THE WILLOUGHBY MEMORIAL TRUST TR STEES, REPORT and ACCOUNTS for the eAr ended 3151 December 2024 ist¢r¢d Charit No. 527647 Llbrary and Art Gallery Moreley's LaDe Corby Glen GRANTHAM Lfincolnshire NG33 4Y4L THE WILLOUGHBY MEMORIAL TRUST INDEX Trustees, Report Indepcndent Examiner's Report Receipts and Payments Account for the Year Funds Movement Statement io Stst¢men¢ of Assels at 31. Decemb￿ 2024 11-13 Notes to the Accounts ooooooooooooooooo AeeountYdDVlndependeDt Exlmlner: F.C. HrdtehmaD, CPFA Addltlolls AceountAncy Grantham Ltd Barll End, Skillillgton GRANTHAM Lincolnsbire NG33 SEA Inve￿m¢llt Advlsers: CCLA Invutment Manydgement Ltd One Angel Lane LONDON EC4R 3AB Bankers: Lloyds BADk pl 8 Iyortb Street BOURNE Llncolnshirt PEIO 9ED THE WILLOUGHB Y mEMoR￿L TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Willoughby Memorial Trnst WAS founded ID 1965 by the Earl of Ancaster as a memorial to his son Timothy Lord Willoughby de Eresby, with the objective of eslablislll'ng and mainiaining 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 edu￿tiOn and a knowledge of literalurc and the arts. The Trust is 8dministered by th¢ Trustees. Trusttts The Trusl¢¢s who served during the year were: The Baroness Willou8hby de Eresby MrJAKitha Mrs Elaine Wilson Mrs S Woolley Rev. M Barton Mrs T Lamming Li Col S Miller ChaErman- Representing Èhefamily Repre)'en¢ing ihefamily Repr£sen(ing local arts RepresentiNg County Council Education Service.f A co-opled irustee A co_opted irustee A co-op(ed Irustee - Répresenting ikefamily Represenl¢ng Cot4nty Council Educatlon Services (rewi ed 17 J[41 2024 Mr C Houseago Offlcers Mr T P Clarke Mr G Underftll'll Treasiirer Secretary (deceused April 2024) Erhibi¢ion Secretary Appollltment of Trustees The nominated TThsl¢cs must be appointed as follows: (a) Two by the holder for the timc being of the Barony of Willoughby de Eresby (b) Two by th¢ Trustees appointed in sub-¢18use (a) from ihe nominees submitted by Lincolnshire Education Authority, and (c) Two by the four Truslees appointed in sub-¢lauses (a) and (b) ab)ve. The Trustees appointed by clause (c) should have a knowledge of the arts and education within the area of benefit. Co-opted Trustees- Two COryOPted al the Trustees. discretion. THE WILLOUGHBY MEMORIAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (eontiDued) The Trust Property is the fornier Read's Grammar School together with the fonner garde which has been made into a bowling green by the Countess of Ancaster as part of ihe 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 Tn￿t on 20 November 1997. In consultation with the Charity Commissioners the Trust Deed was revised and the new scheme goveming the Trust became effective on 31 October 1999. Revised obJ¢¢t for the chartty The obj¢¢t of the charity is the establislunent and maintenance of a library and art gallery for promoting the study, education and knowledge of liter4tur¢, art and music amongst th¢ inhabitants of the area of benefit. If and in so far as the income or property of the charity cannot be applied iowards the object above li may be applied in promotin8 ihe study, education and knowledge of the inhabitants of the area of benefit in such ways as the Trustees shall decide. The revised area of benefil is the County of Lincolnshlre and those parts of the neighbouring counties within a 25 mile radius of Corby Glen. In furtherance of it$ objectives the Tn￿t initially: ca￿led out, in association with the Counl¢ss of Ancaster. extensive