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2021-03-31-accounts

Company registration number: 09483696 Charity registration number: 1163116

The Green's Windmill Trust

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2021

Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL

The Green's Windmill Trust

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6 to 7
Balance Sheet 8
Notes to the Financial Statements 9 to 17

The Green's Windmill Trust

Reference and Administrative Details

Trustees Tom Huggon, Chair Denny Plowman, Treasurer Sara Stewart, Secretary Alexandra Andrews, Vice Chair Simon Jenkins Edward Breeds Principal Office Green's Windmill and Science Centre Windmill Lane Sneinton Nottingham NG2 4QB Company Registration Number 09483696 Charity Registration Number 1163116 Independent Examiner John O'Brien, employee of Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL

Page 1

The Green's Windmill Trust

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2021.

Trustees

Tom Huggon, Chair

Denny Plowman, Treasurer

Sara Stewart, Secretary

Alexandra Andrews, Vice Chair

Simon Jenkins

Edward Breeds (appointed 20 June 2020)

Catherine Ross (resigned 10 December 2020)

Amy Pickvance (resigned 1 July 2020)

Structure, governance and management

Nature of governing document

The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 11 March 2015 and most recently amended 11 May 2016. It has no share capital and the liability of each member in the event of winding-up is limited to £1.

Recruitment and appointment of trustees

New trustees are appointed through personal contacts, invitation and through requests via our quarterly newsletter.

Objectives and activities

Objects and aims

  1. To advance public education in particular but not limited to preserving Green's Mill and Science Centre for the benefit of the public;

  2. The advancement of heritage for the public benefit by promoting the charitable work of Green's Mill and Science Centre.

Our charity exists to advance public education, preserve the windmill and Science Centre for the public, and advance the site’s scientific and cultural heritage. It promotes the reputation of the mathematical physicist George Green through education, events and collaboration with other scientific and educational organisations. It provides activities and events for members of the public and educational groups to discover the heritage of the windmill, of science and the local community.

Public benefit

Our activities provide opportunities for engagement with science through exhibits and activities; providing a community garden for local residents and visitors to enjoy; learning about the mathematical physicist George Green; experiencing a working windmill and buying our award-winning flour.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

The Green's Windmill Trust

Trustees' Report

Achievements and performance

Despite being closed during much of this unprecedented pandemic year, we were fully open for 54 days and partially open for another 54 days. We were open for the sale of flour on 148 days. We welcomed 3,576 visitors, hosted 5 educational visits and 13 group visits. We provided 20 public events for families and visitors. During the first lockdown, when flour was not to be had in the shops, we were inundated with orders with the millers often working the mill for 16 hours a day when the wind blew. Even when there was no shortage of flour in the shops we continud to experience a high demand, fulfilling 1,328 orders (a total of nearly ten tonnes of grain milled). The team received the Bread Heroes Award for their efforts.

Our volunteer team contributed 2,814 hours over the year, keeping the mill and science centre in good order and maintaining the Community Garden (which retained its Community Green Flag award). Sales of garden plants and produce raised £1,200 and an eBay sale of donated items raised over £900.

Financial review

The Covid lockdown meant we could not put on our principle fund-raising events such as the Spring and Summer Fairs, the Easter family activities and the Christmas Carols in the Millyard. Our income from visitors' on-site donations was also much reduced. However, we were fortunate in receiving grants from Heritage England, the Pilgrim Trust, the Lady Hind Trust, the Institute of Physics, the Marsh Christian Trust, Waitrose, Tesco, Asda and the Foyle Foundation. We also received grants through the government's Covid Business Relief and their Cultural Recovery Fund.

As a result of these grants and income from the sale of flour we were able to weather the extended lockdown without the need to lose or furlough staff and to keep the sails turning. We are anticipating our re-opening with a reasonably healthy bank balance.

Policy on reserves

Reserves are minimal as most of our income is committed to e.g. site cost payments to Nottingham City Council, salaries and projects. Such reserves as we have accommodate fluctuations in our income month on month. We continue to receive income from our associated trading company.

