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2023-03-30-accounts

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Statutory Information

Details of the registered office and Trustees of Valley Heritage.

Registered Office:

18-20 Market Street

Bacup Lancashire OL13 8EZ

Registered Charity number:

1164935

Company Registration number:

CE005911

Trustees:

Stephen Anderson (Chair) Rachael Gildert (Secretary) Courtnay Ives Jacob Landers

Contents

Report of the Trustees 3
Statement from the Chair 4
Overview 5
Achievements, Performance and Future Plans 10
Our Projects 12
The Lancashire & Yorkshire Bank 13
Community Renewal Fund 16
St. Saviours 18
Rossendale Sole 23
Stubbylee Hall 26
Valley Heritage: At A Glance 28
Future Projects 29
Financial Statements 30
Trustees 31
Reserves, Public Beneft & Risk 31
Statement of Trustees’ Responsibilities 32
Independant Examiners Report 33
Acknowledgements 39

Independant Examiners:

Martin Urquhart FCCA Lumb Accountancy Services Suite 1, Second Floor, New Hall Hey Business Centre, New Hall Hey Road, Rawtenstall BB4 6HL

Valley Heritage: Trustees Annual Report 2022-2023

2

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 31st March 2023.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, our governing document and 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 2019.

Valley Heritage’s objects are to preserve historical, architectural, constructional and natural or scientific heritage may exist in or near to the Rossendale Valley in Lancashire (in 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.

Figure 1 VH Board meeting at Alliance

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Valley Heritage: Trustees Annual Report 2022-2023

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Statement from the Chair Valley Heritage: Trustees Annual Report 2022-2023

Overview

The 2022/23 financial year has seen Valley Heritage successfully deliver its first capital project. Completing in October 2022, the former Lancashire & Yorkshire Bank was launched as Alliance, providing new homes, co-working and meeting space at the heart of Bacup town centre.

The launch was memorable and emotional for all those close to the project. Cllr. Anne Cheetham, the Mayor of Rossendale at the time, spoke warmly of the project and Cllr. Andrew Walmsley, himself a volunteer on the project, also spoke at the event.

It was particularly special that we were able to coincide the launch with a gathering of the Heritage Development Trusts under the Architectural Heritage Fund’s (AHF) pilot programme; this was a celebration of the success of the Transforming Places through Heritage programme as much as Valley Heritage’s efforts on the project.

We can also see that there has been a positive impact on the wider town centre, reflecting the Rossendale Borough Council run initiatives over a number of years, the Bacup Townscape Heritage Initiative, then the High Street Heritage Action Zone, which have prepared the ground for the Alliance project. With our project taking on one of the larger empty heritage assets within the town centre, confidence is creeping in, with planning applications and private sector capital investment becoming increasingly visible.

Whilst the capital works are completed, we continue to refine the operation of Alliance and are completing the activity part of the project.

At the end of the financial year, Alliance was generating a surplus and trading in line with its business plan. The apartments have proven very popular and whilst some tenants have moved on, voids have been filled typically within one to two weeks. The co-working space has also proven popular and is building occupancy, with the meeting rooms being more popular than we had anticipated.

Valley Heritage: Trustees Annual Report 2022-2023

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This part of the project has been exciting and successful. The activities which have created artwork for Alliance have brought people together and left an indelible community imprint on the project. This has always been important to us. We recognised from the outset that the space would become semi-private, so in generating opportunities for participation that would leave a legacy of creative and crafted works at Alliance, we have ensured that the community are present within the building.

One exciting piece which is due to complete in coming month is the railings to the Union Street entrance. Co-designed with young people from our community and with the master blacksmiths at Raven Forge turning their ideas into reality, we have seen the work in progress and can’t wait for the final work to be installed at the building!

The project, in terms of the grant funding, will be closed out during the summer of 2023. The evaluation report is in production and is giving us plenty to reflect upon. It was delivered during a global pandemic and at a time of rapidly rising costs and under pressure supply chains. The project has at times stretched our capacity, but at every turn and through every challenge, our team of volunteers, staff, trustees, consultants, funders and stakeholders have pulled together with skill, tenacity and determination. We couldn’t be more proud of the result and I would like to take this opportunity to thank all those who have been involved in the project.

