#
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##
||||||Page|
|---|---|---|---|---|---|
|Reference and administrative||details ofthe foundation,|its trustees|and advisers|1-2|
|Chairman's|statement||||3-7|
|Trustees'
report|||||8-15|
|Independent|auditors'
report|on the financial statements|||16-19|
|Consolidated|statement
offinancial activities||||20|
|Consolidated|balance sheet||||21-22|
|Foundation|balance sheet||||23-24|
|Consolidated|statement
ofcash flows|||||
|Notes to the|financial statements||||26- 52|
##
##
##
||||M G0 Bridgeman*|M G0 Bridgeman*|||
|---|---|---|---|---|---|---|
|Trustees|||N D TCrawley|(appointed||16June 2020)|
||||SL Graham||||
||||AW0 Kenyon'||||
||||C W Moyle||||
||||C Kenyon-Slaney,||Chair of|Trustees|
|*Member of||the Audit Committee|||||
|Company|registered||||||
|number|||02076097||||
|Charity registered|||||||
|number|||518325||||
|Registered||office|Weston Park||||
||||Weston-under-Lizard||||
||||Shifnal||||
||||Shropshire||||
||||TF118LE||||
|Company|secretary||J RGregory||||
|Chief Executive Officer|||C P Sweeney||||
|Key Senior||Positions|C P Sweeney,|Chief Executive Officer|||
||||G Williams,
Curator||||
||||T O' Hara, Finance||Officer||
|Independent||auditors|WR Partners||||
||||Chartered
Accountants||||
||||Belmont House||||
||||Shrewsbury
Business Park||||
||||Shrewsbury||||
||||Shropshire||||
||||SY26LG||||
##
##
|REFERENCE AND|REFERENCE AND|ADMINISTRATIVE
DETAILS OF THE FOUNDATION,|ITSTRUSTEES AND ADVISERS|
|---|---|---|---|
|||(CONTINUED)||
|||FOR THE YEAR ENDED 31 DECEMBER|2020|
|Bankers||Handelsbanken||
|||Shrewsbury
Business Park||
|||Anchorage
Avenue||
|||Shrewsbury||
|||SY26FG||
|Solicitors||Farrer3 Co||
|||66 Lincoln's
Inn Field||
|||London||
|||WC2A 3LH||
|Investment|Advisors|Ruffer LLP||
|||80Victoria Street||
|||London||
|||SW1E5JL||
|||CCIA||
|||Senator House||
|||85Queen Victoria Street||
|||London||
|||EC4V4ET||
|Land Agents||Balfours LLP||
|||Chartered
Surveyors||
|||New Windsor House||
|||Oxon Business Park||
|||Bicton Heath||
|||Shrewsbury||
|||SY35HJ||
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||||Endowment|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2020|2020|2020|2019|
|||Note|6|6|6|5|
|Income and endowments|from:||||||
|Charitable
activities||4||514,859|514,859|266,289|
|Other trading
activities||5||625,274|625,274|1,013,470|
|Investments||6|177961|222,557|400,518|380,402|
|Otherincome||8||320,272|320,272|5,709|
|Total income and endowments|||177,961|1,682,962|1,860,923|1,665,870|
|Expenditure
on:|||||||
|Raising funds||9,10||971,242|971,242|874,580|
|Charitable
activities||||1,055,557|1,055,557|1,206,559|
|Total expenditure||||2,026,799|2,026,799|2,081,339|
|Net gains on investments|||507,473|40,678|548,151|621,831|
|Net incomel(expenditure)|||685,434|(303,159)|382,275|405,362|
|Transfers
between funds||22|(676,567)|676,567|||
|Net movement
in funds|||8,867|373,408|382,275|406,352|
|Reconciliation
offunds:|||||||
|Total funds brought
forward||22|16,557,900|758,066|17,315,966|15,909,604|
|Net movement
in funds|||8,867|373,408|382,275|405,362|
|Total funds carried forward|||16,566,767|1,131,474|17,698,241|17,315,955|
