OpenCharities

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

← Whitchurch Silk Mill Trust

2025-03-31-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 2025

for

Whitchurch Silk Mill Trust

Whitchurch Silk Mill Trust

Contents of the Financial Statements for the Year Ended 31 March 2025

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 2025

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the charity's financial statements for the year ended 31 March 2025. 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

INTRODUCTION

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

The Mill was also awarded the 2024 Travellers' Choice Award by TripAdvisor.

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:

Page 1

Whitchurch Silk Mill Trust

Report of the Trustees for the Year Ended 31 March 2025

ACHIEVEMENT AND PERFORMANCE Growing visitor numbers

The Mill is open all year, Tuesday to Sunday, and Bank Holiday Mondays, from 10:30 am to 5:00 pm. Visitors can learn about 200 years of silk making in Whitchurch and see skilled weavers using the historic textile machinery. The silk is woven and 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, and a programme of indoor and outdoor events.

During the 2024-25 period, The Mill welcomed 37,948 visitors, including paid admissions, event attendees, repeat visitors, and café users, an increase of 1,360 compared to 2023-24, marking a positive overall trend.

However, there is ongoing concern regarding paid and event admissions. These totalled 7,847 for the year, which is 3% lower than the previous year's figure of 8,078 and remains just 45% of pre-pandemic levels (2019-20). Contributing factors include the high cost of living and the rising expense of coach travel for groups. This trend reflects a wider pattern, with many museums reporting that visitor numbers have yet to return to pre-pandemic levels.

In response, there has been a strong focus on reducing operational costs, including the conclusion of the Visitor Services Manager's contract. Despite these constraints, the Mill Team's commitment to diversifying and growing audiences primarily through engagement with our weaving community and innovative digital storytelling has been outstanding. The café continues to thrive, enhancing the Mill's reputation as a destination, and the growing number of volunteering opportunities reflects a deepening connection with the local community. Overall, the Mill's performance this year is impressive and a testament to the dedication and adaptability of the team.

Public engagement

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

We organised and hosted several community events and campaigns, which were well-supported.

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

And we ran a programme of workshops and events based on textile crafts and our story

Page 2

Whitchurch Silk Mill Trust

Report of the Trustees for the Year Ended 31 March 2025

We also promoted access to the Mill's stories and work through our social media platforms all saw growth.

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 remained largely unchanged since the 1820s. It was a water-powered throwing mill 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 silk cloth production.

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, who still own it. Whitchurch Silk Mill Trust has operated it as a living museum with a peppercorn 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 history and a symbol of local civic pride. It also acts as a community hub providing local people with employment, leisure, weaving 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 continued to deliver our project 'Weaving Futures', funded by the National Lottery Heritage Fund. This two-year project was awarded £171,000 in 2023/24, which was primarily invested in training our team, conserving the heritage machinery, and developing our brand to project Whitchurch Silk forward into new markets.

To preserve the endangered craft of silk weaving and provide an engaging experience for visitors, we employed two full-time Weaver Tacklers. From July 2024, we employed a job-share Mill Assistant role, covering six days a week, which was funded by donations. The extinction of these heritage skills is one of our greatest risks, so we began fundraising to employ a trainee in 2025/26.

Training

During 2024-25, our Weaver Tackler completed, with distinction, an NVQ Apprenticeship Level 4 as Textile Technical Specialists at the Textile Centre of Excellence in Huddersfield, covering weaving production operations in textile manufacturing companies.

Page 3

Whitchurch Silk Mill Trust

Report of the Trustees

for the Year Ended 31 March 2025

The National Lottery Heritage Fund also funded three Student Heritage Placements, involving students from Falmouth University, York University and Cardiff University. While at the Mill, they learned to thread a loom and wind silk onto bobbins with consistent tension, essential to weaving high-quality silk, and developed heritage management and marketing skills.

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 Trustees. These policies cover all aspects of collections management, including care and conservation, and it is within this framework that the Trust has commissioned the conservation of the Scharer Pirn Winder, Looms 10, 12 & 15 as part of the 'Weaving Futures' project.

