##
##
##
##
||||||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||||20-21|
|Consolidated|balance sheet||||22-23|
|Foundation|balance sheet||||24-25|
|Consolidated|statement ofcash flows||||26|
|Notes to the|financial statements||||27-53|
##
##
|Trustees|||M G0 Bridgeman*|M G0 Bridgeman*||
|---|---|---|---|---|---|
||||N DTCrawley|||
||||S L Graham|||
||||AW0 Kenyon*|||
||||C W Moyle|||
||||C Kenyon-Blaney,||Chair ofTrustees|
|*Member of||the Audit Committee||||
|Company|registered|||||
|number|||02076097|||
|Charity registered||||||
|number|||518325|||
|Registered||office|Weston Park|||
||||Wsston-under-Lizard|||
||||Shifnal|||
||||Shropshire|||
||||TF11 BLE|||
|Chief Executive Officer|||C PSweeney|||
|Key Senior||Positions|C P Sweeney,|Chief Executive Officer||
||||G Williams,
Curator|||
||||T O' Hara, Finance||Oificer|
|Independent||auditors|WR Partners|||
||||Chartered
Accountants|||
||||Belmont House|||
||||Shrewsbury
Business Park|||
||||Shrewsbury|||
||||Shropshire|||
||||SY26LG|||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
#
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||Endowment|Restricted|Unrestricted|Total|Tote/|
|---|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|funds|
||||2022|2022|2022|2022|2021|
|||Note|6|||6|5|
|Income and||||||||
|endowments|from:|||||||
|Charitable
activities||||178,805|306,358|485,163|721,198|
|Other trading|activities||||2,152,448|2,152,448|1,848,305|
|Investments||6|171,178||235,969|407,147|402,012|
|Other income||8|||2|2|146,323|
|Total income|and|||||||
|endowments|||171,178|178,805|2,694,777|3,044,760|3,117,838|
|Expenditure|on:|||||||
|Raising funds|||||1,822,150|1,822,150|1,516,735|
|Charitable
activities||||435,020|1,760,757|2,195,777|1,694,249|
|Total expenditure||||435,020|3,582,907|4,017,927|3,210,985|
|Net||||||||
|income/(expenditure)||||||||
|before net||||||||
|(losses)/gains|on|||||||
|investments|||171,178|(256,215)|(888,130)|(973,167)|(93,147)|
|Net (losses)/gains
on||||||||
|investments|||(670,514)||(81,167)|(751,681)|1,105,388|
|Net||||||||
|(expenditure)/income|||(499,336)|(256,215)|(969,297)|(1,724,848)|1,012,241|
|Transfers
between||||||||
|funds||21|(480,065)|106,463|373,602|||
|Net movement
in||||||||
|funds|||(979,401)|(149,752)|(595,695)|(1,724,848)|1,012,241|
##
##
||||Endowment|Restricted|Unrestdcted|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|funds|
||||2022|2022|2022|2022|2021|
|||Note||6|8|||
|Reconciliation|of|||||||
|funds:||||||||
|Total funds brought||||||||
|forward|||17,439,536|149,752|1,121,194|18,710,482|17,698,241|
|Net movement|in funds||(979,401)|(149,752)|(595,895)|(1,724,848)|1,012,241|
|Total funds carried||||||||
|forward|||16,460,135||526,499|16,985,634|18,710,482|
##
##
##
|||||2022||2021|
|---|---|---|---|---|---|---|
|||Note||6|||
|Fixed assets|||||||
|Tangible assets||14||126,766||160,765|
|Heritage assets||15||8,377,942||8,377,942|
|Investments||16||8,515,659||9,652,341|
|||||17,020,367||18,191,048|
|Current assets|||||||
|Stocks||17|40,020||38,646||
|Debtors||18|166,323||230,612||
|Cash at bank and|in hand||873,540||1,029,784||
||||1,079,883||1,299,042||
|Creditors: amounts|falling due within one||||||
|year||19|(1,114,616)||(776,963)||
|Net current liabilities Iassets||||(34,733)||522,079|
|Total assets less|current liabilities|||16,985,634||18,713,127|
|Creditors: amounts|falling due after more||||||
|than one year||20||||(2,645)|
|Total net assets||||16,985,634||18,710,482|
