Company register￿ numb•r: 07394789 Charfty r¢glslered number: 1142103 WICKSTEED CHARITABLE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 •Awf8G0P* 2911112022 COMPANIES HOUSE A16 *188 CKSTEED CHARITABLE TRUST (A Company Limited by Guaranteel CONTENTS P￿e Reference and Admlnistrative Details of the Trus( Its Trustees and Advlsers Trustees, Report Statement of Trustees. Responsibilities Independent Auditorfs Report on the Financial Statements Consolidated Statement of Financial Activities 10 15 Consolidated Balance Sheet 16-17 Twst Balance Sheet 18 Consolidated Statement of Cash Flows 19 Notes to the Flnanclal Statements 20-47 WICKSTEED CHARITABLE TRUST (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE D￿AlLs OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 28 FEBRUARY 2022 Trustees O C Wicksleed. ChaiM￿l R Hunt C J P￿Éett P J Clarke (res￿Jned 14 June 2021} J F Davi5 {re5igr*l 14 June 2021) L Gr¢)ves (reS￿ned 9 DeC￿nbel 20211 J Pegg I￿$[gned 10e¢ember 2021) N P Vaughan P A Stamper M Wpjglntc￿ (appcxnted 19 October 20221 Co•Aand lappoinled 19 October 20221 Company registered number 07394789 Charlty registered number 1142103 Registered Wicksleed Park Barton Road Kettering Northamptonshire NN156NJ Independent auditor MHA Ma¢lntyre HLwJson Pelerbridge Htyjse The Lakes Northampton NN4 7HB Banker5 National Westminster Bank P 16 High Street Kettering Northants NN16 8SZ Solicltoffs Tdlers Solic¢tors Exchange Court Cottingham Road Corby Northants NN17 1TY P*Je 1 WICKSTEED CHARITABLE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022 The Trustees present their Annual Report together the a￿￿￿ed financtal slalements of W￿kSteed Charitable Trust Clhe Trusfi and its subsidiary. ￿￿k$leed Trading Limited (tO9elher Ihe Gri)up? lor the 1 March 2021 10 28 February 2022. Annual ReFQrt serves the purposes of both a Trustees. Report and a DirectOTS' Report under cunpany law. The Trustees confwm that the Annual Rewt arKI financial statements of the Group comply with the ¢urienl statutory requirements, the requirements of the Trusfs goveming document and the provisions of the Statement of Recc¥nmended Practice ISORPI applicable to d￿ritieS preparirg their a￿￿nts in 8¢¢¢Kdan¢e with the Financia ReFth'rvJ Standard *i¢able in the UK Republ￿ of Ireland (FRS102}. Oble¢tives and arflvllles a. Pollcies and obj￿¢1¥¢5 Wicksteed pa￿ is a Grade11 ErBJlish Herriage Park and Garden. The park was established ￿ 1922. and a5 then the Trust's main objectives are to provide chartats￿ purposes for the benefrt of peop￿ re$￿ent in, but not exclusively in. Kettering and its neHJhbourhwd. In partrcufar, the provision of facilit￿& for recreation and other leisure lime occupation in the interest of s￿ra1 we￿a￿ lo imprs)ve the Condit￿nS of lrfe to the users of such facililtes. The communty. education and hentage actmty pr¢>3rammes promote the h¢storic landscape. heritage ri(ks and Pr￿#* new opportuThbes ¢ommunitEs to eng￿e * participate. The Trust corbtinues to achieve its Otr4ect￿￿5 ty. Prowdirvj 8£eess to cpen spaces eonduuve to heamh. These open spaces eomprise gardens. an arboretum and parkland at Wiek51eed Path. Prowding an extensive chli dren's. playground, Vlith free4oLuse s7Mngs. slides and other amusements. The operation of a leisure park through its wholly subs*Jigry C(￿panY Wicksleed T[￿Ing Limited. The leisure wk is siiuated within Wthteed Pork. b. Grant4haklng policies w￿kSteed Path, wthich InC￿eS a free p1m1￿Md and the leisure park within its grounds, is the main activty the Trust suroorts to meet its ¢)bjectives. From ts.me to time the Trustees may cons•Jer awkcations from Wicksteed Trading Limited for grants to rna1nta￿ and or improve those facil￿e$. ¢. Public Benefrt In sett￿9 c4'eetNes and planThng activi￿. the Trustees gi¥en due regard lo the publtc benefit guidarte published by the Charities CommissK)n. The main a¢tsvity of the Trust is the provision of access to the grounds of Wicksleed Park for the benefit of ch￿d￿n and adults al￿re. The Tntstees a￿ keen to continue the founderfs vision lo provide open spaces and play equipment for children arKI also to maintain the lake ond gardens wthin the Park. Wid(steed Park ccntinue5 to be a part of many peoples, personal history. being someknthere that they came as a chikd and now v￿lt their own chikjren and grandthddren. WICKSTEED CHARITABLE TRUST {A Company Limited by Guaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2022 Strategic report Achlevements and perforniance a. Main achievements of the Twst In fuifibnent of its principle charitable objective, the Twst mwn1alr￿d fw access lo the Pad( throu9houl the year, providing Mtsl access to widLY)r spa¢e for the pecs)le of Keltering and beyond, during the lockdown that extended into March 2021 and the Iwnifthns that follNed this under the Govemmenfs "roadmap OLrt of lockdown.. Foll¢MTha the unprecedented le￿1 of publr sr4PJt for the Pwk in the Pre￿￿$ financial year, and the conlinualion of that support into the year. the Trustees r￿lain enomousty grateful to the publt¢ and understsnd how important Ihe Park is lo both the kKal and wder communities. During the year ended 28 February 2022 public d¢￿ationS totaled £5.305 (2021- £15Z938). b. Maintenance of free play arthis The Trust continues to maintain the main playground and smaller play areas across the Park. The @Play Heritage Fund Prf4ect supports the instalLation of a herrtage play area within the enwrons of the existing free playground. The installation of the heritage play area will be completed by Wicksleed Leisure Limited. no longer a Company wthin the WKksteed group foTr¢Ming its sale in 1958 but fcMJnded by Charles WiG*steed and the original manufacturer of ¢hildren's playground eqviK¥nenL The heritage play area and upgrades to the free playground wiu open to the put4¢ in spr¥w 2022. ¢. Maintenan¢e of the gardens, arborntum and parkland at Wi¢ksteed Park During the year the incLYred costs of £1.361.957 {2021 as ￿stated - £1.309.17Q in respect of the maintenance olthe gardens. art￿retuM and Pa￿laTh￿. d. Restoration of the lake and surrounding areas at Wicksteed Park The restoration of the lake supported by fijnding from the Heritage Lottery Fund. Northamptonshire County Council and Kettering Borough Council, has whjened accessibifity lo the Park and provided opportunities for whler community engagement and educational opportunities. Fuiure investment into the lakeside area has been SeCu￿d follwtn9 the announcement by North Northampt0nshi￿ Council of funds fiorn the Recovery and Innovation Grant $¢heme. This funding will support the rege￿al￿ of the chiPJren's lakeside area. together wth other vital projects across the Park. e. Learning and EdU￿tIOn adivities The communty arKI educaticffl t&im deveb)p and dekn4Er an exutww. inspirng &¢essible projramme of seasonal actiwties and wcykshops for ¢hifdw. young people and adult$. ACtivit￿S are designed to enrith both national curitulum led thming andlor leisure Inte￿ts. The new leaming space opened in June 2019. providing a dedicated and wen resoureed spaee to pffj￿de opportunit*s to experienee different aspects of the Park's rich landscape and t￿ntage. Page 3 WICKSTEED CHARrrABLE TRUST {A Company Llmlted by Guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022 Strateglc ￿pOrt (¢ontiTrued) A¢hlevements and perf0m￿nCe l¢onllnued) f. Community a¢tiYities The Communty team delivered a w￿e rarth3e of communty athitses thrOUghc￿ the year ended 28 February 2022. supported by a ded￿ated leam of volunleets to enable greater access. engagement and part(cipath)n at the Park. The team develop and delNer an annual programme of events that celebrate and inlefpret the Park's diverse I￿scape and ricti hent*Je. In addition. the community team sUp￿t a number of cLMnmunity led actimlies and events which contribute to the charitable ct*jectives including Park Run and junior park run. Sea Cadets use the fake fof weekty training sessions and the Model Boat Society continues to attract enthusiasts fr¢xn across the county for ts activities and use of the purpos&built mc¢Jel boatiThJ la(e. g. Volunteering Wick51eed Park values the cOntrbUtp￿ vc4Unte￿s make to Ihe Park. caring for our landscape and as51Sting in the