Company registration number.. 06330264 Charity regislrdtion number.. 1122436 The Whitworth Centre Ltd {A company limited by guarantee) Annual Report and Financial Statements for the YraT End 31 March 2025
The Whitworth Centre Ltd Contents Sirategic Report TTUStees' Report 2to6 Accountants. Report Independent Examiner's Report Statement of Finaneial Aetivilies Balance Sheet ioto li Notes to the Financial Stat¢m¢nts 12to24
The Whltworth Centrn Ltd Strategle Report for the Yefdr Ended 31 March 2025 Th¢ Irusl¢¢s. VAW arr diredorj for th¢ purpses of c(XDpany law. ptem ther Strategic r¢wrt for the yEarended 31 m¢h 2025. in wmplian¢e with $414C ofthe com1¢$ A¢t 2(K)6. FINThd revlew Pollcy on ra¢nYs Th¢ Tnulcej aim to maintain fr¢¢ rtjerves In unr¢Jlrfd¢d llt i l¢vel whkh equales to apptDxlma(ely thr months of unSl¢d CnIable expenditur¢. Th• Truses nSider th¥ this level will provide sufficient funds to rtspond to appIltiOnS for Brants enwre th sup1 and sovernw costs ar¢ wY¢Trd. The Tnutees ¢oTwider that A level ofthrtt HMthS is wffi¢ient siv the flexibility afforded by the Tradin8 arn1 of the Centrt. The strate8lC l¢POrt apprDvoI by ofthe chrrity si[ (ffl its Ixhaif by: Mr Chri51opher ChJimiBn bnd Trnstce
The Whitworth Centre Ltd Trustees, Report The trust¢¢s, who ttre directors for th¢ Purposes of company law, prcseni the annual report tO8ethcr with the rinancial slatements and auditors, report of the charitable company for the year ended 31 March 2025. Objectives and aetfvlties Objects and alnLS - The Whitworth Park remained open every day of the y¢ar, providing huge support trj local people when they needed it mosl. The Whitworth has increased it's environmental 8¢tivity given the global climate ¢han8e challenge. We have been getting regular feed back on service levels from custom¢rs and the results have b¢¢n very good. We maintained excellenl safcty record. We have significantly groMTr activities again pmviding events and activities for all agc gTOUPS. - We have invested in a number of building and park improv¢m¢nt projects. We have a 5 year pl to infoThn decision making going forward and to help ensure everyone is clear on strategic direction. - We have secured a major new lottery investment. - We are pleased to have in¢r¢ased staff wages significantty in the year. helping staff themselves. manage rising cost of living better. We have clearly defined aim5 to SUprt the residents of l)arley Dale to: - Help enhance physical. social and mental well being. - Help reduce social isolation and loneliness in our communty. - Help create stronger, rewarding relah"onships in families and local groups. - Help people make greener choices and improv¢ the environment. We monilor customer satisfaction on a quartcrly basis and have maintained levels of over 9 out of 10 on a ¢onsistent basis. Fundraising dlsclosu These activities were supported by 8 number of grant activiti¢4 donations from the public and our Trading Ltd Company. Public benefi¢ We hav¢ maintained our inveslmerf levels in the building and park and have secured a new £lm Heritage lottery, Called Heart of the Park, it is hoped it will bring significajrt improvements over the next three years. - Maintenance and management of a heritag¢ building and park. - Development and support of organisations that provide a range of well being ori¢ntated services to people. The trustees confirni that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the publi¢ benefit guidance publish¢d by the Charity Commission for England and Walcs. Page 2
The Whitworth Centre Ltd Trustees, Report Soeial Ixvgslmenlpolieies We hav¢ parti¢ularly fo¢ussed on environmental activity. throu8h ¢v¢nts like 'MEthing Spaet for Nature". Repair Caf¢ and 5UPPOrting events by organisations such th¢ National Trust and Rewilding Britain. We have lenanls both for the lodge and for one of our m¢eiiJ)g rooms. which provides some longer tern) financial security of income. Thls tO8¢iher wilh our wide range of commercial a¢tivilies, has enabled us to keep costs low for charilies and community groiips. using the building and park thereby enabling more well being based services to be provided for local people. - The maintenance and management of a heritage building and park. - The development and support of organisations that provide a range of w¢ll b¢ing orientsled services to people. The provision of events consistent with our purw)se and objectives. Thi5 would include theatre, ¢rafi fairs. celebration musical activitie4 and environmental events which have been free to attend. Trustees and officers The trnstees and officers serving during the year and since the year end were as follows: Truste¢s- Mr Jason Farn]er (resigned 10 October 2024) Mr Barry Mellor (resigned 25 October 2024) Mrs Esther Walker (resigned 25 July 2024) Miss Donna Shimwell (resigned 3 December 2024) Mr lan Walker (resigned 6 October 2024) Mr lan Adkin (resigned 6 Octobcr 2024) Mr Peter Alan Ash {appointed 6 March 2025) Mr Michael Gareth Corbett (appointed 24 Febnwy 2025) Mrs Cr¢w¢nna Isabel Dymond (appointed 14 August 2024) Mr Christopher Ra88 (appointed 20 May 2024) Mr David Lawrence Wheeler (appointed 24 October 2024) Mr James William Wi150J) (appointed 25 July 2024) Mr Jonathan Ross Wood Finance lean (appointed 10 October 2024) Chaiman: Mr Bany Mellor (resigned 25 October 2024) Mr Christopher Ragg (appointed 20 May 2024) Secretary.. Mr Jason Farn)er (resigned 10 oCber 2024) Other Officers: Darley Dale Town Council Mrs Kate Hurford, Finance Officer Senior Management / Leadership Page 3
The Wbitworth Centre Ltd Trusteesl Report Referen¢e And Administrative Details Charity Registration Number: Company Registration Number: 1122436 06330264 The chaTiry is illcoTporatcd in England & Wales. Station Road Darley Dale Mailock Derbyshire DE4 2EQ Registered Office.. Finan¢iAI instruments Objectives ondpolicies The charity's activities cxpose it to a number of financial risks including credit risK cash flow risk and liquÈdity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees. which provide written principles on the use of financial derivatives to manage these risks. The charity does not use dcrivative financial instnllnents for speculative purposes. Cashflow risk The charity's activities expose it primarily to the fmancia] risks of changes in foreign currency exchange rntes and inl¢r¢st rates. The charity uscs foreign ¢xchange forward contracts and interest Tate swap contracts to hedge Ihese exposures. Interest bearing assets and liabilities are held at fixed rnte to ensure certainty of cash flows. Credil rlsk The charity's principal financial assets are bank balances and cash, trade and other reccivables, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance Sheet are net of allowances for doubiful rec¢ivable5. An allowance for impairn)ent is made where there is an identified loss event which, based on previous exp¢rience, is evidence of a redu¢lion in the recoverability of the cash flows. The Credit risk on liquid fimds and derivative financial instruments is limited because the cowiterparties are banks with high credit-ratings assigned by international credit-rdting agencies. The charity has no significant wncentration of credit risK with exposure spread over a large number of counterparties and cu5tom¢rs. Liquidity rifk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-terni and short-terni debt finance. Further details regarding liquidity risk can be found in the Ststrment of accounting policies in the financial slatements. Pa8¢ 4
The Whitworth Centre Ltd Trustees, Report Funds held a$ eusiodi8n trustee on behllf of others Restricted ossets.. Land comprising 11.06 hectares (or thereabouts) Building 'Sir Joseph Whitworth InstiMte' Unrcstricted assets: Residential dwelling knowi as The Lodge Agricultural land comprising 3.44 hectares (or thereabouts) Football pit¢h comprising 1.45 hectares (or thereabouts) Statement of trustees, responsibilities The trustees (who ar¢ also the directors of The Whitworth Centre Ltd for the purposes of company law) are responstble for preparing ihe tsteeS. report and the financi31 statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and faiT view of the state of affairs of the charitsble company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial 5tstements. the trnstees are required to: select suiiable accounting policies and apply thcm COnSiSkDity; observe the methods and principles in the Charities SORP: make jud8¢m¢nts and estimates that are reasonable and prndent. state whether applicable a¢¢ounting standards. comprising FRS 102 have been followed. subject to any material departures disclosed and explained in the financial statements. and prepare the financial stat¢m¢nts on the going concern basis unless it is inappropriate to Presume thai the charitable company will continue in business. The trustees are responsible for keeping proper acwunting records that call disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial stalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charithble company and hence for taking reasonable steps for the prevention and dctedion of frdud and other irregularities. The trustees are responsible for th¢ maintenance and integrity of the corpornte and financial inforniation included on the charitable companys website. Ixgislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of inforni4tSon to auditor Each truste¢ has taken steps that they ought to have taken as a tntre in order lo nke themselves aware of any relevant audit inforniation and to estsblish that the charity's auditor is aware of that infornMtion. The trustees confitm that there is no relevant infonnation that they know of and of which they know the auditor is unaware. Small companies provision st4tement This r¢port has been prepared in accordance with th¢ small companies regime under the Companies Act 2006. Page S
