## CREWE HERITAGE TRUST {A company limited by guarantee) UNAUDITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 REGISTERED CHARITY NUMBER 1011961 COMPANY REGISTRATION NUMBER 02700697 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **CONTENTS** ||**Page**| |---|---| |Legal and Administrative Information|1| |Trustees' Annual Report|2 -8| |Independent Examiner's Report|9| |Statement of Financial Activities|10| |Balance Sheet|11| |Statement of Cash Flows|12| |Notes to the Financial Statements|13 - 23| ## **CREWE HERITAGE TRUST** **(A company limited by guarantee)** ## **LEGAL AND ADMINISTRATIVE INFORMATION** Trustees Brian Thomas Bailey Stephen John Blackburn Gordon Heddon Amanda Jenkins Stuart Martin Mackay Allison Tara Sundaram Catherine Goodwin Registered Office and Principal Address Registered Charity Number Heritage Centre Vernon Way Crewe Cheshire CW1 2DB 1011961 Company Registration Number 02700697 Independent Examiners John Greenall & Co Limited 20 Crewe Road Sandbach Cheshire CW11 4NE Bankers HSBC Bank PLC Crewe Branch 30 Market Street Crewe Cheshire CW1 2ES Page 1 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' ANNUAL REPORT** ## **FOR THE YEAR ENDED 31 MARCH 2024** The trustees, who are also directors of the charity for the purposes of the Companies Act, present their annual report and the unaudited financial statements of the charity for the year ended 31 March 2024, which are also prepared to meet the requirements for a directors’ report and accounts, to comply with the Charities Act 2011 and Companies Act 2006. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102), second edition issued October 2019, effective from 1 January 2019 in preparing the annual report and financial statements of the charity. The charity is a charitable company limited by guarantee and was set up on 26 March 1992. It is governed by a memorandum and articles of association. Its objects are to advance the education of the public in the social, economic and industrial history and development of Crewe and its surrounding area and in the history of railways and their part in the history and development of the area. ## **Reference and administrative details of the charity, its management and advisers** The charitable company’s name is Crewe Heritage Trust, and it operates as the Crewe Heritage Centre. The other reference and administrative details of the charity are as stated under the legal and administrative information on page 1. The charity is organised so that the trustees meet regularly to manage its affairs, and new members are appointed by the trustees. There is one part-time administrator who manages the day-to-day administration of the charity. During 2023, the trustees entered into a Community Partnership Agreement with Crewe Town Council which initially runs from 1 October 2023 to 30 September 2025. This has provided one full-time manager since 4 December 2023. The post is jointly funded but is an employee of Crewe Town Council. Crewe Heritage Trust remains corporately responsible for the Crewe Heritage Centre, all its activities, assets, accounts, liabilities and obligations. We are also grateful to the volunteers who help in the running and maintenance of the Crewe Heritage Centre. The directors of the charitable company are its trustees for the purposes of charity law. The charity trustees who have served during the year and up to the date of this report are as follows: Brian Thomas Bailey Stephen John Blackburn Gordon Heddon Malcolm John Barber (resigned 19 January 2024) Ronald Cartwright (resigned 28 November 2023) Daniel William Prime (resigned 11 March 2024) Amanda Jenkins (appointed 10 November 2023) Allison Tara Sundaram (appointed 11 November 2023) Stuart Martin Mackay (appointed 11 November 2023) Catherine Anne Marie Goodwin (appointed 12 November 2023) Page 2 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **Structure, governance and management** The charity is constituted as a company limited by guarantee and was set up on 26 March 1992. The governing document for the charity is the memorandum and articles of association. There is no maximum number of trustees, but the minimum number shall be three; every trustee has one vote. Charity trustees are appropriately selected and appointed by the existing trustees. ## _**Risk management**_ The trustees consider the risks the charitable company is exposed to, the impact of them and the steps they can take to mitigate them. These are recorded in a Risk Register which is reviewed by the trustees on a quarterly basis. All funds are held in the charity’s bank accounts, with surplus funds invested in deposit accounts to earn some bank interest, so there is minimal investment risk and the funds remain easily accessible. ## _**Trustees' responsibilities statement**_ The trustees, who are also directors of Crewe Heritage Trust for the purposes of company law, are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP 2019 (FRS 102); - make judgments and estimates that are reasonable and prudent; - state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies 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. ## **Objectives and activities** ## _**Objectives**_ Crewe Heritage Trust operates as the Crewe Heritage Centre, existing to educate people about the history and development of the town of Crewe and its industries. Page 3 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' ANNUAL REPORT (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** The charitable company’s objects, as set out in the memorandum and articles of association (the charity’s governing document) are to advance the education of the public in the social, economic