##
##
|||CONSOLIDATED|BALANCE SHEET|||
|---|---|---|---|---|---|
|||AS AT 31 DECEMBER 2020||||
||||2020||2019|
|||Note|6||6|
|Fixed assets||||||
|Tangible assets||15|237,429||201,644|
|Heritage assets||16|8,377,942||6,377,942|
|Investments||17|8,696,954||8,574,596|
||||17,312,325||17,254,184|
|Current assets||||||
|Stocks||18|24,026|17,711||
|Debtors||19|148,219|291,903||
|Cash at bank and in hand|||874,817|426,072||
||||1,047,061|735,686||
|Creditors: amounts|falling due within|one||||
|year||20|(641,984)|(636,226)||
|Net current assets|||405,077||97,460|
|Total assets less current liabilities|||17,717,402||17,351,644|
|Creditors: amounts|falling due after|more||||
|than one year||21|t19,161)||(35,678)|
|Net assets|||17,698,241||17,315,966|
|Total net assets|||17,698,241||17,315,966|
##
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##
|||||2020||2019|
|---|---|---|---|---|---|---|
|||Note||6|||
|Fixed assets|||||||
|Tangible assets||15||69,247||84,115|
|Heritage assets||16||8,377,942||8,377,942|
|Investments||17||8,776,954||8,754,598|
|||||17,224,143||17,218,855|
|Current assets|||||||
|Stocks||18|3,493||3,284||
|Debtors||19|37,900||107,859||
|Cash at bank and in hand|||723,137||23,380||
||||764,530||134,303||
|Creditors: amounts|falling due within one||||||
|year||20|(402,296)||(387,382)||
|Net current assets Iliabilities||||362,234||(233,079)|
|Total assets less current liabilities||||17,586,377||fS,983,57S|
|Creditors: amounts|falling due after more||||||
|than one year||21||(19,161)||(35,S78)|
|Net assets||||17,567,216||fS,947,898|
|Total net assets||||17,567,216||f6,947,898|
##
##
##
||||2020|2019|
|---|---|---|---|---|
|||Note|E|9|
|Charity funds|||||
|Endowment|funds|22|16,566,767|16,557,900|
|Restricted funds||22|||
|Unrestricted|funds|22|1,000,449|eegywe|
|Total funds|||17,567,216|16,947,898|
##
||||2020|2019|
|---|---|---|---|---|
||||8|6|
|Cash flows from operating|activities||||
|Net cash used
in operating|activities||580,485|556,099|
|Cash flows from investing|activities||||
|Proceeds from the sale oftangible fixed assets||||1,500|
|Purchase oftangible
fixed assets|||(109,384)|(98,935)|
|Movement
on fixed asset investments|||(22,356)|(692,975)|
|Net cash used in investing|activities||(131,740)|(790,410)|
|Change
in cash and cash|equivalents
in|the year|448,745|(234,311)|
|Cash and cash equivalents|at the beginning|ofthe year|426,072|660,363|
|Cash and cash equivalents|at the end of|the year|874,817|426,072|
|The notes on pages 26to 52 form part ofthese financial statements|||||
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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2020
6|2020
6|2019f|
|Education
and|Public|147,167|147,167|194,326|
|Grant income||352,006|352,006|46,031|
|Livestock &produce||3,275|3,275|4,741|
|Timber sales||||7,194|
|Commissions|receivable|12,357|12,357|13,943|
|Curatorial
income||54|54|54|
|Total 2020||514,859|514,859|266,289|
|Total 2019||266,289|266,289||
##
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2020f|2020
6|2019f|
|Trading income|625,274|625,274|1,013,470|
