DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **Registered number: 04797256 Charity number: 1112908** ## **WINTERBOURNE MEDIEVAL BARN TRUST** **(A company limited by guarantee)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2021** DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** |**Contents**|**Pages**| |---|---| |Chair’s Statement|1- 2| |Trustees’ Annual Report|3 - 7| |Reference and Administrative Information|8 - 9| |Independent Examiner’s Report|10| |Statement of Financial Activities|11| |Balance sheet|12| |Notes to the financial statements|13 - 24| DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **CHAIR’S STATEMENT** ## **YEAR ENDED 31 MARCH 2021** ## Dear Friends This year has been significantly impacted by Covid 19. The various restrictions have meant that activities have been severely limited and have not been possible for much of the year. The enforced closure did give us an opportunity for us to finish fitting out the site and installing interpretation. It also encouraged us to find new ways of working and presenting activities which have meant that we have reached a much wider audience. This achievement represents a lot of hard work by many people over the years. In particular, the support of our many volunteers has been essential in reaching this point. There have been no changes of Trustee during the financial year. On 13 August 2021 Linda Hall resigned as a Trustee and I would like to thank her for all her support in the past and am pleased to say that she will stay as a volunteer continuing to provide advice on historical and architectural matters. On 31 July 2020 we were fortunate to be joined by Rosina Pullman as Company Secretary and she has brought a wealth of experience. Sue Fox and Andy Peters retire by rotation this year and are happy to stand for re-election. In addition, our Constitution requires a third of Trustees to be re-elected each year. I am two years through a three year term and have also agreed to stand for re-election. Following completion of the refurbishment project at the end of March 2020, South Gloucestershire Council (SGC) granted us a 25 year lease of the site. The site remained closed until the summer due to Covid restrictions. We were able to use this time to ensure that it provided a fitting venue and I am extremely grateful to Hazel Hatton, our Business and Development Manager for this. We also had to review methods of operation as restrictions changed. Jasmine Loveys, our Community Engagement Officer developed new activities such as Covid secure Family Days and other events and the development of on-line activities such as lectures. We were unable to organise our normal Carol Service but St Michael’s Church produced a fantastic film which was made available on our website. This attracted an international audience as well as being featured on BBC Points West. The activities that were held were extremely well received and demonstrated how much the Barn is valued by the local community and other visitors. It also demonstrated how flexibly the space and facilities can be used. We were able to adopt alternative models for events and activities which enabled us to engage with those members of the community isolated by Covid and unable to attend large scale events. The pandemic has also impacted interest in commercial hire of the barn for events, and these are an essential element of our Business Plan. There has been considerable interest and a commercial “wedding shoot” demonstrated how wonderful the venue can be for such events. We have also looked at alternative models for events which reflect people’s potential reluctance to attend large scale events. On a positive note, all four of our Byre units have now been let, as well as space in the West Barn which will help to secure the economic future. We are hopefully in a position to plan a more active future as it becomes possible to hold more events. Feedback received to date indicates that the Barn is still highly valued as a venue for events and activities. As we contemplate an exciting future for the Trust, we recognise that we need to ensure appropriate governance with the right mix of skills and experience among our Trustees, as activities and circumstances change. We would love to hear from anyone who believes that they can complement our existing Board and bring new skills. 