**REGISTERED CHARITY NUMBER: 1184163**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **FOR**
## **WOODBRIDGE TIDE MILL CHARITABLE TRUST**
Ballams Chartered Accountants Crane Court 302 London Road Ipswich Suffolk IP2 0AJ
**WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
|||**Page**||
|---|---|---|---|
|**Chairman's Report**||1||
|**Report of the Trustees**|2|to|4|
|**Independent Examiner's Report**||5||
|**Statement of Financial Activities**||6||
|**Statement of Financial Position**||7||
|**Notes to the Financial Statements**|8|to|15|
|**Detailed Statement of Financial Activities**|16|to|17|
**WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2021**
The Covid pandemic has meant that it has been a difficult year for the Tide Mill, as with many other museums. The Mill was closed to visitors from the start of the financial year until July and then again from December 2020 until the end of March 2021. Milling was suspended from the beginning of April until May when it started in Covid secure conditions. Production then continued for the rest of the financial year.
Despite all the upheaval, the Mill emerged for the year in good financial shape. Two things contributed to this:
First, the fantastic effort of our staff and volunteers which allowed us to have a limited numbers of visitors when government rules permitted and to mill flour for most of the year. Thanks must go to Dan Tarrant-Willis our Mill Manager for ensuring visitors were safe and had, from the feedback received, very enjoyable visits to the Mill. We are also indebted to Ian Gray who led and organised milling and flour distribution and to his small team for outstanding work. In the backroom a team led by the Curator, Fraser Hale, and Education Officer, Heather Sheehan, successfully raised a substantial grant from English Heritage and created imaginative online material for schools from our paper-based sources. The Mill's online presence was boosted by Simon Ballard our communications volunteer, whilst the maintenance of the Mill was quietly and safely done by the small team now under the leadership of Rick Chapman.
Second, support grants from East Suffolk Council and the ability to furlough staff went a long way to protecting our income. We also had a grant from Woodbridge Town Council and English Heritage financial support for the educational initiative already referred to. One thing did go ahead as planned in the year and that was a major external redecoration. The Mill is in an exposed position on the banks of the River Deben. We are glad to have that behind us for a few years.
In the year we welcomed two new Trustees. Amanda de Margery joined us and has taken on the role of Treasurer. Amanda is a qualified accountant, and your chair is very grateful for the support that Amanda has given since her appointment. Rick Chapman became a Trustee when he assumed to leadership of the engineering and maintenance team. Rick replaced John Wood, who remains an active volunteer, and I would like to thank John for his tremendous work for the Mill.
Looking to the future, the Mill team has spent a lot of time in lockdown planning to enhance the Mill's digital capability. This is driven by two things: enhancement of the visitor experience, especially for the disabled, and outreach to people who for one reason or another cannot visit but who would find the Mill and its history interesting. This remains work in progress.
I wish to thank the whole Mill team for their hard work during a period of uncertainty and upheaval.
John Carrington
29 June 2021
Page 1
## **WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives**
To preserve and protect the building known as the Tide Mill for the benefit of the public and primarily the inhabitants of Woodbridge in the county of Suffolk as a building of historical and architectural interest and of historical and technical importance, and to maintain a museum of social and cultural history, retained for the education of the present and future generations and to provide facilities available to the inhabitants of Woodbridge and to members of the public at large for recreation or other leisure-time occupation in the interests of social welfare with the object of improving the conditions of life for the persons for whom the facilities are primarily intended.
## **FINANCIAL REVIEW**
## **Financial report**
The charity did not trade for financial benefit. Net outgoing resources amounted to £16,516 (2020 : £12,996 outgoing), and the charity's funds have fallen to £115,651. Full details of the financial position are shown in the accounts, and the trustees are of the opinion that the charity's assets are available and adequate to fulfil any and all of its obligations.
## **Investment policy and objectives**
Surplus funds not required for working purposes are invested in interest bearing accounts which are regularly reviewed.
