REGISTERED COMPANY NUMBER: 115807759 (Eng1¥4nd and Wales) REGISTERED CHARITY 'UmBER. 1120851 Report of the Trnstees and Uudhed Flttn¢i41 Ststements for th¢ Yer Ended 31 December 2020 for Th¢ webOle Tnut Probusiness Ltd St LawtrTr¢¢ Lodge 37 Chamberlain Street Wells BA5 2PQ
The Warehouse Trust Contents of the Flnaneial Statements for the Year Ended 31 Dettmber 2020 Report of the Trnste Independent ExAmlner'$ Report Statement of ThD¢tsI A¢thl Balan¢e Sheet 6 to 7 Notes to the Financi Statements 8 to 15 Detslled Statemettt of With*nti Adivitsa 16 to 17
The Warebouse Trust Report of the Trnstees for the Year Endtd 31 De¢ember 2020 Thc trustees who are also directOTS of the charity for the purFKWS of the Companies Act 2006, present their rew>rt wiih the financiaI statements of the charlty for the year end¢d 31 December 2020. The tnteeS have adopted th¢ provisions of A¢counling and Reportin8 by Charities: Ststemenl of Recommended Practice applicable ts) charities preparing their accounts in accord with th¢ Financia] Rwrting StaIrd applicable in the UK and Republic of Ir¢land (FRS 102) (effective l January 2015). OBJECTIVES AND ACTIVITIES Objectives and in The TLusiees hav¢ taken on the manag¢tneni of the Warehouse I]lding for economic And social well-being of the Lang aT¢a and to ensure long terni preseryation of the bjilding. The objects of the company are for the benefit of the le of Somet5et to: Prescrvc the historical. architectural and constructional heritage that may exist ill 8nd around Langport buildings of particular Eauty or historical. wchitectural or conStr10nal interest and promote sustainable development for the benefit of the public by: the preservation. coatIon and the w)tethion of the environmental and the prndent use of nalural resources. the relief of poi'erty and th¢ improv¢m¢nt of the condition of life in socially and ¢C4)nomi11Y disadi'antagcd communities; and the promotioll of Sustaible means of acbieving economic gromrth and regenerdlion. The Company continues to maintsin the bistLYic wareknuse lisfed buildtng in langrt. A uniquc year confronted us from March 2020 onwards, &$ ¢xp¢ri¢nccd by every business, family and indiiidual. Little needs to be said other than many of the Ial community actii'ities had to be ¢an¢elled due to the Covid 19 outbreak. Our office iet)ants g¢nernlly were able io usc thcir space as and when Government rul¢s allowed, we appttciated their SUprt in paying rents according to their h¢dl¢s. The Kitchen café's new management only started in 2019 al w&5 badly hit by the closed periods of the pandemic but their work and seThice was much appreciaied in the summer when they were able to offer a w¢lcome ai the riverside locatio Another innov10 due to the inability to hold some of the commwiity activities in the Stsckey R(M)m. was to open an art gallery in the aullllnn months. something that could be done with suitable mask wearing arrdngements and social distan¢in& In allowing I81 artists to display their work it gave them a chance to create income and expose their work to a new audience. It be nthed that the level of art and d¢sigD Wds great credit and many vw attta¢tive works w¢T¢ displaye& it Prov $0 successfi that there will be an attcmpt to rcq>pcn in 2021 wlKn legal to do so. Creating a virtiK)us circle we also welcomed a picture framer to our rank of tenants. Publlc benefit Th¢ trustees have refetred to the guidaTJce contained in the Charity commi&gion's general guidance on public ben¢fit when revieuwg the aims and objertives and in planning our fvture activities. In particular. the trustees consider how planned activities will contribute to the aims and objxtiv¢s they ha set whilst particularly making sure we maintain a solid and wsitive finallC positio
