REGISTERED CHARITY NUMBER: 1184163
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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 2022
| 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 14 |
| Detailed Statement of Financial Activities | 15 to 16 |
WOODBRIDGE TIDE MILL CHARITABLE TRUST
CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Mill team has delivered a standout performance during a year complicated by Covid restrictions on flour production and visitor numbers. The Millers, Baggers and Distributors kept flour production flowing in strict covid-compliant conditions. The Wardens and Guides managed the restrictions on numbers at the Mill with great sensitivity. Behind the scenes we educated and informed through talks, schools and other group visits as well as our website, social media, press and radio flow, the maintenance team kept the Mill turning and we bid successfully to get some important grants.
New wholesale flour customers have been added to our list, which is encouraging when the hospitality sector that many of them are in has been hit so badly.
Grant funding from Suffolk County Council will allow us to further our digital outreach programme. This funding has been supplemented by the Mill's own funds to purchase internet enabled display monitors and the commissioning of videos showing the mill machinery working at times when it is not possible to see this in reality due to the state of the tide. This will allow those unable to climb the stairs in the Mill to witness the machinery on the upper two floors and therefore enhance their visitor experience. Placing this asset on our website, social media and YouTube channels allows us to further extend the reach of the Tide Mill story.
A further grant success with SHARE has enabled us to enhance the performance of our website.
Woodbridge Town Council continued their support for the Mill with a grant.
We undertook a mini visitor experience survey and the main Audience Finder survey. Both are designed to find out not only about our existing visitors but also to identify potential new audiences for the Mill. As such it is seen as important groundwork for the future.
A new electronic point of sale system replaced our ageing till for the new visitor season following implementation and staff training. The system will give us more information about sales for future decision making. More sales data will inform our merchandise purchases and help build revenues from that important source.
The Mill has had a sound year in difficult circumstances. Further challenges lie ahead, especially the urgent need to remove silt which is building up in the River Deben around the Mill. If this is not dealt with the Mill could cease to work, unthinkable. We are actively seeking a solution to this complex issue.
John Carrington
Page 1
WOODBRIDGE TIDE MILL CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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
Net incoming resources amounted to £13,096 (2021 : £16,516 outgoing), and the charity's funds have risen to £128,747. 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 £50,000 and a restricted preservation repair fund of £78,747. 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 2022
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 (resigned 1/12/21) J C Carrington Chairman R Macfarlane F J Hale Vice Chairman A J Semmens (resigned 24/6/21) P Gillard I Gray Councillor S Bale R Chapman Mrs E A De Margary (resigned 10/11/21) I Mckechnie (appointed 17/12/21) I Reed (appointed 10/11/21) M J Sutton (appointed 24/6/21)
Independent Examiner
M J Mortimer ACA FCCA Ballams Chartered Accountants Crane Court 302 London Road Ipswich Suffolk IP2 0AJ
Page 3
WOODBRIDGE TIDE MILL CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
Approved by order of the board of trustees on 29 June 2022 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 2022.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
6 July 2022
Page 5
WOODBRIDGE TIDE MILL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 17,442 Charitable activities 5 Operation of Tide Mill 28,116 Other trading activities 3 42,652 Investment income 4 12 Total 88,222 EXPENDITURE ON Raising funds 8,683 Charitable activities Operation of Tide Mill 66,443 Total 75,126 NET INCOME/(EXPENDITURE) 13,096 Transfers between funds 11 (11,121) Net movement in funds 1,975 RECONCILIATION OF FUNDS Total funds brought forward 48,025 TOTAL FUNDS CARRIED FORWARD 50,000 |
Restricted funds £ - - - - - - - - - 11,121 11,121 67,626 78,747 |
2022 Total funds £ 17,442 28,116 42,652 12 88,222 8,683 66,443 75,126 13,096 - 13,096 115,651 128,747 |
2021 Total funds £ 12,874 41,297 13,756 30 67,957 5,938 78,535 84,473 (16,516) - (16,516) 132,167 115,651 |
|---|---|---|---|
The notes form part of these financial statements
Page 6
WOODBRIDGE TIDE MILL CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 8 4,011 CURRENT ASSETS Debtors 9 1,244 Cash at bank and in hand 46,847 48,091 CREDITORS Amounts falling due within one year 10 (2,102) NET CURRENT ASSETS 45,989 TOTAL ASSETS LESS CURRENT LIABILITIES 50,000 NET ASSETS 50,000 FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - 78,747 78,747 - 78,747 78,747 78,747 |
2022 Total funds £ 4,011 1,244 125,594 126,838 (2,102) 124,736 128,747 128,747 50,000 78,747 128,747 |
2021 Total funds £ 305 216 117,837 118,053 (2,707) 115,346 115,651 115,651 48,025 67,626 115,651 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 June 2022 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 2022
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.
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.
continued...
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WOODBRIDGE TIDE MILL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 2. DONATIONS AND LEGACIES Donations Gift aid Woodbridge Town Council Subscriptions - friends Hire of Tide Mill 3. OTHER TRADING ACTIVITIES Fundraising events Admissions Sales 4. INVESTMENT INCOME Deposit account interest 5. INCOME FROM CHARITABLE ACTIVITIES Activity Government and other grants Operation of Tide Mill Insurance claims Operation of Tide Mill |
2022 £ 5,308 1,616 7,500 2,538 480 17,442 2022 £ (138) 25,242 17,548 42,652 2022 £ 12 2022 £ 19,936 8,180 28,116 |
2021 £ 2,215 730 7,500 2,159 270 |
2021 £ 2,215 730 7,500 2,159 270 |
|---|---|---|---|
| 12,874 | |||
| 2021 £ 50 4,049 9,657 |
|||
| 13,756 | |||
| 2021 £ 30 2021 £ 41,297 - |
2021 £ 30 |
||
| 41,297 |
The grants received during the year totalling £19,336 included £11,997 relating to government and local council support in response to the Covid-19 pandemic.
continued...
