THE WILLOUGHB Y MEMOIUAL TRUST TRUSTEES. REPORT and ACCOUNTS for the ear¢nd 31st December 2023 is¢ered Ch4rl N $27647 Llbrary And Art Gallery Moreley's Lane Corby Glen GRANTHAM Lincs. NG33 4NL THE WILLOUGHBY MEMORIAL TRUST INDEX Trustees, Report Indcp¢ndent Examiner's Report Receipts and Payments Account for the Year Funds Movement Statement io Statement of Assets at 31st December 2023 11-13 Notes to the Accounts ooooooooooooooooo ccountantllndependent Examlner: F.C. Hatchman, CPFA, AddlÉion8 AccountaDCy Grantham Ltd, Barn FJnd, Skillington GRANTHAM, Lincoln8hirc, IYG33 SEA Investment Advisers: CCLA Investment Management Ltd, One Angel Lane, LONDON, EC4R 3AB Bydnken: Lloyds Bank ple., 8 North Street, BOURNE, Lineolnshire, PEIO 9ED THE WILLOUGHB Y MEMORIAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Willoughby Memorial Trnst was founded in 1965 by the Earl of Ancaster as a memorial to his son Timothy Lord Willoughby de Eresby, with the objective of establishing and maintaining in perpetuity a Library and Art Gallery for promoting in the county of Lincolnshire, parts of Kesteven. and City and Borough of Lincoln, study and education and a knowledge of literature and the arts. The Trust is administered by the Trustees. Trustees The Trustees who served during the year were: The Baroness Willoughby de Eresby Mr J A Kirkman Mrs Elaine Wilson Mrs S Woolley Rev. M Barton Chairman- Represenling ihefamily Repretsenting ihefamily Representing local arls Represenling County Council Education Services A co-opled irusiee A co-opted irusiee A co-opled in4slee (appoinled 23 March 2023) R¢pr¢senling County Council Education Services Mrs T Lamming Lt Col S Miller Mr C Houseago Officers Mr T P Clarke Mr G Underhill Treasurer and Secrefary Exhibition S'ecrelary Appolntm¢nt of Trustees The nominalcd Trustees must be appointed as follows: (a) Two by the holder for the time being of the Barony of willou￿bY de Eresby (b) Two by the Trnstees appointed in sub￿lause (a) from the nominees submitted by Lincolnshire Education Auihority. and (c) Two by the four Trustees appointed in sub-clauses (a) and (b) above. The Trusiees appointed by clause (c) should have a knowledge of the arts and education within the area of benefit. c￿Opt¢d Trustees- Two co-opted at the Trustees, discretion. HE ￿LL0uGHBy MEMORIAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) The Trnst Property is the fornier Read's Grammar School together with the fornier garden, which has been made into a bowling green by the CouT]le5s of Ancaster as part of the memorial to Lord Willoughby and leased to the Corby Glen Bowling Club. The Read & Day Educational Foundation. which Provided educational grants for individuals, was merged into the Willoughby Memorial Trust on 20 November 1997. In consultation with the Charity Commissioners the Trust Deed was revised and the new scheme governing the Trust became effective on 31 October 1999. R¢vlsed object for the charity The object of the charity is the establishment and maintenance of a library and art gallery for promoting the study, education and knowledge of literalure, art and music amon8St the inhabitants of ihe area of benefit. If and in so far as the income or property of the charity cannot be applied towards the object al)ove it may be applied in promoting the study, education and knowledge of ihe inhabitants of the area ot. benefit in such ways the Truslees shall decide. The revised aKa of benefit is the County of Lincolnshire and those parts of the ncighbouring counties within a 25 mile radius of Corby Glen. In furtherance