## **Funds and reserves**
At the end of the period the charity had unrestricted general funds of £48,025 and a restricted preservation repair fund of £67,626. The trustees regularly review the available reserves, and the level takes into account expected monthly expenditure, existing commitments and future capital commitments commensurate with a Grade 1 listed building.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Structure, Governance and Management**
Woodbridge Tide Mill Charitable Trust is governed by the constitution of 28 June 2019 which created the charitable incorporated organisation.
Woodbridge Town Council is the custodian trustee of the building in accordance with the Public Trustee Act 1906. Members of the managing committee are the charity trustees as defined within the meaning of the Charities Act 2011.
## **The Managing Committee**
The governing document provides for the managing committee to be responsible for the Tide Mill in accordance with the objectives and administrative clauses set out in the governing document. All trustees are volunteers and receive no remuneration from the charity in pursuance of their duties as trustees.
Page 2
## **WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have reviewed the major risks to the charity. The only area of concern is future major items of maintenance costs associated with a Grade 1 listed 220 year old building of the nature and its related machinery. Accordingly the trustees have established a restricted preservation repair fund to allow available monies to be put to one side each year to build a 'sinking fund'.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Charity number**
1184163
## **Principal address**
Woodbridge Tide Mill Tide Mill Quay Woodbridge Suffolk IP12 1BY
## **Trustees**
G E Holdcroft T Buxbaum J C Carrington Chairman S A Attwell (resigned 16/10/20) R Macfarlane F J Hale Vice Chairman A J Semmens J Wood (resigned 5/2/21) P Gillard I Gray Councillor S Bale (appointed 5/6/20) R Chapman (appointed 5/2/21) Mrs E A De Margary (appointed 16/10/20)
Page 3
## **WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Independent Examiner**
M J Mortimer ACA FCCA Ballams Chartered Accountants Crane Court 302 London Road Ipswich Suffolk IP2 0AJ Approved by order of the board of trustees on ............................................. and signed on its behalf by:
...................................................................... J C Carrington - Trustee
Page 4
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **Independent examiner's report to the trustees of Woodbridge Tide Mill Charitable Trust**
I report to the charity trustees on my examination of the accounts of Woodbridge Tide Mill Charitable Trust (the Trust) for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns 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 to be reached.
M J Mortimer ACA FCCA Ballams Chartered Accountants Crane Court 302 London Road Ipswich IP2 0AJ
Date: .............................................
Page 5
**WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
12,874
**Charitable activities**
5
Operation of Tide Mill
41,297
Other trading activities
3
13,756
Investment income
4
30
**Total**
67,957
**EXPENDITURE ON**
Raising funds
5,938
**Charitable activities**
Operation of Tide Mill
41,161
**Total**
47,099
**NET INCOME/(EXPENDITURE)**
20,858
**Transfers between funds**
11
(20,000)
**Net movement in funds**
858
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
47,167
**TOTAL FUNDS CARRIED FORWARD**
48,025|Year Ended
31.3.21
Restricted
Total
funds
funds
£
£
-
12,874
-
41,297
-
13,756
-
30
-
67,957
-
5,938
37,374
78,535
37,374
84,473
(37,374)
(16,516)
20,000
-
(17,374)
(16,516)
85,000
132,167
67,626
115,651|Period
1.10.19
to
31.3.20
Total
funds
£
4,442
-
10,306
34
14,782
4,272
23,506
27,778
(12,996)
-
(12,996)
145,163
132,167|
|---|---|---|
The notes form part of these financial statements
Page 6
## **WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL POSITION 31 MARCH 2021**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
8
305
**CURRENT ASSETS**
Debtors
9
216
Cash at bank and in hand
50,211
50,427
**CREDITORS**
Amounts falling due within one year
10
(2,707)
**NET CURRENT ASSETS**
47,720
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
48,025
**NET ASSETS**
48,025
**FUNDS**
11
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
-
-
67,626
67,626
-
67,626
67,626
67,626|2021
Total
funds
£
305
216
117,837
118,053
(2,707)
115,346
115,651
115,651
48,025
67,626
115,651|2020
Total
funds
£
443
677
133,051
133,728
(2,004)
131,724
132,167
132,167
47,167
85,000
132,167|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J C Carrington - Trustee
The notes form part of these financial statements
Page 7
## **WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance Fixtures and fittings - 20% on reducing balance Computer equipment - 33% on cost
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Government grants**
Grants are accounted for using the accrual model.
continued...
