REGISTERED COMPANY NUMBER: 05807759 (England and Wales) REGISTERED CHARITY NUMBER: 1120851 Report of the Trustees 8nd Unaudited Finanelal Statements for the Year Ended 31 December 2024 for The Warehouse Trust *AEARW2CY* 1010912025 COMPANIES HOUSE A02 #75 Probusiness Ltd St Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ The Warehouse Trust Contents of the Financial Statements for the Year Ended 31 December 2024 Page Report of the Tru$tees Independent Examiner's Report ststement of Finaneial Aetivllles Bllante Sheet Notes to the Finantial Ststements 8 to 13 Detsiled Statement of Financial A¢tivitles 14 to 15 The Warehouse Trust Report of the Trustees ror the Year Ended 31 December 2024 The trustees who are also dtrectors of the charity for the pury)oses of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charlties: Statement of Recommended Practice applicable to chaTities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). OBJECTTV ES AND ACTIVITIES Objectives and alms The Trustees have taken on the management of the Warehouse building for economic and so¢ial well-being of th¢ Langport area and to ensure long tem preservation of the building. The objects of th¢ company are for th¢ benefit of the people of Somerset to: Preserve the historical, architecttlral and constructional heritage that may exist in and around Langport buildi.ngs of particular beauty or historical, archifeclural or constructional inierest and promote sustainable development for the benefit of the public by.. the preservation, conservation and the protection of the environmental and the prudent use of natural resources. the relief of poverty and the improvement of the condition of life in socially and economically disadvantaged communities; and the promotion of sustainable means of achieving economic growth and regeneration. The Company continues to maintain the historic warehouse listed building in Langport. Publlc benefit The trustees have referred to the guidance contained in the Charity commission's general guidance on public benefit when reviewing the aims and objectives and in planning our fvture activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set whilst particularly makin8 sure thal we maintain 8 solid and positive financial position. Page I The Warehouse Trust Report of the Trusle¢s for the Year Ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE Achievements and Performan¢¢ The inevitable challenge of btLsiness is uncertainty. The trading year of 2024 brought about impacts including rises in inflation. Some elements of inflation arise quickly, others have a lag time, and they tend to be detrimental to commercial suc¢es5. The cost of interest on our loans was rapid, correction of income w&8 slower, and costs related to utilities wa5 transferred to our tenants, One of our major tenants has vacated their unit and in an ongoing concem with a new tenant being Sought. The Stuckey room, open for community activities. has taken a longer time to recover than we expected, an issue common to most public halls in and around the lown. A number of clubs and activities did not survive the period of closure during Covid but there was a return of some activities and new ones are taking time to rebuild. New ideas will be tested to fully maxirnise this important community space. Regular use by Council personnel for meetings has also reduced income. Our building is continuing to deteriorate and will require substantial investment to maintsin in the near ￿ture. The web5lte was reviewed during the year. It allows the current activities to be showcased and viewed. There is constant monitorin8 and reportin8 to the Trustees. The day to day operation is directly operated by the SBA Worldwide CIC, on behalf of the trustees. This is a successful partnership led by Patricia Marks and we enjoy this arrangement and the mutual benefits it a¢hiev¢s. The work above to modify the facility has very much been superintended by the SBA team. Kitchen remains a popular venue for locals and vi51tors alike. The morning coffee clientele and lunch time visitors often have the café running at full volume much due to Danielle and her busy staff. New competition has opened in and around the town so respondin8 Wlth approaches to service and menus will be an ongoing process. Financially the Warehouse Trust has seen positive results earlier in the year but this was negaiively impacted by a Teduction of office rentals towards year end. Correcting this situation is critical for the future health of revenues. As always, it 1$ thanks to everyone using the facilftty as tenants and customers, the customers using Kitchen and to SBA. The trustee group is small, we are looking for more trustees to support our operation and provide strategic and creative input. If you are interested p1th￿e contact us. Thanks go to all my trustee colleagues for their support. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documenl The charity is controlled by its governing document, a deed of trusL and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMIIYISTRATIVE DETAJLS Registered Company number 05807759 (England and Wales) Page 2 The Warebouse Trust Report of the Trustees for th• Year Ended 31 December 2Q24 Register¢d Ckn7ty llumb¢r 1120851 Great Bow Th¢ Slats Sort Bow Street IAn8POrt Som¢rs¢l TA109PN MT5 J Gadd C R Sills Mrs S E Shipway P Snowd¢n Independent Examlner Probuiness Ltd St Lawren￿ ￿dge 37 Cbamb¢rlaiD Strcrt W¢lls Somerset BA5 2PQ Approved by order ofthe Ixwd of trust¢es on .-... . 0>5- P. SoowdeD- Th Independent Exgminer's Report to the Trustees of The Warehouse Trust Independent examiner's report to the (ruslees of The Warehouse Trust ('the Company,) report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purpose5 of Company law) you are responsible for the preparation of the accounts in accordance with the requirernents of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required 10 be audited under Part 16 of the 2006 Act and are eligible for ind¢pendent examination. I report in respe¢t of my examination of your charity's accounts as CWTied out under Section 145 of the Charities Act 2011 ('the 2011 ACV). In carying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent eyamlner's statement I have completed my examination. l Conf￿7 that no matters have come to my attention in connection with the examination giving me cause to believe: ac¢ounting 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 those records. or the a¢count5 do nol comply with the accounting requirements of Section 396 of Ihe 2006 Act other than any requirement that the accounts give a true and fair view which 15 nol a matter wnsid¢red a5 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 accouniing and reporting by charitie5 (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 concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enabl¢ a proper underslanding of the accounts to be reached. Niall OT)riscoll Probusiness Ltd Sl Lawrence Lodge 37 Chamberlain Street Wells Somerset BA5 2PQ Date: Pagc 4 The Warehouse Trust Statement of Fingneial Aelivitits for the Year Ended 31 December 2024 31.12.24 31.12.23 Unrestri¢ted Totsl fund funds Notes INCOME AND ENDOWMENTS FROM Charitsble activities Grants received 3,359 Other trading activities Investment income Other incorne 79,301 123 80.614 69 217 Total EXPENDITURE ON Raisin8 funds 82,416 81,295 NET tNCOME/(EXPENDITURE) 367 (395) RECONCILIA TION OF FUJ¥DS Total funds brought forward 496,459 496,854 TOTAL FUNDS CARRIED FORWARD 496 826 496 459 The notes fonn part of these fmancial statements Page 5 The Warehouse Trust Balance Sheet 31 December 2024 31.12.24 31.12.23 UnrestrT¢ted Total fijnd funds Notes FIXED ASSETS Tangible assets Investment property 30,851 700 000 34,474 700 000 730.851 734,474 CURRENT ASSETS Debtors Cash at bank io 4,683 4,081 14,611 15,073 CREDITORS Amounts falling due within one year (14,525) (16,867) NET CURRENT ASSETS 86 TOTAL ASSETS LESSCURRENT LIABILITIES 730,937 732,680 CREDITORI> Amounts falling due after more than one year 12 (234,111) (236.221) NET ASSETS 496 826 496 459 FUNDS Unrestricted fund5 14 496 826 496 459 TOTAL FUNDS 496 826 496 459 The charitable colnpany is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies A¢t 2006. The notes forni part of these financial statements Page 6 ontinued.., The Warehouse Trust Balanee Sheet- ¢onllnued 31 De¢ember 2024 The tEUStees 4Gknowleag¢ th¢ir responsi￿lI111¢S for (a) ¢nsuTing that th¢ ¢harAtable company keeps ac