## **The Holfords of Westonbirt Trust**
**Charity No. 1124066**
**Company No. 06035589**
**Company Limited by Guarantee**
**Trustees’ Report and Unaudited Accounts**
**31 August 2023**
## **The Holfords of Westonbirt Trust REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **Contents**
||**Page**|
|---|---|
|**Charity Informa�on**|2|
|**Trustees’ Annual Report**|2|
|**Independent Examiner’s Report**|7|
|**Statement of Financial Ac�vi�es**|9|
|**Summary Income and Expenditure Account**|10|
|**Balance Sheet**|11|
|**Statement of Cash Flows**|12|
|**Notes to the Accounts**|13|
1
## **The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT**
The trustees are pleased to present their report together with the financial statements of the charity for the year ending 31 August 2023.
## **Reference and Administra�ve Details**
Charity Number: 1124066 Company Number: 06035589 Registered Office: The Holfords of Westonbirt Trust, Westonbirt House. Tetbury, Gloucestershire, GL8 8QG Accountants: Grosvenor House, Building 2a - D Site, Kemble Airfield, Kemble, Cirencester, GL7 6BA Bankers: Barclays Bank, 28 Market Place, Cirencester, GL7 2NP
## **Directors and Trustees**
The Directors of the charitable company (the charity) are its Trustees for the purpose of charity law and throughout this report are collec�vely referred to as the Trustees.
The trustees serving during the year 2022-23 were as follows:
Mr Richard Boggis Rolfe OBE Chairman Mrs Annabella Sco� OBE Vice Chair Mrs Natasha Dangerfield Headmistress and CEO
Mr Marcus Galea
Mr Simon Tomlinson
Mr Charles Ralph Mrs Angela Po�er
The Hon Lady Scruton
Mr Ross Sharpe
2
## **The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT**
## **Structure, Governance and Management**
## Governing Document
The Holfords of Westonbirt Trust is a charitable company limited by guarantee, government by its Memorandum and Ar�cles of Associa�on dated 21 December 2006 and registered with the Charity Commission. (Charity Registered Number 1124066)
## Appointment of Trustees
The Ar�cles of Associa�on state that the maximum and minimum number of Trustees may be amended by the Charity at an Annual General Mee�ng but unless amended the minimum shall be three and the maximum 16. It is further stated that the number of Trustees connected with Wishford Schools shall not exceed 40% of the total number. Of the nine Trustees only one, Mrs Dangerfield as Headmistress, was connected with Wishford Schools. One third of the Trustees re�res by rota�on each year but may be re-elected Trustees.
Trustee Induc�on and Training
Any new Trustee is given all relevant documents (including the Memorandum and Ar�cles of Associa�on and the most recent Annual Report and Accounts). Trustees are referred to Charity Commission and other relevant guidance about the responsibili�es under charity and company law.
## Organisa�on
The Board of Trustees administers the charity. The Board holds plenary mee�ngs three �mes a year. Commi�ees are formed to deal with par�cular events or needs as required. Currently these are:
- The Execu�ve Commi�ee
- The Garden Commi�ee
- Fundraising
The day-today ac�vi�es of the Trust at Westonbirt are managed by the Heritage Officer, whose role is to implement and co-ordinate the development ac�vi�es of the Holfords of Westonbirt Trust, with oversight from the Headmistress. Ac�vity and decisions required are reported with regularity to the Execu�ve Commi�ee.
## Related Par�es
The Charity has a close rela�onship with Westonbirt School and has held a lease on the gardens from the School since the Trust’s incep�on. The School was sold to Wishford Schools Ltd in June 2018 and the leases on the garden remain with HoWT, with a reversion to Wishford Schools.
## Risk Management
The Trustees manage risks to the Charity by reviewing annually the risks the Charity may face, and by establishing procedures to lessen the iden�fied risks so as to minimise the impact on the Charity if they should materialise. A key risk for the Charity is the Safeguarding of students in the premises during periods when the House of Gardens are open for visitors. The Charity works closely with the School and their Designated Safeguarding Leads to ensure this risk is minimised at all �mes.
