OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

REGISTERED COMPANY NUMBER: 02506000 (England and Wales) REGISTERED CHARITY NUMBER: 900621

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Whitchurch Silk Mill Trust

Whitchurch Silk Mill Trust

Contents of the Financial Statements for the Year Ended 31 March 2024

Page
Report of the Trustees 1 to 8
Independent Examiner's Report 9
Statement of Financial Activities 10
Balance Sheet 11 to 12
Notes to the Financial Statements 13 to 21
Detailed Statement of Financial Activities 22 to 23

Whitchurch Silk Mill Trust

Report of the Trustees

for the Year Ended 31 March 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

I NTRODUCTION

Whitchurch Silk Mill is a living museum and the only place in Britain where people can see skilled Weavers using historic machinery to weave fine silks. It tells the intriguing story of how the silk industry was established over 200 years ago in a small rural town in North Hampshire and survives to this day.

Our Significance

Our Achievements

We maintained our VAQAS Accolade Best Told Story, and the Mill is also eligible for nomination as a Hidden Gem. The Weaving Team have been shortlisted for a Museums & Heritage Team of the Year too. The Mill was also awarded the 2023 Travellers' Choice Award by TripAdvisor.

Page 1

Whitchurch Silk Mill Trust

Report of the Trustees

for the Year Ended 31 March 2024

OBJECTIVES AND ACTIVITIES

Purpose and charitable objects

Our charitable purpose is twofold:

1) To educate the public in the history of the production, design, distribution and sale of silk and other textiles and their connections to Whitchurch

2) To secure for the benefit of the public the preservation, restoration, improvement, enhancement and maintenance of the features and objects of historical and industrial interest at the Silk Mill, Whitchurch, Hampshire, and its environs, and also the art of silk making

Our Vision

Our vision is for Whitchurch Silk Mill to be at the centre of heritage silk weaving with a national reputation.

Our Mission

We are committed to:

ACHIEVEMENT AND PERFORMANCE

Growing visitor numbers

The Mill is open all year Tuesday to Sunday and Bank Holiday Mondays from 10.30am to 5pm. Visitors can learn about 200 years of silk making in Whitchurch and see skilled workers using the historic textile machinery. The silk woven is made into scarves and other products for the shop or sold to specialist customers. The riverside café is also a community hub. The Mill organises changing exhibitions, holiday activities for families, craft workshops, as well as a programme of indoor and outdoor events.

Visitor numbers for the year are ahead of target and last year's figures, with this improvement and the hard work of the Fundraising Team outperforming expectations we made an operational surplus of £42,955.

Achieving these targets was challenging, as the Mill had a small paid team and several new team members. However, the Mill Team's efforts to diversify and grow audiences, focussing on our weaving community and digital storytelling, are commendable. The café's gone from strength to strength boosting the mill as a destination, and the increasing level of volunteering opportunities is noteworthy. Overall, the Mill's performance this year is impressive.

The Mill welcomed 36,588 visitors during 2023-24, including paid admissions, event visitors, repeat visitors, and café users. This overall positive result is accompanied by a continuing concern about paid admission, which showed a 5% increase compared to the significantly impacted 2022-23, but this is only at 57% of pre-pandemic levels. Part of the issue is undoubtedly the cost of living and the high cost of coach travel for groups that are only now regaining their pre-pandemic desire to visit.

At the end of the year, there was room for optimism: groups are beginning to return to pre-pandemic levels, and we hope to see more in 2024-25 and beyond.

Public engagement

In order to grow and diversify our audiences, we have provided a programme of special exhibitions this year.

We organised the following community events, which were well supported.

Page 2

Whitchurch Silk Mill Trust

Report of the Trustees

for the Year Ended 31 March 2024

Our Weaving Team developed and delivered our first high-profile event dedicated to weaving to attract a specialist interest audience. The pilot for Weftival, funded by the National Lottery Heritage Fund, was held in June, and the event will be developed further in 2024-25.

We raised awareness of the Mill by working with selected partners.

And running a varied programme of events.