|Total 2020|625,274|625,274|1,013,470|
|Total 2019|1,013,470|1,013,470||
##
##
##
##
||Endowment|Unrestricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2020|2020|2020|2019|
||6|6|6||
|Rents receivable||210,737|210,737|189,771|
|Income from listed fixed asset investments|177,961|11,576|189,539|189,959|
|Bank interest receivable||242|242|872|
|Tots I2020|177,961|222,557|400,518|380,402|
|Total 2019|178,928|201,474|380,402||
##
##
|||||||||Trust for|Unapplied|Total|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Investment|Total Return|funds|funds|
||||||||||||2019|
|Gift component|||ofthe permanent|||endowment||2,250,000||2,250,000|2250,000|
|Unapplied|total||return||||||3,894,555|3,894,555|3,426,996|
|Investment||return: dividends|||and|interest|||131,564|131,564|133,535|
|Investment||return: realised|||and unrealised|||||||
|gains|||||||||395,904|395,904|561,102|
|Investment||management||costs|||||||(49,228)|
|Unapplied|total||return allocated to income||||in|||||
|the reporting||period|||||||(517,047)|(517,047)|(177,849)|
|Total||||||||2,250,000|3,904,976|6,154,976|6,144,556|
##
##
##
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2020
6|2020
6|2019f|
|Covid-1 9income|311,637|311,637||
|Other income|8,635|8,635|5,709|
|Total 2020|320,272|320,272|5,709|
|Total 2019|5,709|5,709||
##
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2020|2020|2019|
||||||8|
|Trading|expenses||279,406|278,406|367,565|
|Wages|and salaries||550,908|550,908|332,655|
|National|insurance|costs|46,237|46,237|28,990|
|Pension|costs||37,130|37,130|18,777|
|Depreciation|||57,561|57,561|57,892|
|Total2020|||971,242|971,242|805,879|
|Total 2019|||805,879|805,879||
##
##
##
##
||||Endowment|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2020|2020|2020|2019|
||||5|5|E|6|
|Investment|management|fees||||68,801|
|Total 2020||||||68,801|
|Total 2019|||64,974|3,827|68,801||
##
|||Activities|||
|---|---|---|---|---|
|||undertaken|Total|Total|
|||directly|funds|funds|
|||2020
5|2020
E|2019f|
|Preservation|ofProperty|1,055,557|1,055,557|1,206,659|
|Total 2020||1,055,557|1,055,557|1,206,659|
|Total2019||1,206,659|1,206,659||
##
##
##
##
##
||||||||Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted|funds|funds|
|||||||2020f|2020
E|2019|
||Staff costs|||||370,869|370,869|425,082|
||Depreciation|||||14,869|14,869|13,198|
||Purchases
&|Consumables||||39,188|39,188|82,096|
||Insurance|||||90,544|90,544|87,050|
||Repairs
& Maintenance|||||183,864|183,864|251,078|
||Printing,
postage &stationery|||||3,326|3,326|238|
||Motor Costs|||||229|229|1,042|
||Professional|Fees||||59,360|59,360|72,762|
||Sundry Expenses|||||106,991|106,991|91,814|
||Property Costs|||||119,790|119,790|35,562|
||Bank charges|||||5,408|6,408|5,542|
||Land agent fees|||||35,519|35,519|105,782|
||Other accounting||services|||11,502|11,502|14,000|
||Governance|costs||||13,098|13,098|21,403|
||Total 2020|||||1,055,557|1,055,557|1,206,659|
||Total 2019|||||1,206,659|1,206,659||
|12.|Auditors'
remuneration||||||||
||||||||2020|2019|
||||||||6|L'|
||Fees payable|to the Group's||auditor|forthe audit ofthe Group's|annual|||
