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 G￿e 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 Ma￿h 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 A￿oUntIng 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 dI￿10$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 ¢0￿PanIes.
No n*mbers 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 COMP￿leS. re8ime.
These financial stateTh￿ntS were approved by Ihc TTU5t%5 on
The t)ukc of Bedford
Tn￿tee
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 Ca￿led 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¢oUnta￿Y 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 meth￿1 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 De￿Or5
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
P￿Paid renl
Loan from 1987 SettlemeTtt
Rent creditor
Reall￿atiOn 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