Charity reglslratlon number 1158434 HAY MILLS FOUNDATION TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
HAY MILLS FOUNDATION TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr R H Coldwell-Horsfall MrD8rny MrAJ Robertson Mr D A Coldwell-Horsfall MrJ P Robinson Mr Z Iqbal Reverend A French (ex offiGlo) Charity nUMr 1158434 Pylnclpal address The F(Ydrough Hay Mllls Blnningham 825 80W Accountants Jerrcrtns Luman8ri House Btylhe Gale Blythe Vall6y Park Solihull West Midlands 8AH
HAY MILLS FOUNDATION TRUST CONTENTS Page Trustees r8POrt Statement of trustees re$ponsibilit18S Accounlanls. report Statement of finan(aal acllvitle8 Balance sh881 Notes lo the financial slal8menls 7-11
HAY MILLS FOUNDATION TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Iruslees present Ihelr report and accounts for the year ended 31 March 2024. Thls is Ihe tenth Annual Report coverin9 the perSod 1st Aprll 2023 - 31st March 2024. The accounts have been prepared In accordance with the accounling policies sel oul in nola 1 to the accounls and comply with the Trust's governlng document, the Charities Act 2011 and the Slalement of Recommendèd PfactS¢e, 'A¢countlng and Reportlng by Charllies. issued in Qclob&r 2019. The Trust Is manaoed by a board ol Trustees consisling of Ihe Chalman, Secr8lary. and four elected members and ona 8x officlo. The Trust is asslsled by a further fcwr volunle8rs. Obléetlves and aetlvltles The Objectives of Ihe Trust were amended durlng the year lo allow the Trusl to expand ils actlvllles In communSty support and promote a wider view of the heritage and history of Hay Mills and the adjolnlng communllles. Thls has led Io 8 process of reorganlzallon of Ihe manag&ment slruclure and planning which Is ongolng, Publlc benelit Elements of the Herit8ge Arts Trall along the valley of the River Cole at Hay Mllls were completed durfng the year 88 part of the Europaan Reglonal Development Fund prolect lo restore the valley and improve publlc 8ccessibilily. 11 features ariworks by members of th8 local communlly and sch(M)I children illustrating lh8 Industrial hlslory of Hay Mills. During th8 year a project lo restore a unlque and significant artÈfacl In possession of the Trust was made po8Blble wSth fvndlng support from Na1181 Lottery Hwitage Fund 8nd the Frlends of Blrmlngham Archives and H8rltag8. The documenl records the voyage of Ihe Great Eastern across the AU8nlic laying tho firsl successful Iran8 ocean lelegraph cable in 1866. An achlevemenl that would nol have been possible wthoul thè 6nglneering and lechnlcal skills of Birmlngham based manufacturing comp8ni8s of the Ilme. Celebrallons to mark the 1501h year of (he consecratton of Sl Cyprlan's Church al Hay Mllls look place In the year and Ihase wer8 SilPPOrted by the Trust There has been Ilmlled Income durlng the year and Ihere has been no ftjndralslng acllvlty. The Trust Is fortunate In havlng Sls work suppotled by Webster & Horsfall Llmlled and Ihls Is very much apprec181ed. Achlavéments and performance Slgnific8nl 8Ctivilles and achievemenls 8galnst obi&ctiV6S ,Significanl factors Volunteers continue to meet on a regular basis and work on various projects whlth help to promote publlc awareness and provide Inlormalion on the signlficancÈ of the Hay Mills site lo world hislory and d8velopmenl. The Trust partlcipated in BrS1Ssh Heritage Open Days and Blm)Ingham Herilage Week opening ils museum rooms lo th6 general public and dSsplaylng documents and artefacls related lo ils hlslory. Volunteers were also present to answer queries from th8 public and to provlde further access lo Ihe documents and r8<x)rds held by the Trust. The museum rooms continue to aitracl vlsllors and the history of Hay Mllls has become moro relevant to present developments In the area. The Trust was also Involv8d in communlly open days and events durlng the year and engaged with IDGal schools supportlng Ihelr work in education on local history and other curriculum related aclivilies, Talks and presentations wore made lo local groups and Ihe Trust continued to respond to enquiries made by members of the general publlG.