||accounts||||||14,305|15,305|
||Fees payable|to the Group's||auditor|in respect of:||||
||All non-audit|services not included above|||||2,095|1,095|
##
##
##
|Staff co|sta|||||||
|---|---|---|---|---|---|---|---|
|||||Group|Group|Foundation|Foundation|
|||||2020|2019|2020|2019|
|||||5|5|5|5|
|Wages and||salaries||883,960|720,717|357,772|388,052|
|Social security costs||||70,260|54,839|24,023|25,849|
|Contribution||to defined contribution|pension|||||
|schemes||||50,824|29,948|25,991|11,171|
|||||1,005,144|805,504|407,786|425,082|
|The average||number of persons employed||by the Foundation|during the year|was as follows:||
|||||||Group|Group|
|||||||2020|2019|
|||||||No.|No.|
|Charity||||||7|13|
|Trading|subsidiary|||||41|25|
|||||||48|38|
|Group|Group|
|---|---|
|2020|2019|
|No.|No.|
##
##
##
##
##
||Plant and|Motor|Fixtures and|Office||
|---|---|---|---|---|---|
||machineryf|vehicles
f|fittings|equipment
5|Total
f.|
|Cost orvaluation||||||
|At 1 January 2020|1,208,446|42,100|207,549|137,240|1,595,335|
|Additions|109,384||||109,384|
|Disposals|(4,078)||||(4,078)|
|At 31 December 2020|1,313,752|42,100|207,549|137,240|1,700,641|
|Depreciation||||||
|At 1 January 2020|1,032,429|28,800|195,122|137,240|1,393,691|
|Charge for the year|57,923|6,589|7,907||72429|
|On disposals|(2,908)||||(2,908)|
|At 31 December 2020|1,087,444|35,499|203,029|137,240|1,463,212|
|Net book value||||||
|At 31 December 2020|228,308|6,601|4,520||237,429|
|At31December 2019|17S,017|f3,200|12,427||201,544|
##
##
##
##
##
||Plant and|Office||
|---|---|---|---|
||machinery|equipment|Total|
||F|5|5|
|Cost or valuation||||
|At 1 January 2020|465,571|137,240|602,811|
|At 31 December 2020|465,571|137,240|602,811|
|Depreciation||||
|At 1 January 2020|381,456|137,240|518,686|
|Charge for the year|14,868||14,868|
|At 31 December 2020|386,324|137,240|533,564|
|Net book value||||
|At 31 December 2020|68,247||69,247|
|At 31December 2019|84,115||84,115|
##
##
##
##
##
##
##
##
##
||Listed|Cashheldin||
|---|---|---|---|
||securities|investments|Total|
|Group|6|6|6|
|Cost or valuation||||
|At 1 January 2020|8,613,389|61,209|8,674,598|
|Additions|291,477||291,477|
|Disposals|(840,105)|(61,209)|(901,314)|
|Revaluations|555,237||555,237|
|Transfers
in|2,988,192||2,988,182|
|Transfers
out|(2,911,236)||(2,911,236)|
|At 31 December 2020|8,696,954||8,696,954|
|Net book value||||
|At 31 December 2020|8,896,954||8,696,954|
|At 31December 2019|8,613,389|61,209|8,674,598|
##
##
##
##
||Investments|||||
|---|---|---|---|---|---|
||in|||||
||subsidiary||Listed|Cash held in||
|Foundation|companies|6|securities
6|Investments|Total
6|
|Cost or valuation||||||
|At 1 January 2020|80,000||8,613,389|61,208|8,754,598|
|Additions|||291,477||291,477|
|Disposals|||(840,105)|(61,208)|(901,314)|
|Revaluations|||555,237||555,237|
|Transfers
in|||2,988,192||2,988,192|
|Transfer out|||(2,911,236)||(2,911,236)|
|At 31 December 2020|80,000||8,696,954||8,776,954|
|Net book value||||||
|At 31 December 2020|80,000||8,686,854||8,776,854|
|At 31December 2019|80,000||8,613,389|61,209|8,754,598|
##
##
##
##
|The following||were subsidiary