and industrial history and development of Crewe and its surrounding area and in the history of railways and their part in the history and development of the area. ## _**Activities undertaken for the public benefit in relation to these objectives**_ The trustees have had due regard to the guidance issued by the Charity Commission on public benefit in deciding what activities the charity should undertake to meet the stated objectives. The governing document notes the powers the trustees may exercise in furtherance of the charitable company’s objects. Crewe Heritage Centre is a social history museum and facility based in Crewe, Cheshire. The charity has many permanent displays and associated information detailing the history of the town and the railway industry. These displays are generally open to members of the public at weekends and on Bank Holidays between the start of April and the end of October which generates the admission and facility fees required to operate the museum and to maintain the exhibits for future visitors. The charity also encourages local school tours midweek to advance the education of young people in the local area. A miniature railway is operated, providing rides for visitors of all ages, to help to make their learning fun. Special events are hosted; any specialist machinery and equipment required for such events are hired as and when needed to avoid overinvesting funds in unnecessary fixed assets and permanent displays. ## _**Volunteers**_ The charity is grateful for the efforts of its volunteers who are involved in providing services for the operation of the working museum and the maintenance of the locomotives, infrastructure and premises. The charity has identified priority areas for volunteer recruitment and produced volunteer role descriptions. These have been advertised on local forums which has diversified the applications received. The charity has 74 active volunteers who have provided 9,272 hours of support. ## **Achievements and performance** This year the charity has generated incoming resources amounting to £157,702 (2023: £582,638). The charity has continued to see income rise from general activities, though the total incoming resources have decreased, due to a one-off donation of £463,949 made in 2023. During this financial year the charity received admission income of £31,222, retail income of £58,682, catering income of £20,224 and hire income of £12476. The trustees received donations of £21,219 including a donation of £15,000 from an association. During this financial year, the charity received no grants. The expenditure for the charity was £190,431. None of the incoming resources received during the year were given for specific purposes. The reserves held by the charitable company at the year-end are all in respect of unrestricted funds. The trustees have designated earmarked reserves for identified workstreams. The charity is in good financial health, enabling the trustees to continue to Page 4 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** grow the charity and educate more people about the social history of Crewe, including its railway heritage. The charity opened Crewe Heritage Centre from 1 April to 29 October 2023, on weekends and bank holidays during this period. The Centre also opened on Wednesdays during Cheshire East school holidays. Crewe Town Council provided the activity meaning the Centre could open free of charge to encourage local families to take part. Overall, the Heritage Centre was open for 455 hours. Regular attractions to the site include: - static locomotive displays, restored to original livery - model railway displays - the miniature railway which includes locomotives and passenger coaches to provide rides - signal boxes - exhibition material - gift shop - cafe In addition, the Heritage Centre was host to special events which link to an aspect of the town’s heritage or enhance the permanent displays. In 2023, these included the Crewe Rail Ale Festival, the Modern Image O Gauge Exhibition, Toy & Train Fairs, Classic Car meets, Wheels of War and Heritage Open Days. The charity also partnered with Crewe Town Council to deliver an exhibition to mark the 180[th] anniversary of Crewe Works opening. The exhibition _Forging History: 180 years of Crewe Works_ provided an increase of 136% on visitor figures for the same period in 2022. The annual visitor figures were 10,502 of which 3,110 were children. This is a significant increase of 6,586 visitors from the previous year (2022: 3,916) demonstrating the value of audience led programming. The charity operates a website and social media platforms including YouTube, Facebook, Instagram and LinkedIn. There were 464,631 unique visits to the website and 14,053 followers / subscribers across all of the social media platforms. During the period the charity appointed four new trustees. The new trustees were appointed based on expertise the charity had identified following a review of priorities. The new roles cover curatorial, health & safety, marketing & communications and visitor operations. The trustees intend to recruit further trustees to specific briefs. In October 2023, the charity entered into a community partnership agreement with Crewe Town Council. The purpose of the agreement is to work in partnership and jointly oversee and deliver the operational development of the Crewe Heritage Centre as it moves towards achieving museum status and preparation for a large-scale project design and feasibility phase. The agreement initially runs from 1 October 2023 to 30 September 2025 and Crewe Heritage Trust remains corporately responsible for the Crewe Heritage Centre, all its activities, assets, accounts, liabilities