2020-12-31-accounts - Coldharbour Mill Trust Limited

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COLDHARBOUR MILL TRUST LIMITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

Contents		Page
Reference and administration details		1
Trustees' annual report		2-3
Statement of trustees' responsibilities		4
Independent examiner's report		5
Statement of financial activities		6
Balance sheet		7
Notes to the financial statements		8-16
	Charity number 1123386
	Company number 06389577

COLDHARBOUR MILL TRUST LIMITED TRUSTEES' ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATION	DETAILS
Charity name	Coldharbour Mill Trust Limited
Registered charity number	1123386
Registered company number	06389577
Principal address	Coldharbour Mill
	Uffculme
	Cullompton
	Devon EX15 3EE
Trustees	Mrs J Dawkins (Chair)
	Mr K Stower (Vice-Chair) - Resigned September 2020
	Ms J Collins
	Mr I Birt (Vice-Chair) - from September 2020 2020
	Mr D Holland - Resigned October 2020
	Mrs B Mason - Appointed May 2020 (Vice-Chair - September 2020)
	Mrs R Tyler - Appointed May 2020
	Ms E Crockett - Appointed January 2021
	Mr M Halse (Secretary)
Independent examiner	Mrs M Hutchings
	Aspen Waite South West
	Chartered Accountants
	21 Bampton Street
	Tiverton
	Devon
Bankers:	National Westminster Bank plc
	11 Fore Street
	Tiverton
	Devon
	CAF Bank Ltd
	25 Kings Hill Avenue
	Kings Hill
	West Malling
	Kent
	ME19 4JQ

COLDHARBOUR MILL TRUST LIMITED TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020 (CONTINUED)

The Trustees present their report and the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

OBJECTIVES AND ACTIVITIES

The objectives of the Trust as set out in the Trust Deed are as follows:

The objectives of the Trust are as set out in the Articles and Memorandum of Association:

To provide for the advancement of public education (in particular in the woollen industry) by the provision of a public working museum comprising such exhibits or items as may from time to time be comprised in the Trust Fund and to preserve the same as a Collection, and to preserve Coldharbour Mill at Uffculme in the County of Devon for the public benefit as a building of historic and architectural value.

The trustees have had regard to the Charity Commission guidance on public benefit and believe this is achieved via the charity's objectives and activities.

Summary of the main activities in relation to the above objectives:

The Working Wool Museum is open to the public on Monday to Friday April to October and all year round for rebooked schools and group bookings. Visitors can see demonstrations based on wool yarn and cloth production using historic flat belt driven machinery. These products are available for purchase in the museum shop. Whenever possible some original production machinery is powered by the water wheel, the largest in the south of England. School visits complementary to the curriculum are very popular and are staged with the help of local volunteers. These visits are based on the social history of mill workers, especially child labour, with the aid of drama sessions, and on production methods used in wool production.

A group of volunteers from as far as Taunton and Plymouth run the steam engines on regular steam days encouraging a lot of interest from the public.

ACHIEVEMENTS AND PERFORMANCE

From a financially challenging year in 2019, a global pandemic arrived on our shores in early 2020 effectively shutting the Museum for the rest of the year. They say always expect the unexpected but this was a big blow to our hopes for a Summer of increased visitors and group bookings, refreshed exhibits, exciting events and a growing volunteer team. However, Coldharbour Mill has always been resilient and after a sharp intake of breath, our CEO services provider MRH MS Ltd, Martin Halse and our amazing fundraising volunteer, Susan Wasfi accessed every pot of emergency funding available.

It is therefore, with huge thanks to the National Lottery Heritage Fund, National Lottery Community Fund, the Arts Council Cultural Recovery Funds, Mid Devon District Council and others that we have been able to use the down time in 2020 to invest in refreshing and repairing parts of the Mill and grounds that would normally be difficult to access. Our volunteers returned during the Summer of 2020 and without them we would not be looking forward with such optimism to 2021 and opening again to visitors with a revitalised Museum.

Before the pandemic arrived, we had taken the decision to appoint a full-time General Manager to take on day to day operational responsibility freeing our CEO to focus on future strategy and growth. We went ahead with that appointment and Peter Holdway-Bradley joined us in June 2020. He has embraced his role and the Museum and his enthusiastic contribution has been invaluable in preparing the Museum for re-opening in 2021.

