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2023-03-31-accounts

Annual Report 2022-2023 THE www.sharphamtrust.org Sharpham TRUST

Retreats & meditations in-person and online To book, vlsit our website or call 01803 732542

I"W*llP.. ,Iir www.sharphamtrust.org

The Coach House We opened a brand new retreat venue at the very beginning of this financial year ri *A- www.sharphamtrust.org

LEARN MORE: Ivww.sharphamtrust.org/coach-house

LL4RN MORE: wMv.sharphamtrust.org/coach-house

Our 40th birthday Wv Trust celebrated our 40th birthdayln thi5 reporting year - and we marked it bybeing compassionate and giwig awos. 40 retreats to people of low income. Celebi'ating 'ecl I. We sifted 40 Tetreats to pe￿pIe on low or no intxjmewho've never ￿fore stsyeA on the Sharpham Estate. It ivas a timely gift. We were able to support p￿)ple weathering the Cost of Liiing Crisis, which began in this. year. The initiative 40@40 launched in the rnn-up to World TrIental Health Day 2022, whieh had as its theme. make mental health and well-being for dll a global priority. The 40@40 initiative was on top of TheTrust'5 exi5tins bursar! scheme. nded bv dnnation.s. offering suhidised retreat places everyye2F. .8aid one reL'ipient of the 40@40 initiative- i)r Sharphain I c(zn hui'dl.¥put iiito ivoiyts huw cleÉ7)1!igiiitefvll am. It iLY￿Just ivhat I haLv bEen loiigingfvi'.fvr such a long time. £i￿rYt1]ing iLYL¢ beyoiid mi al7￿￿O￿ons. rhe blissJÈil L￿1￿1 and quiet ujos lieave.nly. No or IiiachiiigsijlLSt t1￿ sotiiicl (f) ihv iUElId, p'ciiit (iii<l binl.s. Ilnd ut Iiiyht, tiiv ouilsl I IL'(7b lon(iinii tu IIE in bcdaild lieor 0￿.151 lli¥ rooFPi ILias b[￿5ftl11Y con?Icbitable. An(lob(Ive (Ill. tlie uiarmth, gcnerosity aiid kindncss oflre17"e47t leadcn'j Sopli.y aiid Rupert. Th(41 andthe iuholc C￿￿'￿enCe ￿t()I￿d in.¥fvitli iii humanity and iii iiieditatioii. Sueh i￿p￿ing human l)eiiig.q. 'Ihe coonlinoto?'s we.re ro Ir)uvlJi too. IfÉ,It Itl'vl sLYn ancl I matter. AiidJc.IthvnouFEdto sce thc liiinionity ofothcjrs sh(1￿,d. T (Yliiiv. ￿￿￿EY IIiitli ci se.nse ofthe iuhole ethos Of,sha￿hQnl Tnfuscd in iiiy h￿ng. Idofeelso iieiy, Iieiy - gratefvl-.

LEARN MORE: www.sharphamtrust.org/our.food

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I
a
~
s
Total income 1.584m 1.859In
Total expenditure 1.336m 1.63om
Total funds 8.IIom 8.o7om
Voluntary
income		 (donations) o.o26m 0.057nl
Investment
income		 0.125m 0.125m
Charity activity income 1.094nl 1.419m
Investment
management		 costs o.o26m 0.025m
Cost ofcharitable activities 1.303m 1.591m
Governance 0.010nl 0.009m
Governance
as %		 total expenditure 0.80% 0.59%