and obligations. The agreement has provided a full-time manager, employed by Crewe Town Council but jointly funded by the Council and the charity. The partnership led to Crewe Town Council successfully securing £45,000 from the UK Shared Prosperity Fund to undertake a feasibility study on a large-scale redevelopment project for the Heritage Centre. The study was undertaken by 6a Architects and has provided initial costings, concept designs, possible business models including projected visitor numbers, and recommendations for development of a project. The Trust has continued to improve governance arrangements. The charity took the decision to review accountancy support, with services now provided by John Greenall & Co Limited. Financial management software, Xero, was introduced to support day-to-day management of the charity’s finances at the beginning of the year. Blackbaud software was also purchased to support management of volunteers and donors. The Heritage Centre Manager and three volunteers have attended training to configure the new software and develop its use. Rhino Safety Limited continue to Page 5 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **TRUSTEES' ANNUAL REPORT (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** provide health and safety support. The trustees have worked through the recommendations of the health and safety audit and a number of workstreams have been identified as a result. Surveys have been scheduled including a Fixed Electrical Wiring Test which has now begun. A programme of relevant training has also been scheduled, with trustee safeguarding completed in August 2023 and first aid training for ten volunteers delivered in February 2024. A full review of the catering offer was undertaken with procedures strengthened and additional training for volunteers delivered in March 2024. The review resulted in the decision to remove food preparation from the offer, with alternative pre-packed offers being explored. Site infrastructure has also been reviewed. The Britannia Shed was demolished, creating greater space to access the static locomotive displays. A new toilet block and office block are also being explored. Development of the collection has also been reviewed. This work will ensure compliance with the Museum Accreditation Standard. A Collections Development Policy has been drafted to provide clarity on acquisitions. Loans in have also been reviewed to ensure they tell the story of the development of Crewe. Discussions are ongoing with lenders to rationalise the exhibits, making space for more relevant exhibits, including Crewe built steam locomotives. This builds on the success of a loan of Coal Tank No. 1054, lent to the Trust during the summer to support the exhibition. The Trust is grateful to the Bahamas Locomotive Society for enabling the loan. The membership has continued to grow to 252 members at 31 March 2024. Membership entitles individuals or families to volunteer, receive a newsletter and pay a reduced admission fee when visiting the Centre on non third-party event days. Members’ meetings were held in July and December to update on progress at the Centre and obtain ideas and feedback for development of the site. ## _**Plans for future periods**_ The trustees will continue to develop the Centre to achieve Museum Accreditation with an application required by 30 September 2025. In the next financial year, the charity will focus on developing the infrastructure and processes to ensure the site is fully compliant with current practices. This may require upgrades to site infrastructure and support to develop policy and procedures. Where this work is outside of revenue budgets, the spend will be drawn from the earmarked reserves identified during the budget setting process. Work will also be phased to ensure prioritisation of funding. The trustees will continue to review current expenditure contracts to ensure best value for money for revenue budgets. The charity will continue to develop audience led programming to increase visitor numbers. Reviews of catering and retail offers will look to increase the spend per head by diversifying the offers to meet the needs of known audiences and appeal to potential audiences. Other streams of income will be identified for detailed development. The findings of the feasibility study will be formulated into a delivery plan to target grant applications and fundraising. Page 6 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **Financial review** ## _**Policy on reserves**_ The trustees believe that it is in the charity’s best interests to retain a reasonable level of reserves in order to ensure that the charitable objectives can continue to be met effectively without any unnecessary disruptions which may occur due to unforeseen circumstances. Admission and facility fees can sometimes be boosted by holding specialised events and undertaking promotional activities. The other trading income is essential for bringing in sufficient income to be able to maintain the main attractions of the charity and pay for its general administration. Some of the unrestricted funds, as shown in the balance sheet on page 15, are represented by fixed assets held for use within the charity, so these are to be excluded from the funds balance in order to give a better representation of the level of reserves that are freely available for immediate use in achieving the charitable objectives. This basis has been used to calculate the freely available reserves figure noted below. The freely available reserves for the year ended 31 March 2024 is calculated to be £542,140 (2023: £565920). This is all in respect of unrestricted funds. There