REGISTERED COMPANY NUMBER: 03880688 (England and Wales) REGISTERED CHARITY NUMBER: 1079695 ort of the Trustees and Unaudited Financial Statements F r Th Year Ended 31st March 20 for Winifred Wharton Trust 'ItJZ8T675* A21 -171Q3i2025, COMP.ANIES triOUSE
188
Cheney & Co 310 Wellingborough Road Northampton NN14EP
inifred Whart n Trus Contents of the Financial Ststemen For The Year Ended 31st March 2024 Page Roport of the Truste08 Independent Examiner's Report Statement of Financial Activities Balance Sheet Note8 to the Flnan¢lal Stal•monts 7 10 11 Detalled Statement of Flnanclal Actlvltlos 12
Winlfred Wharton Trust istered number.. 03880688 ort of the Trustees For The Year Ended 31st March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial stalemenls of the charity for the year ended 31 st March 2024. 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 lo preserve for the benefit ol the townspeople of what was Ihe Borough of Wellingborough, and of the nation al large, whatever of historical, architectural and constructional heritage that may exist in and around the old Borough of Wellingborough. The primary means of delivering this is by providing a museurnlheritage centre in which lo display collections of artefacts. The Trustees have decided that, in the Current economic climate we should be careful of taking new inilialives. We have 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 E8St Northanls ("North Northamptonshire" NNCI. There is also a 'Wellingborough Town Council, which, like a parish council. has unpaid councillors. It has Ihree salaried officers and has taken over many of the town activities from the NNL - to Wellingborough's advantage. We depend on profits from our shop, cafè. and room letting. We are now in the samè position financially and for visitors -as before Covid. We are fortunate in allracling very able volunteers - some from before we moved lo Dulley's Baths In 2007, and the friendly atmosphere in the building is reflected in our visitor revlews 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 musl not forget that our primary purpose is as a museum and we are working on the renewal of our Museum Accreditation. The Museum collection is calalogued and photographed in the computer program Modes for Windows and theie 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 aclivilies. In particular, Ihe Iruslees consider how planned activities will contribute to the aims and objectives they have set for the organisation, thus ensuring public benefit conlinues lo be delivered. ACtrtIEVEMENT AND PERFORMANCE Charitable activities On TripAdvisor,.we are the number 1 attraction in the Borough of Wellingborough. FINANCIAL REVIEW Flnancial position Our shop trading company. Dulley's Baths Ltd. contlnues to donate all its profits to the Trust. The Trustees were concerned for the future of Wellingborough a5 a shopping town and this has proved to be the case - however we are bucking Ihe trend and must be the best toylsouvenir shop in the town. And there is free parking in the town. Inve8tment pollcy and objectlves 8ank interest rates have improved but we are securing the future of the museum by not taking any chances financially. 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 reseprfes, but this has proved prudent in view of the increases in the cost of energy. FUTURE PLANS Our future plan is to 'keep going,. Our policy of rur)ning 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 limes and we see no reason to change. Page 1
Winifred Wharton Trust Re istered nurnber: 03880688 Re ort of the Trustee For The Year Ended 31st March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The organisalion is a charitable company limited by guarantee, in¢orporated on 19th November 1999 and registered as charity on 3rd March 2000. Anyone (including organisations) may be appointed a member. Their admission and condition5 of membership are regulated by the trustees. At March 31 st 2024 the members total three and are its trustees, each of whom agrees to contribule £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 charilable 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-electlon. Thereafter, all trustee5 will Serve a period up lo 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 Associalion, the number of truslees shall not be less than three but shall not be subject to any maximum. At March 31st 2024 there are three trustees. The trustees meet four times a year. Induction and training of new trustees New trustees are encouraged to attend appropriate extemal training courses, and meel key employees and olhgr trustees - all of which will facili18le the undertaking of their role. Related partles The only related party considered by the Trustees are those disclosed in the notes to these financial statements. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 03880688 {England and W8lesl Reglstered Charlty number 1079695 Registered office 146 Main Road Wilby Welllngborough, North8mptonshire NN8 2UE Trustees Mrs l.H. Wharton R.D. Wharton (deceased 22.12.2024) Mrs D Keech C 8ai18y Company Secretary Mrs l.H. Wharton Independent Examiner P A Sparks Cheney & Co 310 Wellingborough Road Northampton NN14EP Solicitors DFA Law, 2 Waterside Way. Northampton, NN4 7x0 Page 2