2023 2023 2022
Unrestricted Restricted Endowment
Note funds
6		 funds
6		 funds Total funds Totalfundsf
Income and endowments
Donations
and legacies		 5 63,990 207,383 271,373 341,303
Charitable
activities		 6 1,419,188 1,419,188 1,093,967
Other trading
activities		 7 43,881 43,881 23,483
Investment
income		 8 124,689 124,689 125,061
Total income 1,651,748 207,383 1,859,131 1,583,814
Expenditure
Expenditure
on raising funds:
Costs of raising
donations
and
legacies 9 2,440 2,440 3,371
Costs ofother
trading activities 11,137 11,137 3,992
Investment
management costs 11 25,028 25,028 25,567
Expenditure
on
charitable
activities		 12,13 1,413,017 178,009 1,591,026 1,303,181
Total expenditure 1,451,622 178,009 1,629,631 1,336,111
Net (losses)/gains on
investments 15 (269,767) (269,767) 264,626
Net (expenditure)/income
and net movement in funds (69,641) 29,374 (40,267) 512,329
Reconciliation
of		 funds
Total funds brought forward 3,624,225 86,356 4,399,777 8,110,358 7,598,029
Total funds carried forward 3,554,584 115,730 4,399,777 8,070,091 8,110,358

2023 2022
Note
Fixed assets
Tangible fixed assets
Heritage assets
Investments		 20
21
22		 4,T53,319
90,000
4,027,215		 4,724,473
90,000
4,236,070
8,8T0,534 9,050,543
Current assets
Debtors
Cash at bank and in%and		 23 50,013
125,526		 4,774
223,715
175,539 228,489
Creditors: amounts falling due within one year 24 505,463 683,548
Net current liabilities 329,924 455,059
Total assets less current liabilities 8,540,610 8,595,484
Creditors: amounts falling due after more than one year 25 470,519 485,126
Net assets 8,070,091 8,110,358
Funds ofthe charity
Endowment
funds
Restricted funds
Unrestricted
funds		 4,399,777
115,730
3,554,584		 4,399,777
86,356
3,624,225
Total charity funds 28 8,070,091 8,110,358

Company
Limited by Guarantee
Statement ofCash Flows
Year ended 31 March 2023
2023 2022
E
Cash flows from operating
activities
Net (expenditure)/income (40,267) 512,329
Adjustments
for:
Depreciation
oftangible
fixed assets		 40,427 29,507
Net (losses)/gains
on investments		 272,837 (264,626)
Dividends,
interest and rents from investments		 (124,646) (125,061)
Other interest receivable
and similar income		 (43)
Interest payable
and similar charges		 29,357 28,795
Loss on disposal oftangible fixed assets 11,775
Accrued expenses/(income) 192,182 (153,727)
Changes/n:
Trade and other debtors (859) 3,239
Trade and other creditors (466,328) 347,670
Cash generated
from operations		 (85,565) 378,126
Interest
paid		 (29,357) (28,795)
Interest received 43
Net cash (used in)/from
operating
activities		 (114,879) 349,331
Cash flows from investing
activities
Dividends,
interest and rents from investments		 124,646 125,061
Purchase
oftangible assets		 (81,048) (1,888,141)
Purchases of other investments (136,872) (3,711)
Proceeds from sale ofother investments 72,890 541,547
Net cash used
in investing
activities		 (20,384) (1,225,244)
Cash flows from financing
activities
Proceeds from borrowings (4,783) 489,913
Proceeds from loans from group undertakings 41,857 (19,109)
Net cash from financing
activities		 37,074 470,804
Net decrease
in cash and cash equivalents		 (98,189) (405,109)
Cash and cash equivalents
at beginning		 ofyear 223,715 828,824
Cash and cash equivalents
at end ofyear		 125,526 223,715

Freehold
property		 as at 31 March 1997 March 1997 Nil
Freehold
property		 (acquired between 1998-2021) 2% straight line
Freehold
property		 acquired since 1 April 2022 Nil
Fixtures and equipment 15%to 25% straight line
Motor vehicle 25%straight line
Assets
in the course ofconstruction		 None until complete

Donations and lega cies
Unrestricted Restricted Total Funds
Funds Funds 2023
E
Donations
Donations Central 23,364 24,082 47,446
Donations Estate 181 181
Donations Sharpham Programme 5,101 5,101
Donations Barn Retreat Centre 491 4,040 4,531
From Trading
Subsidiary		 34,853 34,853