Heritage and weaving

Heritage

The Silk Mill stands prominently in the centre of Whitchurch, in a picturesque setting on the River Test, a world-famous chalk stream classed as a Site of Special Scientific Interest (SSSI). Dating from 1815-19, the external appearance of the Grade II* listed building has changed little since the 1820s. It was a throwing mill powered by water that produced silk yarn until hand weaving took over in the mid-19th century. In the 1880s, the Mill was modernised with a new waterwheel and water-powered machinery installed. This winding, warping, and weaving equipment has survived and is used to preserve and perpetuate the traditional craft of making silk cloth.

The Silk Mill was in continuous commercial use until 1985 when it finally closed, obsolete and unprofitable. As a unique example of the English silk industry, it was rescued from redevelopment and refurbished by Hampshire Buildings Preservation Trust. Whitchurch Silk Mill Trust has operated it as a living museum with a pepper-corn lease since 1990. As a key tourist destination in north Hampshire attracting visitors from far and wide, the building is a significant feature of the town's landscape and social history and a symbol of local civic pride. It also acts as a community hub providing local people with employment, leisure, weaver training and volunteering opportunities.

Heritage silk weaving and preserving traditional silk weaving skills are core functions. Preserving and maintaining our historic machinery in working order and in its environmental setting is fundamental to achieving this, as are retaining and growing our team of skilled and experienced weavers. Commercial production provides an income stream for the Trust through private commissions and the Mill shop. It enables our visitors to understand the process of weaving silk and to experience the unique atmosphere of a traditional working silk mill. However, it must be balanced against our charitable purpose of preserving the machinery that forms part of our heritage assets.

Weaving

Whitchurch Silk Mill has continued to ensure that the craft of silk weaving is passed down through the generations. This year, we received funding from the National Lottery Heritage Fund for our project 'Weaving Futures', an award of £171k to develop our ambition for Whitchurch Silk. The investment is primarily in training our team, conserving the heritage machinery, and creating brand development to catapult Whitchurch Silk forward in new markets.

Page 3

Whitchurch Silk Mill Trust

Report of the Trustees

for the Year Ended 31 March 2024

To preserve the endangered craft of silk weaving and provide an engaging experience for visitors we employed two full-time Weaver Tacklers and two weekend weavers (funded by a private donation). The extinction of these heritage skills is one of our highest risks, so as part of the Weaving Futures project, the National Lottery Heritage Fund granted funding to employ a trainee who joined in October 2023. Sadly, one of our skilled Weaver Tacklers left in January to take up a new post.

Training

During 2023-24, our Weaver Tacklers began NVQ Apprenticeships Level 4 as Textile Technical Specialists at the Textile Centre of Excellence in Huddersfield, covering weaving production operations in textile manufacturing companies.

The National Lottery Heritage Fund also funded three Heritage Weaving Placements with students coming from Falmouth University, the University of the Creative Arts, and London Metropolitan University. During their time at the Mill, they learned to thread a loom and wind silk onto bobbins with consistent tension-essential to weaving high-quality silk.

Industrial Heritage Conservation

As an Accredited Museum (as granted by Arts Council England), the Trust manages its collections in accordance with a suite of policies submitted to ACE and approved by the Board of the Museum. These policies cover all aspects of collections management, including care and conservation, and it is within this framework that the Trust has commissioned a report into the condition and conservation of the Scharer Pirn Winder, Looms 10, 12 & 15 as part of the 'Weaving Futures' project (see Future Plans).

The work of this project has taught us that these looms are in much worse condition than we thought, and that conservation will take much longer than we anticipated.

Brand Development

Despite the condition of the looms severely limiting the amount of silk woven in 2023-24, we maintained the sale of our silk in the Mill Shop. We are developing our story to strengthen the demand for our silk. Scarves in the Whitchurch Silk Herstory Collection and the Whitchurch Silk Previous Owners Collection sold out. In particular, the Hide scarf celebrated the contribution of Hide family to the Mill's story. Throughout their ownership, the Mill wove silk for Burberry, producing 22 different colours of silk lining for their famous raincoats. The Hide Silk was designed by Annette Poulton (Trustee) and Professor Peter Pilgrim (Patron) and sold out quickly.

All scarves in the Herstory collection and our Coronation Silk Scarf were designed, warped, and woven by our small, highly-skilled team before being hand-finished in-house. Most of these sold out within months.

