Charity No: 1171566
ANNUAL REPORT AND FINANCIAL STATEMENTS 5 APRIL 2022
The Peak 5 Wilton Road London SW1V 1AP
1
| CONTENTS | CONTENTS | PAGE |
|---|---|---|
| 1 | Legal and Administrative Details | 2 |
| 2 | Report of the Trustees | 3-7 |
| 3 | Independent Auditor’s Report | 8-11 |
| 4 | Statement of Financial Activities | 12 |
| 5 | Balance Sheet | 13 |
| 6 | Cash Flow Statement | 14 |
| 7 | Notes to the Accounts | 15-22 |
Report and Accounts – 5 April 2022
2
LEGAL AND ADMINISTRATIVE
The Woolbeding Charity was established under a constitution dated 27 January 2017 and registered as a Charitable Incorporated Organisation with the Charity Commission in England and Wales on 10 February 2017. The charity registration number is 1171566.
| Trustees Registered Office Principal Officers Bankers Solicitors Auditors Objects |
Mr Stewart Grimshaw Mr Charles Cator Mr Dominic Flynn The Peak 5 Wilton Road London SW1V 1AP Mrs Karen Everett Chief Executive Officer Mr Mark Woodruff Trust Executive Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA Portrait Solicitors (until 31 July 2022) 21 Whitefriars Street London EC4Y 8JJ BDB Pitmans LLP (from 1 August 2022) 1 Bartholomew Close London EC1A 7BL Sayer Vincent LLP Invicta House 108 - 114 Golden Lane London EC1Y 0TL The objects of the charity, as given in the constitution document, are to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time. |
|---|---|
Report and Accounts – 5 April 2022
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REPORT OF THE TRUSTEES
The Trustees present their report and the audited financial statements for the year ended 5 April 2022.
Legal and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
Organisation
The Woolbeding Charity is one of the Sainsbury Family Charitable Trusts, which share a common administration. The Charity was established to bring to completion the remaining grant commitments and legacy work of The Monument Trust, prior to the latter’s closure in 2018, after 53 years of philanthropy since its foundation in 1965 by the late Simon Sainsbury. The principal work of the Charity is the design, construction and future operation of a Glasshouse designed by Heatherwick Studios at Woolbeding Gardens in Sussex, a property owned by the National Trust. It is set in new gardens showing the plants of the historic Silk Route from China to the Mediterranean. On 11th June 2019, the Trustees established Woolbeding Glasshouse Ltd, of which they are the Directors, to conduct the development of the Glasshouse’s design and construction.
The Trustees are as reported on page two and within the constitution. New Trustees are appointed by existing Trustees and are provided with relevant information relating to their responsibilities as Trustees. They are responsible for the overall direction and supervision of The Woolbeding Charity; they set the Trust’s strategy, review its work and approve grants and other expenditure. The Trustees delegate day-to-day operations to the Trust’s Executive, Mark Woodruff, who also acts as project director of the Glasshouse development.
Trustees are aware of the Charity Governance Code, as updated in 2020, which sets out the principles and recommended practice for good governance within the sector. The Charity has reviewed its governance arrangements against the principles within the code and believes that it is compliant with the code whilst maintaining its need to operate its governance efficiently.
The remuneration of the senior staff (including SFCT management personnel) is reviewed by the Trustees on an annual basis, taking into account the requirements of their role and performance during the year. From time to time the SFCT Management Committee benchmarks pay levels against the comparable positions in similar organisations. The Committee completed a reward evaluation process during 2021/2022 to ensure that the Trusts fully meet their responsibilities and aspirations for fair and equal pay for employees.
The Trustees are fully aware of the requirements and duties set out in the Charities (Protection and Social Investment) Act 2016. The Trust does not undertake fundraising from the general public and does not use professional fundraisers or commercial participators.
The income of the Charity is not bound by any regulatory scheme, and the Trustees do not consider it necessary to comply with any voluntary code of practice relating to fundraising. They have received no complaints in relation to any fundraising activities. As they do not approach individuals for the purpose of raising funds, they do not have specific requirements related to fundraising activities, nor do they consider it necessary to design specific procedures to monitor such activities.
Report and Accounts – 5 April 2022
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Risk Assessment
The Trustees have examined the major strategic, business and operational risks to which the Charity may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to meet such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review.
