Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 **REGISTERED CHARITY NUMBER: 1086863** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2023** ## **FOR** ## **SWINDEN QUARRY TRUST** C A Hunter Limited Britannia Chambers 26 George Street St Helens Merseyside WA10 1BZ Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 **SWINDEN QUARRY TRUST** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Independent Examiner's Report**||4|| |**Statement of Financial Activities**||5|| |**Balance Sheet**||6|| |**Notes to the Financial Statements**|7|to|11| |**Detailed Statement of Financial Activities**||12|| Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **SWINDEN QUARRY TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** To protect, promote and enhance the nature conservation interests (including ecological, biological and geological interests) of the dedicated land. To promote the education of the general public by public access and the provision of facilities and information to enhance public understanding of the nature conservation interests of the dedicated land and its quarrying history. To promote educational study of and research into matters related to the nature of conservation interests of the dedicated land. ## **Activities** The Charity aims to achieve its objectives by promoting educational visits to the dedicated land during mineral extraction and by establishing sufficient reserves for the long term management of the dedicated land, following the completion of mineral extraction. These reserves will be established by investment of the annual contribution from Tarmac Ltd. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** Income received during the year totalled £71,602 (2022 £54,993) relating to investment income and contributions from Tarmac Ltd. Expenditure in the year was £5,314 (2022 £8,916) leaving a surplus of income over expenditure for the year of £66,288 (2022 £46,077). During the year 4 visits to the dedicated land took place. ## **FINANCIAL REVIEW** ## **Financial position** The statement of financial activities shows a deficit for the year of £67,110 (2022 gain £128,420) resulting in a reserves balance carried forward of £1,437,993 ( 2022 £1,505,103). There were investment losses of £133,398 (2022 gains of £82,343), leaving a value on the managed fund at 31 March 2023 of £1,399,345 (2022 £1,471,152). The fees for the preparation and independent examination of the accounts have been paid by Tarmac Ltd. The trustees are satisfied that the trust's assets are available and adequate to fulfil its obligations. ## **Investment powers** There are no restrictions on the trustees' powers to invest. ## **Investment policy** The investment strategy states that the funds be invested in low and medium risk investments. ## **Reserves policy** It is the policy of the trustees to establish sufficient reserves for the long term management of the dedicated land following the completion of mineral extraction. Page 1 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **SWINDEN QUARRY TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** ## **FUTURE PLANS** The charity will continue to use the income from the investment portfolio to establish sufficient reserves to fulfil its objectives. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity was formed as a trust under a Trust Deed dated 8 March 1996, as amended by deeds of variation dated 1 September 1997, 23 November 2000, 26 January 2010 and 18 August 2025. ## **Recruitment and appointment of new trustees** The power of appointing a new trustee as successor to S Curtin or J Hough is vested in Tarmac Limited. The power of appointing a new trustee as successor to C Lis, I Stewart, R Foster or R G Heseltine is vested in The Yorkshire Dales National Park Authority. ## **Organisational structure** The trustees meet once each year to review the perfomance of the trust fund and to agree future investment strategy. The trustees receive regular ongoing reports on the progress of the trust fund. ## **Induction and training of new trustees** The trust has no formal induction and training programme, however new trustees are supported by the experienced trustees. ## **Related parties** The trustees receive no remuneration and do not receive any benefit from the trust fund. ## **Risk management** The trustees have reviewed the major risks to which the charity is exposed, particularly those related to the finances of the trust. The trustees have given consideration to the appropriate policies, procedures and systems to mitigate the charity's exposure to the major risks. The trustees have formulated an investment policy to mitigate investment risks and this is set out on page 1. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1086863 ## **Principal address** Yoredale Bainbridge Leyburn North Yorkshire DL8 3EL ## **Trustees** J Hough S Curtin R G Heseltine I Stewart C Lis (resigned 27.8.25) R Foster (appointed 8.2.24) Page 2 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **SWINDEN QUARRY TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Independent Examiner** C A Hunter Limited Britannia Chambers 26 George Street St Helens Merseyside WA10 1BZ ## **Investment managers** Redmayne Bentley 9 Bond Road Leeds West Yorkshire LS1 2JZ ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that 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 charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 01-Sep-2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by: .......................................................................... J Hough - Trustee Page 3 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SWINDEN QUARRY TRUST** ## **Independent examiner's report to the trustees of Swinden Quarry Trust** I report to the charity trustees on my examination of the accounts of Swinden Quarry Trust (the Trust) for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Stephen Ruane ACA The Institute of Chartered Accountants in England and Wales C A Hunter Limited Britannia Chambers 26 George Street St Helens Merseyside WA10 1BZ 02-Sep-2025 Date: ............................................. Page 4 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **SWINDEN QUARRY TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023** |Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