delivery of a wKle range of events ar￿ act￿llEe$. The ccThmunrty team coM)rdinate volLrnteer activities through the WKksleed Volunteer Nefyyork provxlin9 SUPPOrt and training. Total volunteer hours for the year ended 28 February 2022 amounted to 7.930 (2021- 3.437) rellecting a core team and addi(i¢Mal support. h. Restoration of the Historic Heart of Wicksteed Park Significant works have been undertaken in recenl years to supwrt the restoration of the Park's histor landscape. Works included the pedestrian areas in the main prKin¢t area and the restoration and fefvrbishmenl of several Park buildings induding the hisl¢yic prefabrKated buildirKJs commonly referred lo as the 'Concrele Cottages.. One of these Cottages has been tumed Into an Ke cream parfour where the Wicksleed Park ice cream is n¢)w sold as part of our heritsge pri4ramme. The Trust compfeled the provision of a purpose-bui leamiTrJ space which opened in June 2019. heritage play facflrtie5. a changing Spaces facilty for Feople with additk?nal Physic￿ needs atKI has increased accessibilty within the heart of the Park. Funding under the Recovery and InrKNation Grant wovKled by North Northamptonshire Ccamcil wtl support the Continued inve5trnenl into the Histor￿ HearL The grant will contribute I￿ardS the replacement of the main flat roof of the pavilion to safeguard this historK and prestra￿)uS building and ensure it is a fit for purpose commercial space able lo generate a sustainable source of revenue forthe Paik. Play Heritage Lottery Project The @Play project. furKled through the National Lottery Heritage Fund is wi its delivery phase. The pr4ecl will raise avrdreness of the signiftcanl henta3e arKI pla￿ in KKial history of Wid(sleed Park. @Play wll enhance the Visitor experien￿ and wden opp)rtunities to participate and eryoy simple fami￿ play in line wth the wishes of the Park's fouthler. Charles WKksteed. Thi5 Wtll be achieved through the restoration and preservation of the Park's unique heritage via sustainable in¥EStment and rdwning free xcess to the Park's beauttfui herilage t*hJscape and fenowned ￿1￿jr0Und. Page 4 WICKSTEED CHARITABLE TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022 strategk report (continued) Achievements and perfomHn¢e {¢ontlnued) l. Investment perlorniance against objectives The Trustees, long tem investment (*Jje¢tive$. as staled wi the 'Finan¢ial Reviev/ below. are to maximise income and capital groth from the bsted investment portfolio. The Trusfs w)oyne from the li51ed investments was £NIL (2021 - £NILJ. In¢¢yne from listed investments is U5ualty reinvesled direclly lo the portfolio to start lo replenish what has been disinvesled lo intemalty fund prqect5. In addrtion to the ¥icome listed investments. £41 (2027 - £3,831J of interest was a¢cnJed on the trading subsKliarfs loan account. Sustainabllity As part of the ¢Jevel¢)pmenl of a green agenda. altsNJside wder conservation management respon5ibilitie5, the Trust is actively seeking new ways of worf(ing to infomi policy and practice going foward, wth a vtew lo reducing its carbon foolprinL The Trust ha5 invested in an electr￿ vehide and remains ¢tynmitted to phasing out reliance on traditional vehicles ￿ere fea511Ae. The Trust has recenuy completed an energy review of its building stock artd is Current￿ replaeing both roofing materkHls and single glazed wrKI(Avs on a number of key stnthres in the Park. Al h"ghling wlhin the main pawl*?n ballr&)m has now been repknd with enwgy-efficienl LED lighting and disused or inefficient appliances have been wtched off. Trustees have also commissioned a review into rainwater haryesting across the site and wil report on ￿Mate change as a key ￿enda item going forward. Financlal review a. Going concern Wick$teed Trading Limited was incorFrtYated to conb.nue the trading acts¥1￿5 of the Trust wlh a heawly modified business model and a reduced headcount tr￿n the former trading entity. W￿$teed Park Limited. The business model has shifted from one 7Mth a large staff base (both fvll. part time and seasonall with high fixed overheads. lo one wrth a small headC￿nI and h￿r. variable overheads bas￿ on profftable actiwties. The trading subsidbary was SUPPOrted by a loan Irc¥n the Trust to sustain it through to the eady spring trading season of 2021. In assessing goirrfJ wncern. the TrLLStees have taken inlo ac￿nt all avaikble information about the future and have reviewed detsiled forecasts which ¢￿$t￿er both the various impacts ol the ￿ntInuIng effects of the pandem￿, antiupaled price rises and potential future cash inlknvs arising from land sales and the development of a retirement vdlage within the Park. In I￿h¢ of these consideratK)ns. and the management thereof. the group's results are reported in accordance the g￿n9 eoncem concept. Page 5 WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee} TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2022 b. Reserves policy Al the end of the reFKJrtrng peric*J. the total reserves held by the Group amwnled to £6,799,358 f2021 - £4.496,950). Within the total reserve balance. £13.947 12021- £11.537) relates lo the restricted Heritage Fund which reflects t*snats"orkS and grant I￿(41)e received to promote the hetrtage of Wicksleed Park and £9,120 relates to the @play Fund vthich reltects Ir￿Me received to fxilitate and enhance simple famdy play in line with Ihe wtshes of the Park's f￿nder..Cha￿es Wicksleed. unrest[￿ed reserves of £6.776.291 (2021- £4.485,413) indude the Ac¢umulaled Trust Fund ￿)Ich represents general fvnds not designated for a part￿￿lar purpose and the Revaluation Reserve which represents the amount by *thich UnreStr￿le￿ wwestments exceed thgir historical The Trustees have considered the level of free reserves. which are those unrestrKled funds not invested in tangible fixed assets. intangitle fixed assets. deswnaled cf commiited fuThds. At 28 Febwary 2022 free reserves amounted to a surpfu5 of È1.427.583 (2021 as ￿Stated- £583. 113J. The Trustees cOn￿der Ihat there ¥e surr￿le￿ reserves to fiexijihty to respond to sh)rt terni and emergency requirements ol the Twsl. bthich may arise from time lo time. due to the nature of its propertie5. In the Trustees, opinion. retained reser￿ shwld b8 equated wth approxinalely tsvelve months unreslrtcted resources expended. excluding exceptional items, is currentty in the regi￿ of £1.3m lo £1.5m. At this level. the Trustees believe tw would habE sufficient twne to generate funds from internal resources Of to COn￿der afternative extemal sources of funding in 4xder lo enabfe the Trust to meet its obligations. The current strategy is to rep￿ISh reserves through the revised sIr￿t￿re of the Group's trading subsidiary. which will be supported ty the Group to enable * to operate effectNdy. and through the establishment of a retirement village wthin the park's grounds. Odails of material design*gJ funds and thwr purp)ses are detsited wi Note 22 to the financkal statements. . Investment policy and perforn)an The Trustees have conshlered the most appropriate polw for investsNJ funds and have found that a porttolio of listed investments, managed as a di%retionary p)rtfolKI by a finn of sIC￿kbr0ker$. meets their r4uirements to generate both income and. over the bng term, capitsl gri%th. In line %wth its Investment Policy. Trustees tske into account environmental. social and govemance considerations when making investment decisions. Portfolio managers are avrdre of the Trusfs objectives to ensure that individual investrnenls *ilhin the portlolio align wilh the charitable Objecti￿ of the organisalion. Page 6 WICKSTEED CHARITABLE TRUST {A Company Lirnited by Guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2022 d. Rlsk management and Intemal control Risk management- The Trustees ensure lhe￿ a￿ effective arrangements in Pr￿ for intemal control including risk management. The system of irknal control is despa[￿1 to pyentrfy, evaluate, monitor and manage risks. The system of inlemal control 15 designed to marwge risk to an acceptable level Iwthin the risk appettte of the Trust. The level of acceptab￿ risk is a key fador in the Trust's Irive5tment decision-making process when Con￿dering how best to achieve its charitabte