NORFOLK MILLS & PUMPS TRUST TRUSTEE'S REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Charity number: 1033274
Norfolk Mills & Pumps Trust Trustees Report & Financial Statements For the year ended 31 March 2024 Index to Financial Statements Page Report of the Trustees, Independent Examinerfs Report Statement of Financial Activities Balan Sheet Notes to the Financial Statements 10 11-20
Norfolk Mills & Pumps Trust Report of the Trustees For the year ended 31 March 2024 The Trustees present their report of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. Reference and Administration Information Charity Name.. Norfolk Mills & Pumps Trust Charity Registration Number: 1033274 Trustees.. Mr P Duigan Chairman (Norfolk County Council) Dr K Bacon Vice Chairman (Co-opted member) Mr A White (Norfolk County Council) Mr N Brennan (Co-opted member) Mr G Plant (Norfolk County Council) - Joined 2211112023 Mr M Wilby (Norfolk County Council) - Resigned 2211112023 Prof. T Williamson (Co-opted member) - Resigned 2010212024
Norfolk Mills & Pumps Trust Report of the Trustees (continued) For the year ended 31 March 2024 Reference and Administration Information (continued) Address: Norfolk Mills & Pumps Trust County Hall Martineau Lane NonNich Norfolk NR12SG Bankers: Barclays Bank PIC St Stephens Branch 5-7 Red Lion Street Norwich Norfolk NR2 1HS Solicitors: Norfolk County Council Legal Services County Hall Martineau Lane Norwich Norfolk NR12DH Independent Examiner: Mr Andrew Orves FCA FCCA Sexty & Co 124 Thorpe Road Norwich NR1 1RS
Norfolk Mills & Pumps Trust Report of the Trustees (continued) For the year ended 31 March 2024 Objectives and Activities Principal Objectives The objectives of the trust are the preservation (including maintenance and improvement) for the benefit of the people of the County of Norfolk and of the nation at large of: Windmills, watermills and windpumps of beauty or historic interest or the sites and remains of fonner windmills, windpumps and watermills" b) Machinery for milling corn, saw milling, grist milling, paper milling and other similar industrial purposes or pumping water howsoever powered., and Buildings and machinery ancillary to and occupied with such mills, sites or machinery. Publlc benefit The Trustees have taken due regard to the guidance published by the Charity Commission on public benefit. The Trustees consider the charity provides a public benefit as it provides the maintenance to historical bLJildings. The Trust maintains 21 mills and associated buildings. They are icons in the landscape and are an integral part of the heritage of Norfolk. The properties can be seen by the public when driving around the county, from boats on the rivers or when walking on public footpaths. Many of the properties still have their machinery in place, which can be inspected when they are open to the public, on a regular basis. This is a reminder of the skills of our ancestors. Achievements and Performance Review of Activities Billingford Mill Volunteer training continued following the completion of the project and five open days were held. How Hill Mills (Turf Fen, Boardman's and Clayrack) The County Council working with the Trust are progressing with a project to restore the mills at How Hill. Applications were submitted and successful for funding from Historic England for Turf Fen and Boardman's Mill. A project enquiry has been submitted to the National Lottery Heritage Fund for works to Clayrack Mill to include interpretation across the site and heritage skills training. Work continues preparing tender documents for a Conservation Accredited professional to support the repairs at Turf Fen and Boardman's Mill. Old Buckenham Mill Volunteers have continued to raised funding toward repairs and held 5 open days across the year with special events such as a Santa's Grotto. Runham Swim Mill - The mill was vandalised on two occasions causing damage to the entrance door, first floor window and blocked waterlane entrance. The mill has been boarded up awaiting repair.