Ye ar ended 31 March 2023 ar ended 31 March 2023
5. Donations
and legacies
fvorrunver0
Unrestricted Restricted Total Funds
Funds
6		 Funds
6		 2023
f
Grants
Grants receivable central 19,922 19,922
Grants receivable house
Grants receivable estate 17,028 17,028
Grants receivable programme
Grants receivable Mindful-in-Nature 57,155 57,155
Grants receivable Wild for People 85,156 85,156
South Hams DC Covid-1 9support
National
Heritage		 Covid-19 support
63,990 207,383 271,373
Unrestricted Restricted Total Funds
Funds Funds 2022
f 6
Donations
Donations
Central		 1,355 1,355
Donations Estate 5,132 5,132
Donations
Sharpham
Programme		 8,310 6,953 15,263
Donations
Barn Retreat Centre		 1,098 3,141 4,239
From Trading Subsidiary 19,109 19,109
Grants
Grants receivable central 941 941
Grants receivable house 6,206 6,206
Grants receivable estate 28,783 123,655 152,438
Grants receivable programme 9,928 9,928
Grants receivable Mindful-in-Nature 18,751 18,751
Grants receivable Wild for People 30,038 30,038
South Hams DC Covid-19 support 35,003 35,003
National
Heritage		 Covid-19 support 42,900 42,900
153,633 187,670 341,303

Unrestricted Total Funds Unrestricted Total Funds
Funds
f		 2023
E		 Funds
E		 2022
f
Rental income 57,939 57,939 67,013 67,013
Other 11,067 11,067 8,393 8,393
Sharpham
House		 101,023 101,023 23,577 23,577
Estate 19,420 19,420 25,084 25,084
Sharpham
Programme		 515,434 515,434 508,111 508,111
Sharpham
Outdoors		 94,620 94,620 96,723 96,723
Bam Retreat 180,008 160,008 191,202 191,202
Coach House 251,410 251,410
Natural burials 188,267 188,267 173,515 173,515
Other income 349 349
1,419,188 1,419,188 1,093,967 1,093,967

Other tr adin g a ctivi ties
Unrestricted Restricted Total Funds
Funds Funds 2023
E E
Fundraising
Wedding venue hire 43,881 43,881
43,881 43,881
Unrestricted Restricted Total Funds
Funds
E		 Funds
E		 2022
f
Fundraising 746 8,477 9,223
Wedding venue hire 14,260 14,260
15,006 8,477 23,483
Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
E f E E
Rental and property income 38,353 38,353 36,926 36,926
Income from listed investments 86,293 86,293 88,135 88,135
Bank interest 43 43
124,689 124,689 125,061 125,061

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
f 6 f
Costs of raising donations and legacies
- Donations 2,440 2,440 3,371 3,371
10. Costs of other trading activities
Unrestricted Restricted Total Funds
Funds Funds 2023
6 6
Wedding venue hire costs 11,137 11,137
11,137 11,137
Unrestricted Restricted Total Funds
Funds Funds 2022
6
Wedding
venue		 hire costs 3,992 3,992
3,992 3,992
11. Investment management costs
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
6 f
Investment management fees 25,028 25,028 25,567 25,567
25,026 25,028 25,567 25,567

Unrestricted Restricted TotalFunds
Funds
f		 Funds
f		 2023
Estate 196,958 7,026 203,984
Sharpham
Programme		 322,522 50,152 372,674
Barn Retreat Centre 125,294 5,040 130,334
Sharpham
Outdoors		 62,563 62,563
Sharpham
House		 134,405 134,405
Wild For People 2,510 79,788 82,298
Coach House 267,306 267,306
Burial site management 52,995 52,995
Support costs 248,464 36,003 284,467
1,413,017 178,009 1,591,026
Unrestricted Restricted Total Funds
Funds
f		 Funds
f		 2022
f
Estate 135,333 137,264 272,597
Sharpham
Programme		 326,499 23,948 350,447
Barn Retreat Centre 131,112 1,013 132,125
Sharpham
Outdoors		 56,548 56,548
Sharpham
House		 112,219 112,219
Wild For People 16,143 30,038 46,181
Coach House 18,856 18,856
Burial site management 45,208 45,208
Support costs 269,000 269,000
1,110,918 192,263 1,303,181

