REGISTERED COMPANY NUMBER: 08878132 (En8land and Wales) REGISTERED CHARITY NUMBER., 1161410 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENOEO 29 FEBRUARY 2024 FOR SUDBURY GASWORKS RESTORATION TRUST LTD Brookes Stephens New Medi3 House Davidson Road Lichfield Staffordshire WS14 9DZ SUDBURY GASWORKS RESTORATION TRUST LTD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Page Reference and Adminlstrati¥e Details Report of the Trustees 2 to 10 Independent Examiner's Report li Statement of Flnanclal Activilies 12 Balance Sheet 13 to 14 Cash Flow Statement 15 Notes to the Cash Flow Statement 16 Notes to the Flnancial Statements 17 to 25 Detailed Statement of Financlal Activities 26 to 27 SUDBURY GASWORKS RESTORATION TRUST LTD REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 29 FEBRUARY 2024 TRUSTEES Mr B 802ier Ms A M ma￿eY Fryer MsGAPrew Mr T Webber Mrs J White Mr l Bozier Miss L A Ba88Ott Iresi8ned 5.3.20231 Mr L Bartle Ire5igned 26.6.20231 Mr5 K Retd (resigned 2 1.7.20231 Mrs K M Kirby Iresi8ned 4.9.20231 Mr N P Fowler Mr A Wilcox-jones Trustee13ppointed 4.9.20231 (resigned 10.6.20241 REGISTERED OFFICE The G35works School Lane sudbury Ashbourne Derbyshire DE6 SHZ REGISTERED COMPANY NUMBER 08878132 (England and Wales) REGISTERED CHARITY NUMBER 1161410 INDEPENDENT EXAMINER Brookes Stephen5 New Media House Davidson Road Lichfield Staffordshire WS14 9DZ BANKER5 Uoyds Bank PIC 25 Gresham Street London EC2V 7HN SUDBURY GASWORKS RESTORATlOt4 TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FE8RUARY 2024 The trustees who are also directors of Ihe charity lor the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 29 February 2024. The trustees have adopted the provisions of Accountin8 and Reporting by Charities- Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland l FRS 1021 (effective l January 20191. SUDBURY GASWORKS RESTORATION TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 OBJECTIVES AND ACTIVITIES Objectives and aims The Trust's charitable objertives were: l. To preserve Sudbury Gasworks lor the benefit of the people of Sudbury Parish, Derbyshire and of the Nation, PreservinE the historical, architectural and con%triJctional heritage of the gasworks and its environmeiit. To promote the historical, architectural 3nd constructional herita8e of the 8asworks for the benefit of the people of Sudbury Parish, Derbyshire and the Nation. To raise awareness and inform the public of the significance of the gasworks within the Parish of Sudbury. 2, To benefit the residents ol Sudbury Parish and the wider community with an inclusive common effort to advance education and to provide social and recreational facilities with the objective of improving wellbeing. The Trust'5 aims were to: Complete the restoration of the historic gasworks buildin8s, preseNing the architectural and constructional fabric and heritage in such a way as to ensure that maintainin8 the building becomes sustainable. Research and document the history of the Gasworks and its environment. Utilise a hèll on the historic footprint of the gasholder to enable the whole buildin8 to be used so as to generate sufficient income to maintain it for the term of the 99 ye3r lease. Develop the Business Plan, written 2018, so that income may be generated in order to maintain the building as soon as it opens and to promote the heritage of the Gasworks throu8h activities included in the plan. To market the Gasworks as a heritage venue, raising awareness of its significance. The aim is to market both locally, within the Parish and more widely, reachin8 a greater public. These aims link specifically to the chèritable objectives. Working towards these aims will ensure that the Trust's effort and funds are targeted specifically at the charitable objectives. Achteving these aim5 will further the Objectives. Strategies for achieving these aims and objèrtives have been: Employing staff to promote the heritage of the Gasworks, raise awareness of its significance through the delivery of the Activity Plan Iwritten 20181 and to recruit volunteers to help therewith. Employing Staff to develop and implement the Business Plan in or(Jer to develop and maintain a sustainable income Stream. Complete the implementation of the Heritage Fund's Delivery Phase capital project. Ensure that the construction contractor sati" well a5 new-build capital project. .factorily completes the heritage, conservation and restoration works as Carrying Out community engagement both as a fundraising tool and to promote the heritage and +mportance of the historic Gasworks. The Trust aimed to implement all these strategiè£ within the 13St year in the pursuit of its aims and objectives. The Trust aimed to have completed the construction phase of the Delivery project this year and to open the Building, allowing its heritage and si8nificance to be promoted