are no restricted funds held at the year end. Although a number of designated reserves were set up during the year, these are still treated as unrestricted as they were not set up at the request of a donor. The trustees aim for the level of freely available reserves to be at least £75,000. The trustees monitor the level of reserves at the end of each financial year in order that they can review and update the policy to ensure that it continues to reflect the perceived levels of expenditure anticipated, given the most recent and expected future circumstances, and also allows sufficient funds to be instantly available to be able to meet any unforeseen expenses. The risks and uncertainties facing the charity are considered by the trustees, as far as practicable, so that the level of future charitable activities can be adequately planned for. The trustees are confident that they can continue to sustain the charity adequately over the next few years given the level of freely available reserves. The level of excess funds have enabled the charity to undertake additional maintenance work to strengthen its exhibits without adversely affecting the charity’s operations. Overall, the trustees have established a policy whereby the charity has sufficient liquid reserves to allow for the continued operation of the Crewe Heritage Centre for at least the next twelve months. ## _**Further financial review**_ The charity holds cash deposits with high street banks which have a low level of risk, the funds are easily accessible and offers an acceptable rate of interest. An investment of £350,000 was made during the year with CCLA, a renowned Charity and Public Sector bank. At the end of the year, this was valued at £386759, as well as producing interest income of £5456 over the course of 6 months. The results of the charity for the year are shown in the statement of financial activities on page 10 and the position of the company at the year end is shown in the balance sheet on page 11. Page 7 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **Declaration** This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption in the Companies Act 2006. This report was approved by the board of directors on 23[rd] January 2025 and signed on behalf of the charity’s trustees by: Stephen John Blackburn Director Page 8 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CREWE HERITAGE TRUST** I report to the charity trustees on my examination of the accounts of Crewe Heritage Trust (registered charity number 1011961, company registration number 02700697, 'the Company') for the year ended 31 March 2024 which are set out on pages 10 to 23. ## **Respective responsibilities of trustees and examiner** As the charity 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') and the Charities Act 2011 ('the 2011 Act'). The charity's trustees consider that an audit is not required for this year under Section 144 of the 2011 Act and that an independent examination is needed. 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 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. It is my responsibility to state whether particular matters have come to my attention. ## **Basis of independent examiner's statement** My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. ## **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 that in any material respect: - the accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act nor in accordance with Section 130 of the 2011 Act; or - the accounts do not accord with those records; or - 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 - the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities (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 had. **Stephen Ollerhead FCCA for and on behalf of John Greenall & Co Limited** ## **Chartered Certified Accountants** January 23, 2025 20 Crewe Road, Sandbach, Cheshire, CW11 4NE. Page 9 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)** ## **FOR THE YEAR ENDED 31 MARCH 2024** |**Unrestricted**
**Notes**
**funds**
£
**Income and endowments from:**
Donations and legacies
**2**
21,219
Charitable activities
**3**
112,679
Other trading activities
**4**
12,476
Investments
**5**
11,328
**_Total income and endowments_**
157,702
**Expenditure on:**
Raising funds
**6**
66,975
Charitable activities
**7**
123,456
**_Total expenditure_**
190,431
**Net income****_I_(expenditure) and**
**net movement in funds for the year**
**9**
(32,729)
**Reconciliation of funds:**
Total funds brought forward
671,755
**Total funds carried forward**
639,026|**Restricted**
**Total**
**Total**
**funds**
**2024**
**2023**
£
£
£
21,219
465,910
112,679
91,092
12,476
23,318
11,328
2,318| |---|---| ||157,702
582,638| ||66,975
41,611
123,456
103,630| ||190,431
145,241| ||(32,729)
437,397
671,755
234,358| ||639,026
671,755| All income and expenditure derives from continuing activities. The statement of financial activities includes all gains and losses recognised in the year. Page 10 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **BALANCE SHEET AS AT 31 MARCH 2024** |||**Total**|**Total**| |---|---|---|---| ||**Notes**|**2024**|**2023**| |||£|£| |**Fixed assets:**|||| |Tangible assets|**14**|96,886|105,835| |**_Total fixed_assets**||96,886|105,835| |**Current assets:**|||| |Stocks|**15**|12,100|16,880| |Debtors|**16**|815|1,933| |Cash at bank and in hand||534,816|551,139| |**_Total current_assets**||547,731|569,952| |**Liabilities:**|||| |Creditors: amounts falling due within one year|**17**|(5,591)|(4,032)| |**Net current assets**||542,140|565,920| |**_Total net_assets**||639,026|671,755| |**The funds of the charity:**|||| |Restricted funds|**18**||| |Unrestricted funds|**18**|639,026|671,755| |**_Total charity funds_**||639,026|671,755| For the financial year ended 31 March 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with Section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. The financial statements set out on pages 10 to 23 were approved and authorised for issue by the board of directors on 23[rd] January 2025 and signed on behalf of the charity's trustees by: **----- Start of picture text -----**