under|taki|ngs|ofthe||Foundati|on|:|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Names|||||||||Company|Holding|Included|||in||
||||||||||number||consolidation|||||
|Weston Park||Enterprises|||||||01970692|100%|Yes|||||
|The financial||results ofthe subsidiaries||for|the year||were:|||||||||
|Names|||||Income|||Expenditure||Profit/(Loss)|||Net|assets||
||||||||6|||1Surplus/|||||6|
|||||||||||(Deficit) for||||||
|||||||||||the year||||||
|||||||||||6||||||
|Weston Park Enterprises|||||876,153||||932,103|(55,950)|||211,025|||
|The balance||off80,000 investment|in|subsidiary||companies|||represents|the 100%holding||in|Weston||Park|
|Enterprises|Limited.|||||||||||||||
##
|||Group|Group|Foundation|Foundation|
|---|---|---|---|---|---|
|||2020
6|2019
f|2020|2019
6|
|Raw|materials|24,025|17,711|3,493|3,264|
##
##
||||Group|Group|Foundation|Foundation|
|---|---|---|---|---|---|---|
||||2020
E|2019
E|2020
E|2019f|
|Due within one year|||||||
|Trade debtors|||22,864|244,146|4,914|68,795|
|Amounts
owed|by group undertakings|||||3,413|
|Other debtors|||45,332|36,017|20,945|35,451|
|Prepayments
and accrued income|||80,023|11,740|12,041||
||||148,219|291,903|37,900|107,659|
|Creditors: Amounts||falling due within one year|||||
||||Group|Group|Foundation|Foundation|
||||2020|2019|2020|2019|
||||E|E|F|E|
|Payments
received on account|||229,475|120,872|||
|Trade creditors|||196,787|172,258|63,824|95,935|
|Amounts
owed|to group undertakings||||170,263|85,524|
|Other taxation|and social security||17,382|45,980|||
|Obligations
under finance lease and hire|||||||
|purchase
contracts|||17,153|16,198|17,153|16,198|
|Other creditors|||1,095|25,919|||
|Accruals and deferred||income|180,092|255,999|151,056|169,725|
||||641,984|638,226|402,296|367,382|
|Creditors: Amounts||falling due after more than|one year||||
||||Group|Gmup|Foundation|Foundation|
||||2020|2019|2020|2019|
||||E||E||
|Net obligations|under|finance lease and hire|||||
|purchase contracts|||18,161|35,678|19,161|35,678|
##
##
##
|Statement o|ffun|ds - current yea|r|||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
|||Balance at 1|||||31|
|||January|||Transfers|Gains/|December|
|||2020|Income|Expenditure|in/out|(Losses)|2020|
|||5|E|6|E|6|5|
|Designated||||||||
|funds||||||||
|Lady Anne Fund||||||||
|-Ongoing||||||||
|maintenance|of|||||||
|Memorial||||||||
|Gardens||9,325||(9,325)||||
|Lady Anne Fund||||||||
|- Ongoing||||||||
|maintenance|of|||||||
|Memorial||||||||
|Gardens||144,072||(7,284)|||136,788|
|Arts Council|||225,000|(68,355)|||126,645|
|||153,397|225,000|(114,964)|||263,433|
|General funds||||||||
|General Funds-||||||||
|a8funds||110,028|1,446,627|(1,911,835)|715,333||360,154|
|Fund B-||||||||
|unrestricted||494,640|11,335||(38,766)|40,678|507,887|
|||604,669|1,457,962|(1,811,835)|676,567|40,678|868,041|
|Total||||||||
|Unrestricted||||||||
|funds||758,066|1,682,962|(2,026,799)|676,567|40,678|1,131,474|
##
##
##
##
##
|22.|Statement||offunds|(continued)||||||
|---|---|---|---|---|---|---|---|---|---|
||Statement||offunds|- prior year||||||
||||||||||Balance at|
|||||Balance at|||||31|
|||||1January|||Transfers|Gainer|December|