Other income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
Net gains/(losses) on investments
**NET INCOME**
**Other recognised gains/(losses)**
Gains/(losses) on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
-
-
-
-
-
-
-
-
-
-|Restricted
fund
£
32,954
38,648
71,602
5,314
(54,774)
11,514
(78,624)
(67,110)
1,505,103
1,437,993|31.3.23
Total
funds
£
32,954
38,648
71,602
5,314
(54,774)
11,514
(78,624)
(67,110)
1,505,103
1,437,993|31.3.22
Total
funds
£
21,042
33,951| |---|---|---|---|---| |||||54,993| |||||8,916| |||||33,708| |||||79,785
48,635| |||||128,420
1,376,683| |||||1,505,103| The notes form part of these financial statements Page 5 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **SWINDEN QUARRY TRUST** ## **BALANCE SHEET 31 MARCH 2023** |Notes
**FIXED ASSETS**
Investments
6
**CURRENT ASSETS**
Debtors
7
Cash at bank
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
8
Restricted funds
**TOTAL FUNDS**
|Unrestricted
fund
£
-
-
-
-
-
-
-
|Restricted
fund
£
1,292,039
38,648
107,306
145,954
145,954
1,437,993
1,437,993
|31.3.23
31.3.22
Total
Total
funds
funds
£
£
1,292,039
1,467,347
38,648
33,951
107,306
3,805
145,954
37,756
145,954
37,756
1,437,993
1,505,103
1,437,993
1,505,103
1,437,993
1,505,103
1,437,993
1,505,103

01-Sep-2025|31.3.22
Total
funds
£
1,467,347
33,951
3,805| |---|---|---|---|---| |||||37,756| |||||37,756| |||||1,505,103| |||||1,505,103| |||||1,505,103| |||||1,505,103| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. J Hough - Trustee ............................................. I Stewart - Trustee The notes form part of these financial statements Page 6 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **SWINDEN QUARRY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. INVESTMENT INCOME** |**2.**|**INVESTMENT INCOME**||| |---|---|---|---| |||31.3.23|31.3.22| |||£|£| ||Income from UK listed investments|32,954|21,042| |**3.**|**OTHER INCOME**||| |||31.3.23|31.3.22| |||£|£| ||Contributions from Tarmac Ltd|38,648|33,951| continued... Page 7 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **SWINDEN QUARRY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **4. RAISING FUNDS** ## **Investment management costs** |**Investment management costs**||| |---|---|---| ||31.3.23|31.3.22| ||£|£| |Portfolio management|5,314|8,916| ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. ## **6. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**||| |---|---|---| |**MARKET VALUE**
At 1 April 2022
Additions
Disposals
Revaluations
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
At 31 March 2022
All fixed asset investments are held within the United Kingdom.||Listed
investments
£
1,467,347
729,596
(826,280)
(78,624)
1,292,039
1,292,039
1,467,347| |Historical cost as at 31 March 2023||1,316,300| |||| |||| continued... Page 8 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **SWINDEN QUARRY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** |**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**8.**
**MOVEMENT IN FUNDS**
**Restricted funds**
Restricted funds
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Restricted funds**
Restricted funds
71,602
**TOTAL FUNDS**
71,602
**Comparatives for movement in funds**
**Restricted funds**
Restricted funds
**TOTAL FUNDS**|At 1.4.22
£
1,505,103
1,505,103
Resources
expended
£
(5,314)
(5,314)
At 1.4.21
£
1,376,683
1,376,683||31.3.23
£
38,648
Net
movement
in funds
£
(67,110)
(67,110)
Gains and
losses
£
(133,398)
(133,398)
Net
movement
in funds
£
128,420
128,420|31.3.22
£
33,951
At
31.3.23
£
1,437,993
1,437,993
Movement
in funds
£
(67,110)
(67,110)
At
31.3.22
£
1,505,103
1,505,103| |---|---|---|---|---| |||||| |||||| |||||| continued... Page 9 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **SWINDEN QUARRY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **8. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |Incoming
Resources
resources
expended
£
£
**Restricted funds**
Restricted funds
54,993
(8,916)
**TOTAL FUNDS**
54,993
(8,916)
A current year 12 months and prior year 12 months combined position is as follows:
At 1.4.21
£
**Restricted funds**
Restricted funds
1,376,683
**TOTAL FUNDS**
1,376,683|Gains and
losses
£
82,343
82,343
Net
movement
in funds
£
61,310
61,310|Movement
in funds
£
128,420
128,420
At
31.3.23
£
1,437,993| |---|---|---| |||1,437,993| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Restricted funds**
Restricted funds
**TOTAL FUNDS**|Incoming
resources
£
126,595
126,595|Resources
expended
£
(14,230)
(14,230)|Gains and
Movement
losses
in funds
£
£
(51,055)
61,310
(51,055)
61,310|Gains and
Movement
losses
in funds
£
£
(51,055)
61,310
(51,055)
61,310| |---|---|---|---|---| |||||61,310| continued... Page 10 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 **SWINDEN QUARRY TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023** ## **9. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2023. Page 11 Docusign Envelope ID: 6D4F7973-380B-40A9-A5BF-C9383BA2E24FDocusign Envelope ID: D989A53F-7625-4142-ADD3-C8AD3A0667B8 ## **SWINDEN QUARRY TRUST** |**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**||| |---|---|---| |**FOR THE YEAR ENDED 31 MARCH 2023**||| ||31.3.23|31.3.22| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Investment income**||| |Income from UK listed investments|32,954|21,042| |**Other income**||| |Contributions from Tarmac Ltd|38,648|33,951| |**Total incoming resources**|71,602|54,993| |**EXPENDITURE**||| |**Investment management costs**||| |Portfolio management|5,314|8,916| |Total resources expended|5,314|8,916| |**Net income before gains and losses**|66,288|46,077| |**Realised recognised gains and losses**||| |Realised gains/(losses) on fixed asset investments|(54,774)|33,708| |**Net income**|11,514|79,785| This page does not form part of the statutory financial statements Page 12