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Figure 2 Union St railings, work in progress Figure 3 Bespoke fixed desk Figure 4 Bespoke adjustable height desk

Valley Heritage: Trustees Annual Report 2022-2023

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During the 2022/23 financial year, alongside the Alliance project, we also delivered the Decarbonising Rossendale project. Using funding from the Community Renewal Fund, this project aimed to explore how the natural and built heritage of Rossendale could support the fight against climate change through renewable energy generation. It also sought to put infrastructure in place to support this objective, with studies carried out, community engagement conducted and importantly, Rossendale Valley Energy created as a new community energy organisation. The project also provided a small amount of funding to support the incorporation of air source heat pumps at Alliance. Rossendale Valley Energy has started strongly, already successfully bringing in significant funding to support its objectives. We are looking forward to working in partnership with Rossendale Valley Energy over coming years.

We have been completing the Stubbylee Hall feasibility study and considering future projects.

resolved and our investigations establish a viable and achievable approach, we expect to submit applications for funding towards the end of 2023. An expression of interest to the Community Ownership Fund has already been successful, providing hope that the likely substantial funding requirements are achievable.

Our other area of focus towards the end of the financial year and moving through 2023 is the amazing Rossendale Footwear Collection. This collection of shoes, machines and associated objects was rescued from the skip in early 2021, as its then owner was relocating out of Greenbridge Works in Rawtenstall. A team of focused and dedicated volunteers has been working to conserve and catalogue the Collection since then and we have been developing ideas for once again making the Collection accessible to our community. We expect to be making funding applications during the Spring of 2023 to further develop our ideas.

Towards the end of the financial year, discussions with the Church Commissioners and Manchester Diocese around St. Saviours Church led to a period of exclusivity being granted to Valley Heritage. The purpose of this was to permit Valley Heritage to investigate ideas for the building it has formed over recent years, given the lack of financially viable private sector led redevelopment approaches. This period runs up to June 2023, with access issues the principle challenge. Assuming these issues can be

Valley Heritage: Trustees Annual Report 2022-2023

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With such a significant project workload planned over coming years, we have been actively looking at our governance, our capacity and our financial resources. Our governance, particularly around financial management, has been strengthened. As 2023 progresses we will be actively recruiting trustees and volunteers and have been able to continue the employment of our project officer due to trading income from Alliance, maintaining much needed capacity. Whilst the trading income will contribute positively to Valley Heritage’s overall financial position, as we develop our property portfolio and income streams, we will remain reliant on some grant income to take forward projects, particularly as the AHF HDT Pilot ends at the end of March 2023.

Finally, during this year, we have had some comings and goings amongst our trustees. Ian Taylor, a founder trustee, left the organisation, as did Barry Reynolds. Both made immense contributions at different points in the life of the organisation and we offer our thanks for their efforts.

supported the organisation through a period of change and a relaxed and straightforward manner. We are grateful to Heather for her time with Valley Heritage.

We also welcome two new trustees. Courtnay Ives and Jacob Landers have volunteered with Valley Heritage for some time and became trustees towards the end of 2022. They bring professional skills and experience which will add significantly to the Valley Heritage team. We offer welcome and look forward to their input over coming years.

Valley Heritage is going from strength to strength and we look forward to what 2023 and beyond will bring.

Stephen Anderson BA(Hons) BArch PGDip RIBA

Heather Cudworth, who was our treasurer until October 2022, has also left the organisation. She took on the treasurer role at a time of transition for the organisation, managing the shift from a small organisation with limited financial activity to one which managed more than £1 million of grant and loan income during her tenure. This was a challenging undertaking and her approach

Valley Heritage: Trustees Annual Report 2022-2023

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Figure 5 Posters designed by local primary school children

Valley Heritage: Trustees Annual Report 2022-2023

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Achievements, Performance and Future Plans

Valley Heritage has had another successful year, with a number of important achievements:

Valley Heritage, since its inception, has now generated more than £1.35 million of grant and loan income, the vast majority since 2019. Wherever possible this has been spent within the local economy.