3
## **The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT**
## Objec�ves and Ac�vi�es
The objec�ves of the Charity are:
- To protect and preserve for the benefit of the public and the na�on, Westonbirt House and Gardens and the Estates previously in the ownership of the Holford family in the County of Gloucestershire and the Holford Heritage associated therewith.
- The Trust con�nues to work within its guiding principles which are:
- The Trust will work to ensure that the various, separate aspects of Westonbirt today – the house, the gardens, the estates and the Arboretum – are considered as a whole, the owners working in partnership whenever possible to respect the Holfords’ wider vision.
- Westonbirt’s sustainability will depend on an ability to accommodate the changing values of the 21[ st ] century without compromising its value for future genera�ons.
- The conserva�on, and where necessary restora�on, of Westonbirt should preserve and evoke Robert Stayner Holford’s original ambi�on to represent the most impressive skills of his day.
- Westonbirt should be treated as a place of valuable cultural and educa�onal resource – including archaeological, scien�fic and historical material – worthy of preserva�on and interpreta�on to the fullest possible degree.
- Westonbirt should make its resources available to as wide a public as possible and the Trust will work to ensure that his is achieved through a variety of media and an increased number of open days.
4
## **The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT**
The 12 months between September 2022 and August 2023 have seen a new programme of conserva�on works carried out to the gardens as well as our undertaking a range ac�vi�es to extend our visitor offer.
## **Conserva�on Works**
The bulk of the conserva�on works undertaken by the Trust this year have been funded by the anonymous gi� of £250,000 made in January 2022.
The works have included the restora�on and refurbishment of four sets historic gates around the gardens, repairing the chapel roof and Sir George Holford’s stone memorial in the lower churchyard, rebuilding the Middle Terrace retaining wall and recarving the missing parts of a decora�ve strapwork roundel in the Italian Garden.
The repair and restora�on works to the gardens con�nue to be overseen by the Trust’s Project Manager, Chris Rice. The main contractor for the stonework and gate repairs was Cro� Building and Conserva�on Ltd, whilst the Italian Garden roundel recarving was done by Adam Daybell.
Looking forward to 2023/4 we hope to work with the school to implement elements of the landscape masterplan including reopening key historic designed views and plan�ng new trees to replace the ones that have been lost over the last 100 years.
Visitor Marke�ng and Promo�on
The new website con�nues to work well both as a means of promo�ng the site and for booking �ckets (via Eventbrite) for our open Sundays and garden tours.
A House and Gardens promo�onal leaflet was also produced for 2023/4 as our one (absolutely essen�al) piece of marke�ng print. 20,000 copies of the leaflet were printed and distributed to tourist informa�on centres and other public venues across the region. In addi�on to the website and the leaflet the Heritage Officer and the Project Manager also post regularly on Facebook. This not only enables us to reach a wider audience when promo�ng our public events but also allows us to highlight the history of the site and the conserva�on works that we do.
In April 2023 in conjunc�on with the school we hosted a very successful event for the parents of current pupils to highlight the work of the Trust and encourage wider par�cipa�on. We hope to repeat this in 2024.
5
## **The Holfords of Westonbirt Trust TRUSTEES’ ANNUAL REPORT**
## **House and Garden Open Days**
In 2022-23 we held five open house and garden days and delivered numerous guided tours of the gardens. Sadly the September 2022 open house and garden (which incorporated the inaugural Westonbirt flower show) had to be postponed due to the death of HM Queen Elizabeth. However, the flower show was rescheduled and took place in November 2022. As with last year we now offer monthly public guided tours during the summer months, including one free event as part of the na�onal Heritage Open Days in September. We also con�nue to welcome private group tours by appointment.
## **Staff and Volunteers**
Once again we are indebted to Jo Baker for overseeing the smooth running of the Trust and the efficient administra�on of all of our tours and open days. Alongside Jo our head gardener Alix Chalk con�nues to perform miracles in the gardens which seem to look even be�er every year.