Norfolk Mills & Pumps Trust Report of the Trustees (continued) For the year ended 31 March 2024 Reedham Marshes Site - Health and Safety works were completed around the site with a new bridge behind the engine house and works to entrance gates. St Olaves Mill- Repair and repainting of the mill has commenced with the works to be completed in 2024125 Stracey Arm's Mill (Mill and Marsh Folk Project)- Following the return of the cap to the mill on 16 December 2021 and change of millwright the new stocks and sails were made and transported to the mill by water and hoisted onto the mill in June 2023. Further works included new windows, a picket gate at the entrance to the mill and cap monitors to monitor the mill remotely. Various engagement events took place to promote the project including a visit to a local school. New interpretation was installed and a celebration event was held to mark a milestone in the project. The completion report and evaluation report were submrtted to the National Lottery Heritage Fund at the end of July. Wicklewood Mill site - Damp issues continue in No. 53 and a damp survey recommended a drain survey, which was completed with no major issues reported. A leak in the shower in No.51 created further damp issues in No.53. The leak has been rectified and new shower boards fitted. Following a previous governance report which wasn't taken forward the Trustees agreed to continue with a governance review. Norfolk County Council's Capital Funding Project retitled Transforming the Trust continues. The Trustees have agreed to use the remaining finance towards a project to restore the How Hill mills and towards the development of Heritage Skills training. Financial Review The results of the Trust for the year are set out in detail on pages g to 20. The principal source of income for the Trust is an annual refund from Norfolk County Council for services by the Trust and Heritage Lottery Funding for restoration works to the mills. Restricted Funds Restricted funds include funding from grants and donations for works to specific mills. Designated Funds The designated funds are used to cover any unexpected maintenance costs which arise.
Norfolk Mills & Pumps Trust Report of the Trustees (continued) For the year ended 31 March 2024 Reserves Pollcy It is the intention of the trustees to use substantially all of the Trust's income towards preservation work on an annual basis and therefore there are no plans to build up the level of the General Fund. As at 31 March 2024 there were free reserves with unrestricted fixed assets exceeding net current assets by £357,477. The Trust has designated funds of £80,343 representing £5,000 to cover maintenance and £75,343 which has been allocated to specific works required over the forthcoming years. Restricted funds of £47,391 were held at 31 March 2024. Government Grant Accounting Policy Recognition of Income and Expenditure Activity is accounted for in the year that it takes place, not simply when cash payments are made or received. Government grants and third-party contributions are recognised when there is reasonable assurance that The Norfolk Windmill Trust will fulfil the conditions attached to the payments, and the grants or contributions will be received. Generally, the grants or contributions are shown in the Balance Sheet. Plans for Future Periods In 2024125 the Trust would like to see the completion of the project at Stracey Arms Mill (Mill and Marsh Folk project) with the fitting of the vanes in the sails, completion of the striking gear, fitting of the tail pole and the mill winding. A new guidebook is to be produced for the site and the mill open to the public. The Trust working with Norfolk County Council would like to see the progression of the project to repair the mills at How Hill with the tendering process completed for the Conservation Accredited Professional and Millwright for the works at Turf Fen and Boardman's Mill. A work programme developed to start work on site and works underway where possible. The Trust would like to see the repairs and painted completed at St Olave's Mill and work begin towards painting other mills. Following the Covid 19 pandemic the Trustees are aware that there is a still a backlog of works outstanding which may take some time to clear. Structure, Governance and Management Governing document Norfolk Mills & Pumps Trust is a Registered Charity (Charity No. 1033274) and governed by the Trust Deed dated 31 March 1992. The charity also uses the working name The Norfolk Windmills Trust. The Trust is registered wrth the Architectural Heritage Fund.
Norfolk Mills & Pumps Trust Report of the Trustees (continued) For the year ended 31 March 2024 Recruitment and Appointment of Trustees The Trust is administered by the trustees, three of whom are appointed by Norfolk County Council, two by the Broads Authority, and up to four of whom are co-opted trustees. The tenure of office of a trustee is normally five years. A trustee appointed by a body continues as an appointee of that body even if he or she ceases to be a member of the appointing body, similarly a co- opted member continues to be treated as a co-opted member even if subsequently he or she becomes a member of one of the appointing bodies. The trustees shown on the statutory information page were either in post during the year or at the date the accounts were approved. Trustees Induction and Training On appointment Trustees are provided wrth: The Charity's Trust Deed The latest accounts of the Trust Details of Charity Commission guidance notes CC3 "The Essential Trustee" In addition, trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities. Organisational Structure The board of trustees, who meet quarterly, administer the charity with assistance from Norfolk County Council. Risk management The trustees are aware of the Charities Commission recommendation to review the risks to which the trust is exposed. The trust regularly reviews the risks and ways to mitigate these. Related partles The charity has a close relationship with Norfolk County Council, which owns many of the properties maintained by the trust. Independent examiner A resolution to reappoint Mr Andrew Orves of Sexty & Co, as independent examiner, will be proposed at the next Annual General Meeting.