The Whitjvorth Centre Ltd Trustees. Reporl 'Ihe winiwl r¢purt Wlls #ppri?v¥d by th¢ tnL%lec5 ofih¢ chtirily on ..Ii/g/%Sund si8ned on its bthaifby- Mr Chrislophtt CbBirniwi And Trus1¢¢ Mr Jonoth•n Ross Woc .Stru¢¢urei gov¢rnDee maDig¢mnt 0rgdnu4fiondl4trudMr¢ ThL. Whitworth CenttE Lt(L which is a re8i51er¢d clwrity. wholty owty% Whitworth Ccntsr (TradiDB) Ltd through whlch li operntes il's Cerin& Hire gud Cthnl Oper8tion& The c(Mnwy is VAT re8iStettd and 15 Charity rcgistere41 wlth the Ckoritiej Commi&4ion. The ¢bority ts clled by it5 sov¢rnin8 doLvm¢nK il OL)sfithtcs a limite(fcolnpY 8nd it is litnltslThy 8u•rantée"-_- tjoih collwanies are rnaged by 4 BoArd of Tnte5. dl of whnm ore r¢8istered with Companies llouse 8S D1clOr5. rhL SOIL tiieiDber Whitworth CcnlrL. Ltd is Dorley L0clI. as SLKh. it has conth)Iling yhare (Ir 'll)¥ Whiiwor(h. li'> obliylll)n LS io pmvide 7 c1n¢Il lo $11 i)n tk ljwrd Dr i? 'InL4ILYS. lThe I nisi¢es MLYI ancL' llnd if) a LsillLS im roentI. I are fvnlicr dividL iiili) fuur si1.{1M1ltt. have Nyx115ibiliti¢Y 95 PTL(TiIKxl in the ofihe ci)miniltL'¢ Ilii(k'r IhL Ls1 ()1- 18911. 'lThc Wknilwonh. (forniolly 'llJ¢ Whiiwivth IllU1) ¢xtsblixliLd ciii 151 Ni)v¥iiikr. ?onii. 'IliL uclivi1i iindthukin&% of Ihc ch8rily K'rL' tak¢n OVL'r by tllc limiled c(IinrAiiy ii) numi i)I' ThL' Whiiwttnli Lenire. All thL a.15 liuhiliiiL% uf il*. i1ri8iiwI Lhyrily WL'fL' traii¥linLYI ID Illi collip}y. Board of Tn1¢¢$ General Manager Depury Djanager & Finantt officcr, Centr¢ AthniDi5trator, Lead C¢ntre opernt1 & IAathtu]8
A0tants, Report to the Trustees on the Preparallon of the Unaudlted Statutory Ac¢ounts of Th¢ Whltwortb Centre Ltd for the Year Ended 31 Mr¢h 2025 In ordcr to wist you to fidfil y¢tsr under tho C¢)mpfinies Act 2006. have prepu¢d fol your approvil the accounts of Th¢ Whitworth Centte Ltd for th¢ year 31 mOh 20?5 35 5¢( out on wes 9 w 24 from the ¢ompyDy'S Accounting records And from infannl¢ti and explanations you ha 8iven us. As a pr8Grl$in8 member of the Inslilut¢ of Financial AllIant5 •re subj•ct to its ethi¢al ond h¢r professionAI requirements which are detailed at httpsJlwww.ifi.ors.uklabout-U51publicinresVm¢mbeff¢8¥1io This Teport is made solely the board of di[1015 ofTh¢ Whitwfjrth Centre Lt M a body. in aw¢¢ with the ternis of our en84an¢nt le¢ter datrd 24 July. 2018. This rewirt is made solely to the board of directors ofTh# Whih¥orth C¢ntrc 45 i W. in ¥eordmee with the temis ofour en8agemeDi letter dlted •4 July 2018. Our work has been undertkn solely to pr¢pAre foryour approval tlie financial sFat¢m¢nts of Thv WhiThYorth Centr¢ Lid aud stote thosc mattm that we h&ve o8reed to state ale EO&rd"of'direrS of The wliifivoith"treDtrELttrxrbtyiwthis"reprinweordmctrwith-th.- tFA. To the fullest extent pcnnitted ty law, we do Dot wt or responsibility to w othfJ The Whitworth Centr¢ Ltd and its ljoard of directors as a body for our or for this T¢[KL J H Riley Asjoritsw lid Diamond Court Waier Street Bokewell Derbyihirt DE45 IEW Date... 2.5-..Z7./2 We h#v¢ not becn Instru to carry our 4111 or a rtview ofthe rK¢L)wits of The Whitworth Centre Ltd. For this reason. we have not verified th¢ accuY or ¢ompk*Dess of the Trn8 rewrds or inforn)8tion explanations you hAve given w u5 ¥nd we Ik) Do( therefore. exp Bny opinion on th¢ statutory aCf>)unts. ge7
The Whitworth Centre Ltd Independent Examiner'j Report to the trnstees of The Whitworth Centre Ltd ('the Company,) I report to the charity InlSlee3 oft my examination of the a¢¢ounts of the Company for the year ended 31 March 2025. Responsibilities #nd b4555 of report As the charity's trustees of the Compmny (and also its directors for the purpose5 of company law) you are responsible for the PTtpardtion of the aecthjnts in ae¢ordance with th¢ requiY¢ill¢nts of the Companies Aci 2006 ('the 2006 Act,). Having sat15fied myself thai the accounts of the Company Ar¢ fftoi required io be audited under Pm 16 of the 2006 Act and are eligible for independeni examination, I pOrt in respect of my ¢xaminat50n of yovr charity's aceounls as Carried out under section 