Company Rogistration No. 08025757 (England and Wales) Charity Rgglstratlon No. 1150641 NORTHWOOD HOUSE CHARITABLE TRUST COIAPANY LIMITED A CI)WAIIY UIITED 8Y GUARANTEE TRUSTEES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS . FOR THE YEAR ENOED 31 DECEMBER 2022 AWXF£3 1710812023 COMPANIES HOUSE
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NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITED BY GUARAiifEE CONTENTS Pagè Reference and athiinistratNg infomation Trustees annual report Independent examiners. rewt Slalemenl of financial *ivities Balan Sheet 10-11 Cash flow Statement 12 Notes to the accounts 13-26
NORTHY400D HOUSE CHARITA8LE TRUST COMPANY LIMITED A COMPANY UMITÉD BY GUARANTEE REFERENCE AND ADMINISTRATIVE INFORMATION R•gi$t•rod Company No. 08025757 (England and Wales) Regl$tgrgd Charity No. 1150641 Registered Offi Ward Avenue Cowes Isle of Vght P031 8AZ TTUStees Mr5 J L Allan Mrs S E Collinge Mrs R A Culkn Mr S Dabell Ms D Deacon Mr B D Hicks Dr J A Polkrd Mr T Wander {appointed 10 January 2022) Chief Operating Officer Mr D Cool A¢couThtsnts & Indepgndenl Examlners Moore (South) LLP 9 St Johns Place Newwrt IS of Wghl P030 1LH Bankerd CAF Bank Lld 25 Kings Hill Avenue West Malling Kent ME19 4JQ Lloyds Bank Pk 21 Sl Thomas Square Newport Isle of Imght Barclays Bank P St James, Square Newport Isle of Wtght
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITED 8Y GUARAMfEE TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022 STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming Document The Charity is a limited company. limrted by gu¥antee, as deffird by the CompaniesAct 2006. Under its Memorandum of AssoclI0n. local Feople and organi5atKJns can become members of the charitable company for an annual Subscriptn. The ¢harilable company is g)¥emed by its Memorandum of Assoaation. The Charity also acts as Tnjstee for a separate charity Northwood House Charitable Trust which is registered under charity Number 276153. The Charity 1$ governed by a scheme issued by the Charty Commisston for England and Wales and effeth.ve 1.11.2012 (ref 53411213). ObjoctNK and Aims Under the Memorandum and Scheme issued by the Charity cOmrrsS10n for England and Wa. the objects of the Charity afe for the Publ benefit, {11 The piovision. maintenance and support of a public pleasure garden or park (including the provision of facilities for playing games, sports and other recreational or leisure f¥ilities and amenits8s1 in the area of benefrt. {21 The provision, maintenance and support of publK amenits for such Cha[[tab purpose5 a5 the trustee5 from time to time think fil, ineluding the piovision of public car parks. (31 The restoration. Preservation and maintenance of the proFerty of the Charity whth are of histt)ri¢ or arehilectural merit or importance. (41 If and in so far as income is not required for the above purposes. for any charilable purFW for the benefit of the inhabitants of the area of benefit. Rocruitm•nt and Appointmont of Trustees The Trustees are also Directors ofthe Chantab company for company Law purposes. The Charity has sut¢ommitte8s from where it can idenlify polential trustees with specffic skill sets. Trustees can be recruited from SUb¢mittee$ within Ihe Charity. By working wf(hin the Charity before tsking on the role of trustee, the person has a better understanding of and dedtstion lo the Charity. Once a trustee is appointed or elected, he or she 6 given an induction pack of documents that include5 the scheme issued by the Charity Commission of England and wa$. the memorandum of associats"on, a member's handbook, relevant paperwork and the lalesl accounts. A newty appointed Iruslee is grven and encouraged to seek information about the responsibilrties of being a trustee from the Chanty Commission's websrte. Trustees join the various sub- committees Of projects and work with volunteers. Trustees are encouraged to attend seminars and workshops that will rnake them rnore effective trustee5. Under the memorandum of assocration. the minimum number of Irustees is the and the maximum is eleven. The Charty may by ordinary resolution aFwint a pers is willing lo act as a trustee. No person may be aFpoinled a Iruslee other than in accordance wilh the pr(xedures set out in the Memorandum. Organisatlonal Stru¢tur• The Chartty had eight volunteer directors during 2022. The were also fr¥e paid operational staff - an Administrator. a Chief Operating Officer, an Assistant Manager. a Front of House and FunctDns Supervisor. as well as a House and Estate Maintenance Supervisor. The Trustees delegate management responsibilities lo the Chief Operating Officer.
