Docusign Envelope ID.. 12738999-001B41E7-9311-F266331 B1B78 Company Number 1994107 CUERDEN VALLEY PARK TRUST TRIISTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Regislered Charity Number: 1002888
Docuslgn Envelope ID.. 1273899O0lB4l E7.9311.F266331B1876 CUERDEN VALLEY PARK TRUST CONTENTS Page Trustees. report I to 10 Audiiors, report 1110 13 stst¢ment of financial a¢tivities 14 Balance sheet 15 Notes to the financial statements 16to24
Docusign Envelope ID-. 127389994)OIB41E7.9311.F26633181B78 REPORT OF THE TRUSTEES OF CUERDEN VALLEY PARK TRUST YEAR ENDED 31 MARCH 2024 The Truslees, who act as Directors for the pury)oses of company law, present their report, which also incorporates the Directors, report as required by company law, and the financial statements for the year ending 31 March 2024. Reference and Administrative detgils Cuerden Valley Park Trust is a registered charlty, number 1002888, and is a ¢ompany limited by guarantee, registration number 1994107, incorporated in England and Wales. The address of the principal office is: Cuerden Valley Park Visilor Centre, Berkeley Drive, Bamber Bridge, Preston PR5 6BY and the Company's registered office is: 4 Southport Road, Chorley PR7 1 LD. The Park's website is www.cuerdenvalle rk.or Trn5tees The Trustees who served during the year and were serving on the date of the approval of this report are: Jennifer Je8n McDonough (Chairl Donald Gardner Susan Ann Mar5den (Vice Chair) Cllr Mark Edward Clifford (CBC Councillor} Nicola Ann Bamfaiher (Treasurer) Paul Drinkwater (Appointed 27 January 2025) R¢becca Gaskill Stephen Keith Gilles lan Robert Singleton (Appointed 25 September 2023) Alison Elizabeth Bennett (Appointed 29 July 2024) Andrew James Taylor {Appointed 22 May 2023) David Beattie Other Trustees who served during the financial year 2023-24: Michael Hany Brooks (Resigned 28 October 2024) Lawrence Conrad Hayton (Resigned 20 September 2024) Glenn William Sutton (Resigned 28 Ociober 2024) Peler James Wagstaff (Resigned 29 January 2024) The Trustees would like to record their grateful Ihanks to the forn)er Trustees for their past service to the Tnt. Banker The Cowoperative Bank. PO Box 250. Delf House. Southway. Skelmersdale WN8 6WT Accountonts ondAuditors Smith & Goulding Limited, 2-4 Southport Road. Chorley PR7 ILD Solicilors Kevills, Astley House, 5 Park Road, Chorley PR7 IQS Napihens, 7 Winckley Square, Preston PRI 3JD InveJtmeni Managers Atomos Investments Limited. Windsor House. Cornwall Road. Harrogate HGI 2PW Struclurep governinee and m4nagemen¢ Cuerden Valley Park Trust is a company limiled by guarantee and is governed by its Memorandum and Articles of Association dated 28 February 1986. The trust is now under the management of ihe CEO Mr. Andrew Suter. The Trust cuttently employs two full time Park Rangers and one part time Ranger, a full time Lead Ranger, a full-time digital Communication and Marketing officer, two part tim¢ Office Managers, one who also acts as Company Secretary. an Operations Manager who runs the Cafe and Visitor Centre and a part-time Education officer. The T$1 Business and Activity plan is now fully implemented and effectively guiding the dply to day business as well &$ the strategic planning agreed by the CEO and the trustees. The documents have provided a renewed fo¢us on the park and its assets whilst acknowledging the need to generate sufficient funds to maintain the park each year with the inlention of providing a surplus to enable a more ambitious programme of renewal for larger items of park infraslructure. These do¢uments are supported by the park strategy which a¢tively promotes a more inclusive wellbeing focus through the delivery of traditional skills training within the park.
Docusign Envelope ID.. 12738999-001B41E7-9311-F266331 B1 B78 REPORT OF THE TRUSTEES OF CUERDEN VALLEY PARK TRUST YEAR ENDED 31 MARCH 2024 Structurey governxnce and mgnggement eontinued The Arti¢le5 of As50ciation provide for no less than four and not more than fifteen Trustees, of which at least one, but D¢v¢r more than half, shall be a Member or Official of Chorley Borough Council. In practice Chorley Borough Council nominate one councillor, usually frorn a ward local to the TTUSt. Other Trustees. appointments are confirmed at the AGM by the members under the nornial Companies Act nile5. The Trust advertises online and locally for new Tstee5. The recruitment process is the submission of an application and CV for review by the Chair and the Board of Trustees. Following an informal meeling with the Chairn)an and Company Secretary. the potential Trustees are provided with a copy of the CVPT Trustees Handbook together with relevant documents from the Charities Commission. They are then invited to observe at the next Trustees meeting{s). and having confirnied their willingness to stand. the Tte5 will vote on their appointment. Thts ProcTe may be streamlined in ¢ase of need. The reporting period has seen a settled board of trustees who now provide support and governance lo the CEO across the whole of the parks business and objectives. As a result of ihe excellent skills base now in place one long standing trustee has resigned and il is ¢xpe¢ted that further long standing trust¢e's will also resign over the next twelve months to allow the trust to develop under new governorship. Targeted recruitment of future trustee's will be tsrgeted to ensure a high level of experience and knowledge in speclfic areas to support the trust as it meets the hture need5 of the community it serves. The new trustees have bolstered the board with specific skills in relation to Policy and Procedure, Education, Biodiversity, Ecology and Conservation, Government climate and environment policy and Fundraising. Following their appointment, new Trustees are supported by the Board and are invited to engage with stsff and volunteers, to visit the Parks. workshops and oiher facillties and to observe operations in the park. The current training policy for TTUStees is completion of at least one online training course per tenn delivered by an approved online body specialising in charitsble trust5. This is to keep up to date with d¢velopmcnls in the charitable sector and to develop those skills identified by ihe Trustees as key to their role. All tsvstees have ¢ompleted the training over the lasi 12 months. All Trustees give their time voluntarily and receive no benefits from the Trust. There is a Directors Liability insurance policy in place which ¢ov¢rs all Trustees. The Trustees usually meet bi-monthly to undertake their duties in the strate¥ic direction is of the Trust with particular focus and overall responsibility for External Funding. Finance. Risk Management, Governance. the setting of policies and the long-terni strategy. The CEO and staff are responsible ft)r the operational day-to-day management of the Park and other CVPT assets, business planning, meeting regularly and keeping the Trustees inforni¢d, supporting the work of the Friends of Cuerden Valley Park Trust, other volunteers and 51akeholders, and advising the Trustees. Remuneration The remuT]eration for the key management Position of th¢ Chief Executive oifjcer has been eslablished by Consulting the cuent market for comparable posts, benchmarking similar roles to ensure the markct Tate for the role is offered. Benchmarking takes place on a regular basis. Salary levels for this and other key roles in CVPT are reviewed annually by the Trustees to tske &ccount of market trends and current inflation rates. In recent years, the role and the scale and scope of the attendant responsibilities have increased and ihe salary level, therefore, has a150 increased to reflect the greater workload and responsibilities now encompassed in th¢ role, while remaining well within the currenl market rate for the position. Risks The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to publi¢ liabllity. operations, reputation and the finances of the Trust. The risks are prioritised in tern15 of their impact and likelihood of o¢¢urr¢n¢¢. The Risk Register is reviewed regularly by the CEO and presented to the Twstee meetings for review and comment. The principal risks are: Finan¢ial 5UStainability A serious event at Clayton B Took Reservoir The poor ¢ondition of Factory Lane bridge which provides a¢¢ess to the southern end of the park and a number of private residential properties