COLDHARBOUR MILL TRUST LIMITED TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020

(CONTINUED)

Our Board of Trustees have risen to the challenge of online meetings and in fact we met weekly at the outset to stay on top of emerging guidelines and support our CEO with decisions about how we would respond to this. In addition, they have demonstrated great resilience and optimism about the future of Coldharbour and whilst much of their work sits in the background, we need to acknowledge and celebrate their contribution.

You will see from our accounts that we ended the year with net income (before depreciation) of £222,488 compared to £7539 the previous year despite not having been able to open to visitors. The Board will invest time to review our future strategy in 2021 to ensure greater financial resilience as we move forward from the effects of the pandemic.

FINANCIAL REVIEW

Policy on reserves:

The Trust's policy is to try and build up an unrestricted reserve in order to be able to meet any unanticipated repairs to the buildings or equipment and to help to even out unexpected fluctuations in the Trust's income.

Sources of funds:

The Trust income is derived from the general public from ticket sales to visitors, purchases in the Mill shop and donations. Rental income from office and workshop space continues to provide regular revenue at the Mill. The Trust has received generous support from the Friends of Coldharbour Mill, and from grant funders, including the Heritage Lottery fund, for special projects. The Museum is also supported by the time given by volunteers to ensure the smooth running of the Mill and its production of goods for sale in our shop.

Expenditure

All expenditure during the year has related to the running costs of the Mill, including maintenance of the fabric of the buildings, costs associated with the employment of the permanent staff and the administration of the Mill. The expenditure enables the Mill to continue to operate as a heritage centre and tourist attraction.

Conclusion

The process of rebuilding the finances of the Trust continues and is always at the forefront of the Trustees’ aim. The objective to improve the financial position is being developed and plans are being made to seek finances to assist and enhance the development of the museum and the site into a significant textile heritage centre of national importance.

STRUCTURE , GOVERNANCE AND MANAGEMENT

Governing document: Articles and Memorandum of Association dated 3 October 2007 Constitution: Charitable company Trustee selection methods: Election by existing trustees

Organisational structure: The day to day administration of the Trust is undertaken by the employees, assisted by volunteers as necessary. Overall supervision is carried out by the Board of Trustees.

Risk management: A comprehensive structured risk assessment of the Trust’s overall situation was approved at a meeting of the Trustees in 2004 and systems are in place to mitigate the identified risks as far as possible. Health and Safety related risk assessments are reviewed on a regular basis.

A comprehensive review and reassessment of the Charities risk has begun in 2020 in light of changing cirsumstances and the pandemic, the Trustees have sought guidance on this review and expected to conclude the reassessment by April 2021

Health and safety related risk assessments are reviewed on a regular basis, with a full policy review annually following an independent external audit.

COLDHARBOUR MILL TRUST LIMITED STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also directors of Coldharbour Mill Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2015 (FRS 102);
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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared taking advantage of the small companies exemption of Section 415A of the Companies Act 2006.

Approval

This report was approved by the Board on………………………. and signed on its behalf by:

Signature: …………………………………………..…

Mrs J Dawkins

Chair

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COLDHARBOUR MILL TRUST LIMITED

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2020 which are set out on pages 6 to 17.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the Institute of Chartered Accountants in England and Wales (ICAEW).

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Mrs M Hutchings Aspen Waite South West Chartered Accountants Tiverton Devon EX16 6AA

Date……………………..

COLDHARBOUR MILL TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 DECEMBER 2020

£ 332,287 - - Restricted funds	£ 23,466 3,211 58,070 Unrestricted funds	£ 355,753 3,211 58,070 2020 Total funds	2019 Total
			£ 112,867 53,252 50,344 funds
332,287	84,747	417,034	216,463
95,403	69,559 13,924	164,962 13,924	191,141 31,012
95,403	83,483	178,886	222,153
236,884 3,150	1,264 (3,150)	238,148 -	(5,690) -
240,034	(1,886) (801)	238,148 (801)	(5,690) 327
240,034 163,708	(2,687) 38,608	237,347 202,316	(5,363) 207,679
403,742	35,921	439,663	202,316

The notes on pages 8 to 17 form part of these financial statements.

