REGISTERED NUMBER.. 03509183 land and Wales REGISTERED CHARITY NUMBER: 1068485 htt ://www.bel ernorthmill.or BELPER NORTH MILL TRUST Acom limited b arantee ort and Financial Statements for the Year Ended 31 December 2023
BELPER NORTH MILL TRUST Limited b Guarantee Contents of the Financial Statements for the Year Ended 31 December 2023 Page Report of the Trustees 1-10 Report of the Independent ExamineTS Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14-18
BELPERNORTH MILL TRUST Limited b Guarantee Re ort of the Trustees for the Year Ended 31 Decembcr 2023 The Trustees are pleased to present their annual report together with th¢ financial statements of the charity for th¢ year ending 31 December 2023, which are also prepared to meet the requirements for a Directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Trust's MeTnorandum and Articles of Association. and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities. Chair's Re ort Introduction by our Chair of Trnstees- lan Hill I recently became the Chair of the Trust in November 2023. 1 took on the role having been an active member of the North Mill Volunteers Association for many years. I believe that I am the first Chair to have come through this route to lead the Trust. I have many years, experience as a Trustee with other Charities. My working life has largely been based around effective partnership working. It is through partnerships that I See the Trust growing and developillg in the years to Come. It has been a difficult year for the Trust and its Volunteers. Following the closure of the Museum in 2022, the Volunteers, support¢d by the Trust, have worked tirelessly to re-position the Heritage offer for people to enjoy in Belpcr. We see ourselves maintaining the spirit of the Museum and playing a key role as caretakers and custodians of the Towns historic past. Our partnership agreement with the Arkwright Society has enabled us to successfully appoint a new part- time Volunteers Coordinator, to support and develop our volunteers and the Heritage Walks, Talks, Mill Site Tours, and educational activities they provide throughout the spring and summer season. The Trust is using its modest capital and revenue resources to sustain these activities for the ben¢fit of our customers and the town. The r¢sponse from local people and customers from further afield, to the services we provide, has be¢n amazing. The Trip Advisor reviews alone speak volumes for the quality offer our volunteers deliver. These services constAtute our immediate shorter-term strategy. Our longer-term priority is vested in the remaining capital sum we hold in reserve. This money is invested to protect both the short- and long-terni strategy. In the long run we aim to utilise this sum to support the return of a local Belper based centre that tells Belper'5 Story, the story of the Strutt family and so on. As I said above, we strongly believe that the way to achieve this is through our partnerships with - North Mill Volunteers association. The Derw¢nt Valley Mills World Heritage site Team. The Local Councils Our Belp¢r Mills group Belper Historical society And many oth¢rs, who, like us want the b¢st for our Town and our people and their historic past. Thank to everyone For your support over the last year and into the future. It is very much appreciated. Ian Hill Chair- Belper North Mill Trust
ur ose activities & future lans The objects of the charity and its principal activities continue to be.. the conservation, maintenance and protection for the public benefit of the historical, architectural, archaeological and industrial heritage of the Derwent Valley in Derbyshire and. to advanc¢ the education of the public into the industrial heritage of the Derwent Valley, with particular reference to Belper North Mill. For 2024, thc objects of thc charity will be delivered through: The delivery of guided tours of the Belper Mills site (including the North Mill's unique basement) and the surrounding area. Th¢ Trust signed a l O year lease for Archway House, which is within the Bclper Mills complex, in November 2022. Working with the Arkwright Society to ensure that the Tnost important items from our previous museum collcction will be on public display at Crotnford Mills. In conjunction with the Arkwright Society. an Education offer will continue on an outreach basis. A progrdmme of guided local heritage talks and walks is also scheduled. Public Benefit The Trustees confirtn that they havc given careful consid¢ration to the Charity Commission's general guidance on public benefit. The public benefits derived from the Trust's activities includ¢: The promotion of public education into the industrial heritage of the Denvent Valley, wilh particular reference to Belper North Mill through the PiDvision of guided tours of the site for the public, schools and other partles. Interpretation of key items frotn our previous museum collection at the Arkwrights Society base in Cromford. The provision of organised talks and walks to sites of Telated local historical interest. Liaising with the North M ill owners l agents on conservation and maintenance requirements for the Grade I listed North Mill building. More detai15 of the events and activities that have delivered public benefit are described in the sections below.
