The Dacorum Heritage Trust Ltd Trustees, Annual Report and Financial Ststements Year Ended 31 March 2021 Charity registration number.- 1026161 Company registration number: 2851313
The Dacorum Heritage Trust Ltd Financial Statements Year Ended 31 March 2021 Contents Page Charity Reference and Admintstrative DetaiLs TfUStees' Annual Re IrKlet*ndenl Examinerfs Rep)rt Slatemenl of Ffflancial AdrytS 10 Balanc Sheet 11-12 Notes lo the Financial Statements 13-22
The Dacorum Heritage Trust Ltd Charity Reference and Administrative t)otails Year Ended 31 March 2021 Charity regislrntion number 1026161 Company regtstfation number 2851313 Accredited Museum Number 1594 Trustees A Andetson A A B8rt1am (Apwirrted December 2020) S W GIN (Resigned September 2020 and Re appointed May 2021) S H Gregory (Appointed NOrntr 2020 aThJ WEsuned May 2021) L C McAwa(d-IPthile (AFy)Ènted Octobpr 21)20} FJPage Dr S L Ralph (Apm)inteO PAarch 2021) J M Sparks C V T Walsh IRes•Jned October 2021) N J IMMVOj (Appointed May 2020 and res*Jned October 2021) Registered Office The Museum Store Clance Roaj Berkharned Hertlorttshire HP4 3Yi Solicitor Macthins Soliclto LLP 295.299 HKJh Street Berkham5ted HP4 1AJ Bankers CAF Bank Ltd 25 KirKJs Hill Avenue ngs Hill West MalhwJ Ke ME19 4JQ
Tlk Dacorum Heritage Trust Ltd Trustees, Annual Report Year Ended 31 March 2021 The Tnjstees Fesenl their annual report the indepern1ently examined accounts of the charity for the year ended 31 ma1] 2021.The Trustees have ad0ed the promsions of the Slatement of Recommended Practi( (SORP) "Ac£ounting and Reporting by Charittes" (FRS 102) in pparing the annual P)rt and financial stalements ofthe chaw. The financial statements have been ParEd in accordan with the arxx)Unt7ry p)licies set out in notes to the accounts and compty wilh the catTiy'5 goNEming document. the CharTknes A(# 2011 and Acujunling and Reporting by Chaiittes.. Statement of RecommerKJed pra applicable to chaiities preparing their accounts In accor(lance with the Financial Reportiro StaTKlard applicatsle In the UK and Republic of Iland (FRS 102) {effectNe 1 January 2019>. Trustees of the charity The ditEctots of the charitable company are rts Truslee5 for the purposes of charity I. The Trustees who have serMEd during the year and since the year end were as follows. A Anderson A A Barham (AppjWrtJ Decer 2020) S W Gill (ResvJned SeptemLr 2020 arbj Rep appointed May 2021) S H Gregory (Apwinted Nornber 21)20 and Se(l May 20X) L C McAward-lélJhite (Appoinied Ctlober 2020) FJPage Dr S L Ralph (AppoinipA Marth 2021) J M Sparks C V T WaLsh (R&wned Octoter 2021) N J V4lnwood {Apwinted May 2020 and resbned O(lober 2021) Objectives and activitles The mk%sion ofthe Tftl is connecaing aThJ inswing (MMUnitieS through k1 heritage. The Trusl's otiedives as set out in Ihe Articles of hssocrion arp the adwancement of education in the Borough of Dacornrn by aL4uiring, housing. exhtthg, cxJnserviThJ restoriThJ aThJ lring objeds and cximections of an hi%toric81 and or educatnal nature eablishing. aUinrKJ, managing. and maintaining TrAJseurr6. galknies, Thbrnries, and olher places where those actNities are athieNd research arttl eroury and the exchange aThJ dissemtnation of Vie and inf0MtiOn rnay occur. The Trustees havE pa¥J due regatil to gui1ance on pUbC benefft issu&J by the Charity Commission in dechjing what artivths the Tnjst shoukj undertake. The Trust w0S wrth TrThUnty partners and other voluntary oroantsaiions to deliver an engaging prryJramme of events for a local audience thTDugh a variety of media. We also engage audiences through Social media posts, via our websile and our neNsletter. maintain hKJh slandar(Is of collections care and conservation preserving the heri1*3e of Dao)rum for the benefft of OUT CL)mTnunits and fijkure generations.