1 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **CHAIR’S STATEMENT** ## **YEAR ENDED 31 MARCH 2021** In spite of all the restrictions, as a result of astute management we have managed to retain a healthy financial position. I would particularly thank Andy Peters for his excellent support in managing our finances and adapting to ever changing circumstances. We are looking forward to an exciting future which will be built on the firm foundations developed since the formation of the Trust. Everyone who has been involved should be proud of what has been achieved. Sue Parsons Chair Date: 4 October 2021 2 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **REPORT OF THE TRUSTEES** ## **YEAR ENDED 31 MARCH 2021** The trustees present their annual report together with the financial statements of the charity for the 1 April 2020 to 31 March 2021. The trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). ## **OBJECTIVES AND ACTIVITIES** ## **a. Policies and objectives** The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. The trust operates the site of the Winterbourne Court Farm Barn under a 25 year lease from South Gloucestershire Council which commenced in September 2020. SGC has agreed to waive the rent payable of £37,730 per annum under the lease on condition of the trust meeting various obligations with regards to the operation and maintenance of the site. The objects of the trust are: To promote and undertake the conservation, restoration and management for the public benefit of Winterbourne Court Farm Barn and surrounding land at Church Lane, Winterbourne, South Gloucestershire, by such exclusively charitable means as the trustees shall from time to time determine, and: The advancement of the public’s knowledge and understanding of the history and architecture of Winterbourne Court Farm Barn, and its surrounding landscape and the history of food production, storage and preparation of food and farming methods generally in the surrounding area, by the provision of facilities for guided tours, exhibitions, talks and such matters as the trustees shall from time to time determine The Trustees have reviewed and assessed the achievements of the Trust in terms of key activities and benefits and have taken the objects into account when planning future activities. ## **b. Activities for achieving objectives** The trust’s main objectives continue to be preservation of the unique 14th century Barn and promotion of knowledge of the history of its architecture, agricultural landscape and people through creation of a renowned centre which will provide for future generations: - Information on medieval architecture and construction, as well as guidance and support on - restoration of historic buildings to include practical workshops and courses on traditional building methods; - Information on the vernacular architecture of the region; - Provision of facilities for guided tours, exhibitions, talks, study days and school visits; - • Centre for education on rural crafts; - Knowledge of the history of local food production, storage and sustainable farming - methods; - Delivery of therapeutic horticulture; 3 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **REPORT OF THE TRUSTEES** ## **YEAR ENDED 31 MARCH 2021** • Use of the barn as a centre for the local community and provision of cultural and other activities; and • Management of the asset to ensure that it can be restored and maintained as befits its status. ## **c. Volunteers** The Trust has two paid members of staff who are assisted by volunteers which over the year comprised 53 people. This assistance incorporated maintaining the site, publicising, managing and hosting events and activities, cultivating the vegetable garden and general management. ## **ACHIEVEMENTS AND PERFORMANCE** ## **a. Review of activities** The physical refurbishment project to refurbish the site, in partnership with SGC, was completed in March 2020. The delay in fully reopening caused by Covid 19 gave us the opportunity to continue with the fit out of the site and complete the interpretation. The overall project will continue for some time to complete the Activities aspects of the refurbishment. The Trust organised an adapted events and an activities programme during the year, as and when Covid 19 restrictions allowed. The Trust also expanded its activities to include virtual events which enabled us to reach an international audience. The activities included events for families and children, and many were supported by the National Lottery Heritage Fund (NLHF) funding. These events generated income of over £5,000. The various events attracted nearly 2,600 people over the year including nearly 650 people attending Covid safe activities on site, the remainder predominantly accessing virtual activities. In particular, over 750 people across the world viewed the Carol service in December 2020. All the above events and activities were organised and supervised by our numerous volunteers who also maintain the site and cultivate the vegetable garden The volunteers have also played a major role in landscaping the site following the refurbishment. Unrestricted funds have increased by £19,164 leaving £68,548 to be carried forward (2020: £49,384). Restricted funds have been reduced to £nil (2020: £24,498) by expenditure exceeding grants and donations. A transfer of £13,875 was made to cover the excess of expenditure over income. ## **FINANCIAL REVIEW** ## **a. Reserves policy** The disclosure in the accounts analyses reserves between unrestricted funds, which are available for the main objects of the trust, and restricted funds, which are only available for the purposes set down by the donor. The trustees have examined the requirements for reserves in light of the main risks to the Trust. At 31 March 2021 the unrestricted, undesignated funds not committed or invested in fixed assets (the free reserves) held by the charity amounted to £30,843 (2020: £21,561). 