The Charity’s main risks relate to the operation of the Glasshouse. Relevant insurances are in place to ensure such risks are mitigated. As the Charity’s activities relating to the project proceed, it will update and review its risk profile and mitigate relevant risks as appropriate.
Another risk is the misuse of funds by a charity beneficiary. To mitigate this risk, the awards are made following a thorough assessment and grants are regularly monitored; multi-year grant payments are conditional upon the receipt of satisfactory progress reports.
Charity and Public Benefit
Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the charity’s aims, activities and achievements during its operation demonstrates the benefit to its beneficiaries, and through them to the public, that arise from those activities.
Review of the Past Year
Glasshouse Development
Practical completion of the Glasshouse was achieved in July 2021 and duly handed over to The Woolbeding Charity. Planting was completed in the following spring and the Glasshouse opened to the public in the summer of 2022.
A lease and a management agreement between the National Trust and The Woolbeding Charity were executed during the year. Under the terms of the management agreement, Trustees appointed the National Trust to operate and maintain the Glasshouse and gardens on their behalf for the duration of the lease which expires in September 2032.
Grant Funding
The Charity continues to support The Monument Fellowship, eight organisations combining efforts for five years along the journey of an offender, so as to keep young people out of the cycle of offending, promote rehabilitation, and improve the use of public systems, including courts and prisons, towards reduced offending and greater justice. The members of the Fellowship are the Centre for Justice Innovation, Clinks, Diagrama UK, The Good Prison (managed by Lemos & Crane), Khulisa UK, Koestler Trust, National Criminal Justice Arts Alliance, and Restorative Solutions CIC.
Construction of the new Maggie’s Centre in Southampton in memory of Simon Sainsbury completed during the year and the centre opened successfully in 2021.
Financial Overview of the Past Year
The income allocated to restricted funds for the year was £211,000 (2021: £2.8 million). A donation of £228,000 (2021: £700,000) was received from the Charity’s subsidiary for the distribution of its profits under Gift Aid and was added to expendable endowment. There was no allocation to unrestricted funds for the year (2021: £17,000).
Report and Accounts – 5 April 2022
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Expenditure in the year towards the running of the Glasshouse, including depreciation and support costs, totalled £1.3 million (2021: £658,000). A total of £1.1 million towards the construction of the Glasshouse was added to the balance sheet under leasehold property (2021: £6.1 million.
The net assets of the Charity decreased from £14.1 million at 5th April 2021 to £13.4 million at 5th April 2022.
The Trustees approved grants with a total value of £59,000 (2021: £235,231) which may be analysed by number, value and category as follows.
| Arts Education Health and Social Welfare |
Grants Value Approved £ |
|---|---|
| 2 1 31,000 5,000 2 23,000 |
|
| 5 59,000 |
Arts - £31,000
Les Arts Florissants - £30,000
Towards the London and European Tour of Handel’s L’Allegro.
- Royal Opera House Covent Garden Foundation £1,000 Towards the Royal Opera House Orchestra Campaign.
Education - £5,000
-
- University of Cambridge Judge Business School £5,000 To help create the Christoph Loch Scholarship.
Health and Social Welfare - £23,000
- Rother Valley Together £10,000
Towards New Horizons and support to isolated elderly people.
South Downs National Park Trust - £13,000
Towards The Forest, a contemporary dance project in the South Downs at up to 4 sites, with a film production, across summer 2022 and into 2023.
Report and Accounts – 5 April 2022
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Reserves Policy
As at 5 April 2022, the Charity held total funds of £13.4 million (2021: £14.1 million). The Charity regularly reviews its expenditure forecast to ensure that it is in a position to meet all its current and future commitments.
As at 5 April 2022, the Charity held total restricted funds of £335,000 (2021: £10.6 million) which represents the balance of the initial allocation for the development of the Glasshouse. The Charity held total unrestricted funds of £12.1 million at year end (2021: £2.8 million) which represents the net book value of the Glasshouse property and the unspent balance of the residual funds received from The Monument Trust. Additionally, the Charity held expendable endowment of £928,000 (2021: £700,000) due to the receipt of a Gift Aid donation from the Charity’s subsidiary during the current and previous year. If necessary in the future, The Trustees are prepared to use expendable endowment to fund any commitments which cannot be met by any of the other funds. The Trustees feel that the level of unrestricted funds and expendable endowment is appropriate in light of the future annual ongoing operating costs of the Glasshouse at Woolbeding.
Having assessed the Trust’s financial position and plans for the foreseeable future, the trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis.