through access to the building. SUDBURY GASWORKS RESTORATION TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 OBJECTIVES AND ACTIVITIE5 Significant actlvlties Having been awarded a Heritage Fund delivery grant, SGRT have drawn on this grant to deliver the restoration and development of the Gasworks, as well as to further the heritage and community engagement project. This has included several landmarks for the Trust. The above 5trategie5 were implemented. The buildin8 and restoration contractor has been held to their snagging and warranties. The heritage and community engagement aims of the Trust were furthered by implementing the Activity plan, supported by Trustees, volunteers, and employees to deliver a programme of events aimed at fulfilling the objectives. The Business Development and Operations and Gasworks Mana8er implemented the business and activity plans. Public benefit The Trustees have had re8ard to the Charity Commission's guidance on public benefit. SoiFal investrnent5 To date, the Trust has not developed Social Investment policies. To date. the Trust ha5 not developed a programme of mixed motive investments. Grantmaking To date, the Trust has had no intention of making grants. Volunteers Volunteers have been integral to: Community-based fundraisin8. The implementation of the Local Histories and Heritage research and documentation aspects of the Activity Plan. Carrying out work required to achieve those Aims and charitable Objertives which are not specifically supported by restrirted funds donation5. The day-to day runnin8 of and long-term planning of and implementation of the Trust's statutory, regulatory and clerical business. SUDBURY GASWORKS RESTORATION TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities Holdin8 the lead construction contf8ctor to their obligatinns within our contract. Employing a Business development and Gaswork5 mana8er to implement the business and activity development of our charitable project. Maintaining relations with key stakeholders and funders. Retaining the structural design team who have supported the technical and tendering process In order to oversee the delivery of their plans. Maintaining a good workin8 relattonship with H A Briddon Ltd a5 lead contractor for the restoration and redevelopment work. Mana8in8 the use of the contingenry fLtnd to ensure a high standard of finished construction. Maintaining a pro8ram of social, heritage and community en838ement events whi15t fundrai5in8 to support our obligations. Fundraising activities Community Fund Raising.. Our Fund-Raising Committee have been very active in the teeth ol a cost-of-living hike which has required hard work and a lot of volunteer time. Fundraising from third parties: Pledge5 from Lon8cliffe Aggregates and the Vernon Charitable Trust have been honoured. a loan from the Co-op bank has aided our cèsh-flow whilst The Heritage Furid grant uplift allowed us to successfully complete the delivery phase. This year, Fundraising from Third party charitable donors has been successfully implemented by the Gasworks Manager. Expenditure has been kept within the totality of our Herita8e Fund grant. Training and management systems have been designed to mar)age risks identified. Health and Safety related risk assessments are reviewed on a regular basis and at least prior to every public event. The Trust is fortunate to have trustees who are trained in event planning and risk management through their work outside the Trust. An overview of the Company'5 exposure to risk was last carried out in 2022 and was planned in the first quarter of the next tradirlg year. Internal and external factor5 Significant/ adverse events this year have been significant damp ingress to the building, requiring remedial works and further research into prevention of 3 repeat and storm damage to trees on the site, requiring not only expensive removal of the damaged trees but also necessitating the closure of the site for three weeks. FINANCIAL REVIEW Financial position Income.. Over financial year to February 2024 was.. £606,338 Expenditure was.. £153,879 Reserves.. Calculated at.. £1,401,004. SUD8URY GASWORKS RESTORATION TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 FINANCIAL REVIEW Principal funding sources The Delivery Phbse of the project was costed precisely before implementAtion and the aims this year were to complete this phase within budget and to raise those funds recorded within the project budget as 'match funding" These aim5 have largely been achieved. Match funding of £50,000 remains unsecured. Sources of f unds.. The Heritage Fund, formerly the 'Heritage Lottery Fund" have been the largest donors and supporters of the Charity and, specifically have 5ponsorp.d the Delivery project. Thcir Funds are tied to the implemenration of the Delivery Project, Othei significant donors. making up