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

Brand Development

Despite the condition of the looms severely limiting the amount of silk that could be woven in 2024-25, we continued to sell our silk in the Mill Shop. This year, Whitchurch Silk Mill collaborated with Jane Austen's House to produce a limited-edition collection of silk ribbons inspired by Austen's life and works. Woven on the Mill's heritage looms by one of the UK's few remaining silk ribbon weavers, the project celebrated traditional craftsmanship and supported the revival of a critically endangered heritage skill. The ribbons, named after Austen characters and places, were meticulously crafted over several months using historic techniques including hand-twisting and warping. This collaboration showcased the Mill's unique weaving skills and also strengthens cultural ties within Hampshire, supporting both organisations through shared fundraising and public engagement.

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

Collections

Whitchurch Silk Mill manages five distinct collections, divided between items owned by Whitchurch Silk Mill Trust and those held on loan from the Hampshire Buildings Preservation Trust (HBPT). The loaned collections include the historic Grade II* listed Mill buildings and grounds, Victorian silk production machinery, and a pre-1989 production archive of records and samples. WSMT's accessioned collections comprise a post-1989 production archive and a general collection of around 9,000 items, including textiles, photographs, and artwork, all supporting the Trust's charitable objectives and preserving the Mill's rich heritage. Nearly 5,000 have been accessioned and catalogued by our Collections Volunteer.

Architectural heritage

In 2024, a comprehensive condition survey of Whitchurch Silk Mill was undertaken by Pritchard Architecture, with structural input from Marbas Consulting Engineers. The survey found the Mill to be in fair condition overall, with the external fabric largely weather-tight. However, two significant issues were identified: water ingress at the north-west corner due to inadequate rainwater goods, and structural deterioration in the floor above the waterwheel caused by timber decay. The latter has led to restricted access to this area.

This report will inform the Mill's future conservation and maintenance planning.

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 enjoy the peaceful surroundings and stunning river views.

Page 4

Whitchurch Silk Mill Trust

Report of the Trustees for the Year Ended 31 March 2025

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 volunteers and staff. The Board of Trustees receives regular updates on fundraising activities.

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 most significant 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 2024-25, the Fundraising Team raised £66k. Revenue fundraising support is provided via donations, digital fundraising and schemes including Friends membership, fundraising events and talks. Most fundraised income consists of grants from trusts and foundations for restricted purposes.

Significant Grants & Donations

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

National Lottery Heritage Fund Basingstoke and Deane Borough Council Hampshire County Council Government Grants Basingstoke Deane Rotary Stannah: Endowment Fund Syder Foundation Big Give Christmas Campaign The Reed Foundation Round Table - Basingstoke 93 Capit B Trust Golsoncott Foundation Four Lanes Trust

Volunteers

The Trust aims to involve volunteers across the organisation, from stewarding and guiding visitors to visitor engagement, collections care, gardening, and river maintenance, as well as retailing and administration. The total volunteer activity for the year was recorded at 3,220 hours (2023/24: 3,316 hours). The Museum uses the standard National Lottery Heritage Fund multiplier of £50 per day for unskilled volunteer roles. This equates to £32,200 (2023/24: £33,160). The Trustees wish to acknowledge the support of the 47 volunteers without whom we could not survive.

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 Café.

The Silk Mill shop

While overall shop income for 2024-25 was 19% below budget and behind 2023-24 figures, this excludes £5,920 of silk ribbon sales now reported under 'Weaving', which is being set-up as its own Business Unit. Despite a limited stock of Whitchurch Silk scarves, they still accounted for 28% of shop sales across the year. This performance, although below target, reflects the general downturn in retail trends nationally. To support the Jane Austen Heritage ribbon range, the shop introduced themed books, games, and gifts, anticipating increased tourism linked to the Jane Austen anniversary in 2025.

Page 5

Whitchurch Silk Mill Trust

Report of the Trustees for the Year Ended 31 March 2025

The Silk Mill café

The café continued to perform strongly and average spend per head rose to £5.93 for the year. Café user numbers were also up, with 26,770 café-only users, 15% more than in 2023-24 and 23% above budget. This growth has placed significant pressure on the front-of-house team, with footfall already exceeding targets set for future years. A new coffee machine was purchased to improve efficiency, and feedback on the new offering has been very positive. The café also launched new seasonal menus with higher-value items and continues to prioritise local sourcing.

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

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, increasing the endowment fund 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 2025

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 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.