Winifred Wharton Trust Re istered number: 03880688 ort of the Trustèes For The Year Ended 31st March 2024 REFERENCE AND ADMINISTRATIVE DETAILS 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 seNed during the year and up to the date of this report are sel out on page 1. In accordance wlth company law, as the company's directors, we certify Ihal.. so far as we are aware. there 1$ no r&levant accounts information of which the Company's accountants are unaware., and as the directors of the Company we have taken all the steps Ihal we ought to have taken in order to make ourselves aware of any relevant accounts information and lo establish that the charity's accountants are aware of that information. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Winifred Wharton Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial slalements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) includlng Financlal Reporting Standard 102"The Fin8ncial Reportlng Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of Ihe charitable company for that period. In preparing those financial slalements, the trustees are required to select suitable accounting policies and then apply them consislenlly,. obser¥e the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent., prepafe the financial statements on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in business. The trustees are responsible for keeping proper accountlng records which disclose with reasonable accuracy al any time the financial position of the rharitable company and lo 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 prevenlion and detection of fraud and other irregularities. 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 14th March 2025 and signed on ils behalf by.. Mrs l.H. Wharton- Trustee Page 3
Inde endent Examiner's Re ort to the Trustees of Winifred Wharton Trust Re istered number: 03880688 Independent examinerfs report to the trustees of Winifred Wharton Trust ('the Company'l I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 st March 2024. 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 Acl 2006 ¢lhe 2006 ACV). 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 ('Ihe 2011 Act,). In carrying out my examination I have followed the Directions 9iven by the Charity Commission under Sèction 145(5) (b) of the 2011 Act. Independent examinefs statoment I have completed my examination. I confirm Ihal no matters have come to my attention In connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act,. or the accounts do not accord with Ihose records., or the accounts do not comply with the accounting requirements of Secliorb 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 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 lo charities preparing their accounls 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 matt8rs in connection with the examination lo whlch attentlon should be drawn In this report in order. lo enable a proper understanding of thè a¢¢ounts to bè reached. P A Sparks Cheney & Co 310 Wellingborough Road Northampton NN14EP 14th March 2025 Page 4
Winifred Wharton Trust Statement of Financial Activities oratin an Income and Ex enditure Account For The Year Ended 31st March 2024 Inco 2024 Totsl funds 2023 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 35,079 35,079 41,734 Investment income 1,618 1,618 2,057 Totsl 36,697 36,697 43.791 EXPENDITURE ON Raising funds 11,183 11,183 8,399 Charitable activities Costs of generaling funds 41,174 41,174 23,071 Totsl 52,357 52,357 31,470 NET INCOMEIIEXPENDITURE) 115,6601 (15,660) 12,321 RECONCILIATION OF FUNDS Total funds brought forward 443,011 497,890 940,901 928,580 TOTAL FUNDS CARRIED FORWARD 427,351 497,890 925,241 940,901 The notes form part of these financial stalemenls Page 5