Norfolk Mills & Pumps Trust Report of the Trustees (continued) For the year ended 31 March 2024 Trustees, responsibilities The trustees 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). The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity 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 2015 (FRS 102) make judgements and estimates that are reasonable and prudent state whether applicable 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 charity will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the trustees on ..1.7..1.:. ../.L£ Mr P Duigan - Chairman {Norfolk County Council)
Independent Examiner's Report to the Trustees of Norfolk Mills & Pumps Trust For the year ended 31 March 2024 I report on the accounts of the trust for the year ended 31 March 2024, which are set out on pages 9 to 20. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ( the Act") I report in respect of my examination of the Trust's accounts carried under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent Examiner's Statement I have completed by examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe in any material respect: Accounting records were not kept in respect of the Trust as required by section 130 of the Act,, or The accounts do not accord with those records" or The accounts do not comply with the applicable requirements concerning the form and context of the accounts set out in the charities (Accounts and Reports) Regulations 2008 other than any requirements that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr Andrew Onies FCA FCCA Chartered Certified Accountant for and on behalf of Sexty & Co 124 Thorpe Road Norwich NR1 1RS zots-
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Norfolk Mills & Pumps Trust Balan Sheet For the year ended 31 March 2024 2024 2023 Notes Fixed Assets Tangible Assets Investments 3,000 560,000 563,000 3,000 560,000 563,000 10 Current Assets Debtors Cash at bank and in hand 19,363 213,037 232,400 19,914 251,694 271,608 Creditors: Amounts falling due within one year 12 (26,877) (37,302) Net Current Assets 205,523 234,306 Net Assets 768,523 797,306 Funds Restricted funds Unrestricted funds General fund Designated fund 14 47,391 53,975 14 14 640,789 80,343 768,523 660,253 83,078 797,306 These financial statements were approved by the trustees on... L£ Signed on behalf of the board of trustees Mr P Duigan Chairman (Norfolk County Council) The notes on pages 11 to 20 form an integral part of these financial statements. io
Norfolk Mills & Pumps Trust Notes to the Financial Statements For the year ended 31 March 2024 General information The Trust is an unincorporated charity registered in England and Wales. The address of the registered office is The Norfolk Windmills Trust, County Hall, Martineau Lane. Norviich, Norfolk, NR12SG Statement of compliance The charty constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended practi effective from 1 April 2005 which has since been withdrawn. Principal accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. Basis of accounting The accounts have been prepared using historical cost basis, as modified to include investment assets at fair value. b) Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. Designated funds are unrestricted funds eannarked by the trustees for particular purposes. Restricted funds are subject to restrictions on expenditure imposed by the donor or through the terms of an appeal. li
Norfolk Mills & Pumps Trust Notes to the Financial Statements (continued) For the year ended 31 March 2024 (c) Income All income is included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Donations and legacies Cash donations, subscriptions, grants, legacies, gifts and other similar income are included in full in the Statement of Financial Activities in the period in which the trust's entitlement is established. Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset. (d) Expenditure Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.. Charitable expenditure comprises those costs incurred by the trust in the delivery of its activities and seniices for its beneficiaries. Governance costs included those costs associated with meeting the constitutional and statutory requirements of the charity. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. {e) Fixed assets Leasehold properties have been capitalised at the trustee's reasonable estimate of their value to the Trust. No depreciation is charged as the amounts involved would not be material. (f) Investment properties Propety investments are included in the balance sheet at open market value based upon a valuation undertaken by TW Gaze on 7th December 2021. (g) Cash at bank Cash at bank and in hand includes cash and short term highly liquid investments with a long maturity of twelve months from the date of acquisition or opening of the deposit or similar account. 12
