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Statutory Information Contents Detai15 of the registered ofplcè and Trustees of Valley Heritage. Report of the Trustees Statement from the Chair Registered OfPice: 18-20 Market Street Achièvements. Performance and Future Plans Bacup Laneashire Events and Activities OL13 8EZ Trustees Règistèred Charity number: 1164935 Reserves Public Benefrt Company Registration number: CEOO5911 Risk Statement of Trustee Responsibilities 10 Trustees- Independant Examiners Report Stephen Anderson Ichairl Rachael Gildert Isecretaryl Heather Cudworth (Treasurer) lan Taylor Barry Reynolds Financial Reports Independant Examiners: Martin Urquhart FCCA Lumb Accountancy Services Suite 1, Second Floor, New Hall Hey Busines5 Centre, New Hall Hey Road, Rawtenstall B84 6HL Valley Heritage.. Trustees Annual Report 2021-2022
Report of the Trustees The Trustees of Valley Heritage are delighted to present their annual report and financial statements of the Charity for the year ended 31 st March 2022. Valley Heritage's objects are to preserve historical, architectural, constructional and natural or scientific heritage may exist in or near to the R05sendale Valley in Lancashire lin the form of buildings of particular beauty or historical, architectural or constructional interest or ancient monuments and otherwise as shall be consistent with Valley Heritage's objects) and to advance the education of the public in heritage. The financial statements comply with the Charities Act 2011, the Companie5 Act 2006, our governing document and Accountin9 and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019. Valley Heritage.. Trustees Annual Report 2021-2022
Statement from the Chair This has bèen 2 landmark year lor Valley Heritage. In August 2021, we commenced our first capital project, an ambition of the organisation since our inception in 2015 and the result of considerable effort and planning since then. Council through their Historic England funded High Street Heritage Action Zone. At the end of March 2022, the works are well progressed on site albeit experiencing delays and cost InCaSe$. The backdrop of the Covid-19 pandemic is creating a range of challenges in all parts of the supply chain and the project is being impacted. In particular, organising utility services is proving challenging and looks set to delay the project. The project, the adaptive re-use of the Grade11 Listed former Lancashire & Yorkshire Bank in Bacup, follows its acquisition in November 2019 and follows 18 months of fundraising, culminating in two recent grant awards, one from National Lottery Heritage Fund and the other from Rossendale Borough Valley Heritage.. Trustees Annual Report 2021-2022
Once completed, the building will provide co- working space and new apartments for our local community, takin9 a derelict herita9e asset and turning it into a positive contributor to Bacup and the wider Rossendale. recipient and Heritage Impact Fund loanee, has remained strong and supportive, enabling Valley Heritage to work with confidence. However, Valley Heritage remains a small, volunteer run organisation and our limited capacity is our single most significant barrier. Looking ahead, continuing to improve our capacity and transition towards a staffed Charity must be our priority over coming years, if we are to realise the potential of the organisation. In preparation for completion and moving into operation of the building, we have been developing skills, systems and processes, particularly around software systems and digital marketing. Alongside the progress of the lormer Lancashire & Yorkshire Bank, we have recently secured fundin9 throu9h UK Government's Community Renewal Fund, administered through Lancashire CoLJnty Council. The project aims to explore how built and natural heritage assets across Rossendale can contribute to our renewable energy needs and help combat climate change. The project will explore the feasibility of a wide range of renewable energy projects and establish a new community owned energy organisation as a delivery vehicle. Stephen Anderson BAIHonsl BArch PGDip RIBA Our partnership with the Architectural Heritage Fund throughout this period, as a Heritage Development Trust, Transformational Project Grant or Valley Heritage.. Trustees Annual Report 2021-2022
Achievements, Performance and Future Plans Valley Heritage has had a successful year, building on a number of previous successful years. lead to new opportunties for collaborative working in the future. This year has seen a number of important achievements.. Valley Heritage's current project work is being delivered with broadly the same resources available to the organisation over recent years. The Architectural Heritage Fund's Heritage Development Trust pilot has permitted a part time staff member to be appointed and volunteering has been steadily increasing. This has been impactful, but not in proportion with the scale of work bein9 undertaken, therefore much of our future plans revolve around further building of our capacity such that we can continue to achieve si9nificant impact. Completing fundraising for the