Bel er North Mill: conservation and lannin The condition of the North Mill, a Grade l Listcd building and one of the most significant structures within the Derwent Valley Mills World Heritage Site, continues to be a cause for concern as only minimal maintenance is Cled out by the owners. The general conditlon of the building, in the Trust's opinion, continues to deteriorate and consequently the costs of bringing the building back into a good state of repair continue to increase, The North Mill, together with the footbridge and horseshoe weir are on Hkstoric England's 'At Risk Register,. There are also concerns about the integrity of the Rock Weir, on the south side of the river bridge. During th¢ year the Trust kept a watching brief on an as y¢t incomplete Planning Application for the Belper Mills complex submitted to Amber Valley Borough Council in May 2018 by the North Mill's owner GHL Property Management and Development Ltd through their agent FI Real Estate Management Ltd. The Trust welcomes proposals for the redevelopment and revitalisation of the site and, together with other heritage based organisations, is concerned to ensure that the opportunity presented by the re-development proposal is used to prescrve and enhance the significance of the heritage of the site and in particular of the North Mill. The Trust is ready and keen to support stakeholders Én finding a solution to the conservation and financially viable, adaptive re-use of thc North Mill and the larger Belper Milfis site. Strate ic Plan The Strategic Plan from 2024 is mainly focused on: Partnering with stakeholders in securing a use for the Belper Mills site that facilitates a safe and sustainabl¢ long terni fulurc for the complex. Identifyin& in collaboration with our World Heritage Site partners, a viable long tern] heritage based visitor offer for the Belper Mills site. Pending a long term solution to the Belper Mills complex, deliver & heritage themed guided tour based from the Belper Mills site. In partnership with the Arkwrights Society, ensure that the most important items from the previous museum collection go on public display at Cromford Mills. Ensuring capacity and relevant skills amongst Trustees. Volunteers and staff. Collections Mana ement The most important items frotn our previous museum collection continue to be on loan from various organisations. Collectively, they hold an insurance valuation in excess of £0.5m, which demonstrates the scale of their importance. With the relocation of these to thc Cromford Mills site completed in late 2022, there is an ongoing project for these to return to public display in partncrship with the Arkwrights Society. The most important item, the Water Frame was on display in 2023. Selected items from the collections have been showcased on the Strutts North Mill w¢bsite with the project 'Our Favourite Things, featuring some favourite objects chosen by our voluntcers. Additionally, we have a 3D intei'active toiir of the forniei" rnuseum and basement on our website.
External Fundin Belper Town Council tnade the decision to end grant support from April 2023 on their grants budget. citing competing demands During the year, with plans aiid efforts focused ensuring the new offer of guided walks around the Belper Mill site, external funding grants were not sort for projects. Concentration was on prioritised on thos¢ grants which were not project based, including: £2,000 - Foundation Derbyshire grant- contribution towards costs of set up of Archway House The Strutt's North Mill Community Lottery, organised by the Trust, operates on a 50 150 split between prizes and funds for thc Trust, generated £722 for the Trust in 2023. I'he policy for the next few year5 is for external funding to be linked to actions arising from the Strategic Plan. Volunteers The Trust's ability to operate on a daily basis with minimal financial resources continues to be heavily dependent on its volunteers and trustces who undertak¢ a diverse range of roles. This includes guided tours of the Belper Mills, site, local heritage related walks and talks, an events programme, an education off¢r and a research element also. There is also the back office roles rcquTred in the administration of a charity and company all donc on a voluntary basis. For 2023, it is estimated that 3,273 volunteer hours and 1,120 Truste¢ hours by approximately 40 volunteers and