145 of the Chwiiies Ad 2011 ('the 2011 Act,). In ¢wrylns oul my examination I have followed the Directions given by th¢ Charty Commlsy'on under seeth 145(5)(b) of the 2011 Act. Independent examlner's statement I have completed my exarnination. I conftrm that no matier5 havc come ro my attention in coDmection with the examination giving me cause to believe= l. accounting records were noi kepl in respect of The Whitworth Centre Ltd as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records. or 3. the a¢counL5 do not comply with the accounlin8 requirements of Section 396 of the 2006 Act other than any requirement that Ihc accounts give a 'true and fair view which is not a matter eonsidered as part of an independent examination. or 4. the accounts have not b¢¢n pr¢par¢d in accordance with the methods and principles of the Statement of Recommended Prnctice for accounting and reportin8 by charities [applicable io chariiies preparing their accounts in accordance with the Financial Reporting Standard applic&ble in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come a¢r055 no other matter5 in connection with the examination ¢0 which attention should be drawn in this report in order to enable a properunderstanding of the aOnts lo be reiched. sphen Allen ACA FCCA Allen, West and Foster Limited Omega Couru 36&k366 Cemctcry Road Sheffield S118FT Date,. Pa8e 8
The Whilworth Ccntre Ltd Statement of Financial Activities for the Year Ended 31 March 2025 ncluding Income and Expenditure Aecount and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2025 Note Income and Endowments from: Donations and legacies other in¢om¢ 74,103 24.383 41,396 115,499 24.383 Total income 98,486 41,396 139,882 Expenditure on: Raising fitnds Charitable a¢tiviti¢s (145,476) (13.143) (145,476) 13.143) Total expenditure (158,619 (158,619 Net (expenditurevincome Net movement in funds 60,133 41,396 18,737) (60.133) 41,396 (18.737) Reeoneiliation of funds Total funds brought fonvard 396,747 1,692,832 2,089,579 Totsl fimd5 cle for¥Ydrd 15 336,614 Unrestricted funds 1,734.228 Restrieted fundg 2,070,842 Total 2024 Note Income and Endowm¢nl$ from: Donations and legacies Other income 86.332 23.923 17,617 103,949 23,923 Total income 110,255 17.617 127.872 Expenditure on: Raising funds Charitable activities (94,795) 13,112) (15,022) (109.817) (13,112) Total expenditure 107.907 (15,022) (122,929) Nel income 2,348 2.595 4,943 Net movement in fiinds 2.348 2.595 4,943 Reconcilialion of funds Total fid$ brought forward 394.399 1,690.237 2,084,636 Total funds carried fonvard 15 396.747 1.692.832 2.089,579 All of the charity's a¢tivities derive from ¢ontinuin8 operations dwing th¢ aix)ve two periods. Th¢ notes on pages 12 to 24 forni an integral part of these financial statements. Pag¢ 9
The Whitworth Centre Lld Olegistration number: 06330264) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assels Tangible assets Heritagc assets Investments 455,953 1,560.213 459,937 1,560,213 io 2,016,168 2,020.152 Current as$els Debtots Cash at bank and in hand 119.325 17,066 129,864 14.199 12 136,391 144,063 Creditors: Amounts falling dme within one year 13 44.989) (23.703) Net current assets 91.402 120,360 Total assets less current liabilitie5 2,107,570 2,140,512 Credilors: Amounts falling due after DJOT¢ tball OD¢ yr Net #ssets 14 36.728 50,933) 2.070.842 2,089,579 Funds of the ¢harity: Restrlcted Income tsnds Restricted funds 1,734,228 1,692,832 Unre$trieted income fund$ Unrestricled funds Revaluation reserve 291,669 44.945 351.802 44,945 Total unrestrided funds 336,614 396.747 Total funds 15 2,070.842 2,089,579 For the financial year ending 31 March 2025 thc charity was entitled to exrniption from audit under section 477 of the Companies A 2006 relating to small companies. Director5, responsibilities.. The members have not required the charity to obtsin an audtt of its accounts for the year in question in accordance Mith section 476; and The directors acknowledge their responsibilities for complying with th¢ requirem¢nts of the Act with respect to accounting records and the prepardtion of accounts. The noles on pages 12 to 24 fonn an integTal part of these financial statements. Pagc 10
The Whltworth C¢ntr¢ Ltd (Reglstr&tion number: 06330264) BAlaMee Sheet 31 Mar¢h 2025 The finAn¢iai ststements on p•8ey 9 kn 24 approved by ¢¢¥. AU¥horI5 frx issu• ott ,I5./wSond Ji8ft¢d on their beknlf by: Mr Christopher Ra88 Chaimll find TTusl¢e rJOnAth Rfjss Ivood Trustee of the9e finwKial $tat¢menf& Th¢ notrs on p•&e5..1? to 24 hnn an Ill*._
