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REGISTERED COMPANY NUMBER: 05807759 (England and Wales)
REGISTERED CHARITY NUMBER: 1120851














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31st December 2023

for

The Warehouse Trust

The Warehouse Trust






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Report of the Trustees 1 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6 to 7

Notes to the Financial Statements 8 to 14

The Warehouse Trust (Registered number: 05807759)

Report of the Trustees
for the Year Ended 31st December 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trustees have taken on the management of the Warehouse building for economic and social well-being of the Langport area and to ensure long term preservation of the building.

The objects of the company are for the benefit of the people of Somerset to:

Preserve the historical, architectural and constructional heritage that may exist in and around Langport buildings of particular beauty or historical, architectural or constructional interest and promote sustainable development for the benefit of the public by:

the preservation, conservation and the protection of the environmental and the prudent use of natural resources; the relief of poverty and the improvement of the condition of life in socially and economically disadvantaged communities; and the promotion of sustainable means of achieving economic growth and regeneration.

The Company continues to maintain the historic warehouse listed buildings in Langport.

Public benefit
The trustees have referred to the guidance contained in the Charity commission's general guidance on public benefit when reviewing the aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set whilst particularly making sure that we maintain a solid and positive financial position.


The Warehouse Trust (Registered number: 05807759)

Report of the Trustees
for the Year Ended 31st December 2023

ACHIEVEMENT AND PERFORMANCE
Achievements and Performance
The inevitable challenge of business is uncertainty. Pandemics were not on anyone’s mind a year or two ago but the Covid brought both some new words and economic traumas few had envisaged. The trading year of 2023 brought about impacts that were more familiar but no less attractive, emanating from rises in inflation. Some elements of inflation arise quickly, others have a lag time, and whatever they are they tend to be detrimental to commercial success. The cost of interest on our loans was rapid, correction of income was slower, and costs related to utilities was again fast. This said, we have improved our overall performance due to care in controlling costs without seriously affecting our partners in our various operations.

The Stuckey room, open for community activities, has taken a longer time to recover than we expected, an issue common to most public halls in and around the town. A surprising number of clubs and activities did not survive the period of closure, therefore there was return of some activities and new ones are taking time to rebuild. Art shows and exhibitions have been tested, they draw a good number of people but revenues are insufficient to cover costs. New ideas will be tested to fully maximise this important community space.

Our building has been upgraded in a major manner. The ostensibly eco-friendly wood pellet furnace has been replaced with a gas unit. Weighing up both the green credentials of various heating systems and the economic reality of practical operation led us to our current arrangement. The upgrade means that as we approached the first full winter we are confident the whole build will be consistently comfortable and staff will not be fumbling around with dials and switches. Other improvements include more friendly automatic doors for disabled visitors to GBW.

The website was reviewed during the year. It allows the current activities to be showcased. There is a constant monitoring and more work will proceed in the subsequent year.

The day to day operation is directly operated by the SBA Worldwide CIC, on behalf of the trustees. This is a successful partnership led by Patricia Marks and we enjoy this arrangement and the mutual benefits it achieves. The work above to upgrade the facility has very much been superintended by the SBA team.

Kitchen remains a popular venue for locals and visitors alike. The morning coffee clientele and lunch time visitors often have the café running at full volume much due to Danielle and her busy staff. Hopefully the patio installed last year enhances the summer activity. New competition has opened in and around the town so responding with approaches to service and menus will be an ongoing process.

Financially the Warehouse Trust has seen positive results. We have continued to have strong income from office rentals. One of the offices has been vacated and a new tenant has not been found. Correcting this situation is critical for the future health of revenues.

As always, it is thanks to everyone using the facility as tenants and customers, the customers using Kitchen and to SBA. The trustee group is small, we are looking for more trustees to support our operation and provide strategic and creative input. If you are interested please contact us. Thanks go to all my trustee colleagues for their support.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05807759 (England and Wales)

Registered Charity number
1120851


The Warehouse Trust (Registered number: 05807759)

Report of the Trustees
for the Year Ended 31st December 2023

Registered office
Great Bow Wharf
Bow Street
Langport
Somerset
TA10 9PN

Trustees
Frances J M May
Mrs S E Shipway
C R Sills
P Snowden
D N L Yeomans (resigned 30/7/2023)

Company Secretary

Independent Examiner
Probusiness Ltd
St Lawrence Lodge
37 Chamberlain Street
Wells
Somerset
BA5 2PQ

Approved by order of the board of trustees on 3rd September 2024 and signed on its behalf by:





C R Sills - Trustee

Independent Examiner's Report to the Trustees of
The Warehouse Trust

Independent examiner's report to the trustees of The Warehouse Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2023.