awns and otyectNes. Systems for management ol risk - Risk management form$ a we part of management information arKf is onsidered at each Trust Board meeting. It informs Iw the Trust monitors its policie5 and initiatives and how these are wrporated into wider business planniNJ across the Group. With particular reference to Wicksleed Trading Limited. given the nature of its primary trade. risks are identified through senior and operational management. inc(xporated into the risk management framtht¥k and approprtate monitoring and mitigating controls put in place. An amual 9)vemarKe revw is completed each September. Where we*nesse$ are *JentifEd. these are actioned by rnan•3ement •KI iewted back to the Trust Board. The major risks facing the charity Tthich Trustees conshler lo be the most swJnificanl a￿.. Inflation risk- the risk Ihat costs. particularty ulilities. will rise substsnlialty 8head of irKome. restricting the Trust's abilily lo deliver on its charitable obieclNes. Trustees continue lo dosely monitor the econLvni¢ position b)th locally and national￿. Budgetary conlrofs and financial reporting are used to monitof the internal position within the Cost constraints Pfevailing. Covid-19 - the pandemic had a significant detrimentsl impacl on the Tiust, affKting SL*+sKliary trading substsntially artd ￿￿tting in the administration of its fomer trading subsidiary, Wi¢ksteed Pa￿ Limited. Resetve balances were adversely affeeted. and the Trust ts now knkiNJ at Pthv feseNes can be rep￿ished while also continuing lo delNer against ts stated priorities. Infrastructure f0rbv￿ng the effects of the pandern￿ on bth trading income and reserve levels. infrastructure across the Park is in need of investrnent both to preseNe the historic larKlscape and to attract customers into the leisure pa￿ at a time when h¢)usehokl ￿comeS are being squeezed by the cost of living crisis. A programme of maintenance vKJrks is underway ￿0$S the Park to preserve and protect the historic landscape for future generations. Investrnent into the 1w'su￿ park attr¥tions is also ongoing. . Plans for the future The Tru$lees Pl￿ to continue the actmties ouuined above in the fcrfttKoming years. and to make more beneficial use ol the Trusys heritage as5et5. The new reliremenl village win provbje a baseline Source of revenue for the Park which is not wealher4eperKlenl and will also prO￿de funds lo bolster the reserves and support investment into both the heritage assets and the trading substdlary. The plans for the retirement ￿lIage have been subject to eonsuttation and expert extemal scrutiny to ensu￿ they ￿ apprepr￿te to Park and are in bne vAth the original vision of the pa￿.$ founder, Charles Wicksteed. f. Employment policles The Trusys policy is to give fuN and fair considerat￿n to applications empbymenl made by disabled persons, having regard to their partigjlar aptitudes and ab1￿￿e$. Disab￿ employees receive appropriate training to profflote their career developmenL Employees vtho become disabled are retained in their existing posts where possibl& or retrained for suitable aliemative posts. Regular meetings are ￿ld beknn senior manag￿ment and employees or Ihwr employee representatives to discuss matters of concem. Pa3e 7 WICKSTEED CHARITABLE TRUST (A Ci>mpany Llmited by Guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2022 g. Finan¢lal adivities The Group's principal funding swrce is the income derived from the operation of a leisure park wlhin Wicksteed Park. This income is generated by the Tfust's IradiTr3 subsidiary W￿$teed Trading LKnited. WKksteed Charitable Trust Total incorning resources for the year y￿re £5.S97.813 (2021- £1,627. 126). ResoU￿e$ expentJed in the year lolalled £3.294,046 f2021- £1.993.985J. The bJss ￿ disposal of Wi¢ksteed Park Limited came lo £NIL f2021- £1.888.689) and valuation gains on the investment portfol￿ came to £1.359 (2021- £45, 130). There was no lax rebate received during the year (2021- £NILJ. The overall increase in Group fvnds for the year was £2.302,408 (2021- decAEase of£2,210,418) Wicksleed Tradi LKnited Total income for the year was £3,347,702 (2021- £483.544). Expenses for thé year total￿d £2,844.083 (2021- £759. 155J. The overall profrt lor the Jparwas £503,619 (2021- 1(tss of£27&611). Structure. govemance and management a. Govemlng document Wicksleed Charitable Trust is cOntr￿led by its uThErring dcumenl. the Memorandum and Art￿e$ dated 11 Aprl 2012. and conslilutes a Company limiled by guarantee. as defined by the CoMpan￿S Act 2c￿. b. Liability of mernbeKS liaknlrty of Ihe members is h"miled. Every member of the Twst prtsxises, rf the Tnrst Is dissofved while he or she or il 15 8 member or bvithin tsvefve months after he or she or it ceases to be a member, to contribute such sum (not exceeding £10) as may be demanded of him or her or it tovrdrds payment of the debts and babililies of the Tfust incurred before he or she or it ￿aSeS to be a member. and of the costs, charges and expenses of winding up. and the adiustrnent of the Fights of the c4)ntrtsutories among Ihemselves. . Trustees, indemnities Throughout the year, and to the date this report is approved. prclessir￿l indwnnity insurance was in place to protect Trustees from claims arising frLYll ne91igent acts. errors or omisS￿S occurting bthilst on Trust business. d. RKruitment and appolntmert of new Trustees In accordance with the Arti&s of Assrtia1h￿. the number of Trustees shall not be less than tsvo but shall not be s￿leCt lo any maxThum. Trustees may be apFcinled by ordinary resolu1￿ al any gen¥a meetin9. The Truslee5 remain in offre until they resign or are removed. . Twstee Induction and training A Trustee induction dcument has been drafted and Trustees were asked to complete relevant online training modules and familiarise themsel￿$ wth Charity cixnm1ss￿n guidance. all9r￿ lo their roles and re$FonsIb￿Itle5. The online traning modules have been completed by all existing Trustees. The Twslees have a wide experierte. and most haNE serbEd as Twstees for many year& Page 8 FMCKSTEED cHAR￿ABLE TRUST IA Company Llmknl by Gww4nt8e) TRUSTEES, REPORT (Co￿￿UE0l FOR THE YEAR ENDEO 28 FEBRUARY 2022 Strneture. governance and managen*nt (Contin￿d} f. Oryanlsotlon The affairs oflhe Tnst are managed tylh8 Boa￿ of Truste85. *thich meets at kast tlrnes a year. Th8 Board of Tr￿tee5 15 resrrfyLgtA¢ for fcffnxdatlng Strategy ar*J the Tnts1 aTrJ the oxorci$¢ng of financial controls. A lull 9overnance rEViV* ￿ schedul&l for ea¢h autumn to eThsure pol￿ES and ￿￿o¢e￿we9 remain current and in line Wlh bBSt practth%. . structure and Invostm•nt kn subsldiarles All entibes referenwl bekx have treated as subsKtiarEs the basts that W1¢￿$teed Charilab18 Trust h85 ntrol as it fs exp05ed to. has rights to. variaNe relwns from its in¥olwnentvllth ts sub%diary and has the abilityto affect reiurrns. The Tnjst owns 1C#J% of the ￿dInary Sha￿ of Wicksiee(1 Trading Lvniled, a Irading company IrwrForated in England and Wales to cary out certan actiwtie5. whKh are andlary to aThJ SUFWement Ihe obj'echves of Ihe Trusl. One of the Trustees 1$ aLso 8 ljreolor Lllhe company. The trading subsldiarls acimbes fc*0￿ yearare sumnirised (n Note 16 finarrial slaternerts. The fo1kn4ing enbbes. b)th regst*ed ni ar%1 wa￿S. been I￿ted as subsidk8n8s ts Ihe reasons setou¢ above.. Parathse Lane Limited {¢knn8nll arKI WiL*sle•J Vjltye Limited lthjrmantl. DlscIosuFP of Infonnation to audltor Eaeh ofthe perscms thfio a￿ TnJ#ees atthe *then llis Tnth. Rewt 15 approved has confirmed IhaL. ¥0 fw as that Trustee ￿ a4we. no rdevant ats￿t iThfcrnt*￿ of the tharrtab￿ group's ditor is wware, aTh that Truslee has takeTr all the steps that Ought to been taken as a TnJstee In 0rt5w to b8 awa￿ of any rdevanl ¥uthl infcthakn and to eslablsh trb3t th? chantsble group's atsjitor Is •ware of that formation. Audit The auditor. MPLA Ma¢In￿e H￿, *a5 indicated Iheir wH¥rKJness to txjntinue in (ffte. The dtsignaied Trustees propose a motin ￿p￿nkn9 th¢ auJitor al a rn¢etirg ofthe Trustees. Apwo¥ed order ofll* Ihe Board OfT￿￿ and Iheir bew by. ckste¢d Chamian Page 9 w￿KsTEED CHAR￿ABLE TRUST (A Company Llmlted by Guarante•} STATEMENT OF TRUSTEES. RESPONSIBILITES FOR THE YEAR ENDED 28 FEBRUARY 2022 The Tnjstees (who are aLso Ihe 0￿￿1(￿5 cl Ihe Tnjst for the purkKsses of company lawl are ￿SponS￿O[e f preparing Ihe Trustees, RetKJrt induthry the StrategK ReFQrt and the financol statements in aco)rdance with applicable Law and Uniw Kijtycm Act(MJnlmg StaThJards (Uniled lQ"nwlorn Generally Accepted Acojuntfr Pr8Cti¢el. CorrtP8ny law ￿qUireS the Trustees to pwre fin￿)31 stalwents each finanual year. Under company law. the Trustees must not approve the ￿n?