Future Plans
The charity’s principal activity will be to continue to oversee the operation of the Glasshouse, under the terms of the management agreement with The National Trust, until the lease expires in September 2032. Furthermore, it will continue to sustain the remaining commitments and legacy plans of The Monument Trust entrusted to it.
Report and Accounts – 5 April 2022
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Statement of Trustees’ Responsibilities
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
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Select suitable accounting policies and then apply them consistently
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Observe the methods and principles in the Charities SORP
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Make judgments and estimates that are reasonable and prudent
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State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Trustees’ Report has been approved by the Trustees on 31 January 2023 and signed on their behalf by:
……………………………….
Dominic Flynn Trustee
Report and Accounts – 5 April 2022
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Independent Auditor’s Report to the Trustees of The Woolbeding Charity
Opinion
We have audited the financial statements of The Woolbeding Charity (the ‘charity’) for the year ended 5 April 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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Give a true and fair view of the state of the charity’s affairs as at 5 April 2022 and of its incoming resources and application of resources, for the year then ended
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Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
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Have been prepared in accordance with the requirements of the Charities Act 2011
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Woolbeding Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with
Report and Accounts – 5 April 2022
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Independent Auditor’s Report to the Trustees of The Woolbeding Charity (continued)
the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
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Sufficient accounting records have not been kept; or
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The financial statements are not in agreement with the accounting records and returns; or
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We have not received all the information and explanations we require for our audit
Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions 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 detect material misstatements in
Report and Accounts – 5 April 2022
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Independent Auditor’s Report to the Trustees of The Woolbeding Charity (continued)
respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
Capability of the audit in detecting irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
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Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
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The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
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We inspected the minutes of meetings of those charged with governance.
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We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
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We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
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We reviewed any reports made to regulators.
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We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
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We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
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In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.
Report and Accounts – 5 April 2022
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Independent Auditor’s Report to the Trustees of The Woolbeding Charity (continued)
Use of our report
This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Date 3 February 2023
Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
Report and Accounts – 5 April 2022
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Notes Income from: Novation of contracts 12 Donations received 10 Other income Total income Expenditure on: Charitable activities: Glasshouse running and development costs 2 Grant expenditure 3 Total expenditure Net (expenditure)/income before currency losses Net losses on currency exchange Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Restricted Expendable Total Funds Funds Funds Endowment 2022 £'000 £'000 £'000 £'000 - 211 - 211 - - 228 228 - - - - - 211 228 439 (147) (1,155) - (1,302) 116 - - 116 (31) (1,155) - (1,186) (31) (944) 228 (747) (2) - - (2) 9,346 (9,346) - - |
Total Funds 2021 |
|---|---|---|
| £'000 2,786 700 17 |
||
| 3,503 | ||
| (658) (235) |
||
| (893) | ||
| 2,610 - - |
||
| 9,313 (10,290) 228 (749) 2,817 10,625 700 14,142 |
2,610 | |
| 11,532 | ||
| 12,130 335 928 13,393 |
14,142 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
The notes on pages 15 to 22 form part of these accounts
Report and Accounts – 5 April 2022
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BALANCE SHEET AS AT 5 APRIL 2022
| Notes TANGIBLE FIXED ASSETS Leasehold property 6 CURRENT ASSETS Debtors 7 Cash at bank CURRENT LIABILITIES Creditors -amounts falling due within one year 8 NET CURRENT ASSETS NET ASSETS CAPITAL FUNDS Expendable endowment 10 INCOME FUNDS Unrestricted funds 10 Restricted funds 10 |
|
|---|---|
| £'000 24 4,389 |
|
The accounts were approved and authorised for issue by the Trustees on 31 January 2023 and signed on their behalf by:
……………………………………………
Dominic Flynn
Trustee
The notes on pages 15 to 22 form part of these accounts
Report and Accounts – 5 April 2022
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CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2022
| Cash flows from operating activities: Net cash provided by operating activities Cash flows from investing activities: Fixed asset additions Net cash used in investing activities Change in cash and cash equivalents in the period Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Reconciliation of net income to net cash flow from operating activities Net movement in funds (as per the Statement of Financial Activities) Depreciation charge Decrease/(increase) in debtors (Decrease) in creditors Net cash provided by operating activities Analysis of the balance of cash as shown in the balance sheet Cash at bank and in hand |
2022 £'000 1,224 (1,117) (1,117) 107 4,282 4,389 2022 £'000 (749) 1,039 1,645 (711) 1,224 2022 2021 £'000 £'000 4,389 4,282 4,389 4,282 |
2022 £'000 1,224 (1,117) (1,117) 107 4,282 |
2021 |
|---|---|---|---|
| £'000 1,018 |
|||
| (6,099) | |||
| (6,099) | |||
| (5,081) 9,363 |
|||
| 4,389 | 4,282 | ||
| 2021 | |||
| £'000 2,610 - (782) (810) |
|||
| 1,018 | |||
| Change in period |
|||
| £'000 107 |
|||
| 107 |
The notes on pages 15 to 22 form part of these accounts
Report and Accounts – 5 April 2022
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NOTES TO THE ACCOUNTS
1. PRINCIPAL ACCOUNTING POLICIES
The Woolbeding Charity is a charitable incorporated organisation (charity registration number 1171566), registered in England and Wales. The address of the registered office is The Peak, 5 Wilton Road, London, SW1V 1AP.
