WILTON HOUSE 4r,. TRUST (Registered Charity Number 287144) l&, ANNUAL IIEPOKT AND ACCOUNTS YEAR ENDED 31 ' DECEMBIR 2023 www.wiltonhouse.com ## |~|Who we are and what we do|Who we are and what we do|||| |---|---|---|---|---|---| |~|Chairman's
Statement||||| |~|Our Achievements|in 2023|||| |Visitors to Wilton House:|||||10| |~|Membership||||12| |~|Student Visits & Research Enquiries||||14| |~|Hospitality||||16| |The|Repair and Preservation
of Buildings||within|Wilton Park:|18| |The|Care ofthe Contents|ofWilton House:|||| |~|Stained Glass||||22| |~|Painting
Restoration||||23| |~|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| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||NOTES|31.12.23|31.12.23|31.12.23|31.12.22| |---|---|---|---|---|---|---|---|---| ||||||||Total|| ||||||General|Designated|Unrestricted|| ||||||Fund|Fund|Funds|| |Income from:||||||||| |Charitable
activities:||||||||| |Wilton House admissions|||||265,319||265,319|275,252| |Estate management|||||1,465,602||1,465,602|1,992,022| |Other trading activities|||||44,850||44,850|58,133| |Investments|||||256,404||256,404|156,019| |Other Income|||||624||624|| |Total|||||2,032,799||2,032,799|2,481,426| |Expenditure
on:||||||||| |Raising funds||||||||| |Investment
management||fees|||100,398||100,398|90,791| |Trading
expenditure|||||43,387||43,387|38,430| |Charitable
Activities|||||1,675,738||1,675,738|1,360,414| |Total|||||1,819,523||1,819,523|1,489,635| |Net income before|investtnent||gains||213,276||213,276|991,791| |Net (losses)/gains|on investments||||454,547||454,547|(1,120,030)| |Net income/ (expenditure)|||||667,823||667,823|(128,239)| |Net movement
in|funds||||667,823||667,823|(128,239)| |Reenact)tattoo
of|funds:|||||||| |Total funds brought
forward|||||16,439,651|65,180|16,504,831|16,633,070| |Total funds carried|forward||||f17,107,474|f65,180|f17,172,654|f16,504,831| ## ||NOTES|31.12.23|31.12.23|31.12.22|31.12.22| |---|---|---|---|---|---| |||0~ron|~Charit|~6rnu|~Charit| |FIXEDASSETS|||||| |Intangible
assets|8||||| |Tangible assets|9|28,805|28,805|35,159|35,159| |Heritage assets|9|3,857,108|3,857,109|3,520,443|3,520,443| |Investments|10|12,239,283|12,402,283|9,011,036|9,174,036| |||16,125,196|16,288,197|12,566,638|12,729,638| |CURRENT ASSETS|||||| |Stock||15,328||19,792|| |Debtors||108,744|110,953|112,925|132,992| |Cash at bank and in hand||1,202,956|1,150,434|4,183,946|4,117,676| |||1,327,028|1,261,387|4,316,663|4,250,668| |LIABILITIES|||||| |Creditors: Amounts
falling|||||| |due within one year|12|238,086|336,198|316,222|415,243| |NET CURRENT ASSETS||1,088,942|925,189|4,000,441|3,835,425| |TOTAL ASSETSLESS|||||| |CURRENT LIABILITIES||17,214,138|17,213,386|16,567,079|16,565,063| |CREDITORS: AMOUNTS FALLING|||||| |DUK AFTER MORE THAN ONE YEAR|13|41,484|41,484|62,248|62448| |TOTAL NET ASSETS||f17,172,654|617,17L902|f16,504,831|516,502,815| |THE FUNDS OF THK CHARITY|||||| |General Fund||16,944,721|17,106,722|16,275,635|16,437,635| |Designated
Fund||65,180|65,180|65,180|65,180| |Non-charitable
trading fund||162,753||164,016|| |||f17,172,654|817,17L902|616,504,831|f16,502,815| |Approved by the Trustees on|||||| |and signed on their behalf by:|||||| |I.Vcr)~|||||| ## ||||||2023||2022| |---|---|---|---|---|---|---|---| |CASH FLOWS FROM OPERATING ACTIVITIES|||||||| ||Net cash provided
by (used in)||||||| ||operating
activities|||||492,102|1,962,607| |CASH FLOWS FROM INVESTING ACTIVITIES|||||||| ||Dividends
