REGISTERED CHARITY NUMBER: 1184163
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2024
for
Woodbridge Tide Mill Charitable Trust
Knights Lowe Ltd
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 2024
|
Page |
Chairman's Report |
1 |
Report of the Trustees |
2 to 3 |
Independent Examiner's Report |
4 |
Statement of Financial Activities |
5 |
Statement of Financial Position |
6 |
Notes to the Financial Statements |
7 to 13 |
Detailed Statement of Financial Activities |
14 to 15 |
Woodbridge Tide Mill Charitable Trust
Chairman's Report for the Year Ended 31 March 2024
The year marked a furtherrecovery from the negativeimpact on visitorsand volunteerscaused by Covid. The Trustees
areproudof theMillteamled,frontof house,bySeniorWardenSteveMolyneauxforprovidingvisitorswitha great
experience which, for another year, enabled the Mill to win a Tripadvisor Travellers' Choice Award.
TheMillcontinuedtoproduceflourwhichiswidelyregardedforitsquality.Thevolunteermillershavegrown in
number and are lookingforwardto resumingmillingdemonstrationsto visitorsduring2024. We are now the only tide
millintheUKproducingflour.Themillingteamiswellsupportedbyvolunteerswhobaganddistributetheflour to
retail outlets and restaurants. My thanks to Caroline Peeke and Ian Gray for their leadership of the teams.
The exposed positionof the Mill means that the maintenanceteam, our Hon Architectand volunteersurveyorneed to
keepakeeneyeontheconditionoftheMill'sstructure.Intheyearwe notedsometimberrotintheinnerpit area.
The problemis the timberstayswet forlongernowwiththe highertideheightsthanwhenit was originally installed.
The timberin questionsupportsthe verticaldrivethattakespowerfromthe wheelupthroughthe Millto power the
stones.It'simportant.A lothasbeendonetoplantherepair,seekcontractorsandgetListedBuildingConsent. Now
we need grants to help pay for the essential work.
TheawardofagrantfromSHAREMuseumEastallowedustoextendthewonderfulEco-Warriorsworkshops for
students.ThesefeaturetheMill,itslocationontheRiverDebenandtheenvironmentalimpactitandthe wider
communityareexperiencingtoshowtheimportanceof renewableenergy,as usedbytheMill,todemonstrate what
can be done to halt climate change.
The Mill has also been used for art workshopsdevelopedby Alice Stallardwhich includedchildren.Magritteat the Mill
wasafreefamily-friendlydrop-inartsessionforallagestocomealong-explore,takepart,discoverand create
something new.
ThewaytheMillexplainsitshistoryandmechanicswasoverhauledintheyear.Amongtheworkdone,the model
whichshows how the tide creates the power of the Mill was restoredthanksto our volunteerJohn Harrison.Our Hon
Curator Mark Barratt refreshed our display on Tidal Energy as Renewable Power.
DuringthewinterourcommunicationsvolunteerSimonBallardcreateda wonderfulnew GuidebookfortheMill and
succeeded in getting it sponsored. This means that we can give one copy of the Guide to each visitor group.
WhilstgainingnewmemberstotheMillteamwesadlylostJohnWoodapastheadofthemaintenanceteam and
Trustee who died in December.
I am very grateful for all the support that I have received during the year from all members of the Mill's great team.
J C Carrington, Chair of Trustees
Page 1
Woodbridge Tide Mill Charitable Trust
Report of the Trustees for the Year Ended 31 March 2024
Thetrusteespresenttheirreportwiththefinancialstatementsof thecharityfortheyearended31 March2024. The
trusteeshaveadoptedthe provisionsof AccountingandReportingby Charities:Statementof Recommended Practice
applicableto charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicablein the
UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives
To preserveand protectthe buildingknownas the Tide Mill for the benefitof the publicand primarilythe inhabitants
ofWoodbridgeinthecountyofSuffolkasabuildingofhistoricalandarchitecturalinterestandofhistorical and
technicalimportance,andtomaintainamuseumofsocialandculturalhistory,retainedfortheeducationof the
present and future generationsand to providefacilitiesavailableto the inhabitantsof Woodbridgeand to members of
thepublicatlargeforrecreationorotherleisure-timeoccupationintheinterestsof socialwelfarewiththeobject of
improving the conditions of life for the persons for whom the facilities are primarily intended.
