WILTON HOUSE TIIUST (Registered Charity Number 287144) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31%1 DECEMBER 2021 www.wiltonhouse.com
| ~ | Who we are and what we do | 5 |
|---|---|---|
| e | Chairman's Statement |
8 |
| ~ | Our Achievements in 2021 |
11 |
| Visitors to Wilton House: | 12 | |
| ~ | Membership | 16 |
| ~ | Schools Educational Programme |
18 |
| ~ | Student Group Visits | 19 |
| ~ | Research Enquiries | 20 |
| e | Hospitality | 21 |
| The Preservation ofthe Fabric ofWilton House: |
22 | |
| The Care ofthe Contents ofWilton House: | ||
| o | Painting Restoration |
23 |
| e | The Sculpture Collection |
25 |
| Wilton | Park | 28 |
| Improving Amenities for the Public |
29 | |
| The Objectives ofWilton House Trust | 30 |
| Auditors' | Report | |
|---|---|---|
| Consolidated Accounts |
||
| Legal and | Administrative | Information |
| NOTES | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.20 | |||
|---|---|---|---|---|---|---|---|
| Total | |||||||
| General | Designated | Unrestricted | |||||
| Income from: | Fund | Fund | Funds | ||||
| Charitable activities: |
|||||||
| Wilton House admissions Estate numagement |
127,042 1,378,508 |
127,042 1,378,508 |
11 1,201,757 |
||||
| Other trading activities | 21,862 | 21,862 | 43,620 | ||||
| Investments | 136,410 | 136,410 | 129,159 | ||||
| Other Income | 7,073 | 7,073 | 61,354 | ||||
| Total | 1,670,895 | 1,670,895 | 1,435,901 | ||||
| Expenditure on: |
|||||||
| Raising funds | |||||||
| Investment managetnent Trading expenditure |
fees | 80,004 23,897 |
80,004 23,897 |
76,795 25,807 |
|||
| Charitable Activities | 5 | 1,543,154 | 1,543,154 | 1,270,885 | |||
| Total | 1,647,055 | 1,647,055 | 1,373,487 | ||||
| Net income before investment | gains | 23,840 | 23,840 | 62,414 | |||
| Net (losses)/gains on investments |
1,584,860 | 1,584,860 | 537,179 | ||||
| Net income/ (expenditure) | 1,608,700 | 1,608,700 | 599,593 | ||||
| Net movement in funds |
1,608,700 | 1,608,700 | 599,593 | ||||
| Reconciliation offunds: | |||||||
| Total funds brought forward |
14,959,190 | 65,180 | 15,024,370 | 14,424,777 | |||
| Total funds carried forward | f.16,567,890 | f65,180 | 616,633,070 | 615,024,370 |
| NOTES | 31,12.21 | 31,12.21 | 31.12.20 | 31.12.20 | ||
|---|---|---|---|---|---|---|
| FIXEDASSETS | ~Grou | Charltht | ~Grou | tharftht | ||
| Intangible assets |
8 | |||||
| Tangible assets Heritage assets Investments |
9 9 10 |
43,276 2,815,284 10,906,938 |
43,276 2,815,284 11,069,938 |
53,691 2,810,324 8,803,158 |
53,691 2,810,324 8,966,158 |
|
| 13,765,498 | 13,928,498 | 11,667,173 | 11,830,173 | |||
| CURRENT ASSETS | ||||||
| Stock Debtors Cash at bank and in hand |
23,241 1,060,067 2,040,284 |
1,061,867 1,994,565 |
36,623 2,033,783 1,584,427 |
2,051,828 1,524,801 |
||
| 3,123,592 | 3,056,432 | 3,654,833 | 3,576,629 | |||
| LIABILITIES | ||||||
| Creditors: Amounts falling |
||||||
| due within one year | 12 | 173,008 | 271,511 | 193,860 | 283,354 | |
| NET CURRENT ASSETS | 2,950,584 | 2,784,921 | 3,460,973 | 3,293,275 | ||
| TOTAL ASSETSLESS | ||||||