To diversify our woven collection, we wove cotton throws on the historic looms, and plans were developed to produce printed scarves and handwoven.

A creative collaboration between Whitchurch Silk Mill and Jane Austen's House in Chawton began to showcase the critically endangered craft of silk ribbon weaving. Inspired by Jane Austen's home and objects from their collection, we designed and began the winding and warping process for a set of silk ribbons. During the summer of 2024, visitors will have the chance to see the silk ribbons being wove.

Collections

1183 items were catalogued this year, including items bequeathed by the Hide family, who previously owned the Silk Mill and retrospective documentation from the General Collection.

Architectural heritage

A Trustee conducted a condition survey of the Mill, which resulted in the need to commission further surveys to ensure that the Trust fulfils its charitable objective of preserving the Grade Two* Listed Regency Watermill. Several projects have been identified to progress, including improved guttering on the Mill Building, improvements to access and insulation.

Page 4

Whitchurch Silk Mill Trust

Report of the Trustees

for the Year Ended 31 March 2024

Natural heritage

The Silk Mill grounds are cared for by a combined team of contractors and volunteers. Our aim is to offer year-round visitor appeal within the constraints of the River Test, which is officially designated as a Site of Special Scientific Interest. We work in close partnership with the local riverkeepers and national agencies. Specialists cut the riverweed, lawns, and hedges throughout the year.

The gardening and grounds volunteers continued to attend to care for the flower borders and shrubs. They developed ideas to maximise the use of the outside area. Wooden seating allows visitors to benefit from the peaceful surroundings and stunning river views.

Fundraising

The Trust undertakes fundraising to support revenue, project needs, and create an endowment fund. It does so through an in-house Fundraising Team of Trustees, volunteers, and staff. The Board of Trustees receives updates on fundraising activity regularly.

The Trust is registered with the Fundraising Regulator, complies with the Code of Fundraising Practice and is committed to The Fundraising Promise so that its fundraising is legal, open, honest and respectful.

The largest proportion of funds are sought from grant-making bodies. Donations from individuals and businesses are raised where there is a growing relationship or an obvious connection with the Mill.

Throughout 2023-24, the Fundraising Team raised £125k. Revenue fundraising support is provided via schemes including Friends membership and fundraising events. Most fundraised income consists of grants from trusts and foundations, but individual support is also sought through on-site and online donation boxes and optional donations as part of an online transaction.

Significant Grants & Donations

The Trust wishes to acknowledge and thank all of the organisations and individuals who have pledged or given generous financial and in-kind support during this review, particularly the work of the volunteers on the Fundraising Team.

Amanda Wiltshire, Chair Fundraising Team Martin Kelly, volunteer fundraiser
National Lottery Heritage Fund Deborah Wheeler, volunteer charity shop lead
Basingstoke and Deane Borough Council The People's Postcode Lottery Trust
Garfield Weston Foundation The Headey Trust
Four Lanes Trust Basingstoke Deane Rotarians
SPAB Mills Group The Hide Family

Volunteers

The Trust aims to involve volunteers across the organisation, from stewarding and guiding visitors, visitor engagement, collections care, gardening, and River Maintenance to retailing and administration. Volunteer activity for the year was recorded to be 3,316 hours (2022/23: 2,398 hours). The Museum uses the standard National Lottery Heritage Fund multiplier of £50 per day for unskilled volunteer roles. This equates to £33,160 (2023: £23,980). The Trustees wish to acknowledge the support of the 54 volunteers without whom we could not survive and particularly to Penny Way, Volunteer Representative.

COMMERCIAL TRADING

We are an entrepreneurial charity that aims to maximise income from visitors' secondary spending to fund our charitable activities. The Welcome Building houses a modern shop and a 34-cover café.

In the financial review of this Annual Report, details of our trading results are separated, clearly showing the Trading Company's strength, notably the Cafe.

The Silk Mill shop

Sales of Whitchurch silk products are stable and other high-quality stock is continually refreshed to encourage returning customers and maintain margins, all evidenced by a consistent 'spend per head' in line with budget forecasts.

