Company registered number- 07394789 Charity registered number- 1142103 WICKSTEED CHARITABLE TRUST {A Company Llmited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
VIICKSTEED CPIARITABLE TRUST A Company Llmited by Guarantè¢) CONTENTS Page Rgforence and Admlnistrative Details of the Trust, its Trustee5 and Advi$?rs Trusteos. Rgport statement of Trustees. R•sponslbllltlo$ Independent Auditor'5 Report on the Flnancial Statement$ Consolldated Statom•nt of Financial Activities 2-12 13 14-17 18 Consolldated Balance Sheat 19-20 Trust 8alan¢e Sheet 21 Consolidated Statement of Cash Flows 22 Notes to the Financial Statements 23-48
WICKSTEEO CHARITABLE TRUST IA Company Llmltgd by Guarantael REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 FEBRUARY 2024 Tru$tee$ O C Wicksteed, Chairman N P Vaughan P A Stsmper M Wigginton (resigned 25 July 20241 R Shanley lappointed 27 July 20231 J Harris (appointed 28 September 2023} J W E Balding (appointed 30 November 20231 S Young (appointed 25 January 2024} M J Cowland Ire5igned 21 June 20231 R Hunt {rgsigned 12 May 20231 D Lewin (appointed 26 September 20241 Company reglstered number 07394789 Charity registered number 1142103 Reglst¢rod offlce Wicksteed Park Barton Road Kgttering Northamptonshire NN156NJ Independent audltor MHA Centijry House 1 The Lakes Northampton NN4 THD Bankers National Westminster Bank PIC 16 High Street Kettering Northanls NN16 8SZ Soll¢ltors Tollers Sollcitors EKchange Court Cottingham Road Corby Northanls NN17 1TY Page 1
wtCKSTEED CHARITABLE TRUST {A Company Llmltgd by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 The Trustees present their Annual Report together with the audit financi81 statements of the Wickstegd Charitsble Trust I'lhe Trust'l and ils subsidiary, Wicksleed Trading Limited Ilogelher Ihe Group") for the year 1 March 2023 10 29 Fobruary 2024. The Annual Report serves the purposes of both a Trustees, Report and a Directors, Report under company law. The Trustees confirm that the Annual Report and financial statements of the Group comply wth the current statutory requirements, the requirements of the Trust's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their aOUnts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Irgland IFRS1021. Objectives and actlvltles . Policie5 and objectives Wicksteed Park is a Grade11 English Heritage Park and Garden. The park was established In 1922. and as thers the Trust's main objectives are to provide ch8rilable purposes for the benefit of people resident in. but not 8xclusively in, Kettering and its neighbourhood. In particular, the provision of facilities for recreation and other l&l$ure time occupation in the interest of social welfare lo improve the Conditions of life to the users of such facilities. The community, education and heritage acts'vity programme5 promote the histori¢ landscape, heritage rides and prode new opportunities for communities to engage and parbcipate. The Trust continues to a¢hi8ve Ils objectives by. Providing access to open spaces conducive to health. These open spaces comprise gardens, an art)orelum and parkland at Wicksleed Park. Pioviding an extensive children's playground. with free-to-use swings, slides and other amusements. The operation of a leisure park Ihrough its wholly owned subsKliary company Wicksteed Trading Limited. The leisure park Is situated wlhln Wlcksteed Park. b. Grant-making policies Wi¢ksteed Park. which Indudes a free playground and the lelsure palk wlthin Sts grounds. is th8 main actiwty th¢ Trust supports to meet its objectives. From lime to lime the Trustees may consider applications from Wicksleed Trading Limited for financial support to maintain andlor improve those facilities. c. Public 8enefit In settiThJ objectives and planning activities. the TnJstee8 have given due regard lo the publSc benefit guidance published by the Charities Commission. The main activity of the Tiusl is Ihe provision of access lo the grounds of Wickslaed Park for the benefit of children and adults alike. The Trustees are keen to continue the fourKler's vision to promde open spaces and play equipment for children and also lo maintain the 18ke and gardens within the Park. Wicksleed Park ¢onliriues lo be a part of many peoples. personal history, being somewhere that they came as a child and now Msit with their own chIldn and grandchildren. Page 2
WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 29 FEBRUARY 2024 Strategic report Achtevements and perfom?an¢o a. Main achievements of the Trust In fulfilmenl of its principal chafitable objective. the Trust maintained free access to tha Park throughout the year. proiiding vital access lo outdoor space for the people of Kettering and beyond. b. Maintenan¢0 of I* play area$ The Trust continues to maintain the main playground and smaller play areas across the Park. The National Lottery Hèritage Fund @Play Project supported the inslallalion of a heritage play area wtthin the environs of the xisling free playground. The installation of the heritage play area was cofflpleled by Wickstegd Leisure Limited, no longer a company within the Wicksleed group following its sale in 1958 bul founded by Charles Wick51eed and the original manufacturer of children's playground equipment. The heritage play area and upgrades lo the free playground opened to the public in spring 2022. During the financial year. a competition was launched through the @Play Project inviting primary-aged pupils to design a new piece of playground equipment. The winning design wa5 selected by a panel ofjudges and brought to life by Wicksleed Leisure Limited. The °Beanslalk" was unveiled lo the publi¢ in March 2024 and is a popular addition to the free playground. ¢. MaSntenan¢o of the gardèn$, arborgtum and paikland at Wlcksteed Park During the year the Trust incuffed Costs of £784,96412023 - £1,071,431) in respect of the maintenance of tha garden5. arboretum and parkland . d. Restoratlon of the lake and surrounding areas at Wlcksteod Park The restoration of the lake supported by funding from the Nation81 Lottery Heritage Fund, N¢Nthatnptonshire County Council and Kellering Borough Council, wdened accessibility lo the Park and provtded opportunities for wider community engagement and educational opportunities. Further investment into the lakeside area was secured following the announcement by North Northamptonshire Council of funds from the Recovery and Innovation Grant scheme. This funding SLtpported the regeneration of the children's lakeside area, together with other vital projects across the Park. e. Learnlng and Edu¢atlon a¢tlvltlo$ The eommunlty and educallon team develops 8nd delivers an exciting. inspirlng and accessible prcgramme of seasonal activities and workshops for children. young people and adults. Activities are designed lo enrich both national curriculum led learning andlor leisure intere515. The learning space opened in June 2019, providing a dedicated and well-resourced space to provide opportunities to experience different aspeds of the Pork's rich landscape and heritage. Page 3
WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 strategic report {contSnuedl A¢hlovomonts and perfomiance Icontlnuedl f. Communlty a¢tivltie$ The communkty team delfvered a de range of community activities throughout the year ended 29 February 2024, supported by a dedicated team of volunteer5 to enable gater access, engagement arKJ participation al the Park. The team develop and deliver an annual programme of events that celebrate and inlerpfel the Park's diverse landscape and rich heritage. In addition, the community team support a number of community led activities and events thich contribute lo the charitable objectives including Park Run and Junior Park Run. Sea Cadets use the lake for weekly training sessions and the Model Boat Club continues to attract enthusiasts from across the County for ils activities and use of the purpose-built model boating lake. Natlonal Play Day is re¢ognisod oach August with a varty of free-to-access activllles across the Park. g. Volunteerlng Wtcksleed Park values the contribulion vdunleers make lo the Park, caring for our landscape and assisting in the delivery of a wide range of events and activities. The community team coordinate volunteer actimties through the Wicksleed Volunteer Network providing support and training. Total volunteer hours for the ffinanaal year amounted to 6.271 12023- 4.1691 reflecting a core team and additional support. h. Ro$toratlon of the Hlstorlc Heart of Wicksteed Pa Signif£cant works have been undertaken in recent years to support the resloratlon of th$ Park's hist¢)it lands¢ape. Works included the pedestrian areas in the main precinct and the Tesloratlon and refurblshmenl of several Park buildings including th& historic prefabricated buildings MMOn1Y referred lo as the 'Concrele Cottages.. One of these Cottages has been turned into an Sce croam parlour. honouring a long tradition of setving ice-cream in the Park. The Trust has complele(S the provision of a new purpose built leaming space which opened in June 2019, hgrilage play facilities. a changing space5 facility for p$ople with additional physical needs and has increased accessibility within the heart of the Park. Funding under the Recovery and Innovation Grant prowded by North Northamplonshire Council has supported the continued investment into the Historic Heart. The grant contributed towards the repla¢emenl of the main flat ioof of the pavdion to safeguard this historic and prestigious building and ensure il is a fit for purpose commercial space able lo generate a sustainable source of revenug for the Park. Page 4
