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2022-10-31-accounts

Registration number : 04572319 Registered Charity number : 1110683

Bollington Initiative Trust Company limited by guarantee

Annual Report and Financial Statements

For the year ended 31 October 2022

Bollington Initiative Trust Company limited by guarantee

Company information

Directors & Trustees :

Secretary :

Company number :

Charity number :

Registered office & Operational Address :

Independent Examiner :

SW Spinks D S Haddleton G C Barrow L G Humphreys MP Wilkins KM Gooding PS Hunter J Flynn

D S Haddleton

04572319 (England and Wales )

1110683

Water Street Centre Water Street Bollington Cheshire SKl0 SPB

A Lea 14 Tytherington Park Road Macclesfield Cheshire SKl0 2EL

Bollington Initiative Trust Company limited by guarantee

Contents
Page
Report of the Trustees 1-2
Independent Examiner's report 3
Statement of Financial Activity 4
Balancesheet 5
Notesforming part of the financial statements 6-8
The following pages do not form part of the statutory a
Statement of Financial Activity- annual comparison 9
Fund balances 10
Directors' Report for the year 11-13

The following pages do not form part of the statutory accounts

Bollington Initiative Trust

Company limited by guarantee

Directors' report For the year ended 31 October 2022

The directors/ trustees present their report and the financial statements for the year ended 31 October 2022. The financial statements have been prepared in accordance with the accounting policies set out in the notes and comply with the charity's trust deed and applicable law.

Principal activity

The Company's principle activity continues to be as a non-profit making charity, raising funds for the support of property initiatives in Bollington and the surrounding district.

Constitution and Objectives

The charity's objective is to promote the conservation, protection and improvement of the physical and natural environment of Bollington and it's surrounding area. To this end, the Trustees meet formally at least five times a year and remain in regular contact between meetings.

Directors

The directors / trustees who served during the year are as stated below :

SW Spinks PS Hunter D S Haddleton J Flynn G C Barrow LG Humphreys MP Wilkins KM Gooding

Risk Management

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable reports to be produced so that the necessary steps can be taken to lessen these risks. This included establishing a risk register which is formally reviewed at least annually and can be updated at each board meeting if necessary.

Reserves Policy

The trustees' policy on reserves is to maintain reserves such that our budgeted operating costs of the charity can be covered for the next 12 months at any point in time. For 2021/22 this has been forecast as £12,000. In addition, the trustees consider it essential to carry forward designated reserves sufficient to meet the vision of the charity and in particular to meet future obligations on the maintenance and repair of Water Street School. The reserves policy is kept under annual review.

Conflicts of interest

BIT has a standing agenda item, at the beginning of each trustee meeting, to enable declaration of any actual or potential conflicts of interest. A trustee should declare any interest which he or she has in an item to be discussed at the earliest possible opportunity and certainly before any discussion of the item itself. If a trustee is uncertain whether or not he or she is conflicted, he or she should err on the side of openness, declaring the issue and discussing it with the other trustees. If a trustee is aware of an undeclared conflict of interest affecting another trustee, they should notify the other trustees or the Chair.

Page 1

Bollington Initiative Trust

Company limited by guarantee

Directors' report For the year ended 31 October 2022

Statement of Trustees' Responsibilities

The trustees are trustees for the purpose of charity law and directors for the purpose of company law.

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the trustees to prepare financial statements for each financial year. Under that law, they have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).

The financial statements are required by law to give a true and fair view of the state of the affairs of the company

In preparing these financial statements, the trustees are required to :

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the company 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 company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention of fraud and detection of fraud and other irregularities.

The Directors confirm that there were no reportable or serious incidents occurred during the last financial year.

Independent Examiner

A. Lea was previously appointed as the charitable company's independent examiner, and has expressed his willingness to continue in this capacity.

This report has been prepared in accordance with the Statement of Recommended Practice : Accounting and Reporting by Charities (issued in March 2005) and in accordance with special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

This report was approved by the Board on 29th March 2023 and signed on its behalf by

SW Spinks Director & Chair

Page2

BoHington Initiative Trust

Company limited by guarantee

Independent Examiner's report to the members of Bollington Initiative Trust

Respective responsibilities of directors/trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under Section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under Section 145 of the Charities Act,

to follow the procedures laid down in the general Directions given by the Charity

to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention

1 which gives me reasonable cause to believe that in any material respect, the requirements:

to keep accounting records in accordance with Section 130 of the Charities Act; and

to prepare accounts which accord with the accounting records and comply with the accounting records, and comply with the accounting requirements of the Charities Act

have not been met, or

For and on behalf of A Lea

----- Start of picture text -----
and Independent Examiner 14 Tytherington Park Road
Dated: Macclesfield, Cheshire
SK10 2EL
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Page3
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Bollington Initiative Trust