and interest trom investments||||256,404||156,019| ||Proceeds from the sale ofproperty,||||||| ||plant and equipment||||||| ||Proceeds from the disposal ofinvestments||||1,817,680||4,884,725| ||Purchase ofinvesunents||||(2,979,463)||(3,758,658)| ||Purchase ofproperty,
plant and equipment||||(1,134,702)||(1,239,269)| ||Net cash provided by (used in)||||||| ||investing
acbvities|||||(2,040,081)|42,817| |CHANGE IN CASH AND CASH EQUIVALENTS|||||||| ||IN THK REPORTING PERIOD|||||(61,547,979)|82,005,424| |Cash and cash equivalents
at the beginning|||||||| ||ofthe repordng
period|||||4,820,061|2,814,637| |Cash and cash equivalents
at the end|||||||| ||ofthe reporting
period|||||3272 082|I,II20 061| |NOTES TO THE CASH FLOW STATEMENT|||||||| |a.|Reconciliation
ofnet income/(expenditure)||||||| ||with net cash flow from operating|||activities||2023|2022| ||Net income/(expenditure)
for the reporting|period|||||| ||(asper the statement offinancial activities)|||||667,823|(128,239)| ||Adjustments
for:||||||| ||Depreciation
snd impairment
charges|||||804,391|542,227| ||(Gains)/losses
on investments|||||(633,453)|631,599| ||Dividends
and interest from investments|||||(256,404)|(156,019)| ||(increase)/decrease
in stack|||||4,464|3,449| ||(Increase)/decrease
in debtors|||||4,181|947,142| ||Increase/(decrease)
in creditors|||||(98,900)|122,448| ||Net cash flow provided by (used in) operating||activities|||f492,102|61,962,607| |The|notes on pages 40to 50 form part ofthese|accounts.|||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||2023|2022| |---|---|---|---|---|---| |Investment|assets within the United Kingdom||||| |Quoted securines||||199,186|143,234| |Cash held as|part|ofthe investment|portfolio||| |Bank interest||||57,218|12,785| |Total investment||income||f256,404|6156,019| ## ## ## |A summary ofthe company's
re|sults is as|follows;||| |---|---|---|---|---| ||||31.12.23|31.12.22| |TURNOVER|||44,850|58,133| |Cost ofSales|||(25,698)|(22,979)| |Gross profit|||19,152|35,154| |Other operating
expenses|||(17,689)|(15,451)| |OPERATING PROFIT|||1,463|19,703| |Interest receivable
and||||| |similar income||||| |PROFIT ON ORDINARY||||| |ACTIVITIES BEFORETAXATION|||1,463|19,703| |Tax on (loss)/profit
on ordinary|activities|||| |PROFIT ON ORDINARY||||| |ACTIVITIES AFTER TAXATION|||1,463|19,703| |Gifi aid donation|||(2,726)|(20,350)| |RETAINED (LOSS)/PROFIT|FOR|||| |FINANCIAL YEAR|||(1,263)|(647)| |Retained profit at 1"January 2023|||164,016|164,663| |RETAINED PROFIT AT 31|DECEMBER 2023||5162,753|6164,016| |The assets and liabilities ofthe|subsidiary|were as follows:||| ||||31.12.23|31.12.22| |Fixed assets||||| |Net current assets|||163,753|165,016| |Total net assets|||6163,753|6165,016| |Shareholders
funds|||6163,753|8165,016| ## |CURRENT|YEA|R||||||| |---|---|---|---|---|---|---|---|---| ||||Staff|D~erectation|Direct|~Su
ort|Total|Total| ||||Costs||Costs|Costs|2023|2022| |Raising funds||||||||| |Investment||||||||| |Management|fees||||100,398||100,398|90,791| |Trading
expenditure|||||43,387||43,387|38,430| ||||||143,785||143,785|129,221| |Charitable
activities||||||||| |Estate management|||110,220|525,343|216,039|177,403|1,029,005|845,870| |Wilton house||||||||| |admissions|||220,439|279,048|78,576|54,417|632,480|477,131| |Governance|costs||||14,253||14,253|37,413| ||||330,659|804,391|308,868|231,820|1,675,738|1,360,414| ||||f330,659|f804,391|f452,653|f231,820|f1,819,523|f1,489,635| |PRIOR YEAR||||||||| |Raising funds||||||||| |Investmeut||||||||| |Management|fees||||90,791||90,791|| |Trading expenditure|||||38,430||38,430|| ||||||129,221||129,221|| |Charitable