Page 5

Whitchurch Silk Mill Trust

Report of the Trustees

for the Year Ended 31 March 2024

The Silk Mill café

As the only catering venue by the river for many miles, the café's success grew, especially with the community. A friendly and welcoming team of hosts, good outdoor seating, and a picturesque setting make it a favourite meeting venue for families and friends from all over Hampshire. This was recognised by being recommended for a Visit England Quality Food and Drink Accolade, a strong testament to a very special team.

Using innovative menus that helped reduce waste and maintain margins, café income exceeded Budget. Trustees have noted that the café is operating at capacity in terms of the preparation area and there is very little capacity to increase this income further without extending the trading hours.

PUBLIC BENEFIT

The trustees have regard for the Charity Commission's guidance on public benefit. They consider that the charity has complied with its duty in section 17 of the Charities Act 2011- to demonstrate that the Objects of the Charity are for the public benefit.

In this Annual Report, the Trustees have demonstrated how the Charity currently meets this requirement and this is reflected in its future plans.

The Trustees identify the most significant benefits to the public that arise from its Objects, as:

FUTURE PLANS

During 2023, the Trust undertook a review of its existing strategic directions, including consultation with volunteers and staff and produced the 'Weaving Futures' 5-year Business plan. This outlines the vision for Whitchurch Silk Mill to become a centre for heritage silk weaving with a national reputation. The Mill Team of Trustees, staff, and volunteers are committed to creating a sustainable weaving business, conserving the mill, engaging with more people, providing an outstanding visitor experience, and building solid relationships with partners, community, and suppliers.

Page 6

Whitchurch Silk Mill Trust

Report of the Trustees

for the Year Ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Whitchurch Silk Mill is a registered charity governed by a Memorandum and Articles of Association. The Trustees meet quarterly to guide strategy, approve policies, monitor the annual Business Plan and support the staff. The Board delegates some of its responsibilities to an Audit and Risk (A&R) Committee, a Finance Committee and a People, Performance and Culture (PP&C) Committee.

Trustees are recruited in an open and fair competition to fill specific gaps in skills and experience. New trustees are briefed about their responsibilities by the Chair and receive an induction by the Mill Director. The Board delegates the day-to-day management of the Silk Mill to the Mill Director who is also a director of the wholly owned subsidiary trading company.

The Board of Trustees meets four times a year in person, with an AGM that all volunteers and supporters are welcome to attend. As several Trustees are employed, it has been agreed that Committee meetings will continue to be held online. This is reviewed regularly.

Our Governance Principles state that the maximum term of office for Trustees is nine years. During the year, five Trustees stood down: one under the maximum term ruling, another due to work commitments, one nominated Trustee resigned from their nominating body, and the Chair of the Board of Trustees, along with a newly appointed Trustee, also stepped down. We appointed two new trustees after an open recruitment process, and one was appointed by a nominating body.

The Trustees, along with staff and volunteers, had the opportunity to attend the Weaving Futures workshops to kick-start the thinking and process of reviewing our existing operation and developing our future strategy.

Staff

The Silk Mill had an average of 20 employees (7.8 FTE). Many of our employees work part-time, flexible hours in the shop and café to meet business needs. Full-time staff include the Mill Director (an experienced museum curator and qualified heritage manager) and two Weaver Tacklers. Aside from the regular turnover of young people working in the café, only one permanent staff member left this year. Commercial activities were managed on a part-time basis by the Commercial Director, and public engagement programmes were managed on a part-time basis by the Visitor Experience Manager.

RISK MANAGEMENT

The Trustees have identified the risks to which the charity is exposed and have ensured that appropriate controls are in place to provide reasonable assurance against fraud and error. Their attitude to risk is "cautious but not averse", as they have a duty to consider actions that may cost the Silk Mill or affect its reputation. The Risk Register forms part of the annual business plan. It is monitored quarterly by the Audit and Risk Committee, and annually by the Board.

INVESTMENT POLICY

In light of increasing interest rates, the charity has decided to remain cautious in its policy with regards to investing its cash at hand. Any cash not immediately needed is held in an instant access savings account to take advantage of current interest rates.