The Warehouse Trust Report of the Trustees for the Year Ended 31 December 2020 ACHIEVEMENT AND PERFORMANCE Achievements and Perfornianee The huge disruptions meant that many of ihe elements we would nornially evaluate for standard of perforniance were limited. Howev¢r, through the periods when we were open our otationS w¢re positive and succe&8ful, we beD¢fited from almost fvll leiTels. The Stuckey eornrnunity room was underutilized and we were not able to off¢r refreshments to groups as Pd been planned and was part of our previous element of serrice and anwrne generator. As noted aboi'e we used it as an art galEery when l¢gal to do so. We have appreciated that throughout the year we have had the support of the various tenants and parws. 2020, d¢spit¢ the challenges and emtic OF]8 times. has seen a corL801idation of all tbe work being done ai the Ivharfin PTomotin8 hot-d¢skin& office rentsls particularly. Office rentals have been goL)d for the year securing our prim4ry source of income. Our costs have been well contsined and strongly ¢ontn)Iled to minimize them. As a Grade 11 listed building we try to raise the cash for repairs and improvemenis. We redecorntoj the community ri)om in 2020 as part of this on-going repair prograimnc. We are looking at ways to upgrnd¢ the boilcr system and other external work in 2021 .We will to be lookmg at &vailable grants ihat may &ssist in furtb¢ring and accelerating our improvement works. Our activities are regularly promoted on our websi. the promotion screen in the lobby of th¢ building (when open) and perhaps thankfillly via our tenants and friends who have been very supprtIVe. The day-torflay operdtion continues to well by the Somersd Bwsiness Agency. on behalf of the trustees. This remains to be a succe&8ful paTthership and plans continue to mol'e forward to deepen and strengthen the relationship. The cafe operauon under the new manweni of Kihen has seriously sutTered from the pandemic closing patterns. We are ple&sed they have been able to suThii'e the challenges and trust that as we move into 2021 they will be able to continue their plarLS to further deNTlop the IMLSitSs and offer the community a welcome facility. One of the great areas within the wareho curtiiage is the external river bank and we hope they will be able io make li even more co1(fUl and exciting dellinwion to iK)th I1$ and visitors Financially the Warehouse TTUSt has FrfoTnMI in a satisfa¢tiyry DwJn¢r. The protection thc government relief provided has assisted ID keeping the expenses under control and a m(NJe5t profit to supp)rt the chaTity. We hai'¢ Mainlain CT¢dibl¢ cash tlow management and fulfilled our obligations to fully pay interesi and repayments on the loans associated the set-up of the charity. sTRUuRE GOVERNANCE AND MANAGEM Governing document The cbarity is controllcd by its governing documeni, a deed of Inis¢ and Constilutes a lin)ited company. limited by guarani¢e, as d¢fmed by th¢ Conwatiies Act 2. REFERENCE ADmIlSTRATIvE DETAILS Registered CompAny llumber 05807759 (England and Wales) Retered Charity number 1120851 Reglstered office Great Bow Ivharf, The Slate Sore Bow Sty¢et Langport Somerset TA109PN Pa8e2
The Warehouse Trust Report of the Trnsttts for the Year Ended 31 December 2020 Tru5tee8 Mrs J M F May DiTector C R Sills Rdired D N L Yeomans County Councillor Mrs S E Shipway (appointed 28.121) Jlldepend¢nt Es•mlDer Probusiness Ltd St Lawrence Lodg¢ 37 Chamberlain Str¢¢t Wells Somerset BA5 2PQ Approv¢d by ord¢r of the Erfmrd of tnLtts on .............. .................... ......... aThJ signed on its behalf by: C R Sills- Tntee