truste¢s, Financially this can be notionally valued at around £95,000 using the standaid National Lottery Heritage Fund volunteer value basis. Following the closur¢ of the Belper North Mill Museum in Sept¢mber 2022, the commitment to sustaining the heritage experience in Belper tnotivated our dedicated and enthusiastic Bclper Noith Mill voluntee to establish and deliver a l'ange of new heritage walk5 and talks, and site tours for 2023. During 2023, the Volunteers delivered a number of activities including: Th¢ Core offer of the "Strutt Around the Mills" tour- guiding visitors through Belper's industrial revolution as they walk amund the site, Visitors have come from as far as Canada, USA, Gern]any, the Netherlands and Australia. There were four tours a w¢¢k from Easter to October. A heritage walk programme most weekends between May and Septetnber developed and led by volunteer guides with support from volunteer back markers. Th¢ most popular of the walks during 2023 were the pub walks and ghost walks, both of which were offered on 3 occasions and were fully booked. One of our volunteers worked tirelessly to market the walks on social media. Evening heritage talks to local groups including the Wl and U3A, as well as special interest groups. The North Mill Education team of volunteers were very proactive and busy in 2023. They deliVed heritage education to a number of local schools, including a secondary school for the first time. Some of this educational offer was made at various sites on and off the Belper Mills complcx. lil a new development heritage education has also been deliVed as an outr¢ach activity to schools. School holiday heritage related activities for children have delivered seasonal craft sessions for hildren and families in the local commviiity and fron] rther afield. These were very well attended and often fully booked. It was pleasing to note how many repeat bookings we had for different activity sessions. In line with our vision of being inclusive and building community engagement, free children's activities wer¢ delivered weekly in the River Gardens during the summer holidays. These offered us
an excellent opportunity to engage with a diverse range of the public and hear their stories of BelpeT and share with them what the trnst and volunteers were doing. Collaboration with colleagues from the Arkwright Society in orgallising and supporting Highlighting HeTltage Talks as a joint enterprise between our 2 organisations. Support to the Arkwright Society Education Team from our volunteers to enable them to delÉver school visits at Cromford Mills. Joint working with th¢ Denv¢nt Valley Mills World Heritage Site Co-ordination Team in order to contribute to a valley wide Georgian Festival through the provision of children's activiti¢s and the loan of artefacts. Attendance at a Volunlccr Recruitment Fair which led to the recruitment of 3 new volunte¢rs. Monthly Volunteer Association mectings which are dynamic. participatory and creative. Joint working with the CEO and Head of Engagement at the Arkwright Society to facilitate th¢ recruitment of a joint Volunteer Co-ordinator for boih charities. We are particularly proud to have been recogni5ed in the 2023 Trip Advisor Travellers Choic¢ Award, putting the Strutts North Mill offer ID the top l 00/0 of Trip Advisor listings. The Derwent Valle Mills World Herita e Site The Trust gratefully acknowledges the continuing help and support of Derbyshire County Council's DeNent Valley Mills World Heritage Site Partnership team to the work of the Trust in both their professional Capacities and. on many occasions, as voluntecrs. The Trust is also grateful to our partners at The Arkwright Society, its staff and volunteers, for thetr support in the development of a Partnerships Agreement and Collections Agreement during 2023. Individual trustees and volunteers serve on the Dcrwent Valley Mills World H¢ritage Site Conservation and Planning Panel. Learning and Research Panel. Development Panel" the Collections Group and the Research Sub-group. Admission Numbers In 2023 we commenced the new "Strutt around the Mills" tour of the Belp¢r Mills STtc. A total of 447 visitors came on the tour. Additionally wc hosted 245 peopl¢ at a range of h¢ritagc based talks. Our Sunday heritage walks attracted 187 customers. Plus w¢ had over 91 children attend our half term heritage them¢d children's activities.