restorniion of the Tnjst property, which 1$ a hisloric Grade I listed building established within th¢ bUildll￿ a referen¢¢ libTary with particular emphasis on subjects relating lo Lincolnshire and 5ubsequ¢ntly promoied art exhibitions. mainly by local artists established an annual art competition for Lincolnshire schoo15 and local artists established an annual poety Competition for Lincolnshire schools 8UPPOrted by grants. scholarships and loans a variety of projects, by other organisalions and individuals, that were in accordance with the aims of the Tn￿t THE WILLOUGHBY MEMOIUAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) During 2024 tbe Trust carried out the followlng fdctivities: Exhibi Two exhibitions ran simultaneously for most of the s¢asoTL and this allowed for 12 shows duTing the year, 14 shows ID 2023. Visilor numbers iThGreased again thi's year. 2023 2024 2,428 2,593 £7,990.00 £5,070.50 Visitors Sales Date 20103 - 10104 17104- 08105 15105 - 05106 Exhibition Art Shed Paintin s-FrnnkRo Painiin for Pleasure- Swa rield Art Grou Du¢nde- Phil Bowman Drawin Ali90n Atkins Paintin 8 and DrawiTh Simon Davies A Mosai¢ Od sse Karen MatLn Drawin from Art Histo Chris Wells Woodland Reflections - Lisa Banks Fabric Mixed Media and Tcxiiles- Hazel Cox The Art of Thin s- Sam Bell Mum- Gabi Gabrush Our Wonderful World- Stamford Stilchcrs Total Vlsitor5 290 277 235 Sales £12.00 £125.00 £190.00 £560.00 £540.00 £1,031.00 £175.00 £0.00 £342.00 £700.00 £300.00 £1,095.50 £5 070.50 ers 12106- 03107 230 10107 31107 07108 - 28108 216 306 04109 - 25109 02110- 23110 828 vents 30 Octobcr 22 November the Open Art Competitlon (475 visttors) was jud8ed on 25 Octobu by Chris Illsl¢y and Liz Underhill (Liz Underhill stood in for Paul Letchworth who had to withdraw due to family ¢ircumstance5). Six Primary (five in 2023) and five Secondary Schools {fiv¢ in 2023) enl¢red with 69 entrie5 for Class 6 (over 18 years). There were 147 entries from eight schools in the Poetry Competltion. Prizes were awarded in all four Key Stage classes. The competition was judged by Caroline Avnit. the 2024 Stamford Poet laureate. GrYdDts The TNst received no requests for grants during th¢ y¢ar. The Library Access to the library is available by appointment with the Caretskers. The space is now used as occasional exhibition space and is available for Meetll￿S by local organisations. THE WILLOUGHBY MEMORIAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (contlnued) Staff Mr and Mrs Bryan Lynch continu¢ as resident caretakers. Pension Fund There are no further payments from ihis fund as th¢ Trusls liabilities have ceased. The Property No major work was carried out to the building this year. Garden and hedge maintenance continued, and small scale routine repairs were carried out to the building. Ingress of flood water into Caretakers, Flai kitchen has been r¢clified by digging down to mains wa¢cr pipe and sealing around it. The Library was redecorated in January 2024. Res¢rve5 Poliey Th¢ Trustees aim to maintain sufficient res¢tves in an ac¢¢58ible form to be equivalent to two years operating expenditu￿. Revlew of Major Rjsks The Trustees continue lo review the major risks faced by the Charity. Maximising invesiment returns continues to be an aim of ihe Trustees. althou8h investment risk is tllk￿ into account in reaching investmenl decisions. The objective is to produce sufficient income to meet nomjal running costs whilst at the same time preserving the real value of the