Charity registration number 1120240 Company registralion number I￿128047 {England and Wal0$1 THE GREAT WOOD TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 THE GREAT WOOD TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustses Revd J H Simmns MAJ &mmons MrJ Chamber5 Ms S KeigNey Mr J R8nnison Mr D ￿rtett￿Se Revd C Qwen Mr R wBa￿tr Charity number 1120240 Company number Cel2￿47 RegiSt¢red offi¢e 1(tsAwtia Pts Porb"shead Bristol BS20 7QS Ind•yndent exami￿r Mr P J Barton FCCA ART AC£tyJnt￿ L[mil￿j GtcwJTrJ Floor 11 Manvers Strget BA1 1JQ Bank•x HSBC Bank p 62 Gstrge Wlile Street Cabot CiroJs Bristol BS13&4 THE GREAT WOOD TRUST CONTENTS Trustees, rep(Mt Indepgndent 8xgnwr*trs rewt Statement crfffina￿lal aclivitiès Balanc* $￿tt Notss to the statem8rts 8-16 THE GREAT WOOD TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2022 The trust&s pra￿t their rewi arKI finawal statements for the year ended 31 March 2022. The finanoal statements have been preparg(l in acCOrdar￿ ￿1h the &COLmtirs polirAes set out in noto 110 the financial statements and COrnF4y the charTtys govemiThJ d(xum￿L the Companies Act 2C￿ and "A¢countirrfJ and R¢porting by Charitie$". Statement of R￿0mmeNjed Prxts"￿ ap￿iCable to chanb'es preparing thwr accounts in aceordancè ￿th the FinanrAal Rewbng StsTraard 4pli¢aile in the UK 8nd RapuNic of Ireland IFRS 102) (effective 1 January 2019}-. ObJe¢tsv8s and *ctivltles The Charity's objects S￿ lo advsrte the Christian failh in acconlarto with the ch*l￿S Slatemont of Bdiofs in Somerset and in such other parts of Ihe Unitèd KiThJdom or Ihe wortd as the Trust•ès may from time to tim$ think fft and to fulfil such ¢)ther pLff[￿ which are exdusively chan"tabJe acccfthn9 to the ￿ of England and Wales ar8 ¢LMnect•J the charrtalAe WO￿ c(Ihe Tnjst The trustees hav8 pad due r8gard to g￿darKe isSL￿d by the ￿rity Commissp)n in deuthng vthat ac*vities the tharity sh¢Juld undertake. A¢hlevameTrts and performanee The Charity ILx)k over thè man&3èment of Groat Iht*yJ Camp ￿ 1st Awl 21X)7. Thè site is in usa duriThJ the months Marth to November in any year. In August 2014, the Savanka Trust atharThd a loan of £2CQ.C((J interost free 10 year loan secureil by way of a first charge on tho Ireehold in order to faci1rt8te the ol tha site. This loan 15 being repaid by an annual grant of £20K tr(￿ Savanka Trust, receivaile on the CorKI￿On that the trustees of The Savanka Trust aro $8tisfiad that tho charitable actÈviOes oJrr¢nlJy Carri￿ cfi by the Gmt ￿k￿d Trust are conlinuing bro*ly as 8t present As at 31st March 2022 £40,OCKJ remair*d outstanth"rvJ. S¢ripture Union hava used Great KtK)d Ic* many years for the of Chn"$tian hcAidays and ￿EekendS. Due to Covid restn"ctions Scripture Uruon was not al￿e to run a fvll programme of hdidays during the year under iew and the impact of this made a meanirwJfvJ imm on the Charity. trJ)th frc*n a ministy and finanaal persp8th"ve. Ho￿ver in September 2021 Scripture Union ente￿ into a licetxe agreement for the use of Great Wood for Six weeks during the Summer Holidays in 2022. and th& year etmj Ihey have entered into a tm ye8r booking for fvè weeks in the Summer hdidays 2023 and 2024. OtherA¢hiev•mMts In 2018 Somerset CoLmty Counol signed a ttree year rolliTrJ license ajreement ts the use of 5its for Certain periods during the yèar. a gcod Y•￿￿￿9 rdationship c>Jrtirwes b￿tr￿en the Trustees and volunteers working for thÈ charity and the staff of the S￿m•r￿et centre ai Kilve from whith their activities are m8naged. Due