**CHARITY REGISTRATION NUMBER: 271763** 

## **The Woodlands Trust Unaudited Financial Statements** 

## **31 July 2020** 

## **ELLIS LLOYD JONES AUDIT LIMITED** 

Chartered accountants 

11 Park Square Newport South Wales NP20 4EL 



## **The Woodlands Trust** 

## **Financial Statements** 

**Year ended 31 July 2020** 

||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**6**|
|Statement of financial activities|**7**|
|Statement of financial position|**8**|
|Notes to the financial statements|**9**|





## **The Woodlands Trust** 

## **Trustees' Annual Report** 

## **Year ended 31 July 2020** 

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 July 2020. 

## **Reference and administrative details** 

**Registered charity name** The Woodlands Trust **Charity registration number** 271763 **Principal office** Shalom Catsash Road Langstone Newport South Wales **The trustees** Mr M R Sheppard Mr G J Sheppard Mr R H Sheppard Mr K Hart Mrs D Sheppard **Independent examiner** Kara Williams BSc BFP FCA 11 Park Square Newport South Wales NP20 4EL 

**- 1 -** 



## **The Woodlands Trust** 

**Trustees' Annual Report** _**(continued)**_ 

**Year ended 31 July 2020** 

## **Structure, governance and management** 

## **Governing document** 

Governing Instrument: Deed of Settlement 15 April 1976 

## **Structure and decision making** 

The trustees formally meet twice each year. In between, regular contact is made by telephone and informal meetings. 

Decisions on donations below £2,000 are made by a majority of two trustees. Any sums above this sum are made after agreement between all trustees. 

The trustees make donations on the following basis: 

The trustees look to the integrity of the individual/organisation and expect to see a track record of them being successful in similar projects elsewhere. Where possible the trustees make a visit to the project. The amount is governed by what the donation is being used for. Typically, a donation is not in excess of £10,000. 

The process is typically as follows: 

Request comes in by telephone or letter. 

A discussion takes place amongst the trustees as to the benefit a donation will make, and inquiries are made to ensure it fits in with the objectives of the trust. 

A letter is requested to outline the proposal if it is felt additional information is required prior to a donation being made. 

In addition, the trustees look for feedback to show that the donation is properly managed in the spirit in which the donation was made. 

Trustees are appointed under the Governing Instrument. When a Trustee is appointed, they undergo an induction and are given an explanation as to what the Charity does and the policies and procedures in place. They are provided with literature produced by the Charity Commission regarding their duties and responsibilities and are required to sign a Code of Conduct declaration. They also receive a copy of the Governing Instrument and the most recent set of financial statements. 

## **Risk assessment** 

The Trustees are responsible for the overseeing of the risks faced by the charity. Risks are identified, assessed and controls established throughout the year. A formal review of the charity's risk management processes is undertaken on an annual basis. 

The Trustees are aware of their responsibilities to protect the investments of the charity to maximise the returns so they are able to further the objects of the charity. The Trustees are satisfied that they have ensured a wide variety of investments to mitigate risk where possible. 

**- 2 -** 



## **The Woodlands Trust** 

**Trustees' Annual Report** _**(continued)**_ 

## **Year ended 31 July 2020** 

## **Objectives and activities** 

The objects are set out in the Deed of settlement dated 15th April 1976 and are of advancing the Christian Religion by the conduct of evangelistic and other religious work including camps and social and emergency relief work. 

The funds are only to be used for activities as shall be calculated to advance the Christian Religion. 

The aims of the charity are to promote Christianity by funding ministers and projects which all work towards this aim. In addition, it looks to help relieve poverty and assist organisations who are working amongst people groups such as drug addicts, etc. 

In this way it seeks to help bring relief to individuals and provide financial support to enable more help to be given to those in need. 

The objective is to work closely with groups, organisations and individuals, to be part of their long-term goals. 