Trust's ¢apit81 assets. The investment in the CCLA fvnd continues lo produce adequate income for current needs. Statement of Trustees, Respon51billtleg Charlly law requires the Trustees lo prepare financial statcments that give a true and fair view of the state of affair5 of the Charity at the end of the financial year and of ils sury)lus or deficit for the fmancial year. In doing so the Tru5tces are required io.. Select suitable accounting poli¢i¢s and then apply them consistently. Make sound judg¢m¢nts and estimates Ihal are reasonable and prudent.. and Prq18re the finan¢ial slatements on the 80iJig concern basis unles5 It is appropriate to presume that the Charity will not continue in business. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy al any time the fmancial position of the Charity and ¢nable5 them to ensure that the financial statements comply with the requirements of the Charities Act 2011. The THE WILLOUGHBY MEMORIAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 D£CEMBER 2024 (eontlDued) Tn￿¢5 are also responsAble for safeguarding the assets of the Charity alld for tsking reasonable steps for the prevention and detectioll of fraud and other iTregUl￿1ties. Independent Ex￿niner Ms Fiona Hatchman B.A. (Hons). CPFA of Additions A¢counlancy Grantham Ltd was appointed ￿Countant independent ¢xaminer to the Trust. THE WILLOUGHBY MEMORIAL TRUST IIYDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WILLOUGHBY MEMORIAL TRUST I report on the Accounts of the TnLSt for the year ended 31 December 2024. which are set out on page$ 7 ￿ 13. ectlve Res onsibill¢lÈs of Trustees and Examiner Thc Charity's Trnstees are responsible for the preparniion of the accounls. The Charity's Truslees consider that an audit is nol required for this year under s¢clion 144 of the Charities Act 201 l and thai an independent examination is needed. It is my responsibility lo.. examine the accounts under section 145 of the 201 l Act,. to follow the procedur¢s laid down in the General Dire¢tions given by the Charily Commissioners under section 145(5){b) of the 2011 Act,. and lo slate whether particular matters have com¢ to my attention. Bftsls of Indc endent Examiners, Re ort My ¢xam&nation was carriLd oul in accordance with the General Directions given by ihc Charily Commissioner5. An examination includes a review of the accountin8 records kept by the Chariiy and a comparison of the Account$ presented wilh those records. It al80 includes consideration of any unusual items or disclosures in Ihe Accounts. and the seeking of explanations from you as Trustees concernin¥ any such matters. 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 "lrne and fair view" and the report is limited to those matters sei oul in the slatement below. Inde endent Examiners, Statement In connection wiih my ¢xamin&tIo￿ no matter has come to my attention.. l) which gives me reasonable Cause to believe that. in any material respect, the r4uirements'. - to keep accounting records in accordance with section 130 of the Ctwities Act 2011. and to prepare Accounts which accord with the accounting records and to comply with the accounting requirements of the ChaTilies Act have not been met,. or 2) to which, in my opinion. attention should be drawn in order to enabl¢ a proper understsndin8 of the Account5 to Ix reached. F.C. Hatchman B.A. Hons CPFA Additions Accouniancy (Gr9￿tha￿) Ltd. Barn End, Skillinglon Grgntham, Lincs. NG33 SEA Date.. ILLOUGHBY IAL TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR TO 31ST DECEMBER 2024 2023 A. GENERAL FUMD INCOME RECEIPTS Tradln Incom Sal8s of Books and Cards Rent of Facllltlas 348 118 118 217 rants and Don Donations 508 InvoStm•nt InMm• Inveslm8nl Fvnd Bank Intefesl 39,550 1,010 39,438 569 40.007 OTAL R EIPTS £41,076 £40,732 IRE kee Repairs and Malntenance Securlly Grounds Maintenance Light and Heal Caretaking Costs Rates and Water InsurBnc8 Cleanlng and Sundrles 3,074 2,379 265 2,303 21,930 427 764 1,505 312 1,297 19,091 361 510 111 (31.242) {24,7201 Llbra Books, Maga*nes and Subscrlpllons rt Galle Exhlbltion Expenses and Advertlslng Exhibition Secretary and Expenses Paintings Sale Proceeeds Art Competitic 540 8,736 81 6.240 1,757 1,717 11.033 8.038 carrlod for*ard 142.2751 132.7581 THE WILLOUGHBY MEMORIAL TRUST RECEIPTS ANO PAYM S ACCOUNT FOR THE YEAR TO 31ST DECEMBER 202 ontinu8d RECT CHARITAB RE Icontlnu•dl brought forw•rd 142.2751 {32,7581 rants and Other Ex ends Schools Poetry Competition Grants and Sponsorship ur 730 888 1,000 730 143.005} 1,688 134,448) NA PEN Postages and Telephone Slalionery and Sundrles Accountants Fees Bank Charges Adminlstralion servlces 170 395 450 400 60 880 855 35.301 £5,431 THE WIL GHBY RIAL TRUST FUNDS MOVEMEN TATEMENT FOR THE YEAR TO 31ST DEC MBER 20 Eductional Grants Fund Fu Balan ro htfo 1st January 2024 85,718 37,981 1.371,509 Surplus for the yoar 12.8091 Profll on revaluatlon of Inveslmonts 35.541 ala arrled forw Doc•mb•r 20 £83,107 £37.981 £1,407,OSO £1.508.138 10. THEW LOUGHBY MEM RIAL TRUST STATEMENT OF ASSETS DECEMBER 2024 Freehold Lan Al Valuation d Buildin Invfr¥tmonts Al Market Value 1,476,215 1,440,674 1,476,216 1,440,675 Cash at 8ank & In Hand Cash at Bank Cash In Hand and In Tronslt 57,913 34.531 57,913 25.991 34.531 Loss.. Oulslandlng accounts £1,508.138 £1,475,206 r•sont Trust Fund Balance brought forward Add: Surplus on Investments Re811sed Unreallsed 1,371,509 1.252,553 35,541 118.956 35,541 118.956 1.407,050 1,371,509 Balance brought forword . Transfèr Itoyfrcffl Trust Fund ' IDeficilySurplus lor the year 65,718 60.285 2,609 5,431 63,107 65,716 Educatl¢nal Grants Fund Balance brought forward Add., Surplus for the year 37.981 37,981 37.981 37,981 £1.508,138 £1,475,206 APPR D BYTHE TRUSTEE IGNED ON BEHALF THE TRUSTEE Dat•: 01.4.I 11 THE WI HBYM RIAL TRUST NOTES TO THE ACCOUNTS 31ST DECEMBE 2024 2023 tm Fun Incom Charlti8s Ald FoundAtion Fbxetl Int•r8St B Fund Incomg Units R8sponslble UK Income Fund Unlts 260 101 778 403 COIF Ch8rt118s Funds Investm8llt Fund Unlls PfOP8rty Fund Unlts 39,002 38.132 Cha￿n¢0 Common Inve6trnenl Fund Dislrlbullon Unlts 127 127 39,550 39,438 nd Bulld Wllloughby Memorfal Trust Llbrary and Art Gallery wth Land al Rear. al Valuallon on Iran51er from Read & Oay Educational Foyndatlon 12 THE WILLOUGHBY EMORIAL TRUST ES TO THE AC 31ST DECEMBER 2024 3} edule of Inv 024 Mark 202 Market Valu St oldin Charltl•8 Ald Funds ch8rfn￿ Comn. Investment Fund Dlslrlbulion Unlls 0.00 3.012 3,151 Charfttes Ald Foundation Respon81bl8 UK Income Fund Unlts 5,358.92 10,890 9,780 Ch8rille$ Foundallon Res￿n51b18 Global Equlty Fund (Aecl 3,984.75 29.712 26,600 COIF Charftles Investment Fund Income Unlts 70,804.34 1,432.795 1.401,143 1,476.215 1.440,874 13. THE WILLOUGPIBY MEMORIAL TRUST TES TO THE UNTS 31ST DEC MBER 2024 2024 Cash at Lloyds B8nk- Treasurers Account 14,8231 (3.7041 CAF B8nk - Gold Account 80,821 36.281 Cgfcash Account 1,549 1,600 COIF Char￿99 D8po8M Fund Scottish Wldows Bank CAF 90 day Nollce Account £57.913