FINANCIAL REVIEW

With successful fundraising and the £50,000 grant from the People's Postcode Trust, we have increased our unrestricted funds, driven by better-than-expected visitor numbers, reduced energy costs compared with 2022-23 and a trading surplus generated by the commercial activities of Whitchurch Silk Mill (Trading) Ltd. This has resulted in our unrestricted funds increasing to £209,504 (2023: £92,607).

RESERVES POLICY

The Trust's policy is to maintain unrestricted funds, which are its free reserves. Prompted by the impact of the pandemic and the cost-of-living crisis, the Trustees have decided to increase the target level of unrestricted reserves to cover twelve months of support costs. This is estimated to be £300,000. Although the charity is not currently at this level, this remains its aim.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 02506000 (England and Wales)

Registered Charity number

900621

Page 7

Whitchurch Silk Mill Trust

Report of the Trustees

for the Year Ended 31 March 2024

Registered office

28 Winchester Street Whitchurch Hampshire RG28 7AL

Trustees

Andy Alferovs Chloe Ashfield Caroline Barber Graham Bennett Marion Brinton Liz Hide Anna Hutton Andrew Mason Callum Nicholson Steven Owens Linda Palmer Annette Poulton Kevin Wheeler

Chair - Appointed 22 January 2024 Resigned 12 November 2023 Appointed 11 November 2023, resigned 17 January 2024 Appointed 11 November 2023 Appointed 30 May 2023 Resigned 10 November 2023 Resigned 22 January 2024

Independent Examiner

Kerry Lawrance FCA Compass Accountants Limited Venture House The Tanneries East Street Titchfield Hampshire PO14 4AR

Accountants

Wheeler & Co The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB

Bankers

National Westminster Bank 3 London Street Basingstoke Hampshire RG21 7NS

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 22 August 2024 and signed on its behalf by:

A Alferovs - Trustee

Page 8

Independent Examiner's Report to the Trustees of Whitchurch Silk Mill Trust

Independent examiner's report to the trustees of Whitchurch Silk Mill Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Kerry Lawrance FCA The Institute of Chartered Accountants in England and Wales

Compass Accountants Limited Venture House The Tanneries East Street Titchfield Hampshire PO14 4AR

Date: 28th August 2024

Page 9

Whitchurch Silk Mill Trust

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2024

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
3
302,395
Other trading activities
4
23,642
Investment income
5
446
Other income
60,000
Total
386,483
EXPENDITURE ON
Raising funds
6
9,860
Charitable activities
7
Preserving The Fabric project costs
-
Core charitable activities
63,587
Other
199,719
Total
273,166
Net gains on investments
3,580
NET
INCOME/(EXPENDITURE)
116,897
RECONCILIATION OF FUNDS
Total funds brought forward
92,607
TOTAL FUNDS CARRIED
FORWARD
209,504		 Restricted
Endowment
funds
fund
£
£
45,480
500
-
-
-
-
-
-
45,480
500
923
-
-
-
-
-
37,742
-
38,665
-
-
-
6,815
500
298,403
-
305,218
500		 2024
Total
funds
£
348,375
23,642
446
60,000
432,463
10,783
-
63,587
237,461
311,831
3,580
124,212
391,010
515,222		 2023
Total
funds
£
248,300
15,696
-
30,000
293,996
10,335
124,399
31,699
293,877
460,310
17,980
(148,334)
539,344
391,010

The notes form part of these financial statements

Page 10

Whitchurch Silk Mill Trust

Balance Sheet 31 March 2024

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
12
111
Investments
13
118,678
118,789
CURRENT ASSETS
Stocks
14
17,034
Debtors
15
142,092
Cash at bank
11,147
170,273
CREDITORS
Amounts falling due within one
year
16
(79,558)
NET CURRENT ASSETS
90,715
TOTAL ASSETS LESS
CURRENT LIABILITIES
209,504
NET ASSETS
209,504
FUNDS
17
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
Endowment
funds
fund
£
£
271,120
-
-
-
271,120
-
-
-
8,501
-
44,535
500
53,036
500
(18,938)
-
34,098
500
305,218
500
305,218
500		 2024
Total
funds
£
271,231
118,678
389,909
17,034
150,593
56,182
223,809
(98,496)
125,313
515,222
515,222
209,504
305,218
500
515,222		 2023
Total
funds
£
309,265
115,098
424,363
15,309
36,147
65,984
117,440
(150,793)
(33,353)
391,010
391,010
92,607
298,403
-
391,010

