``` REGISTERED COMPANY NUMBER: 03416760 (England and Wales) REGISTERED CHARITY NUMBER: 1079008 ``` ``` Report of the Trustees and ``` ``` Financial Statements for the Year Ended 31 December 2020 ``` ``` for ``` ``` The Apsley Paper Trail ``` ``` Lee Accounting Services 2018 Limited Trading as Lee & Co Chartered Accountants & Statutory Auditors 26 High Street Rickmansworth Hertfordshire WD3 1ER ``` ``` The Apsley Paper Trail ``` ``` Contents of the Financial Statements for the Year Ended 31 December 2020 ``` ||`Page`| |---|---| |`Report of the Trustees`|`1 to 7`| |`Report of the Independent Auditors`|`8 to 11`| |`Statement of Financial Activities`|`12`| |`Balance Sheet`|`13 to 14`| |`Cash Flow Statement`|`15`| |`Notes to the Financial Statements`|`16 to 30`| |`Detailed Statement of Financial Activities`|`31 to 34`| ``` The Apsley Paper Trail ``` ``` Report of the Trustees for the Year Ended 31 December 2020 ``` ``` ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present theirreportwiththefinancialstatementsofthecharityfortheyearended31December2020. The trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statement of RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Objectives and aims`** ``` Toeducatethepublicintheartandscienceofpaperbasedcommunicationincludingitshistory, present andfutureandtoconserveandmaintainbuildings,equipmentanddocumentsconnectedwith paper production and usage in the United Kingdom particularly in the valley of the River Gade. ``` ## **`Significant activities`** ``` -InordertoescapetheburdenofpayingtheexceptionalrentfortheFrogmoresitetothe Dacorum BoroughCouncil(currently£48kpa)wearestillindiscussionswithDBCregardingthepossibility of purchasingFrogmore.We knowof no otherheritageorganisationpayingmorethana peppercornrent to a councillandlord.OwnershipofFrogmorewouldadditionallygivethecharitygreaterfreedomof actions in future.WehavereceivedfromtheCouncilan assurancein principalthatAPTcouldbuyFrogmore from the DBC. ``` ``` -APTwasgrantedmoniesfromtheHeritageEmergencyFund.IthaspaidfortheCOVID-19 compliance regs, including staff training. It also funded the schools science Outreach Packs. ``` ``` - APT was alsosuccessfulin winninga grantfromthe NLHF (CultureRecoveryFund for Heritage)which will supportour costs for the first three monthsof 2021and enable the constructionof a secondsmall heritage paper machine. ``` ``` - A newmemberofthepapermakingteamwasengagedtosupportthegrowthin productionandsales of Frogmore papers. ``` ``` - Our enthusiasticHeritageFire Brigadeteamhad to stand down due to the Covidrestrictions,but retained presence in its World Wars memorial hall. ``` ``` -OurgrowingvolunteermaintenanceteamcoordinatedbyAlanBantoncompletedmany valuable projects.Theseincludedgardenmaintenanceonourtwosites,recommissioninginsidespacesfor further milluse,preparinganddecoratingofficespaceinreadinesstoaccommodateadditionaltenants, and refurbishing the Cottage kitchen. ``` ``` - Temporary space within the Mill has been rented out to film companies. ``` ``` -SueWoolnough'spromotionsofFrogmoretoschoolsviasponsored'outreach'sciencepackshas been well received. ``` ``` - Gary Fuller's management of our in-house paper business continues to achieve growth year on year. ``` ``` - At the beginning of the year Peter Burford and volunteers gave off-site talks promoting Apsley Paper Trail. ``` ``` -APTheldapresentationtohonourPeterBurfordwhoretiredfromhis20yearservicewithAPT. During this time he acquired many roles including General Manager. ``` ``` - The Rotary Club's Santa's Sleigh was based at Frogmore in the days before Christmas. ``` ``` Page 1 ``` ``` The Apsley Paper Trail ``` ``` for the Year Ended 31 December 2020 ``` ## `Report of the Trustees` ## **`OBJECTIVES AND ACTIVITIES Public benefit`** ``` Beyondbeing a significantsite froma world-wideand nationalviewpointThe Trust servesthe local region, particularly these six communities: ``` - `Gade Valley residents, workers, learners and visitors` ``` - Schools, especially in and around the Gade Valley ``` ``` - The British paper industry and allied trades ``` ``` - Paper based art and craft practitioners ``` ``` - Descendants of former Gade Valley paper mill workers ``` ``` - Social and industrial historians ``` ``` Apsley Paper Trail's charitable activities provide the following benefits: ``` ``` -Wearecustodiansofaheritagesiteofworldsignificance,preservingandconservingpaper industry historybykeepingtheworld'soldestmechanisedpapermilloperating,andgivingthepublicaccess to industrial processes and historical exhibitions. We inform and entertain visitors with the story of paper. ``` ``` - We maintainand cataloguethe archivefor John DickinsonStationaryLtd, formerlythe majoremployer in the area; the British Paper Company; and other local paper and print related collections. ``` ``` -WehouseThePaperTrailHeritageFireBrigade,conservinghistoricpaper-millfireappliances and equipment,togetherwithadisplaydedicatedtothemenandwomenwhofoughtfiresduringthe World Wars. ``` ``` -WeproviderehearsalandstoragespacefortheHemelHempsteadBand(formerlytheJohn Dickinson factory band). ``` ``` -Wehavethe'LearningOutsidetheClassroomQualityBadge'anddeliverauniqueschools' education programme related to heritage paper making to students every year. ``` ``` - We offer work experience for young adults with severe learning and physical difficulties. ``` ``` - We providefreetrainingforlong-termunemployedpeople,helpingthembackintowork,freeIT training to assist them and the digitally excluded, and training to help companies to improve their business. ``` ``` - We provide free IT drop-in training sessions, mostly used by senior members of the local community. ``` ``` -Weofferarangeofadultleisureclasses,designedtocoversubjectsnolongerdeliveredbyour local college, some of them free. ``` ``` - We specialisein supportingthe sociallyor economicallyexcluded,and our volunteerprogramme provides additional opportunities for more than 60 volunteers from all walks of life. ``` ``` -Wehaveanartgallery,andalsoprovidestudioaccommodationforartistsinexchangeforsupport with our visitor activities. ``` ``` - Wecontinuetoprovideaccommodationforover20businessesinourenterprisecentre,helping sustain more than 90 local jobs. ``` ``` -Wesupportlocalsmallbusinessesbyofferingspace,atminimalcost,forsellingtheirproductsat our Christmas fair. (cancelled in 2020). ``` ``` Page 2 ``` ``` The Apsley Paper Trail ``` ## `Report of the Trustees` ## `for the Year Ended 31 December 2020` ## **`FINANCIAL REVIEW`** ## **`Financial Review and Reserves Policy`** ``` In2020theCharitycarefullymanageditsresourcesinordertocontinuetosupportitsobjectives and maintainfinancialviability.Thetrusteeshavepaiddueregardtoguidanceissuedbythe Charity Commission in deciding what activities they should undertake. ``` ``` The trustreportsa surplusfor the yearof £40,917(2019:£64,537).Our principlerevenuestreamswere as follows: ``` ``` Donations and legacies £26,074 (2019: £78,044) Investment income £322,942 (2019: £389,606) Charitable activities £262,372 (2019: £196,591) Other income £17,268 (2019: £29,068) ``` ``` Overallthisrepresentsadecreasefrom2019of9.33%.Depreciationandamortisationtotalled £39,761. Putting depreciation and amortisation to one side an operating surplus of £80,678 was achieved. ``` ## **`Reserves policy`** ``` We maintained our reserves policy of £50k credit. ``` ## **`FUTURE PLANS`** ``` The Board intends to- ``` - `Continue to develop our plans for an enhanced visitor experience at Frogmore Paper Mill.