2022-03-31-accounts - The Wellington Trust

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			Page	Page
Report ofthe Trustees		1	to	9
Report ofthe independent Auditors		10	io	13
Statement ofFinancial	Activities		14
Balance Sheet			15
Notes tothe Financial	Statements	16	to	28
Detailed Statement of	Financial Activities	29	to	31

					2022	2021
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
INCOME AND ENDOWMENTS	FROllll	Notes		5	5	F
Donations and legacies		3	57,683		114,227	495,672
Charitable acSvities		6
Maintenance ofthe Wellington Education			20,920 336		20,920 336	45
Other trading activities Investment income			4,139		242 4,139	56,193 4,654
Total						557764
EXPENDITURE ON
Raising funds		7	9,632		9,632	6,804
Charitable activities
Maintenance ofthe Wellington Education			166,878 ~34443	18,041 ~27315	'l84,919 ~61758	277,017 ~90077
Total			210953			373896
Net gains on investments			~14?1		~1471	61742
NET INCOMEI(EXPENDITURE)			(126,162)	11,188	(114,974)	245,606
RECONCIUATION OF FUNDS
Total funds brought forward			903,838	25,042	828,880
TOTAL FUNDS CARRIED FORWARD			~7TT 776	36230	814,006	928980

			202'I
FIXEDASSETS			5
Tangible assets Investments	15 16	574,'!58 227,760	575,575 271 189
		801,918	846,735
CURRENT ASSETS
Stocks Debtors Cash at bank	17 18	4,246 97,133 22 788	163,523 8742
		125,168	1?3,265
CREDITORS
Amounts falling due within one year	19	(113,080)	(91,020)
NET CURRENT ASSETS		12ON	82245
TOTAL ASSETSLESSCURRENT
LIABILITIES		8147006	928,980
NET ASSETS		514288	928 MO
FUNDS
Unrestricted funds Restricted funds		?77,776 28,2M	903,938 25942
TOTAL FUNDS		~87 828	828.989

	Activity		2022f	2021
Ship tours Costs reimbursed Heritage Evenings	Maintenance Maintenance Education	ofthe Wellington ofthe Wellington	125 20,795 336
			~21 266

RAISING FUNDS
Raising donations	and	legacies
Fundraiser Friends' expenses Promotional design,	printing		snd postage	2022f 3,60'7 638 ~4173	2021f 1,700 475
				~8418	2 175
Other trading activigss
Purchases Closing stock Bad debts				2022f 5,285 (4,248)	2021 f 4557
				~1048	~4557
Investment management		costs
Portfolio management					2021f 72
Aggregate amounts				~8632

	Direct Costs (ses note 9)	Grant funding of activities	Support costs (see note 10)	Totals
Maintenance ofthe Wellington Education	93,142 ~81 758	2 301	6 91,4T6	6 184,919 61,T58
	164,800		91,478	246,677
DIRECT COSTSOFCHARITABLE	ACTIVITIES
			2022	2021
Staff costs				6
Repairs and maintenance Mooring fees Rates Insurance Website Utilities Exhibitions			35,359 9,682 14,991 7,511 1,542	27.019 87,200 5,0S8 2,419 12,125 8,220 9,831
Augmented reality project Education expenses Heritage Evenings Admissions Depreciation Loss on sale ofassets			14,144 28,037 'l6,82T 2,750 134 23,923	11,360 75,200 3,517 13,544
				20,694
				278,197
SUPPORT COSTS
			Governance
Maintenance ofthe Wellington		Management f 85,476	costs 2 ~6000	Totals 81476

		2022	2021
		Maintenance
		ofthe	Total
		Wellington	activities
Wages Social security Pensions		6 35,000 940	6 S,OSO 1,003
Consultant manager Accounting Database Marketing Bank and payment charges Sundry expenses ITand solbvare costs Legal fees Professional fees Auditors' remuneration		500 5,431 7,901 23,640 605 7398 2,971 880 ~8000	26,884 3,444 14,198 10,023 1,192 3.004 3,148 2,180 11,361 ~5400
		~91 476	~80 897
NET INCOINEI(EXPENDITURE)
Net incomel(expenditure)	is stated after charging/(crediting):
		2022	2021
Auditors' remuneration Depreciation -awned assets De6cit on disposal ofOxed assets		6 6,000 23,823	6 5,400 'i3,544 20,694

NET INCOINEI(EXPENDITURE)
Net incomel(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation -awned assets
De6cit on disposal ofOxed assets