4 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **REPORT OF THE TRUSTEES** ## **YEAR ENDED 31 MARCH 2021** The trustees consider that unrestricted funds should be designated to a building repair reserve as a contingency against future repair and maintenance costs of the site. £25,000 was transferred from general funds to the Building Repair Reserve in the year. The trustees consider that at least three month’s fixed operating costs, estimated to be £10,500 should be the minimum amount maintained in free cash reserves. Current free reserves are greater than the minimum because of sound financial management in the past and to provide an additional buffer against the uncertainties arising from Covid-19 on the operation of the site in the months to come. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **a. Constitution** The charity is constituted under a Memorandum of Association dated 12 June 2003 (company limited by guarantee) and is a registered charity number 1112908. ## **b. Method of appointment or election of trustees** The management of the charity is the responsibility of the trustees who are elected under the terms of the Articles of Association. Under the requirements of the Memorandum and Articles of Association the number of trustees shall be not less than three but (unless otherwise determined by ordinary resolution) shall not be subject to any maximum. At each Annual General Meeting one third of the trustees shall retire. The trustees to retire first shall be those who have been longest in office since their last appointment. Those trustees who are retiring are eligible to seek re-election. Members are encouraged to volunteer for a range of tasks including that of trustees; membership is open to all on payment of a modest subscription. Potential trustees are interviewed by a small panel of trustees before making a recommendation for appointment by the full trustee board. In the event of identified skills needed, WMBT will approach an appropriate agency such as CVS South Gloucestershire, VOSCUR or REACH in the quest to fill that skills gap, and a similar process is adopted before appointment. ## **c. Policies adopted for the induction and training of trustees** The board strives to ensure that the trustees are informed and educated on their role and responsibilities as a charity trustee and director. ## **d. Organisational structure and decision making** The board of trustees meets on a regular basis and is responsible for setting the strategic direction and policy of the charity. The day to day administration of the trust is delegated to the members of the Finance Committee and General Purposes Committee. The Finance Committee is chaired by the Treasurer and the General Purposes Committee by the Vice Chair of Trustees. The Chair is an ex-officio member of both committees. In addition to these committees there is an Events and Publicity committee. 5 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **REPORT OF THE TRUSTEES** ## **YEAR ENDED 31 MARCH 2021** ## **e. Risk management** The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to manage our exposure to the major risks. ## **f. Impact of COVID 19** Along with most organisations our operations and plans have been significantly impacted by Covid-19. Our Business Plan prepared in 2017 was based on 2020/21 being the year to establish the site as a Rural Craft and Heritage Centre, including the development of our commercial hire offering (including weddings), reflecting a position closer to economic self-sustainability. Obviously, the enforced closure has delayed this. Our signature events (Medieval Fayre and Orchard Harvest Day) and many of our plays and music events could not take place. However, we adapted. We ran some events remotely, others in a hybrid fashion catering for those who could attend in person and those who couldn’t and ran events which we wouldn’t otherwise have contemplated. In many ways Covid has shown how adaptive we can be. The impact of Covid on wedding hirings has been significant, just as it has been for all wedding venues. We did not have any wedding hires in 2020 and our bookings for this year and 2022 are at this stage not promising. On a positive note, we envisage all the Byre units remaining fully let, and we have managed to reduce our operating costs. This together with the continued support from SGC via its Revenue Grant and Covid Support grants meant that financially we ended 2020/21 in a better financial position than we could have expected and are hopeful that notwithstanding COVID 19 we can record a small surplus for 2021/22. In addition, the careful management of our financial resources in the past means that have