Jo and Alix are supported by two sets of brilliant volunteers. Alix’s garden volunteers undertake a wide range of invaluable work in the gardens, whilst Jo’s guides deliver all of the tours of the house on our popular summer open Sundays and also for groups who visit at other �mes during the year.
## **Accountants**
Grosvenor House Chartered Accountants of Kemble, Gloucestershire con�nue to be the accountants to the Charity for the following year.
By order of the Trustees
The Hon Lady Scruton Chairman
23 November 2023
6
## **The Holfords of Westonbirt Trust**
## **Report of the Independent Examiner to the Trustees of the charitable company on the accounts for the year ended 31 August 2023**
I report to the Trustees on my examina�on of the financial statements of the charitable company on pages 9 to 21 for the year ended 31 August 2023 which have been prepared in accordance with the Chari�es Act 2011 (the Act) and with the Financial Repor�ng Standard 102, (effec�ve 1[ st ] January 2016) as modified by FRS 102 SORP (Statement of Recommended Prac�ce for Accoun�ng and Repor�ng by Chari�es) 2015, (as amended by the Bulle�n issued in February 2016), (The SORP), published by the Charity Commission in England and Wales (CCEW), and under the historical cost conven�on and the accoun�ng policies set out on pages 13 to 16.
## **Respec�ve responsibili�es of the Trustees and the Independent Examiner and the basis of the report**
As described on pages 3-6, you, the charitable company’s Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the prepara�on of the financial statements in accordance with the Companies Act 2006, the Chari�es Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accoun�ng Prac�ce, applicable to smaller en��es, and for being sa�sfied that the financial statements give a true and fair view.
The Trustees consider that the audit requirement of Sec�on 144(1) of the Chari�es Act 2011 (the Act) does not apply, and that there is no requirement in the memorandum and ar�cles of the charity for the conduc�ng of an audit, and that the accounts do not require an audit in accordance with Part 16 of the Companies Act 2006 and that no member or members have requested an audit pursuant to Sec�on 476 of the Companies Act 2006. As a consequence, the Trustees have elected that the financial statements be subject to independent examina�on.
Having sa�sfied myself that the financial statements are not required to be audited under any legal provision, or otherwise, and are eligible for independent examina�on, it is my responsibility to:
- examine the financial statements of the charity under Sec�on 145 of the Act;
- follow the applicable procedures in the Direc�ons given by the Charity Commission under sec�on 145(5)(b) of the Act.
## **Basis of Independent Examiner’s Statement and scope of work undertaken**
I report in respect of my examina�on of the charity’s financial statements carried out under s145 of the Act. In carrying out my examina�on, I have followed all the applicable Direc�ons given by the Charity Commission under sec�on 145(5)(b) of the Act se�ng out the du�es of an independent examiner in rela�on to the conduc�ng of an independent examina�on. An independent examina�on includes a review of the accoun�ng records kept by the charitable company and of the accoun�ng systems employed by the charitable company and a comparison of the financial statements presented with those records. It also includes the considera�on of any unusual items or disclosures in the financial statements, and seeking explana�ons from you, as Trustees, concerning such ma�ers. The purpose of the examina�on is to establish as far as possible that there have been no breaches of charity legisla�on and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements comply with the SORP.
The procedures undertaken do not provide all the evidence that would be required in an audit, and informa�on supplied by the Trustees in the course of the examina�on is not subjected to audit tests or enquiries and does not cover all the ma�ers that an auditor would consider arriving at an opinion.
7
## **The Holfords of Westonbirt Trust**
The planning and conduct of an audit goes beyond the limited assurance that an independent examina�on can provide.
Consequently, I do not express an audit opinion on the view given by the financial statements, and in par�cular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the ma�ers set out in the statement below.
I planned and performed my examina�on so as to sa�sfy myself that the objec�ves of the independent examina�on are achieved and before finalising the report, I obtained wri�en assurances from the Trustees of all material ma�ers.
