WILTON HOUSE
TFIUST
(Registered Charity Number 287144)
ANNUAL REPOKT AND ACCOUNTS
YEAtL INDED 31SI DICEMBER 2022
www.wiltonhouse.com-;
##
|~
Who we are and what we do|~
Who we are and what we do|6|
|---|---|---|
|~
Chairman's
Statement||8|
|~
Our Achievements|in 2022|10|
|Visitors to Wilton House:||11|
|~
Membership||15|
|~ Student Visits &Research Enquiries||17|
|~
Hospitality||18|
|The Preservation
ofthe Fabric of Wilton House:||20|
|The Care ofthe Contents|ofWilton House:|23|
|~
Painting
Restoration||24|
|~ The Sculpture
Collection||25|
|~
Wilton Books||26|
|Wilton Park||27|
|Improving
Amenities
for|the Public|29|
|The Objectives ofWilton|House Trust|30|
|Auditors'
Report||34|
|Consolidated
Accounts||37|
|Legal and Administrative|Information|51|
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|||||NOTES|31.12.22|31.12.22|31.12.22|31.12.22|31.12.21|
|---|---|---|---|---|---|---|---|---|---|
|||||||||Total||
||||||General|Designated||Unrestricted||
||||||Fund|Fund||Funds||
|Income from:||||||||||
|Charitable
activities:||||||||||
|Wilton House admissions|||||275,252|||275,252|127,042|
|Estate management|||||1,992,022|||1,992,022|1,378,508|
|Other trading activities|||||58,133|||58,133|21,862|
|Investments|||||156,019|||156,019|136,410|
|Other Income|||||||||7,073|
|Total|||||2,481,426|||2,481,426|1,670,895|
|Expenditure
on:||||||||||
|Raising funds||||||||||
|Investment
management||fees|||90,791|||90,791|80,004|
|Trading expenditure|||||38,430|||38,430|23,897|
|Charitable Activities|||||1,360,414|||1,360,414|1,543,154|
|Total|||||1,489,635|||I 489635|1647 055|
|Net income before|investment||gains||991,791|||991,791|23,840|
|Net (losses)/gains|on inveslments||||(1,120,030)|||(1,120,030)|1,584,860|
|Net income/ (expenditure)|||||(128,239)|||(128,239)|1,608,700|
|Net movement
in|funds||||(128,239)|||(128239)|I 608700|
|Reconciliation of|funds:|||||||||
|Total funds brought
forward|||||16,567,890|65,180||16,633,070|15,024,370|
|Total funds carried|forward||||f16,439,651|f65,180||816,504,831|616,633,070|
|||||||||16,504,831||
|There have been no acquisitions|||or discontinued|operations|during the current orpreceding||year.|||
##
|||NOTES|31.12.22|31.12.22|31.12,21|31.12,21|
|---|---|---|---|---|---|---|
||||~Grou|tharitg|~Grou|~tharit|
|FIXEDASSETS|||||||
|Intangible
assets||8|||||
|Tangible assets||9|35,159|35,159|43,276|43,276|
|Heritage assets||9|3,520,443|3,520,443|2,815,284|2,815,284|
|Investments||10|9,011,036|9,174,036|10,906,938|11,069,938|
||||12,566,638|12,729,638|13,765,498|13,928,498|
|CURRENT ASSETS|||||||
|Stock|||19,792||23,241||
|Debtors|||112,925|132,992|1,060,067|1,061,867|
|Cash at bank and in hand|||4,183,946|4,117,676|2,040,284|1,994,565|
||||4,316,663|4,250,668|3,123,592|3,056,432|
|LIABILITIES|||||||
|Creditors: Amounts
falling|||||||
|due within one year||12|316,222|415,243|173,008|271,511|
|NET CURRENT ASSETS|||4,000,441|3,835,425|2,950,584|2,784,921|
|TOTAL ASSETSLESS|||||||
|CURRENT LIABILITIES|||16,567,079|16,565,063|16,716,082|16,713,419|
|CREDITORS: AMOUNTS FALLING|||||||
|DUE AFTER MORE THAN ONE YEAR||13|62,248|62,248|83,012|83,012|
|TOTAL NET ASSETS|||f,l6,504,831|616,502,815|816,633,070|%16,630,407|
|THE FUNDS OFTHE CHARITY|||||||
|General Fund|||16,275,635|16,437,635|16,403,227|16,565,227|
|Designated
Fund|||65,180|65,180|65,180|65,180|
|Non-charitable
trading|fund||164,016||164,663||
||||%16,504,831|816,502,815|816,633,070|EI6,630,407|
|Appmved
by the Trustees|on||||||
|and signed on their behalf|by:||||||
##
|||||2022||2021|
|---|---|---|---|---|---|---|
|CASH FLOWS FROM OPERATING ACTIVITIES|||||||
