ROMSEY_AND_DISTRICT_BUILD - Accounts

The Trustees submit to the members their forty second annual report and the financial statement of the trust for the year ended 31 March 2021.

Company status

The company is a registered charity, number 270498.

The company is limited by guarantee of the members. The maximum amount of the guarantee is £1 per member.

Object of the Trust

The object for which the Trust was established is to preserve for the benefit of the people of the southern part of the Test Valley and of the nation at large, whatever of the English historical, architectural and constructional heritage may exist in the area aforesaid in the form of buildings of particular beauty or historical architectural or constructional interest.

PRINCIPLE ACTIVITIES

The SARS CoV-2 pandemic has continued to impact on the running of the Trust. The monthly

executive committee meetings have continued to be operated online using proprietary conferencing software.

The 2020-2021 Annual General Meeting was held online using ‘Zoom Video Communications’ software following the same format as successfully adopted at last years AGM. The business meeting was conducted online and attended by members of the Trust and was followed immediately after by the Annual Lecture to which all members of the public had been invited.

Our speaker was Kevin Stubbs who had agreed to follow on from lasts year’s lecture on the theme of vernacular building materials, entitled ‘Historic Brickwork – History, Care & Repair with examples of recent work at Bargain Farmhouse, Nursling’.

Throughout the year Trustees have been occupied with the restoration of Bargain Farmhouse at Nursling. A subgroup of Trustees was appointed to oversee the management of the works who reported monthly to the executive committee on matters concerning statutory consents, programme and finance. There have been particular difficulties encountered which are largely considered to have been attributed to the effects of Brexit and the restrictions resulting from the pandemic. These have led to issues with the availability and cost of materials and the availability of labour.

Funding for the project has been from the Trusts own resources and a loan from The Architectural Fund.

MEMBERSHIP

Membership of the Council of Management has been unchanged over the past year apart from the resignation of the Treasurer at the end of the period. There are now nine Trustees in regular attendance at its meetings supported by four Advisors.

Chairman’s Report

The main focus of the Trust over the past year has been the continued restoration of Bargain Farmhouse, a Grade II listed building in Nursling on the outskirts of Southampton.  Purchased in late 2019 from the Barker-Mill Estate, the restoration has proved to be a major challenge and an expensive undertaking, funded by a loan from the Architectural Heritage Fund.   Delays in obtaining listed building consent, problems of sourcing building materials and difficulties in finding available, skilled tradesmen have all contributed to the project being several weeks behind schedule.

After rethatching with reed, over a fire-proof underlay, extensive repairs to the timber frame have been carried out by Mr Lee Joslin in order to stabilise the structure.  It was first important to restore and strengthen the four main oak trusses which had been weakened by previous alterations and to replace the sole plate on the northern front of the building which was showing signs of extensive decay.  The work has been directed by the Trust’s historic buildings expert, Mr Kevin Stubbs, supported by Mr James Laffeaty and architect Phil Blencowe from Genesis Design.   The original timber frame has been dated using dendrochronology, which provides evidence that the building was constructed in 1599-1600.   Oxygen isotope analysis has confirmed this and both techniques have also established that some timbers were second-hand since they date even earlier.  The Barker-Mill Foundation and Councillor Community Grants have kindly supported the dating studies.

The original pantry, storeroom and lavatory have been coalesced to form an attractive kitchen area linked to a dining room at the east end of the building.  Moving from the dining area, via a reinstated original doorway, one enters the sitting room, with its beautifully restored inglenook fireplace which forms a striking central feature.  At the west end of the building another original doorway has been reinstated and a modern wall removed to provide an additional reception room/snug.  The rear porch has been enlarged to provide a lavatory/boiler room.  On the first floor there are three bedrooms and a new bathroom has been constructed.  The whole property will be insulated internally and lime plastered in the traditional way.  Every effort has been made to preserve and enhance the essence of the original medieval farmhouse.

A new attractive timber-framed building is under construction on the adjacent site, previously occupied by a farm shop.  This comprises a garage, utility room and storeroom with a “work-from-home” office on the first floor, providing a most desirable addition to the property, which is ideally located for access to road and rail routes, nearby shops and leisure activities.

The Romsey Signal Box, rescued by the Trust in 1982, is proving to be a most important and developing asset, with visitor numbers increasing to such a degree that volunteers are considering opening more frequently to keep pace with demand.  The Friends of the Signal Box, who oversee the running of the facility, will be opening the new Education Building in 2023 to provide opportunities for joint ventures with local schools.  The Signal Box is providing excellent training for the youngsters who volunteer to work at the Box.  Several structural repairs are planned for the near future to preserve it in an optimal state.