## **Independent Examiner’s Statement, Report and Opinion**
Subject to the limita�ons upon the scope of my work as detailed above, I have completed my examina�on and can confirm that:
- i. The accounts of the charitable company are not required to be audited under Part 16 of the Companies Act 2006;
- ii. This is a report in respect of an examina�on carried out under 145 of the Act and in accordance with the Direc�ons given by the Charity Commission under sec�on 145(5)(b) of the Act which may be applicable;
- iii. And that no material ma�ers have come to my a�en�on in connec�on with the examina�on giving me cause to believe that in any material respect:
- accoun�ng records were not kept in respect of the charity as required by Sec�on 386 of the Companies Act 2006 and Sec�on 130 of The Chari�es Act 2011;
- the financial records do not accord with those records; or
- the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in sec�on 396 of the Companies Act 2006 other than the requirement that the accounts give a ‘true and fair’ view, which is not a ma�er considered as part of an independent examina�on;
- have not been prepared in accordance with the methods and principles set out in the FRS 102 SORP (Statement of Recommended Prac�ce for Accoun�ng and Repor�ng by Chari�es) 2015, (as amended by the Bulle�n issued in February 2016), (The SORP).
I have no concerns and have come across no other ma�ers in connec�on with the examina�on to which a�en�on should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Signed:
Timothy William Brown FCCA – Independent Examiner Chartered Cer�fied Accountant
Grosvenor House Avening, Priory Park Tetbury Gloucestershire GL8 8HZ
This report was signed on 23 November 2023
8
## **The Holfords of Westonbirt Trust STATEMENT OF FINANCIAL ACTIVITIES**
## **For the year ended 31 August 2023**
|**Notes**
**Income and endowments**
**from:**
Dona�ons and legacies
4
Other trading ac�vi�es
5
Investments
6
**Total Income**
**Expenditure on:**
Raising funds
7
Charitable ac�vi�es
8
Other
9
**Total Expenditure**
Net gains on investments
**Net income/(expenditure)**
10
Transfers between funds
16
**Net income/(expenditure)**
**before other gains/(losses)**
**Other gains and losses:**
**Net income/(expenditure)**
**a�er other gains/(losses)**
**Reconcilia�on of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Current year**
**Unrestricted**
**funds**
**2023**
**Current year**
**Restricted**
**funds**
**2023**
**Current year**
**Total funds**
**2023**
**Prior Year**
**Total funds**
**2022**
**£**
**£**
**£**
**£**
16,288
-
16,288
273,436
16,288
-
16,288
16,788
957
-
957
20|
|---|---|
||33,533
-
33,533
290,244
-
-
-
(6,250)
(92,596)
-
(92,596)
(62,806)
(674)
-
(674)
(490)|
||(93,270)
-
(93,270)
(69,546)
-
-
-
-|
||59,737
-
59,737
220,698|
||-
-
-
-|
||59,737
-
59,737
220,698
-
-
-
-|
||59,737
-
59,737
220,698
225,965
88,912
314,877
94,179
(59,737)
-
(59,737)
220,698|
||166,228
88,912
255,140
314,877|
9
## **The Holfords of Westonbirt Trust SUMMARY INCOME AND EXPENDITURE ACCOUNT**
## **For the year ended 31 August 2023**
|Income
Interest and investment income
**Gross income for the year**
Expenditure
Interest Payable
Deprecia�on and charges for
Impairment of fxed assets
**Total expenditure for the year**
Net income/(expenditure) before tax
For the year
**Net income/(expenditure) for the year**|**2023**
**£**
32,576
957
33,533
(93,115)
-
(155)
(93,270)
(59,737)
(59,737)|**2022**
**£**
290,225
20|
|---|---|---|
|||290,245|
|||(69,392)
-
(154)|
|||(69,546)|
|||220,699|
|||220,699|
10
## **The Holfords of Westonbirt Trust BALANCE SHEET**
## **at 31 August 2023**
|**Company No. 06035589**
**Notes**
**Fixed Assets**
Tangible assets
12
**Current Assets**
Debtors
13
Cash at bank and in hand
**Creditors:**Amount falling due within one year
14
**Net current assets**
**Total assets less current liabili�es**
**Creditors:**Amounts falling due a�er more than one year
15
**The total net assets of the charity**
**The total net assets of the charity are funded by the funds of**
**the charity, as follows:**
**Restricted funds**
Restricted Revenue funds
16
**Unrestricted funds**
Unrestricted Revenue funds (general funds)
16
**Reserves (Designated funds)**
16
**Total charity funds**|**2023**
**£**
417
18,452
245,262
263,714
(8,991)
255,140
255,140
-
255,140
88,912
88,912
166,228
166,228
-
255,140|**2022**
**£**
**572**
10,953
313,471|
|---|---|---|
|||324,996
(10,119)|
|||314,877
314,877
-|
|||314,877|
|||88,912|
|||88,912
225,965|
|||225,965
-|
|||314,877|
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 rela�ng to small companies.
