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|
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|||||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|
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|||||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||
##
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||||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|
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