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Figure 6 Blacksmith activity day Figure 7 Stone carving activity day Figure 8 VH at the Rossendale Business Awards 2022

Valley Heritage: Trustees Annual Report 2022-2023

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Trading income from our trading subsidiary, Alliance Rossendale Ltd, has generated a surplus in its first trading period and this helpful strand of unrestricted funding has, in particular, ensured we can maintain our project officer role at the conclusion of the AHF’s HDT pilot funding in March 2023.

Looking ahead, we have a number of future plans. Project plans are expressed in greater detail on the following pages.

Organisationally, we intend to undertake the following this year:

Other organisational development needs, such as the need to build our unrestricted income streams, develop our volunteering base and build our property portfolio will be inherent in future project work.

We also expect to close out the Alliance and Stubbylee Hall projects over the first few months of the 2023/24 financial year and begin exploring re-financing options as our Heritage Impact Fund loan from the Architectural Heritage Fund, which permitted the purchase of the former Lancashire & Yorkshire Bank, nears its term in November 2024.

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Figure 9 Creative banner created by Cath Ford

Valley Heritage: Trustees Annual Report 2022-2023

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Our Projects Valley Heritage: Trustees Annual Report 2022-2023 12

The Lancashire & Yorkshire Bank

The completion of capital works and operational set-up of Alliance at the former Lancashire & Yorkshire Bank has been a large focus of our efforts during the past year and we are pleased with the reception and feedback received to date.

So far there has been a mix of freelance and business use of the co-working space during the day and outside of office hours it has proved popular for hosting meetings for numerous local groups, including the Bacup Business Association.

Figure 10 Alliance open for business, 2022

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Valley Heritage: Trustees Annual Report 2022-2023

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The Alliance coworking space provides various resources for local businesses, freelancers, amongst others. Across the ground floor and basement of the building there are ten hot desks and two meeting rooms available for hire for varying durations and with alternative membership packages to offer flexibility and ensure the workspaces can accomodate varying needs.

As part of the package there is access to a communal kitchen facilities, and digital key access for an ‘easy in, easy out’ system.

In the spirit of coworking, we were keen to showcase the results of all our activities and engagement within the local community within the finished building.

The bespoke desks were commissioned from the Stubbylee Community Greenhouse volunteers, who created each one using either repurposed furniture or recycled material so that each desk added its own individual character to the space.

The two banners hung on the wall were made by another local artist Cath Ford, in collaboration with the Weir Knit and Knatter group. Pieces of fabric and the stories that went with them were donated to produce each tapestry, whilst the entrance mural by Amy Callaghan depicts characters and memories of local folk.

Figure 11 Entrance mural by Amy Callaghan Figure 12 Main coworking space Figure 13 Causal seating area Figure 14 Communal kitchen area

Finally the colourful framed posters were the efforts of another collaboration involving pupils from two local primary schools to capture Bacup’s character. They are also pride of place on the walls of the main room.

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Figure 15 Main coworking space Figure 16 Launch night at the L&Y

Valley Heritage: Trustees Annual Report 2022-2023

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14 15 16 Valley Heritage: Trustees Annual Report 2022-2023 15

Decarbonising Rossendale

During the 2022-23 financial year, Valley Heritage successfully completed the delivery of the Decarbonising Rossendale project. Funded through Lancashire County Council and accessed from the UK Government’s Community Renewal Fund, the project aimed to explore how Rossendale’s natural and built heritage could support a low carbon future for the Borough.

The project had the following main strands, all of which were successfully delivered:

Rossendale Valley Energy is established and has already had a number of funding successes, particularly the Net Zero Terraced Street project, which has the potential to offer scalable and deliverable solutions to decarbonising older housing stock.

Valley Heritage are a corporate trustee of Rossendale Valley Energy and are continuing to collaborate on projects.

