WILTON HOUSE TRUST (Registered Charity Number 287144) li ANNUAL REPOKT AND ACCOUNTS YEAR ENDED 31.%1 DECEMBER 2020 www.wiltonhouse.com
| ~ | Who we are and what we do | Who we are and what we do | |
|---|---|---|---|
| ~ | Chairman's Statement |
||
| ~ | Our Achievements | in 2020 | |
| Visitors to Wilton House: | 8 | ||
| ~ | Membership | 10 | |
| ~ | Schools Educational | Programme | 12 |
| ~ | Student Group Visits | 13 | |
| ~ | Research Enquiries | 14 | |
| ~ | Hospitality | 15 | |
| The | Preservation ofthe Fabric of Wilton House: |
||
| The | Care ofthe Contents | of Wilton House: | 18 |
| ~ | Painting Restoration |
20 | |
| ~ | The Sculpture Collection |
23 | |
| Wilton Park | 25 | ||
| Improving Amenities for |
the Public | 28 | |
| The Objectives ofWilton | House Trust | 30 | |
| Auditors' Report |
34 | ||
| Consolidated Accounts |
37 | ||
| Legal | and Administrative | Information | 51 |
| NOTES | 31.12.20 | 31.12.20 | 31.12.20 | 31.12.19 | ||||
|---|---|---|---|---|---|---|---|---|
| Total | ||||||||
| General | Designated | Unrestricted | ||||||
| Fund | Fund | Funds | ||||||
| Income from: | ||||||||
| Charitable activities: |
||||||||
| Wilton House admissions | 11 | 11 | 220,457 | |||||
| Estate management | 1,201,757 | 1,201,757 | 1,533,522 | |||||
| Other trading activities | 43,620 | 43,620 | 84,829 | |||||
| Investments | 129,159 | 129,159 | 94,961 | |||||
| Surplus / (deficit) |
on sale | of | freehold property | (450) | ||||
| Other Income | 61,354 | 61,354 | ||||||
| Total | 1,435,901 | 1435 901 | 1933319 | |||||
| Expenditure on: |
||||||||
| Raising funds | ||||||||
| Investment management |
fees | 76,795 | 76,795 | 43,540 | ||||
| Trading expenditure | 25,807 | 25,807 | 80,254 | |||||
| Charitable Activities |
5 | 1,270,885 | 1,270,885 | 1,367,000 | ||||
| Total | 1,373,487 | 1,373,487 | 1,490,794 | |||||
| Net income before | investtnent | gains | 62,414 | 62,414 | 442,525 | |||
| Net (losses)/gains | on investments | 537,179 | 537,179 | 749,130 | ||||
| Net income/ (expenditure) | 599,593 | 599,593 | 1,191,655 | |||||
| Net movement in |
funds | 599,593 | 599,593 | 1,191,655 | ||||
| Reconciliatioa of | funds: | |||||||
| Total funds brought | forward | 14,359,597 | 65,180 | 14,424,777 | 13,233,122 | |||
| Total funds carried | forward | f14,959,190 | f65,180 | f15,024,370 | 614,424,777 |
| NOTES | 31.12.20 | 31.12.20 | 31.12.19 | 31.12.19 | |||
|---|---|---|---|---|---|---|---|
| ~Grou | ~Charl | ~Grou | tharity | ||||
| FIXEDASSETS | |||||||
| Intangible assets |
8 | ||||||
| Tangible assets | 9 | 53,691 | 53,691 | 65,266 | 65,266 | ||
| Heritage assets | 9 | 2,810,324 | 2,810,324 | 2,810,324 | 2,810,324 | ||
| Investments | 10 | 8,803,158 | 8,966,158 | 8,155,317 | 8,318,317 | ||
| 11,667,173 | 11,830,173 | 11,030,907 | 11,193,907 | ||||
| CURRENT ASSETS | |||||||
| Stock | 36,623 | 16,305 | |||||
| Debtors | 2,033,783 | 2,051,828 | 2,058,482 | 2,057,360 | |||
| Cash atbank and in | hand | 1,584,427 | 1,524,801 | 1,696,232 | 1,640,065 | ||
| 3,654,833 | 3,576,629 | 3,771,019 | 3,697,425 | ||||
| LIABILITIES | |||||||
| Creditors: Amounts | falling | ||||||
| due within one year | 12 | 193,860 | 283,354 | 252,609 | 347,445 | ||
| NET CURRENT ASSETS | 3,460,973 | 3,293,275 | 3,518,410 | 3,349,980 | |||
| TOTAL ASSETSLESS | |||||||
| CURRENT LIABILITIES | 15,128,146 | 15,123,448 | 14,549,317 | 14,543,887 | |||