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity has an investment in one wholly owned subsidiary, Woolbeding Glasshouse Limited, a company registered in England & Wales, No. 12044784, with ordinary issued share capital of 100 shares of £1 each. The investment is held at cost of £100. As the accounts are rounded to £'000s, this investment is not shown on the balance sheet. Consolidated accounts are not prepared, as the subsidiary is not material to the assets, liabilities, or net results of the charity. Woolbeding Glasshouse Limited made a profit in the year and therefore a profit distribution of £228,000 has been made to the charity. Its
The charity constitutes a public benefit entity as defined by FRS102.
Having assessed the charity's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.
In the view of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity. The charity holds sufficient funds to cover the ongoing operating costs of the Glasshouse at Woolbeding. It does not engage in any investment activities to generate income and is not reliant on income of any source to fulfill its purpose.
b) Income
Income from contract novations and donations received is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
c) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Glasshouse running and development costs comprises costs associated with operating and maintaining the Glasshouse building and gardens at the Woolbeding estate. It includes depreciation on the Glasshouse building, and support costs.
Report and Accounts – 5 April 2022
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NOTES TO THE ACCOUNTS
1. PRINCIPAL ACCOUNTING POLICIES continued
c) Expenditure (continued)
Grant expenditure comprises grants and donations awarded by the Trustees. Grants for which there is a legally binding commitment are accounted for within the Statement of Financial Activities.
Support costs represent staff, office and governance costs incurred in managing the Glasshouse project and the grant award programme. They include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on charity matters and grants paid. Contributions to defined contribution pension plans are charged to the Statement of Financial Activities in the period to which they relate.
As the charity's principal activity is the operation of the Glasshouse, all support costs have been allocated to Glasshouse running and development costs within the Statement of Financial Activities.
Irrecoverable VAT is recognised as expenditure and is included within governance costs.
d) Foreign currencies
The financial statements are presented in sterling, which is also the functional currency of the charity. Monetary assets denominated in other currencies are translated at the exchange rate prevailing at the end of the reporting period. All differences are taken to the Statement of Financial Activities.
e) Cash and cash equivalents
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
f) Tangible fixed assets
Items of equipment are capitalised where the purchase price exceeds £5,000. Fixed assets are depreciated at rates which reflect their useful life to the Trust. The following rates have been used: Leasehold property- The Glasshouse: 10% per annum Practical completion of the Glasshouse building was achieved in July 2021, therefore depreciation commenced in the 2021/22 financial year.
g) Critical accounting judgements and key sources of estimation uncertainty
ln the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future
ln the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
Report and Accounts – 5 April 2022
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NOTES TO THE ACCOUNTS
2. ANALYSIS OF GLASSHOUSE RUNNING AND DEVELOPMENT COSTS
| Depreciation on Glasshouse building Glasshouse running costs Glasshouse development Support costs |
2022 2021 |
|---|---|
| £’000 £’000 1,039 - 116 - - 258 147 400 |
|
| 1,302 658 |
| 3. ANALYSIS OF GRANTS Reconciliation of grants payable Commitments at 6 April 2021 Grants approved in the year Grants cancelled, refunded or amended Total grants payable for the year Grants paid during the period Commitments at 5 April 2022 Commitments at 5 April 2022 are payable as follows: Within one year |
2022 | |
|---|---|---|
| 2021 | ||
| £’000 £’000 £’000 828 59 235 (175) - (116) (493) 219 2022 £’000 219 219 |
£’000 1,503 235 |
|
| (910) | ||
| 828 | ||
| 2021 | ||
| £’000 828 |
||
| 828 |
A list of grants payable is included in Appendix A.