HAY MILLS FOUNDATION TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal review Res8Nes policy It is the pollcy of the Trust thal unr8Stricied funds whlch have rK)I been deslgnaled for a specific use should be mainl8ined at a level equivalent lo between three and six month's exp6ndilure. The Iruslees consider that reserves al Ihls level will ensure that. in the evanl of a significant drop in funding, they will be able lo contlnue the Trust's current activities whlle conslderatlon Is given lo ways in which 8ddilional funds may be raised. Thlg I&v81 of reserves has been malnlalned Ihroughoul the year. The Tru8lees have 6xamined the charlty s requirements for reserves in the light of the maln risks to the organlsalion and Ils operalional needs. Actual financial activity remains low and it is not proposed to enter Into any further financial contractual obligallons al the presenl lime. Trustees have. Iherefore, agreed to fix the reserv& al £500, This pollcy wlll be reviewed annually. hA4Jor rlsks The Iruslees have 8SSeSS8d the malor SkS to whlch the Twsi Is exposed, and are satlsf16d that systems are In place lo miligal8 exposure to Ihe major risks. Stru¢ture, governancg and management The Trusl Is managed by a board of TnJslee$ consisllng of the Chalrman, Secr81ary, and four elected members and on8 exofficio. The Trust Is assisted by a further four volunteers. The Iru$t8e8 who 88Ned during the y6ar and up to th8 date of signature of the financlal statements were.. Mr R H Coldwell-Horsfall Mr D Bray Mr A J Robartson Mr D A Coldwell-Horsfall Mr J P Roblnson Mr Z Iqbal Reverend A French (ex officio) Recruilm8nl and appointment Orinle&S New Iruslees are proposed for election by exisling truslees with regards lo guidglines Issued by the Charllies Commlsslon, and are consldered on the basis of their knowledge and expertise and Iheir capacily to seNe lh8 Trust. Those appolnted are experts Sn their field and have good laadership and governance skllls to ensu Ihe future relevance and suslainabillly of the Trust, Th8 truslegs are responslble lor Ihe strategic dlrectlon, pollcy Énd financlal management of the Charitabl8 Trust. Org8nlsaIn8l slruclure The charlty 18 unincorporated 8ssociatlon. govemed by a board of Iruslees. The trustees make pollcy and operation81 declsions by malorily vot8. The Iruslees report was approved by tho Board of Twslees. Mr R H Coldwell-Horsfall Date:
HAY MILLS FOUNDATION TRUST STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for preparing the Truslees Report and the financ181 slalemenls In accordanee with applicablo law and United Kingdom Accounting Standards (Unlted Kingdom Generally Accepted Accounting Pfaclicel. The law applicable to charities In England and Wales r6quires the trustees to prepare finanaL statements for each fln8n¢Sal ye8r which give a true and fair vlew of the stale of affalrs of the Trust and of the incomlng resources and application of resources of the Trust for Ihat year. In prep8ring these financial slalemenls, tha trustees are required io- select suitabl8 accounting pollcles and then apply them consislentty,. obs8Ne the methods and principles In Charltles SORP- make ludgemonls and eslimales that are rea8onab18 and prudent. slate whether appllcabl8 accounting standards have been foll¢)wed, subject to any material departures dlsclosed and explalned In the financlal sial8m8nts; and prepare tho financS8l slalem8nls on the golng concem basls unless il is Inappropriate lo presume that Ihe charlty wlll contlnue In operallon. The trustees are respon$lbl8 for keeplng sufficient accounting records that dlsclose with reasonable accuracy al any 1Sme the flnancial posllion of the Trusl and 8nable Ih6m to ensur8 that the financial statements comply with the Ch8rllles Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provlslons of the Itusl deed. They are also responslble for safeguarding the assets of the Tnjst and hence for laklng reasonsble steps for the pr8venlion and delecllon of fraud and olher Irregularilles.