Our Pricin Polic Prices cliarged for the 'Strutt around the Mills" tour was £6.50 for general admissions with accompanied children undcr E6 free. For 2024, w¢ intend to in¢r¢ase this to £7.50. The charge is competitively priced against similar local attractions and we believe our pricing policy reflects our strategy of enabling all within our community, whatever their means, to take part in our activities, to attend a guided walk. We will also host a number of free community cvcnts duiing th¢ year that bring new visitors to the site. Financial Review Thc underlying balance sh¢et position of the Trust MaInS strong. This is due to the 2016 bequest from the Reverend Canon Raymond Ross of £340,768. The trustees have indicated their preference that the bequest be used towards securing the long terni accommodation needs of the Trust, ideally at the Belper North Mill site. Consequently there is an eannarked reserve specifically for this purpose. The "long terni accommodation" preference would be a financially viable quality heritage offer at the Belper Mills site, integral with the overall redevelopment. The recent Dei-byshire County Council report 'Options for a Visitor Centre at Belper" identified iiarious options for how such a centre could operate. The Trust is in siipport of development at the Belper Mills site as identified in the report. Additionally, the current owners in their opening paragraph of their planning application for the B¢lp¢r Mills site stated "First Investment Real Estate Management ('FIREM') has a Vision to provide new homes, leisur¢ and business uses to the Mills to complement the North Mill Museum and existing business to crcate a visitor destination that celebrates the importance of Belpcr Mills as part of the Derwent Valley Mills World Heritage Sites" We share their vision of a visitor destinatÉon worthy of representing the World Heritage Site. The Trust would look to use the majority of its earniarked reserve as match fiinding towards external funding linked to creating a heritage based visitor centre to interpret, develop and preserve the heritage of the DVMWHS with a particular emphasis on the Belper Mills site. Throughout periods impacted from COVID, the Trust accessed a number of Gov¢mtn¢nt COVID support grants and rcceiv¢d Business Continuity insurance assistance. In total, £75,973 of COVID grants and £6,650 Business Interruption insurance pay out was received. We were fortunate that these grants have more than covered our losses during periods closed due to COVID-19. Consequently, our general reserves stand at £393,933, split £340,768 for an Accomtnodation Development Programme and the balance of £53,165 in General Reserves - which are available to invest in our 2024 offer and undcnvrite futur¢ short term losses which have becn estimated at an underlying cost of £12,000 a year. Investm¢nt oweTS and olic Following notification that the Trust was to receive the Ross bequest, the Trust adopted a new Investment Policy. This was to invest th¢ bequest money in: A number of deposit accoun each to be covered by thc Financial Services Compensation Scheme (FSCS). Such accounts may include a mixture of fixed deposit bonds and variable interest deposit accounts. The lead trustees of the Finance and Resources sulFcommittee will decide upon and administer these a¢¢ounts as part of their subcommittee's work- An arknual update to the Board and proposals for the following ycar's inv¢stments will take place towards the end of each calendar year. Currently the bequest monies ar¢ held in a mixture of d¢posit accounts and bonds. This gives the Trust some flextbility in accessing funds if a funding opportunity arises, whilst getting secure annual returns in th¢ meantime. Working capital funds will continue to be held in the current account.
Reserves Polic and Goin Concern Unrestricted General funds at the year-end are £393,933. An eartnarked reserve has been created with the Ross bequest of £340,768 and it is the Current intention of the Trustees that this original sum is not used to fund day to day costs, but towards securing the Trust's future operations, described as its 'D¢velopment Program,. This is predominately linked to securing long tenn a¢¢ommodation for the Trust. The balancing unrestrictcd general funds of £53,165 does provid¢ funding towards covering planned losses (of circa £12,000 a year) over the short terni to ensure that the offer as detailed in the Public Benefit section Can be delivered. It is planned that these unrestricted general ndS should not fall below £15,000. Therefore, the "Development Prograinme" reserve will be utilised as required to fund operating costs if th¢ general funds drop to £15.000. The Trustees take the view that the Trust is a going wnc¢rn. Reference and administrative details Charity Number Company Number Registered Office 1068485 