| CREDITORS: AMOUNTS FALLING | |||||||
| DUE AFTER MORE THAN | ONE YEAR | 13 | 103,776 | 103,776 | 124,540 | 124,540 | |
| TOTAL NET ASSETS | $15,024,370 | f15,019,672 | f14,424,777 | 614,419,347 | |||
| THE FUNDS OFTHE CHARITY | |||||||
| General Fund | 14,792,492 | 14,954,492 | 14,192,167 | 14,354,167 | |||
| Designated Fund |
65,180 | 65,180 | 65,180 | 65,180 | |||
| Non-charitable trading fund |
166,698 | 167,430 | |||||
| 815,024,370 | f15,019,672 | f14,424,777 | 614,419,347 | ||||
| Approved by |
stees on | ZRQ W4~ | Et'-l |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||
| Net cash provided by (used in) | |||||
| operating activities | 358,744 | 1,756,868 | |||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Dividends and interest &om investments |
129,159 | 94,961 | |||
| Proceeds from the sale ofproperty, | |||||
| plant and equipment | |||||
| Proceeds from the disposal ofinvestinents Purchase ofinvestments Purchase ofproperty, plant and equipinent |
2,345,724 (2,732,451) (489,046) |
696,921 (2,617,857) (474,822) |
|||
| Net cash provided by (used in) |
|||||
| investing activities |
(746,614) | (2,300,797) | |||
| CHANGE IN CASH AND CASH EQUIVALENTS | |||||
| IN THE REPORTING PERIOD | (8387,870) | (K543,929) | |||
| Cash and cash equivalents at the beginning |
|||||
| ofthe reporting period |
2,603,446 | 3,147,375 | |||
| Cash and cash equivalents at the end |
|||||
| ofthe reporting period |
2275,576 | 2,603,446 | |||
| NOTES TO THE CASH FLOW STATEMENT | |||||
| a. | Reconciliation ofnet income/(expenditure) | ||||
| with net cash flow from operating | activities | 2020 | 2019 | ||
| Net income/(expenditure) for the reporting period |
|||||
| (asper the statement offinancial activities) | 599,593 | 1,191,655 | |||
| Adjustments for: |
|||||
| Depreciation and impairment charges |
500,621 | 491,714 | |||
| (Gains)/losses on investments Dividends and interest fiom investments Interest paid |
(537,179) (129,159) |
(749,130) (94,961) |
|||
| (Profit)/loss on disposal offixed assets |
|||||
| (increase)/decrease in stock |
(20,318) | 3,887 | |||
| (increase)/decrease in debtors |
24,699 | 913,895 | |||
| Increase/(decrease) in creditors |
(79,513) | (192) | |||
| Net cash flow provided by (used in) operating activities |
8358,744 | 81,756,868 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Investment | assets within the United Kingdom | ||||
| Quoted securities | 123,384 | 76,417 | |||
| Cash held as | part | ofthe investment | portfolio | ||
| Bank interest | 5,775 | 18,544 | |||
| Total investment | income | 8129,159 | I94,961 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| CJRS | Grants | 36,354 | |||
| Other | Government | COVID | Grant | 25,000 | |
| 61,354 |
| A sununary ofthe company's | results is as | results is as | follows: | ||
|---|---|---|---|---|---|
| 31.12.20 | 31.12.19 | ||||
| TURNOVER | 43,620 | 84,829 | |||
| Cost ofSales | (1,466) | (23,002) | |||
| Gross profit | 42,154 | 61,827 | |||
| Other operating expenses |
(24,341) | (57,252) | |||
| OPERATING PROFIT | 17,813 | 4,575 | |||
| Interest receivable and |
|||||
| similar income | |||||
| PROFIT ON ORDINARY | |||||
| ACTIVITIES BEFORETAXATION | 17,813 | 4,575 | |||
| Tax on (loss)/profit on ordinary |
activities | ||||
| PROFIT ON ORDINARY | |||||
| ACTIVITIES AFTER TAXATION | 17,813 | 4,575 | |||
