum, and continually review the items held and assesses the preservation needs.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 7
continued...
**Winifred Wharton Trust**
## **Notes to the Financial Statements - continued for the year ended 31st March 2022**
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|Deposit account interest|**831**|96|
|**NET INCOME/(EXPENDITURE)**|||
|Net income/(expenditure) is stated after charging/(crediting):|||
||**2022**|2021|
||**£**|£|
|Depreciation - owned assets|**1,139**|1,911|
|Amounts paid to Independent Examiner|**1,032**|1,044|
## **3. NET INCOME/(EXPENDITURE)**
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.
## **5. STAFF COSTS**
## **6.**
|Wages and salaries
The average monthly number of employees during the year was as follows:
Staff
No employees received emoluments in excess of £60,000.
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
895
**Charitable activities**
Costs of generating funds
5,919
Investment income
96
**Total**
6,910
**EXPENDITURE ON**
Raising funds
13,328
**Charitable activities**
Costs of generating funds
17,682
**Total**
31,010|**2022**
**£**
**123**
**123**
**2022**
**-**
Restricted
fund
£
-
-
-
-
-
-
-|2021
£
12,883
12,883
2021
1
Total
funds
£
895
5,919
96|
|---|---|---|
|||6,910|
|||13,328
17,682|
|||31,010|
Page 8
continued...
**Winifred Wharton Trust**
## **Notes to the Financial Statements - continued for the year ended 31st March 2022**
|**6.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
fund
£
**NET INCOME/(EXPENDITURE)**
(24,100)
**RECONCILIATION OF FUNDS**
Total funds brought forward
450,773
**TOTAL FUNDS CARRIED FORWARD**
426,673
**7.**
**TANGIBLE FIXED ASSETS**
Unrestricted
Restricted
Fixtures
Property
Property
and
Fund
Fund
fittings
£
£
£
**COST**
At 1st April 2021 and
31st March 2022
**66,204**
**991,497**
**58,660**
**DEPRECIATION**
At 1st April 2021
**-**
**493,607**
**55,516**
Charge for year
**-**
**-**
**1,002**
At 31st March 2022
**-**
**493,607**
**56,518**
**NET BOOK VALUE**
At 31st March 2022
**66,204**
**497,890**
**2,142**
At 31st March 2021
66,204
497,890
3,144
**8.**
**HERITAGE ASSETS**
**MARKET VALUE**
At 1st April 2021 and 31st March 2022
**NET BOOK VALUE**
At 31st March 2022
At 31st March 2021
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Monies due from Dulley's Baths|
Restricted
Total
fund
funds
£
£
-
(24,100)
497,890
948,663
497,890
924,563
Computer
equipment
Totals
£
£
**3,227**
**1,119,588**
**2,679**
**551,802**
**137**
**1,139**
**2,816**
**552,941**
**411**
**566,647**
548
567,786
Total
£
**50,828**
**50,828**
50,828
**2022**
2021
**£**
£
**20,096**
25,929|
|---|---|
Page 9
continued...
**Winifred Wharton Trust**
## **Notes to the Financial Statements - continued for the year ended 31st March 2022**
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**10.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
|---|---|---|---|---|
||||**2022**|2021|
||||**£**|£|
||Accrued expenses||**51,069**|51,056|
|**11.**|**MOVEMENT IN FUNDS**||||
||||Net||
||||movement|At|
|||At 1.4.21|in funds|31.3.22|
|||£|£|£|
||**Unrestricted funds**||||
||General fund|**426,673**|**4,017**|**430,690**|
||**Restricted funds**||||
||Property Fund - Restricted|**497,890**|**-**|**497,890**|
||**TOTAL FUNDS**|**924,563**|**4,017**|**928,580**|
||Net movement in funds, included in the above are as follows:||||
|||Incoming|Resources|Movement|
|||resources|expended|in funds|
|||£|£|£|
||**Unrestricted funds**||||
||General fund|**27,509**|**(23,492)**|**4,017**|
||**TOTAL FUNDS**|**27,509**|**(23,492)**|**4,017**|
||**Comparatives for movement in funds**||||
||||Net||
||||movement|At|
|||At 1.4.20|in funds|31.3.21|
|||£|£|£|
||**Unrestricted funds**||||
||General fund|450,773|(24,100)|426,673|
||**Restricted funds**||||
||Property Fund - Restricted|497,890|-|497,890|
||**TOTAL FUNDS**|948,663|(24,100)|924,563|
||Comparative net movement in funds, included in the above are as follows:||||
|||Incoming|Resources|Movement|
|||resources|expended|in funds|
|||£|£|£|
||**Unrestricted funds**||||
||General fund|6,910|(31,010)|(24,100)|
||**TOTAL FUNDS**|6,910|(31,010)|(24,100)|
Page 10
continued...