￿431 statements unW IW are satisfied thal they give a irue and f8ir vlew of the state of affairs of the Grwp ar￿ tr* Trust and of their IrovniTrJ resc4wces and applICa￿On of r8soLxces. ind￿ing thew incC￿e and expe￿￿"1ur& that ￿rIOd. In weparry Ihese financ4al statements. the TTuslees are required to: select S￿￿ble accountyrwj and then appty Ihem t￿sIstenty. obser¥8 th8 metws and prinryples ofthe Charibes SORP IFRS 1021, make judgements and ac¢¢xW estimates that 8re rea5LwwUe prudenL stste whelher ap￿￿tle UK NmiuntiroJ Standard5 IFRS 102) tsve teenfol(y**d. subiectto any mat8riot departsjres disdosed aThJ exk4ained in the fitk•KioI stataments: prepa￿ financial 51atemerrts c￿ the gDirwJ t￿515 unl￿$ it ks Inapprwate lo p￿Sume b)at Ihe Group and Ihe Trust in bu5¥*SS. The Trustees are respo[￿￿8 for keepiry adequale a¢)>)untirg re￿rdS Ihat are Sutr￿ent to show and explaln the Group and ihe Tn2sVs IransaciK￿s and disdose reasM8ble accvracy at ary time the finandal position of the Group and Ihe Trust and enabk them to e￿Ure that financial statements (x)mpty vAlh Ihe Ccffipanbs Act 20C6. They are also ￿$[m)r&￿e for safegyarthryJ Ihe assets Group and the Tnjsl and hence frjr laking reasonable steps kn the preventi￿ aThY detectpjn offr*AI aThJ other kregularit￿. In ¥0 far a5 theTDJ5tees arE aware.. there Ls ￿ ￿levant a￿111 informatir*i of*ffiKh Gr￿P aThJ the Tntst's a￿5119r is ursawar¢'. and the TrL￿teeS have taken all steps Ihat Ilw (wlrt kn have laken to make themsèfves abydre of any re18vant audit inforrnation and ￿ estsblish thaithe auditor is awate of that inf0rnat1L￿. Appwoved onjer ofthe Members of lh8 Board caTrustees and ¥Ig￿￿On its beharfty. Ch￿rn￿n PagE 10 WICKSTEED CHARITABLE TRUST {A Company Limited by Guarantee) INDEPENDENT Au￿OR's REPORT TO THE MEMBERS OF ￿cKsTEED CHARITABLE TRUST Opinlon We have audited the finan¢k41 statements of Wi¢ksleed Charitable Trust {the'parenl charitable compan1} and ils subsidiaries Ilhe 'Group? for the year ended 28 Febnjary 2022 vthich comprise the Consolidated Stalemenl of Financial Actiwfies. the ConsolKlaled Balance SheeL the Trust Batance Shee( the ConsolKlatod Stslemenl of Cash Fkms and the rdaled notes, including a summary of significant accounting policies. The financial feporting framework that has been applied in their preparation 15 applicable and United Kingdom Accounting Starbdard5, including Financi81 Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland. IUni(ed Kingdom Generaliy Accepted Accounting Practte). In our opinion the finarKial stslements: give a true and fair of the state of the Gr￿P.$ and of the parent chwitable companls affairs as al 28 February 2022 and of the Group'5 Inccrfnin9 resources and appljcation of resources. including its income and expendi(ure for the year then ended: have been propety prepared in a¢cordaJKe United Kingdtyn Generaly kcepted Accounting Practice,. and have been prepared in ￿1rdarKe Vlth the requirements of the Companies Act 2(￿. Basls for oplnlon We conducted our aud(( in a¢¢ordan¢e with Intemalional Standards on AUd￿r￿j IUIQ {ISA$ {UKII and applicable law. Our responsibilrties under those standards a￿ further described in the Auditorfs responstiilities for the audrt of the financial ststements seclion of our rewt We are ind4)endenl of the Group in a¢cordance vAth the ethical reqU1￿MentS Ihat are ￿leVant to our audit of the financial stalefnents in the United lQngdom, including the Finan¢tal ReFX)rtrng Cwncifs Ethical Standard. and have fu￿lled our other ethical responsibilities in accordance ￿th these requirements. We believe that the audit evhjence we have ckntained is s(rfftcient a￿1 appropriate to provide a basis for our opinion. Concluslons relating to golng con¢em In auditing the financial $tstements. we have Conclud￿ that the T￿st￿, use of Ihe going corKwn basis of counting in the prepaiation of the fmncial statements 15 appropriate. Based on the work we have perfomied, we have not hJentrf*d any malerid uncertainties retating to events or condrtions that, indwidually or Collective￿. may cast sBnfftant d￿bI on the Group's or the parent charitable companys ability to continue as a concem for a pe(Kd of al least I￿￿1¥e months from when thè financ￿1 statements are authorised f¢y issue. Our responsibilities and the resF(Msbibties of Ihe Trustees knilh respect to g￿1va concern are described ￿ the relevant secti￿5 of this le￿rt. Page 11 WICKSTEED CHARITABLE TRUST {A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WICKSTEED CHARITABLE TRUST (CONTINUED) Other Infomiation The other infomiation e£ffiprises the informaticn ￿t￿jed in the Annual Report other thal the financial sL*ments and our Audilorfs Report thereon. The Tnrstees are responsib￿ the other information contained thin the Annual RepotL Our o￿n19n ¢)n the finanual stslemenls does not Cover the other information and, except to the extent othenmse explicrtly stated in our rewt we do not express any fomi of assurance eonclusion thereon. Our responsibility is to read the other infMnal*)n and. in th)rng so. conskler whether the other infomiation is materialty inconsistent vAth the financial statements or knowled9e obtained in the ￿urse of the audr(, or otherwise appears to be materialty misstated. 11 we identify such maleiial inconststencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstslement in the financial statements themselves. If. based on the V￿rk we have performed. we conclude that there is a malefial misslalemenl of this information. are requireA io re￿ that fxt. We have nothing lo rewt in this ward. Matters on which we are required to report by exceplion We have nothing to report in respect of the fc4bwng matters the Charities {Accounts and Reports) Regulations 2008 requires u5 to report to you rf. in wr opinion.. the infomiation grven in the Trustees. Rewt is ilKc￿Sistent in any material respect with the financial stalemenl$- or the parent charitable company has not kept Su￿￿ent accountirKJ records.. or the parent charitable company financd $￿effients are not in agreement %wth the accounting records and retums., or we have not received all the infonnaticffi a￿1 explanations we WU1￿ for our aLklit. Responslbllltles of Trustses As explained more fulty wi the Statement ol Twstees, Resportsil)lities, the Trustees (th) are also the DI￿lOrS of the charitable ¢L￿panY for the purposes of wnpany law) are responsible foT the preparation of the financial Statements and being $3ltsfied that they give a true arKI fair view. and for SLKh inlemal control as the Trustees detemine is necessary to enable the preparation of financial statements that are free from material misstatement. whether to fraud or error. In preparing the financ￿ statements, the Trustees a￿ responsbi le fcff assessing the Group'5 aThJ the parent charitable companys ability to continue as a going concem. disckising. as applicable, matters refated to gOItvJ concem and using the going conwn basis of accounting unless the Tntstees either intend lo liquidate the Group or the parent tharilable company or to cease cyeratiws, or have no realis￿ knmatrve but to do so. P￿e 12 WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WICKSTEED CHARITABLE TRUST {CONTINUEDI Auditorfs responsibilities for the audit of the financial ststernents We have been appointed as audrtor uiKler sec1b￿ 151 of the ch￿tres Act 2011 arKf reF(Yl in a￿rdance with the Act and relevant regulations made or hawng effect thereunder. Our objectives are to ¢bts￿ reasona)te assuran￿ about whether the fin￿￿ statements as a whobe are free fr￿7 material misslalemen( %thether due to fraud or error. and to issue an ALKlitorfs Report that itKludes our opinron. ReasOna￿e assurance is a high *1 of assuran￿. bLrt is not a guarantee that an audit conducted in a¢cordance