The Willow Tea Rooms Trust SCIO Report and Consolidated Flnancial Ststements For the yearended 315t March 2022 Scottish Charity No. SC044931
TheWlWTÉa Room5Tn15rs00 ContentsoftheFaN10IststEents1Qr1beYearETrrte0 31 Mar<h 2022 Page PelenC23ndA0mSn1SlroIwQ Dts Tru5rees' Report IndentAditorS Rewrt C¢ns014latÈdStarement ol FIAanrial Atyvities Crity$tleentOf Finawl31 kO¥ities 13 BaLanceSheet IGroupandCh3r5ty1 14 Con50ratedtsh Flow Statem* Is Charfty Cash Flowstatement 16 e5 to theFinand415¥aternents 17
TheWllowTeA 500 Reference artd AdminwatfveDetailsfvrthe YeurÉnded31 Murrh202Z REei5tered Name TheWillowTea RoomsTiuSE Chaim¥n Trust•s B•nkers Haftde5sbanken 206 stVntTht Str Gla5BOW Bankers UntyTruSt 8aDkPLC PO Box 7193 Plahetsry Road WVI 9DG Audtois Consilium Audit Limited Istatutory #Jjditorl 169 westGeoryeStreet GlèsgDw G2 2LB solor$ Anderson Srrhem l Rutland Court EdinbJrgh EH38EY Chèiity RegityJtion Nurnber 5C04Q931 Pa8e L
wilwTe0 RDtsmsTNstS00 ReporttsfthtTru•t•e5FortheYe4r EDded31M•rth ZOZ2 The Trustees present their POrt and financial statementsfortheyear ended 31 Mah 2022. The financial statements have been prepared in atCOTdince with the accounting policie5 set out in Note I to the financial Statements and comply with the charity's Constitution, the Charities and Trustee Investment (Scotlandl Act 2005. the Charities Accounts Ikotlandl Regulation5 2006 las afflendecfl and "AccouTrting and Reporting by Charitie5.' Statement of Recornrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for 8¢counting periods commencing from l January 20161. Chairman's Statement for the Year Ended 31 March 2022 Objectlves 4nd Artivities The charity was established in June 2014 and our objettives were: To raise approximately £IOm to purchase. conserve and restore ChaAe5 Rennie Mackint05h's and Mis5 Catherine Cranston's remarkBbl& Willow Tea Rooms at 217 kuchiehall Street. Glasgow. precisely as they were in 1903 and to create an adjoining, integrated state-of- the-art interactive exhibition and visitor centre, learning and eLlucation suite, conference facilsties and retail facility. with rnuch needed accessibility, to explaill thi5'1iving breathing museum- To create a sustainable for the building and to preserve its historical. cultu1 and social legacy for Glasgow, for Scotland and for the world. We successfully pursued these objectives and Mackintosh at the Willow was officially opened by the Kin8 and Queen (then the Duke and Duches5 of Rothesayl on 7th SeptertTrber 2018. The historic Tea Rooms, exhibition and visitor centre and other facilities now form an outstanding livin& breathing rnuseurn, enabling the public to access and e¥perien£e this Mackintosh masterpiece as it was originally designed ènd to learn about the life alld work of Mackintosh and his wife. Margaret Macdonald. The primary objectives having been achieved, the Tru5V5 ongoing challenge is to maintain the-Livirig Museum. in its historic condition and develop further our cultufal. educational and social attlvltles and extend their impact. Macklfttosh at the Wlllow The end result of the Tru5V5 restoration and conservation project is breatht3king. Mackintosh at the Willow, the original Willow Tea Roorn5, is now recognised as one of Scotland's historic, cultural and architectural jewels. the level of the experientiol authenticity of which cannot be overstated. From the arthiterturnl de518n to the inter*ors, down to the finest detail ol decor3tion and crockery, all are exactly as they we on the day it opened in 1903. This is the only example of a complete Mackintosh designed building that is open to the public and can be experienced as it was originally intendèd. The building not only hi8hlights the important contributions that Charles Rennie Mackint05h, his artist wife, Margaret Macclonald and entrepreneur, Catherine Cranston, made to Scotland's story, but it also enables visitors to enjoy an immersive experience of an important era In the nation's history. In it we bring their stories to life with expert tours and rare exhibits and with our interactive Community Learning and ELlucation ICLEI prograrnme and our training opportunrfÉies for marginalised young people. Historians, academics and art lover5 agre& there are few places like Mackint05h at the Willow where the beauty of Charles Rennie M3ckintosh's work can be experienced as he intended. Page 2
TheWillowTea RoDmsTru#s00 Tea Rooms performance and reputatlon Mackintosh at the Willow is an inclusive and supportive business. 5UStaining 40 full and part-tirne jobs and provide5 skills developrnent training through an authentic lived expertence. A11 employees are attively encouraged to tske on learnin8 Opportunities where available. completin8 personal and prtsfessional development tourses through HIT Scotland and otherexternal avenues. The venue has been accredited as a 4 Star Visitor Attraction by The Scottish Tourisr Boarded and has also been awarded the 'the Yravelerfs Choice. Award for the fourth consecutive year. It is now rated in the top 40 restaurants in Glasgow. The reviews on Social media platforms all highlight 'friendly and helpful staff and 'knowledgeable' tour guicle5, and many comment on it bein8 the'highlighv of thelrtrip to Glas80W. •Spm.coTn- S star •TripAdvlsor- 4.5 star- •Euans Guide- 515 *Yelp- 515 •Goo8le Reviews- 4.615 •Dlshcult - 4.6715 However, mackil0$h at the Willow is so much more than that. It is life-enhanclng and a catalyst for positive change. As a beacon of hope for the City. we are inspiring people of all ages, backgrounds and abilities towards better fijtures ènd we are determilled to welcome and support even more people and be seen as an increasingly positive influence for the cty and beyond. Providin8 inspiration for everyone to progress is at the heart of what we do, and Mackintosh at the Willow is changing lives for the better. catiVe Loarning & Engagement g)me believe herita8e is only for those of priwlege. but we see the potential for creative experience in every corner. space and item at Mackintosh at the Willow. That is why our accessible Community Learning and Education Ic for shortl programme brings historyand heritage to life for everyone. no matter who they are. The Trust provides free workshops to schools, college5. universities and community groups and we are developing further our programmes for miftority group5, vulnerable adults and older visitors, Including those diaBnosed with dementia. Every Glasgow primary school hès been invited to take part in free workshops and we provide tailored workshops for school classes with specific needs. Our community OutaCh goes further, usTng a rnu5eum 'handlin6 bts delivered to schools who are unable to travel. and Our fe online resources support teaching at all levels of education. We have already engaged wlth thousands of learners of all age5 and abilities frorn around the world, delivering activities, tours and workshops in the building, and all free of charge. Skills Development Providing employment training can be the basis of hope. espetTally in a region where social mobility can be hard to come by. We a proud to be working with the Prince's Trust, Action for Children, Hub Internaiion31, Developing the Young Workforce and Career Ready, providing essential. practical tl1ng for marginalised youn8 people in Glasgow. We are thrilled that 10 of our young trainees are cornpleting their Hospitality and Front of House working tOW3rds their Scottish Vocational Qualifications. To ensure positive employrnent expefiellces, we put the wellbeing of all our staff front and centre. prioritising mental health 5UPPOrt, and mental health first èid training for all of ourtraining tnentors. Pige 3