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITEO 8Y GUAIiANTEE TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022 After years ofGovernmenl restriclKJns the Charity was ab lo Trade fora fijll 12 mnth period during 2022, the first time it has been able to do so since 2019. As a re$urt both public and prwale events sueh as weddings and concerts We held in the house and park throughout the year. The Charity had 279 members at the start of the period who Supp the aims and the objectNes of the Charity and ontribute to and influence the future direction of the Chanty. Members also have voting rights on ary resolution proposed at the AGM. Members get regLblar inv1¢ati$ to lake part in s(Kial events throughout the year. The Charity has approximatety 50 volunteers who work in the park and raise fvnds by catering al events. Wrth a full trading year during 2022, there were many opportunities forthe volunteers to raise funds forthe charity through catering and other activities and with no social distrnng or Ictkdowns. the gardening volunteers were back lo full strength working in the park Ihroughoul the year. Cleaning. bwkkeeping. accountsncy and wet6ile hosting services continued lo be outsourced during the period. The trading company foi the Charrty - Northwood House Trading CrM)pany Limited {NHTCLI, is a company limited by guarantee and its arts.eles require (subJ"eet to retention for working e8prtaV8ecounting requirement) that it donates all its profits lo the Charity. Simon Dabell, ROsen Cullen. Janel Allan and Ben Hid(s are the directors of Ihe trading cornpany. Mirror provTsions to those of the charitable company are inserted in its arbdes to prevent any director gaining benefits. Both Ihe Charty and the Trading Company OFerate under a single group VAT registratKIn. Rtsk hlanagemenl The Trustees evaluated the impact that Covid-19 had on the aclNths of the Charity and its Subsidiary trading ccmpany during the previous 12 month period. As a resulL ldgetS and financial forecasts were amended to reflect change5 in income generating activities, such as the main car park managed by the charity. as commuter use declined as a result of changes to work pattern5 Jch as working from home which continued Kh)St Covid-19. The level of financial resefves brought forward provided the Trustees with the reasonable expectstion that the Charity can continue lo manage operational risks. As a consequence. the Trustees beIve that it is appropriate to apply the going concern basis of accounting in preparing these accounts. As always. throughout the per1. the trustees and staff have continued lo seek to identfy ways in which risks to the House and Park can be reduced. managed or, idealfy, eliminated in their entirety. During 2022. the Chief Operating Officef and Trustees worked on updating risk assessments post CovKI-19. to refiecl. amongst other things, changes in heallh and safety requirements . Staff policies. which are also applicable to all volunteers, are conlinualty un¢Jgr review. These polictes include safeguarding, health and safety. equalty and diversity. safer fecruitsnenl, and child protection. During the year. new volunteers have undertaken in-house training lo ensure Complian with all environmentsl heath requifemenls. including record keeping. First Aid and Fire Marshall training were also undertaken by staff. Gas salety testsng and fi alarm testing are regulaty undertaken, as well as any remedial work required. In the park, and in consutstion with the Local Authority Tree OffKer, remedial w$ were undertak&n lo tree5 and paths.
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITED BY GUARANTEE TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022 Throughout the year the Charty continued to ensure thal the commercial and financial activ1tS of the Charity and ils associated enlilies were carried oul in compliance wtth all applb regulations whilst protecting and promoting the Charity's interests as far as possible. ProfessK)nal advice continued to te sought and iecommendations implemented where appropriate lo achieve these ends. As in previous years the trustees maIn committed to identrfying and implementing best practi in relation to the managemnt and govemance of the Charity and will Continue to do so in the cL¥ning year. Public Bonefrt The trustees are aware of and have regard to the Charity Commission's public benefit guidance when exercising any powers or duts.es to which the guKlance * relevant. SIGNIFICANT ACTIVITIES AND ACHIEVEMENTS During the year. the trustees continued with their work ipmenting the 1¢>year strategy for the Charity. which was agreed in 2019. As part of that strategy the board agreed to re-develop the derelt servant's wing into rentable office space. Phase one of this resloralion work was compieled at the end of quarter one and immediatety fully tenanted. Phase tsyo of this prqecl commenced in September 2022. The CondilKJn Survey of the House, stsrted in 2021. continued throughout 2022 with exlensive surveys both extemally and internally. to #Jenlify crilieal structural issues in the main fabric of the building. This Condition Survey will eventually allow the development of a Conservation Management Plan, which will further define the priorities for investment in the buim environment. The Charity continued to maintain the park for the benefft of the public. The Charity is grateful to Cowes Town Council for their continued finartial support in the park with mowiThJ Ihe lawns. culling Ihe hedges. emptying dcg waste and litter bin5. and cleaning the park toilets. Tennis courts were available lo the public at no eharge and were well used. Fundraising for the ongoing repair and maintenance of the courts re-started after a hiatus during the pandemic. Cowes Medina Bowling Club continued to operate and maintsin the tThYling facility on a li¢en¢e ?iiith a peppercorn rent and al no cost to the charity. The Charity continued lo work wilh Cowes Town Counol to operate a free pathing se1Me. in the Charity's main tar park. for island patients who needed lo travel lo mainland hospitals for treatment. Again after a year gap, the Charity was once again able to host the Spring Art and Garden SIKM. the annual Big Lunch- lo commemorate H.M. The Queen's Platinum Jubilee. mux. comedy. drama and quiz nights. as well as many weddings and private events. The Lawn Bar operated very suecessfulty. duriThJ the summer months and ran alongse a very successful volunteer run Tea Garden.