In line with our Governance Principles, which state that the maximum term of office for Trustees is nine years, two Trustees stood down during the year-one having completed their full term and another due to family commitments. To strengthen the Board, two new Trustees were appointed, bringing with them valuable expertise in volunteer management and environmental stewardship. Their specialist skills will support the Mill's continued focus on community engagement and sustainable practices.

Staff

The Silk Mill had an average of 12 employees (7.3 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. Commercial activities were managed on a part-time basis by the Commercial Director.

RISK MANAGEMENT

The Trust's approach is set out in a risk management framework (Risk Register) with the risks subdivided into operational areas and elements within each assessed and categorised as to their severity according to likelihood and impact level. The Risk Register is a live document, forming part of the annual business plan, and is reviewed on an ongoing basis. It is formally monitored every six months by the Audit and Risk Committee and annually by the full Board.

INVESTMENT POLICY

In light of continuing economic uncertainty, the charity has decided to remain cautious in its policy regarding investing its cash at hand. Any cash not immediately needed is held in an instant-access savings account to take advantage of current savings rates.

FINANCIAL REVIEW

Although admission income remained strong, the income from grants and donations was sharply lower compared with the previous year. Costs increased mainly due to higher amounts spent on machinery repair, survey fees and cost of living wage increases. Despite the trading surplus generated by the commercial activities of Whitchurch Silk Mill (Trading) Ltd, this still resulted in our unrestricted funds decreasing to £160,160 (2024: £209,504).

RESERVES POLICY

The Trust's policy is to maintain a target level of its unrestricted funds, which are its free 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 still 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 2025

Registered office

28 Winchester Street Whitchurch Hampshire RG28 7AL

Trustees

Dan Feeney Chair - Appointed 17 May 2025 Andy Alferovs Chair - Resigned 17 March 2025 Chloe Ashfield Marion Brinton Paul Curtin Appointed 18 May 2024 Dr Elizabeth Hide Anna Hutton Frank Kenny Appointed 7 February 2025 Andrew Mason Resigned 19 July 2025 Callum Nicholson Annette Poulton Resigned 19 July 2025 Penelope Way Appointed 27 July 2024 Kevin Wheeler Resigned 17 March 2025

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 2 September 2025 and signed on its behalf by:

D Feeney - 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 2025.

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

  2. 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

  3. 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: 2nd September 2025

Page 9

Whitchurch Silk Mill Trust

Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2025

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
3
169,244
Other trading activities
4
32,856
Investment income
5
999
Other income
60,000
Total
263,099
EXPENDITURE ON
Raising funds
6
5,111
Charitable activities
7
Core charitable activities
90,929
Other
219,573
Total
315,613
Net gains on investments
3,170
NET
INCOME/(EXPENDITURE)
(49,344)
RECONCILIATION OF
FUNDS
Total funds brought forward
209,504
TOTAL FUNDS CARRIED
FORWARD
160,160		 Restricted
Endowment
funds
fund
£
£
8,399
2,600
-
-
-
37
-
-
8,399
2,637
4,562
-
3,948
-
21,449
-
29,959
-
-
-
(21,560)
2,637
305,218
500
283,658
3,137		 2025
Total
funds
£
180,243
32,856
1,036
60,000
274,135
9,673
94,877
241,022
345,572
3,170
(68,267)
515,222
446,955		 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

The notes form part of these financial statements

Page 10

Whitchurch Silk Mill Trust

Balance Sheet

31 March 2025

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
12
-
Investments
13
121,848
121,848
CURRENT ASSETS
Stocks
14
31,676
Debtors
15
27,194
Cash at bank
84,081
142,951
CREDITORS
Amounts falling due within one
year
16
(104,639)
NET CURRENT ASSETS
38,312
TOTAL ASSETS LESS
CURRENT LIABILITIES
160,160
NET ASSETS
160,160
FUNDS
17
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
Endowment
funds
fund
£
£
253,000
-
-
-
253,000
-
-
-
12,057
100
42,956
3,037
55,013
3,137
(24,355)
-
30,658
3,137
283,658
3,137
283,658
3,137		 2025
Total
funds
£
253,000
121,848
374,848
31,676
39,351
130,074
201,101
(128,994)
72,107
446,955
446,955
160,160
283,658
3,137
446,955		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 2025

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 2 September 2025 and were signed on its behalf by:

D Feeney - Trustee

The notes form part of these financial statements

Page 12

Whitchurch Silk Mill Trust

for the Year Ended 31 March 2025

Notes to the Financial Statements

1. �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.