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Figure 17 RVE logo Figure 18 External plant installed to rear of L&Y Figure 19 Extracts from feasibility report commissioned from Donald Insall Associates

Valley Heritage: Trustees Annual Report 2022-2023

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y g g p
should retain some storage which will allow for plant equipment for
Extend on ground floor to allow for renewable energy if needed and location of skylights should allow for roof mounted PV panels. Loft conversion- storage for MEP and potential bedroom/ ensuite
wheelchair adaptable
layout Terrace above extension
Terrace
Garden/
courtyard
Bath
Living/ Kitchen/ Dining Bed
Bath
Storage Ensuite Bed
Office
Bed Bed
Ensuite
19 Ground Floor First Floor Second Floor
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Valley Heritage: Trustees Annual Report 2022-2023

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Saving St. Saviours

St. Saviours Church is a Grade II Listed redundant church at the edge of Stubbylee Park in Bacup, Rossendale.

It held its final service in 2007 and its condition has deteriorated since then with its lack of use and vandalism.

Valley Heritage submitted an offer to purchase the building in 2017 in response to renewed efforts from Manchester Diocese and the Church Commissioners to dispose of the building. At the time, despite working with the Churches Conservation Trust’s ‘Find a Use Project’ and reaching a point where a lease was being agreed, the Diocese and Church Commissioners decided to work with a private sector developer as our need to find grant funding for the project was seen as a risk. After five years of attempts, the efforts of the developer did not result in a viable use and so the Diocese and Church Commissioners decided to revert to Valley Heritage.

The Diocese and Church Commissioners agreed to a period of exclusivity for Valley Heritage, where they would not seek or entertain offers from other parties. Given previous events, this was a stipulation of Valley Heritage in order to re-look at the project. The exclusivity period commenced in January 2023 and is due to complete in June 2023.

Our plans for the building are to convert it into a hotel. This would involve bringing the building into good condition, addressing car parking and access issues, adapting the interior through the insertion of pods stacked up in the nave to form hotel bedrooms and adding further accommodation in the organ chamber and in the grounds.

The hotel would provide hospitality industry training and employment opportunities focused on local people who are long term unemployed and local young people who are not in employment, education or training.

Themes established in the Alliance project around creativity and skills will be developed within the project, with a programme of heritage skills training and creative interventions forming part of the project.

We also see an opportunity to provide holiday accommodation for people with access needs. There is a lack of such specialist accommodation throughout the UK and Valley Heritage would like to ensure that the offer is as inclusive as possible.

Figure 20 View of Chancel

Valley Heritage: Trustees Annual Report 2022-2023

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During the exclusivity period, Valley Heritage have been working through due diligence, in order to develop the project and in particular consider risks to the implementation of our plans, as follows:

Figure 21 External view of St Saviours Figure 22 Progressive deterioration of fabric Figure 23 View towards Nave

Valley Heritage: Trustees Annual Report 2022-2023

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Miii 30 21 23 Valley Heritage: Trustees Annual Report 2022-2023 21

Up to the end of the financial year, we have made good progress against these tasks, with our principle focus on access as the most complex of the challenges faced.

Raising circa £5 million will clearly be challenging. Applications to the major funders, such as the Community Ownership Fund and National Lottery Heritage Fund, are anticipated to be submitted in the Autumn of 2023, subject to when funding deadlines fall.

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Figure 24 Collaboration with MSA to explore intial ideas Figure 25 Site analysis by MSA students Figure 26 Example rendering of pod by MSA students

If successful, we expect that holding repairs will be undertaken in 2024 and major capital works will commence late in 2025.

The project is likely to take five years in total, from initial funding successes.

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Valley Heritage: Trustees Annual Report 2022-2023

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Rossendale Sole

In early 2021, Valley Heritage were alerted to a locally significant collection of shoes and associated objects being disposed of by their then owner. Reacting quickly, we hired a van, got over to the site and were, with the owners’ consent, able to retrieve the vast majority of the collection from the skip.

That collection had formed the ‘Rossendale Footwear Museum,’ housed since 2000 at Greenbridge Works in Rawtenstall, the former home of Lambert Haworth shoe manufacturers, it had been damaged in the Boxing Day floods of 2015. The then owners retrieved it from the flooded space and stored it on an upper floor of Greenbridge Works. In the process, some badly damaged items were disposed of and the collection overall was in poor condition and received no conservation work at that time.