Principal risks and uncertainties

Financial risks

  1. There is a risk that the Trust fails to find sufficient income to meet its requirements and commitments;

  2. There is a risk that Nottingham City Council will decide to no longer support the Mill and Science Centre;

  3. The as yet unknown effects of Covid-19 should it continue to restrict our activities.

Page 3

The Green's Windmill Trust

Trustees' Report

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The Green's Windmill Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... Tom Huggon Trustee

Page 4

The Green's Windmill Trust

Independent Examiner's Report to the trustees of The Green's Windmill Trust

Independent examiner’s report to the trustees of The Green's Windmill Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity's 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 charity’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

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

......................................

John O'Brien MSc, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners

Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL

Date:.............................

Page 5

The Green's Windmill Trust

Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Other income
5
Total Income
Expenditure on:
Charitable activities
6
Total Expenditure
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Unrestricted
funds
£
37,151
-
5,000
42,151
(47,277)
(47,277)
(5,126)
(1,087)
(6,213)
13,445
7,232
Restricted
funds
£
-
56,471
-
56,471
(21,863)
(21,863)
34,608
1,087
35,695
-
35,695
Total
2021
£
37,151
56,471
5,000
98,622
(69,140)
(69,140)
29,482
-
29,482
13,445
42,927
Total
2020
£
35,801
9,393
21,795
66,989
(55,697)
(55,697)
11,292
-
11,292
2,153
13,445

Page 6

The Green's Windmill Trust

Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

These are the figures for the previous accounting period and are included for comparative purposes

purposes
Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Other income
5
Total Income
Expenditure on:
Charitable activities
6
Total Expenditure
Other recognised gains and losses
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16
Unrestricted
funds
£
35,801
50
21,795
57,646
(46,354)
(46,354)
11,292
2,153
13,445
Restricted
funds
£
-
9,343
-
9,343
(9,343)
(9,343)
-
-
-
Total
2020
£
35,801
9,393
21,795
66,989
(55,697)
(55,697)
11,292
2,153
13,445

Page 7

The Green's Windmill Trust

(Registration number: 09483696) Balance Sheet as at 31 March 2021

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
13
Creditors: Amounts falling due within one year
14
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
16
Unrestricted income funds
Unrestricted funds
Total funds
16
2021
£
1,087
3,196
39,232
42,428
(588)
41,840
42,927
33,521
9,406
42,927
2020
£
-
7,299
6,734
14,033
(588)
13,445
13,445
-
13,445
13,445

For the financial year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements on pages 6 to 17 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:

......................................... Denny Plowman Trustee

Page 8

The Green's Windmill Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

The Green's Windmill Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The financial statements have been prepared on a going concern basis.

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

Exemption from preparing a cash flow statement

The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Page 9

The Green's Windmill Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class General equipment IT equipment

Depreciation method and rate 20% straight line 33.3% straight line

Page 10

The Green's Windmill Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Restricted income funds are those grants for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Pension costs charges in the Statement of Financial Activities represent the contributions payable by the charity in the year.

2 Income from donations and legacies

Donations and legacies;
Donations from companies, trusts and similar proceeds
Donations from individuals
Legacies
Gift aid reclaimed
Grants, including capital grants;
Government grants
Unrestricted
funds
General
£
7,782
4,084
-
1,462
23,823
37,151
Total
2021
£
7,782
4,084
-
1,462
23,823
37,151
Total
2020
£
17,346
6,283
10,000
2,172
-
35,801

Page 11

The Green's Windmill Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

3 Income from charitable activities

Grants & donations
Room hire
4
Grants & donations
The Pilgrim Trust
Foyle Foundation
The National Lottery Heritage Fund
Nottingham City Council
The Lady Hind Trust
Historic England
Groundwork UK
HMRC Gift aid
Sundry grants & donations
5
Other income
Income from trading subsidiary
Restricted
funds
£
56,471
-
56,471
Unrestricted
funds
£
-
-
-
23,823
2,000
4,122
1,000
1,462
4,744
37,151
Unrestricted
funds
General
£
5,000
Total
2021
£
56,471
-
56,471
Restricted
funds
£
17,271
5,000
34,200
-
-
-
-
-
-
56,471
Total
2021
£
5,000
Total
2020
£
9,343
50
9,393
Total
£
17,271
5,000
34,200
23,823
2,000
4,122
1,000
1,462
4,744
93,622
Total
2020
£
21,795