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMITED BY GiJARANTEE TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022 SIGNIFICANT ACTIVITIES AND ACHIEVEMENTS {¢ont...) Cowes Week actM"ls and INe entertainment were held in August. finalty baek to the size and scale of pre•pandemic years. The Cowe$ Week ladies lunch. held for the first time since 2019. was sold out wdl in advance and raised funds for the charity. The Charity was delighted to host an extended V¥Sghl prn$ in August, as wel as a series of monthly Wghl Proms lunchtime concerts in the ballro¢)m. The Charity also welcomed the relum of The Isle of INght Lilerary Festival. whth except for Ihe COVKI years has been held al the House since 2012. FINANCIAL REVIEW The Charity reported a loss for the year to 31 December 2022 of £(46,712) (31 December 2021 surplus £97.546} on general funds. However. project work undertaken throughout the year. including the restoration of the derelict servants wing. lolalled £198.444. or this pmject work £94,243 was funded from the proceeds of the sale of Church Lodge whieh redueed the ring fenced sale proceeds to £159,469, to be held for frJture restoration projects. The Trustees bok to maintain reserves sufficient to provJe six months operating expenses and relain £100,000 as a minimum working reserve. The net assets of the charty at the yearnd were £616,424 12021.. £663,136> with free reserves amounting to £487,440 {2021.' £550.2851. Free reserves are defined as unrestricted funds, less those td up in fixed assets. Prln¢lpal FundlThg Sources The car park, which for many years has provKled one of the main sources of revenue for the Charity, was severely impacted by the 'slay at home, directNes from the govemment during the PrevU$ years. bounced back in 2022 with income of £188,664 (2021.. £134,348) . The Charity's trading arm. NorthwoLJ House Trading Company Limited. which raises money for the Charity through the hire ofthe house for a variety of events including weddings. birthdays. meetings. and nferenCeS reported a surplus of £22.92812021.' £6,442). and had Closing net assels of £29.37112021'. £6.4431. Tenan¢ie$ Pfovided the Charity, in the leased office spa. an of £102.259 (2021.. £94.9731. Public event inctyne, including turnover from the highly successful Lawn Bar. nlyw a well*tablished Cowes venue. as well as volunteer catering produced £346.767 of turnover- exceeding all foreeasts.
NORTfrtWOOD HOUSE CHAmTA8LE TRUST COMPANY LIMITED A COMPANY UPIATED BY GUARANTEE TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022 PLAN FOR FUTURE PERIODS Members and volunteers continue to be an asset to the Chanty. and we look loard to continuir@ to hold open days, members. events and provide opportunities for volunteering and fundraising either in the house or park. These events. as well as volunteer meelings and forums, enable us to recruit and relain new members and volunteers. The Charity will also continue lo seok out sources of funding for major buitt enwronmenl projects. The Charity wll continug to work for Ihe benefft of the community through partnership working on projects with Cowes Town Council and othgr kxal charilw. During 2023 we look fopward lo wek(Kning annual events lo be he3 in the house and park Ihat will continue lo tKing visf(ors and income lo Ihe Charty including the Spring Art and Garden Show. members. social evenings, The Big Lunch. Cowes Week. Wght Proms and The Isle of Wight Literary Feslival.
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMtTED A COMPANY UMITED gy GUAFiANTEE TRUSTEES ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022 TRUSTEES RESPONSIBILITIES The trustees (who are also directors of Northwocd House Charitable Trust Company Limited for the purposes of ompany lawl are responsible for preparing the Trustees. Annual Report and the financial slalemenls in accordance with applicable law and Unrted Kingdorn Accounting Standards (United Kingdom Generally Accepted Aecounting Pradice). Cornpany and Charity law require the Oirectors to prepare accounts for each flnancial year. whseh give a true arbd fair view of the stale of affairs of the company and of the $Lrrplus or deficit of the company for that period. In preparing those a¢¢ounts, the Directors are required to.. Select $uitabb acUntIng policw and then apply them consistenuy. Make judgemenls and estimates that are reasonable and prudent Slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts,. and Prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Twstees are resrA)nsible for ensuring Ih8t the Charity keeps proper aoUnting records which dtsc105e with reasonable accuracy at any b.me the financial position of the Charty and which enable them to ensure that the financial statements compty with the Companies Act 200S and Charities Ststement of Recommend Practice. They also have responsibility for ensuring that the Charity has appropriate systems and controls (financial and otherwise) and that reasonable steps are taken for safeguarding the assets of the Charity and for the prevenlion and detection of fraud and other 1rguIarrtie$. This Port. which also meets the requirements ofthe D1ctOrs. Report for company law purposes. has been prepared in a¢cord8nce with the spe¢i81 provisions applicable lo small compan*s. Signed on behalf of the Board of Trustees Mrs R A Cullen- Tfustee