the 'Match Funds" and also tied to the implementation of the Delivery Project were.. the Architectural Heritage Fund, Derbyshire Dales District Council, Longcliffe Aggregates. Donors whose support was not tied to il Specific piojeci. rather the support of the Trust's Charitable Objectives in genÈral, were.. the Vernon Heritage Charitable Trust, the Sudbury Estate, Sudbury Parish Council. Mcmber5 of the local ai)d wider communiiy have supported the Trust throu8h attendin8 our fund-raising events. Investment policy and objectives No material financial investments were made. SUDBURY GASWORKS RESTORATION TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 FINANCIAL REVIEW Reserves policv During this financial year, the majority of the charity'5 income wa5 tied to specific expenditur9 or outcomes. It was neither pos51ble nor appropriate to set these aside as reserves. A policy on reseThes was developed this financial year lo take account of the future needs and risks of the charity. to be implemented when income can be generated from unrestricted income. The Trust aims to implement the Busine%.5 Plan 50 as to achieve a trading surplus in most years, developing a reserve fund sufficient to sustain the maintenance of this complex herita8e buildin8 and to protect itself against financial fluctuations in the business cycle as well as its liabilities as an employer. Our policy 15 to build reserves through the careful management of commercial activitie5 defined in our business plan together with community fundraising. Policy Sudbury Gasworks Restoration Trust ISGRTI recosni5es ih6t financlal reserves are necessary for 5 different reasons.. A. Contingency B. Cash-flow C. Commitmcnt D, Conservation E. Closure SGRT intends to hold reserves based on identified risks within each of these categories. This Policy describes the dentified risks for each of these Tea50ns Bnd defines the amounts that will be kept. A. Contlngency This 15 unexpected expenditure in the event of an emer8ency. SGRT has a detailed Risk Re8lSter which is re8ularly reviewed and details a variety of risk5 tO8ether with mitl8ètin8 action taken to reduce the likelihood and impact of the occurrence. The most Costly uninsured risks identified surround breakage5 or damage to buildings, grounds or equipment. Reserve amount £1,500 B. Ca5h-flow Income and expenditure does not always occur regularly, or at times which synchronise receipts with payments. So there can be times when there is insufficient money to pay the bills on time even though the necessary funds are due to the charity and will be received eventually. SGRT has a rigorous budget monitoring process including monthly cash-flow projections. There are arrangements in place w¢th our bank to cover short-term cash-flow issues, but we may need time to arrange an interim loan. Reserve amount £5,000 C. Commitment A commitment as an occasional Significant expenditure agreed by the Trustees which cannot be covered by the annual income. SGRT has developed a strong business plan which identilies a range of expenditure to support our charitable activities. There are no current large scale commitments. Reserve amount.. £0 D. Conservation SUDBURY GASWORKS RESTOKATION TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 FINANCIAL REVIEW For a variety of reasons charities can find ihemselve5 holdin8 large surplu5 cash funds which the trustee5 cannot spend immediately without compromising their legal responsibilities to ensufe that their charity's resources are used necessarily, reasonably and incidentally in fulfilment of their tharitable objects. Three common rea50n5 are- I, The unexpected receipt of a large don3tion which cannot easily be refijsed or returned to the donor - es.. a lar8e legacy,. 2. Money originally Set aside for A Ipgitimate designated purpose which. for uncxpected reasons, can no longei be pursueLI or completed.. 3. A social media furid-raising campaign which unexpectedly "goes viral" SGR T has no current unexpetted lar8e income. Reserve amount.. £0 E. Closure If SGRT becomes financially unsustainable and ha5 to be wound up a surn needs to be available while all of our obligations are met, and the closure can be completed in good order. Trustees have considered the timescales that are attached to closer action5 such as staff redundancy and withdrawal from contracts and decided that 3 months running costs should be sufficient. Reserve amount.. £15,OlJO What is not recognised as Reserves.. Money which is given to 5UPPOrt a particular sub-set or aspects of a charity's activities are Restricted Funds. Charity law requires that Restricted Funds land any interest or Gift Aid income which they generate) can only be Spent in accordance with the wishes of the donorlsl. For that reason. Restricted Funds must be accounted for separately from other funds in order that the charity