For the year ended 31 August 2023 the company was en�tled to exemp�on under sec�on 477 of the Companies Act 2006 rela�ng to small companies.
The members have not required the company to obtain an audit in accordance with sec�on 476 of the Companies Act 2006.
The directors acknowledge their responsibili�es for complying with the requirements of the Companies Act 2006 with respect to accoun�ng records and the prepara�on of accounts.
Approved by the board on 23 November 2023
And signed on its behalf by:
## The Hon Lady Scruton
Chairman
11
## **The Holfords of Westonbirt Trust STATEMENT OF CASH FLOWS**
## **For the year ended 31 August 2023**
|**Cash fows from opera�ng ac�vi�es**
**Net income/(expenditure) per Statement of Financial Ac�vi�es**
Adjustments for:
Dividends, interest and rents from investments
Deprecia�on of property, plant and equipment
Decrease/(increase) in trade and other receivables
Increase/(decrease) in trade and other payables
**Net cash provided by/(used in) opera�ng ac�vi�es**
**Cash fows from inves�ng ac�vi�es**
Dividends, interest and rents from investments
Purchases of property, plant and equipment
**Net cash from inves�ng ac�vi�es**
**Net cash from fnancing ac�vi�es**
**Net increase/(decrease) in cash and cash equivalents**
**Cash and cash equivalents at the beginning of the year**
**Cash and cash equivalents at the end of the year**
**Components of cash and cash equivalents**
Cash and bank balances|**2023**
**£**
(59,737)
(957)
154
(7,499)
(1,127)
(69,166)
957
-
957
-
(68,209)
313,471
245,262
245,262
245,262|**2022**
**£**
220,699
(20)
154
8,364
(45,176)|
|---|---|---|
|||184,021
20
-|
|||20
-
184,041
129,430|
|||313,471|
|||313,471|
|||313,471|
12
## **The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS**
## **For the year ended 31 August 2023**
## **1. Accoun�ng policies**
## **Basis of prepara�on**
The financial statements have been prepared in accordance with Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effec�ve 1 January 2015) - (Chari�es SORP (FRS 102)), the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Change in basis of accoun�ng or to previous accounts**
There has been no change to the accoun�ng policies (valua�on rules and method of accoun�ng) since last year and no changes have been made to accounts for previous years.