built up cash reserves which should cover any shortfall should COVID 19 have a more detrimental impact on 2021/22. ## **PLANS FOR FUTURE PERIODS** ## **a. Future developments** The experience of the last year has provided us with great confidence that as pandemic restrictions are relaxed we will have a successful future ahead of us and that Winterbourne Medieval Barn will continue to be a valued community asset. ## **MEMBERS' LIABILITY** The Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up. 6 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **REPORT OF THE TRUSTEES** ## **YEAR ENDED 31 MARCH 2021** ## **Statement of trustees’ responsibilities** The trustees (who are also directors of Winterbourne Medieval Barn Trust for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the 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 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 income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 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. Signed by order of the Trustees on 4 October 2021 Sue Parsons Chair 7 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **REFERENCE & ADMINISTRATIVE INFORMATION** ## **YEAR ENDED 31 MARCH 2021** ## **Status** The Charity is governed by its Articles of Association. It was incorporated as a company limited by guarantee, number 04797256, on 12 June 2003 and was registered with the Charity Commission in England & Wales, number 1112908 on 2 February 2006. ## **Trustees** The Trustees who are directors for the purpose of company law and who served during the year are: Sue Parsons, Chair Derek Andow, Vice Chair Andy Peters, Treasurer Paul Appleby MBE Tim Bowles Sue Fox Linda Hall (resigned 13 August 2021) George Kousouros Nicholas Labuschagne **Registered Office** Winterbourne Court Farm Barn Church Lane Winterbourne BS36 1SE **Patron** Tracy Worcester (The Marchioness of Worcester) **Company secretary** Rosina Pullman (appointed 31 July 2020) **President** Baroness Corston **Vice-Presidents** The Bishop of Bristol Peter Clark Professor Mark Horton Jack Lopresti MP Alderman Bill Martin Kathleen Marsh Karen Morgan OBE DL Dr Lee Prosser Professor Phyllida Parsloe (dec’d 1 September 2021) Hilary Severn Peter Warren Terry Webber FCA 8 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **REFERENCE & ADMINISTRATIVE INFORMATION** ## **YEAR ENDED 31 MARCH 2021** **Independent Examiner** Joshua Kingston BSc., ACA Burton Sweet Limited, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 1UR **Bankers** CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ 9 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **INDEPENDENT EXAMINER’S REPORT** ## **YEAR ENDED 31 MARCH 2021** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021. . ## **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. Joshua Kingston BSc., ACA Burton Sweet Limited, Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Date: 4 October 2021 10 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2021** |**Note**
**Income from:**
Donations and legacies
**2**
Charitable activities
**3**
Other trading activities
**4**
Investments
**Total income**
**Expenditure on:**
Charitable activities
**5**
**Total expenditure**
**Net income/(expenditure)**
**8**
**Transfers between funds**
**Net movement in funds**
**Total funds at start of year**
**17**
**Total funds at end of year**
**17**|**Unrestricted**
**Funds**
**£**
81,467
840
19,145
-
101,452
68,413
68,413
33,039
(13,875)
19,164
49,384
68,548|**Restricted**
**Funds**
**£**
-
-
-
-
-
38,373
38,373
(38,373)
13,875
(24,498)
24,498
-|**Total Funds**
**2021**
**£**
81,467
840
19,145
-
101,452
106,786
106,786
(5,334)
-
(5,334)
73,882
68,548|Total Funds
2020
£
15,555
5,825
20
80
21,480
237,835
237,835
(216,355)
-
(216,355)
290,237
73,882| |---|---|---|---|---| The Charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed as continuing. **The notes on pages 13 to 24 form part of these financial statements See note 11 for fund-accounting comparative figures** 11 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **BALANCE SHEET** ## **AS AT 31 MARCH 2021** **----- Start of picture text -----**
AS AT 31 MARCH 2021 Company number: 04797256
2021 2020
Note £ £
Fixed assets
Tangible assets 12 9,105 9,638
Intangible fixed assets 13 - 710
Heritage assets 14 3,600 3,600
12,705 13,948
Current assets
Debtors 15 3,847 31,232
Cash at bank and in hand 63,031 32,732
66,878 63,964
Liabilities
Creditors : amounts falling
due within one year 16 (11,035) (4,030)
Net current assets 55,843 59,934
Total assets less current liabilities 68,548 73,882
Net assets 68,548 73,882
FUNDS
Unrestricted funds
General funds 18 43,548 35,509
Designated funds 18 25,000 13,875
Restricted funds 18 - 24,498
Total funds 68,548 73,882