activities||||||||| |Estate management|||100,260|405,500|187,607|182,911|876,278|| |Wdton house||||||||| |admissions|||200,521|135,978|74,430|66,202|477,131|| |Governance|costs||||7,005||7,005|| ||||300,781|541,478|269,042|249,113|1,360,414|| ||||f300,781|f541,478|f398,263|f249,113|f1,4S9,635|| |Wages aud salaries|are analysed||as follows:|||2023|2022|| |Gross wages|and salaries|||||297,277|268,752|| |National
insurance||costs||||15,998|15,586|| |Peoston contributions||||||17,384|16,443|| |||||||f330,659|f300,781|| ## ||||||2023|2022| |---|---|---|---|---|---|---| ||Management|fees|||78,245|82,604| ||Insurance
and|professional||costs|55,200|88,952| ||Other repairs|and maintenance|||20,649|20,603| ||Irrecoverable|VAT|||9,156|6,447| ||Woodland
expenses||||11,266|25,013| ||Sundry expenses|||||(4,914)| ||Currency exchange||||57,304|30,408| ||||||f231,820|f249, 113| |7.|GOVERNANCE
COSTS|||||| ||||||2023|2022| ||Audit fees||||4,500|4,000| ||Bank oharges||||873|1,005| ||Legal k Professional||fees||8,880|2,000| ||||||614,253|I7,005| ## ||Goodwill| |---|---| |COST|| |At 1stJanuary 2023|149,005| |Additions|| |At 31stDecember 2023|149,005| |AMORTISATION|| |At 1stJanuary 2023|149,005| |Charge for the year|| |At 31stDecember 2023|149,005| |NET BOOKVALUE|| |At 31stDecember 2023|60| |At 31' December 2022|80| ## ## ## |HERITAGE ASSETS||||| |---|---|---|---|---| |||Leasehold|Leasehold|Freehold| ||Total|Property|Property|Property| |||Improvements|Additions|| |COST||||| |At 1stJaouary 2023|13,787,896|6,961,042|705,159|6,121,695| |Additions|1,134,702|490,863|357,309|286,530| |Disposals||||| |At 31stDecember 2023|14,922,598|7,451,905|1,062,468|6,408,225| |DEPRECIATION||||| |At 1stJanuary 2023|10,267,453|6,961,041||3,306,412| |Charge for the year|798,037|490,863|20,644|286,530| |Disposals||||| |At 31stDecember 2023|11,065,490|7,451,904|20,644|3,592,942| |Net book value||||| |At 31stDtx:ember 2023|f3,857,108||I1,041,824|62,815483| |At 31stDecember 2022|I3,520,443||I705,159|62,815,283| ## ||Plant dt|Equtpmeut| |---|---|---| ||~Gran|Charith| |COST||| |At 1st January 2023|403,984|402,061| |Addknons||| |Dtsposals||| |At 31stDecember 2023|403,984|402,061| |DEPRECIATION||| |At 1stJanuary 2023|368,825|366,902| |Charge for the year|6,354|6,354| |Disposals||| |At 31stDecember 2023|375,179|373,256| |Net book value||| |At 31stDecember 2023|f28,805|f28,805| |At 31o December 2022|635,159|f35,159| ## |The net|book value at 31a December 2023 represents|tangible fixed assets used for:-||| |---|---|---|---|---| ||Total
Leasehold|Leasehold|Iireehold|Plant dr| ||Property|Property|Property|Equipment| ||Improvements|Additions||| |Tourism|736,371||707,565|28,805| |Estate|3,149,543|1,041,825|2,107,718|| ||f3,885,914|f.1,041,825|f2,815,283|628,805| ||Leasehold|Freehold|| |---|---|---|---| ||Property|Property|Total| |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| |2023|490,863|286,530|777,393| |10.|FIXEDASSETINVESTMENTS|FIXEDASSETINVESTMENTS||2023|||2022| |---|---|---|---|---|---|---|---| |||||~Grou|Chadth'.|~Gran|Charith| ||Investments|comprise|||||| ||United Kingdom|||5,046,715|5,046,715|5,122,809|5,122,809| ||Overseas|||5,123,442|5,123,442|3,252,112|3,252,112| ||Cash held as part ofinvestment||portfolio|2,069,126|2,069,126|636,115|636,115| ||Investment