with ISAS {UK) will aw detect a material misstatement when il exists. Misslalements can arise from fiaud or error and are considered malerial rf. 1ndl￿dUalty or in the aggregate, they could reasonably be expected lo inltUw￿e the econ¢ynic decisK)ns of users tsken on the basis of these financial stalemenls. Irregularfties, incfuding fraud. a￿ instsnces of non-compliance with I￿ and regulations. We design prO￿￿ureS in line with wr responsibilittes. ￿jt1irted above. to detect maletial misstatements in respect of irregularities. induding fraud. The extent to t*4ht¢h our procedures are capable of detectirg rregularibes. Indu￿￿9 fraud is detailed below. Enquiry of management around actual and potential Ittwation and claims" Performing audit work over the risk of management overr&Je of controls. inthding iesting of joumal entries and other odjustments f¢y appropriateness. evaluating the bu5ine5s rat￿nate of 5ignrfKant transactions outside the nomial ¢ourse of business and rewewing accounting estimates lor bias., Reviewng minutes of meetings of thjse charged ￿th governance.. and Reviewlng financial statement disckjsures and lesling to suppo￿"n9 d￿￿nentatiOn to assess compliance wrth aPpI￿able laws and regUlat￿nS. Because of Ihe inherent Imftations of an audit. there is a r￿k that we will I￿t detect all irregularities. including those leading to a materid misstalemenl in the financ￿1 statements or non - counting and Rep¢￿t¥￿ by Charitie5." Statement of Reccffimended Practice applicable lo charities preparing their x¢ounts in a¢ctydan¢e Mlh the Financial Report¢ng Standard appli¢able in the UK and Republrc of Irel¥KI {FRS 102) aTha the Ccthpanies Act 20(￿. Wicksteed Charitable Tnjsl meets the definition of a public iwefrt entity under FRS 102. Assets and liabil￿e$ are Initi￿ reclvdnised at histoita cost or Iransaction value untess othe￿ise stated in the relevant accounting policy. The financial statements are presented in Pound Slerkng Wh￿ 1$ the functional currerw of the Group and Trust and are rounded to the nearest Pound Sterling. The Consolhjated Statement of Financial (SOFA) Consofidaled Balance Sheet consolidate the fina￿la1 statements of the Trust and ils subsKliary urKlertaking. The results of the subs*Jiary are consc4Klated ￿ a line by line basis. The significant aectyjnting p￿￿e$ applied in the preparation of these financial statements are set out below. These p)r￿leS have been consistently applied to all years presented unkns Othe￿Se staled. 2.2 Going concern The Trustees have assessed Ihe gxxtwj concem sLitus of the Grw ar￿ Trust. That assessment includes the impact of COV1[￿19. The Trustees cmsider that the Group and Trust have surrKient IKIUKI resour¢es wd access to future resources to enable the Group and Trust to eover its costs ar￿ pay ts fiabilities for the next 12 months frcvn the date Ofapp￿0¥al of these fwwKbal Statements. ConsequenUy. the Trustees have condthled that there are no malefial uncertainties that may cast significant doubl atout the Grc*Jp's and Twsvs ability to continue as a going conceTn for the next 12 months from the dale of approval of these rmnc￿ statements. Accordingly. Ihe goir#J basis has been ad￿t￿l in preparing the finaneial statements. Page 20 WICKSTEED CHARITABLE TRUST IA Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Accounting policles (continued) 2.3 Income l income is r￿QgnIsed 0￿e the Group has entiuement to the in¢om8, it is probable that the income VMU be receNed aNJ the amount of income receivthe can be measured reliably. Grants are included in the c￿ScA￿lated Stalemenl of Financial Activities w a receivable basis. The baiance of irKome receNed for specif¢ purF#)ses but not expended during the period is shwn in the relevant fvnds on the BaiarKe Sheet. Where inc¢xne is received in advance of entitlement of receipt. its recognition is deferred and induded in ￿allOr$ as deferred inc￿￿8. Where enb'ltemenl occurs fore incr*ne is recewl, the income 15 accrued. IrKome tax recoverknle in relatK¥n to investment NKome is rectrjnised al the time the investment irKome i8 receivable. Other inccvne is reccgnised in the period in Wh￿ it is ￿l￿dble and lo the exlent the good8 have been provided or on complebon d the serv￿. 2A Expenditure JI expenditu￿ is accounted for on an ac¢Juals basis. Expendrture is ￿ognIsed once there is a legal or constructive ob1KJatm￿ lo transfer eeonomic benefft to a third paty. it is probable that a Iransfer of economic beneffts h*ill be required in setdemenl and the amount of the obligation ¢an be measured relk4bty. Expenditu￿ is classffied by aclmty. The costs cl each activity a￿ made up of the total of di￿￿ cosls and shared costs. incWing support costs invofved in undertaking each activity. DI￿¢¢ costs attnbutsble to a single aCtI￿ty are allocated directfy to that aciivty. Shared costs which Contribute to rn0￿ than one aclmty and support Costs whKh are not attrti)utable lo a single acliwty are apportioned between those activiiies on a basis consistent vriih the use of resources. Central staff costs are allLxated on the basis of time spent. and depreciation charges alk*aled on the portion of the 8sset's use. Expenditure on rdising fvrKls includes an expenditure incurred by the Group to rarse fvnds for its charitable puiposes and I￿rUde$ costs of all fundraising adivities. Nonrfharitable tradiNJ is reported thin other trading actsirit*s. Expenditure on chaiitable activities is w)curred on directfy undertaking the activthes whth further the Group's obieclives. a5 well a5 any asxKiated support costs. All expendiiure is in¢hJsi￿ of irrecoverable VAT. 2.5 Interest r￿e1Vable Interest on fu￿lS held on deposit is ir￿ded when recervable the arnO￿t can be measured reliabty by the Group: thts is rk)mialty nofrfKation of the interest pwd or payable by the institution th whom Ihe funds are deposited. Page 21 WICKSTEED CHARITABLE TRUST IA Company Llmlted ty Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Accounting policie5 {continued} 2.6 Taxation The Trust is conshlered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definthon of a charitable company for UK corporation lax purposes. Accordingty, the TNst prtential￿ exempt frcAY) taxation in resp￿1 of inccthe or capital gains received wlthin CategOr￿S covered by Chapter 3 Part 11 of the CoTroration Tax Act 2010 or Section 256 of Ihe Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are apphed exdusivety lo tharifable pU￿Ose$. 2.7 Intanglble assets and amortisation Intangible assets costing £1.0(M) or m¢xe we capltsr￿ed and rectsan¢sed t*then future economic ber*fils we probable the cost or value of the asset can be measured reliably. Intsngible assets are Initi￿ty recogni%ed at cosL After recojnifion. under the cost model, intsngible assets a￿ measured at cost less any xcumulated anortisation and any accumulated impaim)enl losses. Amortisatton Is provbjed on #th)gible assets at rates cakulated to write off the u>st of ea¢h a$$et on a stra￿ht4ine basis over its expected usefvl lrfe. The eslimaed useful lives are as folkylts: Website devel0Fm￿l -5yea 2.8 Tanglble fixed assets and depreciation Tangible fixed assets costing £1.000 or more are eaprtalised and recognised when futu￿ econcrfnic benefits a￿ probable and the eost or value of the asset can be measured reliably. Tangiknle fixed assets are initialty recognised al cost. After reccsnilion. under the cost rnc#Jel. tangible fixed assets are measured al cost kss ac￿Mulated depwk4tK)n and any a￿uMulated wnpairmenl losse5. Al costs incurred lo bring a tangible fred asset into ils intended thwking COnd￿On should be induded in the measurement of cost. Dq)ieciation is charged so as to allttale the cost of tangrble fixed assets le5$ their ￿$￿lUa1 value over their estimated useful lives. using the strarght4ine method. DepreaatI￿ is provsded ¢)n tr* follo*ir6 bases: Freehold buiklings Property inprovements Plant and machinery Fixiures and frttings Motor vehides Office equipment CompLrter equipm￿ Stgnage - 25 years - 20 years . 