A Company Limited by Guarantee
Annual Report & Unaudited Financial Statements
for the year ended 31st March 2021
Contents
| Contents | |
|---|---|
| Page | |
| Reference and Administrative Details | 2 |
| Statement from the Chair | 3 |
| Trustees’ Report | 4 |
| Independent Examiner’s Report to the Trustees | 7 |
| Statement of Financial Activities | 8 |
| Analysis of Income and Expenditure | 9 |
| Fund Movement Summary | 11 |
| Statement of Cash Flows | 12 |
| Balance Sheet | 13 |
| Notes to the accounts | 15 |
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
Reference and Administrative Details
| Name of the charity | Tavistock Heritage Trust |
| Charity Number | 1173744 |
| Company Number | 10607931 |
| Registered Office | Tavistock Visitor Information Centre Court Gate Bedford Square Tavistock Devon PL19 0AE |
| Trustees holding office during the year |
Dr Tom Graham Simon Hirst Sandra Jones Andrew Main Alex Mettler Dr Geri Parlby Anthony Rawlins (appointed 13/01/2021) Cllr Philip Sanders Iain White Duncan (resigned 03/04/2020) Ian Wright |
| Company Secretary | Dr Tom Graham |
| Bankers | HSBC 4 Old Town St Plymouth Devon PL1 1DD |
| Independent Examiner | Andrew Wing FCA |
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
Statement from the Chair
for the year ending 31st March 2021
The year ending March 2021 was inevitably dominated by the COVID-19 pandemic and the extraordinary public health measures which followed in its wake. Although the Trust was thankfully not threatened financially in the way that other charities have been, the lockdowns and other social distancing requirements which were in force at various points in the year produced significant disruption. Many elements of our activities (such as our guided heritage walks programme) were suspended entirely throughout the year, while others suffered substantial delays.
One aspect which was particularly affected by COVID-related delays was the refurbishment of the Tavistock Guildhall, which had commenced in October 2019. Although originally scheduled to be completed in 2020, the work was inevitably complicated by social distancing on site and by the well-publicised strain on construction supply chains. The discovery of a previously-hidden original fireplace within the building also caused a significant delay, as the planned layout had to be adjusted to accommodate this important addition. Construction work did, however, continue steadily throughout the year, with the completed Guildhall scheduled to open to the public later in 2021.
The Trust also continued to work with its partners (notably Tavistock Town Council and the National Lottery Heritage Fund) to prepare for the opening of the Guildhall. In particular, the new exhibition design was finalised and significant progress was made in designing the policies, procedures, and other arrangements necessary for running the Guildhall as a heritage visitor centre. In October 2020, the Trust recruited its new Guildhall Centre Manager, Richard Rundell, who has brought both welcome expertise and enormous enthusiasm. Richard’s efforts (particularly in managing our growing volunteer base, promoting the Guildhall project, and making connections with partners in the locality) have been exemplary and invaluable, especially in the difficult circumstances.
Beyond the Guildhall, the Trust has continued (when possible) to operate the Tavistock Visitor Information Centre (VIC), and to prepare for it to move into and become part of the new Guildhall Centre. Although closed for much of the year, the VIC has continued to offer an introduction to Tavistock and its heritage to locals and visitors alike. Other activities during the year have included:
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A project (in collaboration with Tavistock Town Council and funded by Historic England) to explore the life of Sir Francis Drake, including working with local schools and the creation of an interpretation panel to be installed near the statue of Drake in the town;
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A series of online lectures, in preparation for running similar events in-person in the Guildhall;
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The continued work of our volunteer research group, whose research will now feature on the interpretation panels in the Guildhall;
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Laying the groundwork for several future projects, including the potential restoration of a Tudor wall painting discovered within the town and work to secure the physical remnants of Tavistock Abbey.
Although a difficult and at times frustrating year, the Trust has continued to make substantial strides in advancing its charitable objectives, with the Guildhall approaching completion and the Trust increasingly acting as the co-ordinating body for heritage activities in Tavistock. The Trust naturally owes its gratitude to many people, not least our volunteers and our Centre Manager – we simply would not be able to do it without you. Our thanks also go to our partner organisations and funders, notably Tavistock Town Council, the National Lottery Heritage Fund, West Devon Borough Council, the Hobson Charity and Historic England.