` - `Plan for the purchase of the Frogmore site.` - `Get into the mode of making grant applications.` - `Recruit additional trustees with complementary skills.` - `Further develop our relationship with the paper manufacturing industry.` - `Increase the paper production capacity.` - `Further develop the archive to include a substantial focus on the entrepreneur and paper maker John` - `Dickinson and the Company.` ``` Page 3 ``` ``` The Apsley Paper Trail ``` ``` Report of the Trustees for the Year Ended 31 December 2020 ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` TheApsleyPaperTrailisacharitablecompanylimitedbyguarantee,governedbyitsMemorandum and Articles of Association dated 8th August 1997 amended by Special Resolution dated 14th January 2000. ``` ``` TheCharityoperatesontwositesneareachotherinApsley,Hertfordshire;ApsleyMillsCottage, and Frogmore Paper Mill. ``` ``` TheTrustees,togetherwiththeGeneralManagerandseniormanagers,areresponsiblefor strategic direction of the Charity. Operational decisions are delegated to staff. The Trustees meet at least quarterly. ``` ``` TrusteesareappointedbytheBoard.NewTrusteesareselectedfortheirappropriateskillsand the mannerinwhichtheirskillscomplimentthoseofotherBoardmembers.AllTrusteesgivetheir time voluntarily and received no benefits from the Charity. ``` ``` VolunteersplayakeyroleinthedeliveryoftheCharity'sobjectives.Theyaremanagedbythe Charity whichinterviewsallapplicantsandmatchestheirskillsandknowledgetoavailable opportunities. Volunteersdonatetheirtimeandskillsinawiderangeoftasksincludingcreatingauniquearchive and artefactcollection,tour-guiding,demonstratinghand-madepapermaking,staffingthevisitor centre, makingandsellingstationeryproducts,actingastutorsforITandothercourses,maintainingand crewing ourboat,restoring,maintaininganddemonstratingtheheritagefireequipment,maintenance & restoration work, painting and decorating, gardening, and office and administration work. ``` ## **`Thanks`** ``` In2020theTrusteesreceivedsupportfortheCharityfrommanyquarters.Thelocalauthoritygifted the Charitya 12monthratereliefontheFrogmoreMillSite,a £25Kbusinessratesgrantandalsoa 6 months rentdeferment.FromtheNLHF,theCharityreceivedaHeritageEmergencyFund.The Government Furlough Scheme was extremely helpful, and in addition a number of private donations were received. ``` ``` ItisnotpossibletooverstatetheeffortandsupportgiventotheCharitybyitsstaff,volunteers and consultantsincludingitsinterimGeneralManager,PaulBotje,TheBoardofTrusteeshavealsoworked to steertheCharitythroughthisyear.Andtomentionjusttwo,ElenaLewendonwhohasconstructed the successfulgrantapplications,andHilaryRobinsonwhohasmanagedthecomplexaccountancyneeding to navigate through the reporting of furlough values, rates holidays, and grants etc. ``` ``` Sincere thanks to all... from the Trustees. ``` ``` Page 4 ``` ``` The Apsley Paper Trail ``` ## `Report of the Trustees` ``` for the Year Ended 31 December 2020 ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management`** ``` TheTrusteesacceptandtakeseriouslytheirresponsibilityforriskmanagementatApsleyPaperTrail. We havetakenadvicefromprofessionaladvisersandputinplaceacomprehensiveriskmanagement process which includes: ``` - `Identification of risk through risk assessments for all areas and activities.` - `Assessment of levels of risk according to possible impact and the likelihood of occurrence.` - `Establishment of control systems to manage identified risks.` - `Maintenance of a risk register.` - `Regular reviews by senior management.` - `Discuss and include a control system for both sites so they are Covid secure. Ensuring the safety of all` - `staff, tenants and visitors from the spread of the Covid-19 virus. This to include staff training.` ``` Giventhenatureandcomplexityofourproject,particularlytheheritageequipmentand manufacturing operationwhich is fundamentalto our strategicobjectivesand is open to the public,we take very seriously ourdutytoprotectstaff,volunteersandvisitors,complyingwithlegalandinsurancerequirements, while continuing the manufacturing operation. ``` ``` Controls in place for major risks include: ``` - `Regular health and safety checks on all machinery, equipment and buildings.` - `Particular attention to minimising risk of the spread of Covid-19.` - `Strict rules on supervision of visitors, with a higher supervisor ratio for young and vulnerable people.` - `Properly guarded machinery with clearly marked routes for visitors.` - `Clearly signed emergency exits, with provision for alerting those with vision or hearing problems, and for assisting those with mobility problems.` - `Provision of safety clothing and equipment where relevant.` - `Appropriate skills specified for Trustees, staff, sub-contractors and volunteers, with training and` - `development as appropriate.` - `Strategic and operational plans agreed at Trustee level and monitored throughout the year.` - `Reserves policy and contingency plan.` - `Spending controls including specified authority levels.` - `Careful management of grant-funded projects to ensure compliance and delivery of all contracted` - `activities on time.` - `Disaster recovery plan including data back-up procedures and precautions.` - `Communications plan including procedure for complaints and adverse publicity.` - `Input from professional advisers including auditors, insurers, health and safety specialists.` - `Embedding risk identification, evaluation and monitoring in working processes, and management` - `procedures.` - `Monthly reviews by senior management.` - `Bi-annual review by the Trustees.` ## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number`** ``` 03416760 (England and Wales) ``` ## **`Registered Charity number`** ``` 1079008 ``` ``` Page 5 ``` ``` The Apsley Paper Trail ``` ## `Report of the Trustees` ``` for the Year Ended 31 December 2020 ``` ## **`Registered office`** ``` Apsley Mills Cottage London Road Hemel Hempstead Hertfordshire HP3 9RL ``` ## **`Trustees`** ``` S N P Ody Leisure industry consultant D A Pullen Retired Co-chair Mrs E Lewendon Museum curator H B Clarke Company director J D Waston Retired Co-chair Mrs H Robinson Company director Dr S Mann Company director ``` ## **`Auditors`** ``` Lee Accounting Services 2018 Limited Trading as Lee & Co Chartered Accountants & Statutory Auditors 26 High Street Rickmansworth Hertfordshire WD3 1ER ``` ## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES`** ``` Thetrustees(whoarealsothedirectorsofTheApsleyPaperTrailforthepurposesofcompanylaw) are responsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordance with applicablelaw and UnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting Practice). ``` ``` Companylaw requiresthe trusteesto preparefinancialstatementsfor each financialyear which give a true andfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresources and applicationof resources,includingthe incomeand expenditure,of the charitablecompanyforthat period. In preparing those financial statements, the trustees are required to ``` - `select suitable accounting policies and then apply them consistently;` - `observe the methods and principles in the Charity SORP;` - `make judgements and estimates that are reasonable and prudent;` - `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.