FINANCIAL REVIEW
Financial report
Netincomingresourcesamountedto£462(2023:£6,675outgoing),andthecharity'sfundshaverisento £122,534.
Full detailsof the financialpositionare shown in the accounts.The trusteesare of the opinionthat the charity's assets
are available and adequate to fulfil any and all of its obligations.
Investment policy and objectives
Surplusfundsnotrequiredforworkingpurposesareinvestedininterestbearingaccountswhichare regularly
reviewed.
Funds and reserves
Attheendoftheperiodthecharityhadunrestrictedgeneralfundsof£50,000andarestrictedpreservation repair
fundof£72,534.Thetrusteesregularlyreviewtheavailablereserves,andtheleveltakesintoaccount expected
monthlyexpenditure,existingcommitmentsandfuturecapitalcommitmentscommensuratewithaGrade1 listed
building.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure, Governance and Management
WoodbridgeTideMillCharitableTrustisgovernedbytheconstitutionof28June2019whichcreatedthe charitable
incorporated organisation.
WoodbridgeTownCouncilisthecustodiantrusteeofthebuildinginaccordancewiththePublicTrusteeAct 1906.
Members of the managing committee are the charity trustees as defined within the meaning of the Charities Act 2011.
The Managing Committee
The governingdocumentprovidesfor the managingcommitteeto be responsiblefor the Tide Millin accordance with
theobjectivesandadministrativeclausessetoutinthegoverningdocument.Alltrusteesarevolunteersand receive
no remuneration from the charity in pursuance of their duties as trustees.
Risk management
Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandtoensure appropriate
controlsareinplacetoprovidereasonableassuranceagainstfraudanderror.Thetrusteeshavereviewedthe major
riskstothecharity.TheonlyareaofconcernisfuturemajoritemsofmaintenancecostsassociatedwithaGrade 1
listed220yearoldbuildingofthenatureanditsrelatedmachinery.Accordinglythetrusteeshaveestablished 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
Page 2
Woodbridge Tide Mill Charitable Trust
Report of the Trustees for the Year Ended 31 March 2024
Principal address
Woodbridge Tide Mill
Tide Mill Quay
Woodbridge
Suffolk
IP12 1BY
Trustees
G E Holdcroft
J C Carrington -Chairman
P Gillard
R Chapman (resigned 6.2.24)
Mrs E A De Margary -Treasurer (appointed 25.8.23)
I Mckechnie
I Reed -Vice Chairman and Honorary Treasurer (resigned 24.8.23)
M J Sutton
Lady V Jessel
Dr A J Barnes (resigned 21.9.23)
Councillor C Page (resigned 22.6.23)
M Ryan (appointed 29.2.24)
I Jacob -Vice Chairman (appointed 20.12.23)
Mrs C Peeke (appointed 26.7.23)
Independent Examiner
M J Mortimer FCA FCCA
Knights Lowe Ltd
Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ
Approved by order of the board of trustees on 13 June 2024 and signed on its behalf by:
J C Carrington - Trustee
Page 3
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 charitytrustees on my examinationof the accountsof WoodbridgeTide Mill CharitableTrust (the Trust)
for the year ended 31 March 2024.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedoutunderSection145 of the Act andin carrying
out my examinationI have followedall applicableDirectionsgiven by the CharityCommissionunderSection 145(5)(b)
of the Act.