The WilknwTea RoDrn5frv5t SCK) Ci)mmunity & Aegeneration The very essence of Mackintosh at the Willow is comrnunity- A place to corne together and be iogether, no rnatter who you a. The Tea Rooms, Visitor cent and Exhibition. Leaming Suite and Gift Shop are a vital beacon of the regeneration of Sauchiehall Street. and cornmunitie5 across Glasgow. The Trust's Creative Leamin¥ & ETrgagernent prograrnrne.. inspired by the legacies of Charfe5 Rennie Mackintosh and Catherine Cranston is a free. targeted Programme of engagement which helps to connect and reconnect petsple to their cultutsl enviroTrrnents and historic national treasures. Mackintosh at the Willow has a wsitive impact on the local cornrnunity. Our presence provide$ 8 permanenL international, heritage tourist attractiVn. It eontinues to build strong community relationship5 Wlth 3 wide range of multicultural groups as well as our retail and buslness neighlxjurs. Collaboration with partner5 offer opportunities to all, and our buildin8 enable5 wideracce5S to work with organisations including LGTBQI Elder$ 8roup. Scottish Dementia Network. Deafblind Scotland, AMINA-the Musllm Women's Friendship Group, Empower Women for ChatTrEe and the positive outcorne of wery p3rtn8rship show5 U5 how we can change the lives of all those with whom we work. Achievements and Perforniance The yearto 31 March 2022 was, in rnany respects. a milestone yearfor The Willow Tea Rooms frust. In January 2021. we had brou8ht to 8 5uccessFul and acceptable conclusK)n both the negotiations on the payrnent of the final sum under the main project contract for the restoration works and also the snagging process which had bee prolonged, intrusive and disruptive. This meant that when. emerging from the strittl0ns brought about by Covid-19, and when the Tru5V5 operating subsidiary was able to rèsume tr3ding and its operation of Mackintosh at the Willow a5 a living and breathin8 museum. it was able to do so fe of that intrusion and disruption. However, in cofflrnon with all other h05P1tality venues and vi51tor attractions, footf311 and turnover proved slow in returning to pre pandemic levels and the continuing circutH5tsFTrces in and around Sauchiehall Street continued to e¥acerbate this. The Trust was successful in its non-domestic rates appeal, which $Ited in a very substantial on80in8 reduttion in its In the wake of the pandemic, the securing ol grant funding proved rnuch more difficult than previously, with many grant making trusts and bodies focussing theirgiving on the perceived direct social and health impact and effect5 of the p3ndemic. However, with the support, particularly of our principal funders. National Lottery Heritsge Fund and of Architectural Heritage Fund and the deterrnination. skill and application of our staff and ourTrustees we were able to negotiate, successfully, and emerge frorn, what were some very turbulent waters. The period since the year end ha5 seen a Steady improvement in the tdIng results of Mackintosh at the Willow and. with the fotU55ed pursuance of our fundraisin8 Strategy, we now have clearer visibility on more sub5tant1318rant funding going forward. Heritage and culiure are ot the heart tsf what we do. Celebrating - and making available and 3cce5sible to all this Charles Rennie Macintosh architertural m8StÈrpiece antl employin8 It as an effettive ènd imaginativ& centre and driver for educ3tion and social impact. Last year we welcomed over 250,000 visitors to Mackintosh at the Willow Page 4
TheWlbwTei RoomsTwu5tsao And since we launched it in August 2018. we have, through our Cornmunty Leaming and Education Programme. engaged with over 4000 participants of all ages and abilities- deliverin8 attivities, iours and workshops in the building" and all for free. Our Community learning and Education work ICLE for shortl tackles social isolarion, raises community aspiration, improves wellbeing an£1 ¢te5 life opwrtunities. 30% of panicipants are in fomial education amd 48% are from the top 20% of SIMD l ie kottish Index of Mukiple Deprivation) Areas As noted earlier in thls report. we a wotking in partnership with specrfically women- led community group5 from lower socioeconornic backgrounds, including AMINA- the Muslim Women's Friendship Group, Kairos Women + and Empowerwomen for Change, the Women's Centre and the Feel-Good Women's Group. Financral Review The Consolidated Statement of Financial Attivities on page 9 shows Net Expenditure li.e. a Deficitl and a negative Net Movement in Funds for the year of £607.51712021.. Surplus £1.143,2131. At 31 March 2022, the charity had rotal funds of £4,317.630 12021.. £4,925,147) of which £4.306,374 related to General Funds lunrestrictedl 12021.. £4,925,1471. On 8 mnsolidated basis the Charity, together with its trading subsidiary, Mackint05h at the Willow Limited, has continued to face financial challen8es that date back to the pandemic. During the year to 31 hrtarch 2022 trading levels Co¥ed but were still short of prtrpandemic levels and a150 below the levels that the fru5tees anticipated. This has pur pressure on sh flows and the Trustees conttnue to monitor these c105ely on a day-to-day basis. There has also been a si8nrficènt redurtion on the level of gnts and donations received during the year. The Trustees have, and continue to pursue. a nurnber of opportunities to obtain grant funding frorn various public bodie5. Whilst the Mackintosh legacy is a compelling proposition, the cost-of-living crisi5, the restricted availability ol public funding opportunities and the ever-increasing number of organisarions seeking support, has resulted in it bein8 increasingly challenging to obtain 8rantfundingat the levels sought. The Trustees continue to explore various funding opwrtunities and remain very posltive regarding ongoing discussions that are taking place with public organisations and individual donors. The Trustees rernain passionate about the