Docusign Envelope ID.. 1273899o0l1E7.93ll.F2G633l B1B78 REPORT OF THE TRUSTEES OF CUERDEN VALLEY PARK TRUST YEAR ENDED 31 MARCH 2024 Risks continued Tree health and condition. in particular incidents of disease such &s Hymenoscyphus fraxineus (Ash die back) and Phy¢ophthora ramorum Safeguarding - CVPT has a strong education programm¢ in place with regular school visits. The TTUSt takes safeguarding of children and vulnerable adults seriously, with mandatory training for key st&ff and the appointment of a Trustee Safeguarding Lead. During this year no safeguarding incidents were reported. Objectives and activities The charity's object and principal a¢tlVlty is to advance the education of the public and provide for the recreation of the public by provision of paTkland in thc boroughs of Chorley and South Ribble. In furtberance of the above, the charity has ihe following main powers: To promote and preserve Cuerden Valley Park for the benefit of the public. b. To acquire equipment for the maintenance of the Park and to cany out works for the improvement and d¢v¢lopment of the Park. To provide educational and lecturing facilities at, and tOUTS of, the Park. To remoin compliant with its legal responsibilities, the Trust is committed to high standards of maintenance and conservation of the Park so that it is an accessible, safe, and attractiv¢ T¢source for all users. Within the physical setting of the park infornial recreation, educational activities, the promotion of health and well-being, wildlife protection and enhancement all take place within the open air and in natural surroundings. Free access is available all year round to all pedestrians and cyclists. A paTking fee is charged for vehicular access whi¢h represents a significant part of the Trust's in¢ome. There are 28 pedestrian entrances and four small car parks. The objectives for this past year were.. Maintain the park to the highest possible standards a5 an amenity for all Ensure that Cuerden Valley Cafe Ltd remains commercially viable Research and apply for relevant and applicable external grant funding to sustain the Park both now and into the future Agree and progress the disposal of Lower Wood End Farn] to generate funds for capital investment in the future maintenance and conservation of the Park Implement the Trust's medium- and long-term Strategy and Business Plan The CEO deploys their team and P4vailable financial resources to achieve these objectives, whi¢h are reviewed bi- rnonthly review with the Trustees. The Trust's strategy is to generate inwme 5uffi¢ient to operat¢ profilably and to maintain surplus capital for future investment ID the long-temi. Public benefit $titemenl The Chair and the Board of Trustees confirnl that they have complied with their duties in delivering public benefit in accordance with the Trust's Aims and for the purposes of the advancement of education, citizenship. heritage and environmental protection and improvement. They have had due regard to the guidance on public benefit published by the Charities Commission in exercising their duties. The charlty's work on the preservation and improvement of the park's facilities ensures the public is able to benefit from access to the park and tske part in any activities that further its aims. Achievements and performanee Cuerden Valley Park continues to enable a diverse and increasing number of users to benefit from its facilities and the learning. health and well-being activities provided and supported by the Trust. The park remains an enormously popular place to relax, exercise and socialise. The Trust has continued to see significant visitor numbeTS which bTings increased litter, wear and tear, erosion, damage and unfortunat¢ inGid¢nts of vandalism. Key achievements of 2023124 are detailed below:
Do¢uslgn Envelope10.' 12738999-001B41 E7-9311-F266331B1B78 REPORT OF THE TRUSTEES OF CUERDEN VALLEY PARK TRUST YEAR ENDED 31 MARCH 2024 Educalion Our ¢urri¢ulum-led education programme is highly regarded by teachers across Lan¢ashire and Greater Manchester, and w¢ are designated as a 'safe 51te' by education authorities. During the period from April 2023 to March 2024 the educalion program has gone from strength to strength. We delivered over 70 school visits during the period, predominantly for primary schools. Other education visits also included uniforn) groups and a host of wildlife themed guided walks. Heallh & wellbeing Cuerden Valley Health Walks are part of a national initiative aimed at encouraging less active or isolated people to get out and enjoy some gentle exercise. The programme was 13un¢hed in 201 O with an average of 40 people taking part . weekly. The Friends of Cuerden Valley Park Trust group and our volunteers run the program in-house. The walks take place every Tuesday and Thursday morning. offering an organised group gentle walk around the park which users say l)oosts their health and brings welcome soctal engagement in an inforn)al and friendly setting (there is no booking required). During this reporting year we have increased our organised walks providing 198 compared with 190 in the previous year. Whilst this attracts smaller numbers it is more regular and an important part of the offer we make for those who are unable to manage the longer and faster paced walks. Over the last year we have had 2,035 attendees and our walk leaders provided a total of 552 hrs of guidance. Conservation & maintenance Work continues against our annual Managernent and Maintenance plan. A new Emergency Flood Plan as directed by the Ministry responsible for the Reservoirs Acl, has b¢¢n prepared and the Board accepted and the team implemented the Plan, a key Health & Safety operational document ahead of the deadline. The plan now includes an annual emergency exerci5¢ to test readiness for an emergency evenl. The Reservoir is a welcome feature on the visitor rout¢ for the Park. The annual engtneeTing inspection took place in June 24. Further deterioration to the reservoir spillway was again discussed. We have commissioned an Engineers, Report to include costings for the works, that work is currently ongoing with Surveys being programmed for mid-july 24. We are expecting the result in lat¢ August, following which the Trust will issue an Invitation to Tender. It is likely ihat ihis work will take place during late spring of 2025. Our drive to become 'the most accessible park in the North West continues. The new meadow footpath, entrances and Iramper hire projects have been perforniing well. Demand for Tramper hire is on the rise. During 2024 we have purchased and are about to install a new accessible toilet facility. The TnL8t h&8 again achieved the Green Flag and Green Flag Heritage Park awards. The knowm presence of Hymen05cyphus faxineus {A5h die back) on the estate and its woodland ¢ompartments has been a Concern for the Parks management team. The costs for controlled ftlling and removal is beyond the current small department budget, mainly because the affected trees are adja¢ent to highways whi¢h requires specialisl arboriculture ¢ontraclor5 and potential Costly temporary traffic restrictions. These works are beyond th¢ capacity of thc in-house Ranger service and will raise the issue of extra funding for the Board lo meet its general Duty of Care and add financial pressure to cash flow and income streams. This issue is added to the Risk Register. The Park and Ranger service continue to work in partnership with our local sUPPOrt groups, such as the Friends and volunteers. group, actively assisting on fund raising events and supporting environmental prote¢tion projects or survey works critical to the environmental protection of the estate's diverse habitats.