03509183 Archway House, North Mill, Bridgefoot Belper, Derbyshire, DE56 IYD Our advisors Independent Examiners Hunt¢r Jones Alton. Chartered 36 Bridge Street, Accountants Derbyshire DE56 IAX Belpcr, Batd(ers HSBC Bank plc Church Stree¢ Ripley, Derbyshire, DE5 3BY Directors and Trustees The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The TThst¢es and oificers and those serving during 2023 were as follows: Chair Mr John Layton (resigned 26 November 2023)) Mr Ian Hill (from 26 November 2023, appointed as trustee 21 August 2023) Mr Jon Haycs Mr Michael Kirk Ms Nancy Lee (appointed 24 March 2023) Mr Barry Dawber (resigned 24 March 2023) Mr Phillip Doorbar (appointed l June 2023) Mr Peter Dunk¢rley Lady Lynn McLoughlin Mr Adrian Keetley (resigned 30 January 2023) Cllr John Nelson nominated by Dei'byshire County Council Cllr Richard Watson nominated by Belper Town Council (until 26 May 2023) Cllr Jean Harlow nominated by Belper Town Coiincil (from 28 july 2023 until 26 November 2023) Mr David Wells nominated by Belper Town Counci (appointed 20 December 2023) Company Secretary Treasurer Ke Inana ement ersonnel Manager Volunteer Support Officer Is Katherine Tonks- to 31 March 2023 Ms Victoria Sheldon- to 3 l March 2023
Attendance at Trustec Meetin Name Number of meetings eligible to attend in 2023 Number of meetings attendcd in 2023 Mr John La MrJon Ha es Mr Michael Klrk Mr lan Flill MrB Dawber Mr Peter Dunkerle nn McLou Mr Adrian Keetle Ms Nanc Lee Mr Philli Doorbar Cllr John Nelson Cllr Richard Watson CIRr Jean Harlow hlin Six ordinary meetings of the Board and the Annual General Meeting were held during 2023 and in addition planning meetings were hcld between Board meetings. Structure Governance and Mana ement The charity is managed by the Board of Trustee& which can have up to l 8 members. There are currently 9 members. During 2023 we made the difficult decision to make our part-time Manager and Volunteer Support Offic¢r posts redundant. A Partnership Agreement with the Arkwright Society was signed in April 2023 to buy in the majority of these services going forward on a reduced basis. To facilitate effective operations the Operational Cotnmittce (which includes staff employed by the Arkwright Society) have delegated authority, Within tenns approved by the Trustees, for operationak matters including finance, health & safety and visitor experience related activity. Governin Documcnt Th¢ organisation is a charitable company limited by guarantee, incorporated on 12 February 1998 and registered as a charity on 9 March 1998. The company was established under a Memorandum of Association that defined its objects and powers and is governed under its Articles of Association. ointment of Trustees Under the temis of the Memordndum and Articles of Association the Board receives nominations for trustee membcrship from DerbyshiT¢ Coiinty Council- Amber Valley Borough Counctl. Belper Town Council. B¢lper Historical Society and the Belper North Mill Volunteers, Association. Members of staff of Amber Valley Borough Council and the Derwent Valley Mills World Heritage Site, together with a r¢presentative of the Derbyshire Historic Buildings Trust may attend Trust meetings, at the Board's invitation, to provide additional infomiation and advice. Formal procedures for the appointment of trustees are used for appointments and all applicants, including trustees seeking rcappointment and those nominated by organisations, complete the same procedures. A selection sub-committee of the Trust reviews applications and makes its recommendations to the full Board, which votes on all appointments.
Trustee Induction and Trainin Trustee applicants are provided with background infotmation about the Trust, its current programs and priorities to inform their application. This process has been extended since 2018 to include more extensive initial discussions to identify thos¢ areas in which potential trustees can contribute to the work and current skills needs of the Trust. Related arties and co-o eration with other or anisation5 None of the Trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee 01 staff member of the charTty Wlth a supplier to the charity must b¢ disclosed to the full board of Trustees. Details of Trustees. expenses and related party transactions are disclosed in Note l4 to the accounts. olic for staff The pay of the employees is assessed annually on January ISI by th¢ Operational Committee and the recommended salary is submitted for the approval of Trustees. Risk Mana ¢rnenl The Trust maintains a continual overview of the potcntial risks that could affect the charity in future years. A Risk Register is consider¢d at each Board meeting. The trustees are satisfied that sufficieni provision is in place to mitigate these risks and that the reserve funds are nexessary and prudent in the circumstances.