| Gifi aid donation | (18,545) | (5,635) | |||
| RETAINED (LOSS)/PROFIT | FOR | ||||
| FINANCIAL YEAR | (732) | (1,060) | |||
| Retained profit at 1"January | 2020 | 167,430 | 168,490 | ||
| RETAINED PROFIT AT31 | DECEMBER 2020 | 8166,698 | $167,430 | ||
| The assets and liabilities ofthe | subsidiary | were as follows:- | |||
| 31.12.20 | 31.12.19 | ||||
| Fixed assets | |||||
| Net current assets | 167,698 | 168,430 | |||
| Total net assets | f167,698 | SI68,430 | |||
| Shareholders funds |
f167,698 | 6168,430 |
| CURRENT YEAR | ||||||
|---|---|---|---|---|---|---|
| Staff | Dctrreciation | Direct | ~Su ort |
Total | Total | |
| Costs | Costs | Costs | 2020 | 2019 | ||
| Raising funds | ||||||
| investment | ||||||
| Maaagement fees |
76,795 | 76,795 | 43,540 | |||
| Trading expenditure | 3,305 | 22,502 | 25,807 | 80254 | ||
| 3,305 | 99,297 | 102,602 | 123,794 | |||
| Charitable activities |
||||||
| Estate management | 95,105 | 383,698 | 181,226 | 124,086 | 784,115 | 798,395 |
| Wilton house | ||||||
| admissions | 226,565 | 133,418 | 70,365 | 51,920 | 482,268 | 503,093 |
| Governance costs | 4,502 | 4,502 | 65,512 | |||
| 321,670 | 517,116 | 256,093 | 176,006 | 1,270,885 | 1,367,000 | |
| f324,975 | 6517,116 | 6355,390 | f.176,006 | 81,373,487 | f1,490,794 | |
| PRIOR YEAR | ||||||
| Raising funds | ||||||
| Investment | ||||||
| Management fees |
43,540 | 43,540 | ||||
| Trading expenditure | 10,961 | 69,293 | 80254 | |||
| 10,961 | 112,833 | 123,794 | ||||
| Charitable activities |
||||||
| Estate management | 122,368 | 369,166 | 189,714 | 117,147 | 798,395 | |
| Wilton house | ||||||
| adlrllsslolls | 244,736 | 122,165 | 85,190 | 51,002 | 503,093 | |
| Governance costs | 65,512 | 65,512 | ||||
| 367,104 | 491,331 | 340,416 | 168,149 | 1,367,000 | ||
| 6378,065 | &l91,331 | 8453,249 | 6168,149 | 61,490,794 | ||
| Wages and salaries are anslysed | as follows:- | 2020 | 2019 | |||
| Gross wages snd salaries | 254,928 | 324,159 | ||||
| National insurance costs |
14,809 | 18,833 | ||||
| Pension contributions | 19,573 | 19,993 | ||||
| 6289,310 | f362,985 |
| 2020 | 2019 | |||
|---|---|---|---|---|
| Management | fees | 86,734 | 96,050 | |
| Insurance and |
professional | costs | 32,017 | 26,720 |
| Other repairs | and maintenance | 20,116 | 20,140 | |
| Irrecoverable | VAT | 16,893 | 10,097 | |
| Woodland expenses |
20,123 | 15,035 | ||
| Sundry expenses | 123 | 107 | ||
| f.176,006 | f168,149 | |||
| GOVERNANCE COSTS | ||||
| 2020 | 2019 | |||
| Audit fees | 3,800 | 3,800 | ||
| Bank charges | 619 | 1,249 | ||
| Currency exchange | 83 | 60,463 | ||
| 64,502 | 6 65,512 |
| GoodwiU | |
|---|---|
| COST | |
| At 1stJanuary 2020 | 149,005 |
| Additions | |
| At 31stDecember 2020 | 149,005 |
| AMORTISATION | |
| At 1stJanuary 2020 | 149,005 |
| Charge for the year | |
| At 31stDecember 2020 | 149,005 |
| NET BOOKVALUE | |
| At 31stDecember 2020 | |
| At 31"December 2019 | KO |
| Total | Leasehold | Freehold | |
|---|---|---|---|
| Property | Property | ||
| COST | |||
| At 1stJanuary 2020 | 11,274,638 | 5,631,623 | 5,643,015 |
| Additions | 487,497 | 370,636 | 116,861 |
| Disposals | |||
| At 31st December 2020 | 11,762,135 | 6,002,259 | 5,759,876 |
| DEPRECIATION | |||
| At 1stJanuary 2020 | 8,464,314 | 5,631,622 | 2,832,692 |
| Charge for the year | 487,497 | 370,636 | 116,861 |
| Disposals | |||