||Net cash provided
by (used in)||||||
||operating
activities||||1,962,607|1,624,859|
|CASH FLOWS FROM INVESTING ACTIVITIES|||||||
||Dividends
and interest from investments|||156,019||136,410|
||Proceeds fiom the sale ofproperty,||||||
||plant and equipment||||||
||Proceeds &om the disposal ofinvestments|||4,884,725||1,327,551|
||Purchase ofinvestments|||(3,758,658)||(1,703,267)|
||Purchase ofproperty,
plant and equipment|||(1,239,269)||(786,492)|
||Net cash provided
by (used in)||||||
||investing
activities||||42,817|(1,025,798)|
|CHANGE IN CASH AND CASH EQUIVALENTS|||||||
||IN THE REPORTING PERIOD||||K2,005,424|f599,061|
|Cash and cash equivalents
at the beginning|||||||
||ofthe reporting
period||||2,814,637|2,215,576|
|Cash and cash equivalents
atthe end|||||||
||ofthe reporting
period||||4,820 061|2,814,637|
|NOTES TO THE CASH FLOW STATEMENT|||||||
|a.|Reconciliation ofnet income/(expenditure)||||||
||with net cash flow from operating||activities||2022|2021|
||Net income/(expenditure)
for the reporting|period|||||
||(as per the statement offinancial activities)||||(128,239)|1,608,700|
||Adjustments
for:||||||
||Depreciation
and impairtnent
charges||||542,227|791,947|
||(Gains)/tosses
on investments||||631,599|(1,584,860)|
||Dividends
and interest fiom investments||||(156,019)|(136,410)|
||(Increase)/decrease
in stock||||3,449|13,382|
||(increase)/decrease
in debtors||||947,142|973,716|
||Increase/(decrease)
in creditors||||122,448|(41,616)|
||Net cash flow provided
by (used in) operating||activities||61,962,607|f,1,624,859|
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|||||2022|2021|
|---|---|---|---|---|---|
|Investment|assets within the United Kingdom|||||
|Quoted securities||||143,234|134,309|
|Cash held as|part|ofthe investment|portfolio|||
|Bank interest||||12,785|2,101|
|Total investment||income||6156,019|6136,410|
##
##
|A summary ofthe company's|results is as|results is as|follows:|||
|---|---|---|---|---|---|
|||||31.12.22|31.12.21|
|TURNOVER||||58,133|21,862|
|Cost ofSales||||(22,979)|(17,029)|
|Gross profit||||35,154|4,833|
|Other operating
expenses||||(15,451)|(6,868)|
|OPERATING PROFIT||||19,703|(2,035)|
|Interest receivable and||||||
|similar income||||||
|PROFIT ON ORDINARY||||||
|ACTIVITIES BEFORE TAXATION||||19,703|(2,035)|
|Tax on (loss)/profit
on ordinary||activities||||
|PROFIT ON ORDINARY||||||
|ACTIVITIES AFTER TAXATION||||19,703|(2,035)|
|Gift aid donation||||(20,350)||
|RETAIN)ED (LOSS)/PROFIT||FOR||||
|FINANCIAL YEAR||||(647)|(2,035)|
|Retained profit at 1
January|2022|||164,663|166,698|
|RETAINED PROFIT AT 31||DECEMBER2022||f,164,016|6164,663|
|The assets and liabilities ofthe||subsidiary|were as follows:-|||
|||||31.12.22|31.12.21|
|Fixed assets||||||
|Net current assets||||165,016|165,663|
|Total net assets||||8165,016|$165,663|
|Shareholders
funds||||8165,016|0165,663|
|5.|ANALYSIS|OP RESOURCES EXPENDED|OP RESOURCES EXPENDED|OP RESOURCES EXPENDED|OP RESOURCES EXPENDED|||||
|---|---|---|---|---|---|---|---|---|---|
||CURRENT|YEAR||||||||
|||||Staff|D~eeciation|Direct|~Su
ort|Total|Total|
|||||Costs||Costs|Costs|2021|2021|
|Raising funds||||||||||
||Inveslment|||||||||
||Management|fees||||90,791||90,791|80,004|
||Trading expenditure|||||38,430||38,430|23,897|
|||||||129,221||129,221|103,901|
|Charitable
activities||||||||||
||Estate management|||100,260|405,500|187,607|152,503|845,870|1,020228|
||Wilton house|||||||||
||admissions|||200,521|135,978|74,430|66,202|477,131|514,042|
||Governance|costs||||37,413||37,413|8,884|
|||||300,781|541,478|299,450|218,705|1,360,414|1,543,154|