4. ALLOCATION OF SUPPORT COSTS
| Staff costs Share of joint office costs Direct costs including travel Legal and professional fees Governance |
2022 2021 |
|---|---|
| £’000 £’000 68 126 28 105 5 10 36 145 9 14 |
|
| 147 400 |
The governance costs consist of staff costs of £1,688 (2021: £1,989) audit fees of £6,430 (2021: £10,000) and irrecoverable VAT of £1,286 (2021: £2,000).
Report and Accounts – 5 April 2022
18
NOTES TO THE ACCOUNTS
5. ANALYSIS OF STAFF COSTS
| ANALYSIS OF STAFF COSTS | |
|---|---|
| Wages and salaries Social security costs Other pension costs |
2022 2021 |
| £’000 £’000 58 105 7 12 5 11 |
|
| 70 128 |
The Charity is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 0.9% of the total support and administration costs of these trusts have been allocated to The Woolbeding Charity (2021: 2.3%), including a proportionate share of the costs of employing the total number of staff serving in the office in 2021/22.
The actual number of staff employed during the year was 8 (2021: 8). This equates to 0.5 full-time employees (2021: 0.6). The charity considers its key management personnel to comprise the Principal Officers. The total employment benefits, including employer contributions to group personal pensions, of those key management personnel, were £39,117 (2021: £41,505). No employees of the charity earned in excess of £60,000.
No Trustees received any remuneration for their services or reimbursement of expenses in the year (2021: none).
6. TANGIBLE FIXED ASSETS
| Leasehold property: | |
|---|---|
| The Glasshouse | |
| £'000 | |
| COST | |
| At 6 April 2021 | 9,268 |
| Additions | 1,117 |
| At 5 April 2022 | 10,385 |
| DEPRECIATION | |
| At 6 April 2021 | - |
| Charge for the year | 1,039 |
| At 5 April 2022 | 1,039 |
| NET BOOK VALUE | |
| At 5 April 2022 | 9,346 |
| NET BOOK VALUE | |
| At 5 April 2021 | 9,268 |
The above assets are used for charitable purposes
Report and Accounts – 5 April 2022
19
NOTES TO THE ACCOUNTS
7. DEBTORS
| DEBTORS | |
|---|---|
| Prepayments Other debtors VAT debtor Amounts due from subsidiary |
2022 2021 Total Total |
| £'000 £'000 4 - 20 10 - 249 - 1,410 |
|
| 24 1,669 |
8. CREDITORS Amounts falling due within one year
| CREDITORS Amounts falling due within one year |
|
|---|---|
| Grants payable Amounts owed to subsidiary Accruals Other creditors |
2022 2021 Total Total |
| £'000 £'000 219 828 87 - 58 78 2 171 |
|
| 366 1,077 |
9. FUTURE COMMITMENTS
Trustees appointed the National Trust, under the terms of a management agreement which expires on 8 September 2032, to operate and maintain the Glasshouse and Gardens on their behalf. The charity has financial commitments amounting to £892,000 plus VAT which have not been provided in the Balance Sheet, payable over the next 10 years, for the services outlined in the management agreement.
Report and Accounts – 5 April 2022
20
NOTES TO THE ACCOUNTS
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Expendable | Totals | |
| Funds | Funds | Endowment | 2022 | |
| £'000 | £'000 | £'000 | £'000 | |
| Fund balances at 5 April 2022 are represented by: | ||||
| Tangible fixed assets | 9,346 | - | - | 9,346 |
| Current assets | 3,150 | 335 | 928 | 4,413 |
| Current liabilities | (366) | - | - | (366) |
| Total net assets | 12,130 | 335 | 928 | 13,393 |
| Movement in the year | ||||
| Opening balance as at 6 April 2021 | 2,817 | 10,625 | 700 | 14,142 |
| Total income | - | 211 | 228 | 439 |
| Charitable activities | (31) | (1,155) | - | (1,186) |
| Exchange losses | (2) | - | - | (2) |
| Transfers between funds* | 9,346 | (9,346) | - | - |
| Closing balance as at 5 April 2022 | 12,130 | 335 | 928 | 13,393 |
*Following completion of the Glasshouse building, the asset was transferred from restricted funds to unrestricted funds.