can demonstrate convincingly that the money has been used strictly in accordance with the terms under which it was given to the charity. So, where there are restricted funds unspent at the end of the financial year that must be identified and explained so that they do not get mixed up with the charity's Reserve Fund and can be carried forward to the next year. For that rea50n, even though unspent Restricted Funds fund have much in common with Committed Reserves (inasmuch as they are money being held unspent to meet future commitments to the donors) they are not part of the charity's Reserve5. For example.. in order to fulfil the charity's commitments to a particular restricted grant/donation the charity might have to commit some of its own unrestricted funds to support the relevant activities. It is therefore important that the charity has put aside reserve5 to meet those commitments. The current Restricted Funds for SGRT are identified in the Annual Financial Report. SUDBURY GASWORKS RESTOIiATION TRUST LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 FINANCIAL REVIEW Significantl adverse events this year have been significant damp ingress to the building. requiring remedi31 works and furiher research into prevention of a repeat and Storm damage to trees on the site, requirin8 not only cxpensive removal of the damaged trees but also necessitating the closure of the site for three weeks. Potential future risks are recognised as a mnre ch311en8inB envlronment in which to sell wedding5, whlch had been expected to m3ke up a significant proportion ol sèle5, and the end of financial support of the business and 3¢tivity plan5 by the Heritage Fund. The Trust does not have any exposure to defined benefit pension liabilities. The Trust has no investments and for the foreseeable fut¢Jre, no surplus funds to in¥est. A policy on reserves was developed and adopted during the year. FUTURE PIANS The Trustee5 and managers sought to develop an ambitious programme of social. cultural, health and wellbeing use5 of the Gaswork5 venue, designed to fulfil our aims and objectives. This is to be complemented by paid-for use by V151tin8 liirers to ensure a linancièlly 5VStainable future. STRUCTURE, GOVERNANCE AND MANAGEMENT Governin8 document The charity is controlled by its governing document, 3 deed of trust, and constitutes a limited company, limited by Euarantee. as defined by the Companies Act 2006. Governing document.. Articles of Association, dated IS March 2015. Constitution: Private Company limited by 8uarantee. Company number 08878132 Organisational structure The advancement of the company's objettives is iarried out, day-to-day by the Gasworks Manager and Business Development and Operations Manager, employed to carry out this work under the direction of the Board of Directors. The annual financial budget is agreed and the annual accounts reviewed and adopted by the board of directors. The implementation of the Business Plan and Activity Plan by the employed staff is overseen by the Board. The Implementation of the Delivery Plan by the Project Manager is overseen by the Chair. Directors since the last AGM were= Gillian Prew. Julie White, Anna Massey-Fryer, Brice Bozier, Jack Bozier, Karen Kirby, Noel Fowler, Luke Bartle, Katie Prew, Andrew Wilcox-jones and Timothy Webber. Induction and training of new trustees Trustees are directors of the company and elected frorn members of the company. There must be at least 3 and no more than 12 trustees. No individual may be appointed as trustee unless willing to act as Charity Trustee. Persons disqualified from acting a5 trustees are defined in clause 14.7 of the company's articles of a5SOCiation. Trustees are usually elected at the AGM by a balloi of members. Trustè.p£ may co-opt a suitably qualified mcmber to fill a vacancy.. such co-opted trustees to hold office until the next AGM. A trustee must declare the nature and extent of any interest. direct or indired, wliich they have in the proposed workings of the charity. EmplDYP.P p2y and conditions, as well 3s employcc contfacts were overseen by the HR Direcror with oversight of the Board. SUDBURY GASWORKS RESTORATION TRUST ITD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Summary The implernentation of the delivery phase of the Heritage Fund supported project was pursued. holding the lead construction contractor to their obligations, with support from the design team. The Implementatlon of the running of the business passed from Trustees to employees. with oversight by the board. The employed mana8ement team implemented the arttvity plan, fundraisin8 plan and worked to implement the business plan, Towards the end of the tradlng year, it became clear that it would be unlikely for the business plan to work as originally envisaged, A shorrfall in fvnding commitments during th@ previous financial year was identified and the management team and Tru5tee5 began a reappraisal of the business and funding plans, culminating discussions with the Heritage Fund offlcers to extend support for the project. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2CQ6 relating to small companies. Approved by order of the board of trustees on 4 November 2024 and signed on its behalf by.. MrT Webber- Trustee -1 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SUDBURY GASWORKS RESTORATION TRUST LTD Independent examiner's report to the trustees ofsudbury Gasworks Restoration Trust Ltd I'the Company'l report to the charity tru5tee5 on my examination of the accounts of the Company fof the year ended 29 Febru3ry 2024. Responsibilities and basis of report As the charity's trusiee5 of the Company land also its directors for the purposes of company lawl you are re5pon5ible for the preparation of the accounts irs accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are el￿8￿ble for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Ar.t ?011 I'the 2011 Act'l. In carrying vut my examination I have followed the Directions given by the Charity Commt5sion under Section 145151 Ibl of the 2011 Act. Independent examiner's statement since your charity'5 gr055 income exceeded £250.000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which i_s one of the listed bodies. I have completed my examination. I confirm that no matter5 have come to my attention in connection with the exAmin3tion 8iving me cauJe to believe-. accounting re¢ord5 were not kept in respect of the Company as required by Section 386 of the 2006 Act.. or the account5 do not accord with those recor05.' or the accounts do not comply with the accountin8 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 considprpd 3$ Part of an Indepeiident examinaiion,. 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 Ixpplicable to charitlC5 preparing theii accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR5 10211. 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 understèndin8 of the accounts to be reached. Leon Stephens The Institute of Chartered Accountants in England and Wales Brookes Stephen5 New Media House Davidson Road Lichfield Sraffordshire W514 9DZ 4 November 2024 -li- SUDBURY GASWORKS RESTORATION TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024 2024 Total fund5 Unrestricted fund 2023 Total funds Restricted fund Income and endowments from Donations and legacies Notes 5,894 576,355 582.249 868,528 other tradin8 activities 24,089 24,089 4,780 Total 29,983 576,355 606,338 873,308 Expenditure on Raising funds 16.332 23.433 39,765 32,756 Charitable activities Travelling Charitable 363 57.214 363 113,819 56,605 56,898 Othèr 1681 1681 Total 73,841 80,038 153,879 89,654 NET INCOMEIIEXPENDITURE) Transfers between funds 143.8581 1.437.846 496,317 11,437,846) 17 452,459 783,654 Net movement In funds 1,393,988 1941.5291 452.459 783,654 Recontiliation of funds Total funds brought forward 11.938 936.607 948,545 164,891 Total funds carried forward 1,405,926 14,9221 1,401,004 948,545 The notes form part of these financial statement5 -12- SUDBURY GASWORKS RESTORATION TRUST LTD BALANCE SHEET 29 FEBRUARY 2024 2024 Notes 2023 Fixed a55ets Tangible assets li 1,428,477 1,040,022 Current assets Debtors Prepayments and accrued income Cash at bank and in hand 12 15,551 2,179 40.581 50,581 2,900 45.230 58,311 98,711 Creditors Amounts falling due within one year 13 185,7841 1141,6221 Net turrent assets 127,4731 142,9111 Total assets le55 current liabililies 1.401,004 997,111 Creditors Amounts falling due after more than one year 14 148,5661 NET ASSETS 1,401,004 948,545 Funds Unrestricted funds.. General fund Restritted funds- Restricted 17 1.405,926 11,938 14,9221 936,607 Total funds 1,401,004 948,545 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keep5 accounting records that comply with Settions 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affair5 of the charitable company as at the end of each financial year and of its surplus Of dp.ficit for each financial year in accordance with Ilie requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. Ibl The notes form part of these financFal sldLemen15 -13- continued... SUDBURY GASWORKS RESTORATION TrUST LTD BALANCE SHEET- continued 29 FEBRUARY 2024 These financial statements have been prepared in accordan￿ with the provision5 applicable to charitable companies subject to the small tompanies regimÈ. The financial statements were approved by the Board of Trustees and authorised for Issue on 4 November 2024 and were signed on its behalf by- MrT Webber- Trustee The notes form part of these flnancial statements -14- 5LID8URY GASWORKS RESTORATION TRUST LTD CASH FLOW STATEMENT FOR THE YEAR ENDEO 29 FEBRUARY 2024 2024 Noies 2023 Cash flows from operatinE activities Cash generated from operations