Norfolk Mills & Pumps Trust Notes to the Financial Statements (continued) For the year ended 31 March 2024 (h) Debtors and creditors receivablelpayable within one year Debtors and creditors with no staled interest rate and receivable or payable within one year are recorded at transaction pri. Any losses arising from impairment are recognised in expenditure. Donations and legacies 2024 Total 2023 Total General Designated Restrlcted Donations Legacies 286 571 857 370 656 571 19,964 370 19,964 During the year end 31 March 2024 income from donations and legacies was £1,227 (2023: £19,964), of which £370 (2023.. £14,682) was restricted. Charitsble activitles 2024 Total 2023 Total General Designated Restricted Admission to Mills NCC Management Charge NCC Contribution 2,031 15,000 790 2,821 15,000 1,634 30,000 17,031 790 During the year ended 31 March 2024 charitable activities was £17,821 (2023: £31,634) of which £790 (2023.. £218) was restricted. 13
Norfolk Mills & Pumps Trust Notes to the Financial Statements (continued) For the year ended 31 March 2024 Other Trading Activities 2024 Total 2023 Totsl General Designated Restricted Rental Income Sales of Souvenirs 16,545 394 16,938 16,545 394 16,938 17,725 215 17,940 During the years ended 31 March 2024 other trading activities was £16,938 (2023.. £17,940) of which Nil (2023.. Nil) was restricted Expenditure 2024 Total 2023 Totsl General Designated Restrlcted Charitsble Activities Property advice Professional fees Survey and planning fees Rates and council tax H&S Fire prevention Landscape Lease Restoration and repairs Routine maintenance Small equipment Electricity & Gas Advertising Insurance Memberships Rental Expenses Other expenses Governance cost (see below) 2,160 2,160 510 51 488 1,947 38 90 488 1,947 323 359 2,098 6,295 4,013 7,673 13,968 4,013 2,600 6,599 474 255 979 236 136 33,292 236 136 33,292 33 7,293 102 1,000 33 33 5,755 41 1,000 4,318 102 1,000 2,975 51,890 5,135 7,744 64,769 21,032 Governance Costs 2024 Total 2023 Total General Independent Examination 1.000 1,000 1,000 During the year ended 31 March 2024 charitable activities expenditure was £64,769 (2023: £21 .032) of which £7,744 (2023.. £3,724) was restricted. 14
Norfolk Mills & Pumps Trust Notes to the Financial Statements (continued) For the year ended 31 March 2024 Employees and Trustees 2024 Total 2023 Total Salaries & Wages Administration The average number of part time monthly employees, excluding trustees, during the year was zero. No employees received emoluments greater than £60,000. No trustees were reimbursed for expenditure during the year. No trustees received emoluments during the year. Tangible Fixed Assets Leasehold Properties Total Cost At 1 April 2023 and 31 March 2024 3,000 3,000 Net book value At 31 March 2024 3,000 At 31 March 2023 3,000 3,000 The following lease properties are owned by the Trust: 2024 Total 2023 Total Seven Mile Diesel Engine Shed, Reedham Little Cressingham Mill {999 year lease) High's Mill, Halvergate (99 year lease) Runham Swim Mill Reedham Marsh Steam Engine House Ashtree Farm 3,000 3,000 3,000 3,000 15
Norfolk Mills & Pumps Trust Notes to the Financial Statements (continued) For the year ended 31 March 2024 These propety valuations represent a reasonable estimate of the properties, current value to the trust. As this is the twentieth year that a balance sheet has been prepared, the properties have been caprtalised sometime after acquisition and it is not possible to ascertain original costs. The following properties are currently owned or leased by Norfolk County Council, but maintained by the trust.. Freehold propertles Leasehold properties Billingtord Mill Boardman's Mill, How Hill Cadge's Mill, Reedham Clayrack Mill, How Hill Old Buckenham Cornmill Polkey's Mill, Reedham Stracey Arms Mill Turf Fen Windpump, How Hill Gunton Park Sawmill Hobb's Mill, Homing Neave's Mill, Horning St Olaves Windpump 10 Investments Investment Property Valuatlon At 1 April 2023 Fair value movements At 31 March 2024 560,000 560,000 Investment property comprises of cottages in Wicklewood, which were donated in 2008 and th are included at market value based upon a valuation undertaken TW Gaze on 7 December 2021. 11 Debtors 2024 2023 Debtor Other Debtors Prepayments 19,205 944 158 18,970 19,914 16