former Lancashire & Yorkshire Bank project. Achieving planning and listed building consent for the former Lancashire & Yorkshire Bank project. Commencing work5 on Site at the former Lancashire & Yorkshire Bank Gaining Community Renewal Fund support for the Decarboni5ing Ros5endale project. Continuin9 progress on the Stubbylee Hall feasibility stLJdy project. These achievements have been made agains the backdrop of the Covid-19 pandemic and it5 impact as we have emerged from the pandemic. Alongside this, positive discussions are taking place around a number of potential projects, strengthening and formalising the relationghip with one of our partner Local Authorities and potential revenue funding opportunities. These successes have been the result of many years of sustained effort and progress, building the skills, capacity and experience of the org2nisatitsn as well as a demonstrable track record in which our partners can take confidence. With our work over the last 12 months, Valley Heritage are expecting to continue their upward trajectory over the coming period. The former Lancashire & Yorkshire Bank project marks a particular milestone. Completing fundraising and commencin9 work on site has come less than two years after completing the acquisition. Given the project, including acquisition, will cost of the order of £900, 000, Valley Heritage 15 delivering the project within unusually fast timescales in comparison to norms within the sector. Our project work has supported the development of strong partnerships. Our collaborations Wlth M3 Project and Stubbylee Greenhouses in particular have enhanced our project work and are likely to Valley Heritage.. Trustees Annual Report 2021-2022
Events and Activities Thè majority of Valley Heritage's recent funding has been focused on capital, it has therefore been helpful to achieve National Lottery Heritage Fund support lor the former LancaShI & yorkshi Bank project. This fundin9 is supporting a programme of activity which will encourage a wider range of people to become Involved in the heritage of the Bank and the wider town. The programme involve5 a rich range of activitie5 ranging from community led artistic interventions, through heritage skills and a deeper exploration of the heritage of the Lancashire & Yorkshire Bank. As Valley Heritage develops a more tangible presence within Bacup, we are actively participating in local events, such as the 'Flowerpot Festival. Valley Heritage.. Trustees Annual Report 2021-2022
Trustees Valley Heritage is a registered Charity Iregistration number 11649351 and a Charitable Incorporated Organisation. It is registered at Companies House (Company Number CE0059111. The governing document 15 the Constitution dated 18th December 2015, which followin9 review, remains fit for purpose. The Trustees, at 31 st March 2022, are.. Stephen Anderson (Chairl Rachael Gildert Isecretaryl Heather Cudworth (Treasurer) The Board of Trustees Is required to carry out the affairs and general business of the Trust and meets regularly. lan Taylor Barry Reynolds The Trustees regularly review of the needs of Valley Heritage and its Board and seek to recruit new Trustee5 Wlth skills and experience appropriate to the needs and activities of the organisation. Valley Heritage.. Trustees Annual Report 2021-2022
Reserves Risk Thè Trustees have approved a Reserves Policy which The Trustees review risk at each Board Meeting and require5 that Valley Heritage rnaintain unrestricted undertake a comprehensive strategic risk review funds of a minimum of three months operational annually. The Trustees have satisified themselves outgoings and before any discretionary expenditure. that systems and allowances are in place to manage these risks. Current principle risks identified are.. Lack of capacity- the organisation remains small and principally volunteer based. Activity to int8$e staffing, recruit new Trustees and volunteers 15 ongoing to manage this risk. Cash Flow Management - managing the cash flow of large grant aided projects can put strain on organisational finances. Improved financial systems and cash flow forecasting has been established to manage this risk. Construction Delays - The former L2nc2shire & Yorkshire Bank project is being delayed with implications for futLJre financial forecasts. This is being carefully monitored and reserves being kept under review in order to ensure that the business plan is not adversely effected. Public Benefit The Trustees have complied with their duty under the Charities Act 2011 and have paid due regard to public benefit when preparing this report. The benefit provided to the public is consistent with the charitable aims of Valley Heritage and is in due regard to the Charity Commission guidelines. or) Valley Heritage.. Trustees Annual Report 2021-2022
Statement of Trustees Responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity 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 Charity for that period. In preparing those financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are
reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and the requirements of the Charities Act 2011.