Interest paid 406,579 892,497 12,3641 Net cash provided by operating activities 406,579 890,133 Cash flows from investing activitie5 Purchase of tangible fixed assets Sale of tangible fixed assets 1411,3651 137 1954,0821 Net cash used in investing activities 1411,2281 1954,0821 Cash flows from financin8 activitles New loans in year 2,364 Net cash provided by financing activities 2,364 Change in cash and cash equivalents In the reporting period Cash and cash equivalen15 at the beginning of the reporting period 14,6491 161,5851 45,230 106,815 Cash and cash equivalents at the end of the reporting period 40,581 45,230 The notes form part of these financial statements -15- SUDBURY GA5WORK5 RESTORATION TRUST LTD NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2024 RECONCILIATION OF NET INCOME JO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period las per the Statement of Financial Activitie51 Adjustments for: Depreciation charges Profit on disposal of fixed assets Interest Paid Decreasellincreasel in debtors IDecreasel/increase in creditors 452,459 783,654 22,841 1681 15,151 2,364 143,6091 134,937 35,751 1104,4041 Net cash provided by operations 406.579 892,497 ANALYSIS OF CHANGES IN NET DEBT At 1.3.23 Cash flow At 29.2.24 Net cash Cash at bank and in hand 45.230 14,6491 40,581 45,230 14,6491 40,581 Debt Debts fèlling due within l year Debts falling due after l year 148,566) 48,566 148,5661 148,5661 148,5661 148,5661 Total 13,3361 14,6491 17,9851 The notes form part of these financial statements -16- SUDBURY GASWORKS RESTOIiATION TRUST LTD NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 29 FEBRUARY 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accountin8 and Reporting by Charities.. Statement of Recommgndpd Practice applicable to charities preparing their accounts in accordance with the Fi1i3n£i81 Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191., Financial Reportin8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The trustees have confidence that the charity ha5 adequate resources to continue in operational existence for the foreseeable future. Thus the charity continues to adopt the going concern basis in preparing the financial Statements. The financial statement5 are prepared in sterling, which is the f unctional currency of the charitv. The cl)ariLy 15 a private company limited by guarantee and has no share capital. The liability of each member in the event of windin8 up is £10. I he country of incorporation and the re8lStered offjce address are both detailed in the Report of rhe Trustees. Income All income 15 recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it Is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recogn15ed as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of econornic benefit£ will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 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 resources. Raising funds Raising funds comprise of the cost5 associated with attracting voluntary income. Tangible fExed assets DepretiAtion is provided 3t the following annual rates in order to write off each asset over its estimated useful Long leasehold Plant and machinery Fixture5 and fittings Computer equipment Over 99 years 25% on cost 25Yo on cost 25Y• on c05t Taxation The charity is exempt from corporation tax on its charitable attivities. 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 restrirted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purpose5. -17- continued... SUDBURY GA5WORK5 RESTOIiATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 29 FEBRUARY 2024 ACCOUNTING POLICIES- continued Fund accountinE Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension costs and other post-retirernent benefits The charitable company operates a defined contribution pension scheme. Contribution5 payable to the charitable company's pènsion schemc are charged to the 5taternent of Financial Activities in the period to which they relate. DONATIONS AND LEGACIES 2024 2023 Duii4Lion5 Grants 6,394 575,855 2,482 866,046 582,249 868,528 Grants received, included in the above, are as follows.- 2024 2023 Pilgrims Trust AFIAC Herita8e Fund Country Houses Grant Historic Houses Grant Oerby5hire Dales Derbyshire Mind Derbyshire CoLtnty Council Other grants 12,809 4,430 824,337 12,000 12,000 4,598 547,057 16,000 2,200 5,000 1.000 470 575,855 866,046 OTHER TRADING ACTIVITIES 2024 2023 Fundraising events 24,089 4,780 -18- continued... SUDBURY GASWORKS RESTORATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 29 FEBRUARY 2024 RA151NG FUNDS Raising donations and legacies 2024 2023 Fundraising expenditure 19,954 19,310 Other trading actl¥ities 2024 2023 Room hire Repairs & renewals Subcontractor5 io 11,908 7,893 io 241 13,195 19,811 13,446 Aggregate amounts 39,765 32,756 CHARITABLE ACTIVITIES COSTS Support Costs (see note 61 Direct