of its objectives the Trust inilially: carried out, in association wilh the Countess of Ancaster, extensive restoration of the Trust property, which is a historic Grade I listed building established within the building a reference library with parti¢ular emphasis on subjects relating to Lincolnshire and subsequently promoted art exhibitions, mainly by local artists established an annual art competition for Lincolnshire schools and local artists established an annual poetry competition for Lincolnshire schools supported by grants, scholarships and loans a variety of projects. by other organisations and individuals, Ihat were in accordance with the aims of the Trust THE WILLOUGHB Y MEMOIUAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (contfinued) During 2023 the Trust carrled out the followlng actlvltles: Exhibition Two exhibitions ran simultaneously for m05t of the season and this allowed for 14 shows during the year, as last year. Visitor numbers increased again this year. 2022 Visitors 2130 Sales £5356 2023 2920 £7990 Date Visitors Sales 22103 - 12104 19104- 10105 17105- 07106 14106- 05107 12107- 02108 09108 - 30108 06109 - 27109 04110- 25110 Ouier Ima es, Inner Thou hts- Peter Wood Paintin and Furniture- Patrick Dou las Scul ture- From Sione to Cla John Cram Paintin Valerie Rath Life in Colour- Lorraine Tho rov- Joe Lowe Hou h on the Hill Woodcarvin Saturated - Ellic Benton Thou hts becomin Thin Matk Ni Paintin Th¢ Millennium Art Cjrou Sense of Place- a group show of site specific art works- Sora a Smithson curator Off the Wall- Meniscu5 T¢xlile Artists Lincl.ore- Ha le Camichael lrnpressed- Prinlers Inc. 257 £495.00 £340.00 £2170.00 £830.00 £212.50 0.00 NIA £612.50 £875.50 £412.00 £728.00 in 305 239 Grou 299 htin ale 297 308 298 £1039.50 0.00 £275.00 425 Total 2428 £7990.00 Event5 2 November- 25 November The Open Art Competition (492 visitors) Judged on 27 October by Chris Illsley and Paul Lelchworth. 5 Primary (4 in 2022) and 5 S¢wndary Schools (6 in 2022) entered. THE WILLOUGHBY MEMORIAL TRUST TRU TEE RT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) Grants The Trust received one request for an educational grant during the year and donated £1,000 towards university tyition fees. The Llbrary Access to the library is available by appoinlment with the Caretakers. The space is now used as occasional exhibition space and is available for meetings by lo¢al organisations. Staff Mr and Mrs Bryan Lynch continue &s resident caretakers. Penslon Fund There are no further payments from this fijnd as the Trusts liabilities have ceased. The Property No major work was carried out to the building this year. The electrical wiring was tested and the necessary repairs completed. Garden and hedge maintenance continued, and small scale routine repairs were carried out to the building. Reseryes Polley The Trustees aim to maintain sufficient reserves in an accessible forni to be ¢quival¢nt to two years operaiing expenditure. THE WILLOUGHBY MEMORIAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 {continued) Revlew of Major Rlsks The Trustees Continue to review the major risks faced by the Charity. Maximising investment returns Continues to be an aim of the Trustees, although investment risk is taken into account in reachlng Investment decision5. The objective is to produce a sufficient income to meet normal running costs whilst at the same time preserving the real value of the Trust's capital assels. The inv¢stmcnt in the CCLA fund continue5 to produce adequate income for current needs. Stat¢m¢nl of