…………………….
**----- End of picture text -----**
· ······························· ## **Company registration number 02700697** Stephen John Blackburn **Director** Page 11 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **STATEMENT OF CASH FLOWS** ## **FOR THE YEAR ENDED 31 MARCH 2024** |**Notes**
**Cash flows from operating activities**
Cash generated from/(absorbed by) operations
Interest paid
**`21`**
**_Net cash inflowsl(outflows) from operating activities_**
**Cash flows from investing activities**
Payments to acquire tangible fixed assets
Proceeds from disposal of tangible fixed assets
Interest received
**_Net cash generated froml(used in) investing activities_**
**Cash flows from financing activities**
Repayment of loans
**_Net cash generated froml(used in) financing activities_**
**Net increase/(decrease) in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**
**Cash and cash equivalents consists of:**
Cash at bank and in hand
Bank overdrafts
**Cash and cash equivalents at end of year**|**`2023`**
£
(27651)
(27651)
-
-
11,328
11,328
-
(16,323)
551,139
534,816
534,816
534,816||**`2022`**
£
441,072| |---|---|---|---| ||||441,072| ||||(549)
250
2,318| ||||2019| |||-|| ||||| ||||443,091
108,048| ||||551,139| ||||551,139| ||||551,139| Page 12 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **1 Accounting policies** ## **1.1 Company status and legal form** Crewe Heritage Trust is a charitable private company limited by guarantee and so has no share capital. It was constituted on 26 March 1992 and incorporated in England and Wales. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office address is Heritage Centre, Vernon Way, Crewe, Cheshire, CW1 2OB. ## **1.2 Basis of preparation** The financial statements have been prepared on a going concern basis under the historical cost convention, unless otherwise stated, and in accordance with the requirements of the Charities Act 2011 and Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest£. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102), second edition issued October 2019, effective from 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice. The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **1.3 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. Page 13 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **1.4 Income recognition** All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Where incoming resources have related expenditure, as with fundraising events, the incoming resources and related expenditure are reported gross in the SOFA and are not offset unless otherwise required by the SORP. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donations, requiring a level of performance before obtaining entitlement, the income is deferred until those conditions are met. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. Where legacies have been notified to the charity but it is not possible to determine the amount expected, the legacy is treated as a contingent asset and disclosed. Gifts in kind donated for distribution to the beneficiaries are included at valuation and recognised as income upon receipt, where practicable. If such a valuation cannot be determined without undue cost and effort, then it is recognised within donations on distribution and an equivalent amount shown within charitable expenditure. Gifts donated for resale are included at fair value, being the expected sale proceeds less any expected cost of sale, in income from other trading activities on receipt, unless determining the fair value is impractical, in which case the income is not recognised until the item is sold. Donated facilities are recognised in income at fair value when the economic benefit is probable, it can be measured reliably and the charity has control of the item, with a corresponding amount recognised in expenditure. No amounts are included in the financial statements for time donated by volunteers in line with the SORP (FRS 102). Supporters' subscriptions provide the holders the right to receive services or other benefits. The incoming resources are recognised as income earned from the provision of goods and services in income from charitable activities. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred until such time that it is fulfilled. Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably, normally upon notification by the bank. Page 14 ## **CREWE HERITAGE TRUST** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **1.5 Expenditure recognition** All expenditure is accounted for an on accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. The charity is not registered for VAT. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Expenditure is classified under the appropriate activity headings: Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes but do not include those costs incurred in direct support of the charitable activities. It includes the costs of all fundraising activities and events, seeking donations, non-charitable trading activities, the sale of donated goods and the costs of managing investments; Expenditure on charitable activities are those costs incurred by the charity in undertaking activities for the furtherance of its aims and objectives for the benefit of its beneficiaries and include support costs and costs relating to the governance and administration of the charity; Other expenditure is any other expenditure which is not related to fund raising for charitable purposes or spent towards achieving the charitable objectives. Support costs are those functions which assist the work of the charity but do not directly represent charitable activities, including personnel, finance, administration and governance costs. Where support costs are unable to be directly attributed to particular activity headings they are allocated between the cost of raising funds and expenditure on charitable activities on a basis consistent with the use of the resources. Where applicable, the basis of apportionment is stated in the analysis of support costs. Fundraising costs are those expenses incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. ## **1.6 Tangible fixed assets** Tangible fixed assets are capitalised if they are material in value and can be used for more than one year. They are stated at cost, unless they are gifted, including any incidental expenses of acquisition and those costs required to get the assets operating as intended. Gifted assets are brought in at the value to the charity on receipt. Depreciation is provided at the rates calculated to write off the cost less the estimated residual value of tangible fixed assets over their estimated useful economic lives as follows: Property improvements 2% per annum straight line Railway line 4% per annum straight line Miniature railway 15% per annum straight line Locomotives 2% per annum straight line Locomotive improvements 10% per annum straight line Plant and equipment 15% per annum straight line Page 15 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **1.7 Stocks** Stocks held for resale are measured at the lower of cost or net realisable value. Stock items added in the period are brought in at purchase price, less any impairment recognised. Cost is calculated using the first-in first-out method. The value is expensed as the stock items are utilised. The net realisable value of items held at the period end is considered and any impairment is expensed or reversed as necessary. Provisions are provided for damaged, obsolete and slow-moving stock where appropriate. Stocks held for distribution are measured at net realisable value based on the service potential provided. Donated goods are included at fair value, being the expected sale proceeds less any expected cost of sale, unless determining the fair value is impractical, in which case the value of the items held is not recognised until the period in which the item is sold. ## **1.8 Debtors and creditors** Debtors and creditors are recognised at the settlement amount due after any discounts offered. Provisions arise where, at the balance sheet date, the charity has a present obligation resulting from a past event which is probable to result in an outflow of economic benefits and the amount due to settle the obligation can be reliably estimated. Losses arising from impairment are recognised in expenditure. ## **1.9 Financial instruments** The charitable company only has basic financial assets and liabilities. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **1.10 Taxation** The charitable company is exempt from corporation tax on its charitable activities. ## **1.11 Going concern** The financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from authorising these financial statements. The budgeted income and expenditure is sufficient, along with the level of reserves, for the charity to be able to continue as a going concern. ## **2 Income from donations and legacies** |**Total**
**2024**
£
Donations from individuals
5,219
Grants Corporate
donors
15,900
21,119|**Total**
**2023**
£
1,961
463,949
465,910| |---|---| Page 16 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **2 Income from donations and legacies (continued)** Income from donations and legacies was all attributable to unrestricted funds in both years. The charitable company has access to a pool of around 55 (2023: 35) unpaid general volunteers who assist the trustees with carrying out specific charitable activities, with skilled engineers undertaking any necessary maintenance work and others helping out with events for other trading activities, as and when required. The benefits arising to the charity from the contributions provided by these volunteers are not able to be measured reliably so cannot be included as income in the accounts. ## **`3` Income from charitable activities** |**Total**
**`2024`**
£
Admissions
31,222
Facility fees
78,906
Supporters' subscriptions
2,551
Insurance claims
112,679|**Total**
**`2023`**
£
28,110
61,147
1,835
91,092| |---|---| Income from charitable activities was all attributable to unrestricted funds in both years. . ## **4 Income from other trading activities** |**Income from other trading activities**|| |---|---| |**Total**
**`2024`**
£
Fundraising events and ancillary income
286
Letting and licensing arrangements
12,190
12,476|**Total**
**`2023`**
£
10,918
12,400| ||23,318| Income from other trading activities was all attributable to unrestricted funds in both years. Page 17 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** |**5**
**Income from investments**
Bank interest receivable
Income from investments was all attributable to unrestricted funds in both years.|**Total**
**`2024`**
£
11,328|**Total**
**`2023`**
£
2,318| |---|---|---| |**6**
**Expenditure on raising funds**
**Total**
**`2024`**
£
Fundraising costs and ancillary expenditure
66,775
Expenditure on raising funds was all attributable to unrestricted funds in both years.