Valley Heritage had been engaging in discussions to work with the then owners to get the collection back into a position where people could engage with it. In 2021, Greenbridge Works was being sold and the then owners of the collection were moving out, hence the collection being disposed of.

Since retrieving the collection, Valley Heritage’s volunteers have been working hard to stabilise its condition, catalogue its contents and begin piecing together its history. They have logged 1000’s of hours over the last couple of years.

Figure 27 Shoe collection in-situ Figure 28 Sewing machines and other objects

The collection consists of shoes, predominantly from Lambert Haworth and covering a time period predominantly from the 1900’s to the 1980’s.

It includes photographs, videos, archival records, sewing machines and other objects closely associated with Rossendale’s prolific and recognised shoe industry and one of its most important manufacturers.

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Valley Heritage: Trustees Annual Report 2022-2023

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Alongside this, our volunteers, staff and trustees have been generating ideas for how the collection can once again be a visible part of Rossendale’s heritage.

At present, the collection is housed in space being donated by Rossendale Borough Council at Stubbylee Hall. The collection is stable, but not accessible to the public and not in a displayable condition, apart from a small number of items on loan to The Whitaker. This is not a permanent situation, as Stubbylee Hall is earmarked for development over the next few years. More conservation works are needed and further cataloguing. Valley Heritage has funded the purchase of conservation materials from its reserves to date, along with some donations of materials and equipment, such as a computer and shelving. We have also collaborated with Christians Ltd, a digital survey company, who, through funding received from Historic England, piloted the digital 3D scanning of items in the collection, which has the potential to become a virtual shoe museum.

We have connected with the individuals and organisations who are working with Rossendale’s footwear heritage. This includes those which led the Rossendale Footwear Heritage project. This project, instigated in 2013 with a grant from National Lottery Heritage Fund, delivered a programme of community activity around Rossendale’s footwear heritage, gathering huge amounts of information,

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Figure 29 Volunteers cataloguing the collection Figure 30 Example shoe Figure 31 3D scanning by Christians Ltd

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including oral histories and bringing this together on a website. Lack of funding means that the website is no longer live. We have also connected with a recent project at The Whitaker, which explored footwear heritage with young people.

And finally, the collection is growing. There remain people across Rossendale who worked in the footwear industry and retain small collections of their own. One of these has been donated to Valley Heritage and the stories of the owner, a highly skilled shoe maker who specialised in making bespoke shoes for people with unusual feet, are also being captured.

There is therefore need and opportunity. We have stabilised the collection, developed an understanding of what it contains and are growing a network within our community of those with insight into our footwear heritage. We have reached a position where we need investment to plan our next steps for the collection and to seize all the opportunity it presents.

Given that the current home for the collection is not permanent, there is no clear means of display, there remains considerable work to develop an interpretation strategy and also considerable work to do in conservation and cataloguing, we plan to seek funding over the next few months in order to develop the infrastructure around the project and our plans for coming years.

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Figure 32 Figure 33 Figure 34 Growing collection of shoes

Valley Heritage: Trustees Annual Report 2022-2023

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Stubbylee Hall

Our National Lottery Heritage Fund supported project at Stubbylee Hall, in partnership with Rossendale Borough Council, was significantly delayed by the Covid-19 pandemic.

Now close to completion, our work is finding that, based on the brief to make the buildings economically self sustaining, overnight stay accommodation is the only viable option available. Operating as a discrete offer within the Stubbylee Hall complex, it is marginal and unlikely to be attractive to a private sector operator, whereas an offer which brings in St. Saviours Church under the same operator, works significantly better.

We are currently finalising a report into governance options for the project and will be presenting the final package of work to Rossendale Borough Council for consideration.

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Valley Heritage’s next steps will be based on the outcomes of that consideration.

