The Dronfield Heritage Trust - Charities report - 21.1

REGISTERED COMPANY NUMBER: 06299935 (England and Wales)

REGISTERED CHARITY NUMBER: 1120875

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 July 2020

for

The Dronfield Heritage Trust

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

to

6

Balance Sheet

7

to

8

Notes to the Financial Statements

9

to

15

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2020. 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 Objectives and aims of the Charity are:

1. To preserve for the benefit of the people of North Derbyshire and of the Nation, the architectural and constructional heritage that may exist in and around North Derbyshire in buildings (including any structure or erection, and any part of a building as so defined) of particular beauty or historical, architectural or constructional interest, and/or

2. To further benefit the residents of North Derbyshire and the neighbourhood, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving conditions of life for the residents.

Significant activities

The main source of income (after the completion of capital works) is rentals from the building and fees paid for those participating in events and activities.

Volunteers

The Charity is assisted by volunteers who are responsible for implementing the plans of the project management group and the trustees.

FINANCIAL REVIEW

Investment policy and objectives

Under the memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish.

The Trustees operate a deposit account which interacts with the current account whilst producing an interest return on surplus funds.

Reserves policy

The Trustees have established the level of reserves that the Charity ought to have. Reserves are needed to bridge funding gaps should there be a shortfall in external users.

The Trustees consider that the level of reserves required excluding fixed assets to be £20,000 . The actual level of reserves at 31st July 2020 was £378,763 (2019 - £353,366).

FUTURE PLANS

The buildings comprising the medieval barn and landscapes are now open to the public and have begun to generate income from various sources.

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.

It is registered as a Charity with the Charities Commission. Membership of the Company must be approved by the Board of Trustees. Each person who wishes to become a member shall deliver to the Company an application for membership in such form as the board require executed by them.

Recruitment and appointment of new trustees

The Charity must have a minimum of 4 trustees to be quorate. The permitted maximum number of trustees is

currently 9.

2 trustees must offer themselves for re-election at the AGM each year.

Organisational structure

The Board of Trustees administers the Charity. The Board meets at least quarterly.

Induction and training of new trustees

New trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the business plan and recent financial performance of the charity.

Wider network

The budget is submitted to the trustees quarterly for approval at trustee meetings. Any material changes to the budget are submitted to a specially convened meeting of the trustees.

Day to day management of the project is overseen by a project management committee comprising at least two trustees, one of whom is the Chairman.

Related parties

The Charity has a close relationship with the Trustees of The Peel Centre, an organisation which runs a building situated close to the property and grounds of The Dronfield Heritage Trust.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

06299935 (England and Wales)

Registered Charity number

1120875

Registered office

158 Hemper Lane

Greenhill

Sheffield

South Yorkshire

S8 7FE

Trustees

A A Powell

D Smillie

Mrs A Brown

Ms M S Taylor (resigned 18.3.20)

B Simpson

P L Johnson (resigned 30.9.20)

Mrs A C Carannante (appointed 15.3.21)

W Campbell (appointed 29.10.20)

Company Secretary

Independent Examiner

C J Woodhead & Co Ltd

158 Hemper Lane

Greenhill

Sheffield

South Yorkshire

S8 7FE

Approved by order of the board of trustees on 30 April 2021 and signed on its behalf by:

A A Powell - Trustee

Independent examiner's report to the trustees of The Dronfield Heritage Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2020.

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.

Christopher John Woodhead BA (Hons) FCA

C J Woodhead & Co Ltd

158 Hemper Lane

Greenhill

Sheffield

South Yorkshire

S8 7FE

Date: .............................................

31.7.20

31.7.19

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

190,203

189,040

Investment income

2

17

64

Total

190,220

189,104

EXPENDITURE ON

Raising funds

7,701

-

Charitable activities

Insurance

2,726

4,580

Gardening

2,959

2,045

Professional charges

22,893

4,293

Bank charges

60

60

Repairs & renewals

13,458

16,730

Post & stationery

1,626

1,797

Subscriptions & donations

190

250

Sundries

293

592

Room hire

1,595

3,724

Depreciation

6,077

7,176

Advertising

8,026

2,553

Publicity

64

5,673

Admission fees

57

430

Catering & refreshments

335

380

Wages

48,091

48,147

Telephone

1,275

962

Travelling

92

130

Training

-

1,992

Web design & IT consultancy

989

2,565

Light & heat

10,644

10,218

Cleaning

11,314

12,937

Rates and water

3,519

2,440

Loan interest

200

1,801

Entertainment

2,526

18,252

Workshop

3,262

4,437

Accountancy

2,470

2,470

Medieval festival

2,120

1,200

Web design & maintenance

2,388

-

Pension costs

-

64

World War 1 exhibition

-

3,447

Pensions

4,818

4,380

Exhibitions & publications

1,503

-

Filming & Talking Heads

1,000

-

Health & safety

552

-

Total

164,823

165,725

NET INCOME

25,397

23,379

RECONCILIATION OF FUNDS

Total funds brought forward

353,366

329,987

TOTAL FUNDS CARRIED FORWARD

378,763

353,366

31.7.20

31.7.19

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

7

23,334

27,783

Heritage assets

8

334,184

333,684

357,518

361,467

CURRENT ASSETS

Debtors

9

2,183

2,183

Cash at bank and in hand

48,720

28,868

50,903

31,051

CREDITORS

Amounts falling due within one year

10

(24,304

)

