Registered number: 03784507 Charity number.. 1111029 Combe Mill Society UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Prepared By: Andrew A Adams and Co Ltd Chartered Certified Accountants Cherry House Pond Hill Stonesfield, Witney Oxfordshire OX29 8PZ AD61thJoc 2610612024 COMPANIES HOUSE A05
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Combe Mill Society FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES P Hawtin A Simmons P Trowles D Goddard - resigned 1 January 2024 M Gruber W Foster S Foster- resigned 21 June 2023 N Evans - appointed 22 June 2023 REGISTERED OFFICE Blenheim Palace Sawmills Long Hanborough Oxfordshire OX29 8ET COMPANY NUMBER 03784507 CHARITY NUMBER 1111029 ACCOUNTANTS Andrew A Adams and Co Ltd Chartered Certified Accountants Chery House Pond Hill Stonesfield, Witney Oxfordshire OX29 8PZ page 1
Combe Mill Society ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Report of the Trustees Independent Examinerfs Statement Statement of Financial Activities 10 Balance Sheet Notes to the Accounts 12to 15 Detailed Statement of Financial Activities page 2
Combe Mill Society Report of the Directors for the year ended 31st March 2024 4 Combe Mill From: l April 2023 to: 31 March 2024 Charity name: Combe Mill Society Charity registration number: 1111029 Company number: 03784507 l. Objectlves and activlties Purpose The charitrfs objects {'Objects'l are specif ically restricted to the following l. to advance the education of the public by the operation of Combe Mill at Blenheim Palace Sawmill, Combe, Witney, OX29 8ET, demonstrating, recording preserving, practising and disseminating the whole range of skills in the construction, maintenance, operation and associated activities of water and steam-powered mills, along with items directly associated with Combe Mill, the Blenheim Estate and Oxfordshire. 2. to research, establish, restore, maintain and equip Combe Mill to demonstrate, improve and teach the design, construction, operation and use of water- and steam-powered mills for the purpose of the education of the public, together with the dissemination of the results of any research conducted and to carry out works for the improvement, development and promotion of Combe Mill. Maln actlvltles The SocietWs main activities are those included in the Society's Objects quoted verbatim above. Directors. confirmation with respect to public benefit The directors confirm that to the best of their belief and knowled8e that the decisions that they have taken are in accordance with the Commission's guidance on public benefit. The chairman of any meeting of the directors is responsible for advising the meeting, as and when necessary, as to the need to conform to the Commission's guidance, Additional informatlon Combe Mill Society (The Society) does not make grants or social investments as part of its charitable objectives. The Society has a total membership of approximately 100- of which half are active and, in a normal year, contribute to the maintenance and operation of Combe Mill and demonstrate the working machinery and the supporting craft skills to the visiting public, In addition. whenever practicable, visitors are encouraged to try their hands at the various skills. For example: l) On Steaming Sundays, working in the forge under one to one supervision with an experienced blacksmith, they can make a poker. Page 3
Combe Mill Society Report of the Directors for the year ended 31st March 2024 4 Combe Mill 2) For a more in depth experience a half days blacksm5thing experience is available: again working with an experienced blacksmith. 3} Alternatively, visitors can try their hand at woodturning whenever there is a competent wood turner present. 41 The Societvs has small mechanical workshop. This allows visitors to see how Victorian workshops operated. Prior to undertaking any of these activities, visitors are given a safety brief ing that includes the special risks associated with working with heritage machinery and tools. The above activities require visitors to come to the Mill. Some Members take the Mill to potential visitors by giving talks on the history of the Mill to other community groups. Similar talks are given at the Mill when visitors are present. 2. Achievements and performance We had seven vi51ts from local schools and several evening cub and scout visits. We also welcomed nine community group visits. A number of talks were given to local clubs and donations received in return. Our major activity has been in the field of STEM la nationwide initiative to awaken interest in Science, Technology, Engineering and Mathematics). The Society's aim is to open the minds of the young and their parents and guardians. The Mill continues to develop as a recognised leisure destination for the local population which helps the Trustees to deliver the Society's charitable objectives and at the same time provides revenue to sustain our activities. Addltlonal Informatlon The Society planned and delivered eight steaming events during which all machinery was in operation. These events attracted 1577 paying visitors. It opened for viewing on Wednesdays between April and October when another 732 visitors could see volunteers at work and talk to them about their activities. 3. Financial review General Over the year ending March 3151 2024 the Society had an excess of receipts over expenditure of £7,015 compared with an exce55 of £7,330 in 2023. The Society generates income from the sale of admission tickets, refreshment5, activity experiences, retail and the hire of the riverside tea room. The balance in the Charity's bank current account at 315l March 2024 was £29,056. The reserves policy of the Trustees is to aim at a situation where the Society has reserves that will allow it to meet its core costs for one year. Page 4