Independent ExamiDer's Report to the Trnstees of The Warehouse Trust Independelll examiner's report to the trustees of The Warehouse Trust ('the Compans ) I report lo the charity InLSte¢s on my eXamItion of the accounts of the Company for the year ended 31 Decemb¢r 2020. Responsibllltfies basis of rew)rt As the charitys th2stees of the Company (atKI also its dIreCts foT the pwposes of CoMY lttw) you are responsible for the preparation of the aecounts in accorda with the Teqvirements of the CompaDics A¢t 2006 {'tbe 21X)6 A¢t'). Having satisfied myself that thc accounts of the Company are not required to audit¢d under Pan 16 of the 21)06 Act and ar¢ eligiblc for ePendent ¢xaMinatiO I report in respect of my eXamition of yo ¢hariry's accounts as carried out w)der section 145 of the Charities Act 2011 nhe 2011 ACV). In carrying out my examination I have followed the Directions given by the Clwity Commisston under section 145(51 (b) of Ihe 2011 Act. Independent ex4miner's statement Sincc your charity's gross income exceed £250.(MKI your examiner must be a member of a listed body. I ean conf]Tm that l am qualified to undcrtake the examination because Iam a registered member of Institute of Chartered Accountants in EDg]and & Wales whith is one of the listed bodies. I have completed my examination. I confinn that no mattus hav¢ ¢om¢ lo my artention in connection with the examination giving me cause to Etlieve: accounting records were ty)t kept in r¢spcrt of th¢ Company as required by section 386 of the 2006 the accounts do n(* accord with those records: ( the accounts do not comply with the a¢wunting rwirements of section 396 of the 2(M)6 Act other than any requirement that the accounts 8iV¢ # tru¢ aNI fair view which is not a matter considered as part of an ind¢p¢nd¢ni ¢xaminaiion; or the accounts hav¢ not b¢¢n pr¢par¢d ill a¢)rCe with the methods and principles of the Statement of Recommend¢d Practi¢¢ for x¢ounting and rqrtIng by chaTities (applicable to charities prepaTing their accounts in a¢¢ordanre with th¢ Financial Reporting Standard applicable in the UK and Republic of Ir¢land (FRS 102)). I have DO Coen}S and hav¢ ¢om¢ across no othtr mallu3 in c(¥nnection with the examination to which attention should be draw in this Yert in oth to ¢nabl¢ a proper understsndinE of the accounts lo be reached. MJBowe Prol)usin¢ss Ltd St Lawrence Lodge 37 Chamberlain Street Wells Somersei BA5 2PQ Pa8e 4
The Warehouse Trust Statement of Financial Activities for the Year Ended 31 Deeember 2020 31.12.20 Unrestricted 31.12.19 Total funds Notcs INCOME AND EDOwMETs FROM Charitable x¢tivities SSDCIROTARYIOTHER 17,129 Otb¢r trading actiYiti¢s Jnv¢slment in¢ome Other income 53,054 67,759 391.630 Total 461,814 67,759 EXPENDrruRE ON Rai$ing funds 61,708 65,471 NET INCOME 4(K>,106 2,288 RECOI¥4CILIATION OF FUNDS Totsl funds brouKht fornrd 93,808 TOTAL FUNDS CARRtED FORWARD
The Warehouse Trust BalaDce Sheet 31 De¢ember 2020 31.12.20 Unrestricted 31.12.19 Total FIXED ASSETS Tangiblc assets InveslmeDts Investment propety Social inv¢stm¢nts 6.106 323,123 io li 71M),(M)O 100 706206 323223 CURRENf ASSETS Debtors Cash at bank and in hand 12 363 13,364 6,222 13,727 8,594 CREDITORS Amowits falling du¢ within one year 13 (37,428) (39,752) NET CURREIIT ASSETS TOTAL ASSETS LESS CURREYr LIABILITIES 682.505 292,065 CREDrroRS Amounts falling due after more than one 14 (186.303) {195,969) NET ASSETS 496202 FlJThDS Unr¢stri¢t¢d fi]nds 16 496,202 TOTAL FUNDS 496202 96.096 The charitable company is entitled to exemption from audit Section 477 of the Companies Act 2006 ror th¢ y¢ar ¢n<kd 31 DeceD]ber 2020. The membets have not required the company to obtaivh an audit of its financial ststements for the year ended 31 December 2020 in accordance with Scction 476 of the Conu)anias Act 2006. niinued..