|||CONSOLIDATED BALANCE SHEET (CONTINUED)|CONSOLIDATED BALANCE SHEET (CONTINUED)||
|---|---|---|---|---|
|||AS AT 31 DECEMBER 2022|||
||||2022|2021|
|||Note|E||
|Charity funds|||||
|Endowment|funds|21|16,460,135|17,439,538|
|Restricted funds||21||149,752|
|Unrestricted|funds|21|525,499|1,121,194|
|Total funds|||16,965,634|18,710,482|
##
##
|||||2022||2021|
|---|---|---|---|---|---|---|
|||Note||6|||
|Fixed assets|||||||
|Tangible assets||14||39,693||54,372|
|Heritage assets||15||8,377,942||8,377,942|
|Investments||16||8,595,659||9,732,341|
|||||17,013,294||18,184,S55|
|Current assets|||||||
|Stocks||17|3,356||3,575||
|Debtors||18|46,346||59,793||
|Cash at bank and|in hand||4,519||178,404||
||||54,221||249,772||
|Creditors: amounts|falling due within one||||||
|year||19|(539,535)||(313,189)||
|Net current liabilities||||(485,314)||(53,417)|
|Total assets less|current liabilities|||16,527,980||18,101,238|
|Creditors: amounts|falling due after more||||||
|than one year||20||||(2,545)|
|Total net assets||||16,527,980||18,098,593|
##
##
##
##
|||||||2022|2021|
|---|---|---|---|---|---|---|---|
||||||Note|6||
|Cash flows from operating|activities|||||||
|Net cash used
in operating|activities||||23|(1,424,816)|1,111,184|
|Cash flows from investing|activities|||||||
|Purchase oftangible fixed assets||||||(34,469)|(830)|
|Movement
on fixed asset investments||||||1,136,682|(955,387)|
|Net cash provided
by/(used
in) investing|||activities|||1,102,213|(956,217)|
|Change
in cash and cash|equivalents|in|the year|||(322,603)|154,967|
|Cash and cash equivalents|at the beginning||ofthe year|||1,029,784|874,817|
|Cash and cash equivalents|at the end of||the year||24|707,181|1,029,784|
|The notes on pages 27 to 53form part ofthese financial||||statements||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2022|2022|2022|2021|
|||5|8|5|8|
|Education and|Public||186,974|186,974|217,923|
|Grant income||178,805|61,752|240,557|424,802|
|Livestock 8 produce|||2,549|2,549|4,038|
|Timber sales|||5,204|5,204|17,445|
|Commissions|receivable||49,797|49,797|58,907|
|Curatorial
income|||82|82|83|
|Total 2022||178,805|306,358|485,163|721,198|
|Total 2021||279,098|442 100|721,198||
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2022|2022|2021|
||F|5||
|Trading income|2,152,448|2,152,448|1,848,305|
|Total 2022|2,152,448|2,152,448|1,848,305|
|Total 2021|1,848,305|1,848,305||
##
##
##
##
||Endowment|Unrestricted|Total|Total|
|---|---|---|---|---|
||funds|funds|funds|funds|
||2022|2022|2022|2021|
||6||||
|Rents receivable||215,967|215,967|212,854|
|Income from listed fixed asset investments|171,178|19,594|190,772|188,993|
|Bank interest receivable||408|408|165|
|Total 2022|171,178|235,969|407,147|402,012|
|Total 2021|173,456|228,556|402,012||
##
##
##
##
##
##
##
##
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022|2022|2021|
||||5|6||
||Covid-19 income||||137,233|
||Other incoming resources|||2|9,090|
||Total 2022|||2|146,323|
||Total 2021||146,323|146,323||
|9.|Expenditure|on raising funds||||
||Fundraising|trading expenses||||
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022f|2021|
|Trading|expenses|843,963|843,963|661,011|
|Wages|and salaries|830,402|830,402|590,550|
|National|insurance costs|50,920|50,920|39,437|
|Pension|costs|43,999|43,999|62,821|
|Depreciation||52,866|52,866|62,617|
|Total 2022||1,822,150|1,822,150|1,516,736|
|Total 2021||1,516,736|1,516,736||
##
##
##
||||Activities|||
|---|---|---|---|---|---|
