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2023-10-31-accounts

Registration number : 04572319 Registered Charity number : 1110683

Bollington Initiative Trust Company limited by guarantee

Annual Report and unaudited financial statements

For the year ended 31 October 2023

Bollington Initiative Trust Company limited by guarantee

Company information

Directors & Trustees : S W Spinks D S Haddleton (Resigned 02/07/2023) G C Barrow L G Humphreys M P Wilkins K M Gooding P S Hunter J Flynn J Snowball (Appointed 01/02/2023, Resigned 12/07/2023)

Secretary : D S Haddleton

Company number : 04572319 (England and Wales )

Charity number : 1110683

Registered office & Operational Water Street Centre

Address : Water Street Bollington Cheshire SK10 5PB

Independent Examiner : A Lea 14 Tytherington Park Road Macclesfield Cheshire SK10 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
Balance sheet 5
Notes forming part of the financial statements 6 - 8
The following pages do not form part of the statutory accounts
Statement of Financial Activity - annual comparison 9
Fund balances 10
Directors' Report for the year 11 - 13

Bollington Initiative Trust

Company limited by guarantee

Directors' report For the year ended 31 October 2023

The directors / trustees present their report and the financial statements for the year ended 31 October 2023. 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 :

S W Spinks P S Hunter D S Haddleton (resigned 02/07/2023) J Flynn G C Barrow J Snowball (appointed 01/02/2023, resigned 12/07/2023) L G Humphreys M P Wilkins K M 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 Ilmited by guarnnt•é For the year ended 31 Octobtt 2023 st¥tem•nt of Tntytew. ReSpon￿bIlItIe The t￿SteeS are tsijstees for the purpjse of charity law arKI dlrtOW5 for the pur￿￿ of compawty law. The ttwstees are responslble lor preparlng th8 Annual Report and the flnandal statemtnts IA attordaE)cè wlth appll¢able law and Unlted Klngth)m Genernlly A￿￿e0 Ac(ouThting Prnctict. Company law requi￿ the tnjstees to prepare fina￿al ststements for each hnanaal year. Under that law. they have elected to prepare the finanoal statements in accordarKe with UK Accountywj Standards and appllcable law (UK Generally Accepted Accounting Practkel. The flnanclal statements art reouirtd by lew to glve a true and f)Ir tlew olthe stats of the aff)Irs of the company In preparfng these Nnantlal statements, the tnjstees are requlred to .' select sultable aCC￿￿tI￿j p)Ikbes and then appty them conslstenVyJ m•k¢ Judgnents and esiimates th)t are wis(Thble and pnjdent.. te whetlr applk•ble LIK AccwntiThJ 5taTrdards have been followèj, Subject to any motertal departures dlsdowj and explalThed In the nnandal statements,. and prepare the financb)l ststements on the golng concern basls, unless 6t Is Inapproprlate to prÈsume that the company wlll contlnue In buslnes5. The trustee5 are rn5Donslbl for kplng proper xcountlng records whlth dlsc105e with reasonabl• a¢curaLy at any tlrne the financial positlon ol the company and to enab￿ them to ersure that the finoncial stoternents eomply wlth the Companles Art 2006. They are al￿ ￿SponsIble for safeguardlng the assets of the cOrn￿ny and hence for taklng réasonable steps for the prevenuon of fraud and detectlon of tra￿1 and other Irrtguladues. The Olrectors confinn thot there were no reportab or serlous i￿￿￿ents (£￿rKed during the lart firtaThcial year. Xn¢l¢wnd•nt Ex•mln•r A. Lea was previously appointed as the charltable COM￿nY,5 IrJer*Thknt examlner. and has exwtssed hi5 wlllingness to tonbnue in thts capadty- Thls report ha5 been prepartd In acc<¥rdar￿e wlth the Statement of RecOmrnend￿I Practlc¢ .' AttounvAg and Reportln9 by Charltle5 {Isswd In Marth 20051 and in accordartt with speoal provisions relotlng to companles subJeLt to the small comp8nles wlme wlthln Part IS of the CompaTr￿ Act 2006. Thls report was approveil by Ihe PA)ard on and sfjgned on Its tehalf by 8.L)• S W Splnks Dlrector & Chalr