The Whitworth Centre Ltd Notes to the FinaDei21 Statements for the Year Ended 31 March 2025 I Charity st4tus The charity is limited by guarantee. incorporated in England & Wales. and consequently does not have share cgpital. Each nf the trustees is liable to contribute an amount not exceeding £10 towards the assets of th¢ Charity in the event of liquidation. The address of its registcrcd office is: ststion Road Darley Dale Matlo¢k Derbyshire DE4 2EQ Th¢5e financial statements were authorised for issue by the trustees on I l June 2025. 2 Accounting potIeS Summary ofsignificant getounting polieies 4nd key aecouDting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been eonsislently applied ail the years presents unless otherwise stated. SIAtemenl of compline¢ The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Stat¢ment of Recommended Prnctiee (applicable to charities preparing their a¢wunts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Rcpublic of Ireland (FRS 102) and the Companies Act 2006. Basis of prepArtion The Whitworth Centre Ltd meets the definition of a public benefit entity under FBS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwisc stated in the relevant a¢ntillg policy note5. Golng concern The trustees consider that there ar¢ no material uncertainties about the charitys ability to continue as a going con¢¢rn nor any significant areas of unc¢rtainty that affect the canying value of &ssets held by the charity. Income ¥nd endowments All income is recognised once the charity h&$ entitlement to the income, it is probable that the income will b¢ received and the amount of the income receivable can be measuTed reliabty. Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perfornwice by the charity before the charity is ei)titl¢d to thc fimds. thc income is deferred and not recognised until either those conditinns are fully met, or the fulfilment of those conditions is wholly within the control of the charity atid it is probable that these conditions will bc fulfilled in the reporting period. Pagc 12
The Whitworth Centre Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 Grants reeelvable Grants are recognised when the charity has an entiilement to the fimds and any conditions linked to the grants have been met. IVh¢r¢ perforniance conditions are altached to the grant and are yet to be mel the income 15 recognised &% a liability and includcd on the balance sheet defeff¢d income to be released. Expenditure All expenditure is Tccognlsed once therc is a legal or constructive obligalion to that cxpenditure, it is probable sertlemenl is required and the amount can bc measurcd Teli8bly. All costs ar¢ allocated to the applicable expenditure heading thai aggre8ate similar costs to that category. Where costs Cannot be directly attribuled to particular headings they have been allocated on a b&sis consistent with the use of resources, with central staff costs allocated on the basis of time spent. and depreciation charges allocated on thc portion of the asset's use. Other support costs are located based on the spread of stsff costs. Raisingfunds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that rdise funds. Support costs Support costs include central functions aThl hav¢ been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capit4 staff costs by the time spent and other wsts by their usag¢. Governanee costs These include the costs attributablc to the charity's compliance with constitutional and statutory requirements, including audit. strategic management and trustee meetings and reimbursed expenses. TaxatioD The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it me¢ts the defjnition of a charitabl¢ company for UK corporation lax PUTposes. Accordingly, the chwity is potentially exempt from t&xatioD in respect of income or capital gains received within cat¢gories covered by Chapter 3 Part I l of the Corporation T&K Act 2010 or Section 256 of the TltiOn of Chargeabl¢ Gains Act 1992, to the extent that such income or gains arc applied ¢xclu5ively to charilable PUTposes. Tangible fixed a55ets Individual fixed assets rosting £0.00 or mor¢ are initially record¢d at cosL less any subsequent awumulated depreciation and subsequent accumulated impainnem losses. Heritage assets Heritsge assets comprise of the 'Sir Joseph Whitworth Institute, building and attached land at 11.06 hectares and carried at cost £1,560.213. Deprecilion and amortisation Depreciation is provided on tangible fixed assets so as to write off th¢ cost or valuatioo less any estimated residual value, over their expected useful econornic life as follows: Ass¢t elass Land and building Deprttiatlon method and rte Carried at cost Page 13