Do¥[gn Envelope ID: 12738999-001B41 E7-9311.F266331B1B78 REPORT OF THE TRusfEES OF CUERDEN VALLEY PARK TRUST YEAR ENDED 31 MARCH 2024 Conservalion & mainlenllnce conlinued The Ranger team continue to supporl volunteering with a regular task day taking place on the third Saturday of each month. Weekday volunteering h&5 also seen an increase in participation with a renewed focus. Volunteer numbers Continue to increase. The Park and estate continue to serve it core functions under increasing financial pressure and wilh an infrastructure that is not fit for purpose with a small, dedicated leam supported by a proactive Board and a professional and dedicated Ranger service. The strategic direction is clear and shared across ihe whole team and the need to d¢velop the resources n¢ces5ary to deliver greater benefits is recognised as a challenge. However, the leam are as committed as ever be¢ause the land they protect matter5 more than ever to a greater and more diverse audience. Fundraising The Communication and Engagement officer has worked with our new CEO to develop a new and more ambitious range of sponsorship packages. These include memorial planling for pets, sponsorship of area within the park and a new Corporate sponsorship package. The creation of a new memorial Orchard within the park is undeNiay. it will b¢ launched in Autumn 2024. A detailed Pr0MMe of events was developed for 2024. these included the usual favorite walks and talks as well as the Forest Camps. They also include the continuation of Park Night events in the Cafe and the Beer and Gin Festival in the Walled Orchard. A major success this year has been the tske-up of Taskmaster and CSR volunteering for ompanics. this has exceeded expectation5 and is making a modest contribution to our fundraising targels. Future artivitj¢5 for late 2024 will include a Christmas Lights event and market. To date th¢ Trust has secured over £60,000 in grdnt funding for projects Mrythin the park. Wtsllor Cenlre The Visitor C¢ntre does not quite live up to its T]ame. With the extension of the Café there is limited space to promote and intere( the wider park. The building now performs primarily as a office fo the staff team and a popular cafe. The Café continues to perfomi well with regular 'Park Nights, events and an in¢reasing number of private bookings and functions. Carparks The Trnsts outsourced car park management and uses a solar-powered ANPR system was reviewed in 2023124, as a Tesult the Trusts has changed PTovider for tlie system- moviT]g to a pay on exit model. Following some teething trouble the new system is perfonning well. complaints have dropped significantly. Car parking income remains the largest and most cost-effective source of income for the Trust. Yolunleering Volunteers ar¢ essential to the success of the park and Trust¢¢s are grateful for ail the time and skills given. Volunteering spans every area of activity including Offjce Administration, as8lSting the Education Officer wilh school groups, setting up events such as the Food & Craft Market. and working alongside th¢ Ranger5 to maintain the Park. The Rangers host monthly Conservation Saturdays, focuslng on sp¢¢ific tasks and these are an ideal starter day for potential volunteers wishing to get involved in the maintenance and conservation of the Park. The volunteer programme assists across varied tasks including Admin, Balsam-removal, Education, Estste work. Events, F&C markets, Health Walk leaders, Litter picking, Orchar(Vgardening and assisting the Wildlife Officer. We also have scout groups and school groups who come to do litter picking and ba15am bashing.
Docusign Envelope ID.. 127389994)01841E7-9311.F26633181878 REPORT OF THE TRUSTEES OF CUERDEN VALLEY PARK TRUST YEAR EIYDED 31 MARCH 2024 Friends olcuerden Valley Park The active membership of the Trust (Friends) was 161 (including 93 family memberships) at 31 March 2024. At the AGM in October 2023. the Committee members were elected, with 2 Trnslees Susan Marsden and David Beattie Co-opted and the remaining 9 places filled by ordinary Members. Two previous members left and 2 new people joined. The Committee consist5 of Jack Spickett the elected Chair, Janet Clark Treasurer and Sheila TuffTey Membership Secretary with David Beattie taking the Vice Chair position. The Friend's incorne is held as restricted funds to be used for th¢ purpose of funding spe¢ifi¢ projects and equipment for use in the park. During this year the Friend5 used their funds to purchase a variety of things. Wildflower proje¢t which launched in June 2021 met its target of £3K and WOTking with the Rangers and volunteers various ar¢as have been 5¢eded. The remaining £1600 will be used as appropriate over the next year to purchase seeds or plug plants. The Friends were asked and agreed to make contribution of £5K towards the cost of a new building for Educ01ion following the café refit in the Visitor Centre. The Friends were also happy to fund the purchase of Converted horsebox to be fitted out as a mobile cafe. The intention was to use this to be used when the VisitOT Centre was closed and after this for busy summer periods and at events. Th¢ Friends gave the Trust the necessary £8K budget. It was agreed it would be called Cuerden View 2U and have signage indicating it had been purchased by the Friends Group. The Friends also purchased various items including a lawn mower and knapsack sprayer. Funds aye raised through donations from park visitors and money raised by Tombola and various sales at F&C market. Throughout the year the Friends continue to support the activities of the Wild Life Offi¢¢r by funding sundries including the DNA testing kit for newts, batteries for the Wild Life Cameras. food for hedgehogs and wild btrds. The quarterly Friends Newsletter ha5 been reinststed helping the Committee to keep in contsct with the members.
Docusign Envelope ID.. 1273899&W1B41E7.9311_F266331 B1B78 REPORT OF THE TRusfEES OF CUERDEN VALLEY PARK TRUST YEAR ENDED 31 MARCH 2024 Meeling our objeclives The last year ILas seen the Trnst meeting and indeed exceeding expectations. Significant expenditure has been necessary to cnsure the park remains safe for its users; this continues to put a strain on ¢ashflow. The staff team are working hard to maximize income across multiple new project areas. IvTost significantly is the upcoming launch of a wedding package for the Or¢hard. This will be launched in late 2024 with dates offered for 2025 onwards. The Trusts Digital Communication Engagement Officer has built the digital footprint and reach beyond expectations. The focus Temains building brand. reputation. and positive visitor experiences to undetTrin fundraising efforts and income generation. The CEO has worked Closely with the Twstees on strategic development opportunities. in¢luding the upcoming sale of surplus assets such as Lower Wood End Farni. The Trust Strategy and business plan, under the ¢ontrol of the CEO ensures that the TNst continues to meet the needs of its ¢ommunities and fulfil it5 charitable objects, vlhile addressing issues of infrastructure investment and slatulory obligations. Fillaneial review The Statement of Financial Activities for the year is set out on page 14 of the Financial Statements. The Trustees approve a detsiled budget of income and expenditure prior to the start of each year as the basis for the programme of the work to be undertaken during the year. During this year the Twst set a budget based on the business plan created by the CEO whi¢h involves investment in maintenan¢e and improved infrastructure. This Budget looked to maintsin a positive ¢ashflow as increased income from the Café, parking and grants have been se¢ured, The TNst's two main sources of income during the year which are key to supporting the Trnst's objectives, are car parking. and profit donation by trading subsidiary company. The in¢ome that the Trust derives from the investment of the original endowment and subsequent small additions to unrestricted funds, Continues to be an irnportant and reliable income stream. Budgeted income was planned lo remain static. however, this was updated at the start of the financial year based on th¢ lower-than-expected parking revenue. A number of mainteT]ance events have also fallen into this financial year- a nurnbcr of these works were required to ensure the park met the required safety standards. However, a higher level of income than expected has been received particularly from grants and the subsidtary donation. Reduclions in other cost areas also meant that while the accounts showed a deficit for the year, an overall rise in income and reduction in expenditure led to a lower deficit to that originally included in the budget. The final result as set out on page 14 of th¢ accounts was a deficit of £234,583, including the revalualion of the investments. The position Tegarding the trading subsidiary is set out in Note 12 of the accounts. The Balance Sheet was in deficit at the year-¢nd a5 a result of a trading loss for the year arising from a fall in turnover due to period5 of closure for improvement work and the general rise in ¢osts experienced across the economy. The subsidiary has been trading profitably again during ihe current year and the Balance Sheei is expected to be in Credit again by the 2024 y¢ar*nd.