Bolllngton Inltlatlve Trust Company Ilmltd by gu4r4ntee IDdepeTrd¢nt ex•mlner'• r•port t• the m•mbern of Oolllngton InlU•tlv• Tru•t R••pertlve r¢•pon•lbl1ltl￿ ol dIrector¥ltn￿ •nd ￿￿In•r The charlty's trvst¢¢s are responsltsle ftr the prepJrotk>n of the occounts. The charltys twslrts ton51der th•t an iudlt Is [￿E requlred for thls year under Se¢tlM 144 Oe the chodt￿5 Act 2011 Ithe ChDdtles Attl and thèt On knjepthjent ex•mknatn ￿ needed. It 15 my respmslbllty to: examlne Kctyjrts under Srfii(1 14S ol the Charltbes Ac¢ io l¢•)w the w0ce￿reS W+J do¥•n In the oenenl Dtrectlons g￿en h Ihe Ch¥lty to st•te htthtr partlcvJ•r mbtters h•ve lo my artenllon. 8•￿0 of lY¥Oep•nd•nt •xarnln•r'J •tstement My examlnDl￿Tr wos urrted out ITh occordènce with gerrnl ThftCtIo￿ Ilven Chailty ComrnLulrffi, An exornlnatlon Indydes a review of Ihe 1£¢¢￿ntIng records kept by th¢ ch•dty •nd a t￿part$￿ d the •ccounts esented with tlw words. It •lso Includes c¢)fiSldernthJD ol any LTrnusuol Ittyms or dL8¢lo5UfeS In the Dttounts, and seeklno explanitlon5 from the trustoes concernlno Jny sKh mbtters. The pr¢xettures undertaken not prwlle jll Ihe evKlefice th•1 would be requlred In an 4ud, Jnd cwsequefiily ￿ oFénhyrt Is glven 15 to whethef the •ccounts yeseni a Yrue and tliew and tht TepNI 15 Ilmlted lo those m•tters set 0111 In iht statement bekn¥. Indp•nd•nt ¢x•mln¢• •t•l•rnDt In ￿ne¢ll¢n with my examln•iioni no m•tter hai como to rny •ll¢rtlon l tAch gl¥es me rebw￿ble to belve th•t In •ny wleflal respe(L the ￿Quirements. to keep ac¢ountlw rttord5 In accordance wbth Seitbw 130 the Chorlles Art. or•1 to prepare account5 whlth atcoré wlth the accwntlng fecor(Is wsth the occouniing tecords. and comply wlth te accountbng requlrements 0¢ the Chjrives 2 to whlth. In my opknlm, attentbon shwld be ordw to ¢n•ble * woper underst•ndlng 01 the •cu>un¢$ 19 be reKheO. For Jnd on beh•lf of A Lea •nd Xndop¢ndent exJmlner Dtyted . 14 Tytherlngton P4rk Road M)cdesfield, Cheshlre SKIO 2EL 16 loltr

Bollington Initiative Trust

Company limited by guarantee

Statement of Financial Activity For the year ended 31 October 2023

Incoming resources
Grants
Rental Income
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 increase in funds		 £
£
-
19,072
0
18
1,183
20,272
-
-
-
-
-
-
20,272
427
3,151
(15)
1,636
(5,199)
15,073
2023
Unrestricted		 £
£
16,500
-
3,284
-
-
19,784
84,450
6,454
6,077
3,990
-
(100,971)
(81,187)
-
-
-
-
-
(81,187)
2023
Restricted		 £
£
16,500
19,072
3,284
18
1,183
40,056
84,450
6,454
6,077
3,990
-
(100,971)
(60,915)
427
3,151
(15)
1,636
(5,199)
(66,114)
2023
Combined		 £
£
16,500
19,072
3,284
18
1,183
40,056
84,450
6,454
6,077
3,990
-
(100,971)
(60,915)
427
3,151
(15)
1,636
(5,199)
(66,114)
2023
Combined
(60,915)
(5,199)
(66,114)

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 2023

Notes
Fixed assets
Tangible assets
2
Current Assets
Debtors
3
Cash at Bank and in hand
4
Total assets less current liabilities
Net assets
Reserves
Accumulated funds
5
Members' funds
Creditors : amounts falling due
within one year		 £
£
1
3,620
30,721
34,341
-
34,341
34,342
34,342
34,342
34,342
2023		 £
£
1
2,382
100,506
102,888
2,432
100,455
100,456
100,456
100,456
100,456
2022		 £
£
1
2,382
100,506
102,888
2,432
100,455
100,456
100,456
100,456
100,456
2022
100,455
100,456
100,456
100,456
100,456

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.