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 11

Whitchurch Silk Mill Trust

Balance Sheet - continued

31 March 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 22 August 2024 and were signed on its behalf by:

A Alferovs - Trustee

The notes form part of these financial statements

Page 12

Whitchurch Silk Mill Trust

Notes to the Financial Statements

for the Year Ended 31 March 2024

1. ˇ COMPANY INFORMATION

Whitchurch Silk Mill Trust is a private company limited by guarantee. It is incorporated in England and Wales and its registration number is 02506000. Its registered office is 28 Winchester Street Whitchurch Hampshire RG28 7AL.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The Trustees consider that the charity is a going concern.

With the onset of the COVID19 pandemic an Emergency and Continuity committee was formed. This committee reviewed the financial state of the charity and considered the options available to the Trustees.

The Trustees have compiled a rolling twelve month forecast to predict, as far as is possible, future cash flows and reserves and are confident that the charity has the funds to survive for, at least, the next twelve months.

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Preparation of consolidated financial statements

The financial statements contain information about Whitchurch Silk Mill Trust as an individual charity and do not contain consolidated financial information as the parent of a group. The charity has not taken advantage of the option of preparing consolidated financial statements provided by Section 398 of the Companies Act 2006.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

continued...

Page 13

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds are funds set aside by the directors out of unrestricted general funds for specific future purposes or projects.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

3.

DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Donations
Gift aid
Grants
Subscriptions
Admissions		 2024
£
105,170
12,478
170,743
1,567
58,417
348,375		 2023
£
40,177
27,134
147,228
1,676
32,085
248,300

Donations include £50,000 received from The Postcode Lottery.

Grants received, included in the above, are as follows:

Basingstoke and Deane Borough Council
Others
The Headley Trust
The National Lottery
Garfield Weston Foundation
Jane Austen		 2024
£
21,803
4,278
10,000
114,582
15,000
5,080
170,743		 2023
£
21,803
12,614
-
112,811
-
-
147,228

4. OTHER TRADING ACTIVITIES

Fundraising events
Weaving sales
Sundry income		 2024
£
8,673
8,733
6,236
23,642		 2023
£
656
12,106
2,934
15,696

continued...

Page 14

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

5.
INVESTMENT INCOME
Deposit account interest
6.
RAISING FUNDS
Raising donations and legacies
Costs of fundraising
Other trading activities
Purchases
Aggregate amounts
7.
CHARITABLE ACTIVITIES COSTS
Core charitable activities
8.
SUPPORT COSTS
Management
£
Other resources expended
225,167
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Examiner's fees		 2024
£
446
2024
£
1,430
2024
£
9,353
10,783
Governance
Finance
costs
£
£
1,630
10,664
2024
£
38,034
1,000		 2023
£
-
2023
£
582
2023
£
9,753
10,335
Direct
Costs
£
63,587
Totals
£
237,461		 2023
£
-
2023
£
582
2023
£
9,753
10,335
Direct
Costs
£
63,587
2023
£
51,280
1,000

continued...

Page 15

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Management
Visitor services
No employees received emoluments in excess of £60,000.
TANGIBLE FIXED ASSETS
Improvements
to
property

£
COST
At 1 April 2023 and 31 March 2024
363,141
DEPRECIATION
At 1 April 2023
73,901
Charge for year
18,120
At 31 March 2024
92,021
NET BOOK VALUE
At 31 March 2024
271,120
At 31 March 2023
289,240		 Plant and
machinery
£
2,904
2,458
446
2,904
-
446		 2024
£
155,955
8,023
4,093
168,071
2024
3
4
7
Fixtures
and
fittings
£
159,755
140,176
19,468
159,644
111
19,579		 2023
£
170,968
11,973
4,587
187,528
2023
4
7
11
Totals
£
525,800
216,535
38,034
254,569
271,231
309,265

12. TANGIBLE FIXED ASSETS

continued...