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY UMITED ACOMPANY UAITEO 8Y ARAlff INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTHWOOD HOUSE CHARrrABLE TRUST COPJIPANY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2022 I report to the charty trustees on my examinati of the accounts of the ¢mpany ftjr tr year ended 31 December 2022 which are set out on pages 9 to 25. ReSponslbllle8 and basls ol report As the charity trustses ofthe ctsnpany {and also its directors for the Purpo ofc¢ynpany law) you are responsible for the preparat¢on of the accojnts in accordance the ¥equiremenl8 of the CpanIeS Act 2006 {'the 20C6 ACY). Having satisfied myseifthat Ihe accounts of Ihe ojmpany are not requirèj to be audited under Part 16 of the 2006 kl and are eligible for independent examination. I fepcl in respeci of my examination of your company's accounts as carried out under section 145 of the Chartiies kt2011 Ilhe 2011 Acf). In carrying out my examination I have followed the Directions given by the Charity cmisSIon under secbon 145(SXb) of the 2011 Indepondentexamlnerfs stai•m•nt Since Ihe company's gross income exceeded 50.0[10 your examiner musl be a member of a listed in section 145 of the 2011 Acl. I confwm that l am qualified lo undertake the examination because l am a member of thè Insb'lute of Chartered Accountants in Eng]and and Wales, which 15 one of the listed bodies. I have completed my examination. I confimi that no mattets have come to my attent conne¢knon with the examinatn grving me cause to believe ihat in maierral re5tct accounting rerdS wore not kepl in respedof the company as required by sectson 386 ofthe 2006 Act.. or the accounts d) not acu)rd with Ihose record5" or the accounts do not comply with the Wnting requirements of section 396 of the Act other than any requirement Ihatthe accounts give a IwearKI fawv twhich is not a matter consid8red as part of an independent exaMinatn.. or the aecounts have not been prepared in a)rd wrfh the methots and prinrAples of the Statement of ReGommended Practice for accounbng and reporting by charities applicable to charilies preparing their accounts in actordance with the Financial Reporbng Slandard applKabkg in the UK and Republic of Ireland (FRS 102}. I have no concerns and have come across no ¢)th•r mattws in nn¢eon with the examination to which attentw)n sIK)uld be drawn in thi5 report in orderto enable a proper understanding of the accounts to be reached. J LLP K R Cwper BA FCA Dcha For and on behaff L Moorn (Sothh} LLP 9 St Johns Place Newport Isle of Wght P030 1 LH Dd: l<>
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 310ECEMBER 2022 Unrestricted Restricted Endowment Funds Funds Funds Total Total Funds Funds Yearto Yearto 31 December 31 December 2022 2021 Income and gndowrnents frorn: DonalK)ns and *acies Charitable activities Other trading activities (fundraising) Other income Investments 30,785 372.271 99,107 6,252 37.037 372,271 99,107 68.499 267,104 25,960 Total in¢om• 503.654 6.252 509,9( 361.599 Expenditure on: Raising funds 61.968 61,968 25,603 Charitable activities 10 468.132 18,183 486,315 241,775 Other 12 Total •xp•nditur• 534.094 18.183 552,277 271.223 Nel incomel{expenditure) {30.4401 (11,931} 142,371) 90,376 Trasnfers beeen funds Other rncognlsed galnsl{los$es} Gainsl(losses) on investment assets Net movement in funds 20 (30.4401 111.9311 14,3411 146,712> 97,546 Ro¢onciliation of Funds Total funds brought forward at 1 January 2022 580.055 34.821 48.260 663,136 565,590 Total fund8 carried lorward 310e¢ember 2022 549.615 22.890 43,919 616.424 663,136 All income and expenditu derive from contsnuning aCtNi1$. The statement of financial actNitses include all gains and losses recognised during the year. The notes on pages 12 10 25 fomi part of these accounts
NORTHWOOD CHARITABLE TRUST COMPANY UMITED A COMPANY UMITED BY GUARANTEE BALANCE SHEET AS AT 31 DECEMBER 2022 Unrestricted Funds Restricted Funds Endowment Fund Total fvnds 310o¢emb•r 2022 Total funds 310o¢ember 2021 Notes Fixed a$s•ts Tangible assets Fixed assel invesbnents 16 17 18.256 18.256 29,770 18.256 43,919 62,175 78,030 Currnnt assets Stock 402 402 402 Debtors 18 69.682 69,682 141,886 Cash at bank in hand 535 832 481 841 583.026 22.890 605,916 624,129 Current liabilitie$ Creditors.. Arnounts falling due within one year 19 Net current aets 531,359 22,890 554.249 585,106 Total assets less curront Liabilities 22 890 616424 Net assets 549.615 22,890 43,919 616,424 663,136 Charity funds Unrestricted Restricted funds End¢)wnm&nl funds 20 20 20 549,615 549,615 22.890 580,055 34,821 22.890 Total Fund8 S49.615 22.890 43.919 616.424 663,136 Of Ihe comparative balances £34.821 cash at bank represented restrKled funds and the ffixed asset investments of £48.260 repiesenled endowment funds. The notes on pages 12 to 25 form part of these accounls 10
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPA14Y UmE0 BY GUARANTEE BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2022 The company is entitled lo exemption from aud(( under Section 477 of the Companies Act 2006 for the period ended 31 Decernber 2022. The members have not required the company lo obtain an audit of its finan¢ial statements for the pericd ended 31 December 202Ain accordance wtth Section 476 of the Companies Act 2006. The Iruslees acknowledge their responsibilities for. (al ensuring that the company keeps accounting records whKh comply with Sectns 386 and 387 of the Companie5 Act 200S and. (bl preparing finaneial statements which grve a twe and fair vtew of the state of affairs of the company as at the end of each financial year and of its profrt and loss for each ffinancial year in accordance with the iequiremenls of Sections 394 and 395, and which otherwise comply with the requiremenis of the Companies Act 2006 retaling to financial stslements. so far as applicable lo company. Approved by the 8oaid of Twstees on 9 and siqned on its behalf by". Mrs R A Cullen- Truste Mr S Dab¢ll- Trustee Company registration number 08025757 The notes on pages 13 to 26 form part ofthese a¢counts