## **Achievements and performance** 

The shares held in W T Edgington (Sandhurst) Limited, shown as unlisted investments, continue to be valued at cost at £99. 

The trustees believe that the market value of the investment in Newport Furnishers Limited, shown in UK participating interests, has increased by £58,800 and is reasonably valued at £736,893 (2019: £678,093). 

There was a disposal of two investment properties during the year at over their market value. The market value of the remaining investment properties has stayed the same and the total market value of investment properties at the year end was £637,000 (2019: £852,000) as a result of the disposals. See details in note 13. 

During the year, as planned, we distributed funds to support various existing projects both in the UK and various countries throughout the world. Countries included were Kenya, Uganda, Romania, Bangladesh, Nepal, India and Nigeria, where we worked with partners to deliver social and spiritual care and outreach to groups of people in need. 

Details include support for missions outreach, school and children's work and farming needs in Uganda, teaching leaders in Nepal and support for local churches. During the year we worked with local churches in Bangladesh helping specifically with shortages of food and supplies due to the Covid pandemic and support for gospel crusades continued in Africa along with established partners. 

We also continued our support for a UK based residential bible school and a charity that specialise in rehabilitation from substance abuse and alcoholic issues. 

We believe the work that has been undertaken during the year has made a difference to the lives of those involved and those who have benefitted from the projects that we have supported. 

**- 3 -** 



## **The Woodlands Trust** 

**Trustees' Annual Report** _**(continued)**_ 

**Year ended 31 July 2020** 

## **Financial review** 

The surplus for the year ended 31 July 2020 was £264,539 (2019: 5,021) after a revaluation surplus of £63,224 (2019: surplus of £44,297). 

Total income received in the year was £282,106 and was all unrestricted (2019: total income of 74,924 with restricted donations of £3,682). In 2019, the restricted income was spent in the year in support of religious organisations and so there was no balance brought forward into 2020 on the restricted fund. 

The net assets for the Trust at 31 July 2020 were £2,246,293 (2019: £1,981,754). 

During the year, a total of £72,800 (2019: £104,496) was paid out to charities and religious causes. 

## **Reserves policy** 

The reserves policy is in place to maintain reserves in order to generate sufficient income to meet the objects of the charity. The trustees believe that the value held in reserves should be approximately £1.5m relating to various investments, and that this level should be held to generate sufficient income. Due to changing markets and unpredictability in returns on unlisted investments, this reserve value may fluctuate year on year. 

## **Plans for future periods** 

The plan for future periods is: 

We intend to continue support for existing projects; and to be able to respond to individuals and organisations that, throughout the coming year, appear to be able to further develop in new areas which meet the criteria of the trust. 

For example, the fund plans to continue its support of the development of a bible training college in the UK and family villages in Romania, Thailand and Africa. New work in Bangladesh is being investigated with additional outreach work in Nepal, India, Kenya and Uganda during the coming year. 

The global pandemic has had its effect on some of the organisations we have been partnering with and has restricted certain projects so we will be working together with them to access the needs as we move forward during the coming years. 

We will also be working with organisations involved in promoting Christianity through Europe and provide support for organisations working with drug and alcohol abuse, locally in south Wales and around the UK. 

## **Public benefit statement** 

The Woodlands Trust is a public benefit entity. The Charity Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties. The charity delivered public benefit by making donations to religious organisations for the purpose of advancing the Christian Religion by the conduct of evangelistic and other religious work. 

**- 4 -** 



## **The Woodlands Trust** 

**Trustees' Annual Report** _**(continued)**_ 

**Year ended 31 July 2020** 

The trustees' annual report was approved on .............................. and signed on behalf of the May 28, 2021 board of trustees by: 

M Sheppard M Sheppard (May 28, 2021 15:19 GMT+1) 

Mr M R Sheppard Trustee 

## kih 

kih (May 28, 2021 15:58 GMT+1) 

Mr K Hart Trustee 

**- 5 -** 



## **The Woodlands Trust** 

## **Independent Examiner's Report to the Trustees of The Woodlands Trust** 

## **Year ended 31 July 2020** 

I report to the trustees on my examination of the financial statements of The Woodlands Trust ('the charity') for the year ended 31 July 2020. 