` ``` Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable accuracyatanytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensure that thefinancialstatementscomplywiththeCompaniesAct2006.Theyarealsoresponsiblefor safeguarding theassetsofthecharitablecompanyandhencefortakingreasonablestepsfortheprevention and detection of fraud and other irregularities. ``` ``` Page 6 ``` ``` The Apsley Paper Trail ``` ``` Report of the Trustees for the Year Ended 31 December 2020 ``` ## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued`** ``` In so far as the trustees are aware: ``` - `there is no relevant audit information of which the charitable company's auditors are unaware; and` - `the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.` ## **`AUDITORS`** ``` Theauditors,LeeAccountingServices2018Limited,willbeproposedforre-appointmentat the forthcoming Annual General Meeting. ``` ``` Approved by order of the board of trustees on ............................................. and signed on its behalf by: ``` ``` ................................................................. ``` ``` J D Waston - Trustee ``` ``` Page 7 ``` ``` Report of the Independent Auditors to the Trustees of The Apsley Paper Trail ``` ## **`Opinion`** ``` We haveauditedthe financialstatementsof The ApsleyPaperTrail(the'charitablecompany')forthe year ended31December2020whichcomprisetheStatementofFinancialActivities,theBalanceSheet, the CashFlowStatementandnotestothefinancialstatements,includinga summaryofsignificant accounting policies.The financialreportingframeworkthathas been appliedin theirpreparationis applicablelaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ``` ``` In our opinion the financial statements: ``` - `give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;` - `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and` - `have been prepared in accordance with the requirements of the Companies Act 2006.` ## **`Basis for opinion`** ``` WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors' responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the charitablecompanyinaccordancewiththeethicalrequirementsthatarerelevanttoourauditof the financialstatementsin theUK,includingtheFRC'sEthicalStandard,and we havefulfilledourother ethical responsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewe have obtained is sufficient and appropriate to provide a basis for our opinion. ``` ## **`Conclusions relating to going concern`** ``` In auditingthe financialstatements,we have concludedthat the trustees'use of the going concernbasis of accounting in the preparation of the financial statements is appropriate. ``` ``` Based on the work we have performed,we have not identifiedany materialuncertaintiesrelatingto events orconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharitable company's abilitytocontinueasagoingconcernforaperiodofatleasttwelvemonthsfromwhenthe financial statements are authorised for issue. ``` ``` Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in the relevant sections of this report. ``` ## **`Other information`** ``` Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent Auditors thereon. ``` ``` Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. ``` ``` In connectionwith our audit of the financialstatements,our responsibilityis to read the other information and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial statementsorourknowledgeobtainedin theauditorotherwiseappearstobe materiallymisstated.If we identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine whetherthisgivesrisetoa materialmisstatementin thefinancialstatementsthemselves.If, basedon the workwe haveperformed,we concludethatthereis a materialmisstatementof this otherinformation, we are required to report that fact. We have nothing to report in this regard. ``` ``` Page 8 ``` ``` Report of the Independent Auditors to the Trustees of The Apsley Paper Trail ``` ## **`Matters on which we are required to report by exception`** ``` We havenothingtoreportin respectof thefollowingmatterswheretheCharities(Accountsand Reports) Regulations 2008 requires us to report to you if, in our opinion: ``` - `the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or` - `the charitable company has not kept adequate accounting records; or` - `the financial statements are not in agreement with the accounting records and returns; or` - `we have not received all the information and explanations we require for our audit.` ## **`Responsibilities of trustees`** ``` AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealso the directorsofthecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthe preparation of thefinancialstatementsand forbeingsatisfiedthattheygivea trueand fairview,and forsuch internal controlasthetrusteesdetermineisnecessarytoenablethepreparationoffinancialstatementsthat are free from material misstatement, whether due to fraud or error. ``` ``` Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitable company's abilityto continueas a goingconcern,disclosing,as applicable,mattersrelatedto goingconcernand using the going concernbasis of accountingunlessthe trusteeseitherintendto liquidatethe charitable company or to cease operations, or have no realistic alternative but to do so. ``` ``` Page 9 ``` ``` Report of the Independent Auditors to the Trustees of The Apsley Paper Trail ``` ## **`Our responsibilities for the audit of the financial statements`** ``` We havebeen appointedas auditorsunder Section144of the CharitiesAct 2011and reportin accordance with the Act and relevant regulations made or having effect thereunder. ``` ``` Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are freefrommaterialmisstatement,whetherdue to fraudor error,and to issuea Reportof the Independent Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a guaranteethat an audit conductedin accordancewith ISAs (UK) will alwaysdetecta material misstatement when it exists.Misstatementscan arise fromfraud or errorand are consideredmaterialif, individuallyor in theaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstaken on the basis of these financial statements. ``` ## `Irregularities