**----- End of picture text -----**
For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act applicable to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. These financial statements were approved by the Trustees on 4 October 2021 and are signed on their behalf by: Sue Parsons, Chair ## **The notes on pages 13 to 24 form part of these financial statements** 12 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **1 Accounting policies** ## **Accounting convention** The financial statements have been prepared under the historical cost convention and in accordance with the Charities Act 2011, the Financial Reporting Standard 102 (FRS102) and the requirements of the Charities Statement of Recommended Practice based thereon. The charity is a public benefit entity as defined under FRS102. The Trustees have considered the implications of the COVID-19 pandemic in assessing the charity's ability to continue as a going concern. Please see the Trustees' Report for further details. Having considered this and all other factors the Trustees are consider that the charity is able to continue as a going concern. ## **Income** Income from donations is included in income when these are receivable, except as follows: I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods; II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met. Legacies are included on a receivable basis where charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed if material. Investment income is included on a receivable basis. Donations in kind comprise donated services where the costs are measurable and the services would otherwise have to be paid for to maintain operational effectiveness. ## **Expenditure** Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered. ## _**Raising funds**_ Raising funds expenditure include those costs incurred in seeking voluntary contributions, costs of goods sold and other costs which include the costs of running and participating in fundraising events and collections and cost of goods purchased for resale. ## _**Charitable Activities**_ Grants awarded are allocated to charitable activities. Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years’ funding. 13 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **1 Accounting policies** _**(continued)**_ ## _**Governance costs**_ Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs. ## _**Allocation and apportionment costs**_ Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time. Overhead support costs have been allocated between fundraising and publicity costs, fundraising trading and charitable activities. The apportionment has been allocated on the basis of usage and is analysed in ## **Intangible fixed assets** Website development has been capitalised to the extent that it is probable that future economic benefits attributable to the website are likely which will benefit to the Trust. The asset is being amortised over its estimated useful life of 3 years. ## **Tangible fixed assets** Fixed assets are held at cost less accumulated depreciation. Assets costing less than £250 are not capitalised. Depreciation is calculated so as to write off the cost of an asset, less its estimated ultimate residual value, over the useful life of that asset as follows: - Computer equipment - over 3 years; straight line Equipment - over 5 years; straight line Other fixed assets - over 5 years; straight line ## **Heritage assets** Heritage assets are held at cost at the time of acquisition. The asset balance represents the historic cost of a cider mill purchased by the Trust in 2014. The cider mill has not been depreciated due to its long economic life and high residual value, meaning any depreciation charged would not be material. One of the Trust's objectives is conservation and therefore it is the responsibility of the trustees to ensure that the condition of the charity's heritage assets does not deteriorate over time. ## **Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash at bank and in hand** Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 14 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **1 Accounting policies** _**(continued)**_ ## **Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objects 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. ## **Fund accounting** Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees. Further explanation of the nature and purpose of each fund is included in note of the financial statements. ## **2 Income from: Donations and legacies** |Current year
Donations
Refunded tax
Grants received
Gifts in kind received
Prior year
Donations
Refunded tax
Grants received|**Unrestricted**
**Funds**
**£**
2,738
225
58,986
19,518
81,467
**Unrestricted**
**Funds**
**£**
803
573
7,566
8,942|**Restricted**
**Funds**
**£**
-
-
-
-
-
**Restricted**
**Funds**
**£**
2,763
-
3,850
6,613|**Total Funds**
**2021**
**£**
2,738
225
58,986
19,518
81,467
**Total Funds**
**2020**
**£**
3,566
573
11,416
15,555| |---|---|---|---| 15 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **3 Income from: Charitable activities** |**Unrestricted**
**Funds**
**£**
Events
-
Membership fees
840
840
**Income from: Other trading activities**
**Unrestricted**
**Funds**
**£**
Hire and lettings income
19,145
19,145