HAY MILLS FOUNDATION TRUST CHARTERED CERTIFIED ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HAY MILLS FOUNDATION TRUST FOR THE YEAR ENDED 31 MARCH 2024 In order lo asslst you lo fu5fil your dulles under the Charities Act 2011, we have prepared for your approval the financial slalements of Hay Mills Foundation Trust for the year ended 31 March 2024. whlch comprise the statement of financial 2clivilies and the related notes from the charity's accounting retrdS and from Informallon and explanaUons you have given us. As a praclising member flrm of the AssoGlalion of Chartered C8riifted Accountanls. we ara subjocl to Ils ethical and other professional requirements whlGh are detailed al https..I1•.aCe8g]obal.C0mlgbIenImeMberIsIandardsI1uIes- and-standardslrulebook.hlml. Thls repori Is made lo the charitls Iruslees, as a body. In accordan vAth the lemis of our engagement leller d81ed 5 March 2021. Our woik has been undertaken solely lo prepare for your approval the flnancial slal8menls of Hay Mlll¥ Foundation Trust and state Ihose matters that we have agreed to $18le to the charilrfs Irvsleey, as a body,In Ihls report in accordance wllh Ihe requirements of the Assoclalion of Chartered Certified ACUntan1s as delall8d al hllps'.Ilwww.aGGaglobal.comlconlenlldamlACCA_GlobaiifechnicallfacUlechnical-faclsheet-163.pdf, To the fu15e81 8xlenl permllled by law, we do not accept or assume responsibillty lo anyone olher Ihan Hay Mills Foundallon Trust and the charity'8 trustees as a body. for our work or for this report. 1118 your duty to ensur8 th8t Hay Mills Foundallon Trust has kept adequate accounting records and lo prepare slalulory financlal slalements that give a true and fair view of tha ass&l$, li8bililies. financlal position 8nd surplus of Hay Mills Foundallon Trust. You consider that Hay Mills Foundalion Trust is exempl from the Statutory audit requlramenl for the year, and Is nol required lo oblaln an indep6ndenl examSneVs report. We have not been Instructed lo carry out an audit or a review of Ihe financial slal8menls of Hay Mills Foundallon Trust, For Ihis r88son, we have not vedfled the accuracy or complelen8ss of the accounllng records or Informallon and explan81Sons you have given to us and we do not, therefore, express any opinion on th8 slalulory flnanclal slal8ments. Jerroms Chartered Certlfled AGcountants Lumanerl House Blythe Gate Blythe Valley Park Solihull Wesl Midlands B90 8AH
HAY MILLS FOUNDATION TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 Unr8strlct8d funds 2023 Notes Income from., Donallon5 and18gacles 10.840 6,036 Total Incom8 10,840 6,036 Expèndlture on.. CharllBble aclivitl85 10.826 6,042 Total expenditure 10,826 6,042 Nat incomal{èxpendltur61 and movement In funds 14 (6) Reconciliation of fund8: Fund balances al 1 April 2023 46,275 46,281 Fund balance8 at 31 March 2024 46,289 46,275 The Slatemenl of financlal aclivluas includes all galns and1058eg recognised in the year. All Income and expendllure derive Irom continulng acllvllles.
HAY MILLS FOUNDATION TRUST BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Nolos Flxed assets Tanglble assets Herliage assets 95 44,300 127 44,300 44.395 44,427 Current asset8 Cash at bank and In hand 1.894 1.848 Net currant assels 1,894 1.848 Tolal assets less current Ilabllltles 46.289 46,275 Net assets excludlng penslon Ilablllty 46.289 46,275 Tha funds of thè Trust Unrestricted funds 46,289 46,275 46,289 46,275 The financlal statements were approved by the truslees on ... Mr R H Coldw811-Horsfall
HAY MILLS FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles Charlty Informatlon Hay Mllls Foundation Twst IS 8Stablished by a charita8 trust deed on 11 March 2014 Irevls8d 20 August 2014). 1.1 Accountlng conventlon The flnanclal statements have been prepared In accordance with the Trust's deed the Charilies Act 2011 and 'Accountlng and Reportlng by Charities.. Slalement of Recommended Practice applicable lo charltlos pr8padng their accounls In accordance with the Financial Reporting Standard applicablo in th8 UK 2nd Republlc of Ireland IFRS 102) (effeclive l Oclober 2019). The Trust Is a Public Benefit Enllly as defined by FRS 102. The frust has taken advantage of the provislons In the SORP fw chariti8s applying FRS 102 Updale Bullelln 1 not lo prepare a Stalemonl of Gash Flows. The financSal slalemenls have departed from the Charilies (Accounls 8nd Reports) Regulatlons 2008 only to the exlenl requlred to provide a true and fair vlew. Thls departure has involved following the Slalemenl of Recommended PraGllce for charllies applying FRS 102 rather Ihan the verslon of the Slalem8nl of Recommanded Practice which Is referred lo in the Regulations but which has since been wilhdrawn. The financl81 slalemenls are prepared In stetling, whlch 1$ the fundional eurr8n¢y of the TnJ$t. Monetary amounts In these flnanclal slat8m8nls are rounded lo the nearest £. The financlal statements have b88n prepared under the hlslorlcal c091 convention, [mod5fied lo include the revaluallon of freehold propertles and lo include Investment propertles and certaln finanGSal Instruments al falr value]. The princlpal accA)unting policies adopied are sel out below. 