10years - 10years - S years - 5 years - 5 years - 3 years Freehold land is not depfeaated. Assets in Ihe course of ry)n5truction are not depreciaied until they are bro￿ht into LBe. Page 22 WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Accounting policies l¢ontinued} 2.9 Investments Fixed asset inveslments are a form of financial instwment and are irbits.alty reco9nised al their transaction cost and subsequenty measvred at farr value al the Balance Sheet dale, unless the value nnot be measured reliably in case l is measured at cost less impairment. Investment gains and losses, whether realised or unrealised. are Combi￿ and presented as 'Net gainslllossesl on investments. in the ConsdNJaled Stslement of Financial Activities. Inveslments in subsbjiaries are valued at C05t less provision for inpaimienL 2.10 Stocks Stock5 are valued at the I￿r of eost and T￿t realrAbte vafue after making due alltrwance for obsolete and skw-moving st￿s. 2.11 Debtor5 Trade and other debtors are recognised at the Sett￿rne￿t am￿1￿1 after any trade dtsccrtjnl offered. Prepayments are valued at the amount prepaKI net of any tr•de discrJJnts due. 2.12Cash at bank and in hand Cash at bank and in hand indudes cash arKI short4erm hvjhly liquK4 inveslmenls writh a short maturity of th￿e months or jess from the date of acquisitK>n or opening of the deposit or similar aceounl. 2.13 Llabllitles and provisions Liabilities are recognised when there is an Obligat￿ al the Balance Sheet dale as a result of a past event. it is probable that a transfer ol econom￿ benefit wll be required in seiuemenl. and the amount of the settlement Can be estimated refiably. Liabilities are recognised at the amount thal the Group ant￿Pate$ it witl pay to settle the debt or the amount it has received as advanced pajfjnents for goods or seThi￿ it must pmiye. Pmwsions are measured at the best estimate of the amounts required to settle the oblyalion. Where the effect of the lime value of rnoney is material. the provision 15 based on the present value of those amounts, discounted at the pre-tax dl￿0[tnt rale that reflects the risks specrfic to liability. The unwnding of the discount is rec(>)nised in the C￿5(￿k1ated Statement of Financk4 ActNilies as a finance cost. Page 23 WICKSTEED CHARITABLE TRUST IA Company Llmited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Accounting policies (continued) 114 Flnancial Instruments The Group onty holds bas￿ financwl YistrL¥nents. The financtal assets and Tinanch?I Irabilities of the Group are as f￿1￿.. Debtors- trade and other debtors (irKtuding x¢rued income) are basic financial instruments and are debt instnjments measured at amortised cost as detai￿ ￿ N￿e . Prepayn)enls are not financial instruments. Cash at bar&- is classified as a basK ffinancial instrument and is measured al face fdlu Lrabli ilies- trnde ueditors. a￿[u* (ther cred[tO￿ are claSsrf￿d as financial instruments and are measured at amortised cost as detailed in Notes 19 and 20. Taxation and S¢xial securty are not included in the financk41 instruments disclosure. Deferred inccffne is not deemed lo be a financial liability. as in the cash settlement has already taken place and there rs simpty an obligat￿n lo deliver charilable sep¥ices rather than cash or anc4her [W￿￿al mstrument 2.1S Finance leases and hire purchase Assets obtiwr￿d ￿der hire purchase contracts and finance leases are capitalised as tangible fjxed assets. Assets aquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those Whe￿ substantkally all of the benefits and risk5 of U•vnership are assumed by the Group. Obluations under such agreements are included in creditors. net of the finance charge albcated to future perb)ds. The finance efernent of the Tental payment is charged to the Consolidated Slalemenl of Financial Activities $0 as to Pr￿lUCe a constant peri(xlic rate of charge on the net oblNJation outstandin9 in each perKMI. 2.16 Operaling leases Rentsls paid under operating ￿aSe$ are charged to the ConsolKlated stat￿nent of Finan￿al Acliwties on a strai9ht line ba515 over the lease tem. 117 Pensions The Group operates a defined contrbutton penston scheme and the pen￿n charp represents the amcmjnls payable by the Gmup to the fund in resp*ct of the year. 2.18 Fund a¢￿￿ntIng General funds are unrestricted fijnds which are avatlable for use at the discrelton of the Trustees in furtherance of the general objecb.ves of the Group and vthich have not been designated for other purposes. Reslri¢led funds are funds which are to be used in accc*dance wlh specif¢ restrictiorts imposed by donors or have been raised by the Group for parb"cular purposes. The costs of raising and almintstemg such funds are charged against the specific fund. The aim use of each reslricled fund 1$ set out in the ncles lo the fKw￿lal statements. Investment irKc¥ne. gans and losses are al[r￿￿ed to apprOPr￿te fu￿j. Pa9e 24 WICKSTEED CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Critical accounting estimates and areas of judgement Eslwnates and judgemenls are continuany evalu*ed and are based on historul expwtence an¢1 other factors, includir¥J eXpe￿atiC￿lS of future events that are believed to be reasonable under the Clfcumstances. CrilKal xcounling estimates and assumptws". The Group makes estimates and assumptsons coneemirvJ the future. The ￿$vItIng ac¢ounlirrtJ estimates and assumptions will. by definition. setdcffi equal the related actual resutts. The ests"mates and assumptions that have a significanl risk of causing a matersal adjustrnent to the carrying amounts of assets and liabilities wilhin the next fin￿¢la[ yEar are set ￿Jt bebw. Basis of Yaluation of fwn¢ial investrnents Dep￿Cl8t10n Trtes of tangible fixed a55ets Useful ￿t)nCIn￿ lrfe of assets In¢ome from donations and grnnts Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Donations Grants 5,305 488.914 5.305 1.8B1.702 1,392,788 494,219 1,392.788 1.B87.007 Unre5ttKted funds 2021 Restricted funds 2021 Total funds 2021 Donations Grants 152.938 620,736 IS2.938 626,796 6.(60 773.674 6.(￿0 779.734 Page 25 WICKSTEED CHARITABLE TrUST IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL sTATEmE￿s FOR THE YEAR ENDED 28 FEBRUARY 2022 In¢om• from charitable activities As restated Total funds 2021 Unrestrlcted funds 2022 Total funds 2022 Garden. arboreturn and parklaThJ al WK*steed Pork 1.190 1.190 1.968 No income (2021 £173,591) is induded in Leisure Pat* In￿Me for the Coronavirus Job Retention Scheme ICJRSI. The￿ were no unfulfiued conditions or contingencies attached lo this g¢)vemment granL In 2021. 011 inc(Mne fr(%n charitable actibitEs was to Un￿1[￿ted fur¥Js. The wmparalives have teen restated to better dassify elwnents of income. £80.322 previously recognised in income frLYn charitable aCtNlt￿-.Garden, 8thielum and pathland al WKksleed Park, has been moved to inwne fr¢Yn other trading acti¥ilie5 - 'Lodge $Jes commission, in Note 6. £754.317 previously recognised in inuyme from charilable a¢tivibes - 'Leisure Park. has been moved to income frcm other trading x11￿lIeS-'LelSure park in¢ome' in Note 6. These restatement$ had no wnpact on the net Mov￿ment in funds for the year ended 28 February 2021 or the funds as at 28 February 2021. Page 26 WICKSTEED CHARITABLE TRUST (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Income from other trading activities As restsled Totsl f￿dS 2021 Unrestrlcted funds 2022 Total funds 2022 Rent 3￿j ￿CeSSIonS receivable Lodge sales c(ynmiss#)n Leisure pafk income 422 89.521 3.339. 