The Dacorum Heritsge Trust Ltd Trustees. Annual Report Year Ended 31 March 2021 The Trustees wnise that there is 8 sKJntfurrt input to the Trust's achievements from the contribution by the many volunteers. To quantfy thk8. the Trustees have Us, as a basis for its c8lculatM)n of Ihe a(Lepted valuation of personal commitment of their labour contrkntion, the fomiulas adopted ty the He]i18ge Lottery Fund. Based on these formulas a minimum dIUation for the year woukl be more than £37,000. This is s•Jnfficantty less than prior year5 due to the impart of Cov¥J on the operatton of the Museum StotE. FurthemKsre, these accounts do not re(thJnise the vahje of expenses not Claim by Trustees and vdunteets, nor of honoraria waived. Achievern and perfonnan¢e Throughout the pertod urKler review The D8corum Herrtage Tntst ha5 tttn impacted by the CO -19 pandemio We had to quickty adao to 8 way of working and adjust our aUdnCe engagement plans to reflect 8 world in lockdown. We conlinue(r to work in partnetsh]"p with Dacorum Borough Council (DBCI and numerous local organi5ations to supw)rt acc5 to herrtage acruss the tM)rough and fo¢u5ed our engagemerrt on those ¢ommunhies' facing iSolan because of the pandemic. We used £4,916 grarrt funding obt81n&J fium DBC Corrynunty Grant FuThJ, Te GrourKlwoths a1 HAM to support heritage proje(As thffjughout the year. Our usual main exhibttion was cancelled due lo Covid-19 arn1 we repurposed fvnds for this to produce 2 remlniscence films for caTr home and eiderly resKlents in the rOugh. We engaged g young people in the making of these films who leamed about Ihey local heritage in a unKiue way as well as gaining film making experience. The fitms have Sin been shared wilh care home and two memory groups in the tK)rough and will conlinue to form part of our renISCn¢e offer. Extracts have aLso teen Mewed thou58nds of times on soctal media, tecomff our wjwlar Social media w5ts over the year. We have also used funds to purchase handling materia15 Ihat support the themes of the which will add a new element to sparkino memory now that handlirrfJ sessions arE [le again. At the bEry Start of the parKJemic. we qUKly adaprted to the of our community and taunched 'stockpiling Stories., an inter-generational projert whK saw young tEOF4e askn.ng eklerfy resKtenls of the borough about their chiklhood experien( in the aa. This gave socialty isoiated adulls the opwortunity lo contribute their 5torie5, help young people leam aut their herltage arKA add to our collection whilst young people, leaming al home r&her than School were atAe to develop their skjlts of hrstorical enquiry whilsl learning aboul local history. This was a very Su(J5[u1 projeci for the 11 chik1n 8 adutis involved an(J was shotlsted fvr a nalional K•Js in Museums award for Going the Extra the Mile. We 8&0 created Sha fve 4&Mine on&ne presertst$ on WdfK)us bxal history themes th8t to date have collertNety been viewed 166 times. We also cteated a short film to celebrate VE day in Ileu of the cancelled in-person actiwties and thi5 has Leen viewed 158 times. We aL80 cortinued to ertgage with an online audience vla social ffiedia with 1093 Fal)0k followe and 565 Inslagram folowet5 at the etKJ of the perioxj. as well as 19,599 you tute views. This is a growing audtence ihat we ha (tyntinued to develop further. Throughout the period under review, we were unable to make school visrts and for much of the year we were also unable offer a k)alls tox servtce due lo WO from home guKlance and school closures. However, foi the halftenn where this wa5 SSIble. we eThJaged 166 wpils with 3 loan ix)xes. The Twst has maintaine(J ts status as an a(X¥Bdft&J nTrm in Dacoium with the renevrdl now due in 2022 due to CovKI-19. Throughout the [1( under reviv•4. we conlinued to cate for the collections through effecttve collections management org8ntsational slr8tvJy. We secured a Coltections Care Audtt Grant that has Since been caffied out and Ihe recommendAtions from this ha been incorw)rated into our Coltedion Care pLgn arKJ will infot7n our luture a(knns. We continu81ty wotk towards Improwng our colledions care, reviewing our Strategies to fvlfil the current guidelines in eouections cafe. This has incjuded l121ftg with local societies to develop an alternati to k)ng term loan agreements. Throughout the period under review. we were able lo meet virtually with prEsentatI*S from h)cal societies to discuss thr needs and present our own plans. At the end of the peri(xJ uNler ThiiLY this was an ongoing dtscussion and we have (Xjntinued to work with our key #akehohaers. widuding OBC and the k)cal societies to plan.