Page 8
**WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Government grants**
Grants relating to revenue are recognised in the Statement of Financial Activities in the same period as the related costs for which the grant is intended to compensate. Where there are no future related costs the grant shall be recognised in the period in which it becomes receivable.
## **2. DONATIONS AND LEGACIES**
|**DONATIONS AND LEGACIES**|||
|---|---|---|
|||Period|
|||1.10.19|
||Year Ended|to|
||31.3.21|31.3.20|
||£|£|
|Donations|2,215|3,250|
|Gift aid|730|-|
|Woodbridge Town Council|7,500|-|
|Subscriptions - friends|2,159|1,192|
|Hire of Tide Mill|270|-|
||12,874|4,442|
## **3. OTHER TRADING ACTIVITIES**
|**OTHER TRADING ACTIVITIES**|||
|---|---|---|
|||Period|
|||1.10.19|
||Year Ended|to|
||31.3.21|31.3.20|
||£|£|
|Fundraising events|50|(400)|
|Admissions|4,049|4,705|
|Sales|9,657|5,276|
|Stripe|-|725|
||13,756|10,306|
continued...
Page 9
**WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **4. INVESTMENT INCOME**
|**INVESTMENT INCOME**||||
|---|---|---|---|
||||Period|
||||1.10.19|
|||Year Ended|to|
|||31.3.21|31.3.20|
|||£|£|
|Deposit account interest||30|34|
|**INCOME FROM CHARITABLE ACTIVITIES**||||
||||Period|
||||1.10.19|
|||Year Ended|to|
|||31.3.21|31.3.20|
||Activity|£|£|
|Government and other grants|Operation of Tide Mill|41,297|-|
## **5. INCOME FROM CHARITABLE ACTIVITIES**
The grants received during the year totalling £41,297 included £26,371 relating to government and local council support in response to the Covid-19 pandemic.
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the period ended 31 March 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the period ended 31 March 2020.
continued...
Page 10
## **WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
|**7.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
4,442
Other trading activities
10,306
Investment income
34
**Total**
14,782
**EXPENDITURE ON**
Raising funds
4,272
**Charitable activities**
Operation of Tide Mill
23,506
**Total**
27,778
**NET INCOME/(EXPENDITURE)**
(12,996)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
60,163
**TOTAL FUNDS CARRIED FORWARD**
47,167|Restricted
funds
£
-
-
-
-
-
-
-
-
85,000
85,000|Total
funds
£
4,442
10,306
34
14,782
4,272
23,506
27,778
(12,996)
145,163
132,167|
|---|---|---|
continued...
Page 11
**WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **8. TANGIBLE FIXED ASSETS**
|**8.**|**TANGIBLE FIXED ASSETS**|||||
|---|---|---|---|---|---|
||||Fixtures|||
|||Plant and|and|Computer||
|||machinery|fittings|equipment|Totals|
|||£|£|£|£|
||**COST**|||||
||At 1 April 2020 and 31 March 2021|151|139|729|1,019|
||**DEPRECIATION**|||||
||At 1 April 2020|41|49|486|576|
||Charge for year|8|9|121|138|
||At 31 March 2021|49|58|607|714|
||**NET BOOK VALUE**|||||
||At 31 March 2021|102|81|122|305|
||At 31 March 2020|110|90|243|443|
|**9.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||
|||||2021|2020|
|||||£|£|
||Trade debtors|||216|291|
||Other debtors|||-|386|
|||||216|677|
continued...