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Figure 35 Interior view of principal staircase Figure 36 Pointcloud documenting condition of fabric Figure 37 Stubbylee Hall

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11 Valley Heritage: Trustees Annual Report 2022-2023

Valley Heritage:

At A Glance

2015

2019

Valley Heritage was founded as The former L&Y bank was a Heritage Development Trust in acquired in November 2019, with the Rossendale Valley an 18 month period of fundraising

2022

Launch of Alliance at the L&Y and occupancy of the flats, following completion of works on site

2015-2019

Valley Heritage began development of the L&Y project, amongst various others alongside

2021

Capital works commenced on site in August 2021, amidst the Covid-19 pandemic

Valley Heritage: Trustees Annual Report 2022-2023

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Future Projects

Valley Heritage see a strategic need to develop our portfolio of properties to include a mixture in terms of size, use and significance. We tend to have to interact with private sector property owners who are looking to maximise value even when the condition of the property would suggest very little value. This barrier is not unique to Valley Heritage, it is a national issue and a produce of an economy which is in many ways driven by increases in property values over time.

Our approach is to work with property owners who have different motivations. Our approach is therefore necessarily opportunistic. Over the coming year we will be continuing to seek out such opportunities to expand our portfolio, particularly considering modest town centre properties across Rossendale.

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Figure 38 Potential town centre property

Valley Heritage: Trustees Annual Report 2022-2023

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Financial Statements Valley Heritage: Trustees Annual Report 2022-2023 30

Trustees

Reserves, Public Benefit

& Risk

Valley Heritage is a registered Charity (registration number 1164935) and a Charitable Incorporated Organisation. It is registered at Companies House (Company Number CE005911). The governing document is the Constitution dated 18th December 2015, which following review, remains fit for purpose.

The Board of Trustees is required to carry out the affairs and general business of the Trust and meets regularly.

The Trustees have approved a Reserves Policy which requires that Valley Heritage maintain unrestricted funds of a minimum of three months operational outgoings and before any discretionary expenditure.

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.

The Trustees, at 31st March 2023, are:

Stephen Anderson (Chair)

Rachael Gildert (Secretary)

Jacob Landers

Courtnay Ives

The Trustees regularly review of the needs of Valley Heritage and its Board and seek to recruit new Trustees with skills and experience appropriate to the needs and activities of the organisation.

The Trustees review risk at each Board Meeting and undertake a comprehensive strategic risk review annually. The Trustees have satisified themselves that systems and allowances are in place to manage these risks.

Current principle risks identified are:

Valley Heritage: Trustees Annual Report 2022-2023

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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:

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 2022-2023

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Independent examiner’s report to the trustees of Valley Heritage. For The Year Ended 31 March 2023 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 2023.

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.

14 June 2023 Lumb Accountancy Services Limited Chartered Certified Accountants 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 2023

Notes
Income
Consultancy and Management Income
Donations and gifts
General grants provided by government/other
charities
3
Total Income
Expenditure
Raising funds
Charitable activities
4
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
2023
2022

£
£
£
£
£
-
-
-
-
1,100
8,520
-
-
8,520
16
2,010
508,375
-
510,385
451,633
10,530
508,375
-
518,905
452,749
-
-
-
-
9,850
551,952
-
561,802
453,308
9,850
551,952
-
561,802
453,308
680
(43,577)
-
(42,897)
(559)
-
-
-
-
-
680
(43,577)
-
(42,897)
(559)
20,317
66,483
-
86,800
87,359
20,997
22,906
-
43,903
86,800

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Valley Heritage Balance Sheet As at 31 March 2023

Notes
FIXED ASSETS
Tangible Assets
6
CURRENT ASSETS
Debtors
7
Cash at bank and in hand
Creditors: Amounts Falling Due Within One Year
8
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors: Amounts Falling Due After More Than
One Year
9
NET ASSETS
CAPITAL AND RESERVES
Revaluation reserve
Restricted Funds
Unrestricted Funds
SHAREHOLDERS' FUNDS		 2023
£
£
403,588
403,588
725
74,505
75,230
(30,249)
44,981
448,569
(197,554)
251,015
207,112
22,906
20,997
251,015		 2023
£
£
403,588
403,588
725
74,505
75,230
(30,249)
44,981
448,569
(197,554)
251,015
207,112
22,906
20,997
251,015		 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
403,588




44,981		 189,178




95,287
75,230
(30,249)		 138,197
(42,910)







448,569 284,465
(197,554) (197,665)
251,015 86,800
207,112
22,906
20,997		 -
66,483
20,317
251,015 86,800

For the year ending 31 March 2023 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 14 June 2023

35

Valley Heritage Notes to the Financial Statements For The Year Ended 31 March 2023

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

The charity constitutes a public benefit entity as defined by FRS 102.