|||||2019|Income|Expenditure|inrout|(Losses)|2019|
||||||8||||Z|
||Designated|||||||||
||funds|||||||||
||Designated|||||||||
||funds|||||||||
||Lady Anne||Fund|||||||
||- Creation|and||||||||
||restoration||of|||||||
||Memorial|||||||||
||Gardens|||19,946||(10,621)|||9,325|
||Lady Anne||Fund|||||||
||-Ongoing|||||||||
||maintenance||of|||||||
||Memorial|||||||||
||Gardens|||150,060||(5,988)|||144,072|
|||||170,006||(16,609)|||153,397|
||General funds|||||||||
||General Funds-|||||||||
||all funds|||380,033|1,475,911|(1,995,929)|250,014||110,029|
||Fund B-|||||||||
||unrestricted|||450,567|11,031|(3,827)|(14,108)|50,977|494,S40|
|||||830,600|1,486,942|(1,999,756)|235,906|50,977|604,689|
||Total|||||||||
||Unrestricted|||||||||
||funds|||1,000,606|1,486,942|(2,016,365)|235,906|50,977|758,066|
##
##
|Statement offun|ds - prior year|(continued)|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
||Balance at|||||31|
||1January|||Transfers|Gains'|December|
||2019|Income|Expenditure|in/outf|(Losses)|2019|
|Endowment|||||||
|funds|||||||
|Endowment|||||||
|Fund A|3,394,706|80,054|(29,549)|(106,255)|315,303|3,654,259|
|Endowment|||||||
|Fund C|2282,291|53,481|(19,679)|(71,594)|245,TQT|2,490,296|
|Endowment|||||||
|Fund B|1,854,059|45,393|(15,746)|(58,057)|209,754|2,035,403|
|Heritage Assets|8,377,942|||||8,377,942|
||15,908,998|178,928|(64,974)|(235,906)|T70,854|16,557,900|
|Total offunds|16,909,604|1,665,870|(2,081,339)||821,831|17,315,966|
|Analysis of net assets between funds - current|period|||
|---|---|---|---|
||Endowment|Unrestricted|Total|
||funds|funds|funds|
||2020
E|2020
E|2020f|
|Tangible fixed assets||237,429|237,429|
|Fixed asset investments|8,188,825|508,129|8,696,964|
|Heritage assets|8,377,942||8,377,942|
|Current assets||1,047,061|1,047,061|
|Creditors due within one year||(641,964)|(641,984)|
|Creditors due in more than one year||(19,161)|(19,161)|
|Total|16,566,767|1,131,474|17,698,241|
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||Analysis of net asse|ts between|funds - prior period|||||
|---|---|---|---|---|---|---|---|
|||||Endowment||Unrestricted|Total|
||||||funds|funds|funds|
||||||2019|2019|2019|
||||||5|5||
||Tangible fixed assets|||||201,644|201,644|
||Fixed asset investments|||8,179,958||494,640|8,674,598|
||Heritage assets|||8,377,942|||8,377,942|
||Current assets|||||735,686|735,686|
||Creditors due within one year|||||(638,226)|(538,225)|
||Creditors due in more than one year|||||(35,678)|(35,678)|
||Total|||16,557,900||758,066|17,315,966|
|24.|Reconciliation
ofnet movement||in funds to net cash|flow from|operating|activities||
|||||||Group|Group|
|||||||2020|2019|
|||||||5|5|
||Net income for the period (as per||Statement ofFinancial|Activities)||382,275|406,362|
||Adjustments
for:|||||||
||Depreciation
charges|||||72,428|75,799|
||Loss/(profit)
on the sale offixed assets|||||1,170|(1,500)|
||Decrease/(increase)|in stocks||||(6,314)|2,850|
||Decrease
in debtors|||||150,160|14,743|
||Increase/(decrease)|in creditors||||(19,235)|56,845|
||Net cash provided|by operating|activities|||580,485|555,099|
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