||||undertaken|Total|Total|
||||directly|funds|funds|
||||2022|2022|2021|
||||E|6||
|Preservation|ofProperty||2,195,777|2,195,777|1,694,249|
|Total 2022|||2,195,777|2,195,777|1,694,249|
|Total 2021|||1,694,249|1,694,249||
|Analysis of|direct costs|||||
|||||Total|Total|
||||Unrestricted|funds|funds|
||||2022|2022|2021|
||||8|5||
|Staffcosts|||517,371|517,371|410,233|
|Depreciation|||14,680|14,680|14,875|
|Purchases
&|Consumables||76,100|76,100|46,459|
|Insurance|||99,742|99,742|95,596|
|Repairs &Maintenance|||740,456|740,456|412,866|
|Printing,
postage||&stationery|17,294|17,294|1,380|
|Motor Costs|||2,372|2,372|288|
|Professional|Fees||137,856|137,856|87,302|
|Sundry Expenses|||152,773|152,773|114,737|
|Property Costs|||286,953|286,953|394,771|
|Bank charges|||10,002|10,002|6,321|
|Land agent fees|||102,808|102,808|73,917|
|Other accounting||services|17,200|17,200|18,283|
|Governance costs|||20,170|20,170|19,221|
|Total 2022|||2,195,777|2,195,777|1,694,249|
|Total 202f|||1,694,249|1,694,249||
##
##
|||||2022|2021|
|---|---|---|---|---|---|
|||||6||
|Fees payable|to the Group's auditor|for the audit ofthe Group's|annual|||
|accounts||||15,500|15,000|
|Fees payable|to the Group's auditor|in respect of:||||
|All non-audit|services not included|above||3,000|2,200|
##
|Staffcosts|||||||
|---|---|---|---|---|---|---|
||||Group|Group|Foundation|Foundation|
||||2022|2021|2022|2021|
||||5||||
|Wages and|salaries||1,301,398|1,066,098|470,996|375,248|
|Social security costs|||82,039|62,322|31,119|22,885|
|Contribution|to defined contribution|pension|||||
|schemes|||59,255|74,921|15,256|41,419|
||||1,442,692|1,203,341|517,371|439,552|
|||Group|Group|
|---|---|---|---|
|||2022|2021|
|||No.|No.|
|Charity||14|12|
|Trading|subsidiary|83|65|
||||77|
|Group|Group|
|---|---|
|2022|2021|
|No.|No.|
##
##
##
##
||Plant and|Motor|Fixtures and|Office||
|---|---|---|---|---|---|
||machinery|vehicles|fittings|equipment|Total|
||8|5|5|5|5|
|Cost or valuation||||||
|At 1 January 2022|1,314,582|42,100|207,549|137,240|1,701,471|
|Additions|34,469||||34,469|
|Disposals|(25,264)||||(25,264)|
|At 31 December 2022|1,323,787|42,100|207,548|137,240|1,710,676|
|Depreciation||||||
|At 1 January 2022|1,159,491|38,742|205,233|137,240|1,640,706|
|Charge for the year|63,376|2,686|1,533||67,595|
|On disposals|(24,391)||||(24,391)|
|At 31 December 2022|1,198,476|41,428|206,766|137,240|1,583,910|
|Net book value||||||
|At 31 December 2022|125,311|672|783||126,786|
|At 91December 2021|155,091|3,358|2,315||150,755|
##
##
##
##
##
||Plant and|Office||
|---|---|---|---|
||machinery|equipment|Total|
||5|5|F|
|Cost or valuation||||
|At 1 January 2022|485,571|137,240|602,811|
|At 31 December 2022|465,571|137,240|602,811|
|Depreciation||||
|At 1 January 2022|411,199|137,240|548,439|
|Charge for the year|14,679||14,679|
|At 31 December 2022|425,878|137,240|563,118|
|Net book value||||
|At 31 December 2022|39,693||39,693|
|At 31December 2021|54,372||54,372|
##
##
##
##
##
##
|16.|Fixed asset investments||
|---|---|---|
|||Listed|
|||securities|
||Group||
||Cost or valuation||
||At 1 January 2022|9,652,341|
||Income|190,772|
||Cash withdrawn|(575,773)|
||Net revaluation|(751,681)|
||At 31 December 2022|8,515,659|
||Net book value||
||At 31 December 2022|8,515,659|
||At 31December 2021|9,652,341|
##
##
##
##
||Investments|||
|---|---|---|---|
||In|||
||subsidiary|Listed||
||companies|securities|Total|
|Foundation|8||8|
|Cost orvaluation||||