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.

Improvements to property - 5% on cost Plant and machinery - 20% on cost Fixtures and fittings - 20% on cost

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.

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.

continued...

Page 13

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Fund accounting

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

4.

Donations
Gift aid
Grants
Subscriptions
Admissions
Grants received, included in the above, are as follows:
Hampshire County Council
Basingstoke and Deane Borough Council
Others
The Headley Trust
The National Lottery
Garfield Weston Foundation
Stannah Lifts Group
OTHER TRADING ACTIVITIES
Fundraising events
Weaving sales
Sundry income		 2025
£
32,521
12,221
73,375
1,208
60,918
180,243
2025
£
500
46,785
2,000
-
21,590
-
2,500
73,375
2025
£
11,605
15,637
5,614
32,856		 2024
£
105,169
12,478
170,743
1,567
58,418		 2024
£
105,169
12,478
170,743
1,567
58,418
348,375
2024
£
-
26,883
4,278
10,000
114,582
15,000
-
170,743
2024
£
8,673
8,733
6,236
23,642

continued...

Page 14

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

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
217,119
Core charitable activities
16,840
233,959
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Examiner's fees		 2025
£
1,036
2025
£
530
2025
£
9,143
9,673
Support
Direct
costs (see
Costs
note 8)
£
£
78,037
16,840
Governance
Finance
costs
£
£
3,819
20,084
-
-
3,819
20,084
2025
£
18,231
-		 2024
£
446
2024
£
1,430
2024
£
9,353
10,783
Totals
£
94,877
Totals
£
241,022
16,840		 2024
£
446
2024
£
1,430
2024
£
9,353
10,783
Totals
£
94,877
257,862
2024
£
38,034
1,000

Page 15

continued...

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

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
Weavers		 2025
£
159,124
9,260
4,769
173,153
2025
2
4
6		 2024
£
155,955
8,023
4,093
168,071
2024
3
4
7

No employees received emoluments in excess of £60,000.

12. TANGIBLE FIXED ASSETS

Improvements
to
property
£
COST
At 1 April 2024 and 31 March 2025
363,141
DEPRECIATION
At 1 April 2024
92,021
Charge for year
18,120
At 31 March 2025
110,141
NET BOOK VALUE
At 31 March 2025
253,000
At 31 March 2024
271,120		 Plant and
machinery
£
2,904
2,904
-
2,904
-
-		 Fixtures
and
fittings
£
159,755
159,644
111
159,755
-
111		 Totals
£
525,800
254,569
18,231
272,800
253,000
271,231

Page 16

continued...

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

13. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Unlisted
investments
£
MARKET VALUE
At 1 April 2024 118,678
Revaluations 3,170
At 31 March 2025 121,848
NET BOOK VALUE
At 31 March 2025 121,848
At 31 March 2024 118,678
There were no investment assets outside the UK.
Cost or valuation at 31 March 2025 is represented by:
Unlisted
investments
£
Valuation in 2025 46,848
Cost 75,000
121,848

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		 31.3.25
£
121,848
3,170
2025
£
31,676		 31.3.24
£
118,678
3,580
2024
£
17,034

continued...

Page 17

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

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
Amounts owed to group undertakings
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)
Student Placements
Knotting Machine
Big Give Champion
Student Design Challenge
Endowment funds
Endowment Fund
TOTAL FUNDS
At 1.4.24
£
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		 2025
£
37,057
2,294
39,351
2025
£
128,994
-
128,994
Net
movement
in funds
£
(49,344)
-
-
-
(49,344)
-
(1,750)
(18,231)
-
(3,948)
(4,031)
1,000
2,000
1,900
1,500
(21,560)
2,637
(68,267)		 2024
£
33,501
117,092
150,593
2024
£
96,428
2,068
98,496
At
31.3.25
£
135,160
10,000
10,000
5,000
160,160
6,137
614
233,951
31,250
5,202
104
1,000
2,000
1,900
1,500
283,658
3,137
446,955

continued...