They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Independent examiner’s report to the trustees of Valley Heritage. For The Year Ended 31 March 2022 Charity No. 1164935
I report to the trustees on my examination of the accounts of Valley Heritage (the Trust) for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records.
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.
20 March 2023 Lumb Accountancy Services Limited Chartered Certified Accountants Suite 1 Second Floor, New Hall Hey Business Centre New Hall Hey Road Rawtenstall Lancashire BB4 6HL
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Valley Heritage Profit and Loss Account For The Year Ended 31 March 2022
| Notes Income Consultancy and Management Income Donations and gifts General grants provided by government/other charities 4 Total Income Expenditure Raising funds Charitable activities 5 Total Expenditure Net Surplus/(Deficit) Transfers between funds Net movement on funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds Restricted funds Endowment funds 2022 2021 as restated £ £ £ £ £ 1,100 - - 1,100 11,750 16 - - 16 272 7,095 444,538 - 451,633 147,842 |
|---|---|
| 8,211 444,538 - 452,749 159,864 - - - 17,528 435,780 - 453,308 95,858 |
|
| 17,528 435,780 - 453,308 95,858 |
|
| (9,317) 8,758 - (559) 64,006 22,400 (22,400) - - - |
|
| 13,083 (13,642) - (559) 64,006 7,234 80,125 - 87,359 23,353 |
|
| 20,317 66,483 - 86,800 87,359 |
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Valley Heritage Balance Sheet As at 31 March 2022
| Notes FIXED ASSETS Tangible Assets 7 CURRENT ASSETS Debtors 8 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 9 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: Amounts Falling Due After More Than One Year 10 NET ASSETS CAPITAL AND RESERVES Restricted Funds Profit and Loss Account SHAREHOLDERS' FUNDS |
2022 £ £ 189,178 189,178 965 137,232 138,197 (42,910) 95,287 284,465 (197,665) 86,800 66,483 20,317 86,800 |
2022 £ £ 189,178 189,178 965 137,232 138,197 (42,910) 95,287 284,465 (197,665) 86,800 66,483 20,317 86,800 |
2021 as restated £ £ 193,100 193,100 - 104,923 104,923 (4,760) 100,163 293,263 (205,904) 87,359 80,125 7,234 87,359 |
2021 as restated £ £ 193,100 193,100 - 104,923 104,923 (4,760) 100,163 293,263 (205,904) 87,359 80,125 7,234 87,359 |
|---|---|---|---|---|
| 189,178 95,287 |
193,100 100,163 |
|||
| 138,197 (42,910) |
104,923 (4,760) |
|||
| 284,465 | 293,263 | |||
| (197,665) | (205,904) | |||
| 86,800 | 87,359 | |||
| 66,483 20,317 |
80,125 7,234 |
|||
| 86,800 | 87,359 |
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Stephen Anderson Chair of Trustees / Director 20 March 2023
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Valley Heritage Notes to the Financial Statements For The Year Ended 31 March 2022
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance
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with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102);
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and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102);
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• and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
1.2. Recognition of income
Income is recognised when the charity becomes entitled to the resources; it is probable that the charity will receive the resources; and the monetary value can be measured with sufficient reliability.
Grants and donations
Income from grants is recognised when the charity has entitlement to the funds, conditions have been met, is probable to be received and can be measured reliably.
1.3. Government Grant
The charity has received government grants in the reporting period.
1.4. Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
1.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line basis
Computer Equipment 4 years straight line basis
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2021: 1)
3. Prior Period Adjustment
The prior period accounts have been restated to include interest charged of £10,919, previously £0.