importance of Mackintosh legacy on central Gla$8ow and it is clear that this view 15 shared by many other 5UPPOrters. PlaAS for the Future Subseouent to the year end, the rrading performance of Mackintosh at the Willow continues to improve and is current trading ahead of budget. There do remain. however, cash flow pressures and the Trustees are attively involved in initiatives to generate additional revenues. reduce the operating c05t base and de31 with cash flow pre55ure5. Thi5 IS in addition to undertaking strategic review as to how to ensure the long-terrn future and succe55 of the Charity. Further infortnation surrounding the going concern basls of preparation is provided in note I to the accounts. The Tru5tee5 are confident. based on ongoing discussions with potenti31 public bodies and individuals that further grant funding and donattons can be obtained to support the business gtsiftg forward. The continued and continuing growth in our events income Is particularly encoura8ing and a reflection aDd rUlt of the Skill and ende8vour of the MAW tearn and our fast-growing reputation as a unique and very special events venue. Our domesric - Glasgow and wider Scottish - customer base is stronL and it Is good to see that Tourists particularly from overseas- are returlling in Significant number5. l arn very pleased therefore to report that we expect the p051tive 5t3rt this ye8r to continue progressively and lor us to start to see the 8ood return on our investrneni in M3ckintosh at the Willow which we anticipated. Our marketing Is proving to be effective, and, very recently we decided thai now is the the time to increase our marketing investment responsibl¥ and effectively and with a 5tructure4 approach. That, we are confident. will continue to drive footfall. turnover and a wider awareness of what we offer in this wonderful and iconi¢ buildin8. Sauchiehall Street remains a problem- but it also represents an opportunity for The Willow Tea Rooms Trust an(J Mackint05h at the Willow. We are now, l am p1e3seLI to say, recognised both as the Mackintosh Hub in Glèsgow and also as a key driver lor increasing footfall and activity in 93uchi&hall Street - and we BrÈ working with G18sgow City Council, the Crty Centre Task force and Glasgow Life to maximise our effectiveness in doing so. Page 5
TheWilknwTe4 RoomsTru# 500 Very shortly. we will be launching our strategy for the next five years- building on what we have achieved in the last rive ye8rs-to change even more lives. To achieve this. we will be setting out to raise £lm over the five-year period To secure experierred and specialisr learnin8 professionals, skilled in delivering our programme of work To enable us to ensure that all our staff can access training, wellbeing support and career progre$5ion that is right forthem To further develop our Comrnunity Engagement - to enable us to provide resources, catering and OLrtreach for communities across our region And to maintsin the fabric of 215 and 217 Sauchiehall street to ensure that these unique spaces rernain safe, secure 8nd open for all to experience. Reserves policy At this POl*)t time and particularly in light of the current pandemic the charitvs attivities the reserves policy being operated is focused on the short to rnedium term, to ensure that sufficient funds are available to satlsfy any financial obligations that may arise in the foreseeable future, that being a period of three to six months. In particularthe Tnjstees a focussed on.. Further improvements to the trading performanee of the Charl5 subsidiary, Mackintosh at the Willow Lirnited. through increased used of the public and inereasing the number of events and function5 held- Reducing the operating cost base., Securing further source5 of 8rantfunding and donations Con¢lusson In conclusion. we are and remain a TNst with a positive outlook Key Management Personnel The Trustee5 consider the Board and the senior management team comprising the Executive Director oFthe Trust 3nd the Managing Direttor of MAW as the Key Management Personnel with reBafd to direrting, controlling and running the group's daily activities. Details of remuneration paid to Key Management Personnel are disclosed in Note 8. The sa13ries of the Executive Directorand the Managing Director of MAW are rewewed by the Board annually. The Trustees serve voluntarily. No frustee remunerarion was pald during the year. Details of Trusree expense5 and related party transaction5 are disclosed in Note 10. Prlnopal FundinB Sources Fundin8 during the year has been substantially derived from grants, donations and oihertr8ding activities. Risk Management The trustees have assessed the risks to which the charity 15 exposed, in particularthose related to the operations and finances of the charity and are satisfied that procedures are in place to mitigate these risk5, Trustees. managetnent, and relevant 5takeholder5 collaborate to identify potential risks that could impact the organi28tion's objÈttives. The identified risks are documented In a risk register. Th& register contains information about each risk, including its description, potentièl impact, likelihood of occurrence, and any existing control measures. The register outlines the measures that the or83nization will irnplefnent to reduce the impact or likelihood of the identified ri5k5. Trustees review the risk re8lSter periodically, and management provides updates on the status ol action plan5 and any chan8es in rhe risk1andscape. They provide guidance, make decisions, and offer ¢0MMendatIOnS as needed. P38e 6
TheWBkiw Tea RoomsTturt500 Stwrture. Governance and MaeMent The WillDW Tea Rooms Trust is a Scottish Charitable IncorKK)rèted Organisation. It has charitable Status under the Charities and Tru5tee5 Investment1Scotlandl Att 2005. It 1$ 8150 registered as a Charitable Organisation with the (IfFice of the Scottish Charity Regulator. The organisat#)n is governed by kt5 Constitution and Board of Trustees. The Tru5tee5 who served during the veèr and up to the date of signature of thÈ financial statÈments wÈrÈ".- Appointment ot TTU5tees Trusrees are appointed in accordance with the rules tontained within the charl5 Ctsn5titution. All new trL*5tee5 receive training on their role and responsibilities within the charity. Relzted Partie$ Mackintosh at the Willow Limited 1$ 8 trading company (No SC5787641 which was incorporated on 12 October 2017. The sh3res in the company are described in Note 13. Organisational Structure The full Board of Trustees administers the Charity. The Board meets regularly to discuss the organisation5 project developrrent and financial p051tion. Several sub<ommittees have been established wherein decisions may be tsken by a majority of Trustees appointed to that sub-comrnittee. Pase 7