Docusign Envelope ID.. 1273899&001841E7-9311-F266331 B1B78 REPORT OF THE TRUSTEES OF CUERDEN VALLEY PARK TRUST YEAR ENDED 31 MARCH 2024 Financial review continued The Tnt remained in a stable financial Posiiion at the year-end as shown by the Balance Sheet although ihe net assets total had reduced as a result of the reduction in the investments over the year as set out above. The results and the year- end position were however not significantly affected by other events during the year. Reserves In March 2020 the Trust adopted a Reserves Policy to ¢n5ure adequate unrestricted free cash is held to cover unforeseen eventualitie5. such as a drop-in inGome or unexp¢¢ted repair bills. The Trust set the level of rescrvcs at between 3 and 6 MOnthsperatIng costs (CuentlY £l.186 per day)- The funds set aside as free-cash reserves at 31 Mah 2024 were considerably less than the minimum required and not sufficient for this level of operdling $t$. Insufficienl cash reserves are a significanl risk to ihe Trust given Ihe scale and breadth of its activities and liabilities and the TteeS ar¢ pursuing development plans to produce capital receipts that will address this risk. Out of the total ndS at the year-end of £3.279.078 as shown on thc Balancc Sheet, £124,423 represents restricted funds not available for general purposes. A further £2,034,013 represents ihe funds arising from the inclusion of farni land and buildings at valuation which cannot be disposed of without trig¥¢ring the ¢lawba¢k provision from the Home and Communities Agency as set out furtheT in the detailed notes to the accounts. The remaining balance of funds of £1.120,642 is mainly held as investments and other liquid &ssets for the purpose of the ongoing generation of in¢ome. Inveslmentpollry dnd return The Trnstees are authorised by the Memorandum and Articles of Association to make and hold investments under the powers availabl¢ in the Trustees Act 2000. These powers have been exercised on behalf of the Trust by the fund managers Atomos Investments Limited who were reappointed in March 2017. Currently the Trust does not constrain the investment policy with social, environmental or ethical matters. The investment policy is reviewed on an annual basis. The objective of the charity investment policy is to maximise income consistent with maintaining the value of the capital in real terms. There ha5 been a greater emphasis on investment in the US equity market in recent years to benefit from the more stable environment for investments and the greater capital growth within that market. The reduction in short-tem deposits held by the Trust after the construction of the Visitor Centre has subsequently led the Trust to withdraw in¢om¢ generated by the Portfolio on a monthly basis. These withdrawals have continued throughout this year as a mean5 of supplementing the income generated from other sources for fLmdin¥ the Trust's activlties during the year, as well as larger infrastructure pTh)jects. Future Plans The Trust's core purpose is to secure a long-lerm financial future of the Park. In the next 12 months the following objectives have been set which will help achieve the overall mission and purpose of the Trust.'- Maintain the park to the highest possible standards as an amenity for all Enhance and develop our educational programme Expand upon fundraising and event activities to diversify and grow income A8¢ and achieve a Budget that balances operational needs with flnanclal viabiliry. Ensure that Cuerden Valley Café Ltd remains cornmeT¢ially viable and agile following its expansion
Docusign Envelope ID- 1273899&001B41E7-9311.F266331B1 B78 REPORT OF THE TRUSTEES OF CUERDEN VALLEY PARK TRUST YEAR ENDED 31 MARCH 2024 Future Plans continued Diversify and develop fundraising activities Explore and apply for extemal grant fvnding to build a 5UStainable future for the Park Progress the &8set-disposal progTamme to geneTate fuTJds for capital investment in the long-term maintenance and conservation of the Park Actively seek to recruit new Tslee5 and develop a sucttssion plan for future governance Explore opportunities relating to Biodtversity Net Gain Continue to pursue discussions with Home5 England relation to further investment At the time of writing, the Trust has rebuilt its athivities and is perforniing well with a strong fresh fvture driven by a dynamic Senior Management team. This team have a proven background in FundrdiSing. Conservation, Education and Events providing security and ViSiQTJ for the future. High stsndards remain a ¢on5tant aim. The Tru5tee5 and SMT recognise that there is considerable work to do to catch up with the incrw¢d impact of visitOTS and climate chaDg¢. against a backlog of conservation work. Tru$t¢e$' responsibililies in relation lo Ihe fmin¢i41 statements The Trustees (who are also the DiTe¢tors of the company for the purposes of company law) are responsible for preparing the Trustees, Annual Repo¢ whi¢h also in¢orporntes the DAre¢tors' Report for company law pury)oses, and the financial statements in accordance with applicable law and United Kingdom A¢¢ounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally A¢cepted Accounting Pra¢ti¢e). CL)rnpany law requires the Trustees to prepare financial statements for each financial year which they must not approve unless they are satisfied thai the financial statements give a lrne and fair view of the state of affairs of the charitable company and of the profit or loss for that period. In preparing these financial statements, the Directors are Tequired to: • selert suitabl¢ accounting policies and apply them consistently. • make judgements and accounting estimales that are reasonable and prudent. state whether applicable UK accounting standards have been followed, subject to any material deparreS disclosed and explained in the financial statements: and preparc the financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustecs are responsible for maintaining adequate accounting records that are sufficient to show and explain th¢ charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure thal the financial statements comply with ihe c.ompanies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as each of the Trustees are aware.. the is no relevant audit infomiation {information needed by the company's audltors in ¢onne¢tion with preparing their TePQrt) of which the charitsble company's auditQTS are unaware: and the Trust¢¢s have taken all the steps that they ought to have taken as Trustees in order to rnake themselves aware of any relevant audit inforniation and to establish that the charitable company's auditors ar¢ aware of that inforniation. Auditors The auditors Smith & Goulding Limited will be Proposed for reappointment in &ccordan¢e with Sedlon 144(2) of the Charities Act 2011.