## **Responsibilities and basis of report** 

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. 

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 charity as required by section 130 of the Act; or 

2. the financial statements do not accord with those records; or 

3. the financial statements 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. 

## Kara Williams 

Kara Williams (May 28, 2021 16:39 GMT+1) Kara Williams BSc BFP FCA Independent Examiner 

11 Park Square Newport South Wales NP20 4EL 

May 28, 2021 

**- 6 -** 



## **The Woodlands Trust** 

## **Statement of Financial Activities** 

## **Year ended 31 July 2020** 

|||**2020**|**2020**|2019|
|---|---|---|---|---|
|||Unrestricted|||
|||funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Donations and legacies|**4**|211,877|**211,877**|17,069|
|Investment income|**5**|68,849|**68,849**|57,855|
|Other income|**6**|1,380|**1,380**|–|
|||`──────────`|`──────────`|`────────`|
|**Total income**||282,106|**282,106**|74,924|
|||`══════════`|`══════════`|`════════`|
|**Expenditure**|||||
|Expenditure on raising funds:|||||
|Investment management costs|**7**|5,459|**5,459**|7,051|
|Expenditure on charitable activities|**8,9**|75,332|**75,332**|107,149|
|||`──────────`|`──────────`|`──────────`|
|**Total expenditure**||80,791|**80,791**|114,200|
|||`══════════`|`══════════`|`══════════`|
|Net gains on investments|**10**|63,224|**63,224**|44,297|
|||`──────────`|`──────────`|`──────────`|
|**Net income and net movement in funds**||264,539|**264,539**|5,021|
|||`══════════`|`══════════`|`══════════`|
|**Reconciliation of funds**|||||
|Total funds brought forward||1,981,754|**1,981,754**|1,976,733|
|||`─────────────`|`─────────────`|`─────────────`|
|**Total funds carried forward**||2,246,293|**2,246,293**|1,981,754|
|||`═════════════`|`═════════════`|`═════════════`|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 9 to 17 form part of these financial statements.** 

**- 7 -** 



## **The Woodlands Trust** 

## **Statement of Financial Position** 

**31 July 2020** 

|||**2020**||2019|
|---|---|---|---|---|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Investments|**13**||**1,744,147**|1,927,347|
|**Current assets**|||||
|Debtors|**14**|**–**||833|
|Cash at bank and in hand||**755,516**||55,828|
|||`──────────`||`────────`|
|||**755,516**||56,661|
|**Creditors: amounts falling due within one year**|**15**|**253,370**||2,254|
|||`──────────`||`────────`|
|**Net current assets**|||**502,146**|54,407|
||||`─────────────`|`─────────────`|
|**Total assets less current liabilities**|||**2,246,293**|1,981,754|
||||`═════════════`|`═════════════`|
|**Funds of the charity**|||||
|Unrestricted funds|||**2,246,293**|1,981,754|
||||`─────────────`|`─────────────`|
|**Total charity funds**|**16**||**2,246,293**<br>`═════════════`|1,981,754<br>`═════════════`|



These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: May 28, 2021 

M Sheppard M Sheppard (May 28, 2021 15:19 GMT+1) 

Mr M R Sheppard Trustee 

## kih 

kih (May 28, 2021 15:58 GMT+1) Mr K Hart Trustee 

**The notes on pages 9 to 17 form part of these financial statements.** 

**- 8 -** 



## **The Woodlands Trust** 

## **Notes to the Financial Statements** 

## **Year ended 31 July 2020** 

## **1. General information** 

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Shalom, Catsash Road, Langstone, Newport, South Wales. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. 