**7**
**Expenditure on charitable activities**|**Total**
**`2023`**
£
41,611| |---|---| |**Total**
**Notes**
**`2024`**
£
Maintenance and exhibition costs
42,005
Cleaning
2,084
Charity promotion costs
4,022
Utilities and insurance
22,567
Haulage
Printing, postage and stationery
6,344
Telephone
1,810
Bank charges
1,889
Sundry expenses
6,830
Depreciation
8.949
(Profit)/loss on disposal of assets
-
Support costs
**8**
26,956
123,456|**Total**
**`2023`**
£
36,797
1,805
2,209
13,884
2,450
1,542
2,085
7,196
9,339
(250)
26,573
103,630| |---|---| Expenditure on charitable activities was all attributable to unrestricted funds in both years. Due to the size and nature of the charity, expenditure on charitable activities is unable to be analysed between distinct types of activity. The activities undertaken by the charity to achieve its objectives are not separately identifiable as each area is dependent on the rest to enhance the knowledge provided. Page 18 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** |**8**
**Support costs**
**Notes**
Travelling expenses
Trustees' expenses
**12**
Training
Staff costs
**13**
Payroll services
Accountancy
**10**
Professional fees
Consultancy fees
Information technology
**9**
**Net income/(expenditure) for the year**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
Profit on disposal of tangible fixed assets
**10 Independent examiner's remuneration**
Independent examination fee
Other fees paid to the independent examiner||**2024**
£
1,798
265

0

18,386
1,173
4,134
1,200

0|**2023**
£
1,686
79
360
17,741
966
4,715
800
226
26,573
**2023**
£
9,339
(250)
**2023**
£
1,140
3,575
4,715| |---|---|---|---| |||26,956
**2024**
£
8,949
**2024**
£
1,140
2,994
4,134|| ## **11 Directors' and key management personnel remuneration** The trustees neither received nor waived any emoluments during the year (2023: £nil). Key management personnel comprise solely of the trustees who are also the directors of the charitable company. The aggregate compensation paid to key management personnel was £nil (2023: £nil). Page 19 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **12 Trustees' expenses and related party transactions** Out of pocket expenses were reimbursed to trustees as follows: |Out of pocket expenses were reimbursed to trustees as follows:|| |---|---| |**2024**
**Number**
Fundraising costs and ancillary expenditure
2
Maintenance and exhibition costs
4
Cleaning
1
Sundry expenses
0
Trustees' expenses - travel
0
Information technology
0
Total expenditure reimbursed
4|**2024**
**2023**
**2023**
£
**Number**
£
1,046
2
1159
1,567
5
4673
70
1
168
-
5
1,240
-
1
79
-
1
19| ||2,683
5
7,338| . |**13 Staff costs**
**2024**
£
Wages and salaries
18,386
Social security costs
17,741|**2023**
£
17,741| |---|---| ||13,612| The average monthly number of employees and full-time equivalent employees during the year was 2 (2023: 2). The employees spend part of their time working for the charitable activities of the charitable company but are also involved with governance. No employees received total employee benefits of more than £60,000 (2023: nil). Page 20 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **14 Tangible fixed assets** |**14 Tangible fixed assets**||||||| |---|---|---|---|---|---|---| |**Cost**
At 1 April 2023
Additions
Disposals
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
Eliminated on disposals
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023
**15 Stocks**
**Cost or valuation**
At 1 April 2023
Added in year
Expensed in year
Impaired in year