Page 5

Bolllngton Inltiatlve Trust Company Ilmlted by guarantee B•l•nce Sh••t (eontlnued) Dlr•ctors' statements required by Sertlon$ 475(2) and (3) for the year ended 31 0¢to￿r 2023 The ￿￿torS u)n%l¢Jer thrt the tompony ts entbtled to the exemptknn from the ryjuirernent to hove an autht under the provlslons of seal￿ 47711) of the Crynponie5 kt 2006. Mernbers have not requlred the ccfflparry undersectkn 476(2) of ts GynponbBs •£t 2006 to obtaln an audlt for the vear ended 31 Oclther 2023. The dlrvrtors aCkn￿ledge thelr respx&blllty for: lal that Iv the yeèr stated aljove the compwy w05 erthed io the exempiim ¢ahfrrwJ by 5ecUon 477 of the Companles Act 21)06.. Ibl that we a(kI￿¥1edge my re$F￿blI￿les tr. 111 enwrlng Ih4t the rKcwntyng recrts whkh compty wlth Serfjon 386 Jjnd 387 of the Compankn Act; •nd 121 prepanng financlal stotemwts whlch 9lve a true and falr vlew of the state of Jffalrs of the company 99 at the end of the flNJn¢tsl year and of profft ¢x loss for the year ihen ended In acttrdonce wlth the reoulrements ol Se£tlon 396 •nd whkh othern15e cornply %¥5th the provww of fv Companle5 Act 2006 re￿ting to nnancial siatements. sts far 05 opplkab* to the company. These acC￿Jnts have been prepared in accordants with thé provisions JpplIcab￿ to companles subject to the Small companle5' re9lme, and In xCOrdan￿ wlth the ￿Trandal Reportlng siandard for Smaller Entitles leffecuve 20151. The flnandal statements were apwo¥ed by the and slqned ¢>n Ifs beham by S W Splfftk# Dlrector & Ch•lr R•gl•tr•tlon numb•r 04572319

Bollington Initiative Trust

Company limited by guarantee

Notes to the financial statements For the year ended 31 October 2023

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

Tangible Assets
Cost or Valuation
As at 1 November 2022
Additions
As at 31 October 2023		 Property
£
1
-
1		 Total
£
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 2023

………. Continued
3
Debtors
4
Creditors : amounts falling due within one year
5
Reserves (Accumulated funds)
Suplus carried forward 31 October 2023
Suplus brought forward 1 November 2022
Rounding
Surplus for the year
Trade debtors
Prepayments and accrued income
Other debtors
Trade Creditors
Accruals and deferred income		 2023
£
532
3,030
59
3,620
2023
£
-
-
-
2023
£
(66,114)
100,456
-
34,342		 2022
£
-
2,382
-
2,382
2022
£
2,283
150
2,432
2022
£
(33,687)
134,143
-
100,456

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 2023

Incoming resources
Grants
Rental Income
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 increase in funds		 £
£
16,500
19,072
3,284
18
1,183
40,056
84,450
6,454
6,077
3,990
-
(100,971)
-152%
(60,915)
427
3,151
(15)
1,636
(5,199)
-165%
(66,114)
Combined
2023		 £
£
8,250
19,393
67,060
312
503
95,517
110,619
7,165
129
3,847
1,120
(122,881)
-29%
(27,364)
300
3,511
15
2,497
(6,323)
-35%
(33,687)
Combined
2022		 £
£
8,250
19,393
67,060
312
503
95,517
110,619
7,165
129
3,847
1,120
(122,881)
-29%
(27,364)
300
3,511
15
2,497
(6,323)
-35%
(33,687)
Combined
2022
(27,364)
(6,323)
(33,687)