The Dacorum Heritage Trust Ltd Tru5tees' Annual Report Year Encd 31 March 2021 Financial review Income and endowments for the year to 31al Marth 2021 was £69.227 (2020 - £82,682). After total expenditu of £57,030 (2020 - £82,549) there was nel income of £12,197 (2020 - £133). Thts is splrt between unrestiided 8tMJ restrKled furvJ5 as folkAvs: ed Funds The Tnjst had a surplus in Ihe year of £12,181 (2020- £1.103) on Unre5tn( funds. The balance a the end of the year was £111,954 (2020 - £99,773). The surFAus arose due to a signifiLWrt reduclion in Gos15 because of CovM&19 lockdthvll arrangement. The Trua is relianl on fuThYtng from DarUM BOr(m Counci LThited funds are raised from other sources. Plans to inCTease income fiY)m fiJThJ r8ising were put on hokj dUrij the year. However. thi5 is a hYJh prioiity for the Trustees in 2021-2022. Restricted Funds The Trust had a sury>hJs in the year of £16 (2020 - £2.770 tJefoi) on restricaed fvrK15. Tre balance * the end of the year was £46,199 {2020- £46.183). Reserves P li The Trust hokts reserNes forthe foll(pwiThJ sftuations: Corfngerkcy- neXdj eynditure in the defti of an emergency Cashflow- SiluatnS where a 11 has to paKI before the money to cover it has been CeNed Commitment- a commrtmenl to ex[d[lre whth cannot be Cored by the annual income ctosure - the charity become financllY unsustsinable and has to be wound up. The ¢Uerrt reseNes po is to hokl as reserves a surn Ulaknt to 9 rnonths of runnffy costs for the Museum Store whth is £50.0. The amount of unrestricted reseNes 31# March 2021 was £111.954 (2020 - £99,773). The wlicy has twn rewewed (n5Jeing the Continu Impad of the Covi&19 Silualn and no cthange is tKowsed by the dilectots. Slructure, govemance and managemerrt The Trusl is a company Mitl ty guarnntee, incorpor21&l in Setrtemttr 1993 8ThJ TIstered as a carity SeFrtemlkr 1993. It is governj by its artths of a&s¢tIon. The Trustees are re(¥uiled from W1untee prepar&J to offer their time to the deve]owent of the Trusts objectives. None of the TnJstee5 has any beneficial interest in company. Member5 of the company guarantee to contribute £10 in the event of a wThJir¥J up. Direotors are required to be memters of the coTT]pany. The Trust is managed on a day-to-day basis by a ColleGtN)ns Manager, Co1ctIOnS Assistant and Finance Man8ger employed to work under the guirlance and direction of the Board of Direclors of the TWSL Empkjyee sakqries are determined Ihe Board of De¢lOTs in a(lordan wlh the Trust Pay Polioy. Reguiar manJemerf meetinos are hekl tn the Tntslees and staff to ensure the wogress of thaTttable activi and the effeth day to day nJnnhvJ of the Tn There were no transadions with related parts duriNJ the yearthal rv]uir1 rerKJitiTrJ in these accounts. The Trustees have assessed the major risks to whith the Tntsl i% exp)sed throLvJh ils risk management statement and a s*isfied tIM)se systems are in rAaGe to mitvJate ex]SUre to the malor rists.
The Dacorum Heritage Trust Ltd Trttees, Annual Report Year Ended 31 March 2021 Strategic report and forward4ooking plans Over the next three years the Tnjsl faces some Sh]nffnt thatlenges and wiTh need to make some stregio changes if it is to be susiainable for the future. The Dacornm Borough Council has undertaken a rewew of Heritage Servrces in the Borough in whth the Tnjst fvlty partipated aloTWJ wilh other stakehohjers. The outcorw]e of that remew is currently awaited. The TDJSt entered inlo a dtalogue wilh ]ocal hetitage societies lo understand their tEquirements. A new strategic pian has been develotd by the Tee$ to erEr on our vision to create an inclusNe organisakn.on using herrtwJe llectionS to engage and inspire communtiies in Dacorvm centred on principles of enjoyment and wellbeirtyJ. Strategic ain8 are to Engage the whole of Dao)Nm BeGome better known Increase our organisational strengih and sttstainability Share leamlng and stretch thinking in looxl heritage Hame55 the potential of the dvJrt81 envirDnment Develop and adhere lo a deaty defined coUedy)n 1Y Objedives have been set against these aims aNJ the Trustees are WOrku on detaileA plans to deVer 8gainst the ObjectiS. Tn45tees' responsli Jilities The Tnjstees (who are a150 dIreL0 of The Da HentJe Tntsl Ltd for Ihe wryK>ses of company Eaw) are responsible for weparing the Trustees, Annual Report and the finan31 stalements in a(xonlanGe with applicable law and Uniteil lfjtNJdom A¢c(xmttng Statmlarts (Uniled KOrn Generally Aprted AUntIng Practice). Company law ul$ the tnkstees to Pfepafe fmanci?1 statements for e8th financial year. Wh give 8 tme and f8ir view of the state of affaits of the charsiable c(wnpany and of the incomirKJ resources and application of resources, including the income ar¥J expendrture, of the thartab company for that period. In preparing these financial sLqtements, the truslee5 are required to: select suitable 8cunt[n9 policies then appty them con5iStently,' observe the methods and prinriples in the Chaiiiies SORP 2019 (FRS 102)". make judgements and estimates that are reasonable arml F¥Ient. state whether applicAbte UK AccountiThJ &aThJaTds have been folIcwl. sut4ed to any material departures disd05ed and explained w) the financial sL9tements," prepa the finan(4al statements on the going concem basi5 unless ft 15 rnappropriate to presuffle thal the (antable company will (x)nlinue in oFwatM)n. The tn]stees responsible for keepiro adequale accounting re¢oNJs that (Jisclose with asonable a(£ur8cy at any tbme the financial posthon of the charilabte compaTry and enable them to ensu th8t the financial statements compty wfih the Compans Acl 2(K6. They are aLso reswnsibte for safeguatding the assels of the charitae company and hence for lakwKJ reasonable steps forthe prevenlion detection of traud and other ittegutarities.