WICKSTEED CHARITABLE TRUST (A Company Llmltgd by Guarantge) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 29 FEBRUARY 2024 Strategic report Icontinuedl A¢hlevgm•nts and rf0m7ance {contlnued} Play Herltage Lottèry Project The @Play project, furmled through the National Lottery Heritage Fund is in its final delivery phase. The project raised awarenes5 of the signrficanl herilttge and place in social history of Wicksleed Park. @Play enhanced the visitor experience and widened oppcsrtunities lo participate and enjoy simple family play in line wlh the wishes of the Park's founder, Charles Wid(sleed. This has been achieved through the resloralion and preservation of the Park's unlque heritage via sustsinable investment and retaining free access to the Park's beautiful herilage landscape and renowned playground. The Wicksteed Park Archives is a digital collectton of items lating to the herSta9e of the Park. Made possible by the dl¢atIon of a team of volunteers working with the community team it is a free to access r8souTce that will cont4nue 10 9row. showcaslng tho Park's heritagg and place in the community. To mark the Park's belated centenary, a Regatta was held in August 2022. This family.friendly event included live music, activities on the lake. competitions and more. February 2023 saw tho belaled Centsnary Ball in the grand pavilion ballroorn. The refutbishmenl of the fully accessible Garden Ro¢)m is now complete. which together with the refurbished fountain18wn mako for a spectacular venue with fabulous views across the Park. The completion of these works preserves the unique heritsge in the heart of the Park while also supporting a sustainable futuie through additional areas for revenue generation. The Innovation @Play Awards project, in partnership with schools, local unifom) groups and Wicksleed Leisure Limited s8w children given the opportunity to pul their design skills into action and %Kal¢h the wnning design be brought to life in the fom a unique plecg of play equipment installed in the main playground in March 2024. j. Slade Brook Project In partnership with the Environment Agency and Nene Rivers Trust, the project created a more natural wateicourse within Ihls area of the Park. Tho lowered floodplain allows for a greater capacity for water storage over the winter. providing 8 nara1 defence agaiftst climate change. preventing flooding further upstream. Improvement of the natural habitat through the anting of native trees and wldflowers wll increase biodiversity as well as facilitating public access to the area. New waymarked nature trails have been designed during the year and will open lo the publ1¢ in Autumn 2024. showcasing the oulslanding natural beauty of Ihls are8 and opening up a ngw opportunity for wellbeing within the Park. k. Investment perfonnan¢e agalnst obJ•ctlvos The TNslees' long teryn investment objectives. as slatèd in the 'Finan¢ial Review below, are lo maxlmis8 Income and capitsl grovAh from the Ilsled investment portfolio. The Trusys income from the listed investments was £NIL12023 £NIL). Income from listed investments is USLtally reinvested diredy to the portfolio to start to replenish what has been disinvested lo internally fund projects. In addition to the income from listed inves*ments, £8.813 {2023 - £1,526) of bank interest was received in the year. Page 5
WICKSTEED CHARITABLE TRUST {A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 29 FEBRUARY 2024 Strategic r¢port (¢ontinuedl Achlevements and perfomiance {continuedl l. Sustalnablllty As part of the development of a green agenda, alongside wider conservation management responsibilities, tho Trust is actively seekin9 new ways of working to inform policy and practice going forward, with a view to reducin9 its carbon footprint. The Trust has now invested in four electri¢ vehicles and remains committed lo phasing out reliance on traditional vehicles where feasible. The Trust has recently completed an energy reviow of ils building stock and has replaced both roofing m81$rials and single glazed windows on a number of key structuies in the Park. All lighting within the main pavilion ballr¢)om has now been replaced wlh energy-efficienl LED lighting and disused or inefficient appliances have been swl¢hed off. Environmental, Social and Govemance considerations are now a key area in policy and decisionwmaking prOSSeS. Flnan¢lal revlew a. Golng ¢on¢grn Wicksteed Trading Lime0 was incorporated lo continue the trading acliwties of the Trust with a heavily m¢)difièd business model and a reduced headcount from the former trading entity. Wicksleed Park Limited. The business model has shifted from one with a large stsff base (both full, part lime and seasonall with high fixed overheads. to one wtlh a small headcounl and lower, variabl8 overheads based on profitable activities. Thg year ended 29 February 2024 was a challenging year for the trading subsidiary in light of hKJh inflation. Increases lo National Minimum Wage and the impact of the cost-of-living crisis on the Core customer base, with the squeeze on disposable income affecling spend on leisure lime aclivilies. In response to these challenges. the trading subsidiary has completed a revSew of key contracts. suppliers. and casual staff rots arrangements lo reduce the cost base. Furthermore, the calendar of events has b8en subslanlialty enhanced for 2024125 and beyond YAlh the addition of new actiwties for Halloween, ChTlStmas, nature, and wellbeing. These $vents will boost rene at key points in the Park's calendar lo bolster income outside of the main rides and attractlons season. In assessing going concem, the Trustees have takon into account all available information about the future and have reviewed detailed forecasts which consider both the various impacts of anti¢ipaled price rises and potential future cash inflows arising from land salgs and the development of an over 55$ village wthin the Park. In light of these considerations, and the management thereof. the Group's results are reported in accordan with the going concem concept. The Twsl has su¢cessfulty applied to Ihe National Lottery Heillage Fund for 8 ngw grant lo support the creation of a fundraising team at th8 Park. The team will be tasked with bc>osting non-trading ravenu8 by creating awareness of and attr8¢ting funding for the piote¢lion of both the green space and heritage. Page 6
WICKSTEED CHARITABLE TRUST {A Company LlmSt¢d by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 29 FEBRUARY 2024 b. Reserves policy Al th8 end of the repong period, the total reserves held by the Group amounted to £7,154,026 12023 £7.789,0691. Withln the total reserve balance, £18.616 (2023 £18,616) relates to the restricted Heritage Fund which reflects donations and grant income re¢elved lo promote the heritage ol Wicksteed Park and £59,975 12023 £17,459) relates lo the @Play Fund ithich reflects income received to facilitate and enhance simple family play in line with the wishes of the Park's founder. Charles Wlcksteed. Unrestricted reserves of £7,059.243 {2023 - £7.751,119) include the Accurnulaled Trust Fund which represents general funds not designated for parts"cular purpose and the Revaluation Reserve which represents the amount by which unrestricted investments exceed thelr hislorlcal cost. The Trustees have considered the level of free re3erves, which are those unrestricled fL¢nds not invested in tangible fixed assets, intangible fixed a5sels, designated or commltted funds. Al 29 February 2024, free resefves amounted to a surplus of £814.06312023- £1.681.4641. The Trustees consider that there are suffi¢Sgnl reserves to allow flexibility lo respond to short term and emergency requirements of the Tru51, which may arise from time to time, due lo the nature ol Its properties. In the Trustees, opinion. retained reserves should be equated wth approximately e1ve months unrestricted resources expended. excluding exceptional items, which 15 tuentlY in the regSon of £1.3m to £l.Sm. Al this level, the Trustees believe they would have sufficient lime to generate funds from internal resources or to consider alternative external sources of funding in order lo enable the Trust lo meet its obligations. The current strategy is to replenish reserves through tho revlsed structure of the Trust's trading subsidiary. which 11 be supported by the Tru51 to enable il to operate effectively, through the establishment of an over 55$ village within the Park's grounds and through fundraising activities supported by the newly awarded National Heritsge Lottery Fund grant. Details of material designated funds and their purposes are detailed in Note 22 to the financial ststements. ¢. Investment pollcy and performance The Trustees have considered the most appropriate polKy for invosting funds and have found that a portfolio of listed inveslmenls, managed as a discretionary portfolio by a firm of stockbrokers, meets their requirements to generate both income and, over Ihe long temi, ¢apilal growth. In line w(th ils Investment Policy, Trustees take into account environmental. socièl and governance considerations when making investment decisions. Portfolio managers are aware of the Trust's objectives to ensure that individual investments wthin the portfojio align with the charitable objectives of Ihe organisation. Page 7