The Warehouse Trust BanCe Sheet- eontinued 31 December 2020 The truste¢s acknowledge their ryonsibilities for (a) enswiug that the clwitable company k¢eps accounting records that comply Mryth Sections 386 and 387 of the CompaDies Act 2(N)6 and (b) preparing financial siatements which give a true and fair vi¢w of th¢ state of affairs of the charitabl¢ company as at the end of ¢a¢b financial year and of its sury)lus or deficit for eacb financial year in accordance with the requiT¢m¢nts of SLYtii)Ds 394 and 395 and which otherwise comply with th¢ requirements of the Compani¢s Act 21Y)6 relating to fit)ancial $tat¢m¢nts. so faT as applicable to the charitsble company. These finan¢ial ststements have been prepared in accord with the proi'isions applicable to charitsble companies subject to the small companies regime. stst¢m¢nts were apwoved by the Board of Tnjstees and authorised for issue on La )-! . al were signd on its behalf by: C R Sills- Trustee The note5 forni part of tlKse swements Pa8e 7
The Warehouse Trust Notes to the Fillanci Ststenbents for the Year Ended 31 December 2020 ACCOUNfiNG POLICIES Basls of prepAr5ng the fiDCial 5taternellts The financial slalements of the charitable compw. lch is a public benefit entity under FRS 102, have been prepared in accordAnce with the Chxriti¢s SORP (FRS 102) 'Ae¢ounting and Reporttng by CTrwities: Statement of R¢¢ollun¢nd¢d Prn¢tic¢ appli¢able to cbarities preparing th¢ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) (effective l January 2019),. Financial Rewiing Stsndard 102 The Financial Reporting Stsndard apph'cablc in the UK and Republic of Ireland, and the Companies Act 2(M)6. The f]nancial aternents have been prepared under the bistorical cost Conventio as modified by the revaluation of certain Income All income is recognised in the Statement of Financial Activities once the charity has entiilement to the fid$, it is probable that the income will be 1Ved and the amount can be measured reliably. Ezpenditurt Liabilities are recognised as expenditure as soon as there is a legal or Consttuclive obligation committing the chaTity to that expenditure. it is wbable that a transfer of economic benefits will be required in settIemeDt and the attiomii of the obligation Can be measur¢d reliably. Exp¢nditur¢ is accounted for on an accnjals basis and has been cl&ssified under beadings thal aggregate all c051 related to the category. Where costs cannot be direcdy attributed to particular headings they have been allocaied to activities on a basis consisteni with the use of resou. Tngfible fixed a$ts Depclarion is provid at the following annual rates in order to write off each asset over its estim¥ied u8efvl life. Fixtures and fittings 150/• on reducing balance Investment property Jnvesknent prqyerty is shown at mast recent valuation. Any aggregate surplus or deficit arising from ¢han8¢8 in fair value is rewised in the Staternent of Financial Activities. Taxation The cl)arity is exempt from corFx)rdtion tsx on its charitobl¢ a¢tivitics. Fynd *¢¢ountlD% Unrestricted fiwds be used in accordan with the clwitable objectii'es * the discretion of th¢ trusree$. Restricted funds can i)Dly be used for particular reStr1d purposes within the objeets of the Charity. Restrictions azise Mth¢n specified by tb¢ donor or fidS are raised for particular re5tricied Further explanation of the nature gnd purpose of each fund is included in the notrs to th¢ finawiai 51atements. Page 8 eontinue&..
The Warehouse Trust otes to the FiDaDeial Statements - tontinu for the Ye•r Ended 31 December 2020 OTHER TRADII¥G AcrivtTIES 31.12.20 31.12.19 desk Cafe renials Offic¢ rentsls Room hire R¢freslun¢nts Gallery Sales T¢l¢phon¢ system charges Recharged costs Service charges Donations 3J74 17,062 26.887 2282 10 769 8,084 i¥,0 29,564 5,952 2,133 ,680 470 314 3,166 577 193 53,054 67,759 31.12.20 31.12.19 Interest rec¢ivabk- trading OTHER INCOME Oth¢r iOrne represents th¢ surplus on revaluation of the freehold pmpety at Great Bow Wharf. RAISING FUNDS R*tsing donalioDS 4nd kgacies 31.12.20 31.12.19 Support Costs 51560 56,008 NET INCOMFJ(EXPENDITURE) Net incomd(&wdItu) is 5¢at¢d aft¢r charwgl(cr¢diting): 31.1220 31.12.19 Depreciation- 07ed assd5 9,378 9,461 Pag¢ 9 continuui..