ORGANISATION STRUCTURE

The Trust is a member of the Heritage Trust Network and is listed as one of some 170 Trusts on the register of the Architectural Heritage Fund’s ‘Register of Revolving Fund Building Preservation Trusts’. It has charitable status and is constituted in such a way that money released from a completed preservation project can be applied to another.

An annual general meeting is held yearly in the autumn. At this meeting one third of the Trustees retire in rotation.

During the year under review there were ten Trustees who met on the regular basis established at the time of the Trust foundation, usually either monthly or bimonthly. Minutes are circulated after each meeting. A number of non-voting advisers also attend these meetings; these can include a representative from an Architect’s office, Lawyer, Historic Buildings Consultant and a Valuer.

The following trustees have held office since the 1st of April 2021 unless stated:

Professor Peter Shoolingin-Jordan BSc, PhD, FRSC

Dr Frank Ackerman

Tim Greenall FCA (resigned 2 February 2022)

Dilys Hall BDS, Dip.Arch.Cons

Peter Halliwell BSc, C.Eng. , MIMech.E., MCIBSE

Richard Hewett Ba Hons, Dip CIM

Rodrick Jackson MRICS

James Laffeaty BSc Hons, Dip Surv.

John Thompson-Hall

Michael Woodall FRICS

Related parties

The Trust is represented on the executive committee of the Romsey and District Society, a Civic Society with interests covering a similar geographical area and, as previously stated, is a member of the Heritage Trust Network.

Risk management

In accordance with the Charity Commission’s Statement of Recommended Practice, the Trustees have identified and evaluated the major risks to which the Trust is exposed in accordance with Trust Policy.

The Trustees have taken all reasonable steps to eliminate these risks of asset loss, financial liability or damage of its reputation.

The Trustees ensure that a Health and Safety review has been carried out on every site it owns or leases before site work or voluntary work is commenced.

Signal Box

The Friends of Romsey Signal Box have an up- to- date Health and Safety Policy.

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements the Trustees are required to:

-Select suitable accounting policies and then apply them consistently;

-Make judgements and estimates that are reasonable and prudent;

-Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable it to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

I report to the trustees on my examination of the financial statements of Romsey and District Buildings Preservation Trust Limited (the trust) for the year ended 31 March 2022.

As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the trust 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 the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

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 that in any material respect:

accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or

the financial statements do not accord with those records; or

the financial statements 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

the financial statements 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 financial statements to be reached.

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

Romsey and District Buildings Preservation Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 5 Market Place, Romsey, SO51 8XF, United Kingdom 5 Market Place, Romsey, SO51 8XF.

The accounts have been prepared in accordance with the trust's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Costs are allocated between direct charitable and other expenditure according to the nature of the cost. Where items involve more than one category they are apportioned between the categories according to the nature of the cost. Expenditure is recognised on an accrual basis as a liability is incurred.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Grants received

Souvenir sales

Buffer stop income

Restricted fund

Unrestricted fund

Sales items stocks

Electricity/water

Materials

Marketing

Website expenses

General expenses

Legal and professional

Accountancy

AGM expenses

Management company fee

Subscriptions

Bank charges

There were no employees during the year 0 (2021: 0).

No provision for UK corporation tax has been made. The excess of income over expenditure since incorporation has been accepted by HM Revenue and Customs as being exempt from corporation tax under the provision of Section 505 ICTA 1988.

Freehold ground rents were valued by the Trustees on the reporting end date at £3,295 on the basis of an open market valuation for existing use.

The Signal Box is retained for its historical and educational interests. The Trust has no intention to dispose of the Signal Box and the Trustees consider it to have no value. All expenditure relating to the Signal Box has been written off through the profit and loss account.

Land on which the Signal Box stands was acquired by the Trust from the British Railways Board in 1986. It is now included in the Trust balance sheet at £1 and there is no intention of disposing of it.

Unrestricted funds

Restricted funds

No one party has overall control of the company.

Other transactions

Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year.

The Romsey Signal Box

The Romsey Signal Box is owned by the trust who pay for all the insurance excluding contents and all risks and also contribute to major repairs. The day to day running expenses of the Signal Box are paid from donations and subscriptions to the Friends of Romsey Signal Box.