Expenditu re
on charitable acti		 vities
by activity typ		 e
Activities
undertaken Total funds Total fund
directly
f.		 Support costs
f		 2023
f		 2022
f
Estate 203,984 47,266 251,250 320,060
Sharpham Programme 372,674 85,057 457,731 432,270
Bam Retreat Centre 130,334 29,869 160,203 161,091
Sharpham Outdoors 62,563 14,224 76,787 70,179
Sharpham House 134,405 32,715 167,120 143,206
Wild For People 82,298 17,921 100,219 62,690
Burial site management 52,995 52,995 45,208
Coach House 267,306 57,415 324,721 68,477
1,306,559 284,467 1,591,026 1,303,181

15. Net (loss es)/g ains
on i		 nvestments
Unrestricted Total Funds Unrestricted Total Funds
Funds
f		 2023 Funds
6		 2022
F
Gains/(losses) on other investment
assets (269,767) (269,767) 264,626 264,626
16. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2023 2022
6 6
Depreciation of tangible fixed assets 40,427 29,507
Loss on disposal of fixed assets 11,775
17. Auditors' remuneration
2023 2022
6
Fees payable for the audit ofthe financial statements 7,900 7,440

Staff cos ts
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023 2022
Wages and salaries 523,676 450,656
Social security costs 31,700 24,227
Employer contributions to pension plans 34,958 24,365
590,334 499,248
The average head count ofemployees count ofemployees count ofemployees during the year was 30(2022:27).The average number the year was 30(2022:27).The average number of
full-time
equivalent		 employees during the year is analysed as follows:
2023 2022
No. No.
Central 4 4
House 5 5
Estate 3 3
Programme 3 3
Sam Retreat 2 2
Coach House 3
20 17
The number ofemployees whose remuneration for the year fell within the following bands, were:
2023 2022
No. No.
860,000 to 669,999 1

All such assets which are not depreciated
are subject to an an		 nual
impairment
review.
Paintings
8
Cost or valuation
At 1 April 2022 and 31 March 2023 90,000
Accumulated
depreciation
At 1 April 2022 and 31 March 2023
Carrying
amount
At 31 March 2023 90,000
At 31 March 2022 90,000

Shares in
Cash orcash Listed group
equivalents
8		 investments
f		 undertakings
f		 Total
Cost or valuation
At 1 April 2022 43,244 3,912,782 280,044 4,236,070
Additions 136,872 117,825 254,697
Disposals (140,136) (50,579) (190,715)
Fair value movements (272,837) (272,837)
At 31 March 2023 39,980 3,707,191 280,044 4,027,215
Impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023 39,980 3,707,191 280,044 4,027,215
At 31 March 2022 43,244 3,912,782 280,044 4,236,070

The above carrying
amounts
are recog		 nised as follows:
Shares in
Cash or cash Listed group
equivalents
f		 investments
f		 undertakings
f		 Total
F
At 31 March 2023
Held at fair value 39,980 3,707,191 3,747,171
Held at historical cost less impairment 280,044 280,044
At 31 March 2022
Held at fair value 43,244 3,912,782 3,956,026
Held at historical cost less impairment 280,044 280,044

Debtors
2023 2022
f
Trade debtors 5,633 4,774
Prepayments and accrued income 44,360
50,013 4,774

Creditors: amounts falling due within one year
2023 2022
Bank loans and overdrafts 14,611 4,787
Trade creditors 55,501 146,001
Amounts
owed to group undertakings		 50,474 8,617
Accruals and deferred income 369,302 511,784
Social security and other taxes 10,922 8,306
Other creditors 4,653 4,053
505,463 683,548
Creditors: amounts falling due after more than one year
2023 2022
6 6
Bank loans and overdrafts 470,519 485,126