including fraud` ``` Discussionswithandenquiriesofmanagementandthosechargedwithgovernancewereheldwitha view to identifyingthoselaws and regulationsthatcouldbe expectedto havea materialimpacton the financial statements.Duringtheengagementteambriefing,theoutcomesofthesediscussionsandenquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. ``` ``` The following laws and regulations were identified as being of significance to the entity: ``` ``` -Thoselawsandregulationsconsideredtohaveadirecteffectonthefinancialstatementinclude UK financial reporting standards, Charities Regulations, Company Law and Tax. ``` ``` -Thoselawsandregulationsforwhichnon-compliancemaybefundamentaltotheoperatingaspects of thebusinessandthereforemayhavematerialeffectonthefinancialstatementsinclude anti-bribery, health and safety legislation and regulations affecting public relations companies. ``` ``` Auditproceduresundertakeninresponsetothepotentialrisksrelatingtoirregularities(which include fraud and non-compliance with laws and regulations) comprised of: ``` ``` - Inquiriesof managementand those chargedwith governanceas to whetherthe entitycomplieswith such laws and regulations. ``` ``` - Enquiries with the same concerning any actual or potential litigation or claims. ``` ``` - Inspection of relevant legal correspondence and review of board minutes. ``` ``` - Testing the appropriateness of journal entries. ``` ``` -Performanceofanalyticalreviewtoidentifyunexpectedmovementsinaccountbalanceswhichmay be indicative of fraud, with particular focus on areas affecting the recognition of revenue. ``` ``` Noinstancesofmaterialnon-compliancewereidentified.However,thelikelihoodof detecting irregularities,includingfraud,islimitedbytheinherentdifficultyindetectingirregularities, the effectivenessof the entity'scontrols,and the nature,timing and extentof the audit procedures performed. Irregularitiesthatresultfromfraudmightbeinherentlymoredifficulttodetectthanirregularities that resultfromerror.As explainedabove,thereis an unavoidablerisk that materialmisstatementsmay not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). ``` ``` Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms part of our Report of the Independent Auditors. ``` ``` Page 10 ``` ``` Report of the Independent Auditors to the Trustees of The Apsley Paper Trail ``` ## **`Use of our report`** ``` This reportis madesolelyto the charitablecompany'strustees,as a body,in accordancewith Part4 of the Charities(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothatwe might statetothecharitablecompany'strusteesthosematterswearerequiredtostatetotheminan auditors' reportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptor assume responsibilitytoanyoneotherthanthecharitablecompanyandthecharitablecompany'strusteesas a body, for our audit work, for this report, or for the opinions we have formed. ``` ``` Lee Accounting Services 2018 Limited Trading as Lee & Co Chartered Accountants & Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 26 High Street Rickmansworth Hertfordshire WD3 1ER ``` ``` Date: ............................................. ``` ``` Page 11 ``` ``` The Apsley Paper Trail ``` ## `Statement of Financial Activities` ## `for the Year Ended 31 December 2020` |`Unrestricted`
`fund`
`Notes`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`2`
**`26,074`**
**`Charitable activities`**
`4`
`Visitor centre`
**`11,424`**
`Grants`
**`94,689`**
`Paper trading`
**`154,333`**
`Education and training`
**`-`**
`Investment income`
`3`
**`322,942`**
`Other income`
`5`
**`17,268`**
**`Total`**
**`626,730`**
**`EXPENDITURE ON`**
`Raising funds`
`6`
**`172,737`**
**`Charitable activities`**
`7`
`Visitor centre`
**`96,531`**
`Paper trading`
**`106,962`**
`Education and training`
**`110,536`**
`Other`
**`69,199`**
**`Total`**
**`555,965`**
**`NET INCOME/(EXPENDITURE)`**
**`70,765`**
**`RECONCILIATION OF FUNDS`**
**`Total funds brought forward`**
**`1,729,748`**
**`TOTAL FUNDS CARRIED FORWARD`**
**`1,800,513`**|`Restricted`
`fund`
`£`
**`-`**
**`-`**
**`-`**
**`-`**
**`1,926`**
**`-`**
**`-`**
**`1,926`**
**`7,288`**
**`7,288`**
**`5,831`**
**`11,367`**
**`-`**
**`31,774`**
**`(29,848)`**
**`1,108,876`**
**`1,079,028`**|**`31.12.20`**
**`Total`**
**`funds`**
**`£`**
**`26,074`**
**`11,424`**
**`94,689`**
**`154,333`**
**`1,926`**
**`322,942`**
**`17,268`**
**`628,656`**
**`180,025`**
**`103,819`**
**`112,793`**
**`121,903`**
**`69,199`**
**`587,739`**
**`40,917`**
**`2,838,624`**
**`2,879,541`**|`31.12.19`
`Total`
`funds`
`£`
`78,044`
`61,598`
`-`
`127,578`
`7,415`
`389,606`
`29,068`| |---|---|---|---| ||||`693,309`
`174,217`
`122,192`
`109,352`
`128,446`
`94,565`| ||||`628,772`| ||||`64,537`
`2,774,087`| ||||`2,838,624`| ``` The notes form part of these financial statements ``` ``` Page 12 ``` ``` The Apsley Paper Trail ``` ## `Balance Sheet 31 December 2020` |`Unrestricted`
`fund`
`Notes`
`£`
**`FIXED ASSETS`**
`Intangible assets`
`14`
**`4,235`**
`Tangible assets`
`15`
**`1,298,449`**
`Heritage assets`
`16`
**`532,044`**
`Investment property`
`17`
**`1,500,000`**
**`3,334,728`**
**`CURRENT ASSETS`**
`Stocks`
`18`
**`11,444`**
`Debtors`
`19`
**`56,644`**
`Cash at bank and in hand`
**`186,566`**
**`254,654`**
**`CREDITORS`**
`Amounts falling due within one year`
`20`
**`(314,069)`**
**`NET CURRENT ASSETS`**
**`(59,415)`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`3,275,313`**
**`CREDITORS`**
`Amounts falling due after more than one`
`year`
`21`
**`(1,474,800 )`**
**`NET ASSETS`**
**`1,800,513`**
**`FUNDS`**
`25`
`Unrestricted funds`
`Restricted funds`
**`TOTAL FUNDS`**|`Restricted`
`fund`
`£`
**`-`**
**`1,060,650`**
**`-`**
**`-`**
**`1,060,650`**
**`-`**
**`-`**
**`123,778`**
**`123,778`**
**`(105,400)`**
**`18,378`**
**`1,079,028`**
**`-`**
**`1,079,028`**|**`31.12.20`**
**`Total`**
**`funds`**
**`£`**
**`4,235`**
**`2,359,099`**
**`532,044`**
**`1,500,000`**
**`4,395,378`**
**`11,444`**
**`56,644`**
**`310,344`**
**`378,432`**
**`(419,469)`**
**`(41,037)`**
**`4,354,341`**
**`(1,474,800 )`**
**`2,879,541`**
**`1,800,513`**
**`1,079,028`**
**`2,879,541`**|`31.12.19`
`Total`
`funds`
`£`
`4,840`
`2,350,918`
`532,044`
`1,500,000`
`4,387,802`
`13,468`
`61,437`
`97,374`
`172,279`
`(198,633)`
`(26,354)`
`4,361,448`
`(1,522,824 )`
`2,838,624`
`1,729,748`
`1,108,876`
`2,838,624`| |---|---|---|---| ``` The charitablecompanyis entitledto exemptionfromauditunderSection477of the CompaniesAct 2006 for the year ended 31 December 2020. ``` ``` Themembershavenotdepositednotice,pursuanttoSection476of theCompaniesAct2006requiring an audit of these financial statements. ``` ``` The notes form part of these financial statements ``` ``` continued... ``` ``` Page 13 ``` ``` The Apsley Paper Trail ``` ## `Balance Sheet - continued 31 December 2020` ``` The trustees acknowledge their responsibilities for ``` - `(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and` - `(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.` ``` ThesefinancialstatementshavebeenauditedundertherequirementsofSection145oftheCharities Act 2011. ``` ``` Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable companies subject to the small companies regime. ``` ``` ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on ............................................. and were signed on its behalf by: ``` ``` ............................................. ``` ``` J D Waston - Trustee ``` ``` The notes form part of these financial statements ``` ``` Page 14 ``` ``` The Apsley Paper Trail ``` |`Cash Flow Statement`