**Winifred Wharton Trust**
## **Notes to the Financial Statements - continued for the year ended 31st March 2022**
## **11. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|||Net||
|---|---|---|---|
|||movement|At|
||At 1.4.20|in funds|31.3.22|
||£|£|£|
|**Unrestricted funds**||||
|General fund|450,773|(20,083)|430,690|
|**Restricted funds**||||
|Property Fund - Restricted|497,890|-|497,890|
|**TOTAL FUNDS**|948,663|(20,083)|928,580|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|34,419|(54,502)|(20,083)|
|**TOTAL FUNDS**|34,419|(54,502)|(20,083)|
## **12. CONTINGENT LIABILITIES**
There were no Contingent Liabilities as at 31st March 2022 or 31st March 2021.
## **13. CAPITAL COMMITMENTS**
There were no Capital Commitments as at 31st March 2022 or 31st March 2021.
## **14. RELATED PARTY DISCLOSURES**
Three of the trustees are directors in Dulley's Baths Limited, a company which surrenders its profits to the charity each year in accordance with its Articles of Association. During the year it surrendered £13,801 (2021: £nil). The amount due from Dulley's Baths Limited at the year end was £20,096 (2021: £25,929).
## **15. RESTRICTED FUND**
This money will be granted on the basis of joint ownership between the Heritage Lottery Fund and the Winifred Wharton Trust, until the 4th July 2030, where ownership reverts solely to the Winifred Wharton Trust.
Page 11
**Winifred Wharton Trust**
## **Detailed Statement of Financial Activities for the year ended 31st March 2022**
||2022|2021|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|**16,746**|177|
|Event days|**835**|-|
|Catering income|**-**|68|
|Room hire|**8,862**|650|
|Talks|**235**|-|
||**26,678**|895|
|**Investment income**|||
|Deposit account interest|**831**|96|
|**Charitable activities**|||
|Grants|**-**|5,919|
|**Total incoming resources**|**27,509**|6,910|
|**EXPENDITURE**|||
|**Raising donations and legacies**|||
|Wages|**123**|12,883|
|Exhibition and stationery cost|**2,255**|445|
||**2,378**|13,328|
|**Charitable activities**|||
|Rates and water|**555**|625|
|Insurance|**4,238**|4,289|
|Light and heat|**6,284**|3,400|
|Telephone|**705**|680|
|Computer and website development costs|**384**|355|
|Advertising|**-**|76|
|Sundries|**441**|314|
|Repairs & renewals|**5,605**|4,389|
||**18,212**|14,128|
|**Support costs**|||
|**Finance**|||
|Bank charges|**731**|419|
|Depreciation of fixtures and fitting|**1,139**|1,911|
||**1,870**|2,330|
|**Governance costs**|||
|Accountancy fees|**1,032**|1,044|
|Legal fees|**-**|180|
||**1,032**|1,224|
|Total resources expended|**23,492**|31,010|
|**Net income/(expenditure)**|**4,017**|(24,100)|
This page does not form part of the statutory financial statements
Page 12