Trustees, Res onsibilities in Relation to the Financial Statements The charity trustees (who are also the directors of Belper North Mill Trust for the purposes of company law) are responsible for preparing a Trustees, annual report and financial statetnents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for cach year which give a true and fair view of the state of affairs of the charitablc company and the group and of the incoming Tesources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, th¢ trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. mak¢ judgements and estimates that are reasonable and prudent. state wheth¢r applicable UK accounting standards have be¢n followed, subject to any material departures disclosed and explained in the financial statements. pi'epare the financial statements on the going concern basis unl¢ss it is inappropriate to presutne that the charity will continue in business. The trustees ar¢ responsible for keepiiig proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enabl¢ them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking asOnable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial inforn]ation included on thc charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statemcnts may differ from legislation in other jurisdictions. Statement as to disclosure to our Independent Examiner In so far as the Trustees are aware at the time of approving our Trustees, annual r¢port". there is no relevant infonnation, being infomiation needed by the independent examiners in connection with prepaiing their pOrt, of which the charity's independent examiners are unaware, and the Trustees, having made enquiries of fellow directors and the charity's independent examiners that they ought to have individually taken, have each taken all steps that helshe is obliged to take as a director in order to make themselves aware of any relevant audit inforniation and to establish ttlat the independent examiners are aware of that infonnation. By order of the Board of Trustees lan Hill {Chair) Date . Inde endent Examiners A resolution proposing Hunter Jones Alton be re-appointed as independent examiners of the charity will be put to the Members at the Annual General M¢eting. roval This report has been approved by the Board of Directors and Trustees and is signed on its behalf: Dated: . 1g10ljZ io
BELPER NORTH MILL TRUST Limited b Guarantee Re ort of the Inde endent Examiners to the Members of Bel er North Mill Trust We report on the financial statements for the year ended 31 December 2023 on pages twelve to eighteen which have been prepared under the historical Cost convention and the accounting policies set out on page fourteen. Respective responsibilities of trustees and examiners As described on pages one to ten the charity's trustees who are also the directors of thc Belper North Mill Trust for the purposes of company law, are responsible for the prepai'ation of financial statements in accordance with applicable law and United Kingdom Accounting Standards. The charity's trustees consider the company was entitled to exemption from audit undcr section 477 of the Companies Act 2006 relating to small companies. The members have nol requircd the company to obtain an audit of its accounts for the year in question in accordancc wilh section 476. Our responsibility is to: examine the accounts (under Kction 43(3) (a) of the 1993 Act). to follow the procedures laid down in the General Directions givcn by the Charity Commissioners (under section 43(7)(b) of the 1993 Act)- and to state whether particular matt¢rs have come to our attention. Basis of independent exatnin¢rs' report Oui" examination was carri¢d out in accordance with the General Directions given by the Charity Commissioners. An examinatlon includes a review of the accounting records kept by the charity and a Cotnparison of the accounts presented with thosc records. It also includes consideration Df any unusual items or disclosures in the accounts, and the sceking of 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, we do not express an audit opinion on the view given by th¢ accounts. Independent cxaminers, statement In connection with our examination. no matt¢r has come to our attention: which gives us reasonable Cause to believe tha( in any material respect, the requirements: to keep accounting records in accordance with s4 l of the 1993 Act. and to prepare accounts which accord with the accounting records and to comply with the accounting r¢quirements of the 1993 Act have not been met. or to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached Hunter Jones Alton Chartered Accountants 36 Bridge Street B¢lper Derbyshire DE56 IAX Dated: i s 1()711aa¢
BELPER NORTH MILL TRUST Limited b Guarantee Statement of Financial Activities for the Year Ended 31 December 2023 Notes Unrestricted Restricted funds 2023 £ funds 2023 £ All unrestricted restricted and endowed funds 2023 £ All unrestricted restricted and endowed funds 2022 £ Income Donations and legacies 288 288 1,530 Incolnefroni charitable aclivities Operation of museum and visitor c¢ntre 10,418 10,418 51,545 Incoinefropn oiher Irading acfivilies Commercial trading operations 6,263 Inconiefroin inveslmenl activities Deposit account interest 14,479 14,479 4,765 Total incoming resourccs Expenditure Cosls of raisingfunds.. Commercial traded operations 500 500 4,133 Expendilure on charitable aclivi¢ies Operation of museum and visitor centre 30,584 30,584 77,365 Total expenditure 084 Net income / (expenditure) Movement in funds for the year (20,378) 14,479 (5,900) (l7,395) Net movement in funds (5,900) (5,900) {17,395) Reconciliation of funds Total Fiinds brought forward Movement in funds S9,065 340,768 399,833 417,228 (5,900) (5,900) (17,395) Total funds carried forward 13 The stateinent of financial activities includes all gains and losses recognised in the ycar. All income and expenditure derive from continuing activities. The notes on pages 14 to 18 fomi part of these financial statements. 12