## **Fund accoun�ng**
|**Fund accoun�ng**||
|---|---|
|Unrestricted funds|These are available for use at the discre�on of the trustees|
||in furtherance of the general objects of the charity.|
|Designated funds|These are unrestricted funds earmarked by the trustees for|
||par�cular purposes.|
|Revalua�on funds|These are unrestricted funds which include a revalua�on|
||reserve represen�ng the restatement of investment assets|
||at their market values.|
|Restricted funds|These are available for use subject to restric�ons imposed|
||by the donor or through terms of an appeal.|
|**Income**||
|Recogni�on of income|Income is included in the Statement of Financial Ac�vi�es|
||(SoFA) when the charity becomes en�tled to, and virtually|
||certain to receive, the income and the amount of the|
||income can be measured with sufcient reliability.|
|Income with related expenditure|Where income has related expenditure the income and|
||related expenditure is reported gross in the SoFA.|
|Dona�ons and legacies|Voluntary income received by way of grants, dona�ons and|
||gi�s is included in the SoFA when receivable and only when|
||the Charity has uncondi�onal en�tlement to the income.|
|Tax reclaims on dona�ons and gi�s|Income from tax reclaims is included in the SoFA at the same|
||�me as the gi�/dona�on to which it relates.|
|Donated services and facili�es|These are only included in income (with an equivalent|
||amount in expenditure) where the beneft to the Charity is|
||reasonably quan�fable, measurable and material.|
|Volunteer help|The value of any volunteer help received is not included in|
||the accounts.|
|Investment income|This is included in the accounts when receivable.|
|Gains/(losses) on revalua�on of|This includes any gain or loss resul�ng from revaluing|
|fxed assets|investments to market value at the end of the year.|
|Gains/(losses) on investment|This includes any gain or loss on the sale of investments.|
|assets||
13
## **The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS**
## **Expenditure**
|**Expenditure**||
|---|---|
|Recogni�on of expenditure|Expenditure is recognised on an accruals basis. Expenditure|
||includes any VAT which cannot be fully recovered and is|
||reported as part of the expenditure to which it relates.|
|Expenditure on raising funds|These comprise the costs associated with a�rac�ng|
||voluntary income, fundraising trading costs and investment|
||management costs.|
|Expenditure on charitable|These comprise the costs incurred by the Charity in|
|ac�vi�es|the delivery of its ac�vi�es and services in the furtherance|
||of its objects, including the making of grants and governance|
||costs.|
|Grants payable|All grant expenditure is accounted for on an actual paid basis|
||plus an accrual for grants that have been approved by the|
||trustees at the end of the year but not yet paid.|
|Governance costs|These include those costs associated with mee�ng the|
||cons�tu�onal and statutory requirements of the Charity,|
||including any audit/independent examina�on fees, costs|
||linked to the strategic management of the Charity, together|
||with a share of other administra�on costs.|
|Other expenditure|These are support costs not allocated to a par�cular ac�vity.|
## **Taxa�on**
The charity is exempt from corpora�on tax on its charitable ac�vi�es.
## **Freehold investment property**
Investment proper�es are revalued annually and any surplus or deficit is dealt with through the Statement of Financial Ac�vi�es. No deprecia�on is provided in respect of investment proper�es. This treatment conflicts with the requirements of the Companies Act 2006 that all proper�es should be depreciated. The directors consider that, because these proper�es are not held for consump�on, but for their investment poten�al it is necessary to adopt the requirements of the FRSSE in order to give a true and fair view.
## **Intangible fixed assets and amor�sa�on**
Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amor�sa�on and impairment losses.
## **Stocks**
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
## **Trade and other debtors**
Trade and other debtors are recognised at the se�lement amount due a�er any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
14
## **The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturi�es of three months or less and bank overdra�s. In the statement of financial posi�on, bank overdra�s are shown within borrowings or current liabili�es. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdra�s that are repayable on demand and form an integral part of the company's cash management.
## **Trade and other creditors**
Short term creditors are measured at the transac�on price. Other creditors and provisions are recognised where the charity has a present obliga�on resul�ng from a past event that will probably result in the transfer of funds to a third party and the amount due to se�le the obliga�on can be measured or es�mated reliably. Creditors and provisions are normally recognised at their se�lement amount a�er allowing for any trade discounts due.
## **Research and development**
Expenditure on research and development is wri�en off in the year in which it is incurred.
## **Foreign currencies**
Monetary assets and liabili�es denominated in currencies other than the func�onal currency of the charity are translated at the rates of exchange prevailing at the end of the repor�ng period. Transac�ons in currencies other than the func�onal currency of the charity are recorded at the rate of exchange on the date that the transac�on occurred.
All exchange differences are taken into account in arriving at net income/expenditure.
## **Leased assets**
Where the charity enters into a lease which entails taking substan�ally all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substan�ally all the risks and rewards of ownership to charity are classified as opera�ng leases.