422 89,521 3,339.096 139 80.322 754.317 3.429.039 3.429,039 834,778 In 2021. atl inccme frc*)) other trading acb¥il*s was to ￿reSt￿l￿ funds. The comparatives have been reslaled to belter dassfy elemenls of irwne. £80,322 previously re¢cfv3nised in in¢ome friyn charitabfe a¢tNitte5 -'Garden, arboretum and parkland al ￿￿k$leed Park, in Note 5 has been moved to in¢we from other IradiTrJ activitses - 'Lodge sales commissvJn'. £754,317 prwously reccgnised Tri in¢(yne from charitable actNthes - 'L￿SUre Parf(, li Note 5 has been moved to income frwi othertrading xtiwt1es-.Letsu￿ park irtome.. These ￿$tat￿nentS had no impact on the nel movement li f￿d$ for the year ended 28 February 202101 the funds as at 28 February 2021. In￿mI from investments Unrestrf¢ted funds 2022 Total funds 2022 Total funds 2021 Bank interest receivable 41 41 3.837 In 2021, an incone from investments was to unresttthd funds. Page 27 WICKSTEED CHARrrABLE TRUST IA Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Other incom• UnRstricted funds 2022 Total funds 2022 Total funds Business Inlemiption InsurarKe ClaNn Sundry 250.000 30.536 250.000 30.536 6.809 280.536 280,$36 6.809 In 2021. au olher in￿¥ne was to unrestrKled funds. Expenditure on raising funds and other activities As restated 2021 2022 Trading activlties Direct costs Leisure path expenditure Stsff costs Depreciation 1.211.930 673.880 45.730 383.0)1 291,358 9.922 1,931,540 684.281 Other fundraising activities Direct costs Bank and investment management char 534 1.932.089 684.815 In 2022 and 2021. all expel￿rtUre on tradwvJ xtMt*s and other fundraisiNd actNities was Irom unrestricted fvrKIs. The ccfflpafalives have been reststed to better dasstfy elwnents of expenditure. The fo[k￿YIng table shows the imp&1 of this restalemenl ¢)n tM)th this note and Note 10. This reslalement had no impact cffi the net movement in fuThds for the ye* ended 28 Febru￿ 2021 or the funds as at 28 February 2021. Page 28 CKSTEED CHARrfABLE TRUST (A Company Llmited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Expgnditure on raising fvnds and other xtivities {continued) Expendlture on tradlng adiyities Leisure park expendrture Staff costs Depreciation 383.001 291,358 9.922 684.281 Expenditure on Charitable acttvities Malrltena￿e repairs Ubtities GovernatKe costs Professional fees Sundry expenses Hire purchase and finance b)an interest Advertising and publ Bad debt expense Insurance Other park costs Staff cost5 Depreciation {6.19S) 1102.S7n 121.55n 114.495) {2551 (2,310 130,566) {27,0921 110,452) {167.502} {291.3581 19,922} 1684,2811 Page 29 INtCKSTE£D CHARITABLE TRUST {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 28 FEBRUARY 2022 10. Anatysis ol expenditure charitable activiti•s- by type A¢tivitte$ undertaken directly 2022 As reststed Total funds 2021 Totsl funds 2022 Garden. arboretum and parkfarKI al Wd(steed Park 1.361.957 1.361.957 1,309.170 Analysls of dlre¢t costs As restsled Totsl funds 2021 Totsl fvnds 2022 Staff Costs DePr￿lat￿)n and ￿nOrti￿lon Twslee expenses Maintenance and repairs Utilities Governan￿ costs Professional fees Sundry expenses Advertising and pubticty Bad debt expense Insurance Other park costs Loss on disposal of tarYJible fixed assets 740,442 126,463 2.815 190.799 23.180 17,127 59,961 3,675 80 602,822 167,702 1,689 29.611 5,516 24,020 128,750 7,875 350,400 65,623 14.678 190.0001 106.464 $4.093 36,858 1.361,957 1.309.170 The comparatives have been restated to better dassify el￿nents of expenditu￿. Further detaifs of the restatement can be found in Ncrte 9. This ￿Statement had no irrwt on the net movwTWt in fijnds for the yeai ended 28 February 2021 or the funds as at 28 February 2021. Page 30 CKSTEED CHARrrABLE TRUST (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 11. AudltoRs remuneralion 2022 2021 Fees pay&le to Ihe Grtyjp's auditor for the audit clthe Group'$ annual accounts 23.0 23,000 Fees payable to the Group's audrtor in respect of.. All non-audil Ser￿￿S not induded atthie 4,5TI 10,270 12. Staff costs Group 2022 Group 2021 Trust 2022 Trust 2021 Wages and Salaries Social security costs PensKJn conlribubons 1.308.695 89.399 16.228 788.335 82,594 23,251 1A14.322 894,180 57,829 The average number of pers￿$ empw by the Group duriThJ the year was as foNM'. Group 2022 No. Group 2021 No. Managemenl Administrati other 15 17 45 82 71 Page 31 WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 12. Staff costs (continued) The number of employEes ￿se wnpbyee benefts (excluding employer pension costs) exceeded £60.000 was: Group 2022 No. Group 2021 No. In the band £60,001- £70.000 In the band £100.tXJ1- £110.O¢Y) The totsl amount of employee benefrts (including employe¢s so¢ial 5￿uritY u)sl$ and pens*?n ¢onlribulions) received by Key Mana9emenl Personnd 15 £186.690 (2021 - £120.829J. The GfOUP COn￿derS h Key •lanagement Personnel comprise SeThor Man&3ement. 13. Trnstees. remunerath>n and expenses During the year. no Truslees r&eived any remuneralion or other benefts f2021- £NIL). During the year ended 28 February 2022, expenses It￿111￿￿ £2,815 were reimbursed to Trustees (2021- £1.689) for the ￿￿nbUr5eMenI of travel and accmmodation. Page 32 ICKSTEEDCTri4RrrABLETRUST (A CLW•nyUmtthd byG￿l*￿tIll NQTES TOTHE FIKANCIALsfATEIIÉNTS FOR TheyEAR El4tED28 FE8RUARY20X 14. Tanglbl•flxed•Jtét8 GTWP nt*Trd To tsJndlry• Coat At 1 Muth2Q21 1541 4flJSJ ?A24 296.039 1221,0 243•) 4718 26,443 tMtysg> 13S.B5¥ ¥l195 7.5J2> ¢7￿?4> 20Fe￿2021 2024S 3U67 5.gD¥.nD p•Prn¢￿￿0n At % PAath2021 13U77 714 3X73• ChoFgetrtheyur A128 FrtYuwy2 12Q,483 380.OJ1 17t.2Sf 55&ODD 179.625 4951 At28 FItyLwy2(Q1 s.282.￿1 178.429 155.>4 ¥IU.876 B.710 3.￿o2,￿D WICKSTEED CHARrrABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 14. Tanglble r￿ed assets {continued) Trnst Freehold land and buildings Property improve Plant and ments equipment Motor vehi¢le$ Computer equipment Total Cost At 1 March 2(r21 Addrtsons Disposals Transfers between classes 3.$41,S99 1.221.899 136,858} 178,429 24.380 282,3S3 169.721 4,002.381 7A02 1.428.647 136,8581 351195 (178.4291 (173.766) At 28 February 2022 S.078.835 24.380 278.308 6245 7,402 SA94,170 Depreciation At 1 March 2021 Charge lor the yEar 259￿48 120A83 124.269 3.961 383.817 125.S31 742 At 28 FeW 2022 380.031 128.230 742 509.348 Not book value Al 28 February 2022 4.698.804 150.078 4.900 6,66D 4.884.822 Al 28 February 2021 3.282.051 178.429 158.084 3.618.S64 The Twst's freehold land and buikjings contain land with a net bjok valu8 of £937.686 (2021- £937,686) wht¢h is not subject to depreciat*)n charges. The significant part of the Trusys freew properties comFwtse the pa￿laThd. layout and propert*s whtch are used for direct charitable purp)ses. In the opinion of the Trustees, Ihe mathet of the Grw's and Trusys f￿ehc1d land and buldin9S is higher than ib net b(M)k value at 28 February 2022. The Trustees do not consiYer it pradicable or necessary to quantify the differe￿e. Page 34 WICKSTEED CHARfTABLE TRUST (A Company Llmlted by Guarantee> NOTES TO THE FINANCIAL sTATEmE￿s FOR THE YEAR ENDED 28 FEBRUARY 2022 14. Tangible fixed assets {coThtinued) Tt* net value of and hire purchase agreements ixlLNJed as Yangible fix￿ assets- in the Balance Sheel is as fofthvs: 2022 2021 Tangible fixed assets rywned Assets under hire purchase agre￿￿￿5 5.227,502 140.611 3,746.066 156.234 5.368,113 3.902.300 Infomiation atyxrt assets held under hire pUrth￿ agreements summarised belw. Net book value 2022 2021 Pl￿t and equipment 140,611 15S.234 Depreciation charye for the year 2022 2021 Plant and wuipment 15.623 15.623 Additions 2022 2021 Addit￿￿$ to assets held under hwe purchase agreements 156,234 P4e 35 WICKSTEED CHARITABLE TRUST {A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 15. Intangible assets Group Web$lte development Cost At 1 Kqar¢h 2021 Additions 4.860 At 28 February 2022 4,860 Amortisation Al 1 March 2021 Charge for the year 932 At 28 Februwy 2022 932 Net book value Al 28 FebrU￿Y 2022 3.928 At 28 Fetffuary 2021 Pa9e 36 WICKSTEEO CHARITABLE TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 15. Intangible assets {continued) Trust Webslte development Cost Addttions 4.860 At 28 February 2022 4.860 Amortlsalion Charge for the year 932 Al 28 Februwy 2022 932 Net book value Al 28 February 2022 3.928 At 28 Febwary 2021 16. Fixed asset Investments Listed investments Group Cost or valuatlon Al 1 March 2021 Addilions Disposals al carying value Revaluation5 324,946 51.918 {52.3031 11,3591 At 28 February 2022 323.202 Page 37 WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL sTATEMEP￿s FOR THE YEAR ENDED 28 FEBRUARY 2022 16. Fixed asset investrnents (continued) Investment in subsidiary Listed companies iTrvestments Total Trust Cost or valuation At 1 March 2021 Addilrons at cost Disposals at carrying valL Revaluations 324.946 51,918 (52J031 {1,3591 324,946 51,920 152,3031 (1,3591 At 28 Febn￿ry 2022 323.202 323.204 The Group's and Trusts h'sted investments 74we *ra￿ed by the Trustees by reference to market prices. The Trustees ¢onsKlerthat any listed in￿trnen¢ rep￿Senti￿v￿ 5% or more of the frlal market value of the investment port1d￿ lo be malerial in the context of the irNestsnent wrtfolio. At 28 Febnjary 2022. no indiwdual investment's market value was gwter than or equal to 5% of the total listed investment portfolio market value. Page 38 IAeompaThy Lknrted by¢uirnnleql NOTES TOTHE NNANClALSTATEM￿s FOR The YEAR ENDED Z8 FEBRUARY 21# 16. Flx•d aMetlnvesbll•lbts {¢oniknued Prin¢lpal ￿b*h￿l*rf0S The cltr*Tru*' NT4neB CoM￿nY R•glsrered offICew￿￿dp￿I p*•of Prfncip4acUvfjty number HDld*g I￿l￿ded In carrt0lld￿t Wleksteed Tradry 126$3391 WKatStÈ8d Pa*. B*tth) Rc*S. Keitwry. Opwjitsi ofa L￿LYe Pa* sltu*d*thii Limrted NP41S6 PaAdi$e c762￿5 Pa¥ilth w￿$teed Pth. Robj. L1mited Keitel￿ry. Ery￿&. NN15 SNJ WKksiÈedWilaye 13705024 Wthsteld P*k. B3rtM RL*l. Lirnited PlorthamptMshiR. Unrted KMyYrrfn. NN1SfjNJ WK4t$teed Pa 01183177 rJo Gr&rtThc¥nton UK LLP 4 H¥thnèi Squ￿. Limited 1W% Yeg 1W% No IDoFmonti lo￿ No (rhym￿ 100% Y• PIAme* lortheye4r With*eèJ TrF*Sro Lvnfted Wlckgteed Lllhtsd 3.J47.702 R814.0831 503.619 226,Q09 p￿39 YICKSTEED CHARITABLE TRUST (A Company Llmited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 17. Stocks Group 2022 Group 2021 Goods lor res* 33.023 The TNst hekl no stctk at the Balan￿ Sheet dale (2021- £NI¥. 