`for the Year Ended 31 December 2020`
`Notes`
**`Cash flows from operating activities`**
`Cash generated from operations`
`29`
`Interest paid`
`Net cash provided by operating activities`
**`Cash flows from investing activities`**
`Purchase of tangible fixed assets`
`Sale of tangible fixed assets`
`Interest received`
`Net cash used in investing activities`
**`Cash flows from financing activities`**
`New loans in year`
`Loan repayments in year`
`Net cash provided by/(used in) financing activities`
**`Change in cash and cash equivalents in`**
**`the reporting period`**
**`Cash and cash equivalents at the`**
**`beginning of the reporting period`**
`30`
**`Cash and cash equivalents at the end`**
**`of the reporting period`**
`30`|**`31.12.20`**
**`£`**
**`281,524`**
**`(27,961)`**
**`253,563`**
**`(47,337)`**
**`-`**
**`55`**
**`(47,282)`**
**`50,000`**
**`(43,335)`**
**`6,665`**
**`212,946`**
**`97,374`**
**`310,320`**|`31.12.19`
`£`
`120,299`
`(38,132)`
`82,167`
`2,571`
`(6,253)`
`137`
`(3,545)`
`-`
`(43,640)`
`(43,640)`
`34,982`
`62,392`
`97,374`| |---|---|---| ``` The notes form part of these financial statements ``` ``` Page 15 ``` ``` The Apsley Paper Trail ``` ``` Notes to the Financial Statements for the Year Ended 31 December 2020 ``` ## **`1. ACCOUNTING POLICIES`** ## **`Basis of preparing the financial statements`** ``` Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102, havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS 102)(effective1 January2019)',FinancialReportingStandard102'The FinancialReporting Standard applicablein theUK andRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements havebeenpreparedunderthehistoricalcostconvention,asmodifiedbytherevaluationof certain assets. ``` ## **`Income`** ``` Allincomeis recognisedin theStatementofFinancialActivitiesoncethecharityhasentitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ``` ## **`Expenditure`** ``` Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation committingthe charityto that expenditure,it is probablethat a transferof economicbenefitswill be requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have been allocated to activities on a basis consistent with the use of resources. ``` ## **`Allocation and apportionment of costs`** ``` All costs directly associated with a particular activity are allocated wholly to the applicable activity. ``` ``` Forallothercosts,theseareapportionedbasedonthenumberofhoursattributabletoeach area. These costs are split as follows: ``` ||**`Percentage of`**|| |---|---|---| ||**`costs allocated`**|| |`Activity`|**`(%)`**|**`2019`**| |`Investment`||| |`management`|**`25`**|**`25`**| |`Visitor centre`|**`25`**|**`25`**| |`Grants`|**`0`**|**`0`**| |`Paper trading`|**`20`**|**`20`**| |`Education and training`|**`30`**|**`30`**| ## **`Intangible assets`** ``` TheCharityacquiredtrademarksinthepreviousyear.Theyareheldatcost.Astradingunder the names has commenced, the following amortisation policy. ``` ``` Patents and licences- 10% on cost ``` ## **`Tangible fixed assets`** ``` Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its estimated useful life. ``` ``` continued... ``` ``` Page 16 ``` ``` The Apsley Paper Trail ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2020 ``` ## **`1. ACCOUNTING POLICIES - continued`** ## **`Tangible fixed assets`** |`Freehold property`|**`- not provided`**| |---|---| |`Improvements to leasehold property`|**`- 2% on cost`**| |`Plant and machinery`|**`- 10% on cost`**| |`Fixtures and fittings`|**`- 20% on cost`**| |`Computer equipment`|**`- 33% on cost`**| |`Heritage`|**`- not provided`**| ## **`Heritage assets`** ``` Heritage assets are recognised and held at historic cost. ``` ## **`Investments`** ``` Investmentpropertyis shown at mostrecentvaluation.Any aggregatesurplus or deficitarising from changes in fair value is recognised in the Statement of Financial Activities. ``` ``` Investmentpropertiesaremeasuredatcostintheyearoftheiracquisitionandthenatfair value eachyearthereafterin accordancewithsection10.48of thecharitiesSORP(FRS102).Any variation in value year on year is recognised in the SOFA. ``` ``` The investmentpropertiesare rented out to tenants.The methodused to determinethe fair value is to take a multiple of the market rate rent which the trustees view to be reasonable. ``` ## **`Stocks`** ``` Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowance for obsolete and slow moving items. ``` ## **`Taxation`** ``` The charity is exempt from corporation tax on its charitable activities. ``` ``` Investment income is also exempt as it is fully reinvested in charitable activities. ``` ## **`Fund accounting`** ``` Unrestrictedfundscanbe usedin accordancewiththecharitableobjectivesat thediscretionof the trustees. ``` ``` Restrictedfunds can only be used for particularrestrictedpurposeswithin the objectsof the charity. Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted purposes. ``` ``` Furtherexplanationofthenatureandpurposeofeachfundis includedin thenotestothe financial statements. ``` ## **`Pension costs and other post-retirement benefits`** ``` The charitablecompanyoperatesa definedcontributionpensionscheme.Contributionspayable to the charitablecompany'spensionschemeare chargedto the Statementof FinancialActivitiesin the period to which they relate. ``` ``` continued... ``` ``` Page 17 ``` ``` The Apsley Paper Trail ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2020 ``` ## **`1. ACCOUNTING POLICIES - continued`** ## **`Financial instruments`** ## **`Debtors`** ``` Short term debtors are measured at transaction price, less any impairment. ``` ## **`Creditors`** ``` Shorttermtradecreditorsare measuredat the transactionprice.Otherfinancialliabilities, including bankloans,aremeasuredinitiallyatfairvalue,netoftransactioncosts,andare measured subsequently at amortised cost using the effective interest method. ``` ## **`2. DONATIONS AND LEGACIES`** |`Donations`
**`3.`**
**`INVESTMENT INCOME`**
`Rents received`
`Deposit account interest`
**`4.`**
**`INCOME FROM CHARITABLE ACTIVITIES`**
`Activity`
`Visitor centre admissions,`
`etc`
`Visitor centre`
`Grants`
`Grants`
`Paper making`
`Paper trading`
`Courses`
`Education and training`|**`31.12.20`**
**`£`**
**`26,074`**
**`31.12.20`**
**`£`**
**`322,887`**
**`55`**
**`322,942`**
**`31.12.20`**
**`£`**
**`11,424`**
**`94,689`**
**`154,333`**
**`1,926`**
**`262,372`**|`31.12.19`
`£`
`78,044`
`31.12.19`
`£`
`389,469`
`137`| |---|---|---| |||`389,606`| |||`31.12.19`