In the prior year, all income was for unrestricted purposes.|**Restricted**
**Funds**
**£**
-
-
-
**Restricted**
**Funds**
**£**
-
-|**Total Funds**
**2021**
**£**
-
840
840
**Total Funds**
**2021**
**£**
19,145
19,145|Total Funds
2020
£
5,270
555
5,825
Total Funds
2020
£
20
20| |---|---|---|---| ## **4 Income from: Other trading activities** In the prior year, all income was for unrestricted purposes. ## **5 Expenditure on: Charitable activities** |Core activity
Events
Prior year
Core activity
Events|**Direct**
**Costs**
**£**
91,337
4,432
95,769
**Direct**
**Costs**
**£**
9,997
5,066
15,063|**Grant funding**
**of activities**
**£**
-
-
-
**Grant funding**
**of activities**
**£**
216,401
-
216,401|**Support**
**Costs**
**(Note 6)**
**£**
11,017
-
11,017
**Support**
**Costs**
**(Note 6)**
**£**
6,371
-
6,371|**Total Funds**
**2021**
**£**
102,354
4,432
106,786
**Total Funds**
**2020**
**£**
232,769
5,066
237,835| |---|---|---|---|---| In the prior year, Grant funding of activities included £216,401 paid to South Gloucestershire Council for the Winterbourne Barn refurbishment project. 16 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **6 Support costs** Support costs, included in notes 5, are as follows: **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Fundraising| |and|Charitable|Total|Total| |publicity|Activities|2021|2020| |£|£|£|£| |-| |Depreciation|4,520|4,520|4,213| |Administration|-|4,607|4,607|345| |Governance costs|(Note 7)|-|1,890|1,890|1,813| |-| |11,017|11,017|6,371| **----- End of picture text -----**
## **7 Governance costs** **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Total Funds|Total Funds| |Funds|Funds|2021|2020| |£|£|£|£| |-| |Independent examiner's fees|1,890|1,890|1,800| |Management costs|-|-|-|13| |-| |1,890|1,890|1,813| **----- End of picture text -----**
## **8 Net income/(expenditure) for the year** This is stated after charging: **----- Start of picture text -----**
||||| |---|---|---|---| |2021|2020| |£|£| |Independent Examiner's remuneration|- Independent examination|1,890|1,800| |- Other services|-|-| |Trustees' travel, meeting and training expenses|94|1,357| |Depreciation|3,810|3,372| |Amortisation of intangible fixed assets|710|751| **----- End of picture text -----**
One Trustee has been reimbursed for their out of pocket travel expenses (2020: 1). No Trustee received any remuneration during the year. Aggregate donations received from Trustees, key management personnel, and other related parties was £130 (2020: £2,025). **17** DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **9 Staff costs and numbers** The aggregate payroll costs were: |Wages & salaries
Social security costs
Employer's pension contributions|**2021**
**£**
27,741
-
350
28,091|2020
£
1,005
40
-
1,045| |---|---|---| No employee received emoluments of more than £60,000. The total employment benefits received by key management personnel including employer national insurance were £17,411 (2020: £1,045). ## **10 Taxation** The charity is exempt from corporation tax on its charitable activities. 18 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** **----- Start of picture text -----**
11 Statement of Financial Activities comparative figures
Unrestricted Restricted Total Funds
For the year ended 31 March 2020 Funds Funds 2020
£ £ £
Income from:
Donations and legacies 8,942 6,613 15,555
Charitable activities 5,825 - 5,825
Other trading activities 20 - 20
Investments 80 - 80
Total income 14,867 6,613 21,480
Expenditure on:
Charitable activities 21,434 216,401 237,835
Total expenditure 21,434 216,401 237,835
Net income/(expenditure) for the year
(6,567) (209,788) (216,355)
and net movement in funds
Total funds at start of year 55,951 234,286 290,237
Total funds at end of year 49,384 24,498 73,882
**----- End of picture text -----**
19 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **12 Tangible fixed assets** |**Cost or valuation**
At 1 April 2020
Additions
Disposals
At 31 March 2021
**Depreciation**
At 1 April 2020
Charge for the year
Eliminated on disposal
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020|272
566
-
838
188
92
-
280
558
84
**Computer**
**equipment**|**Equipment**
**£**
16,263
3,193
-
19,456
8,445
3,467
-
11,912
7,544
7,818|3,642
1,254
(3,242)
1,654
1,906
251
(1,506)
651
1,003
1,736
**Other Fixed**
**Assets**|**Total**
**£**
20,177
5,013
(3,242)
21,948
10,539
3,810
(1,506)
12,843
9,105
9,638| |---|---|---|---|---| ## **13 Intangible fixed assets** |**Cost or valuation**
At 1 April 2019 and 31 March 2020
**Depreciation**
At 1 April 2020
Charge for the year
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020|**£**
2,275
1,565
710
2,275
-
710
**Website**
**development**|**Total**
**£**
2,275
1,565
710
2,275
-
710| |---|---|---| 20 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** **----- Start of picture text -----**
14 Heritage assets
2021 2020
£ £
Cost
At 1 April 2020 and 31 March 2021 3,600 3,600
There have been no purchases or disposals of Heritage assets in the last 5 years.
