ST JAMES WARTER PRESERVATION TRUST LIMITED REPORT & UNAUDITED ACCOUNTS YEAR ENDED 31 AUGUST 2024 ST JAMES WARTER PRESERVATION TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees are pleased to present their report together with the financial statements of the harity for the year ending 31 August 2024. Reference and Administrative Details Charity Number 1058064 Company Number 3239759 Directors and Trustees Rose Horspool- Chair Robin Horspool Heather Stanford Joan Straker John Ward Secretary Robin Horspool Bankers Metro Bank Registered Office st James Warter Preservation Trust The Old Chapel North Dalton Y025 9XA Enquiries about the Trust should be addressed to: Rose Horspool The Old Chapel North Dalton Y025 9XA ST JAMES WARTER PRESERVATION TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Icontd) OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS St James Warter Preservation Trust was established to preserve, for the benefit of the people of the locality, the historical, architectural, constructional and cultural heritage of the Yorkshire Wolds. At the beginning of 1999 the Trust acquired the redurxlant church of St James Warter and the greater part of the surrounding churchyard. It is the Trust's aim to conserve the structure and to involve the local communty in its use for appropriate secular events. The Trust has no plans to acquire any further properties. The building restoration projeGt fvnded by the Heritage Lottery Fund and Leader+ (European Rural Development Funding), ended in autumn 2008. The forrner church can now be considered as a centre for heritage infonnation for the Wolds. In November 2010 an additional grant was awarded to the Trust by Leader+ under the Rural Development Programme for England to enable the restoration and display of St James mausoleurn stained glass and to enable additional community activittes. This restoration is now complete and the glass is now available to view. The Trust's cuffent activities are funded only by public donations and from building hire fees where these can be obtained. The Trust has no employees, the Trustees act as the offi￿rS and volunteer managers of the centre. They re￿1ve no remuneration from the company. The future of the centre will be dependent on its ability to raise publiG donations and hire fees to cover the heritage centre's basic annual running costs. During the year, the building has been used for a range of Covid-permitted activities including concerts, lectures and exhibitions providing income to meet the running costs. The village school has Continued to use the building for end-of-tenn gatherings and other events. Various organisations have held meetings at the church and a series of educational activities were organised for secondary and primary school pupils from Hull and the East Riding. In addition the church has been open for a number of weekends over the sumrner with volunteers providing refreshrnents and information about the Wolds to visitors. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The St James Warter Preservation Trust Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 19 August 1996. It is registered as a charity with the Charity Commission. Anyone can become a member of the company and there are currently 5 members each of whom agree to contribute £1 in the event of the charity winding up. Appointment of Trustees As set out in the Articles of Association the chair of the Trustees is nominated by the Trustees. New Trustees are appointed under the terms of the Trust Deed and by the invitation of the existing Trustees. Trustee induction and training New Trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the activities of the Trustees and their decision-making pro￿sses, the business plan and re￿nt financial perfomiance of the charity. ST JAMES WARTER PRESERVATION TRUST UMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (Contd) Organisation The Board of Trustees, which can have up to 15 members, administers the charity. The full board meets at least three times each yeai. During the year, sulFcornmittees meet from time to time to supervise and approve the management of the charitable activities. Risk management The Trustees have considered and identified the major risks to which the Trust is exposed. The risks have been prioritised in tenms of potential impact and the likelihood of oCCu￿ences, and means have been identified for mitigating the risks. FINANCIAL REVIEW During the year the charity received donations of £ 95 (2023 - £474) and generated £ 1,016 (2023 - £2,396) from its communty activities. Grant income of £nil was received in the year (2023 - £nil). In the year £ 24,388 (2023 - £26,934) was expended on charitable activities relating to the operation of the building and community-related activities, including rion-cash depreciation of the building of £22,554 (2023- £22.554). At 31 August 2024 the Restricted Fund amounted to £ 161.332 (2023 - £184,609} and the unrestricted fund to nil (2023 - nil). Investment powers andpolicy Under the Memorandum and Articles of Association, the charity has the power to invest in any way the Trustees wish. The Trustees have regard to the liquidity requirements ofthe St James Warter and to the reserves policy. At the year end all funds were held in cash. ReseNes policy The Trustees have established the level of reserves (that is those funds that are freely available) that the charty ought to have. Reserves are needed to meet the cost of unexpected emergency repairs to St James Warter. The Trustees consider that the level of cash reserves as at 31 August 2024 of 3,833 (2023 - £4,556) to be adequate for this purpose. The Trustees, fundraising strategy is to raise sums to maintain the reserves at a similar level. PLANS FOR FUTURE PERIODS Following the completion of the restoration of St James Warter, the Trust continues making use of the building to run a programme of community meetings, to stage arts-based events, and to promote the heritage of the yorkshi￿ Wolds. MEMBERS The members of the company are the serving Trustees and Director& ST JAMES WARTER PRESERVATION TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (Contd) TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS Company law requires the Trustees to wepare financial statements that give a true and fair view of the state of affairs of the charity at the end of the financial year and