`£`
`61,598`
`-`
`127,578`
`7,415`| |||`196,591`| ``` continued... ``` ``` Page 18 ``` ``` The Apsley Paper Trail ``` ## `Notes to the Financial Statements - continued` ## `for the Year Ended 31 December 2020` |**`5.`**
**`OTHER INCOME`**
`Miscellaneous income`
`Rents received`
**`6.`**
**`RAISING FUNDS`**
**`Investment management costs`**
`Staff costs`
`Administrative expenses`
`Rates and utilities`
`Property repairs`
`Insurance`
`Bad debts`
`Management fees`
`Depreciation`|**`31.12.20`**
**`£`**
**`49`**
**`17,219`**
**`17,268`**
**`31.12.20`**
**`£`**
**`50,765`**
**`8,396`**
**`90,698`**
**`3,437`**
**`9,727`**
**`3,000`**
**`4,487`**
**`9,515`**
**`180,025`**|`31.12.19`
`£`
`9,012`
`20,056`
`29,068`
`31.12.19`
`£`
`49,824`
`8,755`
`87,230`
`5,535`
`8,090`
`(150)`
`3,998`
`10,935`| |---|---|---| |||`174,217`| ## **`7. CHARITABLE ACTIVITIES COSTS`** |`Visitor centre`
`Paper trading`
`Education and training`|`Direct`
`Costs`
`£`
**`4,387`**
**`33,272`**
**`2,621`**
**`40,280`**|`Support`
`costs (see`
`note 8)`
`£`
**`99,432`**
**`79,521`**
**`119,282`**
**`298,235`**|`Totals`
`£`
**`103,819`**
**`112,793`**
**`121,903`**| |---|---|---|---| ||||**`338,515`**| ``` continued... ``` ``` Page 19 ``` ``` The Apsley Paper Trail ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2020 ``` |**`8.`**
**`SUPPORT COSTS`**
`Visitor`
`Finance`
`centre`
`£`
`£`
`Other resources expended`
**`28,324`**
**`-`**
`Visitor centre`
**`363`**
**`99,069`**
`Paper trading`
**`291`**
**`-`**
`Education and training`
**`436`**
**`-`**
**`29,414`**
**`99,069`**
`Governance`
`Other`
`costs`
`£`
`£`
`Other resources expended`
**`-`**
**`40,875`**
`Visitor centre`
**`-`**
**`-`**
`Paper trading`
**`79,230`**
**`-`**
`Education and training`
**`-`**
**`-`**
**`79,230`**
**`40,875`**
**`9.`**
**`NET INCOME/(EXPENDITURE)`**
`Net income/(expenditure) is stated after charging/(crediting):`
**`31.12.20`**
**`£`**
`Depreciation - owned assets`
**`39,156`**
`Patents and licences amortisation`
**`605`**
**`10.`**
**`AUDITORS' REMUNERATION`**
**`31.12.20`**
**`£`**
`Fees payable to the charity's auditors for the audit of the charity's`
`financial statements`
**`3,000`**
`Auditors' remuneration for non audit work`
**`2,362`**|`Education`
`& training`
`£`
**`-`**
**`-`**
**`-`**
**`118,846`**
**`118,846`**
`Totals`
`£`
**`69,199`**
**`99,432`**
**`79,521`**
**`119,282`**
**`367,434`**
`31.12.19`
`£`
`43,134`
`605`
`31.12.19`
`£`
`3,000`
`1,950`| |---|---| ``` continued... ``` ``` Page 20 ``` ``` The Apsley Paper Trail ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2020 ``` ## **`11. TRUSTEES' REMUNERATION AND BENEFITS`** ``` Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2020 nor for the year ended 31 December 2019. ``` ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended31December2020norforthe year ended 31 December 2019. ``` ## **`12. STAFF COSTS`** |**`STAFF COSTS`**||| |---|---|---| |`Wages and salaries`
`Social security costs`
`Other pension costs`|**`31.12.20`**
**`£`**
**`190,100`**
**`8,264`**
**`4,697`**
**`203,061`**|`31.12.19`
`£`
`183,669`
`10,775`
`4,853`| |||`199,297`| ``` The average monthly number of employees during the year was as follows: ``` ||**`31.12.20`**|`31.12.19`| |---|---|---| |`Management`|**`3`**|`3`| |`Finance`|**`1`**|`1`| |`Support staff`|**`6`**|`6`| ||**`10`**|`10`| ``` No employees received emoluments in excess of £60,000. ``` ``` Thetotalamountofemployeebenefits(includingemployerpensioncontributions)receivedby key management personnel for their services to the charity was £89,578 (2019: £100,945). ``` ``` continued... ``` ``` Page 21 ``` ``` The Apsley Paper Trail ``` ## `Notes to the Financial Statements - continued` ## `for the Year Ended 31 December 2020` |**`13.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
`Unrestricted`
`fund`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`78,044`
**`Charitable activities`**
`Visitor centre`
`61,598`
`Paper trading`
`127,578`
`Education and training`
`-`
`Investment income`
`389,606`
`Other income`
`29,068`
**`Total`**
`685,894`
**`EXPENDITURE ON`**
`Raising funds`
`166,929`
**`Charitable activities`**
`Visitor centre`
`114,904`
`Paper trading`
`103,521`
`Education and training`
`116,449`
`Other`
`94,565`
**`Total`**
`596,368`
**`NET INCOME/(EXPENDITURE)`**
`89,526`
**`Transfers between funds`**
`(4,553)`
**`Net movement in funds`**
`84,973`
**`RECONCILIATION OF FUNDS`**
**`Total funds brought forward`**
`1,644,775`
**`TOTAL FUNDS CARRIED FORWARD`**
`1,729,748`|`Restricted`
`fund`
`£`
`-`
`-`
`-`
`7,415`
`-`
`-`
`7,415`
`7,288`
`7,288`
`5,831`
`11,997`
`-`
`32,404`
`(24,989)`
`4,553`
`(20,436)`
`1,129,312`
`1,108,876`|`Total`
`funds`
`£`
`78,044`
`61,598`
`127,578`
`7,415`
`389,606`
`29,068`| |---|---|---| |||`693,309`
`174,217`
`122,192`
`109,352`
`128,446`
`94,565`| |||`628,772`| |||`64,537`
`-`| |||`64,537`
`2,774,087`| |||`2,838,624`| ``` continued... ``` ``` Page 22 ``` ``` The Apsley Paper Trail ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2020 ``` |**`14.`**
**`INTANGIBLE FIXED ASSETS`**
**`COST`**
`At 1 January 2020 and`
`31 December 2020`
**`AMORTISATION`**
`At 1 January 2020`
`Charge for year`
`At 31 December 2020`
**`NET BOOK VALUE`**
`At 31 December 2020`
`At 31 December 2019`
**`15.`**
**`TANGIBLE FIXED ASSETS`**
**`COST`**
`At 1 January 2020`
`Additions`
`At 31 December 2020`
**`DEPRECIATION`**
`At 1 January 2020`
`Charge for year`
`At 31 December 2020`
**`NET BOOK VALUE`**
`At 31 December 2020`
`At 31 December 2019`|`Freehold`
`property`
`£`
**`1,250,000`**
**`-`**
**`1,250,000`**
**`-`**
**`-`**
**`-`**
**`1,250,000`**
`1,250,000`|`Patents`
`and`
`licences`
`£`
**`6,050`**
**`1,210`**
**`605`**
**`1,815`**
**`4,235`**
`4,840`
`Improvements`
`to`
`Plant and`
`property`
`machinery`
`£`
`£`
**`1,457,649`**
**`373,107`**
**`24,400`**
**`22,937`**
**`1,482,049`**
**`396,044`**
**`367,846`**
**`363,774`**
**`29,153`**
**`8,956`**
**`396,999`**
**`372,730`**
**`1,085,050`**
**`23,314`**
`1,089,803`
`9,333`| |---|---|---| ``` continued... ``` ``` Page 23 ``` ``` The Apsley Paper Trail ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2020 ``` ## **`15. TANGIBLE FIXED ASSETS - continued`** |**`COST`**
`At 1 January 2020`
`Additions`
`At 31 December 2020`
**`DEPRECIATION`**
`At 1 January 2020`
`Charge for year`
`At 31 December 2020`
**`NET BOOK VALUE`**
`At 31 December 2020`
`At 31 December 2019`
**`16.`**
**`HERITAGE ASSETS`**
**`MARKET VALUE`**
`At 1 January 2020 and`
`31 December 2020`
**`NET BOOK VALUE`**
`At 31 December 2020`
`At 31 December 2019`|`Fixtures`
`and`
`fittings`
`£`
**`31,594`**
**`-`**
**`31,594`**
**`30,577`**
**`548`**
**`31,125`**
**`469`**
`1,017`|`Computer`
`equipment`
`£`
**`27,897`**
**`-`**
**`27,897`**
**`27,132`**
**`499`**
**`27,631`**
**`266`**
`765`|`Totals`
`£`
**`3,140,247`**
**`47,337`**|`Totals`
`£`
**`3,140,247`**
**`47,337`**| |---|---|---|---|---| ||||**`3,187,584`**|| ||||**`789,329`**
**`39,156`**|| ||||**`828,485`**|| ||||**`2,359,099`**|| ||||`2,350,918`|| |||||`Total`
`£`