Combe Mill Society Report of the Directors for the year ended 31st March 2024 4 Combe Mill The society's reserve fund will be required for future major machinery and building maintenance or replacement costs, It stood at £15,000.00 at the end of the year. It is the Trustees policy that on-going maintenance is met from current income. Expenditure 2023124 2022123 Governance- Upkeep £9,655.05 £8,170.51 Charitable Activities £9,215.57 £8,342.19 Source of funds: The costs of operating the Mill as an industrial museum in accordance with the Society's Article of Association is funded through admission charges and the sale of souvenirs and refreshments, together with the hire of the tea room for meetings and events. This season our income from charitable and fundraising activities was £40,052. We received no grants during this financial year. Generous donations from anonymous donors, Members and Friends of Combe Mill Society, amounting to £835 have been another source of funding, Glft Aid was recoverable on the majority of the funds received by donations. Investment Poll¢y: The Society's only investments consist of bank deposits and no special social, environmental or ethical consideration arise. Additional Information: Prlnclpal risks faclng the charlty: The Society's basic business model remains critically dependant on an adequate supply of suitably qualified volunteers. Hlstorically this need has been mainly supplied by retired persons who have had the necessary technical training during their employment. The directors are aware that this is a diminishing resource due to the changing structure of industry. The Society now seeks volunteers with appropriate basic skills and encourages them to become members. The Society provides them with the relevant specialised training. The directors are mindful of the need to ensure financial probity. The Societ$ Articles require that directors must prepare accounts for each financial year as required by the Companies Acts. The Directors keep accounting records a5 required by the relevant Companies Act and believe that the accounts: Show a true and fair view. Follow accounting standards issued or adopted by the Accounting Standards Board or its successors and Page 5
Combe Mill Society Report of the Directors for the year ended 31st March 2024 4 Combe Mill Adhere to the recommendations of applicable Statements of Recommended Practice In order to meet these requirement5, the directors prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources of the company for that period. The directors are responsible for maintaining satisfactory systems of internal control and 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 appropriate Companies Act and guidance issued by Companies House, The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. SO far as the directors are aware, there is no relevant information of whlch the accountants, who act as Independent Examiners, are unaware. The directors have taken all the steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the accountants are aware of that information. 4. Structure, governance and management Company status,. The Soclety is a charitable company Ilmited by guarantee and its governlng document takes the form of Articles of Association. Appointment of directors: The Articles of Associated data 30 July 2021 govern the appointment of directors. No director is permitted to appoint an alternate director or anyone to act on his or her behalf at meetings of the directors, Co-operatlon wlth other charities.. A number of charities operate on land that is adjacent to the Society's boundaries. It is the policy of the directors to co-operate with these charities insofar as the Society's Objects permit. 5. Reference and administrative detai15 Charity name Other name the charity uses Registered charity number Charity's principal address Combe Mill Society none 1111029 Combe Mill, Blenheim Palace Sawmill, Combe, Oxfordshire, OX29 8ET Page 6
Combe Mill Society Report of the Dirertors for the year ended 31st March 2024 4 Combe Mill Dirertors during period l April 2023 and 31 March 2024 DirectOT name Office lif any Director Director Director Director & H&S Director & Treasurer Director & Chair Director & Charity Secretary Director & Chairman O•te5 elected if not tor whole year Seconded from 22 June 2023 Resigned l January 2024 N R Evans D R Goddard M Gruber P Hawtin A G Simmons W E Foster P J Trowles Appointed chair 12 January 2024 S N Foster Resigned 21 June 2023 Name of dlrectors holdin8 title to property belonging to the charlty None 6. Funds held as custodlan dlrectors on behalf of others None Exemptions from disclosure None 7. Declarations The company has taken advantage of the small companies, exemption in preparing the report above. The directors declare that they have approved the Directors, Report above and have authorlsed the chairman to sign it. Slgned on behalf of the SocietVs Dlrectors ndy Foster Chairman Dated ,16fzf Page 7
