Charity Registration No. 1162243 (England and Wales) Company Registration No. 09355815 {England and Wales) WOBURN 1986 (Limited by guarantee) REPORT AIYD FINANCIAL STATEMENTS YEAR EfiDED 31 MARCH 2024
WOBURN 1986 CONTENrs P4ge Legal and administrative inforniation Trustees, report Ststemenl of trustees, responsibilities Independent examinels report Statement of financial activiiies Balance sheet Notes to the financial ststements 8- 14
WOBURN 1986 LEGAL AND ADMINISTRATIVE INFORMATION Charlty registrAtion number 1162243 Compny registration number 09355815 Reglstered Offlce The Bedford Offic¢ Woburn Bedfordshire MK179PQ Governlng Instrllment Signed agreements dated 30 and 31 January 2018 Ch&rltAble objects To benefit 8enernl charitable purposes, ineluding the relief of poor pensioners by the provision and maintenance of housing. Trustees His Ge Th¢ 15th Duk¢ of Bedford Her Grace The Duchess of Bedford DHFOX P V Lindon (resigned 24th June 2024) E D S Smith (appointed 24th June 2024) Secretary K L Shutyock (r¢si8ned 1211212023) A T Taylor (appointed 1211212023) Banken RBS Group 280 Bishopsgate London EC2M 4RB Lloyds Bank PIC 25 Gresham Street London EC2V 7HN Sollcl¢ors Boodl¢ Hatfi¢ld 240 Blackfriars Road London SEI 8NW Independent Examiners Mercer & Hol¢ LLP The Pinnacle 170 Midsummer Boulevard Milion Keynes Buckinghamshire MK9 IBP Page I
WOBURJ¥ 1986 TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 The Trusiees present their report and the audited accounts for the period ended 31 March 2024. The Trustees have adopted the provisions of the Statement of Recommended Prdctice (SORP). "Accounting and Eieporting by Charitie5" (i55ued July 2014) eff¢ctive from January 2015, as applicable to those companies reporting under Financial Reporting Standard 102. in preparing the annual report and finan¢ial s¢alements ofihe Charity. Strueeure? gowernante and management Wobum 1986 is a charitable company, lirnited by guarantee, incorporated on 15 December 2014 with ihe Company registration number 09355815 and 15 a registered charity, number 1162243. The address of the principal offic¢ of the charity is The Bedford Office, Woburn, BedfoTdshir¢, MK17 9PQ- On 31 January 2018 all of the activilies and net assets of the unincorporated charities The Woburn 1986 Charitable Trust (registered charity number 295525) and The Wobum Almshouse Charily (registered ¢harity number 200392). were transferred to this ¢ompany. The Trustees. who are directors of the company. and. were serving ai the period end 31 March 2024 were: His Grace The 15ih r)uke of Bedford H¢r Gra¢¢ The Du¢hess of Bedlord DHFOX P V Lindon - resigned 24106124 E D S Smiih - appointed 24106124 Method ofre¢ruitment and appointment of trustees The Trust¢¢s relain Ihe power to appoint new Irusiees when the need arises based on the assessment of the skills they can bring to the trustee body. Monitoring The Trustees approve the audited aceounts of the Charity annually and are thus able to direct any ctions shown to be necessary. This provide5 adequate monitorin8 of the reserves. Prlnclpol Objectlves gnd *¢tlvltles The objcctiyc of the Trust, a5 set out in its gov¢rning docum¢nt, 1$ to benefit general charitable purposes, including the relief of tM)or pensioners by the piovision and maintenance of housing. in¢luding the Charity's seventeen freehold almshouses known as Staunton House in Bedford Streei, Woburn. The Trustees confirnl that they haye referred to the guidance contained in Ihe Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in plannin8 future activities setting the grant making policy for the year. Results for the year and financial review Renthl, investment income and bank interest receivable for the period amounted to £155,741. After deducting other attributable expense5 and the revaluation on Investment ProFerty, the increase in funds for the period amounted to £219,910, whieh was accumulated with the Unrestricted General Fund. Consequ¢]Mly, available fund5 were £6,936,231 al period end. Page 2