**`532,044`**| |||||**`532,044`**| |||||`532,044`| ``` continued... ``` ``` Page 24 ``` ``` The Apsley Paper Trail ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2020 ``` ## **`17. INVESTMENT PROPERTY`** |**`FAIR VALUE`**
`At 1 January 2020`
`and 31 December 2020`
**`NET BOOK VALUE`**
`At 31 December 2020`
`At 31 December 2019`|**`£`**
**`1,500,000`**| |---|---| ||**`1,500,000`**| ||`1,500,000`| ``` TheinvestmentpropertycomprisesthefreeholdpropertyknownasJDECCentreatApsley Mill, which is let entirely for rental income. ``` ``` ThefreeholdwaspreviouslyvaluedinSeptember2010at£1,500,000onanexistingusebasis of current licence agreements by Cavendish Tate, Chartered Surveyors. ``` ``` On7thMarch2017thepropertywasrevaluedbyanindependentthirdpartyatavalueof £ £1,500,000. ``` ``` TheTrusteesdonotbelievethepropertyvaluehaschangedandhavevaluedtheproperty at £1,500,000 as of 31st December 2020. ``` ``` The historiccostof the JDECCentrecomprisesa gift of the freeholdto the Charityon 14 September 2000 plus £375,504 of subsequent capital expenditure on the buildings. ``` ## **`18. STOCKS`** |**`18.`**|**`STOCKS`**||| |---|---|---|---| |||**`31.12.20`**|`31.12.19`| |||**`£`**|`£`| ||`Finished goods`|**`11,444`**|`13,468`| |**`19.`**|**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**||| |||**`31.12.20`**|`31.12.19`| |||**`£`**|`£`| ||`Trade debtors`|**`15,943`**|`34,647`| ||`Prepayments`|**`40,701`**|`26,790`| |||**`56,644`**|`61,437`| ``` continued... ``` ``` Page 25 ``` ``` The Apsley Paper Trail ``` ## `Notes to the Financial Statements - continued` ``` for the Year Ended 31 December 2020 ``` |**`20.`**|**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**||| |---|---|---|---| |||**`31.12.20`**|`31.12.19`| |||**`£`**|`£`| ||`Bank loans and overdrafts (see note 22)`|**`98,048`**|`43,335`| ||`Trade creditors`|**`79,627`**|`73,278`| ||`Social security and other taxes`|**`3,204`**|`3,359`| ||`VAT`|**`24,091`**|`10,922`| ||`Rental deposits`|**`37,935`**|`46,255`| ||`Pension`|**`769`**|`1,250`| ||`Accruals and deferred income`|**`156,278`**|`9,638`| ||`Accrued expenses`|**`19,517`**|`10,596`| |||**`419,469`**|`198,633`| |**`21.`**|**`CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR`**||| |||**`31.12.20`**|`31.12.19`| |||**`£`**|`£`| ||`Bank loans (see note 22)`|**`1,474,800`**|`1,522,824`| ``` The averageinterestrate on loans due for repaymentin over 5 years is 2.46%.The loans are due for repaymentin2030.Twooftheloansarepayablebyinstalmentswithonebeingdueinfullat the redemption date. ``` ## **`22. LOANS`** ``` An analysis of the maturity of loans is given below: ``` |`Amounts falling due within one year on demand:`
`Bank overdrafts`
`Bank loans`
`Bounce back loan`
`Amounts falling between one and two years:`
`Bank loans - 1-2 years`
`Amounts falling due between two and five years:`
`Bank loans - 2-5 years`
`Amounts falling due in more than five years:`
`Repayable by instalments:`
`Bank loans more 5 yr by instalments`|**`31.12.20`**
**`£`**
**`24`**
**`48,024`**
**`50,000`**
**`98,048`**
**`41,530`**
**`141,863`**
**`1,126,404`**|`31.12.19`
`£`
`-`
`43,335`
`-`| |---|---|---| |||`43,335`| |||`48,024`| |||`135,072`| |||`1,138,646`| ``` continued... ``` ``` Page 26 ``` ``` The Apsley Paper Trail ``` ## `Notes to the Financial Statements - continued` ``` for the Year Ended 31 December 2020 ``` ## **`22. LOANS - continued`** |**`LOANS - continued`**||| |---|---|---| ||**`31.12.20`**|`31.12.19`| ||**`£`**|`£`| |`Repayable otherwise than by instalments:`||| |`Bank loans more 5 yrs non-instalments`|**`165,003`**|`201,082`| ## **`23. LEASING AGREEMENTS`** ``` Minimum lease payments under non-cancellable operating leases fall due as follows: ``` ||**`31.12.20`**|`31.12.19`| |---|---|---| ||**`£`**|`£`| |`Within one year`|**`41,398`**|`41,398`| |`Between one and five years`|**`10,350`**|`51,748`| ||**`51,748`**|`93,146`| ``` The ApsleyPaperTrailhas just over132yearsleft on its leasehold(FrogmorePaperMill),which has an annual rental of £41,398 and reviewable every 5 years with the next review due in 2022. ``` ## **`24. SECURED DEBTS`** ``` The following secured debts are included within creditors: ``` ||**`31.12.20`**|`31.12.19`| |---|---|---| ||**`£`**|`£`| |`Bank loans`|**`1,572,824`**|`1,566,159`| ``` Security is held by a secured charge over the properties held by the charity. ``` ## **`25. MOVEMENT IN FUNDS`** |**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`General restricted fund`
**`TOTAL FUNDS`**|`At 1.1.20`
`£`
**`1,729,748`**
**`1,108,876`**
**`2,838,624`**|`Net`
`movement`
`in funds`
`£`
**`70,765`**
**`(29,848)`**
**`40,917`**|`At`
`31.12.20`
`£`
**`1,800,513`**
**`1,079,028`**| |---|---|---|---| ||||**`2,879,541`**| ``` continued... ``` ``` Page 27 ``` ``` The Apsley Paper Trail ``` ## `Notes to the Financial Statements - continued for the Year Ended 31 December 2020` ## **`25. MOVEMENT IN FUNDS - continued`** ``` Net movement in funds, included in the above are as follows: ``` |**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`General restricted fund`
**`TOTAL FUNDS`**
**`Comparatives for movement in funds`**
`At 1.1.19`
`£`
**`Unrestricted funds`**
`General fund`
`1,644,775`
**`Restricted funds`**
`General restricted fund`
`1,129,312`
**`TOTAL FUNDS`**
`2,774,087`
`Comparative net movement in funds, included in the above a`
**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`General restricted fund`
**`TOTAL FUNDS`**||`Incoming`
`resources`
`£`
**`626,730`**
**`1,926`**
**`628,656`**
`Net`
`movement`
`in funds`
`£`
`89,526`
`(24,989)`
`64,537`
`re as follows:`
`Incoming`
`resources`
`£`
`685,894`
`7,415`
`693,309`||`Resources`
`expended`
`£`
**`(555,965)`**
**`(31,774)`**
**`(587,739)`**
`Transfers`
`between`
`funds`
`£`
`(4,553)`
`4,553`
`-`
`Resources`
`expended`
`£`
`(596,368)`
`(32,404)`
`(628,772)`|`Movement`
`in funds`
`£`
**`70,765`**
**`(29,848)`**
**`40,917`**
`At`
`31.12.19`
`£`
`1,729,748`
`1,108,876`
`2,838,624`
`Movement`
`in funds`
`£`
`89,526`
`(24,989)`