Geri Parlby Chair
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
Trustees’ Report
The trustees present their annual report and accounts for the year ending 31st March 2021, the fourth period of the charity’s operation. Since the charity qualifies as small under section 383 of the Companies Act 2006, a strategic report is not considered necessary.
Structure, Governance and Management
Constitution
The charity is incorporated as a company limited by guarantee and is therefore governed by its Memorandum and Articles of Association (as adopted by special written resolution on 15 June 2017). By reason of their guarantee, the members of the company are each liable to contribute an amount not exceeding £10 to the assets of the charity in the event of winding up.
The charity holds 100% of the share capital of Tavistock Heritage Trading Limited, which is intended to function as the charity’s subsidiary trading company. Tavistock Heritage Trading Limited has been dormant since its incorporation on 24 July 2018 and the trustees expect it to remain so for the immediate future.
Governance and decision making
The management of the charity is the responsibility of the Board of Trustees. The Board meets on a regular basis and is responsible for setting and monitoring the charity’s strategic direction and policies. The majority of the charity’s dayto-day administration is delegated to the Operations Committee, which is comprised of the chair and at least two other trustees, as nominated by the Board.
Some aspects of the charity’s administration are delegated to specialised subcommittees, including the Events, Activities and Communications Subcommittee and the Visitor Information Centre Subcommittee. These subcommittees regularly report to the Board.
The trustees will continue to monitor the organisational structure of the charity and will implement any necessary changes to ensure robust and effective governance.
Appointment and recruitment of trustees
Trustees are appointed in accordance with the charity’s Articles of Association. The Board of Trustees regularly reviews the skills and experience offered by the current trustees in order to identify any gaps, and then actively seeks out appropriate individuals to join the Board if such gaps are identified.
Risk management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to manage the charity’s exposure to the major risks.
Objectives, Activities & Achievements
Objectives
The charity’s objectives are defined as follows in Article 4 of its Articles of Association:
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1) To advance the education of the public in the history and heritage of Tavistock and the surrounding area, in particular in the history and heritage of mining and its effect on people’s lives, by the provision of exhibitions and creating opportunities for people to learn about the history and heritage of the area.
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2) For the benefit of the public, the preservation, restoration, maintenance, repair and improvement of Tavistock Guildhall Complex situated in Tavistock, a Grade II listed building.
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
Activities & achievements for the period
The charity’s activities during this period have been significantly curtailed by the COVID-19 pandemic, with in-person events being impossible for much of the year. Similarly, the Tavistock Visitor Information Centre (VIC), which is run by the charity, was forced to close for many months.
The Tavistock Guildhall Project (which is the charity’s key project, and the focus of one of our two charitable objectives) continued during the year, following the commencement of building work in the previous reporting period. Progress was, however, inevitably slow due to social distancing and supply shortages. The work is now expected to complete (and the Guildhall is expected to open to the public) in the next reporting period. Besides the construction work, significant progress was made in preparing for opening the building to the public, including volunteer recruitment and designing the necessary operational policies and procedures.
Other activities and achievements during the period include:
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An Historic England-funded project regarding the life of Sir Francis Drake, perhaps the most famous historical figure connected with the town. The project included the creation of teaching materials for use in local schools, and also an interpretation panel to be erected near the statue of Drake on Plymouth Road.
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The charity’s volunteer research group continued to work on a variety of group and individual research projects. Their work has contributed substantially to the interpretation panels which will be displayed in the new Guildhall Centre.
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The charity has begun exploring options for the preservation of a Tudor wall painting (showing a warship) discovered in an historic building in the town.
Financial Review and Reserves Policy
Financial Review
The accounts differentiate between unrestricted funds (which are available for the main objects of the charity) and restricted funds, which are only available for the purposes specified by the donor. The charity’s funds and the amounts received and expended are reported and analysed in the financial statements below.