NORTHWOOD HOUSE CHARThABLE TRUST COMPANY uMrrED A C¢XAPANY UhlTED BYGUAAA CASH FLOW STATEMENT AS AT 31 DECEMBER 2022 2022 2021 Cash flow fr¢)m operdtln9 activltie8 Net cash lknv from operations A¥ teknv Total cash Il¢)w from oporatlng aotlvltl•s Cash tlow from Invesllng actlvilies Interest received Payments io wvire fixed assets 1,491 850 Tolal cash flow on Investlng adiviti•s in¢r•as• in cash and cash equlvalents 53.991 20,217 Cash and cash equivalents at 1 January 2021 Cash aThl cash equiv*nts at 31 tlecember 222 535,832 481,841 Cash and ¢ash equlvalents con¥lst of: Cash at bank and in hand al 31 D8cgmber 2022 535.832 481.841 R•conelllatlon of Income to net ca8hfflow from operations: 2022 2021 Nel surplus of income over expendire fortheye¥ Adjustments for. Interest received Depreciati charges (Increase}Idecrease in Stock (lner&8)lde¢rea$e in debtors Increasel{decreasel in creditors (46.712) 97,546 (1.491) 11.514 4.341 72,204 12 (36) 11.087 17.170) {88.7871 N•t cash from opera0 52.500 23.031 12
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMITED BY GUAPANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Summary of significant accountlng pollcles (a) General information and basis of preparation Northwrx)d House Charitable Trust Company Limited is a charitsbse company limited by guarantee regislereé in England. In the event of the charity being wound up. the liability in respect of the guarantee is limited lo £10 per member of the charty. The address of thg registered office is gNen in the charty informalton on page 1 of these financial slalements. The nature of the charity's operations and principal activit5 are described on page 2 under the heading"04"eclives and aims-. The charity constitutes a public benefft enlity as deffined by FRS 102. The financial statements have been epared in accordance wilh Accounting and ReFQrting by ch8rrts." Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financ1 Reporting Standard applicable in the UK and Republr of Ireland IFRS 102} issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republt of Ireland (FRS 102). the Chariiies Act 2011, the Companies Act 2006 and UK Generally Accepted Practe. The financial statements are prepared on a going concem basi5 under the historical eosl convention, lo include certain items at fair value. The financial statements are prepared in slerfing which is the functional currency of the Charity and rounded lo the nearest £1. The charty also manages the assets held witl)in an unincorporated charty {registered number 2761531, the assets of which were the subject of 8 scheme of management by the Ch8rrty Commission. The assets of that charity were amalgamated in 2013 with the assets of this Charrtable company, and are reported as one entity in these accounts. The SnIfiCant accounting licIeS apPld in the preparalton of these financk31 statements are sel out below. These polKies have been consistenlty appl*d to all yeats presented unless otherwise stsled. {b) Funds Unrestricted funds are available for use al the discrelK)n of the trustees in furtherance of the general objectives of the eharity and which have not been designated for other purposes. Designated funds comprise unrestricted fuThls that have been set aside by the trustees for parlicular purposes. The aim and use of each designated fund is sel out in the notes to the financial statements. Reslricled funds are funds which are to be used in aecordance with specffic restrictions imposed by.donors or . which have"been'raised by the'charity for particular purpcJses."The cost of raising and administering such funds are charged against the fund. The aim ar use of each festricled fund ks set out in the notes to the financial ststements. Endowment funds represenl those assets whth must be held pemianenuy by the charty. principalty income from previous land sales. Income arising on the endowment funds can be used in accordance with the objects of the chafity and is included as unrestricted income. Any capital gains or105ses arising on the investrnents fom) part of the fund. Investment management charges aThJ legal advi relaling to the fund are tharged against the fund. 13
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIVITED BY GUARANTee NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ic) In¢omo recognltlon Al incoming resources are included in the Statement of Financial Actiwties ISOFAI when the charity is legally entitled lo the inc(yre after any perfomiance conditions have been meL the amount can be measured reliably and li is probable that the income will be receNed. For donations lo be recogni the charty will have been notified of the amounts and Ihe $8ttlement date in writing. If there are conditions attached lo the donalKJn and this requires a level of performance before entitlement can be obtsined then income is deferred until those condilions are fully met or the fulfilmenl of those conditions is within the control of the charty and it is probab that they will te futfilkd. Donated facilities and donated professional services a renised in income at their fair value when their econom benefit is probable, it can be measured reliabty and the charrty has control over the itern. Fair value 15 determined on the basis of the value of the grfi to the charity. For example the arnount the charity would be willing to pay m the open market for sh facl1rtS arKI service5. A corresponding amount is recogni5ed in expenditure. ND amount is included in the financial ststements for volunteer time in line with the SORP (FRS 1021. Further detail is given in the Trustees. NnUal Report. INhere praclicable. gifts in kind donaled for distribution lo the benefiaaries of the charity are included in stock and donalions in the finaneial statements upon receipt. If il ts impracb"cable lo