COLDHARBOUR MILL TRUST LIMITED BALANCE SHEET

31 DECEMBER 2020

£ 11,317 270,585	£ 245,255 1,120 263,868 510,243 70,580 439,663 (9,079) 45,000 403,742 439,663 2020	£ £ 244,669 1,921 11,004 15,789 26,793 36,104 (9,311) 237,279 34,963 202,316 (6,392) 45,000 163,708 202,316 2019	£ £ 244,669 1,921 11,004 15,789 26,793 36,104 (9,311) 237,279 34,963 202,316 (6,392) 45,000 163,708 202,316 2019

281,902 18,034		26,793 36,104

	510,243 70,580		237,279 34,963
	439,663		202,316
	(9,079) 45,000 403,742		(6,392) 45,000 163,708
	439,663		202,316

For the year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

These financial statements have been prepared in accordance with the provision applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by trustees on ……………………

and signed on their behalf by:

........................................... Mrs J Dawkins - Vice-Chairman

........................................... Mr M Halse - Secretary

Company registration number 06389577

The notes on pages 8 to 17 form part of these financial statements.

COLDHARBOUR MILL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. Summary of significant accounting policies

(a) General information and basis of preparation

Coldharbour Mill Trust Limited is a private company limited by guarantee and does not have a share capital. The company is a registered charity in England within the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

COLDHARBOUR MILL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

(c) Income recognition (continued)

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.

Gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of raising funds; and
Expenditure on charitable activities

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(e) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property 2% straight line Equipment 15% straight line No depreciation has been provided on freehold land.

(f) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

COLDHARBOUR MILL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

(h) Cash

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

(i) Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

(j) Leases

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

(k) Employee benefits

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

(l) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(e) Going concern

Following the global impact of 'Covid-19', at the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

COLDHARBOUR MILL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

2. Donations and legacies

Grants Job retention scheme Local Authority Covid-19 grant Donations Gift Aid		£ 332,287 - Restricted	£ 1,600 3,976 10,000 7,890 - Unrestricted	£ 333,887 3,976 10,000 7,890 - 2020 Total		2019 Total
						£ 15,660 - - 95,390 1,817
		332,287	23,466	355,753		112,867

Income from charitable activities - Operation of Working Woollen Museum

£ - Restricted	£ 2,252 959 Unrestricted	£ 2,252 959 2020 Total	2019 Total
			£ 52,307 945
-	3,211	3,211	53,252
£ - - Restricted	£ 58,044 - 26 Unrestricted	£ 58,044 - 26 2020 Total	2019 Total
			£ 50,235 100 9
-	58,070	58,070	50,344

Investment income

5. Analysis of donations received

Donations and Grants include the following

Restricted - £5,000 - Association of Independent Museum ,£5,000 - Nivenah Trust, £207,152 - Arts Council Emergency Fund, £10,000 - Heritage Ability, £35,550 - NL Heritage Community Fund, £38,600 - NL Heritage Emergency Fund, £30,985 - Arts Council ACE

Unrestricted - £1,000 - Bristol Council, , £4,000 - Anonymous donor, £500 - Groundworks UK, £100 - Co-op

COLDHARBOUR MILL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

6. Expenditure on

Expenditure on
Wages Business rates Water charges Light, heat and power Insurance Repairs and renewals Depreciation Telephone Advertising and leaflets Fundraising expenditure Printing, postage and stationery Travelling and Training Trustees expenses Miscellaneous Bookkeeping Accountancy Independent examiners fee Legal and professional fees Bank charges Hire purchase fees Overdraft interest Loan interest Education and drama Subscriptions Bad debt Hydro Project Splash Project Aim Project Total 2020 Total 2019	Restricted £ 20,385 2,176 2,774 3,826 3,534 655 951 5,801 3,163 1,936 2,706 1,160 37,381 237 3,297 5,421 Charitable activities	£ £ 3,449 4,913 - 104 845 282 109 1,026 5,529 18,107 12,126 874 1,093 4,685 - 425 - 793 616 374 3,033 621 1,912 2,892 1,155 639 274 14,292 711 - 796 805 170 833 - - 13,924 69,559 31,012 176,149 Unrestricted Raising funds Charitable activities			£ 28,747 - 949 2,567 9,329 21,933 15,660 2,622 5,636 425 7,210 3,407 621 7,967 3,091 3,345 1,434 51,673 948 - 796 805 170 833 - - 3,297 5,421 2020 Total funds		2019 Total