1.2. Turnover

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 (2022: 1)

3. Analysis of receipts of general grants provided by government/other charities

Government Grants
Lancashire County Council
Rossendale Borough Council
Architectural Heritage Fund
Other
Total government grants
Other Grants
National Lottery Heritage fund
Electricity Northwest
Beatrice Laing
Total other grants
Total grant income		 Unrestricted
funds
Restricted
funds
This year
Last year
£
£
£
£
-
183,294
183,294
78,555
2,010
38,538
41,513
81,239
-
215,853
215,853
163,169
-
-
-
500
2,010
437,685
439,695
323,463
Unrestricted
funds
Restricted
funds
This year
Last year
£
£
£
£
-
52,190
52,190
128,170
-
15,000
15,000
-
-
3,500
3,500
-
-
70,690
70,690
128,170
2,010
508,375
510,385
451,633

36

Valley Heritage Notes to the Financial Statements For The Year Ended 31 March 2023

4. Analysis of expenditure

4. Analysis of expenditure
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
£
£
£
£
£
-
12,709
12,709
6,070
-
486,890
486,890
410,397
-
10,227
10,227
10,062
1,288
37,525
38,813
8,085
-
4,087
4,087
2,626
-
514
514
258
300
-
300
300
-
-
-
609
10,889
-
10,889
10,979
(2,627)
-
(2,627)
3,922
9,850
551,952
-
561,802
453,308

5. Defined contribution pension scheme or defined benefit scheme accounted for as a defined contribution scheme.

This year Last year Last year
£ £
Amount of contributions recognised in the SOFA as an 274 111
expense
6. Tangible Assets
Land &
Property
Freehold		 Computer
Equipment		 Total
£ £ £
Cost
As at 1 April 2022 192,888 254 193,142
Additions - 4,671 4,671
Revaluations 207,112 - 207,112
As at 31 March 2023 400,000 4,925 404,925
Depreciation
As at 1 April 2022 3,858 106 3,964
Provided during the period 1,231 1,231
On revaluations (3,858) - (3,858)
As at 31 March 2023 - 1,337 1,337
Net Book Value
As at 31 March 2023 400,000 3,588 403,588
As at 1 April 2022 189,030 148 189,178

37

Valley Heritage Notes to the Financial Statements For The Year Ended 31 March 2023

7. Debtors

Due within one year
Trade debtors
Other debtors
8. Creditors: Amounts Falling Due Within One Year
Trade creditors
Bank loans and overdrafts
Taxation and social security
Other Creditors
9. Creditors: Amounts Falling Due After More Than One Year
Bank loans		 2023
2022
£
£
-
965
725
-
725
965


2023
2022
£
£
16,000
30,000
12,000
12,000
800
-
1,449
910
30,249
42,910


2023
2022
£
£
197,554
197,665
197,554
197,665

11. General Information

Valley Heritage is a private company, limited by shares, incorporated in England & Wales, registered number CE005911. The registered office is 18-20 Market Street, Bacup, Lancashire, OL13 8EZ.

38

The Trustees of Valley Heritage are grateful for the support of our funders;

Valley Heritage: Trustees Annual Report 2022-2023

39

AHF Transformlng Haritago Historic England Heritage Fund Rossendale BOROUGH COUNCIL Lancash,ire UK Govemment Beotrice Lging Trust THE DULVERTON TRUST THE FORT VALE IAN ASKEW CHARITABLE TRUST FOUNDATION DucHY,,/ LANCASTER Garfield Weston FOUNDATION Valley Heritage: Trustees Annual Report 2022-2023 40

https://valleryheritage.org.uk | info@valleyheritage.co.uk

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