Winifred Wharton Trust Re istered number: 03880688 Balance Shee 31st March 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets Heritage assets 69.964 50,828 497,890 567,854 50,828 566.890 50,828 120,792 497,890 618,682 617,718 CURRENT ASSETS Debtors Cash at bank 34,301 324,381 34.301 324,381 30,838 343,540 358.682 358.682 374,378 CREDITORS Amounts falling due within one year 10 (52,123) 152,123) (51,195) NET CURRENT ASSETS 306,559 306,559 323,183 TOTAL ASSETS LESS CURRENT LIABILITIES 427,351 497,890 925,241 940,901 NET ASSETS 427,351 497,890 925,241 940,901 FUNDS Unrestricted funds Restricted funds 427,351 497,890 443,011 497,890 TOTAL FUNDS 925,241 940,901 The charitable company is entrtled to exemption from audit under Sèclion 477 of the Companies Act 2006 for the year ended 31 sl March 2024. The members have not fequired the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge Iheir responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial slalemenls whlch glve 8 Irue and fair view of the stale of affairs of the charitable company as at the end of each financial year and of ils 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 slatements, so far as applicable to the charitable company. (b) These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject lo the small companies regime. The financial statements were approved by th8 Board of Trustees and authorised for issue on 14th March 2025 and were signed on its behalf by.. l.H. 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 2024 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 1021 'A¢counting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wilh 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 2024 that comply with the provisions of Section 1A "Small Enlilies" 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 statemenls are set out below. These policies have been consislency 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 Activitie6 once the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expendlturo Liabilities are recognised as expenditure as Soon as there is a legal or Gonstruclive obligation committing Ihe charity lo that expenditure, il 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 Depreciatlon is provided at the following annual rates in order lo write off each asset over Its eslimaled useful Restricted Property Fund Fixtures and fittings Computer equipment 40/0 on cost 100/0 on cost 254/0 on cost Herilage a$•ets Depreclatlon 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 conlinually review the items held and assesses Ihe preservation needs. Taxatlon The charity is exempt from corporation tax on ils charitable activities. Fund aceounlSng Unrèstricted funds can be used in accordance wllh the charitable objectives at the discretion of the trustees. Reslricted funds can only be used for particular restricted purposes within the objects of Ihe 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 lund is included in the notès lo the financial statemenls. Penslon Costs and other post-retirement bènefits The charitable company operates a defined contribution pension scheme. Contributions payable lo the charitable company's pension scheme are charged to Ihe Statement of Financial Activities in the period to which they relate. Page 7 continued...
Wlnifred Wharton Trus Notes to the Financial Statements - continued For The Year Ended 31st March 2024 INVESTMENT INCOME 2024 2023 Deposit account interest 1,618 2,057 NET INCOMEI(EXPENDITURE) Net in¢om81{expenditur8) is Stated after chargingl(crediting)'. 2024 2023 Depreciation - owned assets 893 947 TRUSTEES. REMUNERATION AND BENEFITS Theie were no trustees, remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. Trustees, expenses There were no Iruslees, expenses pald for the year ended 31st March 2024 nor for the year ended 31st March 2023. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 7,829 65 83 7,291 7,977 7,291 The average monthly number of employees during the year was as follows: 2024 2023 Staff No employees received emoluments in excess of £60.000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restrlcted fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 41,734 41,734 Investment income 2,057 2,057 Total 43,791 43,791 EXPENDITURE ON Raising funds 8,399 8,399 Charitable activities Costs of generating funds 23.071 23,071 Total 31,470 31,470 NET INCOME 12,321 12,321 Page 8 conlinued...
Winifred Wharton Trus Notes to the Financial Statements - continued For The Year Ended 31st March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - Continued Unrestricted fund Restricted fund Total funds RECONCILIATION OF FUNDS Total funds brought forward 430,690 497.890 928,580 TOTAL FUNDS CARRIED FORWARD 443,011 497,890 940,901 TANG18LE FIXED ASSETS Unrestricted Property Fund Restricted Property Fund Fixtures and fittings Compuler equipment Totals COST At 1 sl April 2023 Addrtions 66,204 991,497 59.850 1,857 3,227 1,120,778 1.857 At 31st March 2024 66,204 991,497 61,707 3,227 1,122,635 DEPRECIATION At 1 st April 2023 Charge for year 493,607 57,362 816 2,919 77 553,888 893 At 31st March 2024 493,607 58,178 2,996 554,781 NET BOOK VALUE At 31st March 2024 66,204 497,890 3,529 231 567,854 At 31st March 2023 66,204 497.890 2,488 308 566,890 HERITAGE ASSETS Total MARKET VALUE At 1st April 2023 and 31st March 2024 50,828 NET BOOK VALUE At 31st M8rch 2024 50,828 At 31st March 2023 50,828 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Monies due from Dulley's Baths PAYE debtor 34,013 288 30,838 34,301 30,838 Page 9 continued...
