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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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are
reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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.
Valley Heritage: Trustees Annual Report 2021-2022
10
**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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. 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
Valley Heritage: Trustees Annual Report 2021-2022
11
## **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**|
Valley Heritage: Trustees Annual Report 2021-2022
12
**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
Valley Heritage: Trustees Annual Report 2021-2022
13
**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
- 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);
- and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102);
- • 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.
Valley Heritage: Trustees Annual Report 2021-2022
14
**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**|
Valley Heritage: Trustees Annual Report 2021-2022
15
## **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**|||
Valley Heritage: Trustees Annual Report 2021-2022
16
## **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**|
Valley Heritage: Trustees Annual Report 2021-2022
17
**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.
18
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**
Valley Heritage: Trustees Annual Report 2021-2022
19