Trustees, Responslbllit1¢8 Charity law requires the Trustees to prepare financial slatements that give a true and fair view of the slate of affairs of the Charity at the end of the financial year and of its surplus or deficit for the financial year. In doing so ihe Trustees arc required to., Select suitable accountin8 policies and then apply them ¢onsistently' Make sound judgements and eslimates Ihal are reasong4ble and prudent; and Prepare the financial statements on the going concern basis unless it is appropriate to presume that the Charity will not continue in business. The Trustees are responsible for mp4intaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and ¢nables them to ensu￿ that the financial statements comply with the requirements of the Charities Act 201 l. The T￿SteeS are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. Independent Exydminer Ms Fiona Halchman B.A. (Hons), CPFA of Additions Accountancy Grantham Ltd was appointed accountant and independent examiner to the Trust. ..UJl,.. J. .JL.G.*kL. .................. Lady Wi by d¢ Eres y- Chairman Date: THE WtLLOUGHBY MEMORIAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WILLOUGHBY MEMORIAL TRUST J report on the Accounts of the Trust for the year ended 31 st December 2023, which are set out on pages 7 to 13. Res ective Res onsibilities of Trustees and Examiner The Charity's Ttvslees are responsible for Ihe preparation of the accounts. The Charity's Trustee5 consider that an audit is not required for this year under section 144 of the Charitics Act 201 l and thal an independent examination is n¢¢d¢d. It is my responsibility to: examine the acrount5 under section 145 of the 2011 Act; to follow the procedures laid down in the General Directions given by the Charity Commissioners under sectiory 145(5)(b) of the 201 l Acl. and to slate wheth¢r particular matters have come to my attenlivn. Ba81$ of Inde endent Ex#min¢rs' Re ort My examination wa5 carried out in accordance with the General Directions given by th¢ Charity Comm i55ioners. An examinalion includes a review of the accounting records kept by the Charily and a comparison of the Accounts presented with those records. It also includes consideraiion of any unusual items or disclosures in the Accounts, and the seeking of ¢xplanations from you as Trustees oncerning any such matter5. The procedures undertaken do not provide all Ihe evidence that would be required in an audit and, consequently, no opinion is given as to whether the Accounts present a 'true and fair view" and the report is limited to those matters set out in the statement below. Inde endent Examiners? Statement In conneclion with my examination, no matter has come to my attention: i) which gives me reasonable cause to believe ihal. in any material respect, the requirement5: to keep accounting records in accordance with section 130 of the Charities Act 201 I. and to prepare Accounts which accord with the accounting records &nd to comply with the accounting requirements of the Charitie5 Act have not been met. or to which, in my opinion. att¢ntion should be drawn in order to enable a proper understanding of the Account5 to be reached. 