WOBURN 1986 TRUSTEES, REPORT (continued) FOR THE PERIOD ENDED 31 MARCH 2024 Achievements and Performance During the year the Charity provided relief to pensionets by the provision and mainlenance of hou5ingn Th¢ chhrity also made donations lo other local charities. Investment policy The Truslees are concerned to maintain the level of income to Continue the donation-making policie5 of the Charity. They also wish to ensure Ihal the Capital base of the Charity is maintained and, where possible, enhanced in the long-terni interests of thos¢ Charitable activities which ihe Charity assists. OrgAnisation The Trust is controlled by a knard of Trustees which mecls formally at regular intervals. The Board is responsible for strategy and for financial controls, and dele8ales day lo day management lo the Trust's Registered Address. R15k Management The Trustees have assessed the major risks to which the charity is exposed. in particular those related to the operaiions and finances of the Trust, and are satisfied that systems are in place to mitl8ate exposure to the major risks. Reserves pollcy The Charity consistently generates n¢1 income which enables the Charity to meet ils on80in8 annual expenditure oblig&iions. The Trustee5 do not consider it practi¢&l to maintain & further reserve lo cover potential capital works to ihe Charity's a55ets and rely on funding from a related party to meet such costs. Accordingly, the Tru5t¢¢s do not consider thar il is necessary to allocate a specific sum to be held as a short lerni reserve. Grnnts donattons pollcy Donalions given in one year do not ne¢¢ssarily serve a precedenl for giving in subsequent years. A breakdown of donations by recipient for the period ¢nd¢d 31 Mah 2024 is given on page 10. Truitees, expenses It is the ix)licy of the Trust to reimburse Trustees for legitiTnale expenses where requested. Expense5 claimed during the year totalled £nil {2023.' £nil). This report has been prepared in accordan¢¢ with the Statement of Recommended Prn¢lice,' Accounting and Reporting by Charities (issued 2019), as applicable to ihose companies reporting under Financial Reporting Standard 102 and in accordance with the special provisions relating to small ¢ompani¢5 Within Part 15 of the Companies Act 2006. Approved by the Trusle¢s signed on iheir behalf on The Duke of Bedford Page 3
WOBURN 1986 STATEMEwf OF TRUSTEES, RESPONSIBILITIES FOR THE PERIOD ENDED 31 MARCH 2024 Th¢ Trustees are responsible for prephring the Trustees. Report and the financial statements in accordance wilh applicable law and United Kingdom AoUntIng Standards (United Kingdom Genernlly Accepted Accounting Prnctice). Company law require5 the trustee5 to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resource5. including ihe income and expenditure. of the charitable company for that krriod. In preparing these financial statements, Ihe Trustees are required to: s¢l¢d st2il8ble &¢counting policies and then apply them Consistently., observe the methods and prin¢iple5 in the Charities SORP {FRS 102). • make judgements and estimates thai are reasonable and prudenl; state whether applicable accounting standards hive been followed, subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will conlinue in business. The trustees are responsible for keeping pfoFer accounting records that dI10$e the reasonable accuracy at any time the financial w)5ition of the ¢h8rity and enable them lo ensure that the financial statements comply with che Companies Act 2006. They are a150 responsible for safe guarding the assets of the Charitable company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities, Page 4
WOBURN 1986 INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 MARCH 2024 Independent examiner's report to the Trustees of Woburn I ('th¢ Company,) We report to the charity Trustees on our examination of the accounts of the Company for the year ended 31 March 2024. R¢spon$ibilltles and bg$i$ of report As the Trust¢¢s of the Company (and its dir¢¢lors for the purposes of company law) you are responsible for the preparation of the accounts in a¢¢ordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having Satisfied ourselves that the a¢¢ounls of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, we report in respeci of our examination of the Company'5 accounts carried out under section 145 of the Charities Act 2011 {'the 201 l Act,). In carrying out our examillation we have followed the Directions given by the Charity Commission under section 14515)(b) of the 2011 Aci. Independent examlner's statement We have completed our examinalion. We Confinn that no mattern have corne to our attention in conn¢clion with Ihe examination giving us cause to believe: l. accounting records were not kepi in respect of ihe Company as required by section 386 of the 2006 Act.. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of seciion 396 of the 2006 A¢t other than any requirement thai the accounts give a'lrue and view which is not a matter ¢onsidered part oran indetKndent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Stalem¢nl of Recomrnended Practice for accounting and reporting by charities. We have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo reached. This [x)rt is made solely to the Company's Trustees. as a b(xly, in accordance with Part 4 of the Chariti¢5 (Accounts and Reports) Regulations 2008. OUT work has been undertaken so that we might stAte to the Company's Trustees those matters w¢ are requir¢d to state lo thern in an Independent examinevs report and for no other pu)yos¢. To the fullest extent p¢rmitted by law, we do nol accept or assume responsibility to anyone other than the Company and the Cornpany's Trustees as 8 body, for our work or for this report. Sig Steve Robinson FCA Mercer & Hole LLP The Pinnacle 170 Midsummer Blvd Milton Keynes MK9 IBP Page 5
WOBURN 1986 STATEMENT OF FINANCIAL ACTIVITIES {Lncorpornting an income and expendilure account) FOR THE PERIOD ENDED 31 MARCH 2024 Unrestrlctsd Genergl Fund Year to 31 March 2024 Unre5triettd General Fund V¢ar to JI Mgrch 21123 Notes Ineome from Rent Interest Administration and Monagement charges Total income 155,275 146,190 78 155,741 146,378 Expenditure on Charitable activities Raisin8 Funds 3.029 83,231 9,833 80,267 Tol*l rtsourcej expended 86,260 90,100 Net Incomin8 rtioureti 69,481 56.278 (hher unrecognised gainsl(losses} 150.429 {957,0621 N•t movem¢nt In 219.910 (900.784) Reconclll•tloD Of fuDdJ Fund b&lgnct broughl fon¥ard Totsl funds transferred into the charity 6,716,321 7,617,103 Total fund& corrItd forw•rd Al 6,936,231 6.716.321 All unreco8nised gllins and losse5 are included within ¢h¢ above stst¢m¢nt. All ¥mounts rel8te to continuin8 activities. The notes on pag¢5 8 to 14 fomi part of these finan¢ial s¢Atcments. Page 6
WOBURN 1986 COMPANY NUMBER.. 093S5815 BALANCE SHEET AT 31ST MARCH 2024 2024 2D23 Notes Flx¢d os$ets Investmeni Proiyrty Assct under construction Invcstrnent5 7,850.000 448,168 2.102 7,700,OQO 1.673 ,300,270 7,701.673 Curren¢ assets Debiors and PT¢paJTnents C8sh Al bank and in hartd lJ,918 8,397 24,315 15.080 10.J17 25,397 Current Ilabllltles Crcdiiofs.. ATnount$ falling d within 0 year 10 11.38&.3541 11,010.749} Net eurrent liabilitles 11,364,039) 1985,352) Totsl ffjr¢ $$¢¢i 6.936.231 6.716,321 The funds of the chArlty Unresiri¢ied General Fund UnTesirickd Funds Revaluaiion Rcjctwe li 2,824.334 4.111.897 2.754.424 3,961.897 6.936.2J I 6.716.321 Totsl (harlty fundi 6.936,231 6.716,321 Th¢se finan¢ial sthkmenis have been prepared tn acLord&ncc wilh thc 5pccial provisions relating 10 5m&ll comp&nics wiihin Part 15 ofihc Companics Act 2UO6. For ihe financial ycar in qucslion the ¢vmpa¢)y ¢ntitl¢d io ¢xemption under scction 477 orth¢ Compani¢5 Aci 2006 relating to smttll ¢0PanIes. No nmbers have required the Lompany lo obtain an audit of its accounts for ihe year it) qU¢81ion in accordan¢e with Jcction 476 ofthe Companics Act 2006. The dtrcclor5 acknowlcdge their r¢spon5ihility for ¢omplyng with the requirements of the Act with r¢spect to accounting Tccords and for th¢ prrparnlion of aG¢ounis. Th¢s¢ accounts have prepared in dccordancc with the provL5iony appliubl¢ to mpanIeS subjeci to the small COMPleS. re8ime. These financial stateThntS were approved by Ihc TTU5t%5 on The t)ukc of Bedford Tntee EDS Trusiee Compfjny Re8jStrntion No. 09355815 Page 7