Norfolk Mills & Pumps Trust Notes to the Financial Statements (continued) For the year ended 31 March 2024 12 Creditors: Amounts falling due within one year 2024 2023 Other Creditors VAT Creditor Receipts in Advance 24,812 2,065 25,740 11,562 26,877 37,302 13 Reconciliation of Movement in Funds Year ended 31 March 2024 Opening Funds Net Income l Transfers I Closing (Expenditure) Gains Funds Restricted Funds Billingford Mill Stracey Arms Mill Wicklewood Mill Other 15,216 6,457 10,000 22,302 53,975 15,216 6,457 10,000 15,718 47,391 6,584 (6,584) Unrestricted Funds General Designated - Billingford Mill Designated - Old Buckenham Mill Designated - Other Total 660,253 10,000 23,035 50,044 797 306 (17,064) (2,400) 640,789 10,000 23,035 47,309 768 523 5,135 2,400 Restricted Funds Gunton Park Sawmill Funds received in 2023-24 of £300 donation from D.R.Brown, £190 from ACE Cultural Tours and £600 in admissions and £70 in donations for special openings 17
Norfolk Mills & Pumps Trust Notes to the Financial Statements (continued) For the year ended 31 March 2024 13 Reconciliation of movement in funds (continued) Other There were no other restricted funds received in 202>24. Unrestricted Funds General Fund Funds for the general use of the Trust. Other Designated Funds The maintenance fund has been set up to cover any unexpected maintenance costs which arise. A further designation was made by the Trustees to ensure that sufficient balances were held for projects which are currently being planned or due to commence in the near future. 14 Analysis of Assets Between Funds As at 31 March 2024 Tangible Fixed Assets & Investments Current Assets Cash Current Assets Other Current Liabilities Total Restricted Funds Billingford Mills Gunton Park Sawmill Stracey Anns Mill Old Buckenham Mill Other 15,216 10,485 6,457 200 15,000 47,358 15,216 10,518 6,457 200 15,000 47,391 33 33 Unrestricted Funds General Designated 563,000 85,336 80,343 19,330 (26,877) 640,789 80,343 Total 563 000 213 037 768 523 18
Norfolk Mills & Pumps Trust Notes to the Financial Statements (continued) For the year ended 31 March 2024 14 Analysis of Assets Between Funds (continued) As at 31 March 2023 Tangible Fixed Assets & Investments Current Assets Cash Current Assets Other Current Liabilities Total Restricted Funds Billingford Mills Gunton Park Sawmill Stracey Arms Mill Old Buckenham Other 15,216 19,631 6,457 200 15,000 56,504 15,216 17,102 6,457 200 15,000 53,975 71 (2,600) 71 (2,600) Unrestricted Funds General Designated 563,000 112,112 83,078 19,843 (34,702) 660,253 83,078 Total 563 000 251694 797 306 Included in general unrestricted funds is £260,000 of non-distributable resenies relating to the 2016117 and 2021122 Wicklewood Cottages revaluations. 15 Preservation Work Scheduled for 2024125 The following work is expected to be completed in the year to 31 March 2025 and beyond. NWT General Funds Total Ashtree Farm Billingford Mill Gunton Park Sawmill Hobb's Mill Little Cressingham Old Buckenham Mill Polkey s Mill Stracey Anns Mill Runham Swim St Olaves Mill 595 840 3,612 595 700 600 790 490 2.795 595 595 840 3,612 595 700 600 790 490 2,795 595 Totsl 19
Norfolk Mills & Pumps Trust Notes to the Financial Statements (continued) For the year ended 31 March 2024 16 Commitments Under Operating Leases As at 31 March 2024 the Trust had aggregate annual commitments under nOn-CanlIable operating as set out below. 2024 2023 Operating leases which expire., After more than 5 years 17 Related Paty Transactions Little Cressingham. The Trust, incurred costs of £5 (2023.. £5) due to Norfolk Historic Buildings Trust. As at 31 March 2024 £18,000 (2023: Nil) was owed from Norfolk County Council. Nil owing to or from Norfolk Historic Buildings Trust. 18 Financial Instruments The carrying amounts of the Trust's financial instruments are as follows.. 2024 2023 Financial assets that are debit instruments measured at amortised cost; Other Debtors (note 11) 19,363 19,914 Financial liabilities measured at amortised cost; Other Creditors (note 12) 26,877 37,302 20