| At 31st December 2020 | 8,951,811 | 6,002,258 | 2,949,553 |
| Net book value | |||
| At 31 December 2020 | K2,810,324 | f2,810,323 | |
| At 31e December 2019 | f2,810,324 | K2,810,323 | |
| OTHER TANGIBLE ASSETS | |||
| Plant dc Equipment | |||
| ~Grou | Charity | ||
| COST | |||
| At 1stJanuary 2020 | 402,435 | 400,512 | |
| Additions | 1,549 | 1,549 | |
| Disposals | |||
| At 31st December 2020 | 403,984 | 402,061 | |
| DEPRECIATION | |||
| At 1stJanuary 2020 | 337,169 | 335,246 | |
| Charge for the year | 13,124 | 13,124 | |
| Disposals | |||
| At 31stDecember 2020 | 350,293 | 348,370 | |
| Net book value | |||
| At 31stDecember 2020 | f53,691 | f53,691 | |
| At 31"December 2019 | f65,266 | f65,266 |
| Leasehold | Freehold | ||
|---|---|---|---|
| Property | Property | Total | |
| 2016 | 462,556 | 250.321 | 712.877 |
| 2017 | 976,087 | 188,613 | 1,164,700 |
| 2018 | 426,607 | 131,340 | 557,947 |
| 2019 | 349,696 | 124,836 | 474,532 |
| 2020 | 370,636 | 116,861 | 487,497 |
| Leasehold | Freehold | ||
|---|---|---|---|
| Property | Property | Total | |
| 2016 | |||
| 2017 | |||
| 2018 | |||
| 2019 | |||
| 2020 |
| 10. | FIXEDASSET INVESTMENTS | FIXEDASSET INVESTMENTS | FIXEDASSET INVESTMENTS | 2020 | 2020 | 2019 | |||
|---|---|---|---|---|---|---|---|---|---|
| ~Grou | Charit | ~Grou | Charith' | ||||||
| Inveslments | comprise | ||||||||
| United Kingdotn | 5,332,046 | 5,332,046 | 4,942,337 | 4,942,337 | |||||
| Overseas | 2,839,963 | 2,839,963 | 2,305,764 | 2,305,764 | |||||
| Cash held as part ofinvestment | portfolio | 631,149 | 631,149 | 907,216 | 907,216 | ||||
| Invesnnent | in subsidiary | 163,000 | 163,000 | ||||||
| 88,803,158 | f8,966,158 | 68,155,3I7 | f8,318,317 | ||||||
| Other quoted | securities | ||||||||
| Total | UK | Overseas | |||||||
| Market value | |||||||||
| At 1January 2020 | 67,248,101 | 4,942,337 | 2,305,764 | ||||||
| Additions | 62,732,451 | 570,260 | 2,162,191 | ||||||
| Unrealised gain/ (deficit) on revaluation |
6794,464 | 523,802 | 270,662 | ||||||
| Disposals | (2,603,007) | (704,353) | (1,898,654) | ||||||
| Market value | |||||||||
| At 31December 2020 | f8,172,009 | 65,332,046 | 62,839,963 | ||||||
| Historical cost | |||||||||
| At 31December 2020 | 66,157,903 | 63,696,241 | f2,461,662 | ||||||
| Market value | |||||||||
| At 31December | 2019 | 67,248,101 | f4,942,337 | 62,305,764 | |||||
| Historical cost | |||||||||
| At 31Decetnber | 2019 | f5,840,565 | Z3,672,468 | K2,168,097 | |||||
| 11. | DEBTORS | 2020 | 2019 | ||||||
| ~Grou | Ch~nthr | ~Gros | Charith | ||||||
| Dne within one year; | |||||||||
| Trade debtors | 35,328 | 35,328 | 61,449 | 61,449 | |||||
| Other debtors | 1,935,809 | 1,953,854 | 1,936,901 | 1,935,779 | |||||
| Accrued income and deferred | expenditure | 57,173 | 57,173 | 58,993 | 58,993 | ||||
| Amounts due from group undertakings |
|||||||||
| Other tax and social security | 5,473 | 5,473 | 1,139 | 1,139 | |||||
| I2,033,783 | 62,051,828 | 62,058,482 | f2,057,360 |
| CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR |
DUE | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| ~Gran | Charith | ~Gran | Charith | |||
| Trade creditors | 34,254 | 34,254 | 28,582 | 28,537 | ||
| Amounts owed to group undertakings |
100,000 | 100,000 | ||||
| Accruals and deferred income | 96,124 | 85,751 | 113,454 | 108,468 | ||
| Other creditors | 133 | 133 | ||||