Tho Dacorum Heritage Trust Ltd Trustees, Annual Report Year Ended 31 March 2021 In so far as the tfustees are awa. theTB ts no relewanl irrformation of the tharitabk cofflpanrfs IndepeIent Examiner is unaware" arKI the tnjstees have taken all sleps thaf they ought to have taken to make theelVeS aware of any relevant information and to establish thai the Independeni Examiner 15 aware of Ihat information. On behaw ofthe t¥)atd Fiona Page Trustee Dated 13k NOVemr 2021
The Dacorum Heritage Trust Ltd Independent Examlnevs Report Year Ended 31 March 2021 Independent Examinerfs Report to the Trustees of Da¢ornm Herttage Tntst Ltd I repKJrt to the thaiity trnslees on my eXaMinan of the a(YA)unts of the o)mpany for the ye8r 8n(led 31 March 2021 whÉi are Set otrt on page 12 to 23. 1 teFK)rt that the Truslees, Annual Rert set out on page 4 to 8 is consk#ent with Ihe fThnual data FesentA tn ttr accounls. Responsibilities and basis of report As the chaJity'S trustees of the company {and also its direclots for the purrM)ses of company law) you att responSle for the prEparation of the accounts in ac(x)nJance with the requirements of the Companles A(# 2006 (lhe 2006 Ad?. Havlng Sal mysewthat the aclounts ofthe company are not required to t audfted uThJer Part 16 of the 2006 AIX and are elthJib for independent ex3minatKsn. I report in SPeCI of my examination of your charity's 8ccountS 85 carried oul urKkr section 145 of the Charities Acl 2011 (the '2011 Act). In carrying oul my examinalion I haNE followed the DiredH)ns gi¥En ty the Charity Commi55ion under section 145{5)(b) of the 2011 A(A. Independent examiners statement I have CoMled my exarninalion. I confim that no matter5 haNp lo My attentM)n n conne(Aion with the examination giv1j me cause to belieNE" accounting reu)rts We not kept n resixl of the COnnY as wuired tsy se(Aion 386 of Ihe 20(6 Act.. or 2. the accounts do nol ac1 wrth Ihose accountiru re(a)nYs: or 3. the accounts do not comFdy with Ihe accountw quIrEMentS of seclion of the 20(k Act other than any requiremenl that the ac{xntS gi a Irue and fair view which Ls not a matter cons¥Jered as part of an independent examinalh?n- or 4. the a¢)Unt$ have not been rKeparwJ In acanCe wkh the meth(K1s and principfes ofthe Statemerrt of ReGomrnend&Y practice for accounting and rewrtiNJ ty ¢harrtie5 [apFAicable to charitie5 preparing their accounts in accordance wilh the Financial Re[rtIj Standard applb in the UK and Repubiic of Ireland (FRS 102)1. I have no con(£ms and have come acrDSS no (rther matter5 connertion wtth the examinatlon lo which attention shoukl be dtawn in this rewjrt in order to enabbe a proper under5taThling of the accounts to be reached. Date.. 1511112021
T Dacornm Heritage Trust Ltd Statement of Financial Activities {Incorporating Incon and Expen(fiture Account) Year Ended 31 March 2021 2021 Restri(A funds 2020 Un(eslrvAed furrfts TDlal Total NrAe Income and endowmnts frrn: Don8tions and legaGies Chartt8ble adiwties OtheT trading activil Inve51merts 1,300 66,827 1.028 72 4,867 75.778 1.765 272 58.620 1.028 8207 16 Total income and endofftftts 61.Crf)4 69.227 82.682 Expenditure on: Raising funds Charitable activities other 48,823 8,207 57.030 82,549 Total expendltu 48.823 8.207 57,030 82,549 Net (expendftuYe)fincom• 11181 16 12,197 133 Net movement in funds 17 12.181 12.197 133 Reconciliation of funds: Total funds brought foThv2rd 17 99.773 46.183 145,956 145.823 Tolal funds carried forwaNI 17 111.954 46,199 158,153 145.956 All incom8 and endIture delive from (xjntinuing a(li¥11. The statement of financial adpths includes all gains arKI losses recognlsed during the year. 10
The Dacorum Heritage TnJst Ltd Balance Sheet -continued Year Ended 31 March 2021 2021 2020 Fixed assets Tangible assets 13 714 833 714 833 Current assets Stoc&s Debtors Cash at bank and in hand 14 7.780 153.419 2,290 154.775 161,179 157,065 Creditors: amounts falling dug within year 15 3,740 11,942 Net current assets 157.439 145.123 Total assets current liabililles 158,153 145,956 Charity Funds ReStted furmts Unrestri(aed fijnds 17 17 46,199 111.954 46,183 99.T13 Total charity funds 17 158,153 145,956 11