2) F.C. Hatchman B.A. ons CPFA Additions Accountancy ((irantham)Ltd., Barn End, Skillington Grantham. Lincs. NG33 SEA Date: E WILLOUGHBY MEMO IAL TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR TO 31ST DECEMBER 202 Not8 2023 A. GENERA ND INCOME REC PT In Sales of Books and Cards Rent of Facilrti68 192 118 118 217 310 ndD Donallon8 508 401 Investment Fund Bank Inler88t 39,438 569 39,018 102 40.007 39,120 TA £40,732 £39.831 DIRECT CHAR E EXPENDIT Repalr8 and Maintenan¢¢ Security Ground8 M8inlenanGo Llghl and Hgal C8ietaking Costs R8188 and Water Insuranco Cleaning and Sundrle8 1,533 1,505 312 1,297 19,091 361 510 111 3.523 2,439 1.136 845 17,837 471 114 (24,720} 127,3471 Llbra 8ook$, Magazines and Sub¥criptions 25 1251 rt Galle Exhibrtion Expanses and AdvertisiryJ Exhibrtion Secretary and Expénse$ Paintings Sale PrO￿ad8 Art C¢mpelilion 81 6,240 274 5,625 79 1,232 1.717 7,210 carrfed forward 132,7581 {34,5821 THE WILLOUGH8 EMORIAL TRUST RECEIPTS AND PA MENTS ACCOUNT FOR THE YEAR TO 31ST DECEMBER 2023 Inued DIRECT CHARITABLE EXPENDITURE (¢ontlnugd) brought fovward 132,7581 134,5821 Other Ex endlture Schools Poetry Compalilion Grants and Sponsorship 688 1,000 1,688 134,4481 964) 135,546 AN MENT EXPEN P081ages and Telephone Slallonery and Sundrie8 Accountsnts Fees Bank Charge8 Adminislralion services 395 517 127 400 81 400 60 855 1.125 35,301 36,671 £5,431 £3.160 022 NAL Bank Interest £0 £0 Note: No managanent expenses havg been charged to the Edu¢ational Grant5 Fund E WILLOUGHBY MEM AL TRUST FUNDS MOVEMENT STATEMENT FOR THE YEAR TO 31ST DECEMBER 2 Gene Fund Eductlonal Grants Fund nc• brou htfo 1st January 2023 110,285 37,981 1,252,553 Surplus for th8 year 5,431 Profrt on revaluation of Inve8tm8nts 118,956 8alanc• c forwa 31st December 2023 £115,716 £37,981 £1,371,509 £1,525.208 10. THE WILLOUGHBY MEMORIAL TRUST STATEMENT OF ASSETS 31ST DECEMBER 2023 2022 Fr&ehold Land and Bulldln At Valuation Investments At Market Value 1.440,674 1,321,718 1,440,875 1,321,719 Cash at Bank & In Hand Cash at Bank Cash in Hand and In Tran8lt 34,531 29,100 34.531 29,100 Outstandlng Inte￿$t £1.475,2C £1,350.819 resented Trust Fund Balan￿ brought fowafd . Surplug on Invoslmonts - Realise(I - Unre8li5ed 1.252.553 1,428.656 118,956 176,103 118,956 176,103 1,371,509 1,252,553 •n•ral Fund Balance brought fo￿ard Add.. Transfer {tollfrom Trust Fund Add. IDeficitllSvrplus for the year 60,285 57,125 5,431 3,160 65,716 60,280 duutlonal Grants Fund Balanee brought forward .' Surplus for the year 37,981 37,981 37.981 37,981 £1,475,2C6 £1,350,819 PPROVED BY THE TRUSTEES SIGNED ON BEHALF OF THE TRUSTEES Date: Lady Willo ghb de Erosby 11. THE WILLOUGHBY MEMORIAL TRUST TES TO THE ACCOUNTS 31ST DECEMBER 2023 trnont Fund Incoma Temple Baf Investrnenl Tmst Ord. Shares of 25p char￿￿5 Aid FoUndat￿)n Fixed Interest B Fund In¢ome Unlts Responsibla UK Income Fund Unit8 776 403 COIF Charrti88 Fund6 Inve8lmenl Fund Units Property Fund Unlts 38,132 37,873 Charinco Common Inve8lmant Fund DI8lrlbul￿n Units 127 127 39,438 39,018 Wllloughby Memorial Tru8t Library and Art G811ery with Land at Rear, at Valuation on Ir8n8fer from Read & Day Educational Foundation 12. THE WILLOUGHBY MEMORIAL TRUST NOTES TO THE ACCOUNTS 31ST DECEMBER 2023 31 Sch8dule of Investment 2023 rke alug 2022 Market alu Holdln Charltlo5 Ald Funds Chartties Aid Foundation Flxed Inlere$l B. Fund Income Unil¥ 16,136 Charlnco Comn. Investment Fund Dislribuiion Unrt8 2,124.50 3,693 3,151 3,100 Charities Aid Foundallon Responsible UK Income Fund Unit8 7,125.02 9,286 38,380 34,121 Ch8rities Ald Foundallon Re8ponslble Global Equity Fund IAecl 3,096.56 6,192 COIF Choriti08 Inv•8lment Fund Income Uni18 Addrtional purch880 Add￿lon81 purchase Addrtional purcha8e 58,514.38 570,958 8,798.79 151,663 2,473.24 50,000 817.93 15,500 1,401,143 1,268,361 807,292 1,440.674 1,321,718 13. THE WILLOUGHBY MEMORIAL TR ST NOTES TO THE A 31ST CEMBER 2023 4.ca Lloyd8 Bank- Treasurers Account {3,7041 <3,1871 CAF Bank - Gohj Acc