|At 1 January 2022|80,000|9,652,341|9,732,341|
|Income||190,772|190,772|
|Cash withdrawn||(575,773)|(575,773)|
|Net revaluation||(751,681)|(751,681)|
|At 31 December 2022|80,000|8,515,659|8,595,859|
|Net book value||||
|At 31 December 2022|80,000|8,515,659|8,595,659|
|At 3'I December 2021|80,000|9,652,341|9,732,341|
##
##
##
##
||||||||
|---|---|---|---|---|---|---|
|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|Profiti|Net|assets|
|||5|5|(Loss) for||5|
|||||the yearf|||
|Weston Park|Enterprises|2,152,795|(1,879,677)|273,118|537,654||
##
|Stocks||||||
|---|---|---|---|---|---|
|||Group|Group|Foundation|Foundation|
|||2022|2021|2022|2021|
|||6||6||
|Raw materials||40,020|38,545|3,356|3,575|
|Debtors||||||
|||Group|Group|Foundation|Foundation|
|||2022|2021|2022|2021|
|||5||6||
|Due within one year||||||
|Trade debtors||104,684|145,450|12,368|12,957|
|Other debtors||33,017|44,557|33,017|44,557|
|Prepayments|and accrued income|28,622|40,595|961|12,259|
|||166,323|230,512|46,346|59,793|
##
##
##
##
##
##
|||||Group|Group|Foundation|Foundation|
|---|---|---|---|---|---|---|---|
|||||2022|2021|2022|2021|
|||||6|||8|
|Bank overdrafts||||166,359||166,359||
|Payments
received on|||account|260,180|235,547|||
|Trade creditors||||266,045|174,775|«9,074|57,054|
|Amounts
owed|to group undertakings|||||64,121|117,858|
|Other taxation|and social security|||«7,299|81,908|9,632||
|Obligations
under finance lease and hire||||||||
|purchase contracts||||5,188|18,106|6,188|18,106|
|Other creditors||||7,573|5,659|75||
|Accruals and deferred|||income|291,972|259,868|175,186|120,151|
|||||1,114,616|776,963|539,535|313,189|
|Creditors: Amounts||falling due after more than one year||||||
|||||Group|Gmup|Foundation|Foundation|
|||||2022|2021|2022|2021|
|||||6|5|6|8|
|Net obligations|under|finance lease and hire||||||
|purchase
contracts|||||2,645||2,645|
##
##
##
##
##
||||||||Balance at|
|---|---|---|---|---|---|---|---|
|||Balance at 1|||||31|
|||January|||Transfers|Gains/|December|
|||2022|Income|Expenditure|in/out|(Losses)|2022|
||||8|8|6|8|6|
|Designated||||||||
|funds||||||||
|Lady Anne Fund||||||||
|- Ongoing||||||||
|maintenance|of|||||||
|Memorial||||||||
|Gardens||129,504||(9,795)|||119,709|
|Arts Council|||28,932|(28,932)||||
|||129,504|28,932|(38,727)|||119,709|
|General funds||||||||
|General Funds-||||||||
|all funds||400,943|2,646,251|(3,544,180)|469,310||(27,676)|
|Fund B-||||||||
|unrestricted||590,747|19,594||(95,708)|(81,167)|433,466|
|||991,690|2,665,845|(3,544,180)|373,602|(81,167)|405,790|
|Total||||||||
|Unrestricted||||||||
|funds||1,121,194|2,694,777|(3,582,907)|373,602|(81,167)|525,499|
##
##
##
|Endowment|||||||
|---|---|---|---|---|---|---|
|funds|||||||
|Endowment|||||||
|Fund A|4,044,693|79,777||(168,077)|(307,392)|3,649,001|
|Endowment|||||||
|Fund C|2,760,386|54,824||(133,324)|(211,606)|2,470,280|
|Endowment|||||||
|Fund B|2,256,515|36,577||(1'78,664)|(151,516)|1,962,912|
|Heritage Assets|8,377,942|||||8,377,942|
||17,439,536|171,178||(480,065)|(670,514)|16,460,135|
|Restricted|||||||
|funds|||||||
|Kickstart||2,738|(2,738)||||
|Historic England|||||||
|-Roof project|149,752|167,437|(423,652)|106,463|||
|St Catherine of|||||||
|Alexandria|||||||
|restoration||4,630|(4,630)||||
|IRONMNGRS|||||||
|GUIN|||||||
|Coalbrookdale|||||||
|Gate||4,000|(4,000)||||
||149,752|178,805|(435,020)|106,463|||
|Total offunds|18,710,482|3,044,760|(4,017,927)||(751,581)|16,985,634|
