ROMSEY_AND_DISTRICT_BUILD - Accounts

The Trustees submit to the members their forty third annual report and the financial statement of the trust for the year ended 31 March 2023.

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.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply 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)" (effective 1 January 2019).

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 Trustees have continued to meet on a monthly basis, in person, since the relaxation of meeting restrictions imposed during the previous financial period.

The 2021-2022 Annual General Meeting was held at its usual venue of the Plaza Theatre and attended by Trustees and Trust members. Immediately after the business meeting the Annual Lecture was delivered and to which all members of the public had been invited.

Our speaker was Julian Bell, Curator of the Weald & Downland Living Museum who presented an illustrated talk about the work of the Museum at its home in Singleton, West Sussex.

The restoration of Bargain Farmhouse at Nursling has continued to be the principle focus of the Trustees throughout the year. The difficulties encountered in the previous year remained problematic with the availability of labour and materials. Cost increases became particularly important and required revisions to the project budget and funding arrangements. The project is set to complete in 2023.

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. There are eight Trustees in regular attendance at its meetings supported by three Advisors.

Chairman’s Report

This year, the Trust’s attention has been focussed almost exclusively on the continued renovation of Bargain Farmhouse, a Grade II listed, timber framed and thatched building in Nursling, Southampton, SO16 0XS, purchased in 2019 from the Barker-Mill Estates. As reported last year, tree ring dating established that the farmhouse was constructed in 1601, making it one of only a few of its type remaining in the Southampton area. For many years, the adjoining grounds were used to grow produce for the Hurst family-run farm shop. Several years ago, most of the market-garden site was sold for a development of good quality housing, leaving the farmhouse as the only survivor of a by-gone age. It was therefore identified, by the Trust, as a threatened heritage building of great importance which required comprehensive restoration.

The initial work, specified by the Trust’s Historic Buildings Advisor, Mr Kevin Stubbs, entailed rebuilding and strengthening parts of the timber frame, especially trusses 3 and 4 of the four main trusses at the east end of the building, which had been weakened by inappropriate alterations in the past. One of the most challenging repairs involved jacking-up the complete northern front elevation to permit the replacement of the main soleplate. The building has been beautifully rethatched using water reed under which fire-retarding boarding has been fitted. A new, two-storey, timber-framed utility building to the west elevation has been completed which provides a garage, utility area, storeroom and, on the upper floor, an extensive 35 square-metre room which could be used as an office, an exercise room or as additional accommodation.

Most recently, the focus has been on completing the renovations of the interior of the farmhouse and reinstating the garden. The lower floor has been lined with cork to insulate and damp-proof and the entire interior has been finished with lime plaster and decorated sensitively. On the upper floor, the construction of a family bathroom is a necessary addition to serve the three spacious bedrooms. Together with the professionally cleaned beams, the interior looks stunning, retaining its medieval character yet looking like a fresh, new home with a well-appointed kitchen, downstairs cloakroom/WC, central heating and all the other requirements for modern living. The majority of the later work on the renovation was ably supervised by Mr James Laffeaty, Hon. Secretary of the Trust, aided by members of the Trust’s Committee who formed many working parties to dispose of rubbish and to maintain the garden, which has now been newly turfed.

In July, an “open day” was held to allow members of the Trust, Members of the Romsey & District Society as well as local residents who had shown an interest in the project, to see for themselves the remarkable transformation which has been achieved. Bargain Farmhouse is now on the market and, despite a challenging period for selling property, it is hoped that a buyer will come forward soon. To have the opportunity to purchase such a beautifully restored medieval building in a secluded area, yet within a stones-throw of Southampton centre, with access to shops, hospitals, road and rail links, is very rare.

Over the past year, Romsey Signal Box, owned by the Trust but administered brilliantly by The Friends of the Signal Box, has continued to attract a large number of visitors and is set to break its record with visitor numbers increasing to such an extent that its opening times have been increased. Progress with setting up the new Education Building, renamed The Discovery Centre, is continuing apace and this will provide opportunities for joint ventures with local schools. The Friends are never short of enthusiastic young volunteers to assist with maintenance and demonstrating on the many Open Days. The Box is feeling its age, since being moved to its current site over forty years ago, and is in need of major structural and cosmetic repairs which are planned for early 2024.

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 a Lawyer, Historic Buildings Consultant and a Valuer.

The following trustees have held office since the 1st of April 2022 unless stated:

Professor Peter Shoolingin-Jordan BSc, PhD, FRSC

Dr Frank Ackerman

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.

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 2023.

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

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.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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 the statement of financial activities.

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

Management company fee

Subscriptions

Bank charges

The average monthly number of employees during the year was:

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.

The AHF loan is secured on a property owned by the Trust.

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.

As at 31 March 2023, the following amounts were in Bank and Cash in Hand:

TSB Current Account - £2,122

TSB Friends Of Romsey Signal Box Account - £5,616

TSB Friends Of Romsey Signal Box Instant Access - £41,214

TSB Business Instant Access - £7

Friends Of Romsey Signal Box Cash In Hand - £98