WICKSTEED CHARrrABLE TRUST (A Company Llmited by Guarantee) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 29 FEBRUARY 2024 d. Ri$k managemant and intemal control Risk management- The Trustees ensure there are effective arrangements In place for Intgmal control includlng risk management. A new Risk Management Policy was ralified by the Trustees at ils meeting In March 2023. The systom of internal control is designed lo Identify, evaluato, monitor and manage risks. The system of internal control is designed lo manage risk lo an acceptable level ¥Mthin the risk appetite of the Trust. The level of acceptable risk is a key f2clor in the Trust's investment decislon-maklng process when considering how best lo achieve its charitable aims and objeclNes. Systems for management of risk - Risk managtsmenl forms a core part of rnanagernent informabon and is considered al each Trust Board meeting. 11 inforffls how the Trust monitors its policies and iriilialives and how these are incorporated into wider business planning across the Group. With partiCLtlar refeTen¢è to Wicksteed Trading Limited, given the nature of its primary trade. risks are identified through senior and operational management, incorporated Into the risk management framework and appropriate moniloring and mitigating controls put in place. The Audit Committee is tasked wth revsewing the Risk Register and systems of inlemal control and will report to the main Board with any rewmmendalions for improvement. An annual governance revl6w is completed each Autumn. Where weaknesses are identified, these are actioned by managefflent and reported back lo the Trust Board. The major risks fac¢ng the charity which Trustees consider lo be Ihe most significanl are: Inflation risk- the risk that costs. particularty slafflng and ulilityes, will rise subslantialty ahead of income. restricting the Tfusl's ability to deliver on ils charitable objactwes. Trtjslees continue lo closely monitor the economic position both locally and nation811y. Budgetary controls and financial rgPOrting ale used lo monitor the internal position Imthin the cost constraints prevailing. Weather patterns- climate change and the risk of increased arsd prolonged spells of wet weather 11 have a detrimentsl impact on the main revenue of the trading rnpany. To miligale thls risk the trading company Is tasked with reducing reliance placed on tradltional. weather-dependenl income streams, with a focu5 on year-n)und revenue generation. Infrastructure- followng the effects of the pandemic on both trading income and reserve le1$, Infraslruclure across the Park is in need of investment both to preserve the hisloiic landscape and to attract Customors into Ih&1gisure park al a lime when household incomes are being squeezed by the cost of living crisis. A programme of maintenance works is underway across the Park to preserve and protect the historie landscape for future generations. Investment into the leisure park attractions is also ongoing. A Management and Maintenance Plan has been completed through the @Play Project whi¢h facilitates blssiness planning lo support the investrnenl needed across the Park. Page 8
VIICKSTEED CHARITABLE TRUST (A Company Llmlted by Guarantee} TRUSTEES. REPORT (CONTINUEOI FOR THE YEAR ENDED 29 FEBRUARY 2024 Plans far th• future The Trustees plan to conUnue the act5tIeS oullSned above in the forthcoming years. and lo make more beneficial use of the Trust's heritage assets. The new lodge vlllage for the over 55$ wll provide a baseline source of revenue for the Park which is not wealher-dependent and wlll also provide funds lo bglster the reseNgs and support investment into both the heritsge assets and e trading subsidiary. The plans for the village have been subject to consultstion and expert external scrutiny lo ensure they are appropriate lo the Park and are in line wlh the original vision of the Park's founder. Charles Wicksteed. Wicksleed Village Umlted has been formed lo manage the proposed development and will form part ol the Group going forward. A result of the investment into the Park's assets and infraslructurtr wll 811ow for enhanced event activities throughout the year by making these assets more accessible and attractive to both commercial and private bookings. An enhanced event programme wll also serve to bolster a non-wealher dependent income stream lo ensure the Park's future sustainability. The implemenlallon of a fundraising team Into the Park wlll ralse awareness of the Park as a unique heritage asset wSthin the county. opening up new opportunities for revenue generation through grant funding and donaOn$. New partnerships with groups including the Kettering Nature Group. local councils and other leisu operators in the county have opened up opportunities lo raise awareness of the Park lo wider aLtdlenc8s through nature acttvilies. community festivals and wellbeing. f. Employment policios The Trusfs policy is lo give full and fair consid&r81ion lo applications for employment made by disabled persons, having regard lo their particular aptitudes and abilities. Disabled employeès receive appropriate training lo promote their career development. Employees who become disabled are retsined in their existing posts where possible or retrained for Suitable altemallve posts. Regular meetings are held belween senior management and employees or their employee representatives lo discuss matters of concern. g. Flnan¢lal actlvlties The Group's principal fLtnding source is the income derived from the operation of a leisure park wthin Wickslged Park. This income is ger¥erated by the Trust's trading subsidiary Wicksteed Trading Limited. Wicksteed Charitable Trust Totsl incoming resoUe$ for the year were £4,196,356 (2023 - £5.202,581). Resources expended in the year tolalled £4,825,194 12023 - £4,196.959}- Valuation losses on the investment portfolio came lo £6,205 12023 £15.9111. There was no lax rebate received during the year {2023 - £NIL). The overall dacrease in Group funds for the year was £635.043 {2023- £989,711 Inuease). Wicksteed Tradin Limited Total income for the year was £3.977,967 (2023 £4,615,420). Expens&s for the year. including a Glft payTnent to the parent of £412,867 totslled £4,692,208 {2023 £3.733.0491. The overall defial for the year, including Gift Atd, was £714,241 (2023- 882.371 profill. Page 9
WICKSTEED CHARrrABLE TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 29 FEBRUARY 2024 structurè. govemance and managoment a. Governlng document Wicksteed Charitable Trust is controlled by ts govemlng documenL the Memorandum arbd Articles dated 11 April 2012. and constitutes a company limited by guarantee, as defined by the Compani¢s Act 2006. b. Liability of mombars The liability of the members Is Ilmiled. Every member of the Charity proTnises, if the CharSty is dissolved while he or she or it is a member or wllhin twtslve months after he or she or il ceases to be a member, lo contribute such sum (not exceeding £101 as may be demanded of him or her or it lowards payment of the debts and liabilities of the Charity incurred before he or she or il ceases lo be a m8mb&r, and of the costs charges and expenses of nding up, and the adjustment of the rights of the conlribulories 8mong themselves. ¢. Trustees. Indemnltles Throughout the year, and lo th& date this report is approved. professional indemnity insurance was in place to Protect Tru51ees from claims arising from negligont acts, errors or omissions occijrring whilst on Twsl business. d. Equality. Diversity and In¢lu$lon Wicksleed Park is committed lo fostering 8 culluro of equality. diversity and inelusion across the organisation. A ngw Equality, Diversity ar Inclusion Policy was t81if*d by the Board in January 2024 and all pemianent staff have completed enhanced training during Summer 2024. As part of Its Straleglc Reow. the Trust has commisslonad an organlsatlon-wlde survey of dlverslty to understand the baseline and lo plan future strategy accordingly. •. Raerultment and appointment of new Trustees In accordance with the Articles of Association. the number of Trustees shall not be less than two bul shall not be subject to any maximvm. Trustees may be appointed by ordinary resolution at any general meeting. Th¢ Trustees remain in office until they resign or are removed. Trustee membership is Yeviewed al the annual review meetsng in autumn of each year. Trustees are recruited lo provide the skills and expedence required lo govern the Trust 8ncl a skills audit is completed annually by the HeatJ of HR followng a review of Trustee perfomance. Vacancies a a(ivertised lo attract suitably skilled c8ndldates and short-lisled applicants undèrgo a selection process. Recommendations for 8ppolnlment are ratified by the Board. f. Trustee inductlon and training A Trustee induction and ongoing Iralnlng programme ¢s in ace which requires Tnjstees lo complete rel8vant online training modules and familiarise themselves Charity Commission guldance, aligngd to their roles and responsibilities. The effectiveness of the Trust Board is rev¢ewed annually al the Annual Review meeting and by the Audit Committee. If a Tiuslee has served for more than three consecutive terms of three years, their reappoinlrnent is subject lo a rigorous review by the Board before reappoSnlment is confirmed. Pago 10
WICKSTEED CHARITABLE TRUST IA Company Llmlted by Guarantae) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 29 FEBRUARY 2024 stru¢tur•. govgmancè and managem¢nt 1¢ontinu) g. Oryanlsation The affairs of the Trust aro managed by the Board of Trustees, whlch meets at least six times a year. The Board of Trustees is responsible for formulating strategy arKI )IleS for the Trust and the exercising of financial controls. A full govemance and policy rewew is scheduled for each autumn lo en8 policies and procedures remain current and in line wlh best practice. A strategic rewew of the organisalion is ongoing and wll address the aclmlies of the Board and Sha thg future strategic direction of the organisation. h. Group structurn and investment in subsldlarl•$ All entities referenced below have been treated as stsbsidiaries on the basis that Wicksleed Charitable Trust has control as11 Is exposed to, or has rights lo, variable returns from ils involvoment with the subsidiary and has the ability to affect those returns. The Trust owns 100% of the ordinary shares of Wicksteed Tradlng Llmited. a trading company Ino)Iporaled In England and Wales to carry out certain actr'vities. which are ancillary lo and supplement the objectives of the Trust. One of the Trustees is also a director of the company. The trading sub5idiarls activitie$ lor the year are summarised in note 16 to the financial slatemenls. The followng entities. registered in England and Wales, have been treated as subsidiaries for the reasons sel out above.. Paradise Lane Limited Idormanll and Wicksleed Village Limited (dormant). The structure of Wicksleed Trading Limited has been r&vi8wed during the ygar lo enhance overall goveTnance and reporting lo the Trust. The senior management team require a broad expertise which involves drawtng from the bgst senior level talent In the market. The Trust seeks to keep senior management salary costs at a Proportionate ratio lo other salaries In the organisalion. Salarias for the senior management Igam are approved and reviewed annually by the Tru51. The senior rnanagemenl leam as al 29 February 2024 comprised.. Dlreclor of Finance and Govemance- Kelly Richardson LLB (Joint Honsl CPFA ACA Head of Estste- Michael Bush DMS Head of Operations- Jordan St Germaln BBUS CMILT (appointed 12 September 2023, reslgned 5 August 20241 Head ol HR- Mariya He8ney18ppoinled 19 April 2023, resigned 12 March 20241 Dlsclosurg of Infofmatlon to auditor Each of the persons who aro Trustees at the lime when this Trustees, Report Is approvèd has confirmed that.. so far as that Trustee is aware. thare Is no relevant audit information of which the chaiitable group's audltor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee In order to be aware of any relevant audit infomiation and to establish that the charltsble group's audltor is aware of that infomiation. Pag821
