The Dronfield Heritage Trust - Charities report - 18.1

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 2017

for

The Dronfield Heritage Trust

The Dronfield Heritage Trust

Contents of the Financial Statements

for the Year Ended 31 July 2017

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 14

Reconciliation of Income and Expenditure

15

Reconciliation of Funds

16 to 17

The Dronfield Heritage Trust

Report of the Trustees

for the Year Ended 31 July 2017

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 2017. 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 2015).

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 Aricles of Association, the Charity has the power to invest in any way the

trutess's 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 2017 was £284,858 (2016 - £221,983).

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

J R Ramsden

- deceased 13.11.16

W Wynne

- deceased 19.10.17

Mrs D Smillie

Mrs A Brown

Ms M S Taylor

B Simpson

P L Johnson

- appointed 11.10.16

J Broadhurst

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 2018 and signed on its behalf by:

A A Powell - Trustee

Independent Examiner's Report to the Trustees of

The Dronfield Heritage Trust

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 2017.

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: .............................................

The Dronfield Heritage Trust

Statement of Financial Activities

for the Year Ended 31 July 2017

31.7.17

31.7.16

Unrestricted fund

Total funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

214,463

170,468

Investment income

2

10

87

Total

214,473

170,555

EXPENDITURE ON

Raising funds

3

135

-

Charitable activities

Insurance

1,334

6,134

Gardening

2,193

6,560

Professional charges

6,287

25,813

Bank charges

45

-

Repairs & renewals

3,203

7,689

Post & stationery

879

2,386

Subscriptions

250

119

Sundries

3,552

11,214

Room hire

2,643

4,708

Depreciation

10,049

10,672

Advertising

5,660

-

Publicity

7,400

10,891

Admission fees

-

84

Catering & refreshments

2,658

6,946

Wages

48,495

36,242

Telephone

1,313

964

Travelling

598

377

Materials

828

2,183

Software

5,970

-

Training

8,663

1,697

Design fees

-

3,203

Consultancy

-

7,596

Web design & IT consultancy

-

15,468

Light & heat

13,929

3,306

Card charges

330

533

Cleaning

11,663

5,303

Equipment hire

180

1,322

Rates and water

231

392

Loan interest

7,192

4,345

Clothing

236

-

Entertainment

1,800

-

Workshop

1,632

-

Accountancy

2,250

2,500

Total

151,598

178,647

NET INCOME/(EXPENDITURE)

62,875

(8,092

)

RECONCILIATION OF FUNDS

Total funds brought forward

221,983

230,075

TOTAL FUNDS CARRIED FORWARD

284,858

221,983

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The Dronfield Heritage Trust

Balance Sheet

At 31 July 2017

31.7.17

31.7.16

Unrestricted fund

Total funds

Notes

£

£

FIXED ASSETS

Tangible assets

8

38,125

39,586

Heritage assets

9

290,020

289,000

328,145

328,586

CURRENT ASSETS

Debtors

10

4,788

4,788

Cash at bank and in hand

53,368

47,209

58,156

51,997

CREDITORS

Amounts falling due within one year

11

(96,089

)

(153,246

)

NET CURRENT ASSETS/(LIABILITIES)

(37,933

)

(101,249

)

TOTAL ASSETS LESS CURRENT LIABILITIES

290,212

227,337

CREDITORS

Amounts falling due after more than one year

12

(5,354

)

(5,354

)

NET ASSETS

284,858

221,983

FUNDS

14

Unrestricted funds

284,858

221,983

TOTAL FUNDS

284,858

221,983

The charitable company is entitled to exemption from audit under

Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended

31 July 2017 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

special provisions of Part 15 of the Companies Act 2006 relating to

charitable small companies.

The financial statements were approved by the Board of Trustees on 30 April 2018 and were signed on its behalf by:

A A Powell -Trustee

The Dronfield Heritage Trust

Notes to the Financial Statements

for the Year Ended 31 July 2017

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 2015)', 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.