| CURRENT LIABILITIES | 16,716,082 | 16,713,419 | 15,128,146 | 15,123,448 | ||
| CREDITORS: AMOUNTS FALLING | ||||||
| DUEAFTER MORE THAN | ONE YEAR | 13 | 83,012 | 83,012 | 103,776 | 103,776 |
| TOTAL NET ASSETS | f16,633,070 | 816,630,407 | f.15,024,370 | $15,019,672 | ||
| THE FUNDS OFTHE CHARITY | ||||||
| General Fund Designated Fund Non-charitable trading fund |
16,403,227 65,180 164,663 |
16,565,227 65,180 |
14,792,492 65,180 166,698 |
14,954,492 65,180 |
||
| 616,633,070 | 816,630,407 | $15,024,370 | f15,019,672 | |||
| Approved by the Trustees on |
15' |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
| Net cash provided by (used in) |
||||||
| operating activities |
1,624,$59 | 358,744 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
| Dividends and interest fiom investments Proceeds fiom the saicofproperty, |
136,410 | 129,159 | ||||
| plant and equipment | ||||||
| Proceeds from the disposal ofinvestments Purchase ofinvestments Purchase ofproperty, plant and equipment |
1,327,551 (1,703,267) (786,492) |
2,345,724 (2,732,451) (489,046) |
||||
| Net cash provided by (used in) |
||||||
| investing activities |
(1,025,798) | (746,614) | ||||
| CHANGE IN CASH AND CASH EQUIVALENTS | ||||||
| IN THE REPORTING PERIOD | 6599,061 | (6387,870) | ||||
| Cash and cash equivalents at the beginning |
||||||
| ofthe reporting period |
2,215,576 | 2,603,446 | ||||
| Cash and cash equivalents at the end |
||||||
| ofthe reporting period | 2,814637 | 2,215,576 | ||||
| NOTES TO THE CASH FLOW STATEMENT | ||||||
| a. | Reconciliation ofnet income/(expenditure) | |||||
| with net cash flow from operating | activities | 2021 | 2020 | |||
| Net income/(expenditure) forthe reporting period |
||||||
| (asper the statement offinancial activities) Adjustments for: |
1,60$,700 | 599,593 | ||||
| Depreciation and impairment charges (Gains)/losses on investments Dividends and interest from investments Interest paid |
791,947 (1,584,860) (136,410) |
500,621 (537,179) (129,159) |
||||
| (Profit)/loss on disposal offixed assets |
||||||
| (Increase)/decrease in stock (Increase)/decrease in debtors Increase/(decrease) in creditors |
13,382 973,716 (41,616) |
(20,318) 24,699 (79,513) |
||||
| Net cash flow provided by (used in) operating |
activities | K1,624,859 | 6358,744 | |||
| The notes on pages 40to 50form part ofthese accounts. |
| funds are unrestricted funds which |
have been set asid | e by the trustees for pa | rticular purposes. |
|---|---|---|---|
| INVESTMENT INCOME | |||
| 2021 | 2020 | ||
| Investment assets within the United Kingdom |
|||
| Quoted securities Cash held as part ofthe investment |
portfolio | 134,309 | 123,384 |
| Bank interest | 2,101 | 5,775 | |
| Total investment income |
8136,410 | 8129,159 |
| 2021 | 2020 | ||
|---|---|---|---|
| CJRSGrants Other Government Other |
COVID Grant | 7,000 73 |
36,354 25,000 0 |
| 7,073 | 61,354 | ||
| 4. NET INCOME | FROM TRADING SUBSIDIARY |
| A summary ofthe company's | results is as follows: | results is as follows: | results is as follows: | ||