WICKSTEED CHARABLE TRUST IA Company Limited by Guaranteel TRusfEES' REPORT ICONfiNUEDI FOR THE YEAR ENDED 29 FEBRUARY 2024 Audltor MHA has Indlcated their willingness to ¢ontinue in office. The designaled TnJsle8s will propose a motion reappcynting the auditor al a meeting of the Tftjstees. Appro order of the membèrs of the Board of Trustees and signed on their behalf by.. ickste Chairman Dale." Page 12
WICKSTEED CHARITABLE TRUST (A Company Limited by GLtaranteel STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 29 FEBRUARY 2024 The Trustees (who are 81so the Directors of the Twst for the purSe3 of company lawl are responsibl& for preparing the Trustees, Report including the Strategic Report and the financial stal8ments in accordance wlh applicable law and United Kingdom Accounting Standards (Llniled Ktngdom Generally Accepted Accounting PctI1. Company law requires the Trustees lo prepare financial slalgments for each financial year. Under company law, the Trusl&es must not approve the financial statements unless they are s*isfied that they give a true and fair view of Ihe state of affairs of thè Group and the Trust and ol their incoming resources and applicabon of resources, including theii income and expendittjre. for that period. In prepaiing these financial slalemenls. the Trustees are required lo.. seloct suitable accounting policies and then 8pply them consisltsnuw. observe the m@thods and principles of the Charities SORP IFRS 1021., make judgements and accounting estsmates that a reasonable and prudent.. stsle whether appli¢8ble UK Accounting Standards {FRS 7021 have been fdlowed. subjecl to any material departurés disclosed and eXplane in the financial statements., prepare tho financial statements on the going concern basis unless it 15 inappropriate lo pSurne that the GroLtp and the Trust will ujntinue in business. The Twstees are respon3ib5e lor keepin9 adequate 8o¢ounting records that are sufficient to show and èxp(8tn the Group and the Trust's transactions and disclose Mlh reasonable accuracy al any time the financial position of the Group and the Trust and enable them lo en5Uf8 that the financial siatemenls wmply with the Companies Act 2006. They are also rèsponsible for safeguarding the assets (rf the Group and the Trust and hence for taking reasonable steps for the prever>tK>n and delection of fraud and other irregularÈb'es. In so far as Ihe Trustees are aware.. there is no relevant audit information of vA)ich the Group and the Trust's auditor is unaware., and the Trustees have lakgn all steps that they ought to have taken lo make themselves aware of any relevant audtt information and to establish Èhal thè auditor is aware ol that informatson. Appro er of the Members of the Board of Trustees and signed on its behalf by.. O C Wicks Chaimian 08te.' L.- /' Ii/u':_ Pa 13
WICKSTEED CHARITABLE TRUST (A Company Llmited by Guarantee) INDEPENDENT AUDtTOR'S REPORT TO THE MEMBERS OF WICKSTEED CHARITABLE TRUST Opinion We have audited the financial slalements of Wi¢ksleed Charitable Trust Ilhe 'parenl charitable compan) and its subsldiaries (the 'Group'} for the year ended 29 February 2024 which comprise the Consolidated Slalement of Financial Activities. the Consolidated Balance Sheet, the Trust Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, induding a summary of significant accounting policies. The financi81 reporting fiamework that has been applied in their preparation is 8ppli¢able law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Rèporting Standard applicable in the UK and Republlc of Ireland. {United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial staternents= give a true and fair view of the stste of the Group's and of the parent charitable compan$ affairs as al 29 February 2024 and of the Group's incoming resources and applicatlon of resources, includlng Its Income and expenditure for the year Ihgn ended- have been property prepared in accordance wlh United Kingdom Generally Accepted Accounting Practice- and have been prepared In accordanc& with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial ststemenls section of our report. We are independent of the Group in accordance with the ethical reqLtirement5 that are relevant lo our audit of the financial statements in the United Kin9dom. including the Financial Reporting Couricil's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ewdence we have obtaine(l is suffi¢i8nl and appropriate to prOVe a basis for our opinlon. Concluslons r•latlng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going c4)ncern basis of a¢¢ounting in the preparauon of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to eversts or conditions that, indimdually or collectively, may cast significant doubl on the Group's or the parent charitable mpanys ability lo continue as a going concern for a period of at least Iwelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responslbililies of the Trustees wlth resped to g¢ng concern are described in the relevant sections of this report. Page 14
WICKSTEED CHARITABLE TRUST {A Company Llmlted by Guarantee) INDEPENDENT AUDOR's REPORT TO THE MEMBERS OF WICKSTEED CHARITABLE TRUST (CONTINUED) Othei Infomiatlon The other information comprises the information Sncluded in the Annuil Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other Information conlalned within the Annual Report. Our opinion on the financial stslemenls does not cover the other inforrnation and, except to the exlenl otherwise expli¢iUy staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to fead the other information and, In doing so, consider whether the other information is materially inconsistent wlh the financial statements or our knOedge obtained in the course of the audit. OT otherwise appears to be materially mlsslated. 11 we identify such material inconsistencies or apparent material mlsstalements, we are required lo determine whether this gives rise to a material mlsstalemenl In the finan¢Tral stalemenls themselves. If, based on the work we have performed. we conclude that there is a material misslalemenl of this other informallon, wg ale required to report that fact. We have nothir¥J to report in this regard. Matters on whlch we are requlred to report by ex¢eptlon We have nothing lo report in respect of the folbwing matters where the Charities (Accounts and Reports) Regulations 2008 qUireS us lo report to you if, in our opinion: the infomiation given in the Trustees, Report is inwnsi5tent in any material respect with the fiTran¢ial statements.. or the parent charitable company has not kept sufficient accounling records- or the parent charitable company financial statements are not in agreement with the accounting records and returns.. or we have not received all the infamalion and explanations we requirg for our audit. Responsibiliti¢$ of Trustws As explained more fully in Ihe Statement of Trustees, RestK)nsibililies. the Trustees (who are also the 0Sre¢lors of the charitable company for the purposes of company lawl are respgnsible for the pparatiOn of the financial statements arkd for being satisfied that they give a true and fair view. and for such internal ¢ontrol as the Trustees delerrnino is necpssary lo enable the preparation of financk81 slalemenls that are free from material misstatement, whelhgf due lo fraud or error. In pparing the financial stslements, the Trustees are responsible for assessing the Group's and the parent charltable compan5ls ability lo continue as a going concern, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unles5 the Trustees either intend to liquidate the Group or the parent charitable company or lo cease operations. or have no realistic altemative bul lo do so. Page 15