The Whitworth Centr¢ Ltd Notes to the Financial Statements for the Year Ended 31 Marth 2025 Furniture and equipment 25 % Reducing balance Business eombinations Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial $13temeniS of subsidiaries to bring the accouniing policies used lln line with those used by the charity. All intra-group transaclions. balances. income and expenses are eliminated on wn501idation. In a¢¢ordance with Section 35 of FRS 102. Section 19 of FRS 102 has not beeD applied in these financtal statements in respect of busiDcs$ ¢ombinations effected prior to the da of transition. Fixed asset investments Fixed 4s5¢t investments, other than programm¢ r¢lat¢d investments. are included at market value at the b31an¢e sheet date. Realised gains and losw on investments are calculated as the difference between sales proceeds and their market value at the start of the year. or their subsequent cosL and are charged or credited to the Statement of Finan¢ial Activities in the period of disposa]. Unrealised gains and losses Tepresent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on th¢ market value at the year end. Trade debtors Trade debtors amounts du¢ from C510MeTS for merchandise sold or services perfoTmed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method. less provision for impairnient. A provision for the impairn]¢nt of trade debtors is established when ihcrc is objective evidenc¢ that the charity will not be able to lI¢(t all amounts due according to the original temis of the re¢eivabl¢s. CA8h and ¢2$h equivalents Cash and cash equivalents comprise c&sh on hand and call deposits. and other short-terni highly liquid investmenls that are readily convertible to a known amount of cash and are subject to an insignificant risk of hange in value. Trade creditors Trnde creditors are obligations to pay for goods or services thal have been acquired in the ordinary course of business from suppliers. Accowits payable are classified as current liabilities if the charity does noi have an unconditional righL at the end of th¢ r¢portin8 period, lo defer settlem¢nt of the creditor for at least twelve months after the reporttng date. If there is an unconditional right to defer settlement for at l&qst twelve months after the reporting date, they are presented as nonuTrent liabilities. Trade credttors are recognised initially at the transxtion price and subsequently Mred at amortised cost using the effective interest m¢th(Ml. Page 14
The Whitworth Centre Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cos( with the difference between the proceeds, nel of ¥uisactiQii ¢05ts, and th¢ amount du¢ on rcdemption b¢ins recognised as 4 charge to the Statement of Financial Activities over the period of the relevani boTrowing. Interest expense is recognised on the basis of the effective interest method and is in¢luded in interest payable and Similar charges. Borrowings are classified as currcnl liabilities unless the charity has an unconditional right to defer settlcment of the liability for at least twelve months after the reporting date. Fund Strnere Unrestricted income ndS are genernl funds thal are available for use at th¢ trustee discretion in fiirth¢rance of the objerfives of the charsty. Restricted income funds ar¢ those donated for use in a particular area or for specific pirposes, the use of which is restricted to that area or purpose. Financial instrnments Classiflcailon Financial assets and financial liabilitie5 are recognised en the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and cquity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any ¢ontract that ¢vidence$ i residual interest in the assets of the charity after deducting all of its liabilities. Recognliion andmeusuremenl All financial assets and liabilities are InitilY measured at tsansaction price (including transaction costs), except for those financial assets classifi¢d as at fair value through profit or loss. which are initially measured at fair value (which is nonnally the transaction price excluding transaction costs). unless the arrangement constitutes a financing transaction. If an aTrangement CODStilutes a financing transaction, the financial asset or financial liability is measured at the present valuc of the futurc payments discounled at a market rdte of interest for a similar debt instnunent. Financial assets and liabilities are only offs¢t in th¢ statement of financial position when. and only when there exists a legally enforceable right to set off the reco8nised amounts and the charlty intends either settle on a Det basis, or trj realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) ts contractsal rights kn the cash flows from the financial asset expire or are settled, b) the charity transfers to another party subslantially all of the risks and reward5 of ownership of the financial asseL or c) the charity. despite having retsin¢d some. but not all, signiftcant risks and rewards of ownership. has transferred control of the asset to another paty. Financial liabilities are derecognised onty when the obligation specifi¢d in the Contract is discharged, cancelled or expires. Page 15