| Other tax and social security | 42,585 | 42,585 | 75,885 | 75,885 | ||
| Rent received in advance | 20,764 | 20,764 | 20,764 | 20,764 | ||
| Obligations under finance leases |
13,791 | 13,791 | ||||
| $193,860 | 6283,354 | f252,609 | g347,445 | |||
| The loans are interest-free and repayable |
on deinand. |
| AFTER MOR | E THAN ONE YEAR | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| ~Grou | Charity | ~Grou | Charit | |||
| Rents received | in advance | 103.776 | 103.776 | 124,540 | 124,540 | |
| Obligations under finance leases |
||||||
| f103,776 | f103,776 | f124,540 | L124,540 | |||
| These amounts | fall due as noted below:- | |||||
| Between one and two years | 20,764 | 20,764 | 20,764 | 20,764 | ||
| Between two and five years | 83,012 | 83,012 | 83,056 | 83,056 | ||
| More than five | years | 20,720 | 20,720 | |||
| 6103,776 | 8103,776 | 6124,540 | $124,540 |
| FUND MOVEMENTS |
||||||
|---|---|---|---|---|---|---|
| CURRENT YEAR | At | Gains and | At | |||
| 01-Jan-20 | Income | Expenditure | Losses | 31-Dec-20 | ||
| UNRESTRICTED FUNDS | ||||||
| General Fund | 14,192,167 | 1,392,281 | (1,329,135) | 537,179 | 14,792,492 | |
| Designated Fund - properly |
65,180 | 65,180 | ||||
| repair fund | ||||||
| Non charitable Trading Fund |
167,430 | 43,620 | (44,352) | 166,698 | ||
| Total Unrestricted Funds |
$14,424,777 | Z1,435,901 | (1,373,487) | 537,179 | f15,024,370 | |
| Aproperty repair fund was established | in 2015by | a transfer | off350,000 | &om the general fund. | ||
| This consists offunds which have been | eartuarked | by the trustees for the | purpose ofproperty repairs | |||
| which have not yet been carried out. | ||||||
| PRIOR YEAR | At | Incoming | Outgoing | Gains and | At | |
| 01-Jan-19 | Resources | Resources | Losses | 31-Dec-19 | ||
| UNRESTRICTED FUNDS | ||||||
| General Fund | 12,999,452 | 1,848,490 | (1,404,905) | 749,130 | 14,192,167 | |
| Designated Fund - property |
65,180 | 65,180 | ||||
| repair fund | ||||||
| Non charitable Trading Fund |
168,490 | 84,829 | (85,889) | 167,430 | ||
| Total Unrestricted Funds |
f13,233,122 | 61,933,319 | (1,490,794) | 749,130 | f14,424,777 |
| NOTES | 31.12.19 | 31.12.19 | 31.12.19 | ||||
|---|---|---|---|---|---|---|---|
| Total | |||||||
| General | Designated | Unrestricted | |||||
| Fund | Fund | Funds | |||||
| Income from: | |||||||
| Charitable activities: |
|||||||
| Wilton House admissions | 220,457 | 220,457 | |||||
| Estate management | 1,533,522 | 1,533,522 | |||||
| Other trading activities | 84,829 | 84,829 | |||||
| Investments | 94,961 | 94,961 | |||||
| Surplus / (deficit) |
on sale | of&eehold property | (450) | (450) | |||
| Total | 1,933,319 | 1,933,319 | |||||
| Expenditure on: |
|||||||
| Raising funds | |||||||
| Investment management |
fees | 43,540 | 43,540 | ||||
| Trading expenditure | 80,254 | 80,254 | |||||
| Charitable Activities |
4 | 1,367,000 | 1,367,000 | ||||
| Total | 1,490,794 | 1,490,794 | |||||
| Net income before | investment | gains | 442,525 | 442,525 | |||
| Net (losses)/gains | on investments | 749,130 | 749,130 | ||||
| Net income/ (expenditure) | 1,191,655 | 1,191,655 | |||||
| Net movement in |
funds | 1,191,655 | 1,191,655 | ||||
| Reconciliation offunds: | |||||||
| Total funds brought | forward | 13,167,942 | 65,180 | 13,233,122 | |||
| Total funds carried | forward | 814,359,597 | f65,180 | 814,424,777 |