								£ 70,901 141 1,739 4,660 7,780 16,847 13,229 3,424 14,449 3,335 3,547 5,904 240 4,095 3,348 2,362 1,013 36,804 1,549 75 548 1,850 2,069 1,951 5,324 12,240 - 2,729 funds
	95,403		13,924	69,559		178,886		222,153
	14,992		31,012	176,149		222,153

COLDHARBOUR MILL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

Trustees remuneration and reimbursed expenses

7. Trustees remuneration and reimbursed expenses
Trustees remuneration Trustees expenses 8. Wages and salaries Wages and salaries Social security costs Pension costs Average number of employees Analysed by activity Management and administration Museum staff	2020 £ Nil	2019 £ Nil
	Nil	Nil
	2020 £ 28,133 - 614	2019 £ 69,407 - 1,494
	28,747	70,901
	9	9
	1 1	7 1
	2	8

There are no employees with emoluments above £60,000.

The trust operates a defined contribution scheme for two of its employees. The cost for the year was £614 (2019 £1,494).

Operating lease commitments As at 31 December 2020 the trust had annual commitments under non-cancellable operating leases as follows: Other operating leases Expiry date - within one year		2020 £ 967		2019 £ 967

Operating lease commitments
Fixed assets - assets used by the charity

£ 248,712 Freehold property	£ 43,341 4,709 General equipment	£ 4,396 5,773 Departmental equipment	£ 9,832 5,764 Office Equipment	2020 Total

				£ 306,281 16,246
248,712	48,050	10,169	15,596	322,527
43,586 4,839	12,082 7,167	2,291 1,407	3,653 2,247	61,612 15,660
48,425	19,249	3,698	5,900	77,272
200,287	28,801	6,471	9,696	245,255
205,126	31,259	2,105	6,179	244,669

The title to the freehold property is vested with the Charity Commissioners. Included within freehold property is the cost of non-depreciable land of £54942.

COLDHARBOUR MILL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

11. Investments - Listed Market value as at 1 January 2020 Unrealised gain (loss) Market value as at 31 December 2020 Historical cost as at 31 December 2020 12. Debtors Trade debtors Amounts due from subsidiary undertakings Prepayments Other debtors 13. Creditors : Amounts falling due within one year Bank loans and overdrafts Unsecured private loans Hire purchase Trade creditors Taxation and social security Other creditors Accruals and deferred income 14. Creditors: Amounts falling due after one year Bank loans - Long term loan Hire purchase 15. Analysis of debt		2020 £ 1,921 (801)		2019 £ 1,594 327
		1,120		1,921
		15,600		15,600
		2020 £ 3,435 7,288 594 -		2019 £ 3,916 5,507 937 644
		11,317		11,004
		2020 £ 8,587 300 1,638 2,482 62 322 4,643		2019 £ 23,084 300 2,790 6,681 - 249 3,000
		18,034		36,104
		2020 £ 70,580 -		2019 £ 33,325 1,638
		70,580		34,963

Bank loans and overdrafts

National Westminster Bank plc In 1 year or less Between 1 and 2 years Between 2 and 5 years In 5 years or more		Overdraft £ -		Hire Purchase £ 1,638 -		Long term loan £ 8,587 8,587 39,745 22,248		£ 10,225 8,587 39,745 22,248 2020 Total		£ 25,874 3,835 6,591 24,537 2019 Total
		-		1,638		79,167		80,805		60,837

COLDHARBOUR MILL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

16. Secured liabilities

The bank loans and overdraft totalling £34,167 (2019 £50,535) are secured on freehold premises.