Company limited by guarantee

Statement of Financial Activity For the year ended 31 October 2022

Incoming resources
Grants
RentalIncome
Donations received
Bank Interest Received
Other Income
Resources expended
Materials&sundry
Consultancy&architectural costs
Labour costs
Light, heat and power
Insurance
Net resources
Governance
Association Memberships
Insurance
Company House Costs
Sundry Costs
Net increaseinfunds		 2022
Unrestricted
£
£
19,393
312
503
20,207
20,207
300
3,511
15
2,497
(6,323)
13,884		 2022
Unrestricted
£
£
19,393
312
503
20,207
20,207
300
3,511
15
2,497
(6,323)
13,884		 2022
Restricted
£
£
8,250
67,060
75,310
110,619
7,165
129
3,847
1,120
(122,881)
(47,571)
(47,571)		 2022
Restricted
£
£
8,250
67,060
75,310
110,619
7,165
129
3,847
1,120
(122,881)
(47,571)
(47,571)		 2022
Combined
£
£
8,250
19,393
67,060
312
503
95,517
110,619
7,165
129
3,847
1,120
(122,881)
(27,363)
300
3,511
15
2,497
(6,323)
(33,687)		 2022
Combined
£
£
8,250
19,393
67,060
312
503
95,517
110,619
7,165
129
3,847
1,120
(122,881)
(27,363)
300
3,511
15
2,497
(6,323)
(33,687)
300
3,511
15
2,497
20,207
(6,323)		 (47,571)
13,884 (47,571) (33,687)

The notes on pages 8 to 9 form an integral part of these unaudited financial statements,

Page 4

Bollington Initiative Trust

Company limited by guarantee

Balance Sheet as at 31 October 2022

----- Start of picture text -----
2022 2021
Notes £ £ £ £
Fixed assets
Tangible assets 2 1 1
Current Assets
Debtors 3 2,382 3,586
Cash at Bank and in hand 100,506 131,156
102,888 134,742
Creditors : amounts falling due 4 2,432 600
within one year
100,455 134,142
Total assets less current liabilities 100,456 134,143
Net assets 100,456 134,143
Reserves
Accumulated funds 5 100,456 134,143
Members' funds 100,456 134,143
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The directors' statements required by Sections 475(2) and (3) are shown on the following page which forms part of this Balance Sheet.

The notes on pages 8 to 9 form an integral part of these unaudited financial statements.

Pages

Bollington Initiative Trust

Company limited by guarantee

Balance Sheet (continued)

Directors' statements required by Sections 475(2) and(3) for the year ended 31 October 2022

The directors consider that the company is entitled to the exemption from the requirement to have an audit under the provisions of Section 477(1) of the Companies Act 2006,

Members have not required the company under Section 476(2) of the Companies Act 2006 to obtain an audit for the year ended 31 October 2022.

The directors acknowledge their responsibility for;

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime, and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

The financial statements were approved by the Board on 29th March 2023 and signed on its behalf by

----- Start of picture text -----
SW Spinks
Director & Chair
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Registration number 04572319

The notes on pages 8 to 9 form an integral part of these unaudited financial statements.

Page 6

Bollington Initiative Trust

Company limited by guarantee

Notes to the financial statements For the year ended 31 October 2022

1 Accounting policies

1.1 Accounting convention

The accounts have been prepared under the historical cost convention and are in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2005). The following principal accounting policies have been applied:

1.2 Income, Donations and similar Incoming Resources

Donations, bank interest and similar incoming resources are accounted for in the period in which the charity is entitled to receipt.

1.3 Resources Expended

Expenditure is included on an accruals basis. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.

1.4 Taxation

Under the provisions of the Income and Corporation Taxes Act 1988, and the Taxation of Chargeable Gain Act 1992, the Company is not subject to taxation, on the grounds that it is a registered charity.

1.5 Accumulated Funds

There are no specific restrictions on the unrestricted cumulative fund, apart from the furtherance of the aims of the Charity. The restricted funds relate to specific projects.

2 Tangible Assets
Property Total
£ £
Cost or Valuation
As at 1 November 2021 1 1
Additions
As at 31 October 2022 1 1

Note

The Water Street property acquired by the trust in October 2014 has been included in the accounts at the £1 cost of acquisition.

Page 7

Bollington Initiative Trust

Notes to the financial statements For the year ended 31 October 2022

. ......... Continued

3
Debtors
Prepayments and accruedincome
4
Creditors: amounts falling due within one year
Trade Creditors
Accruals and deferred income
5
Reserves (Accumulated funds)
Surplus for the year
Suplus brought forward1November 2021
Rounding
Suplus carried forward 31 October 2022		 2022
£
2,382
2,382
2022
£
2,283
150
2,432
2022
£
(33,687)
134,143
100,456		 2021
£
3,586
3,586
2021
£
600
600
2021
£
(49,868)
184,011
134,143

6 Taxations

The Charitable company is exempt from corporation tax on its charitable activities.