Page 12
**WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Taxation and social security
Other creditors
**MOVEMENT IN FUNDS**
At 1.4.20
£
**Unrestricted funds**
General fund
47,167
**Restricted funds**
Preservation repair fund
85,000
**TOTAL FUNDS**
132,167
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Preservation repair fund
**TOTAL FUNDS**|Net
movement
in funds
£
20,858
(37,374)
(16,516)
Incoming
resources
£
67,957
-
67,957|2021
2020
£
£
143
683
203
395
2,361
926
2,707
2,004
Transfers
between
At
funds
31.3.21
£
£
(20,000)
48,025
20,000
67,626
-
115,651
Resources
Movement
expended
in funds
£
£
(47,099)
20,858
(37,374)
(37,374)
(84,473)
(16,516)|
|---|---|---|
## **11. MOVEMENT IN FUNDS**
continued...
Page 13
**WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **11. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|At
1.10.19
£
**Unrestricted funds**
General fund
60,163
**Restricted funds**
Preservation repair fund
85,000
**TOTAL FUNDS**
145,163
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
14,782
**TOTAL FUNDS**
14,782|Net
movement
At
in funds
31.3.20
£
£
(12,996)
47,167
-
85,000
(12,996)
132,167
Resources
Movement
expended
in funds
£
£
(27,778)
(12,996)
(27,778)
(12,996)|
|---|---|
continued...
Page 14
## **WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021**
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2021.
Page 15
## **WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|||Period|
|---|---|---|
|||1.10.19|
||Year Ended|to|
||31.3.21|31.3.20|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|2,215|3,250|
|Gift aid|730|-|
|Woodbridge Town Council|7,500|-|
|Subscriptions - friends|2,159|1,192|
|Hire of Tide Mill|270|-|
||12,874|4,442|
|**Other trading activities**|||
|Fundraising events|50|(400)|
|Admissions|4,049|4,705|
|Sales|9,657|5,276|
|Stripe|-|725|
||13,756|10,306|
|**Investment income**|||
|Deposit account interest|30|34|
|**Charitable activities**|||
|Government and other grants|41,297|-|
|**Total incoming resources**|67,957|14,782|
|**EXPENDITURE**|||
|**Other trading activities**|||
|Purchases|3,033|4,218|
|Carried forward|3,033|4,218|
This page does not form part of the statutory financial statements
Page 16
## **WOODBRIDGE TIDE MILL CHARITABLE TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021**
|||Period|
|---|---|---|
|||1.10.19|
||Year Ended|to|
||31.3.21|31.3.20|
||£|£|
|**Other trading activities**|||
|Brought forward|3,033|4,218|
|Packaging|2,905|54|
||5,938|4,272|
|**Charitable activities**|||
|Insurance|3,066|1,666|
|Electricity and water|624|418|
|Advertising|449|3,870|
|Maintenance and cleaning|2,653|124|
|Pest control & extinguishers|2,451|613|
|Wardens|2,007|1,434|
|Administration officers|20,000|10,000|
|Accountancy|912|840|
|Professional fees|250|185|
|Pension cost|442|179|
|Travelling and subsistence|-|44|
|Mill restoration|37,374|-|
|Telephone|655|415|
|Learning & activities|847|1,344|
|Stationery and secretarial|-|52|
|Bank charges|506|307|
|Wages - Education|4,235|1,875|
|Curation costs|1,120|-|
|Sundry office expenses|469|-|
|Office machine costs|337|-|
|Depreciation - plant and machinery|8|9|
|Depreciation - fixtures and fittings|9|10|
|Depreciation - computer equipment|121|121|
||78,535|23,506|
|Total resources expended|84,473|27,778|
|**Net expenditure**|(16,516)|(12,996)|
This page does not form part of the statutory financial statements
Page 17