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

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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








Niall O'Driscoll

Probusiness Ltd
St Lawrence Lodge
37 Chamberlain Street
Wells
Somerset
BA5 2PQ

3rd September 2024

The Warehouse Trust

Statement of Financial Activities
for the Year Ended 31st December 2023

31/12/23 31/12/22
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM

Other trading activities 2 80,614 70,904
Investment income 3 69 8
Other income 217 -
Total 80,900 70,912

EXPENDITURE ON
Raising funds 4 81,295 82,598


NET INCOME/(EXPENDITURE) (395 ) (11,686 )


RECONCILIATION OF FUNDS
Total funds brought forward 496,854 508,540

TOTAL FUNDS CARRIED FORWARD 496,459 496,854

The Warehouse Trust (Registered number: 05807759)

Balance Sheet
31st December 2023

31/12/23 31/12/22
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 8 34,474 35,204
Investments
Investment property 9 700,000 700,000
Social investments 10 - 100
734,474 735,304

CURRENT ASSETS
Debtors 11 4,081 2,754
Cash at bank and in hand 10,992 13,325
15,073 16,079

CREDITORS
Amounts falling due within one year 12 (16,867 ) (15,211 )

NET CURRENT ASSETS (1,794 ) 868

TOTAL ASSETS LESS CURRENT
LIABILITIES

732,680

736,172

CREDITORS
Amounts falling due after more than one year 13 (236,221 ) (239,318 )

NET ASSETS 496,459 496,854
FUNDS 15
Unrestricted funds 496,459 496,854
TOTAL FUNDS 496,459 496,854

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.



The Warehouse Trust (Registered number: 05807759)

Balance Sheet - continued
31st December 2023

The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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 3rd September 2024 and were signed on its behalf by:





C R Sills - Trustee

The Warehouse Trust

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. 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.

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 - 10% on cost
Fixtures and fittings - 20% on cost and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.


The Warehouse Trust

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

2. OTHER TRADING ACTIVITIES
31/12/23 31/12/22
£    £   
Cafe Rentals 21,000 19,500
Office rentals 41,306 42,208
Room Hire 9,007 4,794
Refreshments 2,178 1,938
Gallery Sales - 343
Recharged costs 7,012 1,680
Service charges 41 74
Donations 18 5
Leisure workshops - 322
Equipment Hire 52 40
80,614 70,904

3. INVESTMENT INCOME
31/12/23 31/12/22
£    £   
Interest receivable - trading 69 8

4. RAISING FUNDS

Raising donations and legacies
31/12/23 31/12/22
£    £   
Support costs 68,979 66,899

5. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31/12/23 31/12/22
£    £   
Depreciation - owned assets 5,646 5,530
Surplus on disposal of fixed assets (217 ) -


The Warehouse Trust

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022.


7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM

Other trading activities 70,904
Investment income 8
Total 70,912

EXPENDITURE ON
Raising funds 82,598


NET INCOME/(EXPENDITURE) (11,686 )


RECONCILIATION OF FUNDS
Total funds brought forward 508,540

TOTAL FUNDS CARRIED FORWARD 496,854


The Warehouse Trust

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1st January 2023 12,328 47,810 60,138
Additions - 4,916 4,916
At 31st December 2023 12,328 52,726 65,054
DEPRECIATION
At 1st January 2023 1,233 23,701 24,934
Charge for year 1,233 4,413 5,646
At 31st December 2023 2,466 28,114 30,580
NET BOOK VALUE
At 31st December 2023 9,862 24,612 34,474
At 31st December 2022 11,095 24,109 35,204

9. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1st January 2023
and 31st December 2023 700,000
NET BOOK VALUE
At 31st December 2023 700,000
At 31st December 2022 700,000

The freehold property at Great Bow Wharf, Langport was valued on 29 March 2021 by Greenslade Taylor Hunt and this value has been included in the accounts as representing the fair value of the property at the balance sheet date.

10. SOCIAL INVESTMENTS
Other
investments
£   
MARKET VALUE
At 1st January 2023 100
Disposals (100 )
At 31st December 2023 -
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 100

The Warehouse Trust

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 4,081 707
Other debtors - 37
VAT - 2,010
4,081 2,754

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts (see note 14) 3,800 4,200
Trade creditors 6,401 2,805
Other liabilities 3,860 1,885
Other creditors 918 6,306
VAT 1,888 -
Other creditors - 15
16,867 15,211

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans (see note 14) 236,221 239,318

14. LOANS

An analysis of the maturity of loans is given below:

31/12/23 31/12/22
£    £   
Amounts falling due within one year on demand:
Bank loans 3,800 4,200
Amounts falling between one and two years:
Bank loans - 1-2 years 3,800 4,200
Amounts falling due between two and five years:
Bank loans - 2-5 years 11,400 12,600
Amounts falling due in more than five years:

Repayable by instalments:
Bank loans more 5 yr by instal 221,021 222,518


The Warehouse Trust

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

15. MOVEMENT IN FUNDS
Net
movement At
At 1.1.23 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 496,854 (395 ) 496,459

TOTAL FUNDS 496,854 (395 ) 496,459

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 80,900 (81,295 ) (395 )

TOTAL FUNDS 80,900 (81,295 ) (395 )


Comparatives for movement in funds

Net
movement At
At 1.1.22 in funds 31.12.22
£    £    £   
Unrestricted funds
General fund 508,540 (11,686 ) 496,854

TOTAL FUNDS 508,540 (11,686 ) 496,854

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 70,912 (82,598 ) (11,686 )

TOTAL FUNDS 70,912 (82,598 ) (11,686 )

The Warehouse Trust

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

15. MOVEMENT IN FUNDS - continued

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

Net
movement At
At 1.1.22 in funds 31.12.23
£    £    £   
Unrestricted funds
General fund 508,540 (12,081 ) 496,459

TOTAL FUNDS 508,540 (12,081 ) 496,459

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 151,812 (163,893 ) (12,081 )

TOTAL FUNDS 151,812 (163,893 ) (12,081 )

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2023.