(33,798

)

NET CURRENT ASSETS

26,599

(2,747

)

TOTAL ASSETS LESS CURRENT LIABILITIES

384,117

358,720

CREDITORS

Amounts falling due after more than one year

11

(5,354

)

(5,354

)

NET ASSETS

378,763

353,366

FUNDS

13

Unrestricted funds

378,763

353,366

TOTAL FUNDS

378,763

353,366

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

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 30 April 2021 and were signed on its behalf by:

A A Powell - Trustee

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

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.

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.

2.	INVESTMENT INCOME

31.7.20

31.7.19

£

£

Interest received

17

64

3.	NET INCOME/(EXPENDITURE)

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

31.7.20

31.7.19

£

£

Depreciation - owned assets

6,078

7,176

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2020 nor for the year ended 31 July 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2020 nor for the year ended 31 July 2019.

5.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.7.20

31.7.19

Administration

2

2

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

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

189,040

Investment income

64

Total

189,104

EXPENDITURE ON

Charitable activities

Insurance

4,580

Gardening

2,045

Professional charges

4,293

Bank charges

60

Repairs & renewals

16,730

Post & stationery

1,797

Subscriptions & donations

250

Sundries

592

Room hire

3,724

Depreciation

7,176

Advertising

2,553

Publicity

5,673

Admission fees

430

Catering & refreshments

380

Wages

48,147

Telephone

962

Travelling

130

Training

1,992

Web design & IT consultancy

2,565

Light & heat

10,218

Cleaning

12,937

Rates and water

2,440

Loan interest

1,801

Entertainment

18,252

Workshop

4,437

Accountancy

2,470

Medieval festival

1,200

Pension costs

64

World War 1 exhibition

3,447

Pensions

4,380

Total

165,725

NET INCOME

23,379

RECONCILIATION OF FUNDS

Total funds brought forward

329,987

TOTAL FUNDS CARRIED FORWARD

353,366

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 August 2019

31,773

29,120

5,578

66,471

Additions

-

1,088

541

1,629

At 31 July 2020

31,773

30,208

6,119

68,100

DEPRECIATION

At 1 August 2019

18,371

15,659

4,658

38,688

Charge for year

2,681

2,910

487

6,078

At 31 July 2020

21,052

18,569

5,145

44,766

NET BOOK VALUE

At 31 July 2020

10,721

11,639

974

23,334

At 31 July 2019

13,402

13,461

920

27,783

8.	HERITAGE ASSETS

Total

£

MARKET VALUE

At 1 August 2019

333,684

Additions

500

At 31 July 2020

334,184

NET BOOK VALUE

At 31 July 2020

334,184

At 31 July 2019

333,684

In the opinion of the trustees the freehold building is a heritage asset.

The trustees are of the opinion that the building will retain its value and that this value will not fall below the cost stated in the accounts.

In view of this the trustees have opted not to depreciate the building.

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Other debtors

833

833

Prepayments

1,350

1,350

2,183

2,183

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Other loans (see note 12)

-

12,470

Trade creditors

11,111

-

Social security and other taxes

70

7,510

Payroll liabilities

752

-

Other creditors

5,786

6,048

Accrued expenses

6,585

7,770

24,304

33,798

11.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.20

31.7.19

£

£

Other creditors

5,354

5,354

12.

LOANS

An analysis of the maturity of loans is given below:

31.7.20

31.7.19

£

£

Amounts falling due within one year on demand:

Other loans

-

12,470

13.	MOVEMENT IN FUNDS

Net

movement

At

At 1.8.19

in funds

31.7.20

£

£

£

Unrestricted funds

General fund

353,366

25,397

378,763

TOTAL FUNDS

353,366

25,397

378,763

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

190,220

(164,823

)

25,397

TOTAL FUNDS

190,220

(164,823

)

25,397

Comparatives for movement in funds

Net

movement

At

At 1.8.18

in funds

31.7.19

£

£

£

Unrestricted funds

General fund

329,987

23,379

353,366

TOTAL FUNDS

329,987

23,379

353,366

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

189,104

(165,725

)

23,379

TOTAL FUNDS

189,104

(165,725

)

23,379

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

Net

movement

At

At 1.8.18

in funds

31.7.20

£

£

£

Unrestricted funds

General fund

329,987

48,776

378,763

TOTAL FUNDS

329,987

48,776

378,763

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

379,324

(330,548

)

48,776

TOTAL FUNDS

379,324

(330,548

)

48,776

14.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2020.

15.	ULTIMATE CONTROLLING PARTY

The trustee directors are the ultimate controlling party.