The Whitworth Centre Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 lftvestments Investments in subsidiaries are measured al cosi less impaim)ent. For investments in subsidiarics acquired for consideration including the issu¢ of shares qualifying for merger relief, cost is me&8ured by referen¢e to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Fair value measuremenl The best evidence of fair value is a quoted price for an idenlical asset in an activ¢ markel. When quoted pric¢s are unavailable, the pri¢e of a recent transaction for an ideniical assel provides evidence of fair value as long as there has not been a significant change in economic circumslances or a significant lapse of time since the transaction took place. If the markel is noi aclive and receni transactions of an identical asset on their own are not 8 good estimate of fair value. the fair value is eslimaicd by using a valuation l¢chnique. Pa8e 16
The Whitwortb Centre Ltd Notes to the Fin8nci21 Statements for the Year Ended 31 March 2025 3 Income from donation5 and leg4cies Unrestrieted RestrActed funds Total funds GeDeral Donalions and legacies. Donations from individuals Grants, including capilal grants. Grants from other Charities 1344 1.344 72.759 41.396 114,155 Total for 202S 74.103 41,396 115,499 Total for 2024 86,332 17.617 103.949 4 Expenditure on rgising funds a) Co$t$ of genernting donations and legacies Reslrided funds Tolal funds Note Total for 2024 15,022 15,022 b) Costs of trading a¢tivities Unrestricted funds General Total funds Note Other direct costs of activities for generating fimds Allocated support costs 1.568 143.908 1.568 143.908 Total for 2025 145.476 145,476 Tolal for 2024 94,795 94.795 Page 17
The Whitworth Centre Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 5 Expenditure on chlrilgble aetivities Unrestricted fund General Tot#1 funds Note Governance costs 13,143 13,143 Total for 2024 13,112 13.112 6 Trustees remuner4¢ion and expenses No trustees. nor any persons connected with them, have rec¢iv¢d any remuneration from th¢ charity during the year. No tfUStees have received any reimburscd expenses or any oth¢r benefits from the charity durlng the year. 7 Staff eosts The aggregate payroll costs were as follows: Employees received remuncraiion of £35.584 (2024-. £25,898) and £nil (2024: £nil) of expense$ were reimburs¢d during th¢ year. The monthly average number of persons (including setiior manag¢meni / leadership t¢am} employed by the harity during the year expressed as full time equivalents w&$ as follows: 2025 2024 Avernge number of employees 12 8 (2024- 3) of the above employtts participated in the Defined Contribution Pension Schemes. Contributions to the employee pension schemes for the year kntall¢d £329 (2024 - £563). During th¢ year. the charity made redundancy anOr terniination payments which totalled £Nil (2024- £Nil). No employee received emoluments of more than £60.IXIO during the year. Page 18
The Whitwortb Centre Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 8 Tangible fixed Assets L*nd and buildi FurnitUTe 2nd equipment Total Cost At l April 2024 At 31 March 2025 444.000 115966 559,966 444,000 115,966 559,966 DepTe¢iation At l April 2024 Charge for the year 100.029 3,984 100,029 3,984 At 31 March 2025 104.013 104.013 Ne¢ book value At 31 Mar¢h 2025 444,000 11,953 455,953 At 31 March 2024 444.000 15.937 459,937 Page 19
The Whitworth Centre Ltd Notes to the Financial Statements for Ihe Year Ended 31 March 2025 Revaluation The fair value of the companys Agriculnwal Land was revalued on 16 March 2021 by Milner Commercial chartered Surveyors, an independent valuer. Thc bi15 of th¢ valuation adopted in this instance was an assumed absolute freehold which is the gubject of a protected agricultural tenancy. Analysis of grassland auction sale results during 2019 & 2020 (source - Bagshaws) show an average sale yield of £12.919 per acre. Original cost £61,055 Revaluation £44.945 (3.479 acres at £12.919) Revalued Carrying amount £106.000 Had this class of asset been m¢asured on a historical cost basis, their canying amowit would have been £Nil (2024- £Nil). 9 Heritage assets Other heritagt *sset class I Other berit#ge asset elass 2 Total Cost At l April 2024 At 31 March 2025 1,200.(M)O 360,213 1.560,213 1,200,000 360,213 1.560,213 DeprecSation At 31 March 2025 Net book value At 31 March 2025 1.200,000 360.213 1,560.213 Summary of traDS4¢tions Heritage asset class l £1200,000 Whitsyorth Institute Heritage asset class 2 £360,213 HLF Grant capitalised iti 2007 used for Whitworth Institute refurbisbment Page 20