1.2 Golng concern 1.3 Charltable funds Unreslricled funds are avallable for use al the dlscrelion of the InJst88s in furtherance of th8lr charllable oblecllves. Reslrlcled funds ar8 Subject lo specific condStlons by donors or grantors as lo how they may be usad. The purposes and uses of the reslrScted funds are set out in the nolas lo the finan¢iaS slalamenls. Endowment funds are subj8cI to speciflc conditions by donors that the capital must be malnlained by the Trust. 1.4 Income Income is r8cognls8d when the Trust is legally enlilled lo It aftar any performance conditions have baen met, Iho amounts cAn be measured reliably, and it is probable Ih81 income will be recelved. Cash donations are recognlsed on receipl. Other donations are recognised onca the Trusl has bgen nollfled of the donation, unless performance conditlons require deferral of the amount. Income lax recoverable in relation to donations received under Gill Aid or deeds of covenanl is recognised at the tlme of the donation. The Trust retains the lease of James Horsfall's School Room. This building, located on the Hay Mills site, has been renovaled and equipped by Webster & Horsfall (Holdings) Limited for use by Ihe Trust Iree of ienlal and maintenance fees. The donated facilities and services provides economic resource for use by the trust lo further ils aims and objectives. The trust has recognlsed income at fair value for facilitates and seNices donaled to il.
HAY MILLS FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {Conllnued) Legacles ar8 recognised on recelpl or olheNtS8 if ihe Trusl has been notified of an impending distrSbutlon, the amount Is known, and recelpt is expected. If the amounl is not known, the legacy Is traated as a conllngent asset. Tha Trust r&lains the lease of Jameg Horsfall's School Room. This building. located on the Hay Mills slle, has begn renovated and equipped by Websler & Horsfall {Holdlngs) Limlted for use by the Trust free of rental and malnlenance fees. The donated facllllles and seNices provides economlc resource for use by the trust lo further 118 alms and objeGllvos. The trust has recoonised Income al falr value for facllllales and seNlcas donated to it. 1.5 Expendituré All expenditure is accounted for on an accruals basls and has been classified under headings Ihal aggregate all cosls related to the category. Expenditure is recognised whare there Is a legal or conslwctive obllgalion to make p8ymenls lo thltd parties. il Is probable that the seltlemenl wlll be required and the amount of the oblig81ion can be measured reliably. 1.6 Tanglble flxed ossets Tanqlble fixed 8ssels are inilially measured at CO81 and subsequenuy mea8ured al cost or valuallon, net of depreciallon and any Impaimienl10&88S. Depreclation18 recognlsed so as lo wrfte off the cost or valuation of assets less Iheir residual values over Ihelr useful live8 on the following bases.. Flxlures, fltlings & equipment 25% Reducing balance The oaln or loss arislng on th6 disposal of an asset is detennlned as the diff8r8nce bee&n Ihe sale proceeds and th8 carying value of the asset, and is recognised In nel IrKomel(axpenditure) for the year. 1.7 Herltag8 895ets Herilage assets are recognlsed on the balance sheet and Inlllally measured al cost when purchased or If donated, Ihelr valuation. Assets are subsequenlty slated al cost or valuation less acoumulated depreclalion and accumulated impairment losses. Fair values for donated assets are estimat8d by reference lo markot prSces, Where Information on the cost or valualion of h8ri1age assels Is nol avallable or the cost of provldlng such Inform8tlon significantly oUe1ghs any benefit lo the us8rs of the accounts then heritage assets ara not recognlsed on Ihe balanc8 sheet. Acquisillons only arlse when donated lo the charity or if il is belleved Ihal Ihey wlll ftjrther the charity's objecllves, Once acquired they w411 be preserved by the charity In order to k88P their hislorlcal, artlstlc, scienllfic, 18chnological, geophysical or environmental qualities lo suth a high level as lo contribute lo knowledge and culture. A reglster of 811 assels held by Ihe charity is avallable and the assets themselves ara accesslble to the public with prior agreement. Heritage assets are lo be held for the foreseeabl8 future 1.8 Impalrment of flxed assets Al each reporting end dale, the Trust reviews the carrylng amounts of Its langlble assets to determine whether there is any indication that those assets have suffered an impainnent loss. If any such indicatlon exlsls, the recoverable amounl of the asset is eslimaled in order to delermlne the extenl of the impairment loss Ilf any). 1.9 Cash and cash equivalents Cash and cash equivalents Include cash in hand, deposits held at call with banks, other short-lèrm liquid inveslmenls with orlginal malurilies of Ihree months or18ss, and bank overdrafts. Bank overdrafts are shown w¥lhin borrowings in Gurrenl liabililies.
