**Registered number: 14090642 Charity number: 1199151** ## **THE WADENHOE TRUST** **(A Company Limited by Guarantee)** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 5| |**Trustees' Responsibilities Statement**|6| |**Independent Auditors' Report on the Financial Statements**|7 - 11| |**Statement of Financial Activities**|12| |**Balance Sheet**|13 - 14| |**Notes to the Financial Statements**|15 - 25| ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024** |**Trustees**|B R Dunn| |---|---| ||C A Earl| ||J R Gent| ||S M Hall, Chairman| ||A C Hotson| ||F M Laing| ||D R Webb| |**Company registered**
**number**
14090642
**Charity registered**
**number**
1199151
**Registered office**
Goldsmiths
The Auction Centre
Eastwood Road
Oundle
Peterborough
PE8 4DF
**Independent auditors**
Streets Audit LLP
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
PE2 6LR
**Bankers**
Barclays
Leicester
LE87 2BB
**Solicitors**
HCR Hewitsons
50-60 Station Rd
Cambridge
Cambridgeshire
CB1 2JH|| Page 1 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024** The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. On the 01 January 2023 the operations, assets and liabilities from The Wadenhoe Trust, an unincorporated charity (charity registered number 282013) were transferred to this charitable company with the approval of the Charity Commission. ## **Objectives and activities** ## **a. Policies and objectives** The Charity's objects, as set out within the Memorandum and Articles, are: a) to preserve the village properties as an entity as part of the national heritage. b) to conserve, maintain and improve for the public benefit the architectural and aesthetic qualities of the village properties. c) to conserve and enhance for the public benefit the natural beauty of the village surroundings. d) to advance the education of the public in the architectural and aesthetic merits of the village and the desirability of preserving the village and villages of a similar character for the benefit of the nation. e) to preserve and to encourage the study and dissemination of knowledge of the archaeological sites and the indigenous flora and fauna to be found in the village and its surroundings. Wadenhoe is a small village of 120 or so inhabitants in rural Northamptonshire. The village sits beside the River Nene and a walk, known as the Nene Way, runs through it. The village is a popular destination for walkers and other visitors. Adjacent to the village there is a site of archaeological interest and an area of special interest for nature. The village is in the limestone belt and most of its buildings use local stone. A significant number of the buildings are listed, and many of those are owned by the Trust. The church, village hall and the King's Head public house are frequently used by the public, the latter being owned by the Trust. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Page 2 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Objectives and activities (continued)** ## **b. Strategies for achieving objectives** The Trustees have agreed that, taking one year with another, they will seek to fulfil all the Trust's primary objects, within the resources at their disposal. In managing the Trust assets they aim to maintain a balance between that objective on the one hand, and obtaining a reasonable return from their assets in order to maintain economic viability on the other. The objectives of the Trust for the year ended 31 December 2024 were to continue to manage efficiently and elfectively the properties of the Trust to ensure the primary objectives above continue to be met. The main activity of the Trust is the management of the property which it owns, including the collection of rents, maintenance and development. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. ## **Achievements and performance** ## **a. Main achievements of the Charity** The conservation and energy improvement programme for village properties continued throughout the year with roofing upgrades and insulation when the opportunities arose. 34 Church Street, a thatched cottage in Church Street, was purchased by The Trust during the year to ensure it was conserved in line with the Trust’s aims. The cottage is strategically placed within the village street scene with a garden that is large enough to enable a shared modern sewage treatment plant to be built. This planned plant will replace a number of old septic tanks that are no longer compliant with Environment Agency guidelines. In support of the Charity’s objective of advancing the education of the public in the architectural and aesthetic merits of the village, The Trust in partnership with Oundle U3A Local History Group published a booklet "A Short Guided Walk Around Historic Wadenhoe". The publication has been well received within the Oundle area. Building on this publication, and in conjunction with the Parochial Church Council of Saint Michael and All Angels Wadenhoe, 3 pupils from Oundle School Community Action volunteered every Wednesday afternoon during term time to learn basic techniques to keep the church’s interior in a presentable state. In addition to these skills the pupils were given tours of the village and its surroundings so they could experience the aesthetic merits of the buildings that The Trust is conserving. ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Page 3 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **b. Reserves policy** Unrestricted funds held at 31 December 2024 were £1,651,556 (2023 - £1,592,153), a net decrease during the year of £59,403 (2023 - net increase of £236,991). In total the charity made a net surplus of £20,431 (2023 - £17,359) after depreciation on endowment fund assets. It is the policy of the Trust to aim to retain sufficient resources to enable it to meet the normal revenue expenditure which it expects to incur over the next six months as well as other expected liabilities. The resources at 31 December 2024 were £464,185 (2023 - £920,702) represented by net current assets attributable to its expendable endowment funds of £nil (2023 - £389,397) and attributable to unrestricted funds of £464,185 (2023 - £531,305). ## **c. Capital expenditure** Property improvements and additions costing a total of £529,754 (2023 - £183,636) were undertaken during the year. Capital spending during 2024 included £24,120 on 5 The Green, £37,130 on 7 The Green, £26,100 on 8 The Green, £40,740 on 28 Church Street, £372,846 the purchase of 34 Church Street, £24,229 on The Old Post Office and £3,939 on Caroline Cottage. Trustees have a project expenditure plan in place and expect to utilise the endowment fund liquid assets over the next few years, ensuring the objectives of the charity continue to be met. ## **d. Risks** The Trustees have assessed the major risks to which the Trust is exposed and are satisfied that systems are in place to mitigate exposure to the risks. A biannual review of the risk assessment methodology was carried out in 2024. ## **Structure, governance and management** ## **a. Constitution** The Wadenhoe Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. ## **b. Methods of appointment or election of Trustees** The Trustees who served during the year were: AC Hotson J R Gent B R Dunn S M Hall F M Laing D R Webb C A Earl The Wadenhoe Trust Articles of Association follow current governance best practice that is endorsed by Companies House. Page 4 ## **THE WADENHOE TRUST (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Structure, governance and management (continued)** When new trustees are appointed, they are given an overview of the Trust and an outline of both its operational and financial activities. New trustees are selected in order to gain benefit from their skills and experience, to complement the existing trustees, and to provide succession. The day to day responsibilities of running the Trust are delegated to the Trust manager who reports to the chairman on a regular basis in the interim period between trustee meetings. By agreement with the trustees some specific tasks are delegated to other professionals. ## **Plans for future periods** To continue with planned renovations to charity property and undertake maintenance work as required. ## **Members' liability** The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. ## **Disclosure of information to auditors** Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that: - so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and - that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. ## **Auditors** The auditors, Streets Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by: ................................................ **S M Hall** (Chair of Trustees) Date: Page 5 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024** The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Companies Act 2006. 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. Approved by order of the members of the board of Trustees and signed on its behalf by: ................................................ **S M Hall** (Chair of Trustees) Date: Page 6 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WADENHOE TRUST** ## **Opinion** We have audited the financial statements of The Wadenhoe Trust (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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: - give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company'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. Page 7 **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WADENHOE TRUST (CONTINUED)** ## **Other information** The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 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. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' Report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report. Page 8 **(A Company Limited by Guarantee)** ## **THE WADENHOE TRUST** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WADENHOE TRUST (CONTINUED)** ## **Responsibilities of trustees** As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so. Page 9 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WADENHOE TRUST (CONTINUED)** ## **Auditors' responsibilities for the audit of the financial statements** 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 Auditors' 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 respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charity through discussions with Trustees and other management, and from our commercial knowledge and experience of the charity and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006, Charities Act 2011, taxation legislation, data protection, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and review of legal fees; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. Page 10 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE WADENHOE TRUST (CONTINUED)** In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the charity’s legal advisors. 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Robert Anderson BSc FCA (Senior Statutory Auditor)** for and on behalf of ## **Streets Audit LLP** 38 Tyndall Court Commerce Road Lynch Wood Peterborough PE2 6LR Date: Page 11 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024** |**Note**
**Income and endowments from:**
Charitable activities
4
Investments
5
Other income
6
**Total income and endowments**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**307,265**
**15,209**
**15,276**
**337,750**
**278,347**
**278,347**
**59,403**
**1,592,153**
**59,403**
**1,651,556**|**Endowment**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**38,972**
**38,972**
**(38,972)**
**3,523,515**
**(38,972)**
**3,484,543**|**Total**
**funds**
**2024**
**£**
**307,265**
**15,209**
**15,276**
**337,750**
**317,319**
**317,319**
**20,431**
**5,115,668**
**20,431**
**5,136,099**|_Total_
_funds_
_2023_
_£_
_292,276_
_9,322_
_16,619_| |---|---|---|---|---| |||||_318,217_| |||||_300,858_| |||||_300,858_| |||||_17,359_| |||||_5,098,309_
_17,359_| |||||_5,115,668_| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 15 to 25 form part of these financial statements. Page 12 ## **THE WADENHOE TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 14090642** ## **BALANCE SHEET AS AT 31 DECEMBER 2024** |**Note**
**Fixed assets**
Tangible assets
11
**Current assets**
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**|**28,432**
**474,021**
**502,453**
**(38,268)**|**2024**
**£**
**4,671,914**
**4,671,914**
**464,185**
**5,136,099**
**5,136,099**
**5,136,099**|_34,783_
_909,181_
_943,964_
_(23,262)_|_2023_
_£_
_4,194,966_| |---|---|---|---|---| |||||_4,194,966_
_920,702_| |||||_5,115,668_| |||||_5,115,668_| |||||| |||||_5,115,668_| Page 13 ## **THE WADENHOE TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 14090642** ## **BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024** |**Note**
**Charity funds**
Endowment funds
14
Restricted funds
14
Unrestricted funds
14
**Total funds**|**2024**
**£**
**3,484,543**
**-**
**1,651,556**
**5,136,099**|_2023_
_£_
_3,523,515_
_-_
_1,592,153_| |---|---|---| |||| |||_5,115,668_| The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ **S M Hall** (Chair of Trustees) ## Date: The notes on pages 15 to 25 form part of these financial statements. Page 14 **(A Company Limited by Guarantee)** ## **THE WADENHOE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. General information** The Wadenhoe Trust is a charitable company established by a memorandum and articles of association as set out in the Trustee's Report. The Charity is managed by P A Goldsmith and the registered office is Goldsmiths, The Auction Centre, Eastwood Road, Oundle, Peterborough, PEB 4DF. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Wadenhoe Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from property management is recognised in the Statement of Financial Activities on an accruals basis. All other income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable assurance of receipt. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 15 **(A Company Limited by Guarantee)** ## **THE WADENHOE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. Accounting policies (continued)** ## **2.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## **2.