Costs Totals Travellin8 Charitable 363 90,978 363 113,819 22,841 91,341 22,841 114,182 SUPPORT COSTS Managemen Charitable 22,841 -19- continued.. SUDBURY GASWORK5 RESTORATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 29 FE8RUARY 2024 NET INCOMEIIEXPENDITUREI Net incornellexpenditurel is stated after charging/lcreditingl: 2024 2023 Depreciation owned assets Surplus on disposal of fixed assets 22,841 1681 15,151 TRUSTEES, REMUNERATION AND BENEFITS No Trustees received any remuneration or benefits during the current year. Miss L Baggot was a Trustee in the prior year and was paid £9,538 for project management services whilst the project manager was on maternity leave. Tru5tees' expen5e5 There were no tru5tees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023. STAFF COSTS 2024 2023 Wages and salarie5 Social security costs Other pension costs 52.313 95 1.163 9,454 496 53,571 9,950 The average monthly number of employees during the year was as follow5.. 2024 2023 Staff No employees received emoluments in excess of E60,000. -21> contlnued... SUDBURY GASWORKS RESTOILITION TRUST LTD NOTES TO THE FINANCIAL STATEMENT5- continued FOR THE YEAR ENDED 29 FEBRUARY 2024 io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds Income and endowments from nnnations 3nd IÈBacies 952 867,576 868,52S Other trading activities 4,778 4,780 Total 5,730 867,578 873,308 Expenditure on Raising funds 2,379 30,377 32,756 Charitable activltles Charitable 5,490 51,408 56,898 Total 7.869 81,785 89,654 NET INCOME/IEXPENDITURE} 12,1391 785.793 783,654 Reconciliation of ftsnds Total funds brought forward 14.076 150.81S 164.891 Total funds carried forward 11,937 936.608 948,545 -21- continued... SUDBURY GASWORKS RESTORATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 29 FEBRUARY 2024 ii. TANGIBLE FIXED ASSETS Fixture5 and fittin85 Long leasehold Plant and machinery Computer equipment Tota15 COST At l March 2023 Additions Disposals 1,039,209 397.¢XII 6,575 919 11381 11.002 12,6iJ) 239 845 1,057,025 411.365 11381 At 29 February 2024 1,436,210 7,356 23,602 1,084 1,468,252 DEPRECIATION At l March 2023 Chdrge fur year Elimlnated on disposal 12.416 14,831 1,716 1.839 {691 2,751 5,900 120 271 17,003 22.841 1691 At 29 February 2024 27,247 3.4116 8,651 391 39,775 NET BOOK VALUE At 29 February 2024 1.408.963 3,870 14.951 693 1,428,477 At 28 February 2023 1.026.793 4,859 8.251 119 1,040,022 The leasehold additions represent work carried out to the Sudbury Gasworks which is owned by the Sudbury Estate. 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtor5 VAT 15,551 7,035 43,546 15,551 50,581 -22- continued. 5UD8URY GASWORK5 RESTORATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 29 FEBRUARY 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 151 Trade creditors nr.ial £ecuritV 3nd Dthor taxes VAT Other creditor5 Wages control Pension control Accruals and deferred income 48,566 3,158 1.405 1,229 13.924 3,762 343 13,397 131,312 18 8,225 17 50 2,000 85,784 141,622 Accruals and deferred income includes deferred income of £9,922 which represents income received in advance of the project to which it relates. 14. CREDITOR5.' AMOUNTS FALLING OUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans (see note 151 48,566 15. LOANS An analysis of the maturity of loans is given below-. 2024 2023 Amounts falling due within one year on demand: Bank loans 48,566 Amounts falling between one and two years.. Bank loans - 1-2 years 48,566 16. ANALYSIS OF NET ASSETS 8EnNEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Fixed 355et5 Current assets Current liabilities Long term liabilities 1,428,477 53,311 175.8621 1,428,477 58.311 185,784} 1,040,022 98,711 1141,6221 148.5661 5,000 19,922} 1,405,926 14,9221 1,401,004 948,545 -23- continued.. SUDBURY GASWORKS RESTORATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 29 FEBRUARY 2024 17. MOVEMENT IN FUND5 Net movement in funds Transfers between funds At 29.2.24 At 1.3.23 Unrestricted funds General fund 11,938 143,8581 1.437,846 1,405,926 Restricted funds Restricted 936,607 496,317 11,437,846) 14,9221 TOTAL FUNDS 948.545 452,459 1,401,004 Net movement in funds, included in the above are as follows- Incoming resources Resources expended Movement In funds Unrestrirted funds General fund 29,983 173,8411 143,8581 Restricted funds Restricted 576,355 180,0381 496,317 TOTAL FUNDS 606,338 1153,8791 452,459 Comparatives for movement in funds Net movement in funds At 28.2.23 At 1.3.22 Unrestricted fund5 General fund 14,076 12,1381 11,938 Restricted funds Restricted 150.815 785,792 936,607 TOTAL FUNDS 164,891 783,654 948,545 -24- continued... SUDBURY GASWORKS RESTORATION TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnued FOR THE YEAR ENDED 29 FEBRUARY 2024 17. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows: Incomin8 Resources e)cperndod Movement in f Ljndg r@