|||||f300,781|f541,478|8428,671|f218,705|f1,489,635|f1,647,055|
||PRIOR YEAR|||||||||
|Raising funds||||||||||
||Investment|||||||||
||Management|fees||||80,004||80,004||
||Trading
expenditure|||||23,897||23,897||
|||||||103,901||103,901||
|Charitable
activities||||||||||
||Estate management|||91,388|602,403|184,017|142,420|1,020,228||
||Wilton house|||||||||
||admissions|||182,776|189,544|79,996|61,726|514,042||
||Governance|costs||||8,S84||8,884||
|||||274,164|791,947|272,897|204,146|1,543,154||
|||||f274,164|f791,947|f376,798|f204,146|f1,647,055||
|Wages aud salaries||sre analysed||as follows:-|||2022|2021||
||Gross wages|snd salaries|||||268,752|244,643||
||Natioasl insurance||costs||||15,586|13,431||
||Pension oontribuuons||||||16,443|15,600||
||||||||f300,781|f273,674||
##
##
|||||2022||2021|
|---|---|---|---|---|---|---|
|Management|fees|||82,604||82,250|
|Insurance
and|professional||costs|88,952||66,592|
|Other repairs|and maintenance|||20,603||20,160|
|Irrecoverable|VAT|||6,447||16,175|
|Woodland
expenses||||25,013||19,509|
|Sundry expenses||||(4,914)||(540)|
|||||6218,705|6204,146||
|GOVERNANCE COSTS|||||||
|||||2022||2021|
|Audit fees||||4,000||3,800|
|Bank charges||||1,005||709|
|Legal tk Professional||fees||2,000|||
|Currency exchange||||30,408||4,375|
|||||637,413|6|8,884|
##
||Goodwill|
|---|---|
|COST||
|At 1stJanuary 2022|149,005|
|Additions||
|At 31stDecember 2022|149,005|
|AMORTISATION||
|At 1stJanuary 2022|149,005|
|Charge for the year||
|At 31stDecember 2022|149,005|
|NET BOOKVALUE||
|At 31stDecember 2022|60|
|At 31 December2021|60|
##
||Total|Leasehold|Freehold|
|---|---|---|---|
|||Property|Property|
|COST||||
|At 1stJanuary 2022|12,548,627|6,560,475|5,988,152|
|Additions|1,239,269|400,567|838,702|
|Dispcsals||||
|At 31stDecember 2022|13,787,896|6,961,042|6,826,854|
|DEPRECIATION||||
|At 1stJanuary 2022|9,733,343|6,560,474|3,172,869|
|Charge for the year|534,110|400,567|133,543|
|Disposals||||
|At 31st December 2022|10,267,453|6,961,041|3,306,412|
|Net book value||||
|At 31 December 2022|63,520,443||63,520,442|
|At 31stDecember 2021|82,815,284||K2,815,283|
##
||Plant gr Equipment||
|---|---|---|
||~Gran|Charity|
|COST|||
|At 1stJanuary 2022|403,984|402,061|
|Additions|||
|Dispcsals|||
|At 31stDecember 2022|403,984|402,061|
|DEPRECIATION|||
|At 1stJanuary 2022|360,708|358,785|
|Charge forthe year|8,117|8,117|
|Disposals|||
|At 31stDecember 2022|368,825|366,902|
|Net book value|||
|At 31stDecember 2022|f35,159|f35,159|
|At 31' December 2021|f43,276|843,276|
##
||Leasehold|Freehold||
|---|---|---|---|
||Property|Property|Total|
|2018|426,607|131,340|557,947|
|2019|349,696|124,836|474,532|
|2020|370,636|116,861|487,497|
|2021|558,216|223,316|781,532|
|2022|400,567|133,543|534,110|
||Leasehold|Freehold||
|---|---|---|---|
||Property|Property|Total|
|2018||||
|2019||||
|2020||||
|10.|FIXEDASSETINVESTMENTS||2022|||2021|
|---|---|---|---|---|---|---|
||||~Grou|Charith|~Grou|~Charit|
||Investments
comprise||||||
||United Kingdom||5,122,809|5,122,809|6,516,106|6,516,106|
||Overseas||3,252,112|3,252,112|3,616,481|3,616,481|
||Cash held as part ofinvestment|portfolio|636,115|636,115|774,351|774,351|
||Investment
in subsidiary|||163,000||163,000|
||||f9,011,036|f9,174,036|f10,906,938|f11,069,938|
||||||Other quoted|securities|
|||||Total|UK|Overseas|
||Market value||||||
||At 1Jauuary 2022|||f10,132,587|6,516,106|3,616,481|
||Additions|||f3,758,658|3,069,910|688,748|
||Unreal ised gain/ (deficit) on revaluation|||(631,599)|(646,536)|14,937|
||Disposals|||(4,884,725)|(3,816,671)|(1,068,054)|
||Market value||||||