The Warehouse Trust Notes to tbe Financial Statements - tonliDued for the Yer Ended 31 De¢ember 2020 TRUSTEES. REMUNERATION AIYD BENEFfTS There were Do tswtees, rcmunerdtion or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019. Trn$t, expenses There were no Iee$, expenses paid ftr the year ended 31 December 2020 nor for the year ended 3 1 Decemb¢T 2019. COMPARATIVFS FOR THE sfATEMENf OF FINANCIAL AcfivITIES Unrestri¢t¢ fiwd INCOME ENDOWMENTS FROM Other tEadiDg aCtiticS 67.759 EXPENDITURE ON Raising furlds 65,471 I¥ET INCOME 2288 RECONCILIATION OF FUNDS Total funds brought fonvrd 93,808 TOTAL FUNDS CARRIED FORWARD 96,096 P¥¥¢ 10 continued...
The Warehouse Trust Notes to the Financial Statements - continued for the Year Ended 31 Detember 202 TANGIBLE FIXED ASSETS Fixturas Freehold fittings Totsls COST OR VALUATION At l January 2020 Additions Revaluations Reclassification 416,666 23J67 731 440.033 731 283.334 283,334 At 31 D¢¢¢mber 2020 24,098 DEPRECIATION Ai l Jamwy 2020 Clwge for year R¢valuation adjustments 99.968 8.328 108 16.942 1.050 116,910 9.378 108 296) At 31 Decernir 2020 17,992 ET BOOK VALUE Ai 31 De¢¢mber 2020 6.106 6,106 Ai 31 December 2019 316.698 6.425 323 123 10. INVLSTMENT PROPERTY FAIR VALUE Reclassification 7(Kl,ly)O At 31 DecemE 2020 7.(K) NET BOOK VALUE At 31 December 2020 ?.(m}0 At 31 Dcccmb¢T 2019 The freehold prowty at Greai Bow Ivharf. Langport was valued on 29 March 2021 by Greenslade Taylor Hunt and this value bas been included in the ac¢ouDts as representing the fair valu¢ of th¢ prtsperry at the balancc sk¢t d&t¢. Page Il continua..
The Warehouse Trust Notes to the Financial Statements - continued for the Ye¥Jr Ended 31 Deeember 2020 11. SOCIAL INVESTMENTS Other investments MARKET VALVE At l January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 12. DEBTORS: AMOUNTS FALLING DUE wmllN YEAR 31.12.20 31.12.19 Trade debtors 363 6,222 13. CREDITORS: AMouNf6 FALLING DUE Wr[HI OTrIE YEAR 31.12.20 31.12.19 Bank loaDS and overdT¥£b Isee note 15) Trade cr&Jitors Other liabilities Accruals 23.055 4.100 4.902 1.863 3.138 370 23,000 7.521 2,502 3,153 2,880 696 VAT Oth¢r ¢r¢diiors Page 12 ntinu¢&..
The Warehouse Trust Notes to the anCial Statements - continued ror the YeAr Ended 31 Dttember 2D20 14. CREDITORS: Amouwfs FALLING DUE AFfER MORE THAN OY4E YEAR 31.12.20 31.12.19 Other loaTrs (s¢e note 15) 186,303 195,909 15. LOANS An analysis of the matvrtty of loans is given below: 31.12.20 31.12.19 Amounts falling due within year on demand: Bank loans Amounts falling thie in more than five years: Repayabl¢ by instahn¢Dts: Other loans more 5yr5 instsl 186.303 195.969 16. MOVEME IN FUNDS N¢1 movernenl in funds At 31.12.20 At 1.1.20 Unrestrieted funds General fund 96,096 4.206 496.202 TOTAL FUNDS 96,096 400,106 496.202 Net movement in fimd& iwlud¢d in the abov¢ or¢ as follow8: Incoming Resources Movement resour<*s cxpendcd ID funds Unrestrieted funds fjenerdl fund 461,814 (61,708) 400,106 TOTAL FUNDS 461814 61708) 4(K).106 Page 13 onlinu¢4L..