Winifred Wharton Trust Notes to the Financial Statements - continued For The Year Ended 31st March 2024 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Net pay creditor Accrued expenses 870 51,253 51.195 52,123 51,195 11. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 443,011 (15,660) 427,351 Restricted funds Property Fund - Restricted 497,890 497,890 TOTAL FUNDS 940,901 (15,660) 925,241 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in fijnds Unrestri¢tgd fund5 General fund 36,697 (52,3S7) (1 S,680) TOTAL FUNDS 36.697 (52,357) (1 5,660) Comparatives for movement in funds Net movement in funds Al 31.3,23 At 1.4.22 Unrestrlcted funds General fund 430,690 12,321 443.011 Restrlcted funds Property Fund - Restricted 497,890 497,890 TOTAL FUNDS 928,580 12,321 940,901 Comparative net movement in funds. included in Ihe above are as follows: Incoming sources Resources expended Movement in funds Unrestricted funds General fund 43,791 (31,470) 12.321 TOTAL FUNDS 43.791 (31.470) 12.321 Page 10 continued...
Wlnifred Wharton Trus Notes to the Financial Ststements - continued For The Year Ended 31st March 2024 11. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.3.24 At 1.4.22 Unrestricted funda General fund 430,690 {3,339} 427,351 Restricted funds Property Fund - Restricted 497,890 497,890 TOTAL FUNDS 928.580 (3.339) 925,241 A current yèar 12 months and prior year 12 months combined net movement In funds. included Sn the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds Geneial fund 80,488 (83.827) (3,339) TOTAL FUNDS 80,488 (83,827) {3,339) 12. CONTINGENT LIABILITIES There were no Contingent Liabilities as at 31st March 2024 or 31s1 March 2023. 13. CAPITAL COMMITMENTS There were no Capital Commitments as at 31st March 2024 or 31st March 2023. 14. RELATED PARTY DISCLOSURES One of the Iruslees is a director in Dulley's Baths Limited, a company which surrenders ils profits to the charlty each year in accordance with its Articles of Association. During the year it surrendered £25,407 (2023.. £26,010). The amount due from Dulley's Baths Limited at the year end wa5 £34,013. (2023: £30,837). 15. RESTRICTED FUND This money will be granted on the basis of joint ownership between the Heritage Lottery Fund and the Winifred Wharton Trust, unlil the 4th July 2030. where ownership reverts solely to the Winifred Wharton Tru51. Page11
art Detailed Statement of Financial Activities For The Year Ended 31st March 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Oonalions Event days Room hire Talks Tombola 29,020 1.163 4,833 28,256 152 12,709 50 567 63 35,079 41,734 Investment income Deposit account interest 1,618 2,057 Total incoming resources 36,697 43,791 EXPENDITURE Raising donations and legacles Wages Social security Pensions Exhibition and statlonery ¢osl 7,829 65 83 3,206 7,291 1,108 11,183 8,399 Charitable actlvlties Rates and water Insurance Llghl and heat Telephone Computer and webslte development costs Sundries Repaits & renewals Travel expenses 890 S,038 10,334 1,086 1,017 770 19,319 111 1,511 4,705 7.556 665 369 1,384 3,688 38,565 19,878 Support ¢osts Finance Bank charges Depreciation of fixtures and fitting Other Interest 460 893 1,016 947 1,355 1,963 Governance costs Accounlancy fees 1,254 1,230 Total resources expended 52,357 31,470 Net (expenditurellincorne 115,660 12,321 This page does not form part of the stslulory financial statements Page 12