The financial statements are prepared in sterling, which is the functional currency of the entity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Consolidation** 

The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011. 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

**- 9 -** 



## **The Woodlands Trust** 

**Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 July 2020** 

## **3. Accounting policies** _**(continued)**_ 

## **Fund accounting** 

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. 

Designated funds are unrestricted funds earmarked by the trustees for particular future 

project or commitment. 

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 

## **Incoming resources** 

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

· income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 

· legacy income is recognised when receipt is probable and entitlement is established. 

· investment income is recognised when receipt is probable and entitlement is established. 

· any increase/decrease in market value of investments is recognised in the statement of financial activities. 

## **Resources expended** 

Application of funds beneficial to charitable organisations are donations made to other organisations in the furtherance of the charity's objects. 

All other expenditure incurred by the charity are governance costs such as accountancy and premises costs. The change in value of investments due to fluctuations in the exchange rate are recognised in the year to which they relate. 

## **Investments** 

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. 

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. 

**- 10 -** 



## **The Woodlands Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 July 2020** 

## **3. Accounting policies** _**(continued)**_ 

## **Investment property** 

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. 

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. 

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. 

## **Impairment of fixed assets** 

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. 

**- 11 -** 



## **The Woodlands Trust** 

**Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 July 2020** 

## **3. Accounting policies** _**(continued)**_ 

## **Financial instruments** 

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 

Debt instruments are subsequently measured at amortised cost. 

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. 

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). 

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. 

## **4. Donations and legacies** 

||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|
||Funds|Funds|**2020**|
||£|£|**£**|
|**Donations**||||
|Donations|211,877|–|**211,877**|
||`══════════`|`════`|`══════════`|
||Unrestricted|Restricted|Total Funds|
||Funds|Funds|2019|
||£|£|£|
|**Donations**||||
|Donations|13,387|3,682|17,069|
||`════════`|`═══════`|`════════`|



**- 12 -** 



## **The Woodlands Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 July 2020** 

## **5. Investment income** 

||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2020**|Funds|2019|
||£|**£**|£|£|
|Income from investment properties|40,750|**40,750**|44,284|44,284|
|Income from other investments|649|**649**|571|571|
|Loan Interest|5,000|**5,000**|13,000|13,000|
|Other interest income|22,450|**22,450**|–|–|
||`────────`|`────────`|`────────`|`────────`|
||68,849|**68,849**|57,855|57,855|
||`════════`|`════════`|`════════`|`════════`|
|**Other income**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2020**|Funds|2019|
||£|**£**|£|£|
|Other income|1,380|**1,380**|–|–|
||`═══════`|`═══════`|`════`|`════`|
|**Investment management costs**|||||
||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
||Funds|**2020**|Funds|2019|
||£|**£**|£|£|
|Portfolio management|1,024|**1,024**|1,183|1,183|
|Rent collection|234|**234**|–|–|
|Property repairs and maintenance|||||
|charges|460|**460**|1,849|1,849|
|Property insurance|2,900|**2,900**|4,019|4,019|
|Property rates & utilities|841|**841**|–|–|
||`───────`|`───────`|`───────`|`───────`|
||5,459|**5,459**|7,051|7,051|
||`═══════`|`═══════`|`═══════`|`═══════`|
|**Expenditure on charitable activities**|**by fund type**||||
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2020**|
|||£|£|**£**|
|Support of religious organisations||65,600|–|**65,600**|
|Payments to Evangelists||7,200|–|**7,200**|
|Support costs||2,532|–|**2,532**|
|||`────────`|`────`|`────────`|
|||75,332|–|**75,332**|
|||`════════`|`════`|`════════`|
|||Unrestricted|Restricted|Total Funds|
|||Funds|Funds|2019|
|||£|£|£|
|Support of religious organisations||92,984|3,682|96,666|
|Payments to Evangelists||7,830|–|7,830|
|Support costs||2,653|–|2,653|
|||`──────────`|`───────`|`──────────`|
|||103,467|3,682|107,149|
|||`══════════`|`═══════`|`══════════`|