BELPERNORTH MILL TRUST Limited b Guarantee Balance Sheet as at 31 December 2023 Notes 2023 2022 Fixed Assets Tangible Assets Current Assets Debtors Stocks Cash at bank & in hand 10 4.208 264 389 996 394,468 5,687 soo 399519 405,706 Creditors . Amounts falling due within one year Net Current Assets 535 393 933 399 833 Net Assets 83 Funds Unrestricted income funds- Generdl Funds Restricted funds - Development Program reserve 53,165 59,065 340 768 340 768 Total Reserves For the year ending 31 Deccmber 2023 the company was entitled to exemption from audit und¢r section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 The directors acknowledge their responsibilities for con]plying with the requirements of the Act with respect to accounting records and the preparation of accounts These accounls have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime The financial stat¢m¢nts on pages 12 to 18 were approved by the Trustees on signed on its behalf by: 2qtrUlvly 2024 and were Director Dated: 24. 7. L£t The notes on pages 14 to 18 fonn part of these financial statements 13
BELPER NORTH MILL TRUST Limited b Guarantee Notes to the Ftnancial Statements for the Year Ended 31 Decembcr 2023 ACCOUNTtNG POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) Basis of pr¢paration The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charities: Statement of Recommended Practic¢ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP(FRS E02)), and the Companies Act 2006 and the Charities Act2011. Belper North Mill Trust tnects the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at cost or transaction value unless othenvise stated in the relevant accounting policy notes. b) Preparation of the accounts on a going conccrn basis The Trustecs have at the time of approving the financial statements a reasonable expectation that the charity has adequate resources to continue in op¢rational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. c) Income recognition polici¢s Items of income are recognised and included in the accounts when all of the following criteria arc met.. The charity has entitlement to the funds" Any performance conditions attached to the item(s} of incotne have been met or are fully within the control of the ¢harity' There is sufyicient ccrtainty that receipt of the incom¢ is considered probable; and the amount can be measured reliably. d) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity, this is normally upon notification of intcrest receivable per the bank / building society- e) Fund accounting Unrestricted funds are available to spend on activities that furthei. any of the purposes of the charity. R¢5tricted funds are unrestricted funds of the charity which the Trustees have decided at their diSclE0n to set aside to use for a spccific purpose. D Expenditure Expenditure is re¢ognised onc¢ there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified und¢r the following activity headings.. Costs of raisiiig funds comprise ihe costs of commercial trading, mainly any trading of goods via Ar¢hway House or at events. Expenditure on charitable activities includes the costs of running Archway House, staff costs and the Partnership Agreement with the Arkwright Society. 14-
BELPER NORTH MtLL TRUST Limited b Guarantee Notes to the Financial Statements for the Year Ended 31 December 2023 continued Tangible Fixed Assets The Trust owns a number of display items and artefacts. Items below a de-minimis level of £5.000 per item are not capitalised. The Trust considers that there are no (owned) display items and art¢facts valued above £5,000. Stocks Stocks are valued at the lower of cost or net reali5able value after making due allowances for obsolete and slow moving items. Debtors Trade and other debtors are recognis¢d at th¢ settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. Cash at bank and in hand Cash at bank atEd cash in hand includes cash, current account and deposit accounts I fixed temi accounts with a maturity of twelve months or less from the date of opening. Creditors and provisions Creditors and provisions are recognis¢d where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally t'ecognised at their settlement amount aft¢r allowing for any trade discounts due. Taxation The company is exempt from corporation tax on its charitable activities Pensions The cornpany makes payments to a defincd contribution pension scheme on behalf of certain staff. Contributions are charged to the Statement of Financial Activities as they fall due. L¢gal status of th¢ Trust The Trust is a company limited by guaranlee and has no share capital. In the event of the charity being wound up, the liability in resp¢¢t of tlie guarantee is limited to £ I per Member of the charity. Income from donations 2023 2022 Donations received 288 1.530 288 1,530 The Trust is grateful for a number of small donations rec¢ived throughout the year. The Trust benefits greatly from the involvement and enthusiastic support of its many volunteers, dctails of which are given in our annual report. In accordance with accounting standards, the economic contribution of general volunteers is not measured in the accounts.