The Trustees are respOle lor wep3d1 the finarlal aatemwbts In aceordance with aFvll¢able law and United Jn@dom A¢¢pun Stsfidard5 Iunlteil KlnBdcm 6enerallyAc¢epted Actn Practicel. The law appThc4t4e to char1t In kotkond. the (Tharftles and Trustee InvestTrt IS¢oUandl Art 2005, the (harfties A¢¢ounts Iscotkndl Regulations 2036 las amended) and the PTowsion5 of tl ¢haWs co1[ton wires the Truxees to prefinanrla1 statementsfot eath finaal¥ear¥thth theatrart falr%lewof theatrofaffaIrS of theeharfty and of the IOrnInreSourCeS and aPp1Kati ofrewJ0f tChaYfor1h In preparingtlbxefinancLql Statem tre tnrtee$ 4rere4v1d to.. $elertsUitabacunI1l4ff poUtaesaThlthen awtythem eonsi5tendv cè5ervethe methodsand prin¢le$ Inthecharfty SORP make judgernents and estlmatesthèt8re rea50e and Pnnt state whether appliCae ¢01n85taThjaTdShaye been followed. subiectto any materf¥l deparDJre dlselosed and èxpjalned in thefinancial statemerlts weparethefinanclal statements on the CoeM basls unlessltts Inapprowktsio wesumethat the thatable wmpanywlu continue In buslness. The Trustee5 are responsle for eeplng prow a¢¢ouMing recorfs whlth disdose vAth asOnab a¢curary at any time the finandal P>Sition of the charitsble company aThJ to enable thern to ensure that the finan¢lal statunents compty the Charities and T¥ustee InNE5trrnt Iscotlafidl kt 2C5. the Charie5 PK¢our IS¢oV¥ndl ReSatIOnS 2OJ6 las amended) ar the wovisions of the charrfs constron. They are also rwonslble lor safe8u8rdlng the assets of the ¢barltable ¢ompanyMMJ hell fortsklw feasone styforthe prtrtIon ar¥J dettttin of fraud ond other IrreRukTlt& The Trustee5 are Te5r[blef0r the maIntan¢e and Inwrfty ofthe ¢0rwratear finaeial infomiation included o the ¢harlVs Webs Legislation in the United I4n8dom 8o¥wnlTrg the prep8ration and di55em1na¢th of ftnanclal sraternenis may dItttroM le41allon In other jvrisdlction5. The audltors. Cohslllum Audit rnIted. are ¢Jeemed to be reappolnted as the a[lt0 In a¢¢Ordan vAth Son487{1) of ihe Companie5acl 2LI)& This report ha51)een prepared In accordanwlth the$ral prIonS0t Part IS oftheG7mpJThe5Art retatln8 to small uxnplnS. Approved by orderof the board of Tfustees on ?•ttd$iened OA Its behall bv.. Pa8e8
ThÈwiibwTe3 Room5Tru5tsao Independent AudiLorf5 REpartwtheTNstEe5 ofThe WH5)WTeJroom5TrslscW) We have aud the financl31 ststements of ThÈ Willow Tea Aooffl Tnjst SCIO ltht"charrtab compèn(I fwthe yeafendEd 31 Marth 2022 which tOmpri5e the 5tatsment of financk41 actyvitsu. the balance sheet. Ihe statÈmÈrt of ¢3th and the norts to the financial 5MeTnents, Inding summ4ry ol Signthc3nt èctDuntin8 pol[e5. Thellnanoal rtIng lrnmewofk thar ha5 been ple4 their¥reparatn $ Jpplicable law and Unitsj Kingdom Accounting Stsndards, indudlng FinancFal ReptsrtinK Stanthrd 102 ThE Flnancial Repoffjog stsndard aPp1kab in the UK and ftepublic of Ire14nd (United Kin8dofftGenEralty A(pteA¢(0ftt1fiSprac01. In Ouropinion, thefinancial ststements.. ée a true and fair ¥W of the state cf the charitaty LY)rnpary's thirs Is * 31 Match 2012 4nd of its Inroffling re5ovrce5 pplicatn ol re¥Ource4fortheyea-then ended,. have been Ortserty prepared In accordartewiih QlIe4 K5n8dom General Accertsd AtcuuntingPratty¢e.' ar have weparett Sn accordan with the WViTEments of the CompaThe5kn2CI)6, theCh4ntte5 JndTrustee Investmeni15cot4andl Art2005 ond regulat 8thechanrsACc0Upts1ScCtland) Resu18Es 26¢53MendedI. BasSsf¢roplnlo We ronducred our audit in accordance wlth International stsndard5 on AudftiTrg IISNS IUKII and applkable law. Qur ponSibIl1e5 underth05e &tand4rds are furtherdescrfbed In theAvditO¥'S re5Wn5ibilitie5 IortheaUd ol the finanrial sr¥ternents sectyon ol Ou¥ rL Weare IndepeeNtOf the in atcardonce with the ethital requirements ihJt a IEVant to our audpt of ihe 1Snancièl ststements in The UL itr(ludin¥ the FRC'5 Ethical S[dard. and %Ye have fulfilled our otherethkal pOrs11e% In acc4r14n wth these retyifements. We believe that the audit evidence we hJve obtsined 15 suffitientalld 4pproprfatetO Wovide a bas forouropinlon. pA?r1 uncertntie5 relitlns w rnit0rM In formin8 our opinion on the financi31 ststernents. hith is not we have Considered the ade¢uaty tsf the dltsUrE5 in Note 1.2 of the Accountyni Policie5 concemin8 thè Grtsup Charrtvs ablllty to Continue as 8 going concern. The Group and Charity are liant the re5uts underpinnlntthefin4ncial forecasts. ar thea55umptions syirounding thesewhith il therewere delays In rai41nladttLona1 Ivndirgor M there wea downwm lftthe events andtsading performanceof thÈTradiNgSUbs4aryC0U1d have è material impxronihe Groupand Charrf5 at4lity to cantinue a& a wing concern. The finaniiil 5tarnents do noiincludethe adjustments that would resJJh if thÈG¢Dup and Chèw were unable to contynue as a goin8 Cothcem. Otherinfom The Trustees Jre re$wh51b fDr the other Informotion. The other informatKin wrnprw the Infomiatron iEllded the annual repDrt. other than thè financial statements and ayr 4uditorfs report thewn. Our opinion on the linantial statements d not lover the other inforTlOn and we do not exms anyforrn of a55yréncecorIu5lon thereon. In conrbectiofi with our avdlt of the finèncial Marements. our 5051lIty is to read the othef inforniatbn and. In dDin8 so. consKr whetherthe tsihttr InfOrnaon Is marerially Incon5iStent with the finantial scernent5 Qr otsr knoWIe obtèined ihE hudit or oiherwse appe?r5 10 materially mi551ared. If we identyfy Such rnaterial IncoDslstenCS orapparent tn4terial 5reMents, we a reoulred to determine tvhether thEre ts merlal misSteMEnt in the liTrJncyal stètthents or a m8rerial Mtaternet tsf the othEr inform31son If. b85ed on the work we have perfCrrn. t(p[dethat there tsa material mi55tatefflentof this Qlherinformation, we are r@qU1rod toreportthat fa wehave nQihinE to reporrin ihis w3rd. Pase 9
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ThewillowTea pMSTrU# 500 lTrdEpen¢2ptAAJdltofsR&POrt to th¢Tii15teEsof The WllknwTea¢orJrnsTft1tt500 olour report This regort s made Sole rll the charty's tNstees, ès a btsdy. In accordan With UlatIOn io of theChantP5 Acrounts1SCotnJTr Rewlatyons 2006. Our 3udit ha5 bEen undwtaken so that we misht stste to the charity's ttU5tee5 th05e ffl4tters we are uIred to 5tste tts thetn in an auditor5, rewrt ènd fur no other purw5E. To the fUllt extent pemltted by law. we do not accept or assumE fE5ponSibilov to anyone othertran the chaDty attdtE chartvs tnJSteE5 as a body. f¢rourauditwotk. forrhi5 rewrt, orf0rtheDkyn£ we have formed. ISeniorStstutoryAudltorl Forandon behalf of Cortsilium ludft mited StatrJtorySeNiorAu41tor 169 We5tGeorgestreÈt GIB5WW Urnitpd Kln8dom ¢2 2LB Dète.. PèÉe LL