Page 9

Bollington Initiative Trust

Company limited by guarantee

Ring-fenced fund balances as at 31 October 2023

Fund Analysis
Tinkers Clough (Designated)
1
Net Current Assets
Debtors - Note 3
Creditors - Note 4
Water Street - First Floor Refurbishment (Restricted)
General Pool (Unrestricted)
Water Street School (Designated)
Tinkers Clough (Restricted)
Turners Lodge (Designated)		 2023
£
11,592
9,352
573
-
9,204
0
30,721
3,620
-
34,341		 2022
£
14,481
77,559
509
267
1,699
5,991
100,506
2,382
(2,432)
100,455

Page 10

Bollington Initiative Trust (BIT)

Directors’ Report of the highlights for the year ended 31 October 2023.

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 2022-23, our focus has been on maintaining the watercourses, pathways and the bridge through the Clough and ensuring the trees within it are properly cared for.

We regularly inspect the trees in the Clough and, as expected, we had to do some work particularly on the Ash and Elm trees some of which were affected by disease. This was necessary to keep the

Page 11

Clough open to the public. The work was done in May and June 2023. We needed to raise some additional funds to support this necessary work. We are incredibly grateful, therefore, to the Adelphi Group, Bollington Town Council, Cutler Cleaning Supplies Ltd and R A Smart for their very generous contributions.

In September 2023, the Kerridge Ridge and Ingersley Vale (KRIV) volunteers turned out in force to do maintenance work in the Clough. They cleared paths and drains, felled some small, dead, elm trees, cleared the stream, cleared litter and generally tidied up. The team were joined by a number of employee volunteers from the Adelphi Group who work in the nearby Adelphi Mill.

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, some groups have used it for open air meditation and it was part of the route for the annual Bollington Three Peaks Fell Race organised by Bollington Harriers.

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 2022-23, 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 highly successful troops of rainbows, brownies, girl guides and rangers on the first floor.

Our aim is to create an accessible and vibrant family hub in Bollington over two floors at the Water Street Centre. The building required refurbishment and reconfiguration in order to achieve this.

In previous years we have:

In 2022-2023, much of BIT’s energies have again been focussed on the Water Street Centre and we are delighted to report that we were able to make significant further progress towards our overall vision by:

Page 12

Replati￿ some Intemal celllngs. repalntfing rooms and irstslling newfliK)r coverings on the first floor. This work was done in February and Marth 2023. We were also able to rnise the fundingto and reconfigure the kltthen area and this work was coM￿eted in April 2023. We needed to ralse funds to support this work and we are Incredlbly grateful. therefore. io the generous support of BollinBton Town Council, the Garfield Weston Foundation, Cheshire Community Foundation. Arcadis. two trusts wtho wish to remain anonymoLLS and the members of the Bollin8ton comrnunity who have contri1￿ted pel5onal￿. WitFKMrt iheirsupwrt the work could not have been completed. In july we held a very well attended and Open Oay at Water Street. We werelolneij by guldes and brownies. Bollington residents who attended the school in their Yo￿h. a Baby Ballet 8roup who performed. local councillors arKI the Maw)r, Qwncillor Helen El￿OOd. It was a real community celebrationl The first floor is now open for additional community groups to use and we have already had our first booking5. Lookin8 forward, we need to grow usagè of the first floor and, in duè ¢ourse. crèate bètter acces5 through the installati(N) of a lift. CreatinB this a￿sS will be expensive and can only take plate as fundlng perM￿s. As Chalr of the Board of Directors and Tru51ees, I would Ilke to thonk all those in the comrnunlty who have supported BIT in rn￿Y diffe￿nt ways. This is Very much appreciated. I would also Ilke to thank the companies, trusts. foundations and individual donors who have seen the potential in the propertles BIT Is managlng. WSthout their trust and confldence, we would not have had the resources we need to make pro8res5. Final￿. I would like to thank my fellow Directors, mèmbers of the management committee and a host of individuals who have volunteered equipment and thelr personal lime and effort. All of you offer your time, energy and commitment on an entirelv voluntary ba$15 for the benefrt of the local community. Without you. we (C￿ld not have ccthe so far in acquirin8, d￿lOPIng ar￿ malntalnln8 the three propertles fLY whlch the charlty Is responslble. Wlll Splnks Chalr of thè Board of Directors and Trustees Pa8e 13