The Dacorum Heritage Trust Ltd Balance Sheet -continued Year Ended 31 March 2021 The charitae company is enhtd to exempb.oft frDm audit under Sect)n 477 ofthE Companies Act 2006 for the year ended 31 March 2021. The members ha¥e not reqvwed the comparry to (thin an audit of rts finaroal stents for the year ended 31 Mafch 2021 in ac£ordance wth Se(kn1476 of the Corrwanies Act 2ixi8. The trustee5 aGkrThvkdge thwr Fe5ponsbilities for lal ensuring that the charitable ciMTwny keep5 Tecords thal conyty Sections 386 and 387 ofthe Cornpanies Act 2006 arKI Ibl preparing fan¢1 stateffnts Wh give a arml lair wi of the slAe of affaws of the ¢haritable company as at the erKI of each financial year and of tts sUlUS or deficf( for each financial year in accordance wrth the r4uirements of Sections 394 and 395 and which otherwise comply with the ]EquiEnts of the Companies Act 20[ relatrng to financial Statements: so far as applicable to the charitabk conwny. These finawal ststsments have en prepared in &cordance with waal prOvinS of Part 15 of the Comwanies Act 2(K6 relatsng to charilable small ¢c¥npanie& The financral statements were approved and 8uthorised ftx issue by the Board Im 18trb November 2021 SvJned on l)ehalf of the Board d Trustees d MLlwl 40ILitr Fiona Page TnBtee Louise McAw?fta-IMirte Trnstee Date." 1 NrNember 2021 The notes on pages 13 10 22 fom) part of these financial 5tatemerrt& Company fegi8tratw numtr£r. 28S1313 12
Ttr Dacorum Heritage Trust Ltd Notes to Financial Statements Year Ended 31 March 2021 Summary of siwificant accourrtxry policies lal General Infonnation and basis of preparation The Daix)rum Hetitsge Tnjsl LtnMt&J Ls a company limled by guardntee in EnglaThl and Wales. In the event of the charity being wound up. the lbilty in respecl of the guararrtee is limited to £10 per member ofthe charily. The addTess of Ihe registered office is given in the charlty information on page 3 of these fmancial ststemenls. The natu of the charity's 0ratIonS and prtndpal actiwtie5 are to colled and record the hb5tory of the Borough of DaconJm and to irrteryKet afvj display Ihe cA)IlecLion in Olert0 encourage inlerest and appreeAi(m of the heritage of Dacorum. The Chariiy constitules a pu¢ nefft entty as defined by FRS 102. The financi85 staternents have been prepared in accordance with Accounting and RerK)rting ty Charities: Statenwnt of Recofflmended Practre applic4tAe to chatilies ptEparing their ac(x)unts in ac(yJnlance with the Financial Re[ff StandatKJ app[[ble in the UK and Republbc of Ireland (FRS 102) issued on 16 July 2014 (as uwjated through UFrfJate Bulletin 1 published on 2 February 2016). Ihe Financial Reporting Staifflard applicable in the Uniied Kiwdom a1 RepublK of lTrland IFRS 102). the Charitie5 Act 2011. the Companies Acl 20C6 and UK GenerlY Accepted PrarA1 as rt applies from 1 January 2015. The charity has appw UKxJate Bulletin l as pullish on 2 Febfuary 2016 and does not indude a Gash flow statemenl on the grounds thal li i8 applYj FRS 102 Sedion 1A. The fin8n¢ial statements h8Ne been wepared to give a Itue a1 fairf view and have departed from the Chafilies {Accounts and Reports) Regutations 2008 only to the extent required to provmje a Irue and Pair vtew.. This departure has inw)1V following the Arxy)unting and Reporting by Charities: Statement of ReC0mnnded Prartrce applicable to charities preparing Iheir accounts in accordance witb the Financial Rep)rtww siandawd applble in the UK and Republic of Ireland (FRS 1021 issued on 16 July 2014 tather than the A¢xounting and Retx)rttrYJ by Chaiilies.. Statement of Recommended Practice effedTrve from 1 Apnl 21KI5 whi¢h has Sin ten withdrawn. The financial staternenis are wepared on a goirKJ o)ncMn basis urNler the histor1 c05t convention, m(Mlified to indude certain itens at tair value. The financial statements are presented in sterling which ks the funclw)nal currency of the chathy and rourmled to the nearesi £. The significani accounting wlnes applied in the preparatH)n of tnese financial statements are Set out beb)w. These poliues have been (x)nsistenty appld to all Yea Fxeseftted unless otherwise sied. (bj Funds unstriCted fur$ are available tor use at the dscretion of the Trustees in furtheran¢e of the general obJ'erti¥es of the charity and whid] have noi been designated for other purposes. Designated funds (xjmwtse unrestrict1 funds that have ien set aside by the Tnjstees for particular putposes. The aim and use of each deswanaled fund 15 set oul in the notes to the financial statements. RestrirAed fvnds are funds are lo be used in arx0rd8n with speufitt testrictions imposed by donors or which havE been ratsed by the charrty for specific purpM)ses. The cost of raBing and adminL%tenng such fvnds are Chae against Ihe fund. The aim and use of each restricted fund 15 sel out in the notes to the financ4al slatements. 13