Independent examiner's statement
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnection 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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M J Mortimer FCA FCCA
Knights Lowe Ltd
Chartered Accountants
Crane Court
302 London Road
Ipswich
IP2 0AJ
24 June 2024
Page 4
Woodbridge Tide Mill Charitable Trust
Statement of Financial Activities
for the Year Ended 31 March 2024
Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
23,791
Charitable activities
5
Operation of Tide Mill
650
Other trading activities
3
53,760
Investment income
4
1,253
Other income
67
Total
79,521
EXPENDITURE ON
Raising funds
11,715
Charitable activities
Operation of Tide Mill
67,344
Total
79,059
NET INCOME/(EXPENDITURE)
462
Transfers between funds
12
(462)
Net movement in funds
-
RECONCILIATION OF FUNDS
Total funds brought forward
50,000
TOTAL FUNDS CARRIED FORWARD
50,000 |
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
462
462
72,072
72,534 |
2024
Total
funds
£
23,791
650
53,760
1,253
67
79,521
11,715
67,344
79,059
462
-
462
122,072
122,534 |
2023
Total
funds
£
17,916
5,148
49,732
230
-
73,026
7,938
71,763
79,701
(6,675)
-
(6,675)
128,747
122,072 |
|
|
|
|
The notes form part of these financial statements
Page 5
Woodbridge Tide Mill Charitable Trust
Statement of Financial Position
31 March 2024
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
8
2,638
CURRENT ASSETS
Stocks
9
1,913
Debtors
10
1,576
Cash at bank and in hand
46,663
50,152
CREDITORS
Amounts falling due within one year
11
(2,790)
NET CURRENT ASSETS
47,362
TOTAL ASSETS LESS CURRENT LIABILITIES
50,000
NET ASSETS
50,000
FUNDS
12
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Restricted
funds
£
-
-
-
72,534
72,534
-
72,534
72,534
72,534 |
2024
Total
funds
£
2,638
1,913
1,576
119,197
122,686
(2,790)
119,896
122,534
122,534
50,000
72,534
122,534 |
2023
Total
funds
£
5,718
2,135
604
115,533
118,272
(1,918)
116,354
122,072
122,072
50,000
72,072
122,072 |
|
|
|
|
The financialstatementswere approvedby the Boardof Trusteesandauthorisedfor issueon 13 June 2024and were
signed on its behalf by:
J C Carrington - Trustee
The notes form part of these financial statements
Page 6
Woodbridge Tide Mill Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Tangible fixed assets
Depreciationis providedat the followingannualrates in orderto 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
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsolete and
slow moving items.
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.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
continued...
Page 7
Woodbridge Tide Mill Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
2. DONATIONS AND LEGACIES
Donations
Gift aid
Woodbridge Town Council
Subscriptions - friends
Hire of Tide Mill
Norfolk County Council
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
6.
TRUSTEES' REMUNERATION AND BENEFITS |
2024
£
2,007
3,827
8,500
2,452
4,005
3,000
23,791
2024
£
2
30,576
23,182
53,760
2024
£
1,253
2024
£
650
-
650 |
2023
£
3,019
2,799
7,500
2,598
2,000
-
17,916
2023
£
(186)
29,882
20,036
49,732
2023
£
230
2023
£
4,495
653
5,148 |
|
|
|
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2024norforthe year
ended 31 March 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2024norfortheyear ended
31 March 2023.
continued...
Page 8
Woodbridge Tide Mill Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
17,916
Charitable activities
Operation of Tide Mill
5,148
Other trading activities
49,732
Investment income
230
Total
73,026
EXPENDITURE ON
Raising funds
7,938
Charitable activities
Operation of Tide Mill
68,474
Total
76,412
NET INCOME/(EXPENDITURE)
(3,386)
Transfers between funds
3,386
Net movement in funds
-
RECONCILIATION OF FUNDS
Total funds brought forward
50,000
TOTAL FUNDS CARRIED FORWARD
50,000 |
Restricted
funds
£
-
-
-
-
-
-
3,289
3,289
(3,289)
(3,386)
(6,675)
78,747
72,072 |
Total
funds
£
17,916
5,148
49,732
230
73,026
7,938
71,763
79,701
(6,675)
-
(6,675)
128,747
122,072 |
|
|
|
continued...
Page 9
Woodbridge Tide Mill Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
8. TANGIBLE FIXED ASSETS
Fixtures
Plant and
and
Computer
machinery
fittings
equipment
£
£
£
COST
At 1 April 2023
151
2,139
5,052
Disposals
-
-
(548)
Reclassification
-
(2,000)
2,000
At 31 March 2024
151
139
6,504
DEPRECIATION
At 1 April 2023
78
87
1,459
Charge for year
14
11
3,055
Eliminated on disposal
-
-
(548)
At 31 March 2024
92
98
3,966
NET BOOK VALUE
At 31 March 2024
59
41
2,538
At 31 March 2023
73
2,052
3,593
9.
STOCKS
2024
£
Stocks
1,913
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Trade debtors
1,576 |
Totals
£
7,342
(548)
-
6,794
1,624
3,080
(548)
4,156
2,638
5,718
2023
£
2,135
2023
£
604 |
|
|
continued...