HAY MILLS FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles (Continued) Basic flnancial a556ts Basic financSal assets, whlch Include debtors and cash and bank balances, are Inltlally measured al transaction price Including Iransactlon costs and are subsequently carried at arnortised cost using the effective interest method unless the arrangem8nl conslilules a finanGing transaction, where th8 transaction Ss measured al Ihe present value of the futu receipts discounted at 8 rna81 ralè of Int8r8st. Financial assets classified 8s receivable wllhin year are nol 8mortised. Baslc flnanclal Ilabllltles Basic finan¢lal liabilitle8. Including Gredilors and bank108ns are inltlally recognlsed al transaction prlce unloss the arrangement conslllules a financing Iransacllon, where the debt instrument is measured al the present value of Ihe future payments d18counted al a market rale of interest. Financlal liabilitles classlfied as payable wlthln one year ar8 not amort188d, Debt Instruments ar6 subs8quenlly carried al amortised cost, using Iha effective Inl6resl rale method. Trade credllors ar8 obllgallons to pay for goods or sèrvices that have been acquired In th8 ordinary course of OP8rallons from suppliers. Amounts payable are dassified as curr8nt Ilabililies if payment is due wlthln one year or less. If not, they are presented as non-curr8nl liabllilies. Trade credllors are recognlsed initially al transaction prlca and Subsequently measured at amortlsed cosl uslng the effectiv6 Inlere81 method. Derecognltlon of flnanclal Ilabilitles Flnanclal liabilltles are derecognised when the Trust's contractual obllgalions explre or are dlscharg8d or Gancelled. 1.10 Employee beneflts The cost of any unused hollday enllllemenl Is recLvJnlsed In the perlod ID whlch Ihe employee's servlces are re¢elved. Terminallon benefits ar8 r8cognlsed Immedlalely a8 an expense when the Tnjsl 1$ demonstrably commltled lo lerminale the employm8nl ol an employee or lo provide 16rmin8llon benefits. Income from donatlons and legacles Unrestrlcted Unrestrlcted funds funds 2024 2023 Donatlons and glfts 10.840 6,036
HAY MILLS FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on charltable activltles Charitablo Charitable expenditure expendlture 2024 2023 Dlr8Ct costs Sharg of support and governance costs18o¢ note 41 Support 10,826 6,042 Analyslg by fund Unreslrlciod funds 10,826 6,042 Support costs allo¢at•d to actlvltlgs 2024 2023 Depreclallon Rent Rep8irs and malntain8n¢e 32 6,000 4,794 42 6,000 10.826 6,042 Analysèd batween: Charllable exp&ndllure 10,826 6,042 Trustees Non8 of the Irust88s (or any persons nnected wilh Ihem) r8eeiV6d any remunerallon duTing thè year. Employees There were no employees durlng Ihe year. 2024 Number 2023 Number Tolal Thare were no employees whose annual remuneratlon w83 more Ihan £60.000. Remuneratlon of key management personnel The r&muneralion of key management personnel is as follows. Taxatlon The Gharity is exempt from taxation on115 activities because all its income is applied for charllable purposes. 10-
HAY MILLS FOUNDATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Tanglble fixed assets Flxt4tres. fittlngy & equlpmont Cost Al 1 Apdl 2023 1,188 At 31 March 2024 1,188 Doproclatlon and Impalrment Al 1 AprS12023 Oepreclallon charged In Iha year 1,061 32 At 31 March 2024 1.093 Carrylng amount Al 31 March 2024 At 31 M8rch 2023 127 Herltago asséts At l Aprll 2023 and at 31 March 2024 44,300 10 Uhrestrlcted funds The unrestrlcled funds of the charity comprlse the unexpended balances of don81ions and grants which are nol svblecl to SP8cific conditions by donors and granlors as lo how they may be used. These include deslgnated funds which have been sel askje out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incoming resourcos Resources At 31 Mar¢h expended 2024 General funds 46,275 10,840 (10,8261 46,289 Prevlous year: At 1 Aprll 2022 Incoming rasources Resources At 31 March expèndèd 2023 General funds 46,281 6.036 {6,042) 46,275 11 Reloled party Iransactlons There were no disclosable relat8d party transaclions during the year (2023 - none). 11