TheTe5 RLh7rwTrust SCK) CO$•al¢dSIaternEntoI fin?81rtfft Folthe YeorEnded31 Mor¢h 2022 Unre5trfftd Notes Gener41 Desnated Rethcted Furmi 2022 2021 Fur Total To Don4tlDll5 84.871 104371 1305.(B7 Othertradingatti¥fties 762.498 762A98 89,582 Investments Tgtal locome 847.369 20.IJ)D 867.369 2.397.063 E¥peodltureon: Funds OthertradingtOSES tharltablÈ A¢trJrtles J,IOL693 5,041 1.106.734 831703 103.678 8.744 368.152 42L147 Y4)tsl &penditvlti L3S7.423 lQ8.719 8.744 1,474,886 1,253,850 Net IncomEIIKyndtturelloithepar IS.054} I17195 1¥2S6 1607,5171 L143,213 Transferbetween funds 1242.7011 242,701 N¢¢MovemeTht th Funds 175L7551 133.982 I1.6 IfK17.5171 1,143,2 REcDnrifwtlon olFut Toral funds brovghi forward 594,674 4.330.473 4.925,147 3,781.934 Tutal Fund5carrled IoThY4rd I8.081> 4.464.455 11.256 4J17.630 4.925.147 The SraiemeTrt of FinarttI3lAcrIrle5 Indudes èll gains and losse5 ih theyeaf. All Income and expÈnditure derive Iroffl WntinuiDgactiwt5. The Noteson pages 14tts 27form an knte8ral part of ihesÈ linantial statements. Pa8e 12
ThelWlowTea RocmsTrnst Sao ChJrttyStstementof PIAailCvdlActfvklBS FvrtheYeGrEnded31 Morh 2022 Unre5¢rkred Notes 2012 2021 Fr Furds d5 Tral Total Incomfrom: nations li,W9 20,) 31,109 1,488,394 Investments 17.384 Total INon 26.109 20.fX¥) 416.109 1S05.7F8 Expendkne•r'. Fund herrradin8CtsSts CharitaèleA(twitS 505.730 103,678 8,744 613.152 42L147 Total E¥pendure 505,730 103.678 8,744 18.152 421,147 NettrorneI1exptsl1fUlI1?lthIear 1479.6211 157&Cth131 IW.631 Trartsfef betÈen fund5 1154,3121 IY.312 ljet M¢wemEnE In 50,634 IS?2.5 I,W.631 Reco1titinQI Tot31 funds brtsughifDpKJrd 543,878 4.591.n4 S.135,&)2 4.0.971 Totsi Fund5fartsdforward 190,0551 4.642J58 11.256 4,563.559 5.135,602 Thestatementof FinaNcSal Attlvities in¢lude5 all Eain5 and1055es In the3[. All intome and exgenditurederivefrorn cont1nuln8adtIes. The Nores pages 14to 27 fomi an ifttsgl p3rt of these finand31 ststements. Page 13
ThnobieAséts 4j9.xl 515Ag1 51QN$3 7Yn23Z 7A03JIO 17AE6 Cthatb¥rt4tsh 61240 709,764 71774 7W33 14W79J IM3251
)7 7Sa51 I48} 116693 4J17 4J4147 5J>,W2 S9•14 4J9L724 IU56 4J17 I147 4.$$9 5,tsSM2 thtTn•e5iln
TheWillM¥Tea Roontsfru5tSOO Con5dldatedcashAtsw Slatèméntfoi rfiÉ YÈoi Ertded 31 Mtych2022 Notes 1022 202k CashfldQrnOperatSTh8athlES sh generated from opÈraiions 1473,9731 785,324 Rent inctsme3n¢ Inieresrfrom Investments r4etU5h in iwth¥Jctfvkle5 Finan¢ingattfvMes Rèpaymerf of other rrowing$ Raised from i5stsè0f nèwbank loan 1154.9761 1275651 50.L Repaymeniof bank loans 187.7251 Netcash lusÈd lTrIlgeRerJtedfrL¥nflnalrIacIis IZ42.7011 160.9961 cho8¢ in ¢4th cashequhmkntskn lfiNIN¢E>¥l 726.712 Cash and ¢3sh equ01entsat begining0f year 833.660 106,948 Cath andtsshq¥trdJThty¢lld otyeai L16.986 833.660 Page 15
TheWilknwTea RODRTnl SCIO trity siatementlorrhe YeorEnded 31 Morch2022 Nos Z2 2021 CaShllDWsfr operntAa¢tivkns h generated from operatK)rt5 I.212) 711919 In¥ethn8 aCtMtlES Rent intotne and inrerestfrorn investments .U(K) 17.384 NtLW5IEed In th¥&tiarfrIt> 17,384 Am¢untsthJnttd to felated partlE5 RÈpaYmeTrtof other bDrrwng5 8ep?ymÈn¢af baloanS 118.QWI 182.9901 1713221 16,9651 143,7S71 133A311 Ntts5h Iu5ed¥ThbltentJatrdfromfifflaDdngatti¥its 11723121 184.1531 Iniash W¢a5hequa1wts th tF*fth•N?•l Ye4r 1546,5241 615.150 Cash and cash equivalents it begning0f year 63,614 5b and<ash4gulvakntsarend of year 63.240 7J9.764 Pa8e 16
TheWknTtA Rvorn5Tryst SCW) N0tr5 to thE FinandalStsmEiltsfvtht YryprEnded 31 mazQ23 A¢¢ourtin8p)IKie5 The Willow Tea Rooms Trnst SCIO 15 th31llab Incorporated Oryani5ation mcorp)rated Scotland. The pntsl office and platr of iw5ine55 55 3-217 SauchhlbStreeI. Glasgov¢. G23EX. L2 Bas150f prepor•txTrn wx¢st4ternentof compNan¢ty The Inancial statements have been prèpared under the 1031 coeNtn with kems reco8n&%ed at £05t 01 fair ¥@ unle55 thetwise stated in the relei8nt Notes to these linAnti815trtements and in atCDFd3ncE the stsiement of Recommended Prattice". Atsounttng and Repoitnl Ch¥rie5 preparing their accounts iffl accordènce with the Rtporting StJndJrd IOZ lefecriYe 12nuary 20151. the Charitles and TNsteÈ Invwtnent Iscotlèndl Att 2tX)5 and the Charftief ACC$ IStotlaThdl Re8ulatiotPs 2W6 las ImenJedl.Thepdntipal a¢tounting polIc adopted in the prepratn of thefinanryil 51atements are5e% outbelow. Theffnancrdlswements are wesentedin VKSterflng. which iSthÈfuncbwal curyero olthe charity. and roundÈd roth@ e&tWhO gound. Thechèrity ttsn5ifUte5 a wblkcbenefitenuty defined byFRS 102. GoinBCDnrern As at 31 March 2022. the Gft)up had net current Ik3trflitie> df £45Q479 12021. Net Assets ofr £452,050). The Trustees have pDad financial projections for the fjroup Covering a p2riod of41 least 12 months from the date of Si8nin8 the accounts. ThÈsè projEttIoTr5. %vhich have en 9repared incorpDratin¥ key 455urnpdons latingtO forecasttradingvolumesJ grtnt ap¢faiill£ CQSts including the 5etllernent of creditvr5. The projections indudÈ on elefflent ol income thar has 51411 to be cornmrtted TheTwstees are cotstinui dscuSSi005 With a nufflber of orga4iSations and Indlvlduals who have Indicated a wi511D8ness to Supwrt the charrty Tnovillg fonv& finèntially and the Trustees are confident that fundin8 ¥viII be rais from thE5e lor Similarl Sources wch Ihjt the Twstees reconfidentit ihe Groupcan continueto Its financ1 oblig3tionsa5 theytsll #ue. In addition, thocurrentyearnnèncrdl perforfflancefgrthe rradinA Sub5idiary5howsthot It tradIh of budietandth there tononued Increase in theevents beine held atand intematKTrnal tOUFSDI vi%K0rsth are&tt1ngfevene. The frustees haveasse55ed. based rjn their rea5ongWeexpectation5 Df lurtherfundlng bein8raW, thatthe Gtoup and Company adequare re50urce5 to me1 the lln8Olll8 costs of the buSiTrÈ55 for a minirnum of 11 mtsnth5 frDm the date ol ygnine the f1nanco1 statrments and therefore they believe it s reasonable fDr the 4CCOunts to be prEpèred è Going Concem basi5. 0eVer. as the financlal projettions Ire b85ed on the Trustee5 turrEnt view on key assumwitsns, thÈrÈ remains a 5i8nificant degree of uncertainty in thls re. Groupln•ncLIl statemehts Thè ststernents corstslldate the resuts of the charity and whofty Owned sUbSlIry fvla¢kintvsh ai thE Willow Lirnited on IA FundDun1lni Funds arE da55ffje4 as eitherRe5tricted Fundsor Unrestncted Funds. dÈfineJ a5 fol¥45.. Restrkted Fund$ are funds svb5ect to speclfic ruiTements 85 ¢0 their use wlith be declared tyw the donoror V41th ¥heir?uthorty r created through le841 proSe5. bul Sbll within thewider objects of thecharity. UtriCted Funds I expendabl& at the diSCn of the Trustee5 In furtherance of thÈ ObiÈcts ot the chanty. If parts ol the Unr¥thcted Funds are e3rrn¥Tked at the di%¢etson of the frustees for a Darticular purpose. rhey afe de5Ign4ted a5 a Serate fund. Th& desitnation an a4rnlniStraii¥e pufw5eontyand does leÈalEy re5tnttthe Truste. d¢tIon to aoptythefund. InuJmÈ re£aglIn All Income 15 f?cogned ornce thechèrity ha5 *niiUementto tbe inGOrna prob¥blethat thelncomewrll be rettived and theamDUllt of intome reCealetèn be measured rellably Where relevaTrt. in¢tymp 15 reco8n4sed ?5 a liability ènd Included on thè BalanCÈ5heÈtas dEferFed Incorne tts be rEleased Pa8e 17