13.	STAFF COSTS
				2022	2021
	Wages and salaries Social security costs Other pension costs			8 35,000 940	6 33,640 3,288 144
					37072
	The average monthly number ofemployees		during the year was as folkws:
	Shipkeepers and maintenance Administration				2021 1 2
	No employees received emoluments	in excess of860,000.
14.	COMPARATIVES FORTHE STATEMENT		OF FINANCIAL ACTIVITIES
			Unrestricted	Restricted	Total
			funds	funds	funds
	INCOME AND ENDOWMENTS FROM		6	6	8
	Donations and legacies		267,077	229,595	496,672
	Charitable activiNes
	Education
	Other trading activities Investment income		56,193 4854		56,193 ~4854
	Total		~328 169	229595	557,764
	EXPENDITURE ON
	Raising funds		6,804		6,804
	Charitable activities
	Maintenance ofthe Wellington Education		149,551	127,466 90,077	277,017 9O',O77
	Total		156,355	~217 543	373898
	Net gains on investments		61 742		61742
	NET INCOME Transfem between funds		233,556 8,450	12,052 (8,450)	245,608

14.	COMPARATIVES	FORTHE STATEMENT OF FINANCIAL ACTIVITIES-	FORTHE STATEMENT OF FINANCIAL ACTIVITIES-	continued
			Unrestricted	Restricted	Total
			funds	funds	funds
				6	F
	Net movement in funds		242,006	3,602	245,608
	RECONCIUATION	OF FUNDS
	Total funds brought	forward	661,932	21,440	683,372
	TOTAL FUNDS CARRIED FORWARD		~903938	25,042	928980
15.	TANGIBLE FIXED	ASSETS
			improvements
			to HQS	HQS
			Wellington	Wellington	Totals
	COST		5		6
	At 1 April 2021 Additions		244,652 ~22606		849,346 22506
	At 31 March 2022		267,158		871,852
	DEPRECIATION
	At 1Apdl 2021 Charge for year		54,987 ~8487	218,784 ~18436	273,771 ~23923
	At 31 March 2022		~63 474		~297694
	NET BOOK VALUE
	At 31 March 2022		~203684	~370474	574,158
	At 31 March 2021		~189665	385,910	575,575

FIXEDA	SSET INVESTMENTS
		Listed
		investments
		E
MARKET	VALUE
At 1 April	2021	271,160
Additions		27,645
Disposals Unrealised Movement	gains/(losses) in cash	(74,816) 3,277 494
At 31 March 2022		~227 780
NET BOOKVALUE
At 31 March 2022		227,760
At 31 March 2021		271 160

19.	CREDITORS: AISOUNT	S FALLING DUE WITHIN ONE YE	AR
				2022	2021
	Trade creditors Social security and other	taxes		8 88,154 628	64,500
	Other creditors Accruals and deferred income Accrued expenses			346 3,858 ~9094	173 ~6347
				~113080	$1020
20.	ANALYSIS OF NET ASSETSBE)WEEN FUNDS
				2022	2021
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		6	F	6
	Fixed assets investmenls Current assets Current lisbiiities	574,158 227,760 88438 ~113080)	36,230	574,158 227,760 125,168 (113,080)	575,575 271,160 173,265 ~91,020)
		~777776	~36230	~814006	~928 950
21.	INOVEISENT IN FUNDS
				Net
				movement	At
			At 1.4.21 5	in funds 2	31.3,22
	Unrestricted funds
	General fund Ship Removal Fund		&53,938 ~50000	(126,162)	727,776 50,000
	Restricted funds		903,838	(126,162)	777,776
	National Lottery Heritage Portal Trust Portal Trust 2020I21 1851Commission	Fund	5,569 9,473 10,000	14,795 (8,776) (10,000) ~1518$	20,354 6$7 15,169
			25,042	11,188
	TOTAL FUNDS		~928980	~114$74)	~81 006

Net movement in funds,	included in the	above are as follows	:
		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
Unrestricted funds			6	6	6
General fund		83,320	(210,953)	1,471	(126,162)
Restricted funds
National Lottery Heritage Portal Trust Portal Trust 2020/21 1851Commission	Fund	41,084	(26,288) (8,776) (10,000) ~291)		14,795 (8,776) (10,000) ~1169
					~11186
TOTALFUNDS		~138 864	~258308)	~1471	~114874)

		Net	Transfers
		movement	between	At
	At 'I.4.20	in funds	funds	31.3.21
Unrestricted funds			6	F
General fund Ship Removal Fund	661,932	233,556	(41,550) ~50000	853,938 50000
Restricted funds	661,932	233,556	8,450	903,938
National Lottery Heritage Fund Portal Trust Replacement Moonngs Project Portal Trust 2020/21	12,990 8,450	5,569 (3,517) ~10000	(8,450)	5,569 9,473 10,000
	~21440	12052	~6450	25,042
TOTALFUNDS	~663 372	245608		~928980

Comparative net moveme	nt in funds, i	ncluded in the above	am as follows:
		Incoming	Resources	Gains and	Movement
Unrestricted funds		resources 6	expended 6	losses 5	in funds 5
General fund		328,169	('l56,355)	61,742	233,556
Restricted funds
National Lottery Heritage Portal Trust Portal Trust 2020/21	Fund	219,595 10000	(214,026) (3,517)		5,569 (3,517) 10000
		229595	217543		12,052
TOTAL FUNDS		557764	~373898)	61 742	245,608