2.	INVESTMENT INCOME

31.7.17

31.7.16

£

£

Interest received

10

87

3.	RAISING FUNDS

Raising donations and legacies

31.7.17

31.7.16

£

£

Support costs

135

-

4.	NET INCOME/(EXPENDITURE)

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

31.7.17

31.7.16

£

£

Depreciation - owned assets

10,050

10,673

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2017 nor for the year

ended 31 July 2016.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2017 nor for the year ended

31 July 2016.

6.	STAFF COSTS

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

31.7.17

31.7.16

Administration

2

2

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

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted fund

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

170,468

Investment income

87

Total

170,555

EXPENDITURE ON

Charitable activities

Insurance

6,134

Gardening

6,560

Professional charges

25,813

Repairs & renewals

7,689

Post & stationery

2,386

Subscriptions

119

Sundries

11,214

Carried forward

59,915

Charitable activities

Brought forward

59,915

Room hire

4,708

Depreciation

10,672

Publicity

10,891

Admission fees

84

Catering & refreshments

6,946

Wages

36,242

Telephone

964

Travelling

377

Materials

2,183

Training

1,697

Design fees

3,203

Consultancy

7,596

Web design & IT consultancy

15,468

Light & heat

3,306

Card charges

533

Cleaning

5,303

Equipment hire

1,322

Rates and water

392

Loan interest

4,345

Accountancy

2,500

Total

178,647

NET INCOME/(EXPENDITURE)

(8,092

)

RECONCILIATION OF FUNDS

Total funds brought forward

230,075

TOTAL FUNDS CARRIED FORWARD

221,983

8.	TANGIBLE FIXED ASSETS

Plant and machinery

Fixtures and fittings

Computer equipment

Totals

£

£

£

£

COST

At 1 August 2016

27,907

18,265

5,578

51,750

Additions

1,058

7,531

-

8,589

At 31 July 2017

28,965

25,796

5,578

60,339

DEPRECIATION

At 1 August 2016

5,811

3,879

2,474

12,164

Charge for year

4,631

4,384

1,035

10,050

At 31 July 2017

10,442

8,263

3,509

22,214

NET BOOK VALUE

At 31 July 2017

18,523

17,533

2,069

38,125

At 31 July 2016

22,096

14,386

3,104

39,586

9.	HERITAGE ASSETS

Total

£

MARKET VALUE

At 1 August 2016

289,000

Additions

1,020

At 31 July 2017

290,020

NET BOOK VALUE

At 31 July 2017

290,020

At 31 July 2016

289,000

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.

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Other debtors

3,396

3,396

Prepayments

1,392

1,392

4,788

4,788

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Other loans (see note 13)

83,485

141,976

Trade creditors

2,332

7,267

Social security and other taxes

4,019

-

Other creditors

1,218

1,218

Accrued expenses

5,035

2,785

96,089

153,246

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

31.7.17

31.7.16

£

£

Other creditors

5,354

5,354

13.

LOANS

An analysis of the maturity of loans is given below:

31.7.17

31.7.16

£

£

Amounts falling due within one year on demand:

Other loans

83,485

141,976

14.	MOVEMENT IN FUNDS

At 1.8.16

Net movement in funds

At 31.7.17

£

£

£

Unrestricted funds

General fund

221,983

62,875

284,858

TOTAL FUNDS

221,983

62,875

284,858

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

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

214,473

(151,598

)

62,875

TOTAL FUNDS

214,473

(151,598

)

62,875

Comparatives for movement in funds

At 1.8.15

Net movement in funds

At 31.7.16

£

£

£

Unrestricted Funds

General fund

230,075

(8,092

)

221,983

TOTAL FUNDS

230,075

(8,092

)

221,983

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

Incoming resources

Resources expended

Movement in funds

£

£

£

Unrestricted funds

General fund

170,555

(178,647

)

(8,092

)

TOTAL FUNDS

170,555

(178,647

)

(8,092

)

15.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2017.

16.	ULTIMATE CONTROLLING PARTY

The trustee directors are the ultimate controlling party.