TheWJDwTea Ro0wTnl SQO
Notes rofhe FlnaThaalStrtefftetttsforthE Y¢8rEDdEd 31 March 202Z
IntinUed)
Dcsnation5 are recognk%ed the£hafity has8vldence ol entytteyrert tothe grfL tEteipt Is probable and amountGift measured
rdiabty. EnementSUèIty&r1seS ImmwllorefWn CeIp[ htswevEr. In thteventthatadonatknn is subject toconditionsthat reouire
ltrel of pErfnan before the chaftTY IS entitled to the funds. the income IS deferred and not recognised untyi either those
tondrfon5 are tully meL ofihE fuKi5ment ol those coTrdithtyn5 wh)Ny th1Th the contml of the tharity and it probable th052
COnditiotb5wiII IlIed in the reportiTr8 riod.
leteblE
IncDme fvvffl Bovernment and other8rants. whether'cèwtsi. 0¢,Enue, In Daturt are 0&tsed when the chanty has Unro[1¥10l
tlement to the fvnds. rt L4 probable that the income Will be recekved. the afflount can be rneastsred relbly. Unconditional
entitlemenr wlll be a£hit¢Èd Dnce arry per1om1an orothÈr CO000$ attached to the grants hive been met, orfulfilrnenr ol those
conditions 15 wholtywithln thecontrolof thetharir¥.
Whe
TheWilwTea RoornsTrust Sc) Nore5 tot Flnanclalststementslorthe YearEnded31 Marth 2022 Intinued) 1.13 ExppndknreonthJiitsbkartTrtt5 ExpeNditureon CnI0b1eaCtyVSlyeS indudesall costs irKurred by thechèFity in undertakiniacbYitie5 thatturther itscharitab airn5 for thE beTref¢ol ts benefidartes. indudingthosestspportC05ts and thet05ts felaDnstt)the80YnaNte trf thechafrty. 1.14 Govemance costs IwhKh are induded as o cornponent of sUPPOrt Costs in actordante with SORPI comprise all costs in¥othn8 the pJblK accountèbility of the thafity it5 corngli3nce with And gor prnctFce. These costs irFclude those retated to nsiiwiional and statLrtory requirents, external strut¥ laudit or Independent examlnatlonl, gtrateOc managemenL and other teEal and prvfe55k>nal fee5. Actr4itybad reportlr Tu cllmply fully wSth the Statement of Recornmended WOU require Incoffie and expen&iture to be reported by artlvity. ThÈ T5r are of the oF4niOn that thÈ ¢harity5 aCtiVe$ are inter-linked therefore th[% Would be irnprBthcal to calculate and woul provide no addivonal beneftr io the Ltsers of these financ[ itatet)bÈnts. ThreforE, no further ana5& of Intatne ènd ¥ApÈnditU is ovioed wiihinihes¢ fina[la1 StsEemwt> IA6 <114 In5twrnenrs The chèrity ha5 financial a55@ts and linanclal Ilabilities of a kind that qu311fy as financial instruments. Basic finèncièl in5fi4JmeTrts are InalreCo8ISÈd artsansaty0rtYe and 5ub5equenl¥measuredat theif5ettiementvalue. 1.17 T•rtJi)leflvd assersanddepredatton Fixed a55ets 1Cluding Investn)Èntsl are %trted at C05t 5 accumulated depredation. The costs of minor additlons or be c05tine below £1.[ are nDt C&tlised Depreciayon Is provided Jt rates cakuktedto wnte tsvthe C05t l&s rESiduèl value of each assetLwer its ÈypettÉd useful Ufe, a5110$ Heritaiea55Ets 2%str3ht Ie Websrte 25%5tr4ightline 25%stiaight line Fixtures. fithN83nd equlpfflent Arti5tlc Ilrturesané fittin&5 Plpnt equipment iS%Mtaightline 3333%straighrline th4n Heritsble Ats. therE art assets of £6,359,028 whth fhe Trustees belWe are agpreclatln8 a55ets and therefore no depreDation ts£hat¥. ImpÈifMehtoffwd455ets A review for IndKator5 of imylrrnent is Carr Out at each rewrting date. Wllh the rerover4ble amount bping e5tiffl6t2d wherE such indicators &st. WherE the taTtyln8 vakne exceeds the recoverab amount the asset Is impaired accordln8ly. Prior Impairments are a150 reviewed forpossitre¥erSol at each reptrthngdate. Where rt Is not ?0ssible to estymate recoverable amount of IndUal as5•. 3n estirnate 15 made Df the recoverable 3moum ol rhe c4sh-eeneratln8 unit to which the asset l0¢s. The ta5811ratInS Unlt the Smallest Kfentifi3ble8rwp ol assets that IncludÈs theasset aftd generates tssh iDfiowS that èrela*SEty Independentol the ush iftllow5 from other)5sets orgrovp ets. Page 19
TheWilknwTea RoOmsTrvSc Notesto the Finan¢iilStsterneo¥sforthe YearEnded31 Marth 2022 (Cont> ia9 ImstMents IRve5EmeDts are a fom of finantial in5yument and are inal reCOgSed attheirtran58tyon valu2 and sUeaVen rnewrEd at th¥rtsifvalue•5 * the balJDce sheet te cn the TruStÈÉgdeomed fflarketvalue The Statement of Financlèl Attmties Includes the nèt8ainsand 1055es ar&in8oA lUab0 and dkSPDsals throughobtthÈyÈar. Fairvae is deemedio be ffl4rketvalue. FiXté•55et in¥estffiet Theictivitiesand $[ts Df thÈtharity'5 Whol0nedsubSldi4ryi MathlDtosh atthewi1 Limitth1 arewmmari5ed in No21. L21 Stock5 stocks aresTatÈd * rhe lowerof cost and É%Vrned 5dlln8 prfce less C05tsto (yrnplete and5ell. Costls based on the Supplie¢s itNoi priÈè. DebtDf5 are rne8sud at their re£ovÈtable arno¥nts. the amountthe ch4rrty anpare5 it wlll recve in sQtmnt of the debL Prepryments a valuedatthE 3rnount preparf atthe wyttyngdlte. Cash at b3nk and in hand Includes cashand shortterm hIgh IUld invuiment5 a shortmatulity trf th monthsor le55fromthe dateof acqUiSiOnrQpenlnE of thedeposit Ormil xt4Ulll. 1.2 Credkn¥s Creditor5 are recognis wherpthe charSty has a PSeNtb1VI3D0n res8 from è pè#entth will probab In the transfer of econtsmK benefit- 4effleralty its the ftsrTn ol 8 rash paymeM- to è thIFd party and the amount due to settle the obliBation cèn bè mE45ured or estimèted rÈlk3bty. Credtors are nDIMal r¥o¥ni$ed at thetr settment albwing for trade diKounts due. L25 PeTrsknns The rnsion co5tscharEed intFfin4ncval statements repr&ntthecontribJtbns payable iythethèrity theye41. Judentsand keysour¢uofe5UMa0n unctrtaihty In the applicadott of the ¢harty's 3ccounting O1(. thefru5tees are wUlr to makE judgements e5rirnates aSSUrnPgloDs about the carrying 3mount of assets and liabilrts that are not readity appaw from other souice5. The estimates ènd asSOciattrS aSSutn?fjon5 a based on histvffcal exrIenCe and other factor5 th4t are considered to be relevant. Actual fesults may difler froffl theesrnat25. The estimatu aro undertylng a5Sumprions are revv&wed on an Dn8oing bas. fleviS5 to accountSng estknwes a 08n1sed in thÈ period in which thè estimate 15 rev15 where the ¥ftects only that Pttiod, or irt the P0d trf the rw5ion luture per$ whereihe revision affects Curientand future reriod5. Pa8e 20
TheWIMtswTea RoomsTAl KIO Dte5 ro the fir0•1$faIÈfftWtsf0ttht Y£&rEdel13L Mjrth 2021 Group Charity 2022 IOZ2 z1 D4fiabon5 1.109 133.on i.1( 133,D73 GTants 103.762 2.172.024 30.iKX) 1.3SS.321 LOA.371 2.305.097 31.109 1,488.594 Anitr%ts byfuTrd'. Genwal 84.871 2,305.(VJ7 li.1) 1.488.394 Re5tricepd 20,0 20.000 104,871 2305.(YJ7 31.11 1.488,394 IncNne fvontothvrThdlnia£dvftSes Gloup Chatity 2021 2022 2021 Tradin8 intome 762,49B 89.582 762,498 8982 roug Charity 2022 2021 1021 2021 OthEf income 2.311 15.000 Intere51 refv?È 73 73 2.384 15.WO 17.384 Othtrtr4din¥costs Group CknTity 20 lozi 2022 2021 TTrdln8costs I.1.734 832,7D3 Pè8e 21