|---|---|---|---|---|---|
| TURNOVER Cost ofSales |
31.12.21 21,862 (17,029) |
31.12.20 43,620 (1,466) |
|||
| Gross pmfit Other operating expenses |
4,833 (6,868) |
42,154 (24,341) |
|||
| OPERATING PROFIT Interest receivable and |
(2,035) | 17,813 | |||
| similar income | |||||
| PROFIT ON ORDINARY | |||||
| ACTIVITIES BEFORE TAXATION Tax on (loss)/profit on ordinary activities |
(2,035) | 17,813 | |||
| PROFIT ON ORDINARY | |||||
| ACTIVITIES AFTER TAXATION | (2,035) | 17,813 | |||
| Gift aid donation | (18,545) | ||||
| RETAINED (LOSS)/PROFIT | FOR | ||||
| FINANCIAL YEAR | (2,035) | (732) | |||
| Retained profit at la January 2021 | 166,698 | 167,430 | |||
| RETAINED PROFIT AT31 | DECEMBER2021 | 6164,663 | 6166,698 | ||
| The assets and liabilities ofthe | subsidiary | were as follows:- | |||
| 31.12,21 | 31.12.20 | ||||
| Fixed assets | |||||
| Net current assets | 164,663 | 167,698 | |||
| Total net assets | 6164,663 | 6167,698 | |||
| Shareholders funds |
f.166,643 | 6167,698 |
| CURRENT YEAR | ||||||
|---|---|---|---|---|---|---|
| Staff | 1)utlreciation | Direct | ~&u ort |
Total | Total | |
| Costs | ~Cos | Costs | 2021 | 2020 | ||
| Raising funds | ||||||
| hlvestulent | ||||||
| Management fees Trading expeaditure |
80,004 23,897 |
80,004 23,897 |
76,795 25,807 |
|||
| 103,901 | 103,901 | 102,602 | ||||
| Charitable activities |
||||||
| Estate management Wilton house |
91,388 | 602,403 | 184,017 | 142,420 | 1,020,228 | 784,115 |
| admissions Governance costs |
182,776 | 189,544 | 79,996 8,884 |
61,726 | 514,042 8,884 |
482,268 4,502 |
| 274,164 | 791,947 | 272,897 | 204,146 | 1,543,154 | 1,270,&85 | |
| f274,164 | f791,947 | f376,798 | f204,146 | 11,647,055 | f1,373,487 | |
| PRIOR YEAR | ||||||
| Raising funds | ||||||
| Investment | ||||||
| Managemeat fees Trading expendinuu |
3,305 | 76,795 22,502 |
76,795 25,807 |
|||
| 3,305 | 99,297 | 102,602 | ||||
| Charitable activities |
||||||
| Estate management Wilton house |
95,105 | 383,698 | 181,226 | 124,086 | 7&4,115 | |
| admissions Governance costs |
226,565 | 133,418 | 70,365 4,502 |
51,920 | 482,268 4,502 |
|
| 321,670 | 517,116 | 256,093 | 176,006 | 1,270,885 | ||
| f324,975 | f517,116 | f355,390 | f176,006 | f1,373,487 | ||
| Wages and salaries are analysed | as follows:- | 2021 | 2020 | |||
| Gross wages and salaries National insmauce costs Pension contributions |
244,643 13,431 15,600 |
254,928 14,809 19,573 |
||||
| f273,674 | f289,310 |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Management | fees | 82,250 | 86,734 | |
| Insurance and Other repairs |
professional costs and maintenance |
66,592 20,160 |
32,017 20,116 |
|
| Irrecoverable | VAT | 16,175 | 16,893 | |
| Woodland expenses |
19,509 | 20,123 | ||
| Sundry expenses | (540) | 123 | ||
| $204,146 | 8176,006 | |||
| GOVERNANCE COSTS | ||||
| 2021 | 2020 | |||
| Audit fees Bank charges |
3,800 709 |
3,800 619 |
||
| Currency exchange | 4,375 | 83 | ||
| 88,884 | 4,502 |
| Goodwill | |
|---|---|
| COST | |
| At 1stJanuary 2021 | 149,005 |
| Additions | |
| At 31stDecember 2021 | 149,005 |