7 Trustees' remuneration & related party transactions

No trustee had any personal interest in any contract or transaction entered into by this charity.

8 Company Limited by Guarantee

Each member of the company undertakes to contribute £1 upon the winding up of the company.

Page 8

Bollington Initiative Trust Company limited by guarantee

The following pages do not form part of the statutory accounts.

Detailed Income and Expenditure account For the year ended 31 October 2022

Incoming resources
Grants
Rental Income
Donations received
Bank Interest Received
Other Income
Resources expended
Materials&sundry
Consultancy&architectural costs
Labourcosts
Light,heat and power
Insurance
Net resources
Governance
Association Memberships
Insurance
Company House Costs
Sundry Costs
Netincreasein funds		 2022
Combined
£
£
8,250
19,393
67,060
312
503
95,517
110,619
7,165
129
3,847
1,120
(122,881)
-29%
(27,363)
300
3,511
15
2,497
(6,323)
-35%
(33,687)		 2022
Combined
£
£
8,250
19,393
67,060
312
503
95,517
110,619
7,165
129
3,847
1,120
(122,881)
-29%
(27,363)
300
3,511
15
2,497
(6,323)
-35%
(33,687)		 2021
Combined
£
£
300
16,337
70
499
956
18,161
49,778
2,577
680
1,092
191
(54,317)
-199%
(36,156)
478
3,435
9,799
(13,712)
-275%
(49,868)		 2021
Combined
£
£
300
16,337
70
499
956
18,161
49,778
2,577
680
1,092
191
(54,317)
-199%
(36,156)
478
3,435
9,799
(13,712)
-275%
(49,868)
110,619
7,165
129
3,847
1,120
-29%
300
3,511
15
2,497
-35% -275%
(33,687) (49,868)

Bollington Initiative Trust

Company limited by guarantee

Ring-fenced fund balances as at 31 October 2022

FundAnalysis
2022
£
General Pool (Unrestricted)
14,481
Water Street School (Designated)
77,559
Tinkers Clough (Restricted)
509
Tinkers Clough (Designated)
267
TurnersLodge(Designated)
1,699
Water Street - Toilet Refurbishment (Restricted)
Water Street-First Floor Refurbishment (Restricted)
5,991
100,506
Debtors- Note2
2,382
Creditors-Note 3
(2,432)
Net Current Assets
100,455		 2021
£
12,867
93,431
509
9,000
15,299
50
131,156
3,586
(600)
134,142

Page 11

Bollington Initiative Trust (BIT)

Directors' Report of the highlights for the year ended 31 October 2022.

BIT is a Company Limited by Guarantee (CLG) and a registered charity (no 1110683) which helps to preserve Bollington's unique environment and heritage, for the benefit of our local community through the acquisition and management of land and buildings which may otherwise be lost or developed for private sector housing.

BIT's charitable objectives are:

• To promote the conservation, protection and improvement of the physical and natural environment of Bollington and its surrounding area.

• To promote the benefit of the inhabitants of Bollington and the surrounding areas without distinction of sex, sexual orientation, race or of political, religious or other opinions, by association together with said inhabitants and the local authority, voluntary and other organisations in a common effort to advance education and to provide facilities and services in the interests of social welfare, for the recreation and other leisure time occupation with the objective of improving the condition of life of the said inhabitants.

BIT is locally rooted and has supported the local community to deliver crucial community projects and businesses, to build a stronger community, protect its heritage and support enterprise in the town. Our projects have saved three community assets, supported two local businesses, enabled twelve jobs in Bollington and provided access to woodland for thousands of people every year.

Our current properties include:

Tinkers Clough Wood

This delightful area of mixed woodland is in community hands through the efforts of BIT. A path was built through the Clough very many years ago but there was then little care and maintenance. BIT has restored the Clough, returned it to public use and maintains access.

£80,000 was raised to produce a management plan, fell some over mature trees, improve the drainage, create more light to the ground flora, reconstruct a footpath and bridge and erect a stone plinth mounted sign.

The Bollington Neighbourhood Plan has produced a map of local wildlife sites and maps of habitat distinctiveness. Five areas were identified as local wildlife sites of high value. One of these five areas is Tinkers Clough.

In addition, community feedback gathered for the Neighbourhood Plan identified Tinkers Clough as the fourth most important specific open space in Bollington.