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WOODBRIDGE TIDE MILL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 12,874 - Charitable activities Operation of Tide Mill 41,297 - Other trading activities 13,756 - Investment income 30 - Total 67,957 - EXPENDITURE ON Raising funds 5,938 - Charitable activities Operation of Tide Mill 41,161 37,374 Total 47,099 37,374 NET INCOME/(EXPENDITURE) 20,858 (37,374) Transfers between funds (20,000) 20,000 Net movement in funds 858 (17,374) RECONCILIATION OF FUNDS Total funds brought forward 47,167 85,000 TOTAL FUNDS CARRIED FORWARD 48,025 67,626 |
Total funds £ 12,874 41,297 13,756 30 67,957 5,938 78,535 84,473 (16,516) - (16,516) 132,167 115,651 |
|---|---|
continued...
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WOODBRIDGE TIDE MILL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
8. TANGIBLE FIXED ASSETS
| Fixtures Plant and and Computer machinery fittings equipment £ £ £ COST At 1 April 2021 151 139 729 Additions - - 3,934 At 31 March 2022 151 139 4,663 DEPRECIATION At 1 April 2021 49 58 607 Charge for year 16 16 196 At 31 March 2022 65 74 803 NET BOOK VALUE At 31 March 2022 86 65 3,860 At 31 March 2021 102 81 122 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade debtors 1,244 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade creditors 930 Taxation and social security 254 Other creditors 918 2,102 |
Totals £ 1,019 3,934 |
|---|---|
| 4,953 | |
| 714 228 |
|
| 942 | |
| 4,011 | |
| 305 | |
| 2021 £ 216 |
|
| 2021 £ 143 203 2,361 |
|
| 2,707 |
continued...
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WOODBRIDGE TIDE MILL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
11. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Preservation repair fund TOTAL FUNDS Net movement in funds, included in the above Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Preservation repair fund TOTAL FUNDS |
At 1.4.21 £ 48,025 67,626 115,651 are as follows: At 1.4.20 £ 47,167 85,000 132,167 |
Net movement in funds £ 13,096 - 13,096 Incoming resources £ 88,222 88,222 Net movement in funds £ 20,858 (37,374) (16,516) |
Transfers between At funds 31.3.22 £ £ (11,121) 50,000 11,121 78,747 - 128,747 Resources Movement expended in funds £ £ (75,126) 13,096 (75,126) 13,096 Transfers between At funds 31.3.21 £ £ (20,000) 48,025 20,000 67,626 - 115,651 |
|---|---|---|---|
continued...
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WOODBRIDGE TIDE MILL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 67,957 | (47,099) | 20,858 |
| Restricted funds | |||
| Preservation repair fund | - | (37,374) | (37,374) |
| TOTAL FUNDS | 67,957 | (84,473) | (16,516) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Preservation repair fund TOTAL FUNDS |
At 1.4.20 £ 47,167 85,000 132,167 |
Net movement in funds £ 33,954 (37,374) (3,420) |
Transfers between funds £ (31,121) 31,121 - |
At 31.3.22 £ 50,000 78,747 |
|---|---|---|---|---|
| 128,747 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 156,179 | (122,225) | 33,954 |
| Restricted funds | |||
| Preservation repair fund | - | (37,374) | (37,374) |
| TOTAL FUNDS | 156,179 | (159,599) | (3,420) |
continued...
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WOODBRIDGE TIDE MILL CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
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WOODBRIDGE TIDE MILL CHARITABLE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Woodbridge Town Council Subscriptions - friends Hire of Tide Mill Other trading activities Fundraising events Admissions Sales Investment income Deposit account interest Charitable activities Government and other grants Insurance claims Total incoming resources EXPENDITURE Other trading activities Purchases Packaging Charitable activities Insurance Electricity and water Advertising Maintenance and cleaning Carried forward |
2022 £ 5,308 1,616 7,500 2,538 480 17,442 (138) 25,242 17,548 42,652 12 19,936 8,180 28,116 88,222 8,558 125 8,683 3,507 824 1,847 2,321 8,499 |
2021 £ 2,215 730 7,500 2,159 270 |
|---|---|---|
| 12,874 50 4,049 9,657 |
||
| 13,756 30 41,297 - |
||
| 41,297 | ||
| 67,957 3,033 2,905 |
||
| 5,938 3,066 624 449 2,653 6,792 |
This page does not form part of the statutory financial statements
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WOODBRIDGE TIDE MILL CHARITABLE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Charitable activities Brought forward Pest control & extinguishers Wardens Administration officers Accountancy Professional fees Pension cost Mill restoration Telephone Learning & activities Bank charges Wages - Education Curation costs Sundry office expenses Office machine costs Depreciation - plant and machinery Depreciation - fixtures and fittings Depreciation - computer equipment Total resources expended Net income/(expenditure) |
2022 £ 8,499 1,500 7,320 29,758 918 85 721 - 675 1,192 1,456 4,890 7,986 726 491 15 16 195 66,443 75,126 13,096 |
2021 £ 6,792 2,451 2,007 20,000 912 250 442 37,374 655 847 506 4,235 1,120 469 337 8 9 121 78,535 84,473 (16,516) |
|---|---|---|
This page does not form part of the statutory financial statements
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