| AMORTISATION | |
| At 1stJanuary 2021 | 149,005 |
| Charge forthe year | |
| At 31stDecember 2021 | 149,005 |
| NET BOOKVALUE | |
| At 31stDecember 2021 | 60 |
| At 31a December 2020 | $0 |
| Total | Leasehold | Freehold | |
|---|---|---|---|
| COST | Property | Property | |
| At 1st January 2021 Additions |
11,762,135 786,492 |
6,002,259 558,216 |
5,759,876 228,276 |
| Disposals | |||
| At 31stDecember 2021 | 12,548,627 | 6,560,475 | 5,988,152 |
| DEPRECIATION | |||
| At 1stJanuary 2021 Charge for the year Disposals |
8,951,811 781,532 |
6,002,258 558,216 |
2,949,553 223,316 |
| At 31stDecember 2021 | 9,733,343 | 6,560,474 | 3,172,869 |
| Net book value | |||
| At 31 December 2021 | 82,815,284 | K2,815,283 | |
| At 31"December 2020 | $2,810,324 | 82,810,323 | |
| OTHER TANGIBLE ASSETS | |||
| Plant tk | Equipment | ||
| ~Grou | Ch~rith | ||
| COST | |||
| At 1st January 2021 | 403,984 | 402,061 | |
| Additions | |||
| Disposals | |||
| At 31stDecember 2020 | 403,984 | 402,061 | |
| DEPRECIATION | |||
| At 1st January 2021 | 350,293 | 348,370 | |
| Charge for the year | 10,415 | 10,415 | |
| Dispcsals | |||
| At 31stDecember 2021 | 360,708 | 358,785 | |
| Net book value | |||
| At 31stDecember 2021 | fA3,276 | 643,276 | |
| At 31' December 2020 | 653,691 | 853,691 |
| Leasehold | Freehold | ||
|---|---|---|---|
| Property | Property | Total | |
| 2017 | |||
| 2018 | |||
| 2019 | |||
| 2020 |
| 10. | FIXEDASSETINVESTMENTS | FIXEDASSETINVESTMENTS | FIXEDASSETINVESTMENTS | 2021 | 2020 | |||
|---|---|---|---|---|---|---|---|---|
| Invesnnents | comprise | ~Gran | Charih | ~Grou | Charity | |||
| United Kingdom Overseas Cash held as part ofinvestment Investmeot in subsidiary |
portfolio | 6,516,106 3,616,481 774,351 |
6,516,106 3,616,481 774,351 163,000 |
5,332,046 2,839,963 631,149 |
5,332,046 2,839,963 631,149 163,000 |
|||
| f10,906,938 | f11,069,938 | f8,803,158 | f8,966,158 | |||||
| Other quoted securities | ||||||||
| Market value | Total | UK | Overseas | |||||
| At I January 2021 Additions Unrealised gain/(deficit) Disposals |
on revaluation | f8,172,009 f1,703,267 f1,616,390 (1,359,079) |
5,332,046 975,599 917,870 (709,409) |
2,839,963 727,668 698,520 (649,670) |
||||
| Market value | ||||||||
| At31 December2021 | f10,132,587 | f6,516,106 | f3,616,481 | |||||
| Historical eeet | ||||||||
| At 31December | 2021 | f6,531,830 | f4,110,168 | f2,421,662 | ||||
| Market value | ||||||||
| At 31December | 2020 | f8,172,009 | f5,332,046 | f2,839,963 | ||||
| Historica cost | ||||||||
| At 31December | 2020 | I6,157,903 | f3.696,241 | f2,461,662 | ||||
| 11. | DEBTORS | 2020 | 2020 | |||||
| ~Grou | Chahri | ~u | Charitl | |||||
| Due within one | year: | |||||||
| Trade debtors Other debtors Accrued income and defened expenditure Amounts due from group undertakings |
983,470 73,781 |
985,270 73,781 |
35,328 1,935,809 57,173 |
35,328 1,953,854 57,173 |
||||
| Other tax and social security | 2,816 | 2,816 | 5,473 | 5,473 | ||||
| f1,060,067 | f1,061,867 | f2,033,783 | f2,051,828 |
| CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR |
DUE | ||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| ~Gran | Charih | ~Grou | Charitg | ||
| Trade creditors Amounts owed to group undertakings Accruals and deferred income Other creditors |
22,851 99,182 132 |
22,851 100,000 97,817 |
34,254 96,124 133 |
34,254 100,000 85,751 |
|
| Other tax and social security Rent received in advance |
30,079 20,764 |
30,079 20,764 |
42,585 20,764 |
42,585 20,764 |
|
| 6173,008 | 8271,511 | 8193,860 | f283,354 | ||
| The loans are interest-fee and repayable |
on demand. | ||||
| CREDITORS: AMOUNTS FALLING | DUE | ||||
| AFTER MORE THAN ONE YEAR | |||||
| 2021 | 2020 | ||||
| ~Gran | ~Chartt | G~rou | ~Chari | ||
| Rents received in advance | 83,012 | 83,012 | 103,776 | 103,776 | |
| 683,012 | f83,012 | f103,776 | f103,776 | ||
| These amounts fall due as noted below:- |
|||||
| Between one and two years Between two and five years More than five years |
20,764 62,248 |
20,764 62,248 |
20,764 83,012 |
20,764 83,012 |
|
| 883,012 | f83,012 | f103,776 | f103,776 |
| FUND MOVEMENTS |
|||||
|---|---|---|---|---|---|
| CURRENT YEAR | At | Gains and | At | ||
| UNRESTRICTED FUNDS | 01-Jan-21 | Income | Expenditure | Losses | 31-Dec-21 |
| General Fund Designated Fund - property repair fund |
14,792,492 65,180 |
1,649,033 | (1,623,158) | 1,584,860 | 16,403,227 65,180 |
| Non charitable Trading Fund |
166,698 | 21,862 | (23,443) | 165,117 | |
| Total Unrestricted Funds |
615,024,370 | 61,670,895 | (1,646,601) | 1,584,860 | 616,633,524 |
| PRIOR YEAR | At | Gains and | At | ||
| UNRESTRICTED FUNDS | 01-Jan-20 | Income | Expenditure | Losses | 31-Dec-20 |
| General Fund Designated Fund - properly repair fund |
14,192,167 65,180 |
1,392,281 | (1,329,135) | 537,179 | 14,792,492 65,180 |
| Non charitable Trading Fund |
167,430 | 43,620 | (44,352) | 166,698 | |
| Total Unrestricted Funds |
$14,424,777 | SL435,901 | (1,373,487) | 537,179 | $15,024,370 |
| NOTES | 31.12.20 | 31.1220 | 31.12.20 | |||
|---|---|---|---|---|---|---|
| Total | ||||||
| General | Designated | Unrestricted | ||||
| Income from: | Fund | Fund | Funds | |||
| Charitable activities: |
||||||
| Wilton House admissions Estate management |
11 1,201,757 |
II 1,201,757 |
||||
| Other trading activities |
43,620 | 43,620 | ||||
| Investments | 129,159 | 129,159 | ||||
| Other income | 61,354 | 61,354 | ||||
| Total | 1,435,901 | 1,435,901 | ||||
| Expenditure on: |
||||||
| Raising funds |
||||||
| Investment management Trading expenditure |
fees | 76,795 25,807 |
76,795 25,807 |
|||
| Charitable Acdvities |
4 | 1470,885 | 1,270,885 | |||
| Total | 1,373,487 | 1,373,487 | ||||
| Net income before investment | gains | 62,414 | 62,414 | |||
| Net (losses)/gains on investments |
537,179 | 537,179 | ||||
| Net income/ (expeaditure) | 599,593 | 599,593 | ||||
| Net movement in funds |
599,593 | 599,593 | ||||
| RecoaciTiation offunds: | ||||||
| Total funds brought forward | 14,359,597 | 65,180 | 14,424,777 | |||
| Total funds carried forward | 814,959,190 | 665,180 | 815,024,370 |