The Clough is leased and maintained by BIT and is an important natural habitat for people and particularly children to visit as well as providing a vital link between the Middlewood Way and the canal towpath.

In 2021-22, our focus has been on maintaining the watercourses, pathways and bridge through the Clough and ensuring the trees within it are properly cared for.

In September 2022, the Kerridge Ridge and lngersley Vale (KRIV) volunteers turned out in force to do maintenance work in the Clough. The team cleared all the path drains, mortared in all the loose

coping stones, cut back vegetation on the Clough Bank entrance and over the bridge. They also put back the log protecting the erosion of the bank just before the bridge.

Tinkers Clough remains an important natural asset for use by the local community, as previously indicated in the responses to the Neighbourhood Plan. It continues to be used by thousands of people each year including families, dog walkers, joggers and those just out for a stroll in the open air. It is also used by some groups on an organised basis and, this year, two groups have used it for open air meditation.

We regularly inspect the trees in the Clough and, looking forward, we expect we will have to do some work particularly on the Ash and Elm trees that are affected by disease. This will be necessary to keep the Clough open to the public. We will need to raise some additional funds to support this necessary work.

Turner's Lodge

The disused toilet block in Bollington stood empty and had been deteriorating for several years.

BIT identified its potential and value locally and secured an asset transfer. With partners, we raised over £75,000 to restore and convert the building to an energy efficient office. In doing so, the project was recognised by Historic England as an exemplar.

In 2021-22, our emphasis has been on ensuring the relationship with the existing tenant, Simplicity Granite, remains good and we continue to support a local business to remain in Bollington.

The Water Street Centre

Our largest property is the Water Street Centre. Following a community asset transfer from Cheshire East Council, BIT have successfully managed the Water Street Centre - a former secondary school in the centre of Bollington and in the conservation area. Had BIT not taken the property into community hands, it is most likely that the building would have been sold and turned into flats thus removing a vital space for community use.

The centre now hosts a thriving, charitable, pre-school on the ground floor and very successful troops of rainbows, brownies, girl guides and rangers on the first floor.

In 2021-2022, much of BIT's energies have again been focussed on the Water Street Centre and we are delighted to report that were able to make significant progress towards our overall vision.

Several public consultations over the past 5 years have highlighted the need for family-focussed activities and support for parents and carers in Bollington. This included a further public consultation in May 2021 which further validated this need.

To respond to this local demand, we are aiming to create an accessible and vibrant family hub in Bollington. The family hub will be created over two floors at the Water Street Centre. The building, however, required refurbishment and reconfiguration to create a quality, inclusive and fully accessible community facility.

To achieve this, significant funds have been raised to address many years of under-investment in the maintenance of the building by its former owners as well as developing the building for its future use. This involves:

installing new boilers and toilets on the first floor. This work was completed in May 2021 at a cost of around £70,000.

sympathetically replacing the Victorian roof using the existing roof tiles. This was a major exercise which was started in July 2022 and completed in December 2022 at a cost of around £170,000.

Replacing some first-floor internal ceilings, repainting first floor rooms and reflooring the first floor. This work is starting in financial year 2022-23 and will be completed as funding allows.

The ground floor will continue to provide space and services for families including childcare (preschool, creche including specialist sensory facilities}. The first floor will provide quality space to support children and their extended families with a focus on family activities to support child development and reduce isolation of parents and carers. This will include the continuing use by the rainbows, brownies, girl guides and rangers and the space will also be available to be used for training, community events and social activities with a focus on family activities to support child development and to develop local people's skills and confidence.

In due course, we would seek to move the existing first- floor kitchen to a more appropriate position and create a lift access to the first floor through the creation of a lift shaft. These works will need to be completed in various stages as funding permits.

In 2021-22, £65,000 was received from a major donor who wishes to remain anonymous. Along with monies we had previously held in reserves, this allowed us to commence the work to repair and replace the Victorian slate roof. This work is now complete and now makes the first floor watertight. Hopefully, the roof will last for at least another 100 years. We are incredibly grateful to this donor without who's support this stage of the project could not have been completed.

We are now focussed on ceiling repairs, repainting and reflooring of the first floor. Some grant successes have already been achieved to support this work and we will report on our progress more fully next year.

As Chair of the Board of Directors and Trustees, I would like to thank all those in the community who have supported BIT in many different ways. This is very much appreciated. I would also like to thank the trusts, foundations and individual donors who have seen the potential in the properties BIT is managing. Without their trust and confidence, we would not have the resources we need to make progress. Finally, I would like to thank my fellow Directors and members of the management committee, all of whom offer their time, energy and commitment on an entirely voluntary basis. Without them, we could not have come so far in acquiring, developing and maintaining the three properties for which the charity is responsible.

Will Spinks

Chair of the Board of Directors and Trustees