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.5 Tangible fixed assets and depreciation** Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Land and buildings transferred to the charity by Deed of Gift are shown at the valuation at the date of transfer. AII other additions are shown at cost. The Home Farm Project is the conversion of the farm yard into business units. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases: |Freehold property|- 0 - 3.33% on cost per anum| |---|---| |Home Farm Project|- 2% on cost per anum| |King's Head Improvements|- 10 % on cost per anum| |Infastructure|- 1 - 3.33% on cost per anum| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities. Page 16 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. Accounting policies (continued)** ## **2.6 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.7 Cash at bank and in hand** Cash at bank and in hand 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. ## **2.8 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. ## **2.9 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. ## **3. Critical accounting estimates and areas of judgment** Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairment. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the charity's tangible fixed assets is tested as soon as changed conditions show that a need for impairment has arisen. Page 17 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **4. Income from charitable activities** |Preservation of charitable property
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
307,265
_292,276_|**Total**
**funds**
**2024**
**£**
**307,265**
_292,276_|_Total_
_funds_
_2023_
_£_
_292,276_| |---|---|---|---| ||||| |**5.**
**Investment income**
Interest receivable
_Total 2023_
**6.**
**Other incoming resources**
Utilities charge income
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
15,209
_9,322_
**Unrestricted**
**funds**
**2024**
**£**
15,276
_16,619_|**Total**
**funds**
**2024**
**£**
**15,209**
_9,322_
**Total**
**funds**
**2024**
**£**
**15,276**
_16,619_|_Total_
_funds_
_2023_
_£_
_9,322_| |---|---|---|---| ||||_Total_
_funds_
_2023_
_£_
_16,619_| Page 18 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **7. Analysis of expenditure on charitable activities** ## **Summary by fund type** |Preservation of charitable property
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
278,347
_264,558_|**Endowment**
**funds**
**2024**
**£**
38,972
_36,300_|**Total**
**2024**
**£**
**317,319**
_300,858_|_Total_
_2023_
_£_
_300,858_| |---|---|---|---|---| |||||| ## **8. Analysis of expenditure by activities** |Preservation of charitable property
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
301,324
_286,647_|**Support**
**costs**
**2024**
**£**
15,995
_14,211_|**Total**
**funds**
**2024**
**£**
**317,319**
_300,858_|_Total_
_funds_
_2023_
_£_
_300,858_| |---|---|---|---|---| |||||| Page 19 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **8. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** |Insurance
Property repairs and maintenance
Trees and hedges
Professional fees
Utilities, services and rates
Management fees
Sundry expenses and irrecoverable VAT
Bank interest and charges
Bad debts
Depreciation and impairment|**Total**
**funds**
**2024**
**£**
**32,602**
**130,723**
**-**
**10,155**
**29,789**
**30,408**
**15,077**
**402**
**(638)**
**52,806**
**301,324**|_Total_
_funds_
_2023_
_£_
_30,028_
_122,913_
_132_
_26,453_
_22,384_
_27,034_
_9,486_
_373_
_238_
_47,606_| |---|---|---| |||_286,647_| ## **Analysis of support costs** |Governance costs - Audit and accountancy fees
Governance costs - Trustees' meeting costs|**Total**
**funds**
**2024**
**£**
**15,575**
**420**
**15,995**|_Total_
_funds_
_2023_
_£_
_13,865_
_346_| |---|---|---| |||_14,211_| Page 20 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **9. Auditors' remuneration** _-_ The auditors' remuneration amounts to an auditor fee of £5,000 _(2023 £4,250)_ , and fees in connection with quarterly management accounts and specialist VAT advice of £9,875 ( _2023_ - _£9,825_ ). ## **10. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ . During the year ended 31 December 2024, expenses totalling _£_ 263 were reimbursed or paid directly to 1 Trustee _(2023 - £346 to 2 Trustees)_ . Expenses reimbursed relate to subsistence and travel costs incurred by Trustees. During the year, where appropriate, Trustees paid sewage service fees in line with other residents. Trustees' indemnity insurance costing £739 (2023 - £739) was paid by the Charity during the year. ## **11. Tangible fixed assets** |**Cost or valuation**
At 1 January 2024
Additions
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for the year
At 31 December 2024
**Net book value**
At 31 December 2024
_At 31 December 2023_|**Freehold**