##
##
##
##
##
##
##
##
##
|Statement|offun|ds - prior year||||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
|||Balance at|||||31|
|||1January|||Transfers|Gains/|December|
|||2021|Income|Expenditure|in/out|(Losses)|2021|
|||8||||||
|Designated||||||||
|funds||||||||
|Designated||||||||
|funds||||||||
|Lady Anne|Fund|||||||
|- Ongoing||||||||
|maintenance|of|||||||
|Memorial||||||||
|Gardens||136,788||(7,284)|||129,504|
|Arts Council||126,645|92,507|(219,152)||||
|||263,433|92,507|(226,436)|||129,504|
|General funds||||||||
|General Funds-||||||||
|all funds||360,154|2,557,240|(2,855,203)|338,752||400,943|
|Fund B-||||||||
|unrestricted||507,887|15,537||(21,628)|88,951|590,747|
|||868,041|2,572,777|(2,855,203)|317,124|88,951|991,690|
|Total||||||||
|Unrestricted||||||||
|funds||1,131,474|2,665,284|(3,081,639)|317,124|88,951|1,121,194|
##
##
##
##
|Endowment|||||||
|---|---|---|---|---|---|---|
|funds|||||||
|Endowment|||||||
|Fund A|3,682,746|78,162||(177,762)|461,547|4,044,693|
|Endowment|||||||
|Fund C|2,472,227|53,420||(80,420)|315,159|2,760,386|
|Endowment|||||||
|Fund B|2,033,852|41,874||(58,942)|239,731|2,256,515|
|Heritage Assets|8,377,942|||||8,377,942|
||1S,56S,767|173,456||(317,124)|1,016,437|17,439,536|
|Restricted|||||||
|funds|||||||
|Historic England||25,000|(25,000)||||
|Severn Trent||5,000|(5,000)||||
|Kickstart||s,ege|(s,ege)||||
|Historic England|||||||
|-Roof project||243,200|(93,448)|||149,752|
|||279,098|(129,346)|||149,752|
|Total offunds|17.698241|3117838|(3.210gee)||1,105,388|18,710,482|
##
##
##
##
##
||Endowment|Unrestricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2022|2022|2022|
|||6|F|
|Tangible fixed assets||126,766|126,766|
|Fixed asset investments|8,082,193|433,466|8,515,659|
|Heritage assets|8,377,942||8,377,942|
|Current assets||1,079,883|1,079,883|
|Creditors due within one year||(1,114,616)|(1,114,618)|
|Total|16,460,135|525,499|16,885,634|
##
|Analysis of net assets between funds -|prior year||||
|---|---|---|---|---|
||Endowment|Restricted|Unmstricted|Tote)|
||funds|funds|funds|funds|
||2021|2021|2021|2021|
|Tangible fixed assets|||160,765|150,755|
|Fixed asset investments|9,061,594||590,747|9,552,341|
|Heritage assets|8,377,942|||8,377,942|
|Current assets||149,752|1,149,290|1,299,042|
|Creditors due within one year|||(775,963)|(776,953)|
|Creditors due in more than one year|||(2,645)|(2,645)|
|Total|17,439,535|149,752|1,121,194|18,710,482|
##
##
|23.|Reconciliation
of net movement|Reconciliation
of net movement|Reconciliation
of net movement|Reconciliation
of net movement|in funds|in funds|to net|cash flow|from operating|activities||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||Group|Group|
|||||||||||2022|2021|
|||||||||||6|8|
||Net
income/expenditure||for|the|year|(as|per|Statement|of Financial|||
||Activities)|||||||||(1,724,848)|1,012,241|
||Adjustments
for:|||||||||||
||Depreciation
charges|||||||||67,595|77,494|
||Loss on the sale offixed assets|||||||||873||
||Increase
in stocks|||||||||(1,374)|(14,621)|
||Decrease/(increase)|in debtors||||||||70,994|(82,393)|
||Increase
in creditors|||||||||161,944|118,463|
||Net cash provided|by/(used||in)|operating||activities|||(1,424,816)|1,111,184|
|24.|Analysis ofcash and cash equivalents|||||||||||
|||||||||||Group|Gmup|
|||||||||||2022|2021|
|||||||||||6|8|
||Cash
in hand|||||||||873,540|1,029,784|
||Overdraft
facility repayable||on|demand||||||(166,359)||
||Total cash and cash equivalents|||||||||707,181|1,029,784|
##
##
##
##
##