The Warehouse Trnst otes to the Financial Ststements - coDtiDued for the Year Ended 31 Dtcember 2020 I& MOVEMENT IN FUNDS- eonthiued Comprdves for movement ID funds Net movement in funds At 31.12.19 At 1.1.19 Ullrestricted funds General fid 93.808 2288 96.(F)6 TOTAL FUNDS 93,808 2288 96,096 Comparativ¢ net movement in funds. included in the ale are as follows: I*m]ng Resources Movement resources expend in fun(L8 UDrestrleted fllnds Generai fund 67.759 165,471) 2288 T(yfAL FUNDS (65471) A ¢urr¢ot year 12 month5 and prior year 12 months c(xnbined position is as follows: Net mov¢ment in fimds At 31.12.20 At 1.1.19 Unrestrlrted futtd$ General fund 93.808 402,394 496,202 TOTAL FUNDS 93,808 402J94 496202 A current Y 12 months and prior year 12 months combined net movemeni ID fill. included in the above are as follows: Incoming Resources Movement Unrestri¢ted funds General fund 529,573 (127,179) 402J94 TOTAL FUNDS 529.573 127.179) 402,394 P•gc 14 continued...
The Warehouse Trnst l%otes to the Than¢ial Statements - tolltinued for the Year Ended 31 December 2020 17. RELATED PARTY DISCLOSURES There were no related paity trans*tions for the year ended 31 December 2020. Page 15
The Warehouse Trust Detailed Statement of Finaneial Activities for Ibe Year Ended 31 Deeember 2020 31.12.20 31.12.19 INCOME AIIryI ENDOWMEwrs Other tradlng aclAvltles Hot desk ItOrne Caf¢ r¢ntals Office rentals Room hir¢ Refreshments Gallery Sal¢s Telephone system charges Recharged costs Service charges Donations 3.574 17,062 26,887 2282 10 709 8,084 18,000 29.564 5,952 2,133 90 3,166 577 193 1.680 476 314 53.054 67.759 Investment ID¢ome Inl¢rtst re¢eivable - trading CharEtable Wctivities Grants 17.129 Other illtome Gain on reval'n of proFrty 391630 Totsl incoming resources 461,814 67,759 EXPENDrruRE Other tradi% aetivilies Licensing Bad debts provision anagcmcnt f 202 36 9,910 10.148 9.463 Support costs Mngement Posiag¢ and stationery Subsist¢ncc Costs 68 35 86 205 103 P•ge 16
The Warehouse Trust Detailed Ststement of Finaneial Attivilles for the Year Ended 31 December 2020 31.12.20 31.12.19 M4n4gemellt Finance Bank charges Bank interest 359 266 10.003 10223 10.869 Human resources Rates and Wer Insurance Light and heat Telephone & brOad Repairs & maintenance R¢nt Other office costs Refr¢shm¢nts Car¢tsk Compulcr suppli¢s & IT costs Cleaning WoTkshop o)sts 3.530 3,796 6,286 6.578 4,058 250 375 133 431 502 4.355 125 4,226 3.470 5,394 7,553 2,454 250 1,538 ,759 6.760 30.419 34,352 Other Motor vchiclc cxpcn8eS Depreciation of tangible fixed a&sets 12 9,378 23 9,390 9,484 Other 2 Advertising 196 GovernaD¢e ¢ts AOUntancY fees 1,2(K) Tot81 resources expended 61.708 Net intome 400.106 2.288 Tbi5 pag¢ d(Ys forni pm of the fjt)an¢ial 5thrnts Page 17