As at 31 March 2021, the unrestricted, undesignated funds not committed or invested in fixed, tangible assets (the ‘free reserves’) held by the charity amounted to £28,395 ( 2020: £15,342 ). A further £2,028 of unrestricted funds were held in designated funds, having been allocated for particular purposes by the charity of its own discretion ( 2020: £2,035 ).
Reserves Policy
The trustees have examined the requirements for reserves in light of the main risks to the charity, and the risks which the trustees consider will develop as the charity’s activities develop over coming years.
The trustees expect that a larger reserve may be necessary when the charity becomes responsible for the day-to-day operation of the new Guildhall Gateway Centre. The trustees will review the amount advisable once the annual operating costs of the Guildhall Gateway Centre, together with the financial risk profile of the charity's income and other operating costs, are better understood.
Trustees’ Responsibilities Statement
Each trustee is also a director of the company for purposes of company law. None of the trustees have received any remuneration and none have any beneficial interest in the company or its assets.
In their capacity as directors of the company, the trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with the applicable law and accounting standards. The trustees have a duty to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the company and of its income and expenditure for that year.
In preparing those statements, the trustees are required to:
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates which are reasonable and prudent; and
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the company and hence for taking all reasonable steps for the prevention of fraud and other irregularities.
The trustees confirm that the financial statements comply with statutory requirements, the Articles of Association and the Charities SORP.
This report was approved by the trustees and signed on their behalf by
GERI PARLBY
Chair
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
Independent examiner's report to the trustees of Tavistock Heritage Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity (and 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 charity 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 the charity's accounts 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 Charities Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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. Signed: Date: Dec 28, 2021 Andrew Wing Andrew Wing (Dec 28, 2021 20:33 GMT)
Andrew Wing FCA
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
Notes INCOMING RESOURCES: |
Unrestricted funds Restricted funds Total funds 2021 2021 2021 £ £ £ |
Total funds |
|---|---|---|
| 2020 | ||
| £ | ||
| Donations andgrants | 11,943 20,996 32,939 |
17,928 |
| Charitable activities | 2,651 - 2,651 |
9,480 |
| Tradingactivities | 2,798 - 2,798 |
6,289 |
| Investment income | 62 - 62 |
474 |
| Other fundraising | 98 - 98 |
165 |
| TOTAL INCOME RESOURCES USED: |
17,553 20,996 38,549 |
34,336 |
| Governance | 581 - 581 |
828 |
| Charitable activities | 849 15,542 16,391 |
14,552 |
| Support costs | 172 - 796 |
796 |
| VIC operatingcosts | 2,553 297 2,850 |
7,218 |
| Miscellaneous costs | - - 83 |
83 |
| TOTAL EXPENDITURE NET INCOME BEFORE TRANSFERS |
4,155 15,839 19,994 |
23,476 |
| 13,398 5,157 18,555 |
10,860 | |
| Transfers between Funds | (357) 357 - |
- |
| NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES |
13,041 5,514 18,555 |
10,860 |
| ExtraordinaryItems 2 |
- - - |
(189) |
| NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: |
13,041 5,514 18,555 |
10,671 |
| Total funds brought forward | 17,382 84,888 102,270 |
91,599 |
| TOTAL FUNDS CARRIED FORWARD | 30,423 90,402 120,825 |
102,270 |
The notes on pages 15 to 18 form part of these financial statements.