||At 31December 2022|||f8,374,921|f5,122,809|f3,252,112|
||Historical cost||||||
||At 31December 2022|||f6,855,795|f4,300,679|f2,555,116|
||Market value||||||
||At 31December 2021|||f10,132,587|f6,516,106|f3,616,481|
||Historical cost||||||
||At 31December 2021|||f6,531,830|f4,110,168|f2,421,662|
|11.|DEBTORS||2022||2021||
||||~Grou|Cbaritg|~Grou|Charity|
||Due within one year:||||||
||Trade debtors||||||
||Other debtors||56,164|57,349|983,470|985,270|
||Accrued income and deferred expenditure||53,965|72,847|73,781|73,781|
||Amounts
due I'rom group undertakings||||||
||Other tax and social security||2,796|2,796|2,816|2,816|
||||f112,925|f132,992|f1,060,067|f.1,061,867|
##
|CREDITORS: AMOUNT
WITHIN ONE YEAR|S FALLING|DUE|||||
|---|---|---|---|---|---|---|
||||2022||2021||
||||~Grou|Charity|~Grou|C~ritZ|
|Trade creditors|||24,692|24,692|22,851|22,851|
|Amounts
owed to group|undertakings|||100,000||100,000|
|Accrcals and deferred income|||199,367|198,534|99,182|97,817|
|Other creditors|||146||132||
|Other tax and social security|||71,253|71,253|30,079|30,079|
|Rent received in advance|||20,764|20,764|20,764|20,764|
||||6316,222|f415,243|6173,008|6271,511|
|The loans are interest-tree|and repayable|on demand.|||||
|CREDITORS: AMOUNTS FALLING||DUE|||||
|AFTER MORE THAN ONE YEAR|||||||
||||2022||2021||
||||~Gros|Charity|~Grou|~Charit|
|Rents received in advance|||62,248|62,248|83,012|83,012|
||||%62,248|f62,248|f83,012|f83,012|
|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|||41,484|41,484|62,248|62,248|
|More than five years|||||||
||||f62,248|662,248|f83,012|683,012|
##
|14.|FUND MOVEMENTS|FUND MOVEMENTS||||||
|---|---|---|---|---|---|---|---|
||CURRENT YEAR||At|||Gains and|At|
||||01-Jan-22|Income|Expenditure|Losses|31-Dec-22|
||UNRESTRICTED|FUNDS||||||
||General Fund||16,403,227|2,423,293|(1,430,855)|(1,120,030)|16,275,635|
||Designated
Fund - property||65,180||||65,180|
||repair fund|||||||
||Non charitable
Trading Fund||164,663|58,133|(58,780)||164,016|
||Total Unrestricted|Funds|f16,633,070|82,481,426|(1,489,635)|(1,120,030)|f16,504,831|
|PRIOR YEAR||At|||Gains and|At|
|---|---|---|---|---|---|---|
|||01-Jan-21|Income|Expenditure|Losses|31-Dec-21|
|UNRESTRICTED|FUNDS||||||
|General Fund||14,792,492|1,649,033|(1,623,158)|1,584,860|16,403,227|
|Designated
Fund -|property|65,180||||65,180|
|repair fund|||||||
|Non charitable
Trading Fund||166,698|21,862|(23,897)||164,663|
|Total Unrestricted|Funds|615,024,370|81,670,895|(1,647,055)|1,584,860|816,633,070|
##
##
|||||NOTES|31.12.21|31.12.21|31.12.21|
|---|---|---|---|---|---|---|---|
||||||||Total|
||||||General|Designated|Unrestricted|
||||||Fund|Fund|Funds|
|Income from:||||||||
|Charitable
activities:||||||||
|Wilton House admissions|||||127,042||127,042|
|Estate management|||||1,378,508||1,378,508|
|Other trading activities|||||21,862||21,862|
|Investments|||||136,410||136,410|
|Other income|||||7,073||7,073|
|Total|||||1,670,895||1,670,895|
|Expenditure
on:||||||||
|Raising funds||||||||
|Investment
management||fees|||80,004||80,004|
|Trading expenditure|||||23,897||23,897|
|Charitable Activities||||4|1,543,154||1,543,154|
|Total|||||1,647,055||1,647,055|
|Net income before|investment||gains||23,840||23,840|
|Net (losses)/gains|on investments||||1,584,860||1,584,860|
|Net income/ (expenditure)|||||1,608,700||1,608,700|
|Net movement
in|funds||||1,608,700||1,608,700|
|Reconciliation of|funds:|||||||
|Total funds brought
forward|||||14,959,190|65,180|15,024,370|
|Total funds carried|forward||||f16,567,890|f65,1SO|KI6,633,070|
##
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