Assets held under finance leases are ini�ally recognised as assets of the charity at their fair value at the incep�on of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obliga�on.
Lease payments are appor�oned between finance expenses and reduc�on of the lease obliga�on so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly a�ributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.
Opera�ng lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incen�ves are received to enter into opera�ng leases, such incen�ves are recognised as a liability. The aggregate benefit of incen�ves is recognised as a reduc�on of rental expense on a straight-line basis.
15
## **The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS**
## **Pension costs**
The charity operates a defined contribu�on plan for its employees. A defined contribu�on plan is a pension plan under which the company pays fixed contribu�ons into a separate en�ty. Once the contribu�ons have been paid the company has no further payments obliga�ons. The
contribu�ons are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet.
The assets of the plan are held separately from the company in independently administered funds.
## **2. Company status**
The company is a private company limited by guarantee and consequently does not have share capital.
## **3. Statement of Financial Ac�vi�es – prior year**
|**Income and endowments from:**
Dona�ons and Legacies
Other trading ac�vi�es
Investments
**Total Income**
**Expenditure on:**
Raising funds
Charitable ac�vi�es
Other
**Total expenditure**
**Net income/(expenditure) for the year**
Transfer between funds
**Net income/(expenditure) before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconcilia�on of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Restricted**
**Total funds**
**funds**
**funds**
**2022**
**2022**
**2022**
**£**
**£**
**£**
273,436
-
273,439
16,789
-
16,789
20
-
20|
|---|---|
||290,245
-
290,248
6,250
-
6,250
62,807
-
62,807
490
-
490|
||69,547
-
69,547|
||220,698
-
-
-
220,698|
||220,698
-
220,698
-
-|
||220,698
-
220,698
94,179
-
94,179|
||314,877
-
314,877|
16
## **The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS**
## **4. Income from dona�ons and legacies**
|Dona�ons
**Total Dona�ons and Legacies**
**5. Income from other trading ac�vi�es**
Visits to the house and gardens
Hire of gardens
**Total**
**6. Income from investments**
Bank interest receivable
**Total**
**7. Expenditure on raising funds**
_Costs of genera�ng voluntary income_
Dona�ons
**Total**||**Unrestricted**
**funds**
**2023**
**£**
16,288|**Restricted**
**funds**
**Total funds**
**Total funds**
**2023**
**2023**
**2022**
**£**
**£**
**£**
-
16,288
273,436|
|---|---|---|---|
|||16,288|-
16,288
273,436|
|||**Unrestricted**
**funds**
**Total funds**
**Total funds**
**2023**
**2023**
**2022**
**£**
**£**
**£**
6,288
6,288
6,789
10,000
10,000
10,000
16,288
16,288
16,789
**Unrestricted**
**funds**
**Total funds**
**Total funds**
**2023**
**2023**
**2022**
**£**
**£**
**£**
957
957
20
957
957
20
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**
**2023**
**2023**
**2023**
**2022**
**£**
**£**
**£**
**£**
-
-
-
6,250|**Unrestricted**
**funds**
**Total funds**
**Total funds**
**2023**
**2023**
**2022**
**£**
**£**
**£**
6,288
6,288
6,789
10,000
10,000
10,000|
||||16,288
16,288
16,789|
||||**Unrestricted**
**funds**
**Total funds**
**Total funds**
**2023**
**2023**
**2022**
**£**
**£**
**£**
957
957
20|
||||957
957
20|
|||-
-
-
6,250||
17
## **The Holfords of Westonbirt Trust**
## **NOTES TO THE ACCOUNTS**
## **8. Expenditure on charitable ac�vi�es**
||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**funds**|**funds**|
||**2023**|**2023**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|_Expenditure on charitable ac�vi�es_|||||
|Conserva�on, educa�on and research|69,565|-|69,565|47,472|
|Support costs – landscaping and plan�ng|14,310|-|14,310|9,439|
|Support costs – administra�ve overheads|4,862|-|4,862|2,115|
|_Governance costs_|||||
|Audit and accountancy fees|3,859|-|3,859|3,780|
|**Total**|92,596|-|92,596|62,806|
|**9. Other expenditure**|||||
|||**Unrestricted**|**Total**|**Total**|
|||**funds**|**funds**|**funds**|
|||**2023**|**2023**|**2022**|
|||**£**|**£**|**£**|
|Amor�sa�on, deprecia�on, impairment, proft/loss|||||
|on disposal of fxed assets||155|155|154|
|General administra�ve costs||519|519|336|
|**Total**||674|674|490|
|**10. Net income/(expenditure) before transfers**|||||
||||**2023**|**2022**|
||||**£**|**£**|
|This is stated a�er charging:|||||
|Deprecia�on of owned fxed assets||(59,737)||220,698|
## **11. Staff Costs**
No employee received emoluments in excess of £60,000.