Doojslgn Envelope ID.. 127389901B4IE7-931l.F26633IBlB78 REPORT OF THE TRUSTEES OF CUERDEN VALLEY PARK TRUST YEAR EfiDED JI MARCH 21124 Small eompany rules These accounts have been prepared in accordance with the spe¢Aal provisions relating to companies subject to the small companies, regime within Part 15 of the Companies Act 2006 and in accordance with the Governing Instrument. Thls report has been approved by the Board of Truslees of Cuerden Valley P& Trust and is signed on its behalf:. DacuSiqNdby.' 10289PAFA2ZA4AA... Jennifer Jean McDonough - Chair of Trustees Dated: 31 January 2025
Docusign Envelope ID.. 1273899g-001B41E7-9311-F266331 B1B78 REPORT OF THE INDEPENDENT AIIDJTORS TO THE TRUSTEES OF CUERDEN VALLEY PARK TRUST Opinion We have audited the financial 5tstemenls of Cuerden Valley Pa Tst (the "Charity") for the year ended 31 March 2023 on pages 14 to 24 which Comprise the Statement of Financial Activitie5, the Balan¢e Sheet and note5 to the financial statements, including a summary of significant accounting polTcie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, sncluding Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ir¢land (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the Charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. The tTUSt¢es have elected for the financial statements to be audiled in accordance with the c.harities Act 2011 rather than the c.ompanies Act 2006 and were not required by 5. 399 of the Companies Act 2006 to prepare group accounts for that year. Our audit work Iw been undertaken so that we might state to the Charity's trustee5 those matters thal we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perniitted by law we do not accept or assume responsibility to anyon¢ other than the Charity's trustees as a body, for our audil work, for this report or for the opinions we have formed. In our opinion, the financial statements.. give a true and f4ir view of the state of the Charity's affairs as at 31 March 2023 and of its Incoming resources and application of resouTces, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally A¢¢epted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006. BASIS for opinion We ¢onducted our audit in accordance with Internalional Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with ethical requirements that are relevant to our audit of the finaft¢ial statements in the UK, including FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audii evldence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions rellting to going concern In auditing the financial ststements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating lo events or condltions that, individually or collectively, may c&8t signifjcant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in ihe r¢levant sections of thi5 report. Other information The other inforniation comprises ihe information included in the annual report other than the financial statements and our Auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicilly slated in our report, w¢ do nol expres5 any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in doing so, consider whether the other infom]ation is materially inconsislent with the financial statements or our knowledge obtained in the audit or othen¥ise appears to be materially misstated. If we identify such material iD¢onsistencies or apparent material misstatements, we are requiTed to detennine whether there is a material mis5tatem¢nt in the financial statements or a material misstatemeTJt of the other information. If, based on the work we have p¢rforni¢d, we conclude thai there is a material misstatemeni of Ihis other information. we are r¢quired to report that fact. W¢ have nothing to r¢port in this regard.
Docusign Envelope ID.. 12738999-001B41E7-9311-F266331 B1B78 REPORT OF THE INDEPENDE AUDJTORS TO THE TRUSTEES OF CUERDEN VALLEY PARK TRUST Opinion on other matter prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit: the inforniation given in the trustees. report, which includes the direclors. report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent wilh the financial statements. and the direclors, report included Mrythin the trustees, report has been prepared An accordance with applicable legal requirements. Matters on whicb we are required to report by eJeeption In the light of the knowledge and understsnding of the Charity and its environment obtained in the course of the audit. we have not id¢ntTrfied material misstatements in the Trustees, Annual Report. We have nothing to report in respect of ihe following matters in relation to which the Charities Act 2011 requires us to report to you if. in our opinion= adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us. the financial statements are not in agreement with th¢ accounting records and returns. we have not obtained all the informalion and explanations neSsary for the puryoses of our audit. the directors were not entitled to prepare the fmancial statements in accordance with the small companies. regime and take advantage of the small conipanies. exemption from the requirement to pr¢par¢ a stralegic report. Responsibilities of the Trustees As explained more fully in the trustees, responsibilities 5taternent set out on page 7. the trustees are responsible for the preparalion of the financial statements in accordance with the applicable financial reporting framework and for being satisfied that they give a true and fair view, and for such internal ¢ontrol as they deterniine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realisiic alternative but to do so. Avditor's responsibilities for the Audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material misstatement, whether due to fraud or eor. and to issue an auditor's report that include5 our opinion. As part oran audil in accordance with the ISAS (UK), we exercise professional judgm¢nt and maintsin profrssional scepticism throughout the audit. Re&50nable assurance is a high level of assurance but is not a guarAntee that an audit conducted in accordance with ISA5 {UK) will alway5 detect a m2terial misstatement when it exists. Misstatements can arise from fraud or ernTrr and are considered rnaterial if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. IegUlarItics. including fraud, are instances of nonwcompliance with law5 and regulations. We design procedures in line with our responsibilities. outlined above, lo d¢te¢t material misstatements in r¢spe¢t of irregularities including fraud. Our approach to identifying and assessing the risks of material misstatement IT] respect of irregularlties, including fraud and nonwcompliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collertively had the appropriate competence, ¢apabilities and skills to identify or Te¢ognise non-compliance with appli¢able laws and regulations- we identified the laws and regulations applicable to the charilable company through discussions with trustees and olher management, and from our commercial knowledge and experience of the charity sector; we focused on specific laws and regulations which we considered may have a direct material effe¢t on the financial statements or the operations of the charity, including the Companies Act 2006, taxation legislation and data protection, emplo)Thent. environmental and health and safety legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquirie5 of management and inspecting legal cotrespondence. and 12