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Valley Heritage Notes to the Financial Statements For The Year Ended 31 March 2022
4. Analysis of receipts of general grants provided by government/other charities
| . Analysis of receipts of general grants provid | ed by government/other c | harities | ||
|---|---|---|---|---|
| Unrestricted funds |
Restricted funds |
This year | Last year | |
| Government Grants | £ | £ | £ | £ |
| Lancashire County Council - UK CRF | 78,555 | 78,555 | - | |
| Rossendale Borough Council | 81,239 | 81,239 | 34,850 | |
| Architectural Heritage Fund | 7,095 | 156,074 | 163,169 | 6,552 |
| Other | 500 | 500 | 15,500 | |
| Total government grants | 7,095 | 316,368 | 323,463 | 50,350 |
| Unrestricted funds |
Restricted funds |
This year | Last year | |
| Other Grants | £ | £ | £ | £ |
| National Lottery Heritage fund | 128,170 | 128,170 | 5,900 | |
| Garfield Weston Foundation | - | 20,000 | ||
| Fort Foundation | - | 5,000 | ||
| Other | - | 34,990 | ||
| Total other grants | 0 | 128,170 | 128,170 | 97,492 |
| Total grant income | 7,095 | 444,538 | 451,633 | 147,842 |
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Valley Heritage Notes to the Financial Statements For The Year Ended 31 March 2022
5. Analysis of expenditure
| Analysis Expenditure on charitable activities: HDT project expenses Property restoration expenses Employee Expenses Administration & office costs Insurance Advertising and marketing costs Accountancy fees Legal fees Bank Loan Interest Depreciation Total expenditure on charitable activities |
This year Unrestricted funds Restricted income funds Endowment funds Total funds Last Year £ £ £ £ £ - 6,070 - 6,070 1,058 - 410,397 - 410,397 52,792 - 10,062 - 10,062 18,816 2,327 5,758 - 8,085 5,987 - 2,626 - 2,626 4,909 - 258 - 258 848 300 - - 300 - - 609 - 609 487 10,979 - - 10,979 10,919 3,922 - 3,922 42 |
|---|---|
| 17,528 435,780 - 453,308 95,858 |
6. Defined contribution pension scheme or defined benefit scheme accounted for as a defined contribution scheme.
| This year | Last year | |
|---|---|---|
| £ | £ | |
| Amount of contributions recognised in the SOFA as an | 111 | 276 |
| expense |
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Valley Heritage Notes to the Financial Statements (continued) For The Year Ended 31 March 2022
7. Tangible Assets
| 7. Tangible Assets | |||
|---|---|---|---|
| Land & | |||
| Property | |||
| Freehold | Computer Equipment |
Total | |
| £ | £ | £ | |
| Cost | |||
| As at 1 April 2021 | 192,888 | 254 | 193,142 |
| As at 31 March 2022 | 192,888 | 254 | 193,142 |
| Depreciation | |||
| As at 1 April 2021 | - | 42 | 42 |
| Provided during the period | 3,858 | 64 | 3,922 |
| As at 31 March 2022 | 3,858 | 106 | 3,964 |
| Net Book Value | |||
| As at 31 March 2022 | 189,030 | 148 | 189,178 |
| As at 1 April 2021 | 192,888 | 212 | 193,100 |
| 8. Debtors | |||
| 2022 | 2021 as restated |
||
| £ | £ | ||
| Due within one year | |||
| Trade debtors | 965 | - | |
| 965 | - | ||
| 9. Creditors: Amounts Falling Due Within One Year | |||
| 2022 | 2021 as restated |
||
| £ | £ | ||
| Trade creditors | 30,000 | - | |
| Bank loans and overdrafts | 12,000 | 3,782 | |
| Taxation and social security | - | 978 | |
| Other Creditors | 910 | - | |
| 42,910 | 4,760 |
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Valley Heritage Notes to the Financial Statements (continued) For The Year Ended 31 March 2022
10. Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 as restated |
|
|---|---|---|
| £ | £ | |
| Bank loans | 197,665 | 205,904 |
| 197,665 | 205,904 |
11. General Information
Valley Heritage is a charitable incorporated organisation incorporated in England & Wales, charity number 1164935. The registered office is 18-20 Market Street, Bacup, Lancashire, OL13 8EZ.
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Valley Heritage: Trustees Annual Report 2021-2022
The Trustees of Valley Heritage are grateful for the support of our funders.
Architectural Heritage Fund
Beatrice Laing Trust Duchy of Lancaster Benevolent Fund Dulverton Trust Fort Foundation Garfield Weston Foundation Historic England Ian Askew Foundation Lancashire County Council National Lottery Heritage Fund Rossendale Borough Council UK Government
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