Income from trading subsidiary

Page 12

The Green's Windmill Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

6 Expenditure on charitable activities

Engine project expenses
Legal & professional fees
Garden project expenses
Milling expenses
Equipment, repairs & renewals
Insurance
Premises running costs
Publicity
Miscellaneous expenses
Travel
Printing & stationery
Temporary university intern
Subscriptions & licences
Volunteer expenses
Courses
Cleaning
Wages, NI & pension
Depreciation
Unrestricted
funds
General
£
290
961
37
-
699
336
21,233
85
18
-
312
-
300
-
-
-
23,006
-
47,277
Restricted
funds
£
-
-
-
34
210
-
-
-
396
-
738
-
-
-
-
2,670
17,271
544
21,863
Total
2021
£
290
961
37
34
909
336
21,233
85
414
-
1,050
-
300
-
-
2,670
40,277
544
69,140
Total
2020
£
6
903
2,556
1,170
299
336
7,000
84
460
172
309
2,791
176
234
108
-
39,093
-
55,697

7 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

Tom Huggon

£Nil (2020: £66) of travel expenses were reimbursed to Tom Huggon during the year.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any other benefits from the charity during the year.

Page 13

The Green's Windmill Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

8 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Pension costs
2021
£
39,115
1,162
40,277
2020
£
37,954
1,139
39,093

The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:

Average number of employees 2021
No
2
2020
No
2

2 (2020 - 2) of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £1,162 (2020 - £1,139).

No employee received emoluments of more than £60,000 during the year.

9 Fees payable to independent examiner

During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:

Independent examination
Other financial services
2021
£
490
267
757
2020
£
490
252
742

10 Taxation

The charity is a registered charity and is therefore exempt from taxation.

Page 14

The Green's Windmill Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

11 Tangible fixed assets

Cost
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
12 Debtors
Prepayments
Other debtors
13 Cash and cash equivalents
Cash at bank
14 Creditors: amounts falling due within one year
Other creditors
General
equipment
£
40,800
-
IT equipment
£
-
1,631
Total
£
40,800
1,631
42,431
40,800
544
41,344
1,087
-
2020
£
456
6,843
40,800 1,631
40,800
-
-
544
40,800 544
- 1,087
- -
2021
£
121
3,075
3,196
2021
£
39,232
2021
£
588
7,299
2020
£
6,734
2020
£
588

Page 15

The Green's Windmill Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

15 Charity status

The charity is a company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

16 Funds

Unrestricted funds
General
General fund
Restricted funds
Trainee miller (Pilgrim Trust)
Heritage Fund
Community Garden (Foyle
Foundation)
Total restricted funds
Total funds
Balance at 1
April 2020
£
13,445
-
-
-
-
13,445
Incoming
resources
£
42,151
17,271
34,200
5,000
56,471
98,622
Resources
expended
£
(47,277)
(17,271)
(4,592)
-
(21,863)
(69,140)
Transfers
£
1,087
-
(1,087)
-
(1,087)
-
Balance at
31 March
2021
£
9,406
-
28,521
5,000
33,521
42,927

The transfer from the Heritage fund to the General fund represents the net book value of fixed assets, the use of which is not subject to any restriction.

The specific purposes for which the funds are to be applied are as follows:

Trainee miller - funding from the Pilgrim Trust to preserve, promote and share traditional milling skills by continuing to employ a trainee miller.

Heritage Fund - to support the Trust whilst its income is much reduced during the lockdowns. Community Garden - to support activities in the Community garden.

Page 16

The Green's Windmill Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

These are the figures for the previous accounting period and are included for comparative purposes accounting period and are included for comparative purposes accounting period and are included for comparative purposes accounting period and are included for comparative purposes
Balance at 1 Incoming Resources Balance at 31
April 2019 resources expended March 2020
£ £ £ £
Unrestricted funds
General
General fund 2,153 57,646 (46,354) 13,445
Restricted funds
Internship - 2,500 (2,500) -
Trainee miller (Pilgrim Trust) - 6,843 (6,843) -
Total restricted funds - 9,343 (9,343) -
Total funds 2,153 66,989 (55,697) 13,445

17 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets
Unrestricted
funds
General
£
1,087
8,907
(588)
9,406
Restricted
funds
£
-
33,521
-
33,521
Unrestricted
funds
General
£
14,033
(588)
13,445
2021
Total funds
£
1,087
42,428
(588)
42,927
2020
Total funds
£
14,033
(588)
13,445

18 Benefits in kind

Premises

The premises are provided by the local authority.

19 Related party transactions

There were no related party transactions in the year.

Page 17