Page 16

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

13. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Unlisted
investments
£
MARKET VALUE
At 1 April 2023 115,098
Revaluations 3,580
At 31 March 2024 118,678
NET BOOK VALUE
At 31 March 2024 118,678
At 31 March 2023 115,098
There were no investment assets outside the UK.
Cost or valuation at 31 March 2024 is represented by:
Unlisted
investments
£
Valuation in 2024 43,678
Cost 75,000
118,678
The company's investments at the balance sheet date in the share capital of companies include the following:

Whitchurch Silk Mill (Trading) Limited (01968546)

Registered office: 28 Winchester Street, Whitchurch, Hampshire, RG28 7AL
Nature of business: Trading co. in support of charity parent
%
Class of share:
holding
Ordinary shares
100
Aggregate capital and reserves
Profit for the year
14.
STOCKS
Finished goods		 31.3.24
£
118,678
3,580
2024
£
17,034		 31.3.23
£
115,098
17,980
2023
£
15,309

continued...

Page 17

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Amounts owed by group undertakings
Prepayments and accrued income
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Amounts owed to group undertakings
Accruals and deferred income
Accrued expenses
17.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated Loom Restoration
Designated Built Heritage
Designated Heritage Skills
Restricted funds
Education Fund
Storage Fund
Preserving the Fabric - Lottery Bid
The Hide Family Fund
Weekend Weavers
Jane Austen Ribbons (B&DBC)
Endowment funds
Endowment Fund
TOTAL FUNDS		 At 1.4.23
£
67,607
10,000
10,000
5,000
92,607
6,137
4,093
288,173
-
-
-
298,403
-
391,010		 2024
£
33,501
117,092
150,593
2024
£
-
96,428
-
2,068
98,496
Net
movement
in funds
£
116,897
-
-
-
116,897
-
(1,729)
(35,991)
31,250
9,150
4,135
6,815
500
124,212		 2023
£
35,230
917
36,147
2023
£
564
138,879
8,035
3,315
150,793
At
31.3.24
£
184,504
10,000
10,000
5,000
209,504
6,137
2,364
252,182
31,250
9,150
4,135
305,218
500
515,222

continued...

Page 18

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Storage Fund
Preserving the Fabric - Lottery Bid
The Hide Family Fund
Weekend Weavers
Jane Austen Ribbons (B&DBC)
Endowment funds
Endowment Fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Designated Loom Restoration
Designated Built Heritage
Designated Access Improvement
Designated Heritage Skills
Designated Water Wheel
Restricted funds
Education Fund
Storage Fund
Preserving the Fabric - Lottery Bid
TOTAL FUNDS		 Incoming
resources
£
386,483
-
-
31,250
9,150
5,080
45,480
500
432,463
At 1.4.22
£
99,309
20,098
20,000
10,000
21,025
5,775
176,207
6,137
5,593
351,407
363,137
539,344		 Resources
expended
£
(273,166)
(1,729)
(35,991)
-
-
(945)
(38,665)
-
(311,831)
Net
movement
in funds
£
(83,600)
-
-
-
-
-
(83,600)
-
(1,500)
(63,234)
(64,734)
(148,334)		 Gains and
Movement
losses
in funds
£
£
3,580
116,897
-
(1,729)
-
(35,991)
-
31,250
-
9,150
-
4,135
-
6,815
-
500
3,580
124,212
Transfers
between
At
funds
31.3.23
£
£
51,898
67,607
(10,098)
10,000
(10,000)
10,000
(10,000)
-
(16,025)
5,000
(5,775)
-
-
92,607
-
6,137
-
4,093
-
288,173
-
298,403
-
391,010

continued...