of its surplus or deficit for the financial year. In doing so the Trustees are required to: select suitable account policies and then apply them consistently", make sound judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud a￿j other irregularities_ By order of the Trustees oao rm F1M￿ 20A Rose Horspool (Chair) ST JAMES WARTER PRESERVATION TRUST LIMITED STATEMENT OF FINANCIALACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Notes 2024 2023 Restricted Fund Restricted Fund INCOME & EXPENDITURE INCOMING RESOURCES FROM GENERATED FUNDS Voluntary income= Grant Income Donations 95 474 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Operating Income - Communty Activities 1.016 2,396 TOTAL INCOMING RESOURCES 1,111 2,870 RESOURCES EXPENDED Charitable Activities - Operation of Building and Community Activities Govemance Costs 24,375 13 26,621 313 TOTAL RESOURCES EXPENDED 24,388 26,934 NET (OUTGOINGYINCOMING RESOURCES FOR THE YEAR AND NET MOVEMENT IN FUNDS (23,277) (24,064) RECONCILIATION OF FUNDS Total Funds Brought Forward 184,609 208,673 TOTAL FUNDS CARRIED FORWARD 161,332 184,609 ST JAMES WARTER PRESERVATION TRUST LIMITED BALANCE SHEET AT 31 AUGUST 2024 Notes 2024 2023 Restricted Fund Restricted Fund FIXED ASSETS Tangible Fixed Assets 157,499 180,053 CURRENT ASSETS Debtors - Insuran￿ Prepayments Cash at Bank 3,833 4,556 3.833 4,556 CREDITORS (AMOUNTS DUE WITHIN ONE YEAR) Accruals NET CURRENT ASSETS 3,833 4,556 TOTAL ASSETS LESS LIABILtfiES (rounded) 161.332 184,609 UNRESTRICTED FUND RESTRICTED FUND 161,332 184,609 TOTAL CHARITY FUNDS 161,332 184.609 STATEMENTS (a) For the year ending 31 August 2024 the company was entitled to exemption under section 480 of the Companies Act 2006. (b) The members have not required the company to obtain an audit in accordan￿ with section 476 of the Companies Act 2006. (c) The directors acknowledge their responsibilities for. ensuring that the company keeps proper accounting recoids which comply with section 386. and preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profrt or loss for the financial year. in accordanGe with the requirements of section 993, and whiGh othe¥wise comply with the requirements of the Companies Act relating to financial statements, so far as applicable to the company. (d) These financial statements have been prepared in accordance with the provisions applicable to the small companies regime. Approved by the Board of Directors <&o/yo< Kth frmil 2025. Rose Horspool (Chair) ST JAMES WARTER PRESERVATION TRUST LIMITED NOTES TO THE ACCOUNTS 31 AUGUST 2024 ACCOUNTING POLICIES Accounting convention The accounts are prepared under the historical cost convention and in accordan￿ with applicable accounting standards and in accordan￿ with the Statement of Recornmended Practice. Accounting and Reporting by Charities. Grants receivable In accordan￿ with the requirements of the Charity Commission all grants receivable, whether restricted for capital expenditure or otherwise. are recognised when re￿1vable within the current accounting period. All grants are credited to the statement of financial activities. Resources expended Expenditure is recognised when a liability is incurred. Contractual arrangements are recognised as goods and services are supplied. Tangible fixed assets All tangible fixed assets are capitalised at cost. Depreciation Depreciation is provided on all tangible f￿ed aS￿ts at rates calculated to write off the Gost, less estimated residual value based on prI￿S prevailing at the date of acquisition, of each asset evenly over its expected useful lrfe as follows: Freehold property 20 years Plant and equipment 4 years Computer equipment 3 years The carying values of tsngible fixed assets are reviewed for impaim)ent if events or changes in circumstan￿S indicate the carrying value may not be reasonable. Investments Investments are stated at market value. Changes in the market value of investments are corded in the income and expenditure accounts. Taxation The Trust is a registered charity and consequently has no liability to corporation tax. Restricted funds The Trust has a restricted fund to account for situations where a donor or grant provider requires that donation or grant to be spent on a particular purpose or where funds have been raised for a specific purpose. Volunteers and donated services and facilities The value of services provided by volunteers is not incorporated into these financial statements. ST JAMES WARTER PRESERVATION TRUST LIMITED NOTES TO THE ACCOUNTS 31 AUGUST 2024 (Contd) TANGIBLE FIXED ASSETS Freehold property Plant and equipment Total Cost: At 1 September 2023 Additions 500,372 13,991 514,363 At 31 August 2024 500.372 13,991 514,363 Depreciation: At 1 September 2023 Provided during the year 297,377 22,554 13.991 311,368 22,554 At 31 August 2024 319,931 13.991 333,922 Net Book Value: At 31 August 2024 157,499 157,499 At 31 August 2023 180,053 180,053 Freehold property represents building conservation and restoration work completed on St James Church Warter. Costs are depreciated over 20 years, their anticipated useful life from the date of completion of building works. The property was originally acquired for £1. 3. TOTAL RESOURCES EXPENDED Charitsble activities Governance costs 2024 Total 2023 Total Repairs Depreciation Accountant's Fees Companies House Fees Bank Charges Light, Water & Heat Insuran 21122 Creditor Website Officials Expenses Other 294 22,554 294 22,554 1,510 22,554 300 13 13 40 1,115 120 13 40 1,115 120 1,140 120 375 148 575 200 50 202 50 202 Total Resources Expended 24,388 24,388 26,934 ST JAMES WARTER PRESERVATION TRUST LIMITED NOTES TO THE ACCOUNTS 31 AUGUST 2024 (Contd) TRUSTEES AND EMPLOYEES No Trustee received any remuneration or beneffts from the Trust during the year. There are no ernployees. MEMBERS, LIABILITY The company was incoTporated as a company limited by guarantee and therefore it has no share capital. The members, liability is restricted to £1 each. CREDITORS (AMOUNTS DUE WITHIN ONE YEAR) 2024 2023 Accruals Total creditors ANALYSIS OF CHARITABLE FUNDS Balance at Incoming 31 August resources 2023 Resources expended Gains on revaluation Fund at 31 August 2024 Unrestricted Fund Restncted Fund 184,609 1,111 (24,388) 161,332 The restricted fund comprises funds for the restoration of the redundant church St James Warter, and the bringing of that Ghurch into use for communty purposes.