WOBURN 1986 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Charity information Woburn 1986 is a private company limited by guarantee registered in England and Wales. In the event of th¢ charity being wound up, the liability in respect of the guarantee 15 limited to £1 per member of the ¢harity. The registered offi¢¢ is Bedford Office, Woburn, Bedfordshire MK17 9PQ. Accounting Polieies 1.] Ba$1$ of prep&rAtlon The financial statements have been prepared in ac¢ordan¢¢ with the Aceounting and Reponing by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charilies Aci 2011, the Companies Act 2006 aThJ UK Genernlly Accepl¢d Accounting Practice. Woburn 1986 meet5 the definition of & public benefit entity under FRS 102. Assets and liabilities are initially recognised at hi51orical cost or transaction value unless otherwise sl&ied in the relevant ccounting policy note. At the lime of approving the financial ststements, the trustees have a reasonable expectation that the company has adequat¢ r¢sources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the finaneial slatemenls. 1.2 Tonglble Fixed Assets Freehold & Leasehold properties are revalued each year, which complies with the requirements of the SORP (FRS 102), to Consider the investment properties in the balance sheet at their fair valu¢. Th¢ revaluation is conducted by the trustees, with the guidance of professional valuers. 1.3 Investmenls Investments are stated at their mid-markei value at the year end and the awegate surplus or deficit 15 transferred io the Unreslri¢led General Fund. Profits or losses on disposal of investments are taken to the Unrestricted General Fund. 1.4 Fin•ncl&l Instruments The charity only has financial assets and liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value. 1.5 Income Rents receivable are accounted for on the accruals basis. Investment income is accounted for on a r¢¢eipts basis. Page 8
WOBURN 1986 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 1.6 Resources expended Expenditure is included on the accruals basis 8nd includes attributable VAT which cannot be re¢ov¢red. Dotydtions payable are charged in the year when the donation is approved by the Irusiees. Liabilities are recognised as expenditure a5 soon as there is a legal or constructive obligation committing the charity to that expenditure. it is probable that settlement will be requir¢d and the amount of the obligation can be measured reliably. 1.7 Corporatlon ¢AX The Charity ha5 charitable slalus and is exempt from corporation tax on ihe income it has received. 1.8 Cash Flow Statement The company has taken ihe exemption in the Charities SORP (FRS 102) {2019) from preparin8 a cash flow stalemeni on the grounds that ihe company 15 small. 1.9 Investment Property Investment property is Caled at fair value detemined annually and derived from th¢ current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature. location or condition of the specif5c asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities. Related party tranjactlons and Trujtees, expenses and remuneratloft During the year there were th¢ following related party trdnsaction5'. During the year donations from the Tavislock Trust for AphAsia were nil (2023.. £nil). Durin8 the year there was a furth¢r loan from the Lord Howland's 1987 SettleTnenl of £260.(J)O (2023.. £578.000) bringing the total loan at 31 March 2024 to £1.227,000 (2023: £967,000). None of the Tru51ees received any remuneration nor reimbur5emenl of expenses during the year. Staff costs The company has no direcl employees. The company is administered by the TnL8tees and other services are purchased from third paty suppliers when the need arises. Page 9
WOBURN 1986 NOTES TO THE FINANCIAL STATEMENrs FOR THE PERIOD ENDED 31 MARCH 2024 4 Expenditure Unrestricted 2024 UDrestrl¢ted 2023 Donation5: P)rS Coal 5,000 5.000 Support costs (note 5) 3,029 4.833 3,029 9.833 Unre8trl¢t¢d 2024 Unrestrlcted 2023 Raising Funds.. Repairs & Maintenance Water Rates Refurbishmenls Bad Debis Fees on Property Transactions Council T&¥ Insuran¢e Support costs {note 5) 40,431 214 17,788 17,579 38,790 233 1.881 13,554 5,915 3.446 83,231 1.335 3,267 6.216 80,267 Page 10