Page 18

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

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
Weekend Weavers
Jane Austen Ribbons (B&DBC)
Archive Materials
Student Placements
Knotting Machine
Big Give Champion
Student Design Challenge
Gardening Tools
Endowment funds
Endowment Fund
TOTAL FUNDS
Comparatives for 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		 Incoming
resources
£
263,099
-
-
-
(1)
500
2,000
2,000
1,900
1,500
500
8,399
2,637
274,135		 Resources
expended
£
(315,613)
(1,750)
(18,231)
(3,948)
(4,030)
(500)
(1,000)
-
-
-
(500)
(29,959)
-
(345,572)
At 1.4.23
£
67,607
10,000
10,000
5,000
92,607
6,137
4,093
288,173
-
-
-
298,403
-
391,010		 Gains and
Movement
losses
in funds
£
£
3,170
(49,344)
-
(1,750)
-
(18,231)
-
(3,948)
-
(4,031)
-
-
-
1,000
-
2,000
-
1,900
-
1,500
-
-
-
(21,560)
-
2,637
3,170
(68,267)
Net
movement
At
in funds
31.3.24
£
£
116,897
184,504
-
10,000
-
10,000
-
5,000
116,897
209,504
-
6,137
(1,729)
2,364
(35,991)
252,182
31,250
31,250
9,150
9,150
4,135
4,135
6,815
305,218
500
500
124,212
515,222

continued...

Page 19

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

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
The Hide Family Fund
Weekend Weavers
Jane Austen Ribbons (B&DBC)
Endowment funds
Endowment Fund
TOTAL FUNDS		 Incoming
resources
£
386,483
-
-
31,250
9,150
5,080
45,480
500
432,463		 Resources
expended
£
(273,166)
(1,729)
(35,991)
-
-
(945)
(38,665)
-
(311,831)		 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		 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
6,815
500
124,212

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 Heritage Skills
Restricted funds
Education Fund
Storage Fund
Preserving the Fabric - Lottery Bid
The Hide Family Fund
Weekend Weavers
Jane Austen Ribbons (B&DBC)
Student Placements
Knotting Machine
Big Give Champion
Student Design Challenge
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		 Net
movement
in funds
£
67,553
-
-
-
67,553
-
(3,479)
(54,222)
31,250
5,202
104
1,000
2,000
1,900
1,500
(14,745)
3,137
55,945		 At
31.3.25
£
135,160
10,000
10,000
5,000
160,160
6,137
614
233,951
31,250
5,202
104
1,000
2,000
1,900
1,500
283,658
3,137
446,955

continued...

Page 20

Whitchurch Silk Mill Trust

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

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)
Archive Materials
Student Placements
Knotting Machine
Big Give Champion
Student Design Challenge
Gardening Tools
Endowment funds
Endowment Fund
TOTAL FUNDS		 Incoming
resources
£
649,582
-
-
31,250
9,150
5,079
500
2,000
2,000
1,900
1,500
500
53,879
3,137
706,598		 Resources
expended
£
(588,779)
(3,479)
(54,222)
-
(3,948)
(4,975)
(500)
(1,000)
-
-
-
(500)
(68,624)
-
(657,403)		 Gains and
Movement
losses
in funds
£
£
6,750
67,553
-
(3,479)
-
(54,222)
-
31,250
-
5,202
-
104
-
-
-
1,000
-
2,000
-
1,900
-
1,500
-
-
-
(14,745)
-
3,137
6,750
55,945

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 was a trustee until his retirement from the Board on 17 March 2025 . The amount paid in relation to these services was £7,450 (2024 - £7,550).

Page 21

Whitchurch Silk Mill Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

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
Support costs
Management
Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Carried forward		 2025
£
32,521
12,221
73,375
1,208
60,918
180,243
11,605
15,637
5,614
32,856
1,036
60,000
274,135
530
(7,938)
17,081
9,143
78,037
81,087
9,260
4,769
1,202
12,314
17,095
2,132
127,859		 2024
£
105,169
12,478
170,743
1,567
58,418
348,375
8,673
8,733
6,236
23,642
446
60,000
432,463
1,430
-
9,353
9,353
63,587
92,368
8,023
4,093
1,102
11,162
19,601
1,951
138,300

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 2025

Management
Brought forward
Office costs
Marketing costs
Sundries
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 (expenditure)/income		 2025
£
127,859
786
9,999
1,424
8,979
54,966
2,906
3,860
1,838
3,111
18,231
233,959
3,819
7,450
12,636
(2)
20,084
345,572
(71,437)		 2024
£
138,300
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

This page does not form part of the statutory financial statements

Page 23