to the Covid restrictions activibas on site %ber¢ suswdod for the whole year, r￿mM$ncAng in May 2021. vtsn a nomial wowamme wa5 resLmed. Th8 Charity providgd a Chaplaincy SeNteo to ￿1Ve Ihrough¢M tho time when ¥￿¢ usrwJ Ihe site. In Septemtser 2021 the Charity entered into a sthmefrt agre8mont SoLth Wkst YoLth Ministrigs ISWYM) whereby placed ￿th OLf fijll Itme cha￿ain a tr8rnee vtho 1$ studwng ft)r a Mastèr5 Degree in Applied Theology at Moortands Cdlege in Christchurch. D(xset. This has ena￿ad 8 meaninthA Ir￿$* in the work which our Chaplain can thieve eswally during times kn Great Vk#)d Camp 1$ dosed for the wnter months. This agraement is to tsrminate in August 2023. on￿ COVMI restric*ons were aased a limit￿1 number (rf y￿kend tti*ings w*e Kusible during the year under review. The loss of incomè due to Covid wa5 al￿Viated by 8 fvrther speo.al Local Authority grant m&Je to the hospitalty sector in Somerset An annual work party of vdunteers normdly wiss oth a w de￿ of maintenancè work during tt)e Easter hdiday5, bLrt thi$ was not Possib￿ in 2021. Hcmwer a limit￿ work party happened in tate August 2021. and the full work party retumg(1 to Camp in April 2022. THE GREAT WOOD TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Flnanclal review The charity generated an Lmrestrictfjd s￿￿US c* £7,Th {2Q1- surplus £38,88n thjring the yaar under roview. The surplus arose due to the extra¢Ndinary g￿￿OsIty of SUpp￿￿r$, aThJ the alleviats'on of the lost income through Govgmment $UPFOrt. Ger*ralFng an anThJa surplus is n￿$Sary to artab￿ us to rèpay ouistanding 108ns and to maintan a steady programme of imFKovements to Ihe srte. Due to the nation* ￿na¥1(uS pandèmic OLf chapl￿n Lwi furlwed Ihe Govemmènt schema for part of the yaar, but is Mw back working ftdi time. CK¢r Se￿ emFdoy8d estate manager wothed through)Lrt the year. carryirrfJ out some usefvl maInten￿ce whhth W￿ld not n¢)mally have been possible. Mai'or tree surgery was carried ort. Our budget forecast for 2022123 inrficatss a manag8able after chargiw deprgoation on buildings, caused in part by reduced infX)me for Summer 2022. Restricled fvnds of £768.717 were held at the year orKI12021 - £784.8491 m8inty in rglaiion to donations for the Mgss Hut Annu* depr8uatTon on t￿ Mess Hut is to this xcount The Tnjstees hava reviewed the than1￿S need for r¢8erves in ITh tho guidatxe siven by Charity Commission. Fa¢tor5 taken inio account indudo the risk of fluthJ8tions in general booknng income, unforeseen eX￿Tr￿ltUre on major repairs and the need to renovate ￿¢j reF4ace t￿I￿li￿aS and aquipment from time to timg. The Trusts8s consider il prudent to in reserve an ￿L￿nI ewivaknl to betr￿en three and slx months gengral expenthre. Th8 policy on reserves is annualty. The trustees have 8ssess8d tha major risks to ￿lch tho ¢hty is ex1￿. and are satisfiad that Systems are in place to mitigate exposure to the major risks. THE GREAT WOOD TRUST TRUSTEEW REPORT ONCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Rorfd J H *sMAJSIrnN Mr J Chamber Ms S K￿gh￿Y MT J Renn6son MrRWBBrk aThJ gu8rnnt88 lo £1 bj the (rf8 LP. Ihw empl￿OnI *ilhln ts ￿rty ￿ltinUeS and I￿1 apwoixiats trwriry Is 8rraW. Jt Ls Ihe pc4ty of the THE GREAT WOOD TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GREAT WOOD TRUST I rgFQrt on the financ1￿ st21￿￿ts ofthe rt￿rity ftr the year ended 31 March 2Q2. which ¥e ￿ ¢JJt on pages 5 to 16. Rasp•ctlvo mponsibilitr•s ot t￿￿t0•S and examiner The tharitys trustees, vtho are also the th"rectors