`64,537`| |---|---|---|---|---|---| ||||||| ``` continued... ``` ``` Page 28 ``` ``` The Apsley Paper Trail ``` ## `Notes to the Financial Statements - continued for the Year Ended 31 December 2020` ## **`26. CONTINGENT LIABILITIES`** ``` Agrantcontractdated3April2007foratermof25yearsfromtheTrusteesofthe National HeritageMemorialFund,hasbeensecuredbyalegalchargedated16October2007on the Frogmore Paper Mill lease. ``` ## **`27. RELATED PARTY DISCLOSURES`** ``` There were no related party transactions for the year ended 31 December 2020. ``` ## **`28. ULTIMATE CONTROLLING PARTY`** ``` The trustees believe there is no ultimate controlling party. ``` ## **`29. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES`** |||**`31.12.20`**|`31.12.19`| |---|---|---|---| |||**`£`**|`£`| |**`Net income for the reporting period (as per the Statement of`**|||| |**`Financial Activities)`**||**`40,917`**|`64,537`| |**`Adjustments for:`**|||| |`Depreciation charges`||**`39,761`**|`43,739`| |`Interest received`||**`(55)`**|`(137)`| |`Interest paid`||**`27,961`**|`38,132`| |`Decrease/(increase) in stocks`||**`2,024`**|`(3,768)`| |`Decrease/(increase) in debtors`||**`4,793`**|`(20,156)`| |`Increase/(decrease) in creditors`||**`166,123`**|`(2,048)`| |**`Net cash provided by operations`**||**`281,524`**|`120,299`| |**`ANALYSIS OF CASH AND CASH EQUIVALENTS`**|||| |||**`31.12.20`**|`31.12.19`| |||**`£`**|`£`| |`Cash in hand`||**`64`**|`475`| |`Notice deposits (less than 3 months)`||**`310,280`**|`96,899`| |`Overdrafts included in bank loans and overdrafts falling due within`|||| |`one year`||**`(24)`**|`-`| |`Total cash and cash equivalents`||**`310,320`**|`97,374`| |**`ANALYSIS OF CHANGES IN NET DEBT`**|||| |`At`|`1.1.20`|`Cash flow`|**`At 31.12.20`**| ||`£`|`£`|**`£`**| ## **`30. ANALYSIS OF CASH AND CASH EQUIVALENTS`** ## **`31.. ANALYSIS OF CHANGES IN NET DEBT`** ``` Net cash ``` ``` continued... ``` ``` Page 29 ``` ``` The Apsley Paper Trail ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 December 2020 ``` |**`31..`**
**`ANALYSIS OF CHANGES IN NET DEBT - continued`**
`Cash at bank and in hand`
**`97,374`**
`Bank overdraft`
**`-`**
**`97,374`**
**`Debt`**
`Debts falling due within 1 year`
**`(43,335)`**
`Debts falling due after 1 year`
**`(1,522,824 )`**
**`(1,566,159 )`**
**`Total`**
**`(1,468,785 )`**|**`212,970`**
**`310,344`**
**`(24)`**
**`(24)`**
**`212,946`**
**`310,320`**
**`(54,689)`**
**`(98,024)`**
**`48,024`**
**`(1,474,800 )`**
**`(6,665)`**
**`(1,572,824 )`**
**`206,281`**
**`(1,262,504 )`**| |---|---| ``` Page 30 ``` ``` The Apsley Paper Trail ``` ## `Detailed Statement of Financial Activities for the Year Ended 31 December 2020` |`Detailed Statement of Financial Activities`
`for the Year Ended 31 December 2020`||| |---|---|---| ||`31.12.20`|`31.12.19`| ||`£`|`£`| |**`INCOME AND ENDOWMENTS`**||| |**`Donations and legacies`**||| |`Donations`|**`26,074`**|`78,044`| |**`Investment income`**||| |`Rents received`|**`322,887`**|`389,469`| |`Deposit account interest`|**`55`**|`137`| ||**`322,942`**|`389,606`| |**`Charitable activities`**||| |`Visitor centre admissions, etc`|**`11,424`**|`61,598`| |`Paper making`|**`154,333`**|`127,578`| |`Courses`|**`1,926`**|`7,415`| |`Grants`|**`94,689`**|`-`| ||**`262,372`**|`196,591`| |**`Other income`**||| |`Miscellaneous income`|**`49`**|`9,012`| |`Rents received`|**`17,219`**|`20,056`| ||**`17,268`**|`29,068`| |**`Total incoming resources`**|**`628,656`**|`693,309`| |**`EXPENDITURE`**||| |**`Investment management costs`**||| |`Wages`|**`47,525`**|`45,917`| |`Social security`|**`2,066`**|`2,694`| |`Pensions`|**`1,174`**|`1,213`| |`Administrative expenses`|**`8,396`**|`8,755`| |`Rates and utilities`|**`90,698`**|`87,230`| |`Property repairs`|**`3,437`**|`5,535`| |`Insurance`|**`9,727`**|`8,090`| |`Bad debts`|**`3,000`**|`(150)`| |`Management fees`|**`4,487`**|`3,998`| |`Carried forward`|**`170,510`**|`163,282`| ``` This page does not form part of the statutory financial statements ``` ``` Page 31 ``` ``` The Apsley Paper Trail ``` |`Detailed Statement of Financial Activities`||| |---|---|---| |`for the Year Ended 31 December 2020`||| ||`31.12.20`|`31.12.19`| ||`£`|`£`| |**`Investment management costs`**||| |`Brought forward`|**`170,510`**|`163,282`| |`Patents and licences`|**`151`**|`151`| |`Improvements to property`|**`7,288`**|`7,288`| |`Plant and machinery`|**`1,814`**|`3,030`| |`Fixtures and fittings`|**`137`**|`127`| |`Computer equipment`|**`125`**|`339`| ||**`180,025`**|`174,217`| |**`Charitable activities`**||| |`Sundries`|**`40,280`**|`47,232`| |**`Support costs`**||| |**`Finance`**||| |`Bank charges`|**`1,453`**|`1,356`| |`Mortgage`|**`27,961`**|`38,132`| ||**`29,414`**|`39,488`| |**`Visitor centre`**||| |`Wages`|**`47,525`**|`45,917`| |`Social security`|**`2,066`**|`2,694`| |`Pensions`|**`1,174`**|`1,213`| |`Rent, rates and water`|**`11,955`**|`12,611`| |`Insurance`|**`9,727`**|`8,090`| |`Light and heat`|**`5,244`**|`8,536`| |`Telephone`|**`2,838`**|`3,437`| |`Postage and stationery`|**`340`**|`323`| |`Sundries`|**`1,108`**|`1,284`| |`Repairs and maintenance`|**`3,437`**|`5,535`| |`Advertisement`|**`4,140`**|`3,286`| |`Patents and licences`|**`151`**|`151`| |`Improvements to property`|**`7,288`**|`7,288`| |`Plant and machinery`|**`1,814`**|`3,030`| |`Fixtures and fittings`|**`137`**|`127`| |`Computer equipment`|**`125`**|`339`| ||**`99,069`**|`103,861`| |**`Education & training`**||| |`Wages`|**`57,031`**|`55,101`| |`Carried forward`|**`57,031`**|`55,101`| ``` This page does not form part of the statutory financial statements ``` ``` Page 32 ``` ``` The Apsley Paper Trail ``` |`Detailed Statement of Financial Activities`||| |---|---|---| |`for the Year Ended 31 December 2020`||| ||`31.12.20`|`31.12.19`| ||`£`|`£`| |**`Education & training`**||| |`Brought forward`|**`57,031`**|`55,101`| |`Social security`|**`2,479`**|`3,232`| |`Pensions`|**`1,409`**|`1,456`| |`Rent, rates and water`|**`14,345`**|`15,133`| |`Insurance`|**`11,673`**|`9,708`| |`Light and heat`|**`6,293`**|`10,244`| |`Telephone`|**`3,405`**|`4,125`| |`Postage and stationery`|**`408`**|`388`| |`Repairs and maintenance`|**`4,125`**|`6,643`| |`Advertisement`|**`4,968`**|`3,943`| |`Sundries`|**`1,293`**|`1,540`| |`Patents and licences`|**`182`**|`182`| |`Improvements to property`|**`8,746`**|`8,746`| |`Plant and machinery`|**`2,174`**|`3,635`| |`Fixtures and fittings`|**`165`**|`102`| |`Computer equipment`|**`150`**|`270`| ||**`118,846`**|`124,448`| |**`Other`**||| |`Wages`|**`38,019`**|`36,734`| |`Social security`|**`1,653`**|`2,155`| |`Pensions`|**`940`**|`971`| |`Rent, rates and water`|**`9,562`**|`10,089`| |`Insurance`|**`7,782`**|`6,472`| |`Light and heat`|**`4,195`**|`6,829`| |`Telephone`|**`2,270`**|`2,750`| |`Postage and stationery`|**`272`**|`259`| |`Sundries`|**`863`**|`1,029`| |`Repairs and maintenance`|**`2,750`**|`4,428`| |`Advertisement`|**`3,312`**|`2,629`| |`Patents and licences`|**`121`**|`121`| |`Improvements to property`|**`5,831`**|`5,831`| |`Plant and machinery`|**`1,450`**|`2,423`| |`Fixtures and fittings`|**`110`**|`153`| |`Computer equipment`|**`100`**|`406`| ||**`79,230`**|`83,279`| |**`Governance costs`**||| |`Auditors' remuneration`|**`3,000`**|`3,000`| |`Carried forward`|**`3,000`**|`3,000`| ``` This page does not form part of the statutory financial statements ``` ``` Page 33 ``` ``` The Apsley Paper Trail ``` |`Detailed Statement of Financial Activities`||| |---|---|---| |`for the Year Ended 31 December 2020`||| ||`31.12.20`|`31.12.19`| ||`£`|`£`| |**`Governance costs`**||| |`Brought forward`|**`3,000`**|`3,000`| |`Auditors' remuneration for non audit work`|**`2,362`**|`1,950`| |`Consultancy fees`|**`35,500`**|`48,600`| |`Accountancy fees`|**`-`**|`1,717`| |`Legal fees`|**`13`**|`980`| ||**`40,875`**|`56,247`| |`Total resources expended`|**`587,739`**|`628,772`| |**`Net income`**|**`40,917`**|`64,537`| ``` This page does not form part of the statutory financial statements ``` ``` Page 34 ```