WICKSTEEO CHARITABLE TRUST {A Company Limited by Guarantsg} INDEPENDENT AUDITOR'S REPORT TO THE lthlEMBERS OF WICKSTEED CHARtTABLE TRUST (CONTINUED) Auditorfs respon5ibilitie5 for the audlt of th• flnanelal statements We have been appointed as aL1t01 Lndor section 151 of the Charities Act 2011 and report In accordance with the Act and relevant regulations made or having effect thereunder. Our ObltIveS are to obtain reasonable assurance about wh8thar the financial statements as a whole are free from material misslatemenl, whether due lo fraLd or error, 8nd to Issue an Auditor's Report that includes our opinion. Rèasonable assurance is a high level of assurance. but Is not a guarantee that an audit conducted in acwrdance wlth ISAS IUKI ¥MII always delecl a material rnisstatement when il exists. Misstatements can arfse from fraud or error and are Considered material If, individually or in the aggregate, they could ieasonably expected to influence th¢ economic deciston5 of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material mlsstalements in sPect of irregularities. induding fraud. The extent lo which our procedures are capable of delecling irregularities. including fraud is detailed below.. Enquiry of management around a¢tU81 and polenli81 litigation and claims-. Perfomiing audit work over the risk of management override ol controls. including testing ofjoumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outslde the normal course of business and rewewSng aOntIng estimates lor bias.. Reviewing minutes of meetings of those charged with governan¢e- and Reviewing firian¢ial slalemenl disclosures and testing 10 5UPPOrting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not delect all Irregularities. inclsjding those leading lo a material misstalernent in the financial stalaments or non-u)rnpliance with regulation. This risk ncreases the more that compli?nce with a law or regulation is removed from the events and transactions refleded in the financial statements, as will be less likely lo become aware of instances of non-compliance. The iisk is also greater regarding iTregulaiities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, colluston, omlssion or misrepresentation. A further description of our responsibilities for the audlt of the tlnancial slalements is l¢)caled on the Financial Reporting Councll's website al: .uklauditorsres nsibiliJos. This description forms part of our Audilorfs Report. Page 16
WICKSTEED CHARITABLE TRUST IA Company Llmlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WICKSTEED CHARITABLE TRUST ICONTINUEDI Use of our report This report is made solely to the Group's Members. as a body, in accordance wth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has beeri undertaken so that we might slate to the Group's Members those matters we are required to state to them in an Audilols Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the Group and its Members. as a body. for our audit work, for this report. or for the oplnions we have formed. Rebe¢¢o Hughos Bsc (Honsl FCCA (Senior Statutory Audltorl for and rx) behalf of MHA Slalulory Auditor Northampton, United Klngdom Dale.. 20 November 2024 MHA are eligible lo act as auditors In terms of section 1212 of the Companies Act 2006. HA is the trading nam8 of Maclntyre Hls0 LLP, a limited liability partnership In England and Wvales {registered number OC3123131. Page 17
WICKSTEED CHARITABLE TRUST IA Company LSmited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 29 FEBRUARY 2024 Unrestricted funds 2024 Restrf¢ted fund$ 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and grants Charitable activities Other trading aclivilie5 Investments Other income 2.471 1,280 3,9TI,997 8,813 193,295 195.766 1,280 3,977,997 8,813 547,141 1.500 4.615.521 1,526 36,893 Total Incom• 3.990.561 193,295 4.183.856 5,202,581 Expendlture on: Raising funds and other activities Charitable acliyilies 4.040,230 636.002 4.040.230 772.464 3,125,528 1,071,431 10 136,462 Total expenditure 4.676,232 136,462 4,812,694 4,196,959 Net lexpenditurellln¢om• b8fore net lo$ses on investments Net losses on investments (685.671} (6.2051 56.833 (628.8381 (6.2051 1.005.622 {15.9111 Net movement In funds 1691,8761 56,833 1635,0431 989,711 Rèconclllatlon of funds: Total funds brought forward Net movement in funds 7,751,119 {691,876} 37.950 56,833 7,789,069 {635.043) 6,799,358 989.711 Total funds carrled forward 7,059,243 94.783 7,154.026 7.789,069 AJI income and expenditure derive from conllnuing aclivilies. The Consolidated Slalement of Flnanclal Activitiès inclLYJes all galns and tosses re¢ognSsed in the year. The notes on pages 23 to 48 form part of these financial statements. Paga 18
WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) REGISTERED NUMBER: 07394789 CONSOLIDATED BALANCE SHEET AS AT 29 FEBRUARY 2024 29 February 29 February 28 February 28 February 2024 2024 2023 2023 Note £ Fixed assots Tangible assets Inlanglble assets Investments 14 15 16 6.237,495 7,685 405,417 6.066,699 2.956 780,930 6.650,597 6.850,585 Current a$$ets stocks Debtors 17 18 25 48.665 335,486 887,043 44.382 296.931 1,469,392 Cash at bank and in hand 1.271.194 1.810,705 Creditors.. Amounts f811ing due w(thin one year 19 {635,498} 1688,7541 Net current ass&ts 635.696 1.121.951 Total assets less curTent liabiliti¢$ 7286,293 7,972,536 Creditors.. Amounts falling due after more than one yoar 20 (132,26n {183.4671 Total net a55et$ 7.154,026 7,789.069 Group funds Restricted funds Unrestrlcled funds 94.783 7,059,243 37.950 7.751.119 22 Total funds 7.154,026 7,789,069 Page 19
WICKSTEED CHARITABLE TRUST {A Company Limited by Guarantee) REGISTERED NUMBER: 07394789 CONSOLIDATED BALANCE SHEET ICONTINUED) AS AT 29 FEBRUARY 2024 The Trusloes acknOedge their responsitxlibes for complying with the r4uiremenls of the Companies Acl 2006 with respect to accounting records and preparation of financial ststernents. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by. Icksteed Chairman Date: b*/'11 IL" The notes on pages 23 10 48 forrn part of these financial statements. Page 20
WICKSTEED CHARITABLE TRUST {A CL)mpany Limited by Guarantee) REGISTERED NUMBER: 07394789 TRUST 6ALANCE SHEET AS AT 29 FEBRUARY 2024 29 Fèbruary 29 February 28 F¢bfuary 28 February 2024 2024 2023 2023 Not• £ Non-current assèts Tangible assets Inlgngible assets Investments Debtors.. Amounts falling due after more than one year 14 15 4.782.505 4,834,577 2,956 780,932 16 747.419 18 350,000 135.000 5,879.924 5,753.465 Current a55•ts Debtors due thIn 1 year Cash at bank and in hand 18 476,012 494,738 651,601 370.839 970,750 1,022,440 Cr1119r$.. Amounts falling due wlhin one 19 {107,8S71 (111,9841 Not current assats 862.893 910.456 Total net assets 6,742.817 6,663.921 Charity funds Restted funds Unrestrscled furKIs 231.245 6.511,572 37,950 6,625,971 Total funds 6,742,817 6.663.921 The Trusfs net movement in funds for the year was a surplus of £78,896 {2023- £107,338). The Trustees acknowledge iheir responsibilibes lor comptying wth the reqU1MentS of Ihg Aci with respect to accounting records arKI preparation of financial statements. The li latements were approved and authorised for issue by the Trustees and signed on thetr behalf by. Ocwic Chaiiman Date.. 7£?I'ii 1tts-:_4 The notes on pages 23 to 48 form part of these financi81 stalements. Pag¢21
WICKSTEED CHARITABLE TRUST (A Company Limited by Guarantee) CONSOLIOATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024 2024 2023 Note Cash flow$ from operatlng activitie5 Net cash generated (used inygeneratsd from oporattng aclivitias 24 1363.5201 1.242.435 Cash flows trom lTrvestlng a¢tivStles Proceeds from the sale of tsngible fixed assets Purchase of intangible assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Investment income 10.664 110.0001 1539.6941 1998.0361 424,719 57,973 {55,4111 1531,6121 8,813 1.526 240,006 15 14 16 16 Net cash used in investing actNItI¢$ 1160,9091 11,230,143) Cash Ilows from flnanclng activities Repayments of hire purchase agreements 157.920} 1163,2701 Net cash used in fJn8ncing a¢tlvltles 21 157.920) 1163.270) Change In cash and ¢ash equlvalents in th• year Cash and cash equlvalenls at the beginning of the year 1582,3491 1150,978} 1.469.392 1.620.370 Cash and cash equlvalents at the •nd of the year 25 887,043 1,469,392 The notes on pages 23 to 48 form part of these financial statements. Page 22
WICKSTEED CHARITABLE TRUST {A Company Llmlted by Guarant99) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 General infomiatlon Wi¢ksleed Charitable Tru51 Ilhe 'Gioup'l is 8 ¢haritable company limited by guarantee and is registered with the Charity Commission (Charity Regislgred Number 11421031 and Registrar of Companies (Company Registration Number 07394789) in England and Wales. The address of the registered office is given in the Group information on page 1 of these financial statements. The nature of the Group's operations and princlpal activitigs are detailed in the Trustees, Report. In the event of the Group being wound up. the liabil¢ty in respect of the guarantee Is limited lo £10 per member ofthe Group. A¢¢ountlng policies 2.1 Ba$ls of preparatlon of flnan¢lal statom•nts The financial statements hav? been prepare(l in accordance wlh the Charitles SORP IFRS 102) - Aceounling and Rewthng by Charities.. Statement of Recommended Practice applicable to chafities Preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10218nd the Companies Act 2006. Wicksteed Charitable Trust meets the definition of a public benefft entity under FRS 102. Assets and liabililies are initially recognised al historical cost or transaction value unless otherwise staled in the felevanl accounting rx)licy. The financial statements are presentad in Pound Sterling )ch is the functional currency of the Group and Trust and are rounded to the nearest Pound Sterling. The Consolidatgd Statement of Financial Acliwlies (SOFA) and Consolidated Balance Sheet consolidate the financial ststemenls of the Trust and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The significant accounting policies applied in the preparation of these financial slalemenls are sel out below. These policies have been consistently applied lo all years presented unless otheiSe slated. Page 23