of The Grgat Trust for the wrposes of (xjmpany law, are responsiNe for preparation of the aecoLYts. The trustaes consTrdèr bhat an audit is not required for thi5 year under section 144121 of thé Chariti8sAct 2011 (￿ 2011 Act) that •) indepeThJ¢ni examination is neodod. Having satisfied myself tt)at the ¢harity 1$ not subjecl to wdit ￿der corn￿y l&v is digiblo for irhjepgndent examination, it is my responsitllty to.. eXam1r￿ the finanoal statements ur¥Jgr section 145 of the 2011 A¢X (ill to follow the ￿c￿ethres laid do•m in thg g8nwal DiTe¢lion3 by the Ch￿"ty Commission ur*Jer $￿tion 14515llbl of the 2011 Act., and liiil to state thher part￿lar mattws have ccrfna to my att•nlion. Basis of In(k￿ndent examlnefs rnport My examination was Carried ¢)Jt in accordarte with the 9eneral DI￿tionS given by the Charity Comrni55ion. An èxamination indudes a rewaw of th8 a¢L￿nti￿j iec¢xds kept by the charrty 8nd a comparison of the finan￿41 $tatemonls prèsented with those reC(￿d5. It aso rndudes consideratson of any unusu81 items or disclosures in the finanaal ststements, 8nd s8ekirrfJ exF4anations from you as hjstees cO￿eming any such matters. Th8 procedures undertaken do not provide all the eviderKe that would be required in an audit and consequently no opinion is given as to whgther the finarrAal stalemerrts preserrt a aTrJ fair vithrf and th8 rar*Xt is limited to those matters set out in Ihe next statement. IndeP￿dant èxamlnèrf$ stat•mèrt In conneth.on with my examination. no mattsr has ojme to my atteniion.. lal which gives me reasonable cause to beli¢vo that in any material resm the ￿qUIrements.. lil to keep accounting records in ￿£0￿)ce wb.on ￿ of the Companies Act 2C#)6.' and lil) to prepare finanual s&2tements vthich *cord Mth the ac￿nts"ng records, comply the acccAJnting requiremfjnts of seclion 396 of the Companie5 Acl 2C￿ aThl wlh the methods and ￿noPle6 of the Stat8merrt of R8emmend8d Pracbce". Accountir4J and Rewting by Charitses.. hava not beon met or Ibl to %thich. in my opinion, attention shwkl be dra￿￿ in order to enable a proper undorS￿dir¥j of the finanual $latèments to be reach8d. Mr P J Barton FCCA ART Accountants Limitad Charterod Cèrtified A¢countants Ground Fl(x)r 11 man¥e￿ Stre8t BA1 1JQ 711111 THE GREAT WOOD TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Unrmtricted Restrlcted funds funds 2022 Total Unrestrirted Restricted funds funds 2021 2021 Total 2022 2021 owme Donations and legaaas Charitsble ath"vities Olher inccffi8 rom: 21,ClJ8 70,480 13,525 22.090 43.098 18.695 63,003 18295 36,9 63,003 33.525 20,CO) Total income 104.993 42,04) 147.083 116.187 38295 154,482 tu Charitable ath.¥￿@S 117,207 155.429 97.320 130,883 Not {outqoingyln¢oming rosources transf•rs (12.2141 18.3461 18,887 4,732 23,599 Gross transfers b¢trthn (20.c￿l (20.OCQI Not incomellexpenditurpl ft th8 yearl Net movement in funds 116.1321 18.346) 38.887 {15.2e81 23.599 Fund balances al 1 Awil 2Q1 347,097 784.849 1.131,946 308,230 8(X).117 1,108.347 Fund balances * 31 March 2022 354,883 ,717 1.123.6(KJ 347.097 784.849 1,131,948 The statemenl of finar￿A￿ a¢bY￿eS i￿ulY0$ all gans a)d lossas rec¢gnised in the year. All incom• snd oyntktLtre darl￿ from conb"nJiThJ acb"*b"•s. The ststemant of financial ￿tiviti9$ 81$0 complies ¥￿1h ts rewir8morts for an irthme and expenditwg account under Ihe CompaniesAct 2C(B. THE GREAT WOOD TRUST BALANCE SHEET ASAT 31 MARCH 2022 2022 Flxed assets TarKJible assats CuTh9nt assets Debtors Cash at bank and in hand 10 1.163.425 1.199.475 11 17.043 28.7TO 10.32e 43.904 43.813 Crnditors: amounts falllng du• within 54.230 12 {63.638) (61.7591 Nel curwt livajililies {19,825) (7,5291 Totsl ass•ts les¥ ¢urrpnt Il•bllities 1,143.600 1.191,948 Cr¢dltors: amounts falling du• after more than one par 13 120.