At 31 March 2024|**Property**
**improvements**
£
113,466||**Plant and**
**machinery**
£
175,610
0
0|||**Total**
£
289,076
0
0| |||113,466
66,557
2,269|||175,610|289,076| ||||||116,684
6,680
0|183,241
9,339
0| |||68,826|||123,364|192,190| |||44,640|||52,246|96,886| ||46,909
58,926
105,835
**Charitable Other trading Stock held**
**activities**
**activities**
**for resale**
£
£
£
765
16,115
16,880
10,255
50,839
61,094
(10,420)
(55454)
(65,874)
600
11,500
12,100|46,909||||| |||||11,500
12,100||| Recognised in expenses during the year are stock amounts of £65,874 (2023: £47,627) with impairment of stock of £nil (2023: £nil). ## **16 Debtors** Prepayments and accrued income |**2024**|**2023**| |---|---| |£|£| |815|1,933| Page 21 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **17 Creditors: amounts falling due within one year** |Accruals, trade creditors and deferred income
**18 Funds reconciliation**
**Balance at**
**1 April**
**2023**
**Restricted funds**
£
**Total restricted funds**
**Unrestricted funds**
Designated reserves
General reserves
**-**
671,755
**Total unrestricted funds**
671,755
**Total funds**
671,755|**2024**
£
**2023**
£
5391
4,032
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**31 March**
**2024**
£
£
£

157,702
**-**
(190,431)

**99,200**
539,826
157,702
(190,431)
639,026
157,702
(190,431)
639,026| |---|---| Restricted funds comprise of specific reserves that are to be applied in accordance with the restrictions imposed by the donors or which have been raised for a particular purpose. There were no restricted funds arising this year. Designated reserves within unrestricted funds are amounts that have been set aside by the trustees for a stated purpose. General reserves within unrestricted funds represent the free funds of the charity that are available for use at the discretion of the trustees in furtherance of the charity's objectives and which have not been designated for a particular purpose. Specific unrestricted reserves were created this year to fund various improvement projects in the future. ## **19 Analysis of net assets between funds** |**Unrestricted**
**funds**
£
Tangible fixed assets
96,886
Cash at bank and in hand
435,616
Other net current assets/(liabilities)
7,324
**Total net assets**
539,826|**Designated**
**funds**
**Restricted**
**funds**
**Total**
**funds**
£
£
£
96,886
99200
534,816
7,324| |---|---| ||99200
639,026| Page 22 ## **CREWE HERITAGE TRUST** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **20 Control** The charitable company is controlled by the trustees, who are also the directors of the charity for the purposes of the Companies Act. Every member has one vote, so no individual has overall control. ## **21 Reconciliation of net income/(expenditure) to net cash flows from operating activities** |Net income/(expenditure) for the year
**_Adjustments for:_**
Interest receivable
Interest payable
Depreciation and impairment of tangible fixed assets
(Profit)/loss on disposal of tangible fixed assets
**_Movements in working capital:_**
(lncrease)/decrease in stock
(lncrease)/decrease in debtors
lncrease/(decrease) in creditors
**Cash generated from/(absorbed by) operations**
**22Analysis of changes in net funds**
**1 April**
**2023**
£
Cash at bank and in hand
551,139
Obligations under finance agreements
108,048|**2023**
**2022**
£
£
(32,729)
437,397
(11328)
8,949
-
4,780
1118
1,559
(2,318)
9,339
(250)
(1,610)
(1,933)
447
(27651)
441,072
**Cash**
**Other**
**31 March**
**flows**
**changes**
**2024**
£
£
£
(16,323)
534,816
443,091
551,139| |---|---| Page 23