The WillowTEa RoomsTiust50J Ntstestothe plnl Sratsrnentsfortheyear Ended 31 Marth2022 CD5r50f chJrttab actmtks Group Char 2OZZ Z021 zou Z02L StsfFtQ5ts 98.69S 80.r7 98,696 8D,087 Depredatlon and1MlMent 103,678 IQ).52D 103.678 109.520 Projettan&aciviie5COSts 67.187 97,433 67.L87 97.433 Premise5 Cosrs 3.375 3.375 Runnin8 ¢o5ts 133,6641 8.252 133.6641 456 8.252 Plotora travd cllsts 456 Legèland prole551onal 31.4Z7 42.794 3J,417 42.794 Ac¢Truntrn•costs 18381 1.050 1.050 ntere5t and finan¢echarge5 Donètions 91.210 78,636 91,210 78.636 22 250.LIJO Donation returned io,( io.wo 368,IS2 421.147 618.152 421.147 General 255.730 311.627 $05,730 311.627 103,678 I20 103.678 109.520 Restricted 8.744 8,744 368.152 421,147 421.147 AuditoVsteJnunorJ¢ Group Charlty 2022 2021 2022 AditO¢s remuneRtlon 8.499 8.499 4.649 d.649 Employees roup 2022 2021 2022 2031 NumbrrofernpWe5 Nurnber Number umbBr r4urnber The avÈrage rnonthw nufflberof Etnplo¥ 0uftg theyearwas". 35 Ern*0ent<O$ts 695.573 585.472 92.166 70.965 Empknyer5 natknnèl insutsntÈ 40.526 42280 7.367 Employer'i pension E0ntri1n 16.116 16.747 9.9S6 1.75S 762.215 644.499 98.696 80.W7 Page 22
The WIN)wT¢A RoornsTrL¢5tsao Notes to the Fln4nClalStatemuSr11 Yearended 31 Marth 2022 8¢on¢ The tymber0Fern0YeeS withifi thegroyp whreed{emrrOtloTh&re8ltrthpn£E,Lwwas aslollos'. 2021 No. £70.Wi480.WO Kiy manaVmEt PEfSonneliemuts¢rn¢kn Totsi remunerdtion Pa to key maDo8eNnt petsDnnd forthe yearwa5 £130.611 12021". £119,6401. Key management personnel 4rE IndSced tsn p¥ge4. PertOnm5ts The£harityopwesa dÈfinEdwntrlèvtkin schemeln respett of th05e5trff whowish to Pattycip•te.The scheme and itSa55ets are h810 ty Independent rnanage. Thtpension chJiÉeieprwentscontritub0Tr5 duefrom ihechadtyand bmoufirèd Eo £16.116 IZOZI. £16,747?. io TnFSttes' remunevatk*Thahrt Qxwnses None of the TruStee5 lor any gerson Connecred them) reCe@d reffluneratA?n or benelits from the chafity thE ye4r. No tTV5tee12021- NIIIw?5 relmbu(sÈd Èxpensesl2021-Nill in rupectof trdVEI, hptel and5tadonery t05ts. li Tjwibkfthed iJ5ers Group IleritaM¢ Property xwres& Fmin85 WEbyte Arti5tlcftsture ant& equwment &fftiln Totsi At IApnl 2021 11.[1x1 68.960 549.153 22.220 851.333 At31 March 2022 68.960 ii.(no 549.153 22.220 851.333 DeprEclJtk) Atl April 2021 156J161 19.7501 IL250 1247.0531 1335.8391 95.767 Charge lor year At31 March 2022 112.1441 68.960 ILr 329.426 22.220 431.606 At31 Mafch 2022 200.0 219,727 419,727 At31 March 2021 200.0 12.144 1.25D 302.100 515.494 Heiltsb Pmperty Fure$S Ffttln8S Artryrk nxtures & ffttin85 were AtIAprll 2021 2m.tKXI 48.093 li.( 549,153 8,246 Aral March 1022 2(n. 48.iV)3 ii.wo S49.153 808.246 OepreC0t 140.9901 Chartefurvear At31 March 2022 IL2501 182J731 148.0931 Iii.(yJoi 1388.5191 At 31 Marth 2022 200,0 119.727 4L9,727 At 31 Pthèrch ?021 2(Kl.OW 7.103 L.250 302.1 510.453 P38e 2a
ThÈ WilkJwTea RoornsTrustsao Ntstssto rhe FinandalStatemoiltsf•rthe Ye•rEnded3L MJrth 2OZ2 Iz Group Charity 2022 2021 2021 At l Apri12021 7.W6.S52 I566,fa 7.W6.6S2 3,566,6D3 Transfers 3,440,049 3.440,oa9 Depreciatton 1116,2471 11262471 At31 March 2022 6,580.405 6,893.357 6A80.405 6M93.357 The chèrity5 herwtage assets tonsrof 4 propety that has been aEwired due LV hlstonc oJu1 ènd arst51rfirln¢e. The refer to as M3ckiTrtosh ?t the Willow and k5 loraw af5auchieh&J sbEei Gla5BDW. )ignific?nce based Jpon the ficrthatits interiOr5. fixturesènd fumtshing5 wereall designed * the world-renowned archiieLtaDd artiSLCharles Rennie Mackintosh, ID 1902. The ch¥rtty was estsbli5hed wth the objective of re5tOrim¥ preserring this buiWing vi8 Brant nlAg for the benefft of boih the local community and UK8nd illtern3tionèlvtsitof5bnd iourf5t5. Thèfullvalue Jf thetharws huErdgeassets is used 6$5ecvrity lorIS proved to the TfUSU FN*d a&¥etIn51eThts Gr0p ChaTity 2022 Z021 2D22 Fa¥fwalue At l Apnl 2021 3.640.049 3.640.149 Addmons Transfers 13,640.0491 13,640.0491 A131 Marth 2022 The IvtMent wopertiÈ5 within the charity's flnaDclal statemènts were shown as heritable assets wimlin ihE gruup 15nanoal Staterneftts a£ ty are used for ch4rstys primary wrpose. During the prior year the charity's iTrve5tments ¢ropetty werE tTrn51erred to hEritsgE a55etsdue to Si8nrftance4f thepropertywithirtthe Overall ¢uhvTrl and artt%itC signr(an. Included in the Charfty investmènts 1% an Investment of £1 in the subsidiary undakIn& MatkintQ5h 4t the Willow Limited. coo)priSin8 I thelssued Sharecgpwtallsee Note21 forfurtherdetJ1141. Page 24
TheWRbwTea RoomsTrust500 Notes10 theFknaNW Stat*mts1orte Yearended 31 Mar<th 2022 Oelilors Group Charity 2022 2021 1022 TradedebtOr5 1,487 Owed ty8roupundertakin8 Otherdebtors 9.534 ,993 9534 72,254 Prepayments L492 26.03$ 1.015 17.466 108.515 9.534 73,269 CredltOTk'AmOuntstslllngdue wlthin onevear Group Charity 20U 2021 Tradecreditots 92 J61 62.056 15.433 31.902 OthErtarJtlon and so¢Alsewrity Amoufits dueto 5uWdiary Othercredirors 88.535 71,933 4,267 31.119 26.6 44.S73 15.839 26,226 Accruals 105.510 211.974 95.1 Bank loan5 76.958 62.159 67.1$1 62.169 Other k7ans 226.716 80.455 139.345 80.455 605099 514.813 35B.(P)Y 381,779 k6 cred..Aonts1dlngd¢ afrer ore thJnopeyeèr Group Chèr ZO22 2011 2022 bJnk hans 2.045.193 2.147.6B7 I..685 2.7.687 Otherb8ns 486A30 788,067 441,663 571.875 2.532.023 2.935.754 2.451.348 2,669.562 Revable in oneye3ror le55. oron demand RepayablebeEwEen one and two yea¢s Repayablebtheen two and feye[S Repayable in arS0r mvre 303.654 224.356 206.516 142.624 204,719 3Q3216 149.?95 196.484 353,010 392.626 327259 314.898 1.974.294 1158,180 1.974.294 2.158,18D 2,835.677 3.078,378 2.657.874 ThEfrust hasauoss warantpe in respeLtol UniEY BankwththetradlnlsubsIary, kint05haI the Willow Limthi. Loan fvndins of £350.Ih)O IZ021- £350,(thl 15 secured agalnst the Heiita$eAsset ?couired as the main objectwe gf ihe Trust's actlty. thal being lea Rooms builaihg kn(ed at 217 58uchiehèll Street, Glasgow. This In was ptoyided forrner Trustee Outstanding tsalary was due for repayfflefflt in 180 momhly iTrstalments beginAin8 in Juty 2022. Fhe loafj Ill It5 erttirery 15 Inte5t rree. Th15 loan now been converted ¢0 08iFtin April 2022 by hès providÈd to the WIIIOW Tea Room5 TnJ5t The loan is Subjett to an Intere5tchAr¥E -.payable bv 60equal in5talmÈnis. The balafflceoutstardin8 ai31 Marth 2D22 Is £157.07112021- formerTrustee. ha5 provided a to Mackint05h atthe Wllow Limrced. loan is loan inEere5t chèrÈeof 3% pnte'2&t 4bove base rate3nd 15 repayable by 36 Èwal instalmenr. The balance Outstanding at 31 Mèffch 2022 R¥E132.53811021- As at 31 March 2022. loan fundE of £2.07666¥202l.. É2.159.8561 h?$ been provided by UTrity Trust 8ank. The Irn 1$ secu by a 8on4 ano Fknatn8 charge over che investment a55ets held the Tiytt a5 well a5 the Twst'5 heritage asset. The loan IS repavèbie in in5ts1fflents which ¢omrnence¢ in Au8vs1 P018. as c£tytsi ènd Inteiest r2p3yment5. Totsi capitèl repèymehts made dursn8 year were £58,880. rhe Intore51 Tate Is 4 2S% above the base Trte of the lender. There is a tr055 guaraniee ill p14ce betwetn rh¢ Twst and Its 5Jb5iJi3ry undertaking. M8ckintosh at the Wlllow Limited. ITr re5peo Df thi5 liability. Page 25