assess the fair value at receipt or if the costs to undertake such a valuation outsveigh any benefi15. then Ihe fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as Charitab expenditure. Fixed asset gffis in kind arg recognised when receirdble and are iluded at fair value. They are not detsrred over the life of the asset. Income from trading actNitres indudes income eamed from fundraising events and trading activit$ to raise funds fof the Charity. Income is received in ex¢hange for supptying goods and services in order to raise funds and is recognised when entsllement has ctcurred. Income from grants are recognised atfair valuewhen the charty has entitment after any performance conditions have been met. rt rs probable that the ineome will be received and the amount can be measured reliabty. If titlement is not met then these amounts are deferred. Investment income is earned through hokling assets investrnent Purposes such as shares and property. 11 includes dividends, interest and rent. Vthere it is not praCtible lo idenlfy investr)ent management Costs incurred within a scheme with reasonable a¢¢urw the investment income is K)rted net of these costs. 11 is included when the arnounl can be measured reliabty. Intere51 income is reccgni5ed using the effective interest method and dividend and rent income is feccgnised as the charity's ryht to fNe payment rs established. Other income includes the ConverSn of endowmenl fvnds into income which arises when capital funds aro released lo an inrne fund from expendable endowments or when a chority has authority to adopt a total return approach lo ils pemanent endowment fund. It also indudes other income such as gains on disposals of tangible fixed assets. 14
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2022 {d) Exponditure recognltioTh All expenditure is accounted for on an ruaL$ basis and has been classrfTed under headings Ihal aggregate all costs related lo the category. Expenditure is iecognised where there is a legal or conslruclive obligation lo make paymen15 to third parties, il is probable that the setuement will be required and the amount of Ihe obligab.on can be measUd reliabty. It is calegorised under the folluwing headings-. Costs of raising furbds includes evenl5: Expenditure on charitable activities includes lettings and frJncth)ns. ear paing. grounds costs. house preservation, and grants: and Other expenditure represents th¢)se items not falling into the categories otove. Irrecoverat4e VAT is charged as an expense against the trty for which expendrture arose. {e) Support ¢08ts allocation Support costs are those that assist the work of the ¢harty bul do not directly represent charrtable actNilies and inelude Offi costs, govemance costs, adminislfatwe. and payroll wsts. They are incurred directly in support of expenditure on the objects of the charty and include project management carried out at Headquarters. lthere support Costs cannol be directly attributed lo PartUlar headings they have been allocated lo cost of raising funds and expenditure on Charitsble adivities on a basis consistent with use of the resources. Premises and other overheads have been allocated in a similar basis. Fund-raising cos15 are those incurred in seeking volUntY contritMrtK)ns and (kn not include the cosls of disseminating informab'on in suppNt of the charitable ath"vrties. The anysis of these $ts is incl[ed in note 9 to these accounts. (fj Tangible fixèd assets Tangiblg fixed assets are st*d at cost lor deemed cost) or valuation kn aecumuLgted depreciation and accumulated impairment losses. Cost ildeS cosls directly attributable to making the assetcapable ofoperaling as intended. Depreciation is provided on all tangible fixed assets. at rates calculated to wrTte off the cost, less eslimaled residual value, of each asset on a Systemat basis over its expected useful lrfe as follLXYS". Land and propety Plant & machinery 5% strawht line 20% slraighl line The chanty's assets consist of land and property originalty conveyed by gift to the Local Authority in 1929 8nd were passed lo this charity by a scheme of management The Grounds are managed in permanent endowment, and these assets are hekj at nil cost. 15
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UWTEO BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 (g) Investment prop•rti8s Investment woperties for which fair value can be measured reliabty wrthoul undue cost or effort are mgasured al fair value al each replyting date wrth changes in fair value recognised in 'net gains I Ilossesl on investments. in the SOFA. (h) Invgstmgnts Investments are recognised initialty al fair value whh is Trjrmalty the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes regnised in 'net gains I Ilossesl on investments. in the SOFA rf the shares are publicly traded or their fair valLte Can otheTrvtse be measured reliably. Other investments are measured al cost less wnpaimienL Current asset invesknents are short lefm highty liquid investments and are held at fair value. These include cash on dept and cash equNaknts wrth a matunty of bess than one year. (i) Stocks Stccks are stated al the lower of cost 8nd estimated selling price $5 eosts to comete and sell. ti) Debtors and crlt0 receivable I payable within on• year Debtors aThY creditors with no stated interest rate and receivable payable within one year are recorded at transaction price. Any kisses arlg from impairment are renised in expenditure. (k) lrnpairment Assets not measured et feir value are reviewed for any indication that the asset may be irrpaired at each balance sheet dale_ If such indication exist5, the recoverable amount of the asset, or the asset's Cash ggneraling unil, is estimated and compared to the carrying amount the carrying amount exceeds its cOVerable amount. an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impaiiment kS is a revaluation decrease. 11) Employee beThefbts hen employees have rendered Servi lo the charty. short-teffli empk)yee benefrts to which the employees are enlilled are recL)Jnised at the uftdi%ecnted amount expected to be pahJ in exchange for that service. The charty operales a defined contributson plan for the benefrt of its employees. ContributKJns are expensed as they b0m¢ payable. 16