15 Debtors
2021 2020
£ £
Due in less than one year:
Trade debtors - 2,503
Prepayments and accrued income 3,597 24,498
Tax reclaimable under gift aid 225 2,176
Other debtors 25 2,055
3,847 31,232
16 Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors - 753
Other creditors 8,598 27
Accruals and deferred income 2,437 3,250
11,035 4,030
**----- End of picture text -----**
21 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **17 Movement in funds** ## **For the year ended 31 March 2021** |**Restricted funds**
Matched funding
**Unrestricted funds**
Designated funds
Buildings Repair Reserve
Matched funding pledge
General funds
**Total funds**|**At 1 April**
**2020**
**£**
24,498
24,498
-
13,875
35,509
49,384
73,882|**Income**
**£**
-
-
-
101,452
101,452
101,452|**Expenditure**
**£**
(38,373)
(38,373)
-
(68,413)
(68,413)
(106,786)|**Transfers**
**£**
13,875
13,875
25,000
(13,875)
(25,000)
(13,875)
-|**At 31 March**
**2021**
**£**
-
-
25,000
-
43,548
68,548
68,548| |---|---|---|---|---|---| ## **Restricted funds** Matched funding - The trust was committed to seek to raise matched funding as a condition of the grants from NLHF and SGC. Such funds were held by the Trust and have now been passed over to SGC who have now completed the building work. ## **Designated funds** Matched funding pledge - In the application to NLHF for the delivery funding the Trust pledged to provide £3,000 from its general funds. Subsequently the Trust pledged additional amount from its general reserves towards the delivery funding. Now the building is complete the remaining designated funds have been transferred to the Matched funding restricted fund to cover the remaining expenditure. Buildings Repair Reserve - The trustees have agreed to set aside regular sums for repairs and maintenance of the barn and site now that it is being used. 22 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **17 Movement in funds** _**(continued)**_ ## **For the year ended 31 March 2020** |**Restricted funds**
Matched funding
**Unrestricted funds**
Designated funds
Matched funding pledge
General funds
**Total funds**|**At 1 April**
**2019**
**£**
234,286
234,286
14,250
41,701
55,951
290,237|**Income**
**£**
6,613
6,613
-
14,867
14,867
21,480|**Expenditure**
**£**
(216,401)
(216,401)
(3,700)
(17,734)
(21,434)
(237,835)|**Transfers**
**£**
-
-
3,325
(3,325)
-
-|**At 31 March**
**2020**
**£**
24,498
24,498
13,875
35,509
49,384
73,882| |---|---|---|---|---|---| ## **18 Analysis of net assets between funds** |**As at 31 March 2021**
Intangible fixed assets
Tangible fixed assets
Heritage assets
Other net assets
**As at 31 March 2020**
Intangible fixed assets
Tangible fixed assets
Heritage assets
Other net assets|**Unrestricted Unrestricted**
**Restricted**
**Designated**
**General**
**Total**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
-
-
-
-
-
-
9,105
9,105
-
-
3,600
3,600
-
25,000
30,843
55,843
-
25,000
43,548
68,548
**Unrestricted Unrestricted**
**Restricted**
**Designated**
**General**
**Total**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
-
-
710
710
-
-
9,638
9,638
-
3,600
3,600
24,498
13,875
21,561
59,934
24,498
13,875
35,509
73,882| |---|---| 23 DocuSign Envelope ID: B12A1CC8-3EC9-4ED6-9A32-6E7BD410ADB3 ## **WINTERBOURNE MEDIEVAL BARN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 MARCH 2021** ## **19 Related party transactions** There are no transactions with trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial statements. 24