The WiN¢MTew RoornsTrLStXIO Notes tothe Financ45&rnenrSf0rthtyeaI Ethded31Marih 2022 17 Ah•tysts otnetassetsbyfvrts Uwe5thCtè Gerral Fund Destyt RBsiriL4d Fur %vDd balantei•t31Mirth202Za5Fepresent¢d Tangible flxed assets Netturrent assetslllièbilitiEsl 6.880.405 419.727 7.3W.132 14.9932931 4531,558 I6 1450A791 Long.terrn IlabilitiÈS IIN5,1931 I6.830> 12,5310231 NetA4•ts 1158.0811 4,464.455 11.256 4.317.630 nu b&Fe$tS1aYcf LUILFeVrtsenreO T4ngible fued a55Efs 419.727 7,300,132 Invèstmpnts Netcurrènta55et5llIlaIIt1 4,6642y 11.256 1285.3251 11451.3481 12,orr).l 1441,6631 NA5gets 190.0551 4.642.358 4,5635S9 Grou OIAwi12OU TrJn5fers 31 March2022 UThYstritted General fisnd $94.674 847,369 11.3S7,4231 1242.7011 <8.Q81l De5iWated DE5i8nated assèts 4,330,473 IIL.7191 242,701 4.464.45S TOtalLSnresttsd Fund5 4,925,147 847,369 11.466.142) 4.306,374 ¥trhxed 20.C 18.7441 11.256 Total Re5trftt Fynds 20.rh 18.744 11.256 Ttstsi Fund>Gro 4.925.147 867.369 IIA74.8861 4.317@0 oi zozi Frtor Expenditwe Tt4rtslèrS JIMah 2021 Vnrestljtted GeTrefal fund $43,878 26,109 1505.7301 1154.312 I90.? 0@51gn?ied a5Sèts fvnd 4 591,r24 1103.6781 154.312 4.642.358 Unrestrkted Funds S.la5,W2 26.109 IfQ9.4081 4,S52.303 Resttte 20n 18.7441 11,2S6 Ttstsi Restritted FThj$ 20 18.7441 Total FdCharIty 5.135,6UZ 46.109 4.563.559 P38e 26
TheW411owTea RatynsTIu5tsao Note5tothe NnandalStst•mehtsftyriheYear Ended 31 Marth 102Z IS¢tsnt Gèneral Fund TheGenerèl Fund rewe5entstheunreStrlctedfund5wNch the Pa¥Etttcharftyls free to use w ac£ordèncÈwlth its rnain chaiitsbleobjectlve5. PurpossofDETraW Ftr iksionotedknttsFynd The DÈgignatedAssets Fund represent the notbtsokvalue Of the{pdte parentchèfi5ffXed a55ets which would Trot be readlly onvertlèleinto cash. netof IoanfiTrancin{. 19 of transfetsknenfufids UnrestrKted Gtr1 Fund De51gnJted Futtds Rest¥irtd Fynd5 6¥fyrp rransfer5 made dringie¥earended 31 Ma¢h2021 Wea5 follows.. ftepaytnentof loan 1242.7011 242,701 242.701 TTaTr51er5 madÈ duringtheyearended 31 March 2021 wereas folknws.. Fixed assetrnovenmts Aepaymentof10gn 115d,3121 1511.312 154.312 The transferrepresentsthefund5 requSr& to coverexte55 of loan reptyments overoepretiation. 20 Arbal)siiof changes In h¢tfwds OnInE Cash Oosift At l APtII 2021 At 31 Marth zozz ts5h at bankand In hand 833,660 116.986 Toijlcash ad equlvalets 833.66D 116.986 Cash ?t knkaNd In hand 7(B.764 16465241 63.240 Totaltas Jnd<ash ¢¥91ts 71YJ.764 646.5241 63.240 Pa8e 27
TheVri1wTea Rooms Tnt500 r4otBstotheFknandèl StatsmeTrtstortheYear Entted JI Marth 2022 Subsryli¥ry-hfxknt05hatthe Wlllowtirntttd Mackintoshatthe Willow Limfted. is a vth01fjWncd su1 olThe WillowTea Rotsts)>TmstSCIO. The5ub5Wlary'5 re5uh5 foTthe yearaSeL0ut bekjw.. 20ZL Income 752.498 89.582 Eipenditure 131,CO)I ILoss}IprofftForthewY 135.11741 58.582 Theassets and liabileSorthesUb5laryat 31 March were.. Assets I09,319 133544 Liabiline5 1355.Id81 1443.8991 T)taletas%Et5 21 Rekged partytr•thcthins Thechèritywa5 established with theatquisition df TheWlllowTea AWm5bUiIS In lurte 2014forwhich charty's fofflierChairandTrusteei provided a loan of £406,113. the sJbseouerEtyear5. nEdfvrthersurn5 totallin8È155,848 to fundvarfouStype%of projectdevdopment eipendiknre. lfi 20193Ve a donation of£2W.(¥Y).As disclosed in Nots16, theloanof£561.961 dueto 5 Partial relInjUw2Ql9 leavingan outstandingbalanceol E350.C(& fhis was fOrThrI¥surd intotheforrnota convertnal roan agreernenL the basil tetrnsof whith werethatmahthty repayments wouw wfflmerKeinJJly 2022 runfDra of 15 vew5 throulhto 2037. Interest would not becharged dufifrgthis period howÉwer, should anypartof Ihe loan remaln outstaDdlng afterJune 2037. the4) ilFtrèst beappldtherèttsatthe53me rate bein{Chae ai that time by the tharW5 Cornmercial lender Thjs loa has now been converted to a inApril 2022 b has providÈdè Iyaniothe WillowTea RTh$ Tw5t.The is Subjettto an intewrchar£e 01 34 Inteiest above base rate and 15 repayable bY60ewal inSt8lments TheèalanceoutstandiTh$ at31 PAarch 2Q22 i& £157.071 I2021- £202.3301. Page 28
The WilknwTew RoornsTrtsstSCKI Notesto the Fih¥ncwIStementsf4TtheYearEnded 31 Marth 20ZZ 2Z cont Pekied paitytransactbjthg MICt0$the Sylllow MxklotDsh atthe Willow Limited IMAWI isthewh01 r>wned tyading 5ubsldiaryofthe ¢harity. DUDD8tt¥ear. theWiUowTea Rooms Tw5fdonatedE250.CO)120214Nill to MaiKintQ5h attheWIIIow4nd MackSntosh atthe WillowrnadelKence and manaEemeTrtfee P3yment50f £15.W)(2021415.O1. At 31 Mar¢h 2021. anamount of É26,67312021-£44.6731 wa5duefromThe Willow Tea Root rrust. 4ormerTru5tee. has proYid2da an ro MAckint¢th attheWiUowLimited.The 15 subiettto an intere5Echar¥E of 3% Ove base rate and Isrepayab ty35 eoval instalment.The baLinc@outsiarélng at 31 r¢h 2021 ISE133812021- E216,1921. 2a Cash Ienetsted opwatknns. 20U zozi IDÈfKir115urpltss forthevear 1607517 l.L43.Z13 Ad usfmÉnts Inve5tmeDt ifrcomÈ (gniSed In sratÈmEni of financlal actIV Depreclation and Impairmentol trng1b 1Sxed assets 108.719 122.228 vemEnts in w rkin llntrea5elldecèSe In debtor5 91.049 Increasejldetrèasel In creditors 169,9441 (Incrse}1de¢reaSe in 5Eock 3.720 Cash KEn¢rpredfrom OPEFatlDft5 785,324 24 Cashg*oratedfromoyer4kns.chartty 2022 2021 (De1surus foF Iheyear 1572.0431 1,084.631 Inve51rnent irntDMeogn iTrStèiÈnt Df finafflclal artivs Depreciatiort irnpairmentof tan4ible nxed assets 115.OCQI 117.3841 103,678 109.520 Mov ca IIAtre4selldecrea$È ITh debto 63.735 169.2381 5hgenerated Irom opeiatKFN5 1489.2121 712.919 Page 29
TheWlllowTea AvDms Tw$t9J) Noie5tothÈMtsanthl Staternentsfvrtheyear Ended 31 Marth 20ZZ 25 so¥dthdandthar4tySt4¢erneDioIRnaficklALtwitlEsforth2 trparefithd JA Marth 20ZI nyestritted 20Zi futhd funlts IncomÈfTorn'. Donotyons 2.305,097 2.305.7 OtherTFadinBActivitiE5 InVeslents 89.582 89.582 2.384 2.397.063 2,397.ffi3 Expenrffture on". Costs r3tsin8fuhd5 hertradintt05ts 832.703 832,703 Chèntsbleactives 311%71 109.276 421.147 Total Expenditvre 1.144.574 109.276 1.253A50 NtlmcornellexpAndlEwellotth¢yeJr 251489 ILQ9,2761 1,143.213 TTrnslerietweenhJnds 3.4W.049 114W0491 NetnlovemErlTrldS 4.652.538 13.51YJ.3251 1,103.213 1tth¢11¥fknm of Fund5 Tvr41funds trmwghtforward 67,115 3.714.819 3,781.934 Totn$(alrfed lold 4.719.653 205.494 4.925.147 In ètcordance With ihE CharleS StstErnent of RetOTnfflended Pra£tice IFRS 1021. rompat4tlve5 lor eèch tI355 of fvnds ère reouiw fpr each Ilneonthe Statemertof Fin4nciTrl Arti¥itie51SOFAI. fhèNote4bove illu5tr3tes the SOFAfortheyearended 31 March 2021. Page 30