BELPER NORTH MILL TRUST Limited b Guarantee Notes to the Financial Statements for the Year Ended 31 December 2023 continued Incom¢ from charitable activities 2023 2022 Grants receivable Amber Valley Borough Council - Grant Belper Town Council - Grant COVID - Omicron Hospitality & leisure grant Derbyshire County Council- Flood Relief Fund Foundation Derbyshire - Archway House set up costs contribution 11,900 11,299 4,000 250 2,839 2,000 4.839 4,206 27,449 19,310 519 Visitor Fees Gift Aid Othcr Income Insurance Payn]ent Other Incorne - Net income from Trusts lottery Other Income - recharges to Related Party - Dcrwent Valley Tours Ltd COVID Business Intemjption 651 722 867 3,400 10,418 51,545 Income from other trading activitics 2023 2022 Shop sales 6,263 Cost of raising funds 2023 2022 Cost of sales 500 4,133 Expendilui'e on charitable activities 2023 2022 Gen¢ral protnotion Rent, Service charges and buildings insurance Salaries & pensions OperatÉonal services - Arkwright Society Op¢i'ating insurances Accountan¢y Electricity Costs associated with tnuseum closure. collections relocation and Archway House set up Other administrative costs - office rents, equipment. IT, events costs, training, volunteer training etc. 91 3,434 12,206 2,747 5,109 405 947 1,797 21,583 29,152 I,785 497 3,287 2,590 14,260 3,055 30,584 77,365 16-
BELPER NORTH MILL TRUST Limited b Guarantee Notes to the Financial Statements for the Year Ended 31 Deceinber 2023 continued INCOME FOR THE YEAR The surplus of income over expenditsjre is stated after charging: 2023 2022 Accountancy fees STAFF COSTS No remuneration was paid to the trustees in the year, nor were any expenses reimbursed to them. The staff costs were: 2023 2022 Salaries & Pension contributions The average weekly number of staff employed, calculated as full time equivalenls during the year were as follows: 2023 2022 0.28 1.13 Adtninistration No employee received r¢muneration of more than £50,000. LO DEBTORS 2023 2022 Prepayments VAT Other Debtors 246 3,463 499 1,287 4.400 4,208 5,687 CREDITORS, AMOUNTS FALLtNG DUE WITHIN ONE YEAR 2023 2022 Accruals Social Seciirity & other tsxes Grants received in advance of spend 535 2,474 560 2,839 535 5,873 17
BELPER NORJH MILL TRUST Limkted b Guarantee Notes to the Financial Statements for the Year Ended 31 December 2023 continued 12 Statement of funds Atl January 2023 Income Expenditure MoveTnent between funds At31 December 2023 Unrestricted funds General Funds 59.065 25,185 (31,084) 53,165 Earmarked Funds Development Program reserve 340,768 340,768 399,833 25,185 31,084 393,933 13 Trustecs, Remuneration and Expenses Remuneration - During the year no Trustees were either employed or received any remuneration. Expenses - a 1mbUrSeMent of £469 was paid to the Chair, lan Hill, for the supply of a laptop for us¢ on Trust duties was made in the year. 14 Corporation Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act l988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charilable objects. 15 Group undertakings On 31 December 2019, Belper North Mill Trust becamc a 50(/bo shared owner with The Arkwright Society Ltd of Derwent Valley Tours Ltd (company number 1238I104). This joint v¢ntuiE, predominately funded from DVMWHS Great Place Scheme - D3 Experiment Fund, is to assess the feasibility of a sustainable transport based heritage visitor "day trip" offer across the World Heritage Site. Trading commenced in 2021 but was limited by the COVID-l9 pandemlc. The pilot project concluded in 2022. During 2023, the Trust was paid £3,400 for recharged staff time and other consultancy time Charged in 2022 on an ann's length basis. 18