**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: 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 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... Page 8 ## **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... Page 9 **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... Page 10 **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... Page 11 **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... Page 12 **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... Page 13 **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. Page 14 ## **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 Page 15 ## **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 Page 16