(MJJJ {eo,¢xo} Net assets 1.123.600 1,131,948 Income fund$ Restricted funds Unrestric￿1 funds 14 768.717 784.849 347,097 1.123,6C 1.131,946 THE GREAT WOOD TRUST BALANCE SHEEr {cop¥nNUED) AS A T31 AIARCH 2022 irs of the company as at the •rKI of thè fmandd year aThJ ￿ its r￿$￿[C￿ awicabon of - 1£,. 2022 Revd J H THE GREAT WOOD TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 A¢￿untIng policies Charity Infomiation Great Wood TrL￿ is a ￿Vate company limited by guarantee ine4NF¥N*d in En￿and and ￿￿e$. The istered office is 103A[g￿tia Place. P0￿S￿ead. &istc4. 8S20 7QS. 1.1 Accounting conv•ntion The finanrial statèmenls hav¢ been preparod in ac£cKtsrte tmth tha Charitys goveming thJoJm8nt the Companies Act 2008 and "Accounkn"ro and Repth"rKJ by Chath"*$." Statem9nt of Recomme￿Ied Practice 8pplicable to charits.es preparirrfJ th&'r accLwnts in acc(Yd8rte wrfh Ihe Finarrial Rewtsr4J Stsndard applicable in the UK 8nd Republic of Ireland IFRS 1￿) (effective 1 January 20191". The charity is a Public Benefft Entity as defined ty FRS 102 The charity has taken •avant&3e of the provi5iC(ts in g)RP tr d￿ntieS aFW"ng FRS 102 Update BL￿l#tin 1 not to prepare a Statement of Cssh Fkhvs. The financial statements afe prepared in sterfing, vknich is the furKlional ￿rrencY of the tharity. Monetary amounts in these finanaal statements S￿ rounded to ts r￿￿est £ The finarrial ststements have been wepared uTrJer fv historical cost conventton. Imodified to indude the revaluth.on tsf freehold wcpefties and to indude investsnent propth.os arhj certain finarrial instruments at lair valu81. rhe principal •>xuntirK4 policies &Jopted •¥ set c*Jt w. 1.2 Going cOn￿rn At the tirne ol apyjroving tho financFal statements, the trustees have a reaSona￿e exr*¢tation that the charity r185 adequate resources lo continue in owational wstenc8 for foreseeable fU￿re. Thus the trustees continu8 to adopt th8 goiry ￿￿c@M basis of sec￿nItn9 in weparirvJ th• fin￿￿81 stathgnts. 1.3 Charltable funds Unrestricted funds availatr4e for use at the disuelion d the tr￿1¢03 fwthorance of thoir (*artts￿e c4)jectives. Restricted fijnds are Subl￿t to srecific conditi¢x)s by donors as to hcw thoy may be used. Thè PLWFoses uses of the restricted fvnds are sot oul in the note$ to the financi4 statements. Endovrnant funds arn $￿jeCt lo spe¢xfic c￿￿10n5 by dorm that th2 C4Mtal must be maintained by th tharity. 1.4 Income Incoma is recognised when the chanty is legalty entrued to it aft¢r any ￿Ert￿M￿Ce ccTh*tions have been mgt, the amounts can b8 measured rdiaL4y, that hKome will b8 weiv&J. Cash donations recognis¢d on rec*pL Other donaticffls are rwnised a￿e tt)e charity has r￿tified of the donth"on, Unl￿ pw10mian￿ cx>TrJitions require daferyal of Ihe amourt In￿me tax recoverable in relation to donab"on5 receivad under GrftAid or de&Js of mvenant is rg¢cgnised al the time of Ihe donation. Leoa¢ies are rec￿rIsed on ￿lpt or olhèmryse rf the ¢harity has bèen notifiad of an impeThJing distributlon. the amount is kn￿n, arxl r￿elpt is expwted. If amount is not knovm. legacy is treated as a 1.5 Expendtturn a￿'11t1$S are rwrnsed as soon 85 thwe 1$ a legal ￿ ¢onslnJLtive obli98tion commitbng the charity to pay out resources. THE GREAT WOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Arxounting poli¢ie (Cont1n￿dI 1.6 Tanglble fixed assets Tangible fixed assets arg In￿allY measw&J at v)st and subsew8nfjy measwed al cost or valuation, net of depr￿ats.0n and any imp8irment losses. Depreciation is r¥wnised $0 as to write off th8 ¢OSt or y￿UatiOn of assets less their residual w￿ueS over thar usefijl lives on the followiro bases.. Freehotd land and buiklings Property improvements Fixiur8s ffttings 5 to 9) years 10% straight lin 25% straI￿t lir The gain or loss arising on thè th5Fosa of¥t asset is ¢Jotsrmined as the drfference bets￿8n the sale and t￿ Ca￿1ng Wal￿ of tha assrt ar￿ is rncoJniwl in the slattmwrt offin*￿Ial &b"vibos. 1.7 Impainn•nt of fix￿ assets At each reporting end dats, the charty reviews the earyro 8moLmts of its tan￿ble assets to dètermine whether If*re is any indicatiTh) that Ihose assets have sufferod an IMp￿rnient loss. If any SLth indication exists, the T￿0Ver4)le amount of th& asset is ests"mated in (thr to detem)ine tha extent of the imp*rment hxs lif any). 1.8 Cash and cash ¢quival•nts Cash and cash equivalènts indudè ¢a5h in hand. (kFKJSrts held at cai vthh banks. other 5hort-term liquid Ive5tments with cfiginal maturttses ol three months or less, and bank overdrafts. Bank overdrafts are shown within bomAMngs in axrent lia￿"1￿eS. 1.9 Flnancial Instruments The charity has elad￿ to appty ts provisions of Wion 11 'Basi¢ Fir1a￿la1 Instruments. *tion 12 'Olher Finanoal Instruments IsS￿S. ol FRS 102 to all of its fimnad instruments. FinanrAal instrumenis ar¢ reco3iNsth1 in th8 balarKe Sheet whan the charity bocom89 party to th& COntr￿tual provisicn$ of the instrument FinarrAaf assets arhj liabilffjes are offseL ￿th ￿ net amoLwts pres￿ed in the finanrAal statements. when there is a tegally enforeeablo right to set off the reo)gnised amoLmts a)d thwo is an irrtethon to settle on a n8t basi$ or to r6alise the assèt and Sett￿ the liabilty ssMultanK￿$ty. Bask 1lnanclal￿s Basic financial assets. whith I￿L￿le debtors aThJ cash arKI bank bdanc8s. ¥e initally measured at transaction pri￿ induding tranwtion costs *e subseql￿nIJY carri&l at amortised cost using the effective interest method unl¢ss the arrangement W15tibJies a ffinaTring transacts"￿. where tha tranS￿tion is measur￿1 at the present valuè of the fuLU￿ ￿eipts discwnted at a market rate of int8resL Finanaal assets ¢la5sifia(l as r8caivatle within one year are Th)t aMort￿d. THE GREAT WOOD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accountlng polici•s {Contlnuedl Bas1¢ finanelal liabllltl8S Basic finarrial I18￿.1￿e$, irKluding ueditors arvj bank thn$ are initially rwised at transaction price unless the arrar¥Jement constr￿te5 a financing Ira)sathon, vthere ￿ dèbt instrumènt is measured at the pyesenl value of the future payments discaJunt8d at a market rate of interesi Fina￿la1 liabilities dassified as payaL4e within one year are rx)t amortised. Debt in5trumgnts arE subsequendy Carried at ￿ryb$ed cos( usirvJ Ihe off￿lIve intwest rate methc#J. Trade creditors are gtrAigation$ to pay w)d5 ￿ services that have acquired in the orthnary coursg of opwatsons fmm suppliers. Am￿n￿$ payat4e a(9 d8ssifi&J a$ current liabt"l(tses rf paym$nt is thJ8 within one year or less. If not, they are presented as mTrcurrenl liab.1￿es. Trade ctsdrt(Ys are recognised inthally at transaction price and subseqU￿￿Y measured at amorbsed CA)St using ￿ effective interest method. Derecognitlon of financlal Ilabllttles Financial liabil￿eS are