The Dacorum Heritage Trust Ltd Notes to the Financial Statements Year Ended 31 March 2021 (cl Income recognition All incomirtg resour a inclwjed in the statent of Financial Acttvities (SOFA) when the chatity 15 legally entill&Y to the income after any perfonnance corKlitions have been met. the amounl can te me8sured reliabty. and rt is probaNe ihal the income wlll be receivEd. FOT don8tions to ts wnised the tharity will haNE been notifjed of the amounts and the settlemeTrt date in wtiting. If there are condrtions attached to the donation and Ihis requires a level of performance before entiuement can be obtamed, then income is deferred until those conditions a fully met or the fuffitment of those coTrditions is Vthin the (xjntrol of the charity and pn)bable that they will i fulfilled. No amount is indLvJed in the fnGla1 siatements for w)lunteer ts.me in line with the SORP (FRS 102). Further detail is given in the Trustees, Annual RetM)rt. Income fmm trading adith indwjes income earn from fvncloisiryj events 8Tr1 tradiThJ attivittes to ratse furKls for Ihe tharTiy. Incorne received in excknange for supplylng go(yJs and Services in order to raise funds and is reCOgnr when entitletneFrt has oc£utTed. Income from local government and other grants are reccJnised at fair value when the chaiily has enttttement After any perf0mnCe coNlifK)ns Lwn met, tt is Ptyjbable that the income will b8 received. arKY the ant can be TrSurEd reliatty. Ff enliilement is not m¢ then these amounts are defeffefj. Olher income Indwles the )nVers1o of endowment funds into inc¥)me which arises when capital funds a leaSed to an income lund ftvm extendable endowments or when a charity has authorrty to adopt a total retum apFaCh to rts rmanent endowment fund. It also inclijdes other income such as gains on drsposals of tangible fixed assets. (d) Expendiiure recowition All expendilure is accounted for on an a¢(7uats basi5 aTrJ ha8 been claSsj under headings that agggate all costs related to the category. Expendrture is reccNJnised where there is a legal Dr COnJ1ve obfuation to make payments to third Wies, rt is probab Ihat the settlement will be required. and the amrwftt of the obligation can measurwj reliabty. It is categorised under the folknying headings.. Costs of raising furnts Expendffure on chantable activities indudes the costs of caring for the collectons and other end((re represents those lieff not falling into the Categor abo¥e. Irrecoberable VAT 15 tharged as an ense against the activity for which exFeThJrtute arose. Support costs all¢xalion Support sts are those that assist the work of the cha]ity but do not diredty present ch8rit8ble activities aThJ include office costs. govemance $ts. adminislr8tive payroll costs. They are incurred directty in suppx)rt of exrEnditure on the obJ"e(#s of the ttrity. Fund-raising Costs are those in(yJrred in seeking voluntary c0nlritxOnS 8fKI do not include the costs of disseminattng inf0mli0n in suwort of the cttaiitable actiTr4ths. The analysi5 ofthese costs is Incl1 in note 7. 14
The Dacorum Heriiage Trtt Ltd Notes to the Financial Ststements Year Ended 31 March 2021 lfj Tangible fixed assrfs Tangibie fjxed assets a stated at (3)st (or deeme(J (x)st) or valuation less accumulaled depreciatlon and accumulated tMpaimnÉ k)sses. Cckst U[LJeS costs d¥ecty aWibutable to makuig the asset capable of operating &% irrtended. DeplatIOn ts protj on all tangNI e rj assets, ai rntes lCulatJ to lIe off the cost. ths estimated resRlual value. of eath asset on a sysieffAtic basi5 Dr ts expected usefijl Ilfe a5 follows: Plarrt and machinery Fixtures and fith.ngs 33.3% Strah1 line depreciation 10% stsawJM ie dewerAalion (g) Heritage assets l¥fjthitst its Hertiage k55ets (In other words. As accesSned colledion of over 63,000 Ite) as inalienable. hekl in pewuity and mostly irreplaceable the Tnjst. in the IpJht of CHARITIES SORPIFRS 102), Valuation of Herrtage Assets section 18.14. (rrentlY ¢onsKJe(s estsblishing valuations for the entirety of the colknlwjns to t unrealith and prohibitively eynsive arKI not required by the Trust in ils duty of care to the for the k)ng-tenn stewardship of culturally sJnrficant matefial. The Board of Tnjsiees will keep on the financial trealment of Hemage Assets UT¥Jer vIeW. Au1Sti¥s onty are wlwi donaled lo the charity or rf ft 15 believ1 th they further the charity oti"etXives. on acquired they will f preseNed by the charity in oler to keep their historical, artislio $ctif, technological, geophysical or enviKK)nmertsl