Page 19

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Storage Fund
Preserving the Fabric - Lottery Bid
TOTAL FUNDS		 Incoming
resources
£
181,185
-
112,811
112,811
293,996		 Resources
expended
£
(282,765)
(1,500)
(176,045)
(177,545)
(460,310)		 Gains and
Movement
losses
in funds
£
£
17,980
(83,600)
-
(1,500)
-
(63,234)
-
(64,734)
17,980
(148,334)		 Gains and
Movement
losses
in funds
£
£
17,980
(83,600)
-
(1,500)
-
(63,234)
-
(64,734)
17,980
(148,334)
(64,734)
(148,334)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Designated Loom Restoration
Designated Built Heritage
Designated Access Improvement
Designated Heritage Skills
Designated Water Wheel
Restricted funds
Education Fund
Storage Fund
Preserving the Fabric - Lottery Bid
The Hide Family Fund
Weekend Weavers
Jane Austen Ribbons (B&DBC)
Endowment funds
Endowment Fund
TOTAL FUNDS		 At 1.4.22
£
99,309
20,098
20,000
10,000
21,025
5,775
176,207
6,137
5,593
351,407
-
-
-
363,137
-
539,344		 Net
movement
in funds
£
33,297
-
-
-
-
-
33,297
-
(3,229)
(99,225)
31,250
9,150
4,135
(57,919)
500
(24,122)		 Transfers
between
funds
£
51,898
(10,098)
(10,000)
(10,000)
(16,025)
(5,775)
-
-
-
-
-
-
-
-
-
-		 At
31.3.24
£
184,504
10,000
10,000
-
5,000
-
209,504
6,137
2,364
252,182
31,250
9,150
4,135
305,218
500
515,222

continued...

Page 20

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Storage Fund
Preserving the Fabric - Lottery Bid
The Hide Family Fund
Weekend Weavers
Jane Austen Ribbons (B&DBC)
Endowment funds
Endowment Fund
TOTAL FUNDS		 Incoming
resources
£
567,668
-
112,811
31,250
9,150
5,080
158,291
500
726,459		 Resources
expended
£
(555,931)
(3,229)
(212,036)
-
-
(945)
(216,210)
-
(772,141)		 Gains and
Movement
losses
in funds
£
£
21,560
33,297
-
(3,229)
-
(99,225)
-
31,250
-
9,150
-
4,135
-
(57,919)
-
500
21,560
(24,122)

18. RELATED PARTY DISCLOSURES

The trust employs the services of Wheeler & Co Ltd for bookkeeping and accountancy services. Mr K Wheeler is a director of said company and also a trustee. The amount paid in relation to these services was £7,550 (2023 - £6,350).

Page 21

Whitchurch Silk Mill Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Grants
Subscriptions
Admissions
Other trading activities
Fundraising events
Weaving sales
Sundry income
Investment income
Deposit account interest
Other income
Management charge
Total incoming resources
EXPENDITURE
Raising donations and legacies
Costs of fundraising
Other trading activities
Purchases
Education resources
Charitable activities
Wages
HLF costs and consultancy
Weaving purchases
Support costs
Management
Wages
Social security
Pensions
Carried forward		 2024
£
105,170
12,478
170,743
1,567
58,417
348,375
8,673
8,733
6,236
23,642
446
60,000
432,463
1,430
-
9,353
9,353
63,587
-
-
63,587
92,368
8,023
4,093
104,484		 2023
£
40,177
27,134
147,228
1,676
32,085
248,300
656
12,106
2,934
15,696
-
30,000
293,996
582
1,116
8,637
9,753
42,564
70,818
39,797
153,179
128,404
11,973
4,587
144,964

This page does not form part of the statutory financial statements

Page 22

Whitchurch Silk Mill Trust

Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
Management
Brought forward
Rates and water
Insurance
Light and heat
Telephone
Office costs
Marketing costs
Equipment hire and maintenance
Repairs and renewals
Security
Travelling
Subscriptions
Training
Depreciation of tangible and heritage assets
Finance
Bank charges
Governance costs
Accountancy fees
Legal and professional fees
Examiner's fees
Total resources expended
Net income/(expenditure)		 2024
£
104,484
1,102
11,162
19,601
1,951
1,977
4,611
10,034
23,159
2,499
2,776
657
3,120
38,034
225,167
1,630
7,550
2,114
1,000
10,664
311,831
120,632		 2023
£
144,964
1,443
10,326
33,582
1,945
(271)
5,456
10,478
15,046
2,434
1,742
1,543
4,880
51,280
284,848
1,293
6,350
3,305
1,000
10,655
460,310
(166,314)

This page does not form part of the statutory financial statements

Page 23