18. Debtors Twust 2022 Trust 2021 Due after more than one year Amoun15 owed by group undertair 342.000 207.000 Group 2022 Group 2021 Trust 2022 Trust 2021 Due within one year Trade debtors Amounts tr+ved ty group undertakirwJs Other debtors Prepa￿entS arKI accru￿ income 75.550 66.419 8.613 287.308 29.567 126.560 154.969 308.684 28.100 160.865 32.779 148.(￿3 320,864 247.261 492.093 452.048 Page 40 WICKSTEED CHARITABLE TRUST IA Company Llmlted by Guarantee) NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 19. Cfftditors: Amounts falllng due wlthln one year Group 2022 Group 2021 Trust 2022 Trust 2021 Trade creditors Other taxation and Social S￿rity Obligations under hire purchase agreements Other creditors Aecruals and deferred W￿rfne 184,714 1S3,866 72,108 176,065 254.047 50.107 37.156 78.117 69N56 88 29,100 17,499 169.001 31.870 97.575 22.410 106,536 371.782 270,415 166.S84 Group 2022 Group 2021 Trust 2022 Twsl 2021 Deferred income Deferred ineome 811 Marth Resources deferred during the year Amounts released frun prev￿￿5 pernds 61.751 188.97B 148.976 61.751 {61.7511 1188.978} 8.660 14.120 {8.660) 27.614 8.660 (27.6141 Deferred Income at 28 February 148.976 61.751 14.120 8.660 During the Jear. the Group herd deferred I￿ome of £148.976 (2027 - £61.751). Thts comprises of £14.120 (2021- £8,660) in Wicksleed Charitable Twsl relating lo Lottery funding. The remainder relates lo Wicksleed Trading Limited which hDJds £37.048 (2021- £28.834) in relation to lJdge site fee5 received in advance, £46.917 (2021 - £NILJ rdaling to events, £1,774 - £NILJ for camping. £7,494 12021- £N￿) for Play Fackny parties and £41,K23 (2021- £24.257) in relati(￿ to customer dep05ts for future events. Creditors: Amounts falling due after more than one year Group 2022 Group 2021 Obfryalion5 under hire purchase agreemerts 6.009 78.117 Tn￿1 has ienn credith (2(r21 . £NIL). Page 41 WICKSTEED CHARITABLE TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 21. Hire purchase agreements Hire purchase agreements ¥e due as fokn*S.' 2022 2021 No laterthan one year Be￿en one year and years 72.108 6.009 78,117 78.117 78.117 156,234 The follo*ing amounts in respect of hire purchase agreements. wthere the Company is a lessee. have been recognised in the Consolidated Statement of Financial ActNities.' 2022 2021 HI￿ purchase lease pay7ble 8.268 8,268 The obfgalNJns under hire purchase agreements and fmance knes contracts are secured under normal commercial terms over the as5els to whtch they re￿Ie. Page 42 WICKSTEED CHARITABLE TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 28 FEBRUARY 2022 Statement of funds Statement ot funds- current year Balance at Gainsl 28 February (Losses) 2022 Balance at 1 March 2021 I￿oMe Expenditu Unrestricted funds Accumulated Trust Fund Revaluation ReseNe 4.371412 113,001 4305.025 (1.912.7881 6.664.649 111.642 11.3591 4.485.413 4.205.025 11.9117881 11.3591 6,776.291 Restrlcted funds Heritage Fund @play Fund 11.S37 2.410 1.390.378 11.381.258) 13.947 9.120 11.537 1,392.788 11.381.258) 23.067 Total of funds 4A96.950 S.597￿13 (3,294.046) (1,3591 6.799.358 Restricted funds The Heritsge Fund represents donations. vKILbJwNJ gfft ahj. recewl by the T￿￿t lo promcte the herkn9e of the Trust and w￿kSteed Park. expenses incurred on this prciecL The play Fund represents funds rKeNed for the Flay project. The @play project avn$ to facifrtale and enhance stynple famity play in line wtth the wishes of the Park's founder. Char￿S W￿kS1eed. This achieved through an Adivity Plan that provides an exciting rnnge of activities celebrating children's play. The project also provtdes f¢X the inslallali¢ffj of a herrtage ￿aY area within the free playground, and the renovabon of the top floor of the pa¥￿￿ f(¥untsin S￿. as Ihe ¢entrepiece of the ortrjinal heart ol Wid(sleed Park. Unrestrfcted funds The Accumulated Trust Fund represents Ihe genefal fvnds of Ihe Group that are not designated for pabtrular wrF#)ses. The Revaluation Reserve Fund is required by the thpanies Act 2CMA and represents the amount by which unrestricted invesfmenls exceed their historKal cosL Page 43 WICKSTEED CHARrrABLE TRUST {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 22. Statement of tsnds (continued) Stslement of funds- prlor year Balance at 1 March 2020 BalarKe al Gain￿ 28 Febn￿ry {Los$es) 2021 Transfers inloLrt Income ExpeTrJiture Unrestricted funds Accumulated Trust Fund {a$ restaledl Revaluation Reserve s,￿8.459 1.621.066 (1.993.985) 65.561 (1.888.689) 4,372.412 87,871 45.130 113,ry)1 6.636.330 1.621.(￿ (1.993.985) 65.561 {1.843.S591 4.485,413 Restrlcted funds Hefitage FuTrJ 71.038 {65,561} 11,537 Total of funds 6.707.368 1.627.126 (1.993.985) (1.843,559) 4.496,950 In the financial statements for the year ended 28 February 2021, there vfas a fund induded in unresliicted funds called unalloeated aM￿Jnt5. These amounts related to the Accumulated Trust Fund and have been induded in that fuiwj in the eomparatNe table ab)ve. Page 44 YICKSTEED CHARffABLE TRUST (A Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 23. Analysls of net assets between fvnds Analysis of net assets between funts- currentyear Unrestricted Restricted funds fund5 2022 2022 Total funds 2022 Tangible fixed assets IntangilAe fixed assets Fixed asset inveslmenls Current a55ets Creditors due within one year Cieditors due in more than one 5.344.780 3.928 323.202 1.951.190 (840,8001 (6.0091 5,344.780 3,928 323,202 1.974,257 (840,8001 (6,0091 23.067 Total 6.776.291 23,OS7 6.799.358 Anatysis of net assets beiween funds- prior year Unreslitted funds 2021 Restr￿ed funds 2021 Total funds 2021 Tangible r￿ed assets Fixed asset investments Current assets Creditors due willNn one Creditors due in year 3.902.300 324.946 708. {371.782) (78.117) 3,902,31)0 324,946 719,603 {371,782} {78,117} 11,537 Totsl 4,485,413 11.537 4.496.950 Page 45 WICKSTEED CHARrrABLE TRUST (A Company Llmlted by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 24. Reconciliation of net movement in funds to net cash Ilow from operating actlvltles Group 2022 Group 2021 Net movement in funds before other recognised bsses (as F¢r C¢)nsolidated Statement of Financial Activib"es) 2.302.408 (321,7291 Adjustments for: 0epreciab.on charges Amortisation charges Nel lossl{gain) on investrnents Inveslmenl income Loss on disposal of langible fixed assets Increase in slccks Increase in debtors Increase in creditofs 14 171,261 932 1,359 141) 36,858 (33,023 173.6031 (556.2861 475.027 410,797 177,624 15 16 (45,130) (3.837) {99.000} 10 17 18 19 Not ush generated froml(used inl operating activlties 2.881.178 {437.5611 25. Analysis of cash and rytsh equlvalents Group 2022 Gioup 2021 Cash al bank 1.620.370 472.342 Analysis of changes in Det debt At 1 March 2021 Cash flows February 2022 Cash at bank and in hand Hire purchase 472,342 (156,2341 1,148,028 78.117 1,620,370 178,117) 316,108 1.226.145 1.542,253 Page 46 WICKSTEED CIIARrrABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 27. Operating lease Commitments The Grw and Twsl had no ccrfnmilments under nOn