qualities to such a hb3h level as to conltibute to knowledge aThJ cufiure. A regL8ter of all assL%s helj by the thawfty s avdilable and the assets Ihemsefves are aC55e to the with wKir agreement. Heitage assets a to be held for the foreseeakAe future. {h) Debtors and credtloTr rBceivable I payable within one year Detiors and cr&Jrtots with no slated inierest rate and receNable or payabie within one year are recorded at trark5aclKin prh%. Any k)sses aiisiffj frorn rfflpawrnent are recjniSed in ex[lture. (i) Prnvisions Provisiorts are recogni when the tharity has an otligatton al the balance sheet date as a result ofa past event, probabfe that 8n oufflow of economic beneffts will be wuirEd in settlement and the amount can t* reFabty estimated. til Emplo)ee benefits Vlthen ernpk)yee5 ha rendered Serv[ to the tharity. short-tern empk)ye8 tnefftS to which the employees are entilled are reu)gni5ed at the undiscounied arrnunt expected to be paid in exthange for that5ervice. The Charity operales a defined (x)rlly.0n plan for the benefit of its employees. Contrbutions are expensed as they tecome payae. {k) Tax The chariiy ts an exemrt charfty within the of schedule 3 of Ihe Charitie5 Act 2011 and 15 ¢ons•Jered lo pass the tests set out Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the definition of a dMITlattr company for UK K)ratI)n tax purFrfJses. 15
The Dacorum Heritage Trust Ltd Notes to the Financial Statements Year Endod 31 March 2021 (l) Going concem The financial statements ha been prepAd on a concem basis as the Tnjstees believe that ao material uncertainties exisE. The Truste&% ha consKlered the level of fvnds hehj and the expected level of incx)me ex4)erwJilure for 12 K)nthS from authorising these finan(ial statements. The budgeted income and endIture k5 sufficient with the level of se(bE$ for the chatity to be ae to continue as a going (a)ncem. Income from donations 2020 Donations 4.867 4.867 Income from 11onations was £1,31JO (2020 - £4,86n of which £Nil (2020 - £NiQ was attributable to restnct&l arKI £1,300 12020- £4.867) was attributable to unrestrixed furKJs. Income from chaTilal)le activilies 2D20 Sale of gocrfjs and serve5 performan related grants 620 86.207 2,404 73.374 66,827 75,778 Income from charrtable 8(knrties was £86.827 {2020- £75,778) of whith £8,207 {2020 - £15.374) was attnbutalAe to festricied and £58,620 (2020 - £60,404) was attributab to Unfestridl TrS. £ 58,000 (2Q20 - £58.000) ol govemment grants were wi1 as part of a ServKe Level Agreement wrth Dacorum Borough Councis. IncoThe from other trading aclivities 2021 2020 othertrading aclivttEs 1.028 1.765 1,028 1,765 Income from other Irading adivities was £1,028 {2020 - £1.765) of whh £0 (2020 - £0) was attribuiable to restricted and £1,028 (2020- £1.765) was attribut8ble to unrestncled funds. 16
The Dacorum Heritage Trust Ltd Notes to the Financial Statements Year Ended 31 March 2021 Income from investments 21 Inte¥e*- deposts 72 272 72 272 Incorne from inveStrt was £72 {2020 - £272) of whth. £18 (2020 - £63) was attributable to restri¢Xed aj £56 12020 . £209) was attTibLtst4e to unre5tnded funds. Analysls of expenditure on charitable aclivilie$ Total General Actmty 30,755 26.275 57.030 30.755 26.275 57,030 £8,207 P020 - £18,20n of the alK)ve costs weTr altributable to restrided fvnds. £48.82312020 - £64.342) of the alx) uists were attnbutable to unresttithj fund5. Allo&ition of support costs sup[)rt co 2020 Go¥Emance Finance Utilities Human resour Depciall0n Insuran( Office costs Pension contnlxrtions Other 415 15.989 1.977 7,969 15.980 2.689 40 119 2.397 3.229 2,004 1.745 119 2.431 1.777 2.087 1.480 Total 26,275 38.172 17
The Dacorum Heritage Trust Ltd Notes to the Financial Statements Year Ended 31 March 2021 Governance Costs Note 2021 2020 Tnjstee expenses Indepermdent examinets remunefth.on Legal fees SupFrf)rt costs 10 415 7,096 415 7.996 Net in¢4)mv l {expenditurE) for the year 2021 Net income l (e)eIlture} is staled after ¢hargwvJ l (credithJ): 2021 2020 Depreciation of tangible fix&J assets C05t of stock recnIsed as an e4)er 119 119 10 Independent examiners remunerntion The IndepeIent examinef5 reMeralKffi for an iThtependent eXaMinatn £Nil {2020- £Nil). 11 Trustees. and key management personnel nuneratIO and expenses The Trustees neither recelv&l norwal¥Ed any remuneration durirrj the year12020: £W. The total amount of emFdoyee benefits rEceNed by key management petsonnel is £31,348 {2020 - £45,175). The Trust conshler5 its key management personnel rx)mwornise Couections Man8ger. Flnance maner and the Board Secretary. The te1mbuernerrt of Truslees expenses was as folbws." 2021 Number 2020 Number 2021 2020 Other Included rn at? are £Nil (2020 - £Nrf) whiL have been paKI directly to third parb"e5. 18