Combe Mill Soclety INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COMBE MILL SOCIETY I report on the accounts of the company for the year ended 31 March 2024 . RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 {the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is nol subject to an audit under company law and is eligible for independent examination, it is my responsibility to.. - examine the accounts under section 145 of the 2011 Act., follow the procedures laid down in the general Direclions given by the Charity Commission under section 145(5)(b) of the 2011 Act.. and stale whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINERS 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 consid8ralion of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees conceming any such rnatters. 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 EXAMINERS 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 386 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply wilh the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Charities have not been met: or (2) to which, in my opinion. attention should be drawn in order to enable a proper understsnding of the accounts to be reached Date: .. Andrew A Adams and Co Ltd Chartered Certified Accountants page 8
Combe Mill Society INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Cherry House Pond Hill Stonesfield, Witney Oxfordshire OX29 8PZ page 9
Combe Mlll Society Statement of Financial Activities for the year ended 31 March 2024 2024 2023 Unrestricted Restrlcted funds funds Total Total In¢ome Income from gener8ted funds Donations and legacies Income from Investments Income from charitable activities Total Income and endowments Expense8 Costs of generating funds Expenditure on Raised funds Expenditure on Charitable activities Total Expenses Net gains on inv08tment8 Net Income 834 366 41,966 43,166 834 870 366 246 41,966 37,515 43,166 38,631 10,849 28,205 39,054 10.849 8,116 28.205 25.282 39,054 33,398 4,112 4,112 5,233 Gainsl{losses) on revalualion'of flxed assests Net movement in funds: Net income for the year Total funds brought forward Net funds carried forward 4,112 50,653 54,765 4,112 5,233 50,653 45,420 54,765 50,653 This statement of financial activities includes all gains and losses recognised in the year. All income and expendilure derive from continuing activities page 10
Combe Mlll Society BALANCE SHEET AT 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets CURRENT ASSETS Stock Cash at bank and in hand 8,990 9, 920 2.000 44.920 46,920 1,145 3,229 38, 605 41,834 1,100 CREDITORS.. Amounts falling due with5n one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 45,775 54.765 40. 734 50,654 CAPITAL AND RESERVES Unrestricted funds General fund 54.765 54.765 50, 654 50, 654 For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 lating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Approved by the board of trustees on .......... .... and si ned on their behalf by 13 OL P Trowles Trustee page11
Combe Mill Society NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES la. Basis Of Accounting The accounts have been prepared under the historical cost convention. The accounts have been prepared in accordance with FRS102 - The Financial Reporting Siandard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. 1b. Incoming Resources All incoming resources are included on the Statement of Financial Activities when th8 charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. 1c. Resources Expended 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 reSoUrs. 1d. Allocatlon And Apportionment Of Costs All costs relate to the single activity of the charitable company and are recognised accordingly. le. 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. Designated funds are funds set aside by the trustees out of unrestricied general funds for the specific future purposes or projects. 1f. Depreciatio Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. Plant and Machinery reducing balance 200/0 page 12
Combe Mill Society lg. Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs. are based on the method most appropriate to the type of inventory class. but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the eslimated selling price less any estimated completion or selling costs. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognis8d. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a redudion in the amount of stocks recognised as an expense in the period in which the reversal occurs. 2. EMPLOYEES 2024 No. 2023 No. Average number of employees 3. TANGIBLE FIXED ASSETS Plant and Machlnery Total Cost At 1 April 2023 Additions At 31 March 2024 Depreclatlon At 1 April 2023 For the year At 31 March 2024 Net Book Amounts At 31 March 2024 Al 31 March 2023 34,861 1,320 36.181 34,861 1,320 36,181 24.941 2.250 27.191 24,941 2,250 27,191 8.990 9,920 8,990 9,920 4. STOCK 2024 2023 Stock comprises.. Stock 2,000 2,000 3,229 3,229 page13
Combe Mlll Society 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 1,145 1,145 1. 100 1, 100 6. LIMITED BY GUARANTEE The company is limiled by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceedlng £, to the company should It be wound up. At 31 March 2024 there were members, 7. UNRESTRICTED FUNDS Brought Incomlng Outgolng Transfers Carrled forward resources resources forward General fund 50,653 50,653 43,166. 43,166 39,054 39.054 54.765 54,765 page 14
Combe Mill Society Expenses for the year ended 31 March 2024 2024 2023 Expenses Costs of generating funds Costs Of Generatlng Voluntary Income Purchases Shop supplies 3,655 7,194 10,849 1,528 6, 588 8,116 10,849 8,116 Charitable Activitles Insurance Forge Heat, light and telephone Boiler running costs Maintenance Accounlancy fees Administration Subscriptions Bank charges Sundry expenses Depreciation 2,151 1,603 6,638 1,918 5,432 1.158 6,022 439 2,517 964 5,658 2,233 5,053 1,113 4,775 486 590 2.250 28.205 2,478 25,282 39,054 33,398