Docusign Envelope ID.. 12738990184lE7-9311-F26e33qBlB78 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF CUERDEI¥4 VALLEY PARK TRUST identified laws and regulations were ¢ommuni¢ated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misststement, including obtaining an und¢rstanding of how fraud might occur, by: making enquirles of managem¢nl as to where they Considered there was susceptibility to fraud. their knowledge of adual, suspected and alleged fraud. and consid¢ring the internal controls in place to mitigat¢ TÉsks of fraud and non-compliance with laws and regulations. To addr¢ss the risk of fraud through management bias and override of controls. we: perfornied analytical procedures to identify any unusual or unexpected relationships; tested journal ¢ntrie5 to identify unusual transaction$- and assessed whether judgements and assumptions made in deterniining the accounting e5timate$ were indicative of potential bias. In response to the risk of irregularitie5 and non-compliance with laws and regulations, we designed procedures which included, but were not limited to,. agreeing financial statement disclosures to underlying supporting documentation. reading the minutes of meetings of those Charged with governan¢e' enquiring of management as to actual and potential litigation and claims,. and reviewing correspondence with relevant regulators and the company's legal advisors. There are inherent limilations in our audit procedures described above. The more removedthat laws and regulations are from financial transactions, the less likely it is that we would become aware of non<ompliance. Auditing standards also limit the audit procedures required to identify non-compliance with law5 and regulations to enquiry of the directors and other management and the inspection of regulatory and legal COTrespondenGe. if any. Material misstatements that arise due to fraud can be harder to detect that those that arise from error as they may involve deliberate concealment or collusion. A further description of OUT responsibilitie5 for the audit of the fmancial statements is located on the Financial Reporting Council'5 website at.. www.frc.or .UaUditorsreS onsibilitie5. This dcs¢ription fornis part of our auditor's report. Andrew F.C.A (Senior St8tutory Auditor) For and on behalf of Smith & Goulding Limited 2 South]x)rt Road Chorley Lancashire PR7 ILB Chartered Accountants StAtutory Auditor 13-
Docusign Envelope ID.. 12738999-001B41E7-9311-F2S6331 B1 B78 CIIERDEN VALLEY PARK TRusr STATEMENT OF FINANCIAL ACTIVITIES I,cLuDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 MARCH 2024 Endowment Funds Unre5t- ricted IDeorne Funds Rest- ricted Jncorne Funds Total Funds Total Funds Note5 2024 2023 Ineome endowtnents from: Donations and legacies Other trading activities Income from investments Income from charitable activiti¢s= Promotion and preservation Improv¢mentld¢velopment Educational activities 5,934 107,698 37,280 6.307 12.241 74,813 107.698 55,557 37,280 41.694 128.352 22.900 128.352 87,952 22,900 27,474 Total iDeome and endowments Expenditure on: Expenditure on raising funds Expenditurc on charitablc activities= Promotion and preservation Improvemenvdevelopment Educational aclivities 66,897 66,897 27.903 277.992 149,737 277.992 206,965 134,621 165,672 6.637 Total expenditure Net gainsl {losses} on investments 12 Net incomel(expenditure) (205JOO} (29,283) (234.583) (212,725) Transfers between fvnds 15 (21)OJOO) (34283) (234,583) (212,725) Gains(losses) on revaluation of fixed assets I I Net movement in funds (200JOO) (34,283) (23483) (248.876) Reconciliation of funds Total funds brought forward 2 153 817 158 706 3 513 661 3 762537 Total funds ¢arrl¢d forward All of the above results are derived frorn continuing operations. There were no incoming resources attributable to geographical markets oulside the United Kingdom (2023 none). All gains and losses recognised in the year are included above. The nei loss for the year on ordinary activilies for Companies Act purposes, which comprises the total incorne less expenditure for the year and realised gains (losses) ott investments, was £179.453 (2023 £150,590). The notes on pages 16 to 24 forni part of these financial statements. An analysis of the compardtive figures for total funds for 2023 is set out in note 6 of the accounts. 14
Docuslgn Envelope ID.. 12738999-001B41E7-9311-F266331B1878 CIIERDEN VALLEY PARK TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Noles Fix¢d assets Tangible assets Inveslm¢nts 2,377.724 857 368 2,391,574 1016679 12 Total fixed assets 3.235,092 3,408,253 Current assets Stocks Debtors Cash at bank and in hand 7.298 33,860 7,298 86,770 182 834 13 Total curreDt assets 96,063 276.902 Liabilitie5 Creditors: Amounts falling due within one year 14 171494 Net ¢urrent assets 105 408 Total 4$3et5 less current li4bilitie3 The funds of the charity.. Endowment funds 1.201.138 1,201,138 Restrlrted kntome funds 124,423 158.706 Unreytritted income funds General funds Revaluation reserve TotAI unrestricted funds 1.713.813 239 704 1,914,113 239 704 1953 517 2 153 817 Total tharity funds 15 These financial statements have been prepared in a¢cordanc¢ with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and constitute the anniial accounts required by the Companies A¢t 2006 and ar¢ for Circulation to members of the company. For the financial year in question, the ¢ompany was entitjed tr) exemption from audit under section 477 of the Companies Act 2006 relating to small companies. No members have required the Company to obtain an audit of its accounts fr¥r the year in question in accordance with section 476 of the Companies Act 2006; The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and for the preparation of accounts. 31 January 2025 These financial statements were approved by the Board of Trustees and authorised for issu¢ on . and are signed on its behalf by.. ocu8n•d by.. 11k89A4FA22A4AA... Jennifer Jen M¢Donovgh - Chair of Trustees Company Registration Number.. 1994107 The notes on pages 16 to 24 fomi part of these financial statements. 15
Do¢)Jsign Envelope ID- 1273899o01B41E7-93ll-F2sBJ5l B1878 CIIERDEN VALLEY PARK TRUST NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 MARCH 2024 General information Cuerden Valley Park Trust is a registered charity, number 1002888, and is a company limiied by guarantee, registration number 1994107, incorporated in England and Wales. The address of the Park office is: Cuerden Valley Park Visitor Centre, Berkeley Drive, Bamber Bridge, Preston PR5 6BY and the Company's registered office is.. 4 Southport Road. Chorley PR7 ILD. Stgtement of compliance These financial statements have been prepared in compliance with the provisions of FKS 102 'The Financial Rewirting Standard applicable in the UK and the Republic of Ireland,. Accounting policies (a) Bxsis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 102) (effeclive l January 2015) - (Charftties SORP (FRS 102), Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companie5 Aci 2006. The parent, and group headed by il, qualify as Small as set out in section 383 of th¢ Act and the group is not ineligible as set out in Section 384 of the Act. The account5 therefore present infomation about the haritable company as an individual undertaking and not as a group. Investments in subsidiary companies are carried in the parent's financial ststements at cost. The charity meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention except for the valuation of freehold land and buildings and investments which ar¢ shown at market value. The flnancial statements are prepared in sterling which is the functional currency of the entity. Monetary amounts in these financial statemenls are rounded to the earest £. The trustees Consider that there are no material uncertainties about the charity's ability to continue as a going concern, in view of its level of reserves and the CuentlY anticipated plans for expendithre. The preparation of the financial statements may TequiTe the trustees to make judgements. estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for income and expenditure during the year. However, the nature of estimation means that the actual outcomes could diffeT from those estimates. The judgements that have had the most sAgnifJ¢ant effe¢t on the amounts recognised in the financial statements relates to the estimate of the useful econorni¢ lives of the various fixed assets in the accounts for the purpose of the depreciation charge and the allocation methods used for the apportionment of expenditure between the restricted and unrestricted funds. The carrying value of the fixed assets aftcT depreciation is disclosed in the noles to the accounts. (b) Fund accounling Unrestricted income funds comprise accumulated surpluse5 and deficits on general funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and thai have not been designated for other purposes. Restricted incomc funds are funds subject to special conditions imposed by the donor and are not available for purposes other than those specified by the donor. {¢) Income recognition Turnover is the amount derived from ordinary activities and is stated net of V AT. All income is recognised once the charity has entitlemenl to the income, it is probable that the income Mryll be received and the amount of income receivable can be measured r¢liably. Donations and grdnts are included in incoming resources when they arg receivable. excepl when the donors specify that they must be used in future accounting period5 or donors, condition5 have not been fulfilled, when the inci)me is deferred. Interest on funds held on deposit and loat)s to group undertakings is included when receivable and the amount can be measured reliably by the charity. Dlvidends are recognised once the dividend has been declaTed and notification has been received of the dividend due. Rental income is recognised in accordance with the period specified in the rental agreement. 16-