Deferred income
2023
f		 2022
At 1 April 2022 379,044 225,932
Amount
released		 to income (379,044) (225,932)
Amount
deferred		 in year 302,108 379,044
At 31 March 2023 302,108 379,044

Analysis of charitable fund s
Unrestricted funds
At Gains and At
1 April 2022 Income Expenditure losses31March2023
E F E
General reserves 3,624,225 1,651,748 (1,451,622) (269,767) 3,554,584
At Gains and At
1 April 2021 Income Expenditure losses 31 March 2022
6 5
General reserves 3,115,780 1,387,667 (1,143,848) 264,626 3,624,225

At Gains and At
1 April 2022
6		 Income
6		 Expenditure
f		 losses 31 March 2023
f
6
Thomas Welch
Bursaries Fund 81,104 81,104
Ash Wheeler 106 (106)
Barn Bursary fund 3,390 4,040 (6,825) 605
Mindfulin
Nature		 57,155 (57,155)
Wild for People 85,156 (85,156)
Cycle Path
Sharpham
Bursaries
fund 1,756 24,084 (17,253) 8,587
Awards for All-
Polytunnel
Greenhouse
replacement fund 19,922 (2,988) 16,934
Ambios - Transformer
grant 10,000 (1,500) 8,500
South Devon
AONB/FiPL 7,026 (7,026)
86,356 207,383 (178,009) 115,730
At Gains and At
1 April 2021 Income Expenditure losses 31 March 2022
8 8
Thomas Welch
Bursaries
Fund		 81,104 81,104
Ash Wheeler 106 106
Bam Bursary fund 1,262 3,141 (1,013) 3,390
Mindfulin
Nature		 18,751 (18,751)
Wild for People 30,038 (30,038)
Cycle Path 114,000 (114,000)
Sharpham
Bursaries
fund 6,953 (5,197) 1,756
Awards
for All-
Polytunnel 8,964 (8,964)
Greenhouse
replacement fund 14,300 (14,300)
Ambios - Transformer
grant
South Devon
AONB/FiPL
82,472 196,147 (192,263) 86,356

Endowment funds
At Gains and At
1 April 2022 Income Expenditure losses 31 March 2023
8 8 6
Expendable Endowment
Fund 4,399,777 4,399,777
At Gains and At
1 April 2021
F		 Income
5		 Expendituref losses 31 March 2022
Expendable Endowment
Fund 4,399,777 4,399,777
Analysis of net assets between funds
Unrestricted Restricted Endowment TotalFunds
Funds Funds Funds 2023
6 5 F 5
Tangible fixed assets 2,913,319 1,750,000 4,753,319
Heritage assets 90,000 90,000
Investments 1,386,334 81,104 2,559,777 4,027,215
Current assets 140,913 34,626 175,539
Creditors less than 1 year (505,463) (505,463)
Creditors greater than 1 year (470,519) (470,519)
Net assets 3,554,584 115,730 4,399,777 8,070,091
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2022
f 5 f E
Tangible fixed assets 2,974,473 1,750,000 4,724,473
Heritage assets 90,000 90,000
Investments 1,595,189 81,104 2,559,777 4,236,070
Current assets 223,237 5,252 228,489
Creditors less than 1 year (678,761) (678,761)
Creditors greater than 1 year (489,913) (489,913)
Net assets 3,624,225 86,356 4,399,777 8,110,358

Anal ysis ofchanges
in net debt
At
At 1 Apr 2022 Cash flows 31INar 2023
6
Cash at bank and in hand 223,715 (98,189) 125,526
Debt due within one year (13,404) (51,681) (65,085)
Debt due after one year (485,126) 14,607 (470,519)
(274,815) (135,263) (410,078)

The total f
as follows:		 utur e
minimum
lease payments
receivable
under		 non-cancellable
operating		 leases are
2023 2022
6 5
Not later than 1 year 11,100 11,100
Later than 1 year and not later than 5years 49,350
11,100 60,450