WIICKSTEED CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounting polSclès {continued) 2.2 Golng concern The Trustees have assessed the going concern status of the Group and Trust. The Trustees consider that the Group and Trust have sufficient liquid resources and access to future resources to enable the Group and Trust lo cover its costs and pay its li8bililles for the nexi 12 months from the date of approval of these financial statements. The year ended 29 February 2024 was a challenging year for the trading subsidiary in light of high inllalion, increases to National Minimum W8ge and the impact of the cosl-of-living crisis on the core customer base. with the squeeze on disposable income affecting spend on leisu time activities. In responso to these challenges, the trading subsidiary has completed 8 review of key conlracts, suppliers. and casual staff rola arrangements lo reduce the cost base. Furthermore, the calendar of events has been sub5tanlially enhan¢ed for 2024125 and beyond with the addition of new aclivilie5 for Ha11oween. Christma5. nature, and wellbeing. These events will boost revenue 8t key points in the Park's calendar to bolster income outside of the main rides and attractions season. Consequently. the Tnjstees have concluded that there are no material uncertainties that may cast Sl9nificanl doubt about thè Group's and Trust's ability lo continue as a going con¢Èm for the next 12 months from the dale of approval of these financial stalemenls. Accordingly, the going concern basls has been adopted in preparing thè financkal slatemenls. 2.3 Income l income is recognlsed once the Group has entitleent to Ihg income, il is probable that the income 11 be reiVed and the amount of income receivable can be measured reliably. Grants are included in the Consolidated Stslemenl of Finartcial Activities on a receivable basis. The balance of income received for spectfic purposes but not expeaded during Ihe period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entiiiemenl of ttr¢eipl. its recognition is deferred and included in creditors as deferred income. Where entitlement occurs beforg income is received, the income is accrued. Income tax recoverable in relation to investment Income is recognlsed at the time the Investment income is receNable. Other income is recognised in the perfod in which rt is recelvable and to the extent Ihe wods have b8en provided or on ¢omplelion of the service. 2.4 Expenditure All expenditure is accounted for on an aecruals basis. Expenditure is recognised once there is a legal or constructive obliu81ion to transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the oblig81ion can be measured reliably. Expenditure is classified by a¢tivity. The costs of each activity are made up of the total of direct ¢05ts and shared costs, including support costs involved In undertaking each activity. Direct costs attributable to o single activity are allocated directly to that actlvty. Shared eosls which contribute to more than one activity and SLFPPOrt costs which are not attribulablo lo a single aCtity are apporttoned beeen those aclivlts.es on a basis consistent w41h the use of resources. Central staff Costs are allocated on tho basis of time spenL and depreciauon charges allocated on the portion of the asset's use. Page 24
WICKSTEED CHARITABLE TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounting policies Icontinuedl 2A Expgndltur8 (contlnuedl Expenditure on raising funds includes all expenditure incurred by the Group lo raise funds for its charitable purposes and includes Costs of all fundraising acliwties. Non-charilable trading is reported thin other trading actiwlies. Expenditure on charitable activities is incurred on dire¢Uy undgrtaking the activities which further the Group's obleclives. as well as any associated support costs. AJI expendilure is inclusive of Irrecovgrable VAT. 2.5 Int¢re$t recelvable Interest on funds held on deposit is included when receivable and the arnount can be measured reliably by the Group; this is normally upon nots'fication of the interest paid or payable by the institution th whom the funds are deposited. 2.6 Taxatlon The Trust Is ¢onsSdered lo pass the tests sel out In Paragraph 1 Schedule 6 of the Flnance Act 2010 and therefore il meets th8 definition of a charitable company for UK corporation lax purposes. Accordingw. the Trust is potentially exempt Irom laxafjon In raspect of income or capltal gains Teceived withln categorses covered by Chapter 3 Part 11 of the CorporalSon Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the exient that such incom& oi gains are applied exclusively lo charitable purposes. 2.7 Intangible asset5 and amortl$atlon Intangible assets costing £1,000 or mole are capitalised and recognised when future econom benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially rgcognised al cost. After re¢ognition, under the cost model, intangible assets are measured at cost less any accumvlated 8mortisalion and any accumulated impairment losses. Amortisalion Is prov4ded on Intangible assets at rates calculated lo write off the cost of each asset on a straighl-line basls over Ils expected useful life. The eslimatod useful lives are a5 follows.. WebsSle development 5 years 2.8 Tanglbl¢ fixed assats and depreclatlon Tangible fixed assets costing £1,000 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset Can be measured reliably. Tangible fixed assets are Initially reGognlsed al cost. After recognition. under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairm9nt losses. All c051s incurred to bring 8 tangible fixed asset into its intended working condition should be included In the measuremonl of Cost. Page 25
WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Accounting polÉclès (continued) 2.8 Tangible fixed as$el$ and depreclation {¢¢ntlnuod} Depreciation is charged so a$ to allocate the cost of tangible fixed assets less their residual value over their estimaled useful lives, using the straight-line method. Depreciation is promded on the followlng bases: Freehold buildlngs Property improvements Plant and machinery Fixiures and fittings Motor vehicles Offiee equipment Computer equlpment - 25 years 20 years 10 years 10 years 5 years 5 years 5 years Fieehold land is not deciated. Assets in the course of constnjetlon are not depreaated until they are brought into use. 2.9 Investment$ Fixgd asset investments are a form of financial instrument and are initially recognlsed al th8lr transaction cost and Subsequently measured al fair value at the Balance Sheet date. unless the value cannot be measured reliably in which case it Is measured at cost less Impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Nel gaIn[loSses) on investments, in the Consolidated Slalement of Financial Activitses. Investments in subsidiaries are valued at cost less provision for impairment. 2.10 Stocks Stocks are valued al the lower of cost and nel realisable value after making due allowance for obsolete and s10w.mong stocks. 2.11 Debtor5 Trade and other debtors are recognised at the sewemenl amount aft¢r any trade discount offared. Prepayments are valued at th8 amounl prepaid nel of any trade discounts due. 2.12 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid investments with 8 short maturity of three months or less from the dale of acquisttion or opening of the deposit or similar accounL Page 26
WICKSTEED CHARITABLE TRUST {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Accountlng p¢llcle$ (¢ontlnu¢d} 2.13 Llabllitle5 and provision$ abilities are reco9nised when there is an oblig8tion at the Balan Sheet date as a result of a past event, it is probable that a transfer of economic beneflt will be required in setttemenl, and the amount of the settloment can be estimated reliably. Liabilities are recognised al thg amount that the Group anlicipales it will pay to settle the debt or the amount it has received as advanced payments for the goods or servIS il must provide. Provisions are measured at the best esbmale of the amounts required trj settle the obligation. Where the effect of the time value of money is material, the provision Is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks spe¢rfic lo the liability. The unwirlg of the discount is recognised in the Consolidated Stslemenl of Financial Activities as a nance cost. 2.14 Flnan¢lal instruments The GroLtp only holds basic financial inslrLtmenls. The financial assets and financial liabili118s of Ihe Group are as folk)ws'. Debtors - trade and other debtots {including accwed income) are basic financial instruments and are debt instruments measured at amortised cost as delalled in Note 18. Prepayments are not financial Instruments. Cash at bank- is classified a5 a basic financial instrument and is measured at fa value. Liabilities - trade creditors, accruals and other ¢redttor$ are classified a5 financial instruments and are measured al amorbsed cost as detailed in Notes 19 and 20. Taxation and soci81 security are not includ&d in the financial instruments disclosure. Deferred income is not deemed lo be a financial liability, as in the cash settlement has already taken place arid there is simply an obligation to d$liv&r charitable services rather than cash or another financial instrument. 2.15 Flnance lea$ and hlre purchase Assets obtained under hlre purchase contracts and finance leases are capiloltsed as langlble flxed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are deprgciated over their useful lives. Flnance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated lo future periods. The financè element of the rental payment is charged lo the Consolidated Statement of Financial Activities so as to produce a constant periodic rale of charye on the net obligation outstsnding in each period. 2.16 Opgratlng leasas Rentals paid under operating leases are charged to the Consdidaled Statement of FinanrAal AclNities on a straight line basls over the lease term. Page 27