Docusign Envelope ID: 1273899W001B41E7-9311-F26633181B78 CIIERDEN VALLEY PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (contlDued) (d) Expenditure recognition Expenditure is included in the Statement of Financial Activities on an accruals. basis, inclusive of any VAT which cannot be recovered. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be requtred and the amount of the obligation can be measured reliably. All expenditure including pension costs has been classified under headings that aggregate all costs related to that category. Where costs cannot be attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Staff costs are apportioned between activities on the basis of time spent by the individual staff members. Premises expenses are apportioned on lh¢ basis of flooT space used for the activities. Fundraising costs and direct charitsble costs, which comprise all costs identified as wholly or mainly attributsble to achieving the objects of the chaTity. include staff costs. wholly or mainly attributable support costs and an apportionment of general overheads. Support costs include all expenditure not directly related to fundraising or charllable activities. Where applicable, such costs are apportioned to charitable activities on the basis of total diTect costs. Governance costs represent the costs of audtt fees and trustees, indemnity insurance. (e) Pension costs The Trust operates a defined contribution s¢heme through the government's Nest scheme for Its nplOyeeS in general and also pays contributions to the indtvidual personal pension schemes of some employees. The pension charge represents the amount payable by the charity to the individual schemes for ihe year. (f) Tangible fixed a55ets Fixed assets are slated at cost less deprecialion wilh the exceplion of freehold land and buildings which are stated at valuation less depreciation. Individual fixed assets costing £1,000 or more are ¢apAtalised at cost. Heritage assets are not ¢apitalis¢d where there is no reliable cost inforniation or ¢onv¢ntional valuation approa¢h available. The canying values of tangibl¢ fixed assets ar¢ reviewed for impairment if events or changes in ¢ircumstsn¢es indicate that the ¢arying value may not be recoverable. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, over their expected useful economic lives &8 follows= Land and Buildings Motor vehicles Equipment 20/0 straight line 250/0 reducing balance basis 250/0 reducing balance ba515 (g) Investments Investmenls are a forni of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the c105ing quoted market price. The ststement of financial athivities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not a¢quire put option5. derivatives or other complex financial instruments. Investments in group undertakings are accounted for at cost less impaimient losses in the cornpany's accounts as an individual undertaking. (h) Stocks Stocks are stated at the lower of cost and eslimated selling price less costs to complete and sell. (i) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. (i) Cg8h gt bank gnd in hand Cash at bank and in hand includes cash and short tenn highly liquid investments with a short maturity of four months or less from the date of acquisition or opening of the deposit or similar account. 17
Dorjjsign Envelope ID: 1273899001B4lE7-93l1-F26633l B1B78 CUERDEN VALLEY PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2024 Aeeounting polieit$ (eontinued) {k} Creditors Creditors and provisions are re¢ognis¢d where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be me&sured or estimated reliably. Creditors and provisions are nonnally recogniS ai their settlement amount after allowing for any trade discounts due. (I) FAnaneiaJ instrnments The Trust only h&$ financial assets and financial liabilities of a kind that qualify as basic finan¢ial instruments. Bast¢ financial instruments ar¢ initially r¢cognis¢d at transaction value and subsequently me&qured at their settlement. Donations and legacies 2024 2023 Donations Grants 12,241 74,813 The government grants received relate to the funding for Meadow Path Project. The Trust has also benefited from the services of unpaid general volunteers each year, Ihe value of which 15 not recogni5¢d in the accounts. Further inforniation regarding the contribulion made by volunteers to the Trust's activities is set out in the Trnstees, Report. Other trading a¢tivities Income from various non-charitable trading activities Income from fundraising events Income from letting Other income 35,960 44,723 25,869 15,970 10.692 28,570 325 io Income from investments Listed investments Cash investments 35,932 41.373 321 41 Ineome frorn ¢h4ritgble getivities: Income from charitable trading aclivilies: Provision of parking facilities Grants Income from educational activities 128,352 22,900 84,955 30,471 18
Docusign Envelope ID. 12738999-001B41E7.9311.F266331B1 B78 CUERDEN VALLEY PARK TRUST NOTES TO THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Statement of Financial Activities analysis of comparative figures Endowment Funds Unrest- ricted Income Funds Rest- ricted Income Funds Tot41 Fund$ 2023 Income and endowments from: Donations and legacies Other trading a¢¢ivities Income from investments Income from charitable activities Promotion and preservallon Improvemenudevelopment Educational activilies 67.053 55,557 41,694 7,760 74,813 55,557 41,694 87,952 27,474 87,952 27,474 Total income and endowment5 Expendi¢vre on: Expenditure on raising funds Expenditure on charitable activities: Promotion and preservation Improvementldevelopment Educational activities 27,903 27.903 206,965 162,115 206,965 165.672 32 3,557 Total expenditure Net gains (losses) on investment5 Iyel incomel (expenditure) (216,928) 4203 (212,725) Transfers between funds 14 14 77 (202J51) {IlbJ74) (212,725) Gains{losses) on revaluation of fjxed assets Net movement in funds (219J16) (29J60) (248,876) RecoDciiiation of funds Total funds brought forward 1.201.138 2 373 333 188 066 3 762 537 TotAI funds carried forward 19-
Docusign Emielope ID.. 1273899o0llE7_g3l1_F26633l B1B78 CUERDEIY VALLEI, PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Total expenditure Direet Costs Support Costs Total 2024 Direct Costs Support Costs Total 2023 Expenditure on rAising fund$: Salaries & wages Fundraising events Depreciation Equiprnent & maintenance Telephone & stationery Legal & professional fees Sundry expenses Rates, light & heat Governance costs Auditors remuneration Indemnity insurance Portfolio management fees Restrieted funds Fundraising events 24,067 26,451 ,367 25.434 26,451 10,910 4,893 484 1,179 12,089 4.893 484 1.627 2,940 1.479 35 1,627 2,940 1,479 35 362 230 260 Trio 362 230 260 1,106 1,106 418 38 9.019 418 38 9.019 7,825 7,825 Expenditure on charitable activities: Unrestricted fund5 Park contract work Car park maintenan¢e Salaries & wages Motor expense5 Depreciation Profit on dlsposal of assets Equipment & maintenance General insurance Telephone & stationery Legal & professional fees Sundry expenses & recruitment Trnining Rate5. light & heat Governance costs Auditors remuneration Indemnity insurance Restricted funds Park contract work Equipmeni & maintenance Depreciation 32.632 11.031 252,023 6,704 20,371 {15,597) 1,765 40,709 32.632 11,031 263,114 6.704 20,371 (15,597) 1,765 40,709 13,204 29,962 11,704 666 46,684 45,544 8.942 161,942 8.552 21,046 45,544 8.942 25,203 187,145 8,552 21,046 11,091 24,017 32,263 24.017 32,263 7.747 31,068 5.555 4,969 13,561 13,204 23,860 11.704 7.747 4,918 5,555 6,102 26,150 666 46,398 4,969 11,208 286 2,353 8,971 8.971 8,931 806 8,931 806 826 826 1,577 ,577 Expcnditure on raising funds Expenditure on charitable activities.. Promotion and preservation Improvemenvdevelopment Educational activities 50,518 16.379 66.897 16,287 11,616 27.909 237.737 133,730 40,255 22,644 277,992 156,374 178,717 142.890 28.248 206.965 22,782 165,672 80 -20-