18
## **The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS**
## **12. Tangible fixed assets**
|**Cost or revalua�on**
At 1 September 2022
At 31 August 2023
**Deprecia�on and impairment**
At 1 September 2022
At 31 August 2023
**Net book values**
At 31 August 2023
At 31 August 2022
**13. Debtors**
Trade debtors
VAT recoverable
Prepayments and accrued income
**14. Creditors**
Amounts falling due within one year
Trade creditors
VAT
Other creditors
Accruals and deferred income
**15. Creditors**
Amounts falling due a�er more than one year
Other creditors|**Heritage**
**assets**
**Fixtures,**
**f�ngs and**
**equipment**
**Total**
**£**
**£**
**£**
6,797
48,990
55,787|**Heritage**
**assets**
**Fixtures,**
**f�ngs and**
**equipment**
**Total**
**£**
**£**
**£**
6,797
48,990
55,787|
|---|---|---|
|||6,797
48,990
55,787|
|||6,797
48,418
55,215|
|||6,797
48,573
55,370|
|||-
417
417|
|||-
572
572|
|||**2023**
**2022**
**£**
**£**
-
638
8,137
-
10,315
10,315|
|||18,452
10.953|
|||**2023**
**2022**
**£**
**£**
3,359
-
2,636
282
2,876
2,876
2,756
4,325|
|||8,991
10,119|
|||**2023**
**2022**
**£**
**£**
-
-|
|||-
-|
19
## **The Holfords of Westonbirt Trust NOTES TO THE ACCOUNTS**
## **16. Movement in funds**
|**Restricted funds:**
Restricted income funds:
Other
Wishford Schools
Lake
Heritage Lo�ery Fund
Pilgrim Trust
PF Charitable Trust
Historic House Founda�on
Honourable Company of
Gloucestershire Charitable
Trust
Stanley Smith (UK)
Hor�cultural Trust
**Total**
**Unrestricted funds:**
General funds
Revalua�on Reserves:
**Total funds**|**Incoming**
**resources**
**At 1**
**September**
**2022**
**(including**
**other**
**gains/losses)**
**Resources**
**expended**
**Transfers**
**At 31**
**August**
**2023**
**£**
**£**
**£**
**£**
**£**
-
-
86,912
-
86,912
-
-
-
2,000
-
2,000
-
-
-
-
-
-
-
-
-
-|
|---|---|
||88,912
-
-
-
88,912|
||225,965
33,533
(93,270)
-
166,228
-
-
-
-|
||314,877
33,533
(93,270)
-
255,140|
Purposes and restric�ons in rela�on to the funds: Restricted funds
Wishford Schools
Dona�on given for either the delivery of the HLF funded project, or if the bid is not successful for purposes in furtherance of the charitable objec�ves.
Heritage Lo�ery Fund
Heritage Lo�ery Fund represents dona�ons given solely for work towards a three-year development project to transform access and restore the built features of Westonbirt Gardens.
20
## **17. Analysis of net assets between funds**
|Net current assets|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**£**
**£**
**£**
166,228
88,912
225,140|
|---|---|
||166,228
88,912
225,140|
## **18. Related party disclosures**
## **Controlling party**
The company is limited by guarantee and has no share capital, so no single party controls the company.
21