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2022 (ml Tax The charity is an exempl charity within the meaning of scheduk 3 of Ihe Charilies Act 2011 and is considered lo pass the tests set out in Paragraph 1 schedu 6 Finance kt 2010. Inl Going ¢oncom The Trustees have considered its income forecasts for 2023 and plans for activities at the House and in the grounds. With the staled free reseryes at the year end of £487k. The Trustees are conf¢denl that il remains approprkgle lo prepare financk81 ath"vities on a going concem basis. Ip> Trading subsidiary The accounts are not cor011daIed bul a summary of the trading cg)mpany figures are shown in note 5. 17
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMrrED A COMPANY UMTED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Comparativè Staternènt of Financial A¢tivilio8 In line with the chara1S smement of reeeomerKled practtce. presented bel¢)W is the full compafative SOFA Unrvstrided Fund$ Restrlcted Endowment Funds Funds Total Total Fund$ Funds Year to Yearto 31 December 31 December 2021 2020 Income and endowmTrts from: Donations and ies Charitable activities OtheT trading activities Ifundraising) other ineome Investments 50,521 267.104 25.960 17.978 68.499 267,104 25,960 54,753 163,128 27,561 60,550 Total Income 343.621 17.978 361.599 31X.082 Exponditure on: Raising funds 25.603 25.603 19.114 Charit*le activities 10 235.811 241.775 248.422 Other 12 3 845 AL75 Total oxpenditure 265.259 271,223 270.911 Nel incomellexpenditurel 78.362 12.014 90.376 35.171 Trasnfers betsveen fvnds {2.0001 Other ro¢ognised gain8111088esl Gain(lO$se$l on investment assets Net movement in funds 20 76.362 14.014 7.170 97.546 38.844 Reconciliation of Fund8 Totsl funds brought foM8rd at 1 January 2021 503.693 20.807 41,090 565.590 526,746 Total funds carrled foryvard 31 D•cgmb•r 2021 580.055 34.821 48.260 663.136 565.590 18
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A CWPANY UMITEO BY GUARA14TEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Donattons and legacies Total Funds Yearto 31 Decemb•r 2022 Total Funds Yearto 31 December 2021 Gifts and donatn$ Distribution from trading c¢xnpany Grants Park seM¢e$ in kind- Cowes TL¥wn Council Membership fees 7,357 1.706 18,798 13,928 13.009 4,258 16.505 Total Unrestricted Funds Gffts and donalK)ns included restricled lund income on Grants Tennis court income 15,OCQ Total Restricted Funds Totsl Donations and Legacies 37.037 68,499 Activities for g•n•rating funds Fundraising evgnls 25 960 99.107 25,960 5. Subsidiary Trading Company The Charity also has a trading subsidiary company, whh is itsew limited. by guarantee. bul which operates functions within the House for the Chaitty. The accounts are not ¢onsolidaled, bul reflect the monies due from the profits of the trading company. A summary of the trading resutts of the company is sel out below." Yearto 31 Decgmber 2022 Year to 31 December 2021 Summary Profit and loss Turnover Costs 333.077 310 149 191.751 185309 Surplus for the year 22.928 6.442 Net assets 22.928 6.443 Rental payments of £81,(M)0 {2021". £55,202> were paid to the charity for the hire of r(w)ms and grounds to lun activities and evenls. At the year end £61,11712021". £134.2961 was due to the charity. 19
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UNTED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31 DECEMBER 2022 Investment In¢om• Total Funds Yearto 31 December 2022 Total Funds Yoar to 31 December 2021 Deposit account interest 1.491 Inc¢m• fn>m ¢harilable a¢tivltl•s Total Funds Yearto 31 Decembor 2022 Total Funds Year 10 31 D*c?mber 2021 Inwme from car parking facilittes Income from lettings, including trading company 188.664 183 607 134,348 132 756 372.271 267.104 other incom• Total Funds Year to 31 ogcember 2022 Tot41 Funds Yearto 31 D•c•mber 2021 Piofit on disposal of fed assets Ralslng funds oxpgnditure Total Funds Y¢arto 31 Dècembor 2022 Total Funds Yearto 31 D•cembor 2021 Fundraising event costs Fundraising support costs Grants and donath)ns 51.384 10.584 17,185 8,418 61.968 25.603 20
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LWITED A COMPANY UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continuod) FOR THE YEAR ENDED 31 DECEMBER 2022 10. Charitable a¢tivili¢s •xp•nditur• Support Costs (see note 11) Yearto 3111212022 Total Dir•ct Lettings and functions Groijnds maintenance park upkeep House preservation and $toratIOn Car parking costs 11.900 31,272 144.230 11,9C() 60,258 401,859 28,986 257,629 29).233 196,082 486,315 comparatiyo charitable activities expenditure Support Costs (see note 11) Yearto 3111 W2021 Total Direct Costs Lettings and functions Grounds maintenance park upkeep House preservation and resloratKsn Car parking ¢o$ls 9,350 25.395 114.877 9,350 54,244 168,263 28,849 53,386 84,852 156,923 241.775 Grounds maintenance includes £16.505 (2021 - £13.009) of services in kind. prowded by Cowes Town Council in grass cutting. hedge trimming. to11 deaning. as well as litier and ¢*Jg waste bin emptying in the Park. 21