Dorjjsign Envelope ID: l2?3899OIB41E7.g311-F26633lBl B78 CIIERDEN VALLEY PARK TRU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Net incomelexpenditure 2024 2023 is stated after charging Depreciation of tangible fixed assets - owned by the company Profit and disposal of assets Auditors remuneration- audit fees - other financial services 27,008 115.579} 4,425 25,087 4,884 StalT costs and numbers Wages and salaries Social Security costs Employer's contribution to personal pension schemes 257.847 17.280 179,734 11,079 No employee received employce benefjts of £60,000 per annum or more. The totsl employee benefits of the Trust's key management personnel were £49,820 (2023 £34,357). The total average monthly number of employees, was: 2024 2023 10. Trustees remuneration and expenses The Trustees received no remuneration, benefits or expenses from the Trust during the year (2023 none). There were no related party transactions during the year that require disclosure (2023 none). I l. Tangfible fixed assets Freehold Land Buildings Motor vehirles Equipment Total (a) Costlvaluation At l April 2023 Additions Revaluations Disposals 2,367,500 11,856 70,732 2.808 49,886 2,488,118 14,664 At 31 March 2024 473 (b) Depreciation At l April 2023 Charge for year Revaluations Disp05als 13,487 16,887 40,639 8,788 42,418 1,333 96,544 27,008 27 At 31 March 2024 74 (¢) Written down vAlue5 At 31 March 2024 At 31 March 2023 The freehold land and building5 are stated at valuation and the carying amount under the cost model would have been £2.651.519 (2023 £2.692.572). All tangible fixed assets are used for or to support charitable purposes. 21
Docusign Envelope ID.. 12738999-001 B41 E7-9311-F266331B1B78 CUERDEN VALLEY PARK TRIIST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Heritage asset$ The Tnjst owns and manages an area of about 650 acres that comprises parkland and tenanted farmland & buildings that constitute Cuerden Valley ParL as recorded in the title deeds of the properties. The original transfers from the Commission for the New Town include covenants of re-entry and 'clawback' iyhere a change of use might be proposed, This, in effect, prevents the Tn]st from trying to raise ndS from the sale of land. To the best of the Trust's knowledge these covenants run for the 'perpetuity period, of 80 years. In the earlier years of th¢ ¢harity, following discussions with the Trusts, land agents, the assets had not been included as part of tangible fixed assets since no reliable cost inforniation was readily P4vailable. nor were there any conventional valuation approaches that were sufficiently reliable. However, the Trust consulted it5 land agent and other valuers to see whether a valuation Could be detern)ined for the tenanted farniland & buildings and, as a result, these assets have subsequently been included at valuation in the accounts, less depreciation to date for the farni buildings, as part of the figure for freehold land and buildings under tangtble fixed assels The farn]land was valued by the independent chartered sur¥eyors SHP Valuers Limited in 2022 at £1,535,000 on the basi5 of its open market value. The independent chartered surveyors AJP Surveyors Limited valued the fann buildings in 2022 at a figure of £512,500 and also valued the Visitor Centre in 2023 at £320.000 on the basis of their current values in use. The carrying value of the heritage assets in the accounts at the year-end after the annual depreciation charge was £2,023,763 (2023: £2,034,013). The remaining parkland has not been ¢apitalised 5in¢¢ there is still no Teliable c05t inforniation or valuation approach that call be applied to this asset. The loss on the revaluation of the freehold land and buildings is disclosed as gainsl (losges) on revaluation of fixed assets in the Statement of Finv4ncial Activiiies on page 13 of the accounts. 2024 2023 12. Fixed asset investments Listed investments Equity investments in group undertaking Loan to group undertaking 857,367 996.678 Listed investments Market value P4t l April 2023 Additions Disposal pro¢eeds Gains (losses) on disposal Gains (losses} on revaluation 996,678 1.053,690 (1.181,583) 43,712 1291,738 507 {219,418) (14,014) Market value at 31 March 2024 Historic cost at 31 March 2024 UK investments Non-UK investments 411.330 446 037 453,839 542 839 22-
Docusign Envelope ID.. 12736999-001841 E7-9311-F266331B1 B78 CUERDEN VALLEY PARK TRusr PIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Croup undertaking The Trust owns the l issued ordinary share in Cuerden Valley Cafe Limitsd, a company incoTporated in England and Wales, registered number 09864122, whose registered office is 4 Southport Road. Chorley PR7 1 LD. The company has been set up to run the cafe in the Tnt'S Visitor Centre. At its year end on 31 March 2024 the aggregate amount of its capital and reserves was £31,525 (2023: overdrawn by £23,874). The ¢ompany's aggregate assets liabilities at ihe year-¢nd were £79,270 and £47,745 {2023.' £29,554 and £53,428) respectively. The turnover for the period was £605,880 (2023: £384,466), the expenditure was £550,002 (2023., £468,045) which includes a donation paid to the Trust during ihe year of £Nil (2023 £62,061) and the profit for th¢ period was £55,878 (2023.. loss of £83,579). 2024 2023 13. Debtors Trade debtors Amounts owed by group undertaking Other debtors Prepayments and accrued income 17,045 29,014 7,436 4.460 S60 1,083 14 Creditors: Amounts falling due within one year Trnde creditors Accruals and defrrred income Amounts owed to group undertaking Taxes and social security costs 14,283 24,635 1,085 35,690 129,891 15. Total eharity funds Expendable endowment General funds Revalualion, reserve Unrestri¢ted ineome fund5 Total Fund balan¢es b/fwd at l April 2023 Income Expenditure Transfer Revaluation Gains and losses 1,201,138 1,914,113 316,808 (539,643) 5,000 239,704 3,354.955 316.808 (539.643) 5.000 17.535 Fund balances ¢lfwd at 31 March 2024 55 Th¢ unrestricted funds relats to the OTiginal endowm¢nt granted to the Trust foT the maintenance of the parkland, together with further subsequent funds generated and invested for the same pury)ose. The Trust also received a further endomryneni during 2014 from the Hom¢s & Communities Agency for the upkeep of a parcel of land situated on Sheep Hill Lane. Friends of CVP Visitor Centre Restricted income funds Total Fund balances blfwd at l April 2023 Incom¢ Expenditure Transfer Revaluation l7,611 6.307 141,095 158,706 6,307 (6,637) (5.000) (6.637) (5,000) Fund balances clfwd at 31 March 2024 The restricted nd of £18.918 (2023 £17.611 } represents income re¢¢ived by the Friends of Cuerden Valley Park which are earnark¢d for particular ¢xp¢nditure projerts for the Trust and funds of £5.000 (2023 £14.577) were transfetred from the restri¢t¢d fund for this purpose during the year. The restricted fund of £105,505 (2023 £141,095) represent donations and grants received for funding part of ihe ¢ost of the Visitor Centre. The director5 consider that the resources of each fund are held in Ihe appropriate forni lo meet the fund's requirements.
Docusign Envelope ID.. 12738999-001B41E7-9311-F266331B1B78 CUERDEN VALLEY PARK TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Analysis of net assets between funds Urtricted funds Restricted funds Total funds Fund balances at 31 March 2024 are represented by: Tangible fixed assets Investments Current assets Creditors: amounts falling due within one year 2.272,219 857,368 72,145 105,505 2.377.724 857,368 96,063 23,918 Totsl net &ssets 17. Share pital The company is limited by guarantee and does not have a share capital. 18. C4pit#l eommitment$ At the year end the Trust had not entered into any contracts of a material nature which are not included in this year's accounts (2023 none). 19. Pension commitment5 The Trust pays monthly contribution5 into a defined contribution scheme through the government's Nest sGheme for its employees in general and also pays contributions to the individual personal pension schemes of sorne employees. The pension ¢harge represents contributions payable by the Trust to the various schemes and amounted to £13,421 for the year (2023 £8.421) in r¢sp¢cl of ten m¢mb¢r$ of staff {2023: twelve). At the Balance Shttt date, there were no unpaid ¢ontributions due by the Trusl (2023 none). -24-