**land and**
**buildings**
**£**
**3,545,295**
**529,104**
**4,074,399**
**43,133**
**31,416**
**74,549**
**3,999,850**
_3,502,162_|**Home Farm**
**project**
**£**
**281,519**
**-**
**281,519**
**171,123**
**5,630**
**176,753**
**104,766**
_110,396_|**King's Head**
**improve-**
**ments Infastructure**
**£**
**£**
**221,317**
**633,281**
**-**
**650**
**221,317**
**633,931**
**183,542**
**88,648**
**6,426**
**9,334**
**189,968**
**97,982**
**31,349**
**535,949**
_37,775_
_544,633_|**Total**
**£**
**4,681,412**
**529,754**| |---|---|---|---|---| |||||**5,211,166**| |||||**486,446**
**52,806**| |||||**539,252**| |||||**4,671,914**| |||||_4,194,966_| Page 21 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **12. Debtors** |**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income
Tax recoverable
**Creditors: Amounts falling due within one year**
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 January 2024
Resources deferred during the year
Amounts released from previous periods|**2024**
**£**
**556**
**15,830**
**12,046**
**-**
**28,432**
**2024**
**£**
**3,667**
**1,925**
**9,662**
**23,014**
**38,268**
**2024**
**£**
**771**
**8,025**
**(771)**
**8,025**|_2023_
_£_
_2,581_
_10,255_
_11,565_
_10,382_| |---|---|---| |||| |||_34,783_| |||_2023_
_£_
_1,007_
_-_
_7,905_
_14,350_| |||| |||_23,262_| |||_2023_
_£_
_-_
_771_
_-_| |||| |||_771_| ## **13. Creditors: Amounts falling due within one year** Deferred income relates to rental income received in advance. Page 22 **(A Company Limited by Guarantee)** ## **THE WADENHOE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **14. Statement of funds** ## **Statement of funds - current year** |**Unrestricted funds**
General Funds
**Endowment funds**
Expendable Endowment Funds
**Total of funds**|**Balance at 1**
**January**
**2024**
**£**
**1,592,153**
**3,523,515**
**5,115,668**|**Income**
**£**
**337,750**
**-**
**337,750**|**Expenditure**
**£**
**(278,347)**
**(38,972)**
**(317,319)**|**Balance at**
**31**
**December**
**2024**
**£**
**1,651,556**| |---|---|---|---|---| |||||**3,484,543**| |||||**5,136,099**| The endowment fund comprises land transferred to the Charity by the original settlors of the unincorporated charity, The Wadenhoe Trust. From time to time, disposals are made as permitted under the Trust deed. The Trustees have full discretion on how to utilise any proceeds of sale in furtherance of the charity's objectives. Income arising on the endowment funds can be used in accordance with the objectives of the Charity and is included within unrestricted income. ## **Statement of funds - prior year** |**Unrestricted funds**
General Funds
**Endowment funds**
Expendable Endowment
Funds
**Total of funds**|_Balance at_
_1 January_
_2023_
_£_
_1,355,162_
_3,743,147_
_5,098,309_|_Income_
_£_
_318,217_
_-_
_318,217_|_Expenditure_
_£_
_(264,558)_
_(36,300)_
_(300,858)_|_Transfers_
_in/out_
_£_
_183,332_
_(183,332)_
_-_|_Balance at_
_31_
_December_
_2023_
_£_
_1,592,153_| |---|---|---|---|---|---| ||||||_3,523,515_| ||||||_5,115,668_| Page 23 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **15. Summary of funds** ## **Summary of funds - current year** |General funds
Endowment funds
**Summary of funds - prior year**
_Balance at_
_1 January_
_2023_
_£_
General funds
_1,355,162_
Endowment funds
_3,743,147_
_5,098,309_|**Balance at 1**
**January**
**2024**
**£**
**1,592,153**
**3,523,515**
**5,115,668**
_Income_
_£_
_318,217_
_-_
_318,217_|**Income**
**£**
**337,750**
**-**
**337,750**
_Expenditure_
_£_
_(264,558)_
_(36,300)_
_(300,858)_|**Expenditure**
**£**
**(278,347)**
**(38,972)**
**(317,319)**
_Transfers_
_in/out_
_£_
_183,332_
_(183,332)_
_-_|**Balance at**
**31**
**December**
**2024**
**£**
**1,651,556**
**3,484,543**| |---|---|---|---|---| |||||**5,136,099**| |||||_Balance at_
_31_
_December_
_2023_
_£_
_1,592,153_
_3,523,515_| |General funds
Endowment funds||||| |||||_5,115,668_| Page 24 ## **THE WADENHOE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **16. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
1,187,371
Current assets
502,453
Creditors due within one year
(38,268)
**Total**
1,651,556|**Endowment**
**funds**
**2024**
**£**
3,484,543
-
-
3,484,543|**Total**
**funds**
**2024**
**£**
**4,671,914**
**502,453**
**(38,268)**
**5,136,099**| |---|---|---| ## **Analysis of net assets between funds - prior period** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_1,060,848_
_554,567_
_(23,262)_
_1,592,153_|_Endowment_
_funds_
_2023_
_£_
_3,134,118_
_389,397_
_-_
_3,523,515_|_Total_
_funds_
_2023_
_£_
_4,194,966_
_943,964_
_(23,262)_
_5,115,668_| |---|---|---|---| ## **17. Related party transactions** The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2024, except for those disclosed in note 10. Page 25