WICKSTEED CHARrrABLE TRUST {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Accountlng pollcies (continued) 2.17 Pen$ion$ The Group operates a defined contribution pension scheme and the pensK)n charge represen15 the amounts payable by the Group lo the fund in respect of the ye8r. 2.18 Fund accountlng General funds are unrestricted funds which are available for use al the discretlon of the Trustees In furtherance of th8 general objectives of the Group and which havo not been desSgnaled for other purposes. Restricted funds are funds which are to be used in accordance wth specffic reslriclions imposed by donors or which have been raised by the Group for partscular purposes. The costs of raising and administering such funds are charged against thè specific fund. The aim and use of each restricted fund is set out in the notes lo the financial slalements. Invgstmenl income. 9ains and k)sses are allocated lo the appropriate fund. Critlcal ac¢ountlng e$tlmates and areas of Judgemant Eslimates and judgements are continually evaluated and are based on hislorfcal experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. rilical accounting estlmates and assumptions.. The Group makes estimates and assumptions conceming the fthure. The resulting accounting estimates and assumptions will. by definition, seldom equal the related actual SUlts. The estimates and assumptions that have a significant risk of causing a material adjuslmenl to the carrying amounts of assets #nd liabilities ¥Mthin the next financial year are set out below. 8asls of valuation of financial InvlmentS Depreciation rates of tsngible fixed assets Useful enoMIC life of assets Income from donations and grants Unrestricted Restrfcted funds fund$ 2024 2024 Total funds 2024 D¢)nations Grants 2,471 2.471 193,295 193,295 2.471 193,295 195,766 Page 28
WICKSTEED CHARITABLE TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Ineomo from donations #nd grants Icontinuedl Unrestricted funds 2023 Reslricled ftjnds 2023 Total funds 2023 Donations Grants 12,536 3,660 12,536 534,605 530.945 16.196 530.945 547,141 In¢ome from charitabl• a¢tlvttlg$ Unrestrf¢t•d funds 2024 Total funds 2024 Total funds 2023 Gardan. arboretum and parkland at Wicksteed Park 1.280 1,280 1.500 All income from charitsble actltieS was to unrestricted funds. Income from other tradlng activities Unrestricted fund$ 2024 Total funds 2024 Total funds 2023 Rent and concessions reFVable Leisure park income 30 3,977.967 37 4.615.484 3.977,967 3,977.997 3.977,997 4,615.521 All income from other trading activitses was lo unrgslricted funds. Page 29
WICKSTEED CHARITABLE TRUST {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Income from Investments Unrestrbcted funds 2024 Total fund$ 2024 Total funds 2023 Bank interest recelvable 8,813 8,813 1,526 JI income from investments was to unreslricled funds. Other In¢¢me Total tunds 2024 Totsl funds 2023 Sundry 36,893 All other income was to unrestricted funds. Expendlture on raislng fund$ and other aGtivitie$ 29 February 28 Febwary 2024 2023 Tradlng activities Direct costs Leisure park exp8nditur8 Staff costs Depreciation 1.975.154 1.922.099 142.420 1,318,184 1.745.636 61.073 4,039,673 3,124,893 Other fundraislng actlvltlos Direct costs Bank and investrnent management ch8rg8S 557 635 4,040,230 3,125,528 All expenditure on trading actlvitles and other fundralslng activities was from unrestricted funds. Page 30
WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 10. Analysls of expenditur¥ on charitable activities Actlvlties undertak8n dirèctly 2024 Total funds 2024 Total fvnds 2023 Garden. arboretum and parkland at Wlcksleed Park 772.464 772,464 1,071.431 Analysls of dlrect costs Total funds 2024 Total funds 2023 Staff costs Depreciallon and amortisalion Trustee expenses Maintenance and repairs 172.736 226.232 383 131.673 269,283 216,017 328.197 L il 39,992 22.875 37.124 3,036 628 139.136 167.735 3,796 243.921 15,147} 1240,0061 17.767 13.750 47,494 6,384 Governance costs Professional fees Sundry expenses Advertising and publicity Insurance Other park costs Profil on disposal of tangible fixed assets 772,464 1,071.431 11. Auditorfs remuneration 2024 2023 F¢es payablo to the Group's auditor for the audlt of the Group's annual accounts 32.000 24.250 Fees payable to the Group's auditor in respect of.. All non-audil services not included above 6,332 2,520 Page 31
WICKSTEED CHARITABLE TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 12. Staff costs Group Group TTU$t 2023 Trust 2023 2024 2024 Wages and salaries Soclal securlty c(Ists ContribiJtiDn lo defined contribution pension schemes 1.921,413 145,622 1.854.877 135,878 57,959 66,802 27,81Y) 24,164 2.094.835 2.014,919 57,959 66,802 The average number of persons employed by the Trust dvring the year was as follows.. Group Group Trust 2023 No. Tfusl 2023 2024 No. 2024 No. Management Administration 15 15 Other 117 121 141 142 The nijmber of employees wFK)5e employee benefits (excluding employer pension costsl exceeded £60,000 was: Group Group 2023 No. 2024 No. In the b8nd £60,001- £70.000 In the band £70,001- £80,000 In the band £100.001- £110.000 The lolal amount of employee benefits Uncluding employerfs social secLtrity and pension conlribLStionsl received by Key Management Personnel TS £114,777 (2023 £202,776). The Group considers ils Key Management Personnel comprise Senior Management. 13. Trustees. remuneratlon ond expenses During the ar. no TruStS received any remuneration or olher benefils12023- £NIL}. During the year ended 29 February 2024, expenses lotalling £383 were reimbursed lo Truslees12023 - £8891 for the reimbursement of travel and accommodation. Page 32
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WICKSTEED CHARITABLE TRUST IA Company Llmited by Guar?ntg91 NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&4R ENDED 29 FEBRUARY 2024 14. Tanglble fixed assets {eontinuedl The Trust's freehold land and buildings contain land with a nel book value of £531.68712023 - £531,687> which is not su4.ecl to depreciation chaiges. The signtficant part of the TNst's freehold properties Comwise the parkland, layout and properties which are used for direct charitable pijrposes. In the opinion of the Trustees, the market value of the Group's and Trust's freehold18nd and buildings Is hlghey than ils net bcx)k value at 29 Febwary 2024. The Trustees do not consider il practicable or necessary lo quantify the differenee. The net bgok value of owned and hire purchase agreements Included as 'Tangible fixed assets. in the Group Balance Sheet is as follows: 29 February 28 February 2024 2023 Tangible fixed assets owned Assets under hire purchase agreements 5.890,173 347.322 5,621.712 444.987 6,237.495 6.066,699 Infoimalion about assets held under hire purchase agraements is svmmarised b810w'. Net book value 29 February 28 Febtijary 2024 2023 Plant and equlpment 318.628 444.987 Depreciation charge for the year 29 February 28 February 2024 2023 Plant and equipment 28,694 15.623 Page 35
WICKSTEED CHARtTABLE TRUST (A Company Liiiiited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 14. Tangible fixed assets {continuedl Addltlons 29 February 28 February 2024 2023 Additions lo assets held under hire PLtrchase agreements 308,000 15. Intanglbl• assets Group Website development Cost Al 1 Mar¢h 2023 Additions Disp05als 4.860 10,000 14,8601 At 29 February 2024 10.000 Amorti$ation At 1 March 2023 Charge for the year Eliminated on disposal 1,904 2,818 {2,407) At 29 February 2024 2,315 Net book value Al 29 February 2024 7.685 At 28 February 2023 2.956 Page 36
WICKSTEED CHARITABLE TRUST {A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 IS. Intangiblo assèts Icontinuedl Trust W¢b51te development At 1 March 2023 Disposals 4.860 14,860) Al 29 February 2024 At 1 March 2023 Charge for the year Eliminated on disposal 1.904 503 12,4071 At 29 February 2024 Net book value Al 29 February 2024 At 28 Febwary 2023 2,956 16. Fixed asset Investments Llsted Investments Group Cost or valuatlon At 1 March 2023 Additions Disposals at carrylng value Revaluations 780.930 55.411 (424.719) 16,205) At 29 February 2024 405,417 Page 37
WICKSTEED CHARITABLE TRUST {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 16. Flxed asset Investments (continued) Investment In subsldlary companlgs Llstsd Investment$ Totsl Trust Cost or valuation At 1 Marth 2023 Additions at cost Disposals al Carrwng value Revalu8Uons 780,930 780.932 55,411 397.411 1424,7191 {424,719} {6.2051 16,2051 342,000 Al 29 February 2024 342.002 405,417 747,419 The Group's and Trust's listed investrntrnls were valued by the Trustees by reference lo market prices. Thg Trustees consider that any listed investment representing 5% or more of the total market value of the investsnenl portfolio to be material in the context of the investment portfolio. Al 29 February 2024, no individual inveslmenl's ma¥kel value was greater than or equal to 5¥0 of the total listed investment portfolio market value. During the year the Trustees passed a resolution lo extinguish the three Inter-company loans with Wicksleed Trading Limited, lolalling £342.000 Iwhich includes debts due within and after one year), in exchange for share capital in the Company of the same amount. Page 38
WICKSTEED CHARITABLE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 16. Flxed asset Inve5tmtrnts {conllnuedl Principal sub$ldlarl&s The fotlowing were subsidiary undertakings of the Trust.. Names Company R9g1sted number officè ar prin¢ipal place of buslnèss Prin¢ipal actlvity Holding Inelud8d In ¢onsolldatlon Wicksteed Trading Limited 12653391 Wld(ste¢d Park. Operallon of a Leisure Barton Road. Park situated within Kettering, Wicksleed Park England, NN15 6NJ Paradise Lane Llmiled 07626655 Grand Pavilion Wicksteed Park, Barton Road, Kettering, England, NN15 6NJ 13705024 Wicksleed Park, No activity Barton Road, Kettering, Northamptonshire United Kingdom. NN15 6NJ Yes No activity 100'/9 No IDormanl} Wicksleed Village Limited 100% No {Dormant) The finonaal iesulls of the subsidiaiips for the year were: Name5 Income Expenditure Loss for the year Net ass•t$ Wicksteed Trading Limited 3.977,967 14,692,208) 1714,2411 738,141 The transfeT under Gfft Ad of the tiading profrts of Wicksteed Tfadlng Limited as a dlslribullon to the Charity was £412,86712023- £Nil). The paiTnent of Grft Ald is included In the loss for the year. Page 39
WICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 17. Stock$ Group Group 29 February 28 February 2024 2023 Gwds for resale 48.665 44,382 The Trust held no stock al the Balance Sheet date {2023- £NILI. 18. Debtors Group Group Trust Trust 29 February 28 February 29 February 28 February 2024 2023 2024 2023 Due after more thAn onè year Amounts owed by group undertakings 350,000 135,000 Due within one year Trade debtors Amounts owed by group undertaklngs Other debtors PrepayTnenls and accrued income 109,222 123.696 834 412,867 42,674 19.637 25,949 606,180 7.207 12.265 47.182 179,082 34,979 138,256 335.486 296.931 826,012 786,601 Page 40
WICKSTEED CHARITABLE TRUST IA Company Limited by Guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 19. Creditors: Arnount$ fallSng due within one year Group Group Trust Trust 29 February 28 February 29 February 28 Fgbruary 2024 2023 2024 2023 Trade credltors Amounts owed to group undertakSngs Other tsxation and social security Obligali¢)ns under hire purchase agreements other creditors Accnjals and deferd Income 228.018 108,868 5,631 62,9S2 7.294 105.817 51.200 15.912 234,551 76,716 57,920 16,242 429,008 14,993 39,274 89,697 635,498 688,754 107,857 111.984 Group Group Trust Trust 29 February 28 February 29 Fgbruary 28 February 2024 2023 2024 2023 Deferred In¢omo Delerred income al l MOf¢h Resour deferred during the year Amounts released from provlous periods 280.751 148,976 188,560 280,751 (280,7511 1148,9761 14,120 21.274 114.1201 Deferred Income at 29 February 188,560 280,751 21.274 During the year. the Group held deferred income of £188.560 12023 £280,751). This comprises of £20,06912023 £Nill for the @Play project, £1.20512023 - £Nill for National Heritsge income, £Nil12023 £62.7201 in Wi¢ksteed Charitable Trusl relating to Lottery funding and £Nil 12023 - £5,000) relating to Kettering Borough Council funding. The remainder relates to Wicksteed Trading Lirnited which holds £54.320 {2023 £55,265) in relation to lodge sile fees received in advarKe, £35,799 12023 - £14,741) relating to events, £Nil 12023 £2.7601 for mpIng, £11.351 12023 £6,265} for Play Factory parties, £62.000 12023 £62,000) relating lo RINO grants. £Nil 12023 - £35,000) relating to wedding events, £3,666 12023 £Nil) relating to tfjckels and wristbands, £150 12023 £Nil} relating lo parkin9 and £Nil 12023 - £37,000} in relation to customer deposits for future events. Page41
VIICKSTEED CHARITABLE TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 20. Credltors." Amounts falling dug after rnore than one ye•r Group Group 29 February 28 February 2024 2023 Obligations under hlre purchase agreements 132.267 183,467 The Trust has no long teTm creditoT$12023- £NILI- 21. Hlro pur¢hasg agr90ments Hire purchase agre&ments are due as follows: 29 February 28 February 2024 2023 No later than on8 year 8etweeen one year and five years 51.200 132.267 57.920 183,467 183,467 241,387 The following amounts In respe¢l of hire purchase agregments. where the GroupNrust is alossee, have been fecognised in the Consolidated Ststemenl of Flnancial AdiVeS-. 29 February 28 February 2024 2023 Hire purchase lease payable 18264 15,888 The obligations under hire purchase agreements and finance leases contracts are secured tjnder nomal commercial terms over the assets to which they relate. Page 42
WICKSTEED CHARrrABLE TRUST (A Company Llmlted by Guaranteal NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 22. Statement of funds statement of funds- current year Balance at 29 Febrnary 2024 Balance at 1 March 2023 Incomo Gainsl Expenditure (Losses} Unrestrlcted funds Accumulated Trust Fund Revaluation ReseNe 7.655.388 95.731 4,003,061 14,688,732) 6.969,717 89.526 16,2051 7,751,119 4.003,061 14,688,732} 16,2051 7.059.243 Rostrictèd funds Heritage Fund @Play Fund Slade Brook Realignment NNC Finance Stewardship 18,616 17.459 1.875 18,616 59,975 2,825 10,300 3.067 137,275 26,083 10,300 19,637 (94.7591 (25.1331 116.5701 37.950 193,295 1136.4621 94.783 Total of funds 7,789,069 4,196.356 14,825,194) 16,2051 7,154,026 Page 43
WICKSTEED CHARITABLE TRUST {A Company Limited by Guarantgel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 22. Statement of funds (contlnued Restrlctod funds The Heritage Fund represents donations, including Grft Aid. received by the Trust to promote the heritage of the Trust and Wicksleed Park. The @Play Fund represents funds received for the @Play projecL The @Play project aims to facilitate and enhance simple family play in line with the wishes of tha Pa¥k's found&r, Chades Wicksteed. This is 8chleved through an Actimly Plan that provides an exciting range of activitses celebratin9 children's play. The proje¢l also provides for the installation of a heritsge play area within the free playground. and the renovation of the top loor of the pavilion and fountsin lawn, as the CentrepIe of the original heart of Wicksleed Paik. The Slade Brook Realignment Fund represents funding from the Envir¢)nment Agency and the Nene Rivers Trust to lower the floodplain and realign the Slade Brook thereby improving capacity for winter water storag8, biodiversity and public access. Unrestricted funds The Accumulated Trust Fund represonls the general funds of the Group that are not designated for particular purposes. The Revaluation ReseNe Fund is requlred by the Companies Act 2006 and reprgsonts Ihe amouni by which unrestricted investments exceed Ihelr hlslorical cost. Page 44
WICKSTEED CHARITABLE TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 22. Statement of funds (¢ontSnuedl Statement of funds- prior year Balance at 1 March 2022 Balance at Gainsl 28 February (Losses) 2023 Income Expenditure Unr8slrl¢ted funds Accumulated Tnjst Fund Revaluation Reservo 6.664,649 111.642 4,671,636 {3.680.8971 7.655.388 95.731 (15,9111 6,776.291 4,671,636 {3,680,8971 115,911) 7,751.119 Rwstrlctèd funds Heritsge Fund @Play Fund Slade BTook Realignment NNC Finance 13,947 9.120 5,979 95,093 91.873 338,000 11,3101 (86.7541 189,9981 1338,0001 18,616 17.459 1.875 23,067 530.945 1516.0621 37,950 Total of funds 6,799,358 5.202,581 14,196.959} {15.911 I 7.789,069 Page 45
CKSTEED CHARITABLE TRUST (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 23. Anatysls of net asset$ between funds Analysis of net assets between funds - cuTrent p&rlod Unre$trlcted Restricted Total tund$ funds funds 29 February 29 Fèbruary 29 February 2024 2024 2024 Tangible fixed assets Intsngible fixed as5815 Fixed asset investments Current assets Credik)rs due thIn one year Creditofs dug in mor¢ than one year 6,237,495 7,685 405,417 1.176,411 <635.4981 (132.2671 6.237,495 7,685 405.417 1,271.194 {635.4981 1132.2671 94,783 Total 7,059,243 94.783 7,154.026 Analysls of net assets betwoon funds - prlor period Unrestricted Restrictèd Total funds fvnds funds 28 February 28 February 28 February 2023 2023 2023 Tangible fixed assets Intangible fixed assgts Fixed asset investrnents Current assets Creditors due wlhin one year Creditors due in more than one year 6.066.699 2.956 780,930 1,772,755 1688,7541 1183,4671 6.066,699 2,956 780,930 1,810,705 1688.7541 1183.4671 37.950 Total 7,751,119 37,950 7,789,069 Page 46
WICKSTEED CHARITABLE TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 24. Recon¢lliation of net movemant In funds to net cash flow from operating a¢tlvltle$ Group Group 29 February 28 February 2024 2023 Nel incomelexpenditUTe for the period 18s per Statement of Financtal Activitsesl {635.04'. 989,711 AdJustm•nts for: Depreciation charges Amortisalion charges Net loss on investments 365.834 276,117 2,818 972 6,205 15,911 18,8131 11.5261 15,1471 1240.0061 {4.2831 (11.3591 (38,5551 23,933 146.536} 188,682 Investment income Profil on dispos81 of tangible fixed assets Inerease in stocks Ilncreaselldecrease In debtors {Decreasellincrease In creditors Net cash generated lused In}Igenerat¢d from operatlng actlvltles 1363,5201 1.242,435 25. Anal1$ of cash and cash equivatent5 Group Group 29 February 28 February 2024 2023 Cash al bank 887.043 1,469.392 Analysis of changes In net debt At29 February 2024 At 1 March 2023 Cash flows Cash 8t bank and in hand Hire purchase 1.469.392 (241.3871 (5813491 57,920 887,043 {183,467) 1,228,005 1524,4291 703,576 Page 47
WICKSTEED CHARrrABLE TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 27. Contlngent IlabllltSes Al the year end the Company has a liability in relation lo a hire purchase agretsment of £183.467. In addition. the Company Is liable to pay £180,000 on default of any contractual payments in respect of this. This amount is secured over an existing assel. The Trustees conslder the economic oufflow lo be possible bul not probable. 28. Capltal commitments Group Group Trust Trust 29 F8bruary 28 February 29 February 28 February 2024 2023 2024 2023 Contracted for but not provlded In thos8 finan¢lal statements Acquisition of tangible fixed assets Acq*Jisition of intsngibfe fixed assets 53.305 14,000 29. Related party tran$actlon$ Until 15 June 2020 when the company was placed into administialion. Wicksteed Park Limited occupied land and buildings owned by Wlcksteed Charitable Trust. These assets We used by the company lo carry out ils principal actwily. The Trust invoiced Wicksleed Park Limited £NIL12023 - £NILI in respect of expenses incurred by the Trust on behalf of Wickst¢ed Park LimileLI. In 2021 the Trust paid £130,(K)O on behalf of Wicksteety Trading Limited for the acquisition of the business and assets of Wicksteed Park Limited. Al 29 February 2024. Wicksteed Trading Limked owed £NIL (2023 - £130,000) to the Trust in respect of this loan. Inlerost of £1,683 {2023 - £8,892) was charged durfng the y88r. Wlcksleed Trading Limited OC¢Lfpies land and buildings owned by Wicksteed Charitsble Trust lo cary out its principal activity. The Trust invoiced Wicksleed Trading Limited £NIL 12023 £NILI In respect of expenses incurred by the Trust on behaK of Wicksteed Tradlng Umiled. 30. Ultlmate controlllng party The chariLible company is ultimately controlled by the Board of Trustees. Page 48