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UVATED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS {Continued) FOR THE YEAR ENDED 31 DECEMBER 2022 11. Support costs Yearto 3111212022 Y8ar lo 3111212021 Wages and Nl Subseriplion and IseS Cleaning Light and heat Insuran Walef Telephone 90.760 4,798 14.628 33,453 21,352 3.367 2.066 83,883 1,907 9,266 21.894 19,665 3,839 1,994 F 11 Printing, postage and stationery Computer costs Sundries Bcokkeeping Accountancy Professional $8rvices Securty Bank ¢harggS 1.538 2.987 1,407 19,513 1,671 2,942 347 11.166 845 35 2,987 35 4.237 2C6.666 165,341 Notes Allocated to fundraising events Allocated to Charilabie Activities 10.584 196 082 8,418 156 923 206,666 165.341 12. Other costs Year to 3111212022 Yearto 3111212021 Trustees indemnty insurance Independent examiners remuneratic 1.083 1,095 3,994 3.845 Other costs are in relat)n lo Govemance of the Charity. 22
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITED BY GLIARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS {Continued FOR THE YEAR ENDED 31 DECEMBER 2022 13. Net incom1n{0tg0ing) rnsources Nel resources are 51ated after chargingl{creditirvJ).' Yoar to 3111212022 Yearto 3111212021 Depreciatson - owned assets 11.514 11,087 14. Tru8tee8' remuneration. bènefits and •xpènse8- R•lated party tran8action8 There were no trustees. remuner**)n or other benefits for the year ended 31 December 2022 {year lo 31 DecEmber 2021 £nill. There wefe no trustees, expenses paid for Ihe year ended 31 December 2022 (year end 31 December 2021 £nill. The Trustees have prowded sel¢e$ their professional ¢apaW at no cost to the Tru$( and it 1$ not wacticable to valu& that work. 15. Staff costs Yearto 3111212022 Yearto 3111 Z12021 Wages and s818iies Social security costs Pension costs 83.412 5.536 75,983 7.900 90.760 85,633 The average monthly nwnber of empbyees during the year was as follows.'_ Yearto 3111212022 Year to 3111212021 House Administrats"on No employees received emoluments in excess of £60.000. The total payments indUdg empbyers Nl and Pension costs paid lo senicff management personnel in the year was £33.500. 23
NORTHVVOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMITEO BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Contlnuedl FOR THE YEAR ENDED 31 DECEMBER 2022 16. Tanglble Ilxed assets Land arml PrortY Plant & Machinory Tolal Cost al 1 January 2022 Additions DisFosals 28.343 64.526 92.869 Al 31 December 2022 28,343 64.526 92.869 Depreciation at 1 January 2022 Charge for the perK)d DepcIation eliminaled on disposal 11.959 1.417 51,140 10,097 63,099 11.514 At 31 December 2022 13.376 61,237 74.613 Net Book Value at 31 Dember 2022 14.967 3,289 18.256 Net Bc4)k Value at 31 December 2021 16.384 13,386 29,770 17. Flxed asset investments 3111212022 3111212021 Market value at 1 January 2022 Change in valug of investments 48,260 41.090 Market value al 31 t)ecen*er 2022 43,919 48.260 There were no investments hekj outside the UK The Charitsble company holds 199 COIF {Charities Official Investsnenl Fund) units, which part of the endowment fund arising from pViouS sa8 of land. 24
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMEIUS (Continued} FOR THE YEAR ENDED 310ECEMBER 2022 18. Debtors: amounts falling duewithin oney•ar 3111212022 3111212021 Trade debtors Amounts due from trading subsidiary company Other debtors and prepaymenls 2,844 61.117 2.345 134.296 69.682 141,886 19. Creditors: amounts falling due within one year 3111212022 3111212021 Trade creditors Taxation and social secur Other credrtors and aecruals 11.628 15.426 7.998 11,817 51,667 39,023 Movement in fund8 At 110112022 Nel movemenl in funds Transfers At 3111W2022 Endowment fund 48 260 R&slri¢ted funds Tennis UrtS {1) Stables- Communty Centre121 Ouldoof Sports equipment13) Donation- reslofab.on {4) 17.821 3.C69 20,890 2.000 2,000 Total Restricted Funds 22 890 Unrestricted funds 663.136 (46,712) 616,424 (11 The restricted fund donations for Tennis courts. will be spent on improvements to the Tennis Courts. (21 The Charity received a National Lottery grant towards the renovation of the stables. Spent in 2021. {31 A grant recewed in 2019 was restricted for outdoor Spt$ equipment. and this has been transferred. {41 During the year a rslrieted donatjon was r&eNed for house restoration worl(. 25
NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITED BY GUAFIANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022 20. Comparative Movemonl in fvnds Net movement in fund$ At 110112021 Al 31112121 Transfers Endowment fund 41 Restricted funds Tennis courts {1) Stables- Cornrnunity Centre (21 Outdoor spcKts equipment (3) Donation - resloralion141 16.557 4.250 1,264 {4.250) 17.821 2.000 2,000 Total Restricted Funds Unreslricied funds Designated renovation fund {5) 453.693 78.362 48.000 $80,055 565,590 97,546 663, 136 {1) The restricted fund donalions for Tenn courts. wll be spent on improVennts lo the Tennis Courts. {2) The Charity received a National Lottery grant towards the renovation of the stsbles, spent in 2021. (3) A grant received in 2019 was $tricted for outdoor sports equipment, and this has been transferred. (4) During the year a rstn'cted donalK)n was received for house $tOratiOn wort(. (5) The Trustees released the deSn8th)n of funds from 2018 towards house renovations of £50,000. Endowment Fund Th& Charity holds expendable endowment funds arising from wioryeardisposals of land fomiing part of the Trust propety. The make up of the capital element of this is as follows: Disposal dated 6 April 1964 Disposal dated 22 Juty 1987 urf1 in vabje 2.000 25,000 43,919 Following preVIS advice of the Chartty Commission. the interest eamed on the cash element has been treated as unreslricled funds. The unrealised surplus on the underlying investments are aikjed lo the value of the endowrnenl fund. 21. Control The charity is under the control of Ihe Trustees. 26