The charity held total restricted funds of £335,000 (2021: £10.6m) which represents the balance of the initial allocation for the development of the Glasshouse. The charity also held expendable endowment of £928,000 (2021: £700,000) due to the receipt of Gift Aid donations from the Charity’s subsidiary during the current and previous year. If necessary in the future, The Trustees are prepared to use expendable endowment to fund any commitments which cannot be met by any of the other funds.
COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Restricted | Expendable | Totals | |
|---|---|---|---|---|
| Funds | Funds | Endowment | 2021 | |
| £'000 | £'000 | £'000 | £'000 | |
| Fund balances at 5 April 2020 are represented by: | ||||
| Tangible fixed assets | - | 9,268 | - | 9,268 |
| Current assets | 3,894 | 1,357 | 700 | 5,951 |
| Current liabilities | (1,077) | - | - | (1,077) |
| Total net assets | 2,817 | 10,625 | 700 | 14,142 |
| Movement in the year | ||||
| Opening balance as at 6 April 2020 | 3,435 | 8,097 | - | 11,532 |
| Total income | 17 | 2,786 | 700 | 3,503 |
| Charitable activities | (635) | (258) | - | (893) |
| Closing balance as at 5 April 2021 | 2,817 | 10,625 | 700 | 14,142 |
Report and Accounts – 5 April 2022
21
NOTES TO THE ACCOUNTS
11. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Income from: Novation of contracts Donations Received Other income Total income Expenditure on: Charitable activities: Glasshouse Development Grant expenditure Support Costs Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Restricted Expendable Total Funds Funds Funds Endowment 2021 £'000 £'000 £'000 £'000 - 2,786 - 2,786 - - 700 700 17 - - 17 17 2,786 700 3,503 - 258 - 258 235 - - 235 400 - - 400 635 258 - 893 (618) 2,528 700 2,610 3,435 8,097 - 11,532 |
|---|---|
| 2,817 10,625 700 14,142 |
12. RELATED PARTY TRANSACTIONS
The Trustees of The Woolbeding Charity are also Directors of Woolbeding Glasshouse Ltd (the subsidiary). The £211,000 (2021 £2.8m) income from novation of contracts provided in the Statement of Financial Activities is due to a charge made to the subsidiary following a novation of a contract from the charity to the subsidiary. The £211,000 represents the amounts paid by the charity to the contractor prior to the contract being novated.
Capital expenditure of £1.1m (2021: £6.1m), which was added to the balance sheet under leasehold property (as shown in note 6), was generated from the provision of design and build services from the subsidiary.
A donation of £228,000 was made from the subsidiary to the charity, within 9 months of the year end, for the distribution of its profits under Gift Aid.
The net amount owed to the subsidiary at year end totalled £87,000 (2021: net amount due from subsidiary £1.4m).
Included within support costs are legal services by Portrait Solicitors, a firm in which Mr D Flynn is a partner. During the year, £9,248 (2021: 14,726) was charged for the current year's fees, and £3,083 (2021: £6,000) is outstanding at year end and has been included within accruals.
Report and Accounts – 5 April 2022
22
NOTES TO THE ACCOUNTS
APPENDIX A
GRANTS PAYABLE
The grants payable for the year ended 5 April 2022 include the following:
| Arts and Heritage Les Arts Florissants Royal Opera House Covent Garden Foundation Great Dixter Charitable Trust Education University of Cambridge - Judge Business School Health and Social Welfare Rother Valley Together South Downs National Park Trust Total grants payable per Statement of Financial Activities |
£ 30,000 1,000 (175,200) 5,000 10,000 13,000 |
|---|---|
| (116,200) |
The grants payable for the year ended 5 April 2021 included the following:
| Arts and Heritage Balletboyz Ltd Furniture History Society Melos Sinfonia National Theatre of Soctland Pallant House Gallery Royal Horticultural Society Royal Opera House Covent Garden Foundation St Swithin's Cuhurch Clunbury P.C.C. Health and Social Welfare African Solutions to African Problems (ASAP) British Red Cross - Headquarters Gay Men's Health Crisis Just One Ocean Mr & Mrs Michael Nunn Total grants payable per Statement of Financial Activities |
£ 15,000 25,000 15,000 10,000 5,000 2,000 100,000 10,000 10,000 5,000 8,231 5,000 25,000 |
|---|---|
| 235,231 |
Report and Accounts – 5 April 2022