The Whitworth Centre Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 10 Fixed asset invtttments Sb#res in group undertakings and particlttE interests Subsidiarv undertgkings Tot*1 Cost At l April 2024 At 31 Mar¢h 2025 Net book value At 31 Mar¢h 2025 At 31 Mar¢h 2024 Details of undertakings Details of the investsnents in which the charity holds 2VO/o or more of the nominal value of any class of share capital are as follows: Country of incorporalion Proportlon of voting rights Principal and shires beld activity Undertaklng Holdlng 2025 2024 Subsidiary uDdertakiDgs ordinary shares of £1 0% each Trading am for the Whitworth Charity The Whitworth Centre (Trading) Ltd England 11 DebtOT5 2025 2024 Trade debtors Due from group undertakings Prepayments Other debtors 1,601 106,524 10,000 1,200 2,661 115,837 11.366 119,325 129,864 The Whitworth Centre (tradlng) Ltd The trading subsidiary of The Whitworth Centre owed £106,524 as at 31 st March, 2025 (prior year £115,837). P•ge 21
The Whitworth Centre Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 12 Cash Ind cash equivleDts 2025 2024 Cash al bank 17,066 14,199 13 Credltors: gmount$ falling due within one year 2025 2024 Bank loans Trdde creditors VA T grant repayable Accruals 9.518 14.039 (3,366) 24.798 9,518 11.507 178 2.500 44,989 23,703 14 Crediton: amounts flling due after ODe year 2025 2024 Bank loans Other GrediloTS 31.112 5.616 37.440 13,493 36,728 50,933 Granis ihat have been received and where the conditions for its usc have not yet been met, the income ts recognised as a liability on the balance sheel as deferred income £13.493 as at 315t mah, 2023 (£31,992 prior year) . Pagc 22
The Whitworth Centre l.td Notes to the Financial Stat¢ments for the Year Ended 31 Mareh 2025 IS Funds Balance *t I April 2024 Jn¢oming resources Resources expended B#lance It 31 March 2025 Unreslrieled funds General 396.747 98,486 (158,619) 336,614 Restrlcted funds 1.692,832 41.396 1,734.228 Total funds 2.089.579 139.882 158,619 2,070,842 Balance at I April 2023 Incoming resour¢e$ Resources expended Balance at 31 MArch 2024 Unre5trirt¢d funds General 394.399 110255 (107.907) 15,022) 396,747 Restricted funds 1.690,237 17.617 1,692,832 Total funds 2.084,636 127.872 (122.929 2.089,579 Page 23
The Whitworth Centre Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 16 Analysls of net assets between funds Unrestrlcted funds General Total funds At 31 Mwrth 2025 Restri¢t¢d funds Tangible fixed asset$ Heritage assets Fixed asset investments Current assels Current liabilitie5 Creditors over l year 455.953 455,953 1.560,213 1,560,213 136,391 (44,989) (36.728) 136.391 (44,989) 36,728) Total net assets 510,629 1.560,213 2,070,842 Unrestricted funds General Totsl funds at 31 March 2024 Restricted Tangible fixed assets Heritage assets Fix¢d asset investments Current assets Current liabilities Creditors over l year 459,937 459.937 1.560,213 1,560,213 144,063 (23,703) (50,933) 529.366 144,063 (23,703) 50,933 Tolal net assets 1,560,213 2.089,579 Pa8e 24
The Whitworth Centre Ltd Statement of Financial Activities by fund for the Year Ended 31 March 2025 Unrestricted Funds Total Total Unre51ricted Unrestricted Funds FuDds 202S 2024 Ineome and Endowments from: Donations and legacies Other income 74.103 24.383 86.332 23.923 Total income 98.486 110,255 Expenditure on: Raising fund5 Charitable activities (145.476) 13.143 (94,795) 13,112) Total expenditure 158.619 107.907 Nei (expendithre)lincome 60.133 2.348 Net movement in ndS {60,133) 2.348 Reconciliation of funds Total funds brought fOnd 351.¥U2 349,454 Total fimds caTried forward 291.669 351.802 This page does not forn) part of th¢ stawiory finan¢ial ststem¢nts. Page 25
The Whitworth Centre Ltd Statement of Financial Activities by fund for the Year Ended 31 Mareh 2025 Restricted Funds Total Restri¢ted Fund5 2025 Total Restricted Funds 2024 Income and Endowments from.. Donations and legacies Total tneome 41,396 17.617 41,396 17,617 Expenditure on: Raising funds 15.022 Total expenditure 15.022) Net income 41.396 2,595 Net movement in funds 41,396 2,595 ReconcilRation of funds Total funds brought forward 1.692,832 1.690,237 Total funds Caled forward 1.734228 1.692.832 This page does not forn) part of the statutory fInatal statements. Page 26