WOBURN 1986 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 S Support costs a) Bre8kdowD by activity Unrestrleted Unrestricted 2024 2023 Charitable #ctivltle8 Support cost relating to Donations Raising funds 3,029 3,440 4.833 6.216 6,475 11,049 b) Bre*kdown of 511PPOrt costs ChArlt8ble activities Ralslng funds Total Legal and professional fees Bank charges Sundry expenses Independent Examiner fee AG¢oUntaY and Administrative cosL¢ 399 18 1,446 1.583 399 18 2,892 3,166 1.446 1.583 3,029 3,446 6,475 Support costs are allocated on either a direct basis or based on the lime ¢aken per activity. Page 11
WOBURN 1986 SCHEDULE TO THE FINANCIAL STATEMENTS- LAND AIYD BUILDINGS FOR THE PERIOD ENDED 31 MARCH 2024 6 L&nd and Buildings nvestment Property Fr¢¢hold Investment Property Valuaiion al l April 2023 Improvements io property - period ended 31 March 2024 Deficit on revaluation 5.850,584 {2(Kl,584) At 31 March 2024 5,650,000 Leas¢hold Investment Property Valuation at l April 2023 Improv¢m¢nts lo property- period ended 31 March 2024 Increase on r¢valu81ion 1.849.416 350,584 At 31 March 2024 2,200,000 The 2024 valuations were made by the trustees, using the adviee of a leading property agent, on an open market value for existing use basis. These valuaiions use market rental values capiialis¢d at a market capitalisation rate bul there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. If ihe Investment properties had b¢¢n accounted for under the historic cost accounting rules, the propenies would have been measured as follows.. 2024 2023 Freehold Investment Property Historic Cost Improvements lo property 2.660,464 2,087,802 572,662 2,660,464 2,660,464 IA&8ehold lTrves¢ment Property Hislori¢ Cost Improvements to property 1,077,639 1,075,268 2,371 1.077,639 1,077,639 The leasehold interest in Fox Close, Woburn will expire in 2067. Page 12
WOBURN 1986 SCHEDULE TO THE FINANCIAL STATEMENTS- LAND AND BUILDINGS (eontinued) FOR THE PERIOD ENDED 31 MARCH 2024 6 Land and Buildings (¢onlinued) Staunton House The ¢harity owns an additional property known as Slaunton House which is operated as an Almshouse for th¢ benefit of its lenanis. The property was donated prior to implementation in 1994 of the Statement of Recommended Prncti¢e and therefore, h&5 no original cost. On merger of the assets of the Woburn Almshouse Charity and the Woburn 1986 Charitable Trust on 31 January 2018 the Charity Commission provided a scheme for the merger by which the freehold interest in Staunton House remained vested in the trusts of the Woburn Almshouse Charity as a meth1 of preserving the pernianent endowment imposed by the Charity Commission in relation to that property. Further the Charity Commission scheme made Wobum 1986 the sole wrporale Iruslee of Woburn Almshouse Charity and created a linking which enables Wobum 1986 to treat the property as its asset theTeby receiving the income derived from the property and remaining responsible for the costs of maintsining and operdting the property. 7 Asset under eons¢ry¢tlon 2024 2023 202312024 Renovations io Staunton House on going 448.168 448,168 Asset under conslru¢lion in the year relaies io the capital element of ongoing renovation works at Staunton House, an Investment Propeny the ownership of whi¢h is delail¢d in note 6. Th¢ valuation of that property ai 31 March 2024 does not tak¢ a¢¢ount of these costs. Once construction ha5 completed, this figure will be capitslised into the Investment Property balance. 8 1nves¢ment$ It market Yalue Llsted Investments Balonce al l April 2023 1.673 1,148 Barclays PLC shares of 25p ¢a¢h Movement in valuation 430 Balance al 31 March 2024 2,103 9 Debtors 2024 2023 Rent Debtors Prepaid Expenses Accrued Income Trade DeOr5 13,596 2.322 12,370 1,176 110 1,424 15,918 15,080 Page 13
WOBURN 1986 NOTES TO THE FINANCIAL STATEMENrs FOR THE PERIOD ENDED 31 MARCH 2024 io Credito 2024 2023 Trnde creditors A¢crued expenses PPaid renl Loan from 1987 SettlemeTtt Rent creditor ReallatiOn of Debit balances on PL 57,439 89.516 11,641 1,227,000 1,584 1,174 23.482 9,905 9.592 967,000 770 1.388,354 1,010.749 11 Analysls of net asgets behveen funds Flxed asgets Net Current IIAblll¢les Totsl Unres¢rl¢ted General Fund General Funds Revaluation Reserve 4.188,374 4,111,896 ,300,270 {1 J64,039) 2.824.335 4.111,896 6.936,231 {1.364,039 Page 14