**6. Other income** 

## **7. Investment management costs** 

## **8. Expenditure on charitable activities by fund type** 

**- 13 -** 



## **The Woodlands Trust** 

**Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 July 2020** 

## **9. Expenditure on charitable activities by activity type** 

||Activities||||
|---|---|---|---|---|
||undertaken|Support|**Total funds**|Total fund|
||directly|costs|**2020**|2019|
||£|£|**£**|£|
|Support of religious organisations|65,600|–|**65,600**|96,666|
|Payments to Evangelists|7,200|–|**7,200**|7,830|
|Governance costs|–|2,532|**2,532**|2,653|
||`────────`|`───────`|`────────`|`──────────`|
||72,800|2,532|**75,332**|107,149|
||`════════`|`═══════`|`════════`|`══════════`|



**10. Net gains on investments** 

|||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|---|
|||Funds|**2020**|Funds|2019|
|||£|**£**|£|£|
||Gains/(losses) on investment|||||
||property|6,049|**6,049**|–|–|
||Gains/(losses) on revaluation of|||||
||investments|57,175|**57,175**|44,297|44,297|
|||`────────`|`────────`|`────────`|`────────`|
|||63,224|**63,224**|44,297|44,297|
|||`════════`|`════════`|`════════`|`════════`|
|**11.**|**Independent examination fees**|||||
|||||**2020**|2019|
|||||**£**|£|
||Fees payable to the independent examiner for:|||||
||Independent examination of the financial statements|||**2,088**<br>`═══════`|2,003<br>`═══════`|



## **12. Trustee remuneration and expenses** 

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 

During the year, trustees were reimbursed expenses of £394 (2019: £1,000) for travel, repairs and office administration expenses incurred personally on behalf of the charity. 

**- 14 -** 



## **The Woodlands Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 July 2020** 

## **13. Investments** 

|||||Shares in|||
|---|---|---|---|---|---|---|
||Cash or||UK|group|||
||cash|Investment|Participating|under-|Other||
||equivalents|properties|interests|takings|investments|**Total**|
||£|£|£|£|£|**£**|
|**Cost or**|||||||
|**valuation**|||||||
|At 1 Aug 2019|285,319|852,000|678,093|99|111,836|**1,927,347**|
|Additions|5,000|–|–|–|649|**5,649**|
|Disposals|(12,319)|(215,000)|–|–|(1,024)|**(228,343)**|
|Fair value|||||||
|movements|–|–|58,800|–|–|**58,800**|
|Other|||||||
|movements|–|–|–|–|(19,306)|**(19,306)**|
||`──────────`|`──────────`|`──────────`|`────`|`──────────`|`─────────────`|
|**At 31 Jul 2020**|278,000|637,000|736,893|99|92,155|**1,744,147**|
||`══════════`|`══════════`|`══════════`|`════`|`══════════`|`═════════════`|
|**Impairment**|||||||
|**At 1 Aug 2019**|||||||
|**and 31 Jul 2020**|||–|–|–|**–**|
||||`══════════`|`════`|`══════════`|`═════════════`|
|**Carrying**|||||||
|**amount**|||||||
|**At 31 Jul 2020**|278,000|637,000|736,893|99|92,155|**1,744,147**|
||`══════════`|`══════════`|`══════════`|`════`|`══════════`|`═════════════`|
|At 31 Jul 2019|285,319|852,000|678,093|99|111,836|1,927,347|
||`══════════`|`══════════`|`══════════`|`════`|`══════════`|`═════════════`|



All investments shown above are held at valuation. 

## **Investment properties** 

The valuation of investment properties was reviewed by the trustees at 31 July 2020. The trustees, who have recent experience with similar investment properties concluded that the market value had not changed significantly since last year. The trustees based their valuation on recent transactions with similar properties and/or also made reference to the required rate of return and the current annual rental income. 