17. Analysis of net assets between funds

Ali f b fd
nayss o net assets etween uns Fixed assets Current assets Liabilities	£ 58,594 345,148 Restricted funds		£ 187,781 (63,246) (88,614) Un- restricted funds	Total £ 246,375 281,902 (88,614)

		403,742	35,921	439,663

18. Related party transactions

At 31 December 2020 Coldharbour Mill Limited owed the Trust £7,288 (2019 £5,507). The company made a profit before donations to the Trust for the year of £Nil (2019 £Nil).

During the year Coldharbour Mill Trust Limited paid £43,357 (2019: £38,962) to MRH MS Ltd for management and other consultancy services. Secretary Mr M R Halse is also a director of MRH MS Ltd.

19. Designated funds

Included within unrestricted funds are the following designated funds which have been earmarked by the trustees for specific purposes:

Maintenance fund		Balance 31.12.19 £ 45,000		Designated £ -		Utilised/ released £ -		Balance 31.12.20 £ 45,000
		45,000		-		-		45,000

Maintenance fund set up following an anonymous donation of £45,000 towards cost of maintaining the buildings in absence of any other funding.

COLDHARBOUR MILL TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

20. Restricted funds

Restricted funds
Water wheel HLF -Fit for the Future (fixed asset) Fire Escape Intergenerational Program A.I.M Conservation A.I.M Collection Care Grant Access Reach Brockmerits Volunteer Uniforms Website Splash Project CRF 1 - Arts Council Emergency Fund Heritage Ability Grant NL Heritage Community Fund NL Heritage Emergency Arts Council ACE Land East and West of Coldharbour Mill (fixed asset)		£ 1,256 40,254 42,423 72,883 456 (229) - 2,165 2,000 2,500 Balance 31.12.19		Incoming £ 2,500 2,500 5,000 207,152 10,000 35,550 38,600 30,985	Outgoing £ 942 64 97 5,421 3,297 19,783 1,820 5,141 35,283 23,555	Transfers £ 3,150		£ 1,256 40,254 41,481 72,819 359 - 2,500 - 2,165 2,000 2,500 1,703 187,369 8,180 30,409 3,317 7,430 Balance 31.12.20
		163,708		332,287	95,403	3,150		403,742

The water wheel project fund was set up with donations to restore the water wheel.

Land East and West of Coldharbour Mill was purchased on 27 February 1996.

HLF - Fit for the future grant was received for major renovations and refurbishments to improve visitors access to the site and facilities, including the renovation of 19th century workshop as a new visitor reception and shop and refurbishment of the Combing Shed as a new exhibition area.

Fire escape is funding to replace condemned fire escape.

Intergenerational program funded by the peoples postcode lottery to run a project to combat loneliness and isolation in people over 55 by bringing them together with 3 - 8 years olds to do crafts on a weekly basis for 30 weeks (ongoing).

AIM Conservation - project to conserve the textile archive of the mill, with new archive store and conservation of textiles in the collection.

Access Reach - study of feasibility and installation of hydro power at the mill.

Brockmerits (Brochures) Anonymous donation for the production of new marketing brochures

Volunteer Uniforms - grant from Devon County Council Locality Budget for the purchase of new volunteer uniforms

Website - anonymous donation for works to improve the website income generation.

Splash Project is a project to restore the mill pond, sluices and leat races into a community biodiversity and wildlife area.

Heritage Ability - purchase of Tramper all terrain disabled vehicle, improved access for visual and physically impaired people both physical and interpretation.

COLDHARBOUR MILL TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

20. Restricted funds (continued)

ACE Emergency Fund - to be listed as Cultural Recovery Fund round 1 - covers core costs, staff and consultants costs, Health & Safety, audit and accountancy, digital ticketing systems, marketing and associated costs, strategic business planning, multi media guides, digitising systems, Maintenance, increasing unrestricted reserves, general day to day expenditure for 6 months (3 months in 2020)

NL Heritage Community Fund - Emergency Covid response grant - Modifications to be covid compliant, arrival areas, remote working, additional cleaning, visitor route maps, one way systems implementation

NL Heritage Emergency Fund - Covid response emergency Grant - 4 months of core staff costs, consultancy & other costs, IT systems, PPE and digital volunteers systems

Arts Council ACE - Covid emergency cy response grant - staff costs, website and IT, operational deficit, contractor costs.