Page 10
Woodbridge Tide Mill Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
12.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Preservation repair fund
TOTAL FUNDS
Net movement in funds, included in the above are a
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Preservation repair fund
TOTAL FUNDS |
At 1.4.23
£
50,000
72,072
122,072
s follows:
At 1.4.22
£
50,000
78,747
128,747 |
Net
movement
in funds
£
462
-
462
Incoming
resources
£
79,521
79,521
Net
movement
in funds
£
(3,386)
(3,289)
(6,675) |
2024
2023
£
£
1,353
711
293
224
1,144
983
2,790
1,918
Transfers
between
At
funds
31.3.24
£
£
(462)
50,000
462
72,534
-
122,534
Resources
Movement
expended
in funds
£
£
(79,059)
462
(79,059)
462
Transfers
between
At
funds
31.3.23
£
£
3,386
50,000
(3,386)
72,072
-
122,072 |
|
|
|
|
continued...
Page 11
Woodbridge Tide Mill Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
12. 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 |
73,026 |
(76,412) |
(3,386) |
Restricted funds |
|
|
|
Preservation repair fund |
- |
(3,289) |
(3,289) |
TOTAL FUNDS |
73,026 |
(79,701) |
(6,675) |
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 1.4.22
£
50,000
78,747
128,747 |
Net
movement
in funds
£
(2,924)
(3,289)
(6,213) |
Transfers
between
funds
£
2,924
(2,924)
- |
At
31.3.24
£
50,000
72,534 |
|
|
|
|
122,534 |
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
152,547 |
(155,471) |
(2,924) |
Restricted funds |
|
|
|
Preservation repair fund |
- |
(3,289) |
(3,289) |
TOTAL FUNDS |
152,547 |
(158,760) |
(6,213) |
continued...
Page 12
Woodbridge Tide Mill Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 13
Woodbridge Tide Mill Charitable Trust
Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
for the Year Ended 31 |
March 2024 |
|
|
2024 |
2023 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations |
2,007 |
3,019 |
Gift aid |
3,827 |
2,799 |
Woodbridge Town Council |
8,500 |
7,500 |
Subscriptions - friends |
2,452 |
2,598 |
Hire of Tide Mill |
4,005 |
2,000 |
Norfolk County Council |
3,000 |
- |
|
23,791 |
17,916 |
Other trading activities |
|
|
Fundraising events |
2 |
(186) |
Admissions |
30,576 |
29,882 |
Sales |
23,182 |
20,036 |
|
53,760 |
49,732 |
Investment income |
|
|
Deposit account interest |
1,253 |
230 |
Charitable activities |
|
|
Government and other grants |
650 |
4,495 |
Insurance claims |
- |
653 |
|
650 |
5,148 |
Other income |
|
|
Gain on sale of tangible fixed assets |
67 |
- |
Total incoming resources |
79,521 |
73,026 |
EXPENDITURE |
|
|
Other trading activities |
|
|
Opening stock |
2,135 |
- |
Purchases |
9,496 |
9,546 |
Packaging |
1,997 |
527 |
Closing stock |
(1,913) |
(2,135) |
|
11,715 |
7,938 |
Charitable activities |
|
|
Insurance |
3,537 |
3,358 |
Electricity and water |
662 |
2,337 |
Carried forward |
4,199 |
5,695 |
This page does not form part of the statutory financial statements
Page 14
Woodbridge Tide Mill Charitable Trust
Detailed Statement of Financial Activities
Charitable activities
Brought forward
Postage and stationery
Advertising
Maintenance and cleaning
Pest control & extinguishers
Wardens
Administration officers
Accountancy
Professional fees
Pension cost
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) |
for the Year Ended 31 March 2024
2024
2023
£
£
4,199
5,695
189
391
1,129
860
12,751
10,660
1,108
1,781
22,014
18,088
9,733
21,816
1,136
964
1,314
164
217
508
652
674
3,452
2,399
2,155
1,744
2,750
4,008
937
298
223
400
304
631
15
13
10
13
3,056
656
67,344
71,763
79,059
79,701
462
(6,675) |
|
|
This page does not form part of the statutory financial statements
Page 15