The listed investments and the collective investment vehicle were managed by Hart Greaves LLP during the year. 

The charity owns 99% of the issued ordinary share capital of WT Edgington (Sandhurst) Services Limited, a company incorporated in England and Wales. At 31 October 2019, the company had a deficit on capital and reserves of £81,442 (2018: £76,301) and made a loss of £5,141 (2018: loss of £15,711). 

## **14. Debtors** 

||**2020**|2019|
|---|---|---|
||**£**|£|
|Other debtors|**–**|833|
||`════`|`════`|



**- 15 -** 



## **The Woodlands Trust** 

**Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 July 2020** 

## **15. Creditors: amounts falling due within one year** 

||**2020**|2019|
|---|---|---|
||**£**|£|
|Amounts owed to Trustees|**–**|166|
|Other creditors|**253,370**|2,088|
||`──────────`|`───────`|
||**253,370**|2,254|
||`══════════`|`═══════`|



## **16. Analysis of charitable funds** 

## **Unrestricted funds** 

|**Unrestricted funds**||||||
|---|---|---|---|---|---|
||At 1|||Gains and|**At 31**|
||August 2019|Income|Expenditure|losses|**July 2020**|
||£|£|£|£|**£**|
|General funds|1,981,754|282,106|(80,791)|63,224|**2,246,293**|
||`═════════════`|`══════════`|`════════`|`════════`|`═════════════`|
||At 1|||Gains and|At 31|
||August 2018|Income|Expenditure|losses|July 2019|
||£|£|£|£|£|
|General funds|1,976,733<br>`═════════════`|71,242<br>`════════`|(110,518)<br>`══════════`|44,297<br>`════════`|1,981,754<br>`═════════════`|



## **17. Analysis of net assets between funds** 

||Unrestricted|**Total Funds**|
|---|---|---|
||Funds|**2020**|
||£|**£**|
|Investments|1,744,147|**1,744,147**|
|Current assets|755,516|**755,516**|
|Creditors less than 1 year|(253,370)|**(253,370)**|
||`─────────────`|`─────────────`|
|**Net assets**|2,246,293|**2,246,293**|
||`═════════════`|`═════════════`|
||Unrestricted|Total Funds|
||Funds|2019|
||£|£|
|Investments|1,927,347|1,927,347|
|Current assets|56,661|56,661|
|Creditors less than 1 year|(2,254)|(2,254)|
||`─────────────`|`─────────────`|
|**Net assets**|1,981,754|1,981,754|
||`═════════════`|`═════════════`|



**- 16 -** 



## **The Woodlands Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 July 2020** 

## **18. Related parties** 

The Woodlands Trust holds 42% of the ordinary share capital of Newport Furnishers Limited. In addition to this, the directors of Newport Furnishers Limited are also trustees of The Woodlands Trust. During the year, Newport Furnishers made an unconditional donation of £200,000 (2019: nil) to the charity. 

The Woodlands Trust also holds 99 ordinary shares in W T Edgington (Sandhurst) Limited. In the year, W T Edgington (Sandhurst) Limited repaid £30,000 of a loan held within other investments. The loan had been written down to £10,000 previously, as it was assessed that only £10,000 would be recoverable. £20,000 has been posted to the income and expenditure account during the year as a negative bad debt. The balance of the loan, owed to the charity by W T Edgington (Sandhurst) Limited at the year end, less the related provision, was nil (2019: £10,000). Interest of £nil was charged on the loan during the year (2019: £nil). 

There was no balance owed to Trustees at 31 July 2020 (2019: £166). 

Included in other investments is a loan of £260,000 to Mr L Sheppard, son of Mr M Sheppard, trustee. Interest of £5,000 was charged on the loan during the year (2019: £13,000) and has been added to the balance brought forward. At 31 July 2020, £278,000 (2019: £273,000) was owed to the charity. The loan was repaid after the year end. 

**- 17 -**