The Dacorum Heritage Trust Ltd Notes to the Financial Statements Year Ended 31 March 2021 12 Staff costs and emPYet beneffts The average monthly number of ernpknyees and fvn lin 4uivalent E) duiirKJ the year was as follows.. 2021 Number 2020 Number 2020 FTE Raising frjnds Charitable actiini Goveman¢e 1.567 0.020 1.642 0.243 1.885 2.189 The total staff cosls and employees. beneffls We as folbms: 2020 Wages and Salaries Defined (xjnlribution penSn costs 39.092 2.087 51,218 2.004 41.179 53.222 £25,910 of the at)ve C( we(e allritMJiable chariiable aLvths, and £15,989 rfthe a)ve ¢osls were attribut&s lo g0veman. No efflployees recei¥ed lotal effiyee tsneffts (exdLhJing employer nSIOn costs) of trnre than £60,000. 13 Tangible fixed assets Plant and Fixtures and mathinery frtlmgs Tolal Cost or valuation: At 1 April 2020 AdrtftS Disposats At 31 Marth 2021 5.105 41,997 47.102 5,105 41,997 47,102 Deprecaation: At 1 April 2020 Charg8 for the year Eliminated on dis[al$ At 31 March 2021 5.105 41.164 119 46,269 119 5.105 41.283 46.388 Net book value.. At 31 March 2021 714 714 At 31 March 2020 833 833 19
The Daconmn Herftage Trust Ltd Notes to the Financial Statements Year Ended 31 March 2021 14 DebtorJ 2021 2020 Trade deoto Other debtor5 Prepaymerts a1 accrued inrDme 5.763 1,909 391 1.899 7,760 2.290 Debt0 inchbjes £Nil (2020- £NID falliTh3 due after one year. 15 Creditors: amounts falling due wllhin one year 2021 2020 Trade credilor5 Olher tax and swal seojnty Accm8Ls Deferred income 2,267 1,242 2,891 7,629 157 1,316 3.740 11,942 16 Deferred income Under 1 year Total At 1 Apnl 2020 A(Iditions during the year Amounts rased to in(x)me 7,629 1,316 17.629) 7.629 1.316 17,629) Al 31 March 2021 1.316 1,316 Income has trken deferr1 from the Super 100 HetitwJe Club lottery for whmth members buy a yearfy tid(et for entry into the morrthty draw. In(J)n Nyds also deferred from several small grarrts.
The Dacorum Heritage Trust Ltd Notes to Financial Statements Year Ended 31 March 2021 17 Fund reconcflia¢ion Unrestrlcted funds Balance 8t 3110312020 Gains I Balance at Oosses) 3110312021 Incorne EX[j&U Transfers Unrestrided 87,398 60.354 (48.813) 998 I IXJ.137 Maintenance Publications Curatorial Activrties 100 Club 1.888 2,000 (998) 7,489 650 (210> 7,929 99.773 (48.823) 111.954 Restricted funds Balance al 3110312020 Gains / Balance at )sses) 3110312021 Incorne EyThJilure Transfe Museum Fund Development PEC Ovaltlne11 DBC Tesco Grouped ftubjs 18.361 10.080 17,476 10 18.371 10.080 17.482 4,037 2,828 725 617 4.037 2.828 725 617 (8.20n 286 46.199 48,183 145.956 (57.030) 158,153 Fund descriptions a) Unrestricl&J fvnd5- Generdl Fund b) Oesvjnated funds - The Tntee.5 haNT des•Jnated fts for maintenan of the Museum Store and for futtjre wbk*ions. C) Restsid funds- Museurn Fund- funds faisert lowafds a museum for Oacorum Development Fund- fiJFKts the fLrture devek)pmeth ofthe museum store PEC - fund5 raised lowarfs the purchase of PIcS EtKI Cottages Ovaltine 11- IterThs at risk wc¥ec# DBC - grant for WWI exhibition Tesco- digital audience engageffTrt Grouped Funds - several small granls for a v8nety of Fwojerts. 21
The Dacorum Heritage Trust Ltd Notes to the Financial Statements Year Ended 31 March 2021 18 Analysis of net assets betIOn funds Tot81 Fixed assets Cash and GUnI inrnents Other current assets Other Cu[nI [tTleS 714 102.407 7.760 {2,815) 714 3.888 47.124 153,419 7,760 (925) 13.740) Tolal 108.1x6 46.199 158,153 19 Pensions and other post-rtirnnent benefits Defined corrtributi)n penSn plans: The chaffty operates a defffted rxintributiDTt pension plan for its employees. The amount e(Jnisl as an ewen5e in the period was £2.087 (2020 - £2,004). 20 Disclosu of key management peT50nnel compensation Key management FEwnnel exwidFture £31.348 {2020- £45.175). 21 Financial instruments The rAfrytt¥J amounts of the charws financial instrumenls are as follcrws: 2021 2020 Fjnancaal assets Measured at cost Cash at bank and in hand 1 $3,419 154,775 Debt instrnments measured at ]sed cost - Trdde deblors (note 14) - Cxher detrtors (note 14) 88 5,736 159.243 391 155,166 Financial liabililies Measured al amortised cost - Bank loans and overdraft (noies 15) - Trade creditots (notes 15) - (Xher clIOrS (notes 14 2.267 180 2.267 180 22