m subsidiary||||163,000||163,000| |||||612,239,283|612,402,283|f9,011,036|69,174,036| |||||||Other quoted|securities| ||||||Total|UK|Overseas| ||Market value||||||| ||At 1 January 2023||||f8,374,921|5,122,809|3,252,112| ||Additions||||f2,979,463|673,584|2,305,879| ||Unrealised
gain/|(deficit) on revaluation|||637,153|241,527|395,626| ||Disposals||||(1,817,680)|(987,505)|(830,175)| ||Market value||||||| ||At 31December|2023|||610,173,857|65,050,415|65,123,442| ||Historical cost||||||| ||At 31December|2023|||56,855,795|f3,879,235|55,034,428| ||Market value||||||| ||At 31December|2022|||I8,374,921|65,122,809|53,252,112| ||Historical cost||||||| ||At 31December|2022|||f6,855,795|84,300,679|62,555,116| |11.|DEBTORS|||2023|||2022| |||||~Grou|Charitl|GrotIGI|Charity| ||Due within
one|year:|||||| ||Trade debtors||||||| ||Other debtors|||36,481|38,690|56,164|57,349| ||Accrued income and deferred expenditure|||58,350|58,350|53,965|72,847| ||Amounts
due from group undertakings||||||| ||Other tax and social secunty|||13,913|13,913|2,796|2,796| |||||f.108,744|6110,953|f112,925|f132,992| ## |WITHIN|ONE YEAR||||| |---|---|---|---|---|---| |||2023||2022|| |||G«rou|Charitl|«Grou|Charity| |Trade creditors||7,010|6,440|24,692|24,692| |Amounts|owed to group undertakings||100,000||100,000| |Accruals|and deferred income|210,164|208,994|199,367|198,534| |Other creditors||148||146|| |Other tax|and social security|||71,253|71,253| |Rent received in advance||20,764|20,764|20,764|20,764| |||f238,086|5336,198|5316,222|f415,243| ## |EDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR|||||| |---|---|---|---|---|---| ||2023|||2022|| ||«Grou|Ch~dtg|«Grou||Charity| |Rents received in advance|41,484|41,484|62,248||62,248| ||f41,484|f41,484|I62,248||f62,248| |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|20,720|20,720|41,484||41,484| |More than five years|||||| ||64L484|64L484|f62,248||f62,248| |14.|FUND MOVEMENTS|FUND MOVEMENTS|||||| |---|---|---|---|---|---|---|---| ||CURRENT YEAR||At|||Gains and|At| ||||01-Jan-23|Income|Expenditure|Lasses|31-Dec-23| ||UNRESTRICTED|FUNDS|||||| ||General Fund||16,275,635|1,987,949|(1,773,411)|454,548|16,944,721| ||Designated Fund - property||65,180||||65,180| ||repair fund||||||| ||Non charitable
Trading Fund||164,016|44,850|(46,113)||162,753| ||Total Unrestricted|Funds|f16,504,831|82,032,799|(1,819,524)|454,548|f17,172,654| |PRIOR 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 oharitable
Trading Fund||164,663|58,133|(58,780)||164,016| |Total Unrestricted|Funds|616,633,070|K2,48L426|(1,489,635)|(1,120,030)|f16,504,831| ## ## |||||NOTES|31.12.22|31.12.22|31.12.22| |---|---|---|---|---|---|---|---| ||||||||Total| ||||||General|Designated|Unrestricted| ||||||Fund|Fund|Funds| |Income from:|||||||| |Charitable
acnvittes:|||||||| |Wilton House admissions|||||275,252||275,252| |Estate management|||||1,992,022||1,992,022| |Other trading activities|||||58,133||58,133| |Investments|||||156,019||156,019| |Other income|||||||| |Total|||||2,481,426||2,481,426| |Expenditure
on:|||||||| |Raising funds|||||||| |Investment
management||fees|||90,791||90,791| |Trading expenditure|||||38,430||38,430| |Charitable
Activities||||4|1,360,414||1,360,414| |Total|||||1,489,635||1,489,635| |Net income before|investment||gains||991,791||991,791| |Net (losses)/gains|on investments||||(1,120,030)||(1,120,030)| |Net income/ (expenditure)|||||(128,239)||(128,239)| |Net movement
in|funds||||(128,239)||(128,239)| |Reconciliation
of|funds:||||||| |Total funds brought
forward|||||16,567,890|65,180|16,633,070| |Total funds carried|forward||||f16,439,651|f65,180|f16,504,831| ##