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
ANALYSIS OF INCOME AND EXPENDITURE
FOR THE YEAR ENDED 31 MARCH 2021
INCOME
| INCOME | |
|---|---|
| Notes Donations andgrants |
Unrestricted Restricted Total Total Funds 2020 £ £ £ £ |
| Donations 3 |
609 - 609 1,670 |
| Grants 4 |
11,334 20,996 32,330 16,258 |
| Charitable activities | |
| Projects | 2,000 - 2,000 3,180 |
| Lectures | 453 - 453 2,504 |
| Guided Heritage Walks | - - - 1,165 |
| Special Events | - - - 1,973 |
| Other Events | 198 - 198 658 |
| Trading activities | |
| Advertising | - - - 1,050 |
| Friends of the VIC Memberships | - - - 20 |
| Retail Sales | 2,241 - 2,241 5,217 |
| Online Retail Sales | 558 - 558 - |
| PrintingIncome | - - - 3 |
| Investments Income Other Fundraising Total income |
62 - 62 474 98 - 98 165 |
| 17,553 20,996 38,549 34,336 |
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
ANALYSIS OF INCOME AND EXPENDITURE
FOR THE YEAR ENDED 31 MARCH 2021
EXPENDITURE
| Notes Governance |
Unrestricted Restricted Total Total Funds 2020 £ £ £ £ |
|---|---|
| Accountancy | 101 - 101 122 |
| Legal Advice | - - - 292 |
| Insurance | 480 - 480 414 |
| Cost of Charitable Activities | |
| Consultants | - - - - |
| Fundraising, Event & Project Expenses | 540 3,329 3,869 3,902 |
| Staff Salaries and Benefits | - 12,013 12,013 9,618 |
| Staff & Volunteer Expenses | 309 200 509 1,032 |
| Support Costs | |
| Publicity | - - - 493 |
| Subscriptions | 60 - 60 35 |
| ICT and website | 112 - 112 268 |
| VIC operating costs | |
| Electricity | 309 61 370 569 |
| Telecommunications | 291 26 318 335 |
| Water | 130 - 130 144 |
| Pettycash | - - - 220 |
| Stationery | - - - - |
| Stockpurchases | 1,893 - 1,893 4,196 |
| Add opening stock | 3,125 - 3125 832 |
| Less closing stock | (3,545) - (3,545) (3,125) |
| Sale or return stockpurchases | 149 - 149 988 |
| Postage costs | 63 - 63 - |
| Printingcosts | - - - 135 |
| Fitout and equipment | 109 210 319 2,890 |
| Sundries | 29 29 35 |
| Miscellaneous Costs | |
| Stationery | - - - - |
| Investments | - - - - |
| Less value of investmentpurchased | - - - - |
| Other miscellaneous costs | - - - 83 |
| Total expenditure | |
| 4,155 15,839 19,994 16,854 |
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
FUND MOVEMENT SUMMARY
FOR THE YEAR ENDED 31 MARCH 2021
| FUND Notes Unrestricted Funds |
Fund balances brought forward Incoming Resources Outgoing Resources Net Transfers Fund balances carried forward £ £ £ £ £ |
|---|---|
| General Fund 5 |
15,347 17,170 (3,765) (357) 28,395 |
| Designated Learning Fund 5 |
2,035 383 (390) 0 2,028 |
| TOTAL UNRESTRICTED FUNDS Restricted Funds |
17,382 17,553 (4,155) (357) 30,423 |
| Lions Club of Tavistock Grant 6 |
500 0 0 0 500 |
| Peninsula Quarry Industry Social History Trust Grant 6 |
2,836 0 0 0 2,836 |
| Visitor Information Centre Grants 6 |
87 0 (87) 0 0 |
| Guildhall Gateway Project – Charitable Trust Grants 6 |
80,000 10,000 (12,013) 0 77,987 |
| Guildhall Gateway Project – TTC/NLHF Grants 6 |
0 596 (953) 357 0 |
| Tavistock Town Council Grant for Visitor Information Centre 6 |
493 0 (210) 0 283 |
| Teignbridge CVS Grant for disabled walks 6 |
100 0 0 0 100 |
| Donations from Sponsored Walk for New VIC Fitout 6 |
872 0 0 0 872 |
| Tavistock Local History Society grant for tapestry frame 6 |
0 200 0 0 200 |
| Historic England grant for Sir Francis Drake project 6 |
0 10,000 (2,576) 0 7,424 |
| Restricted grant for new Tavistock Guildhall website 6 |
0 200 0 0 200 |
| TOTAL RESTRICTED FUNDS TOTAL FUNDS |
84,888 20,996 (15,839) 357 90,402 |
| 102,270 38,549 (19,994) 0 120,825 |
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
| As at 1st April 2020 | Unrestricted Restricted £ £ 14,950 84,954 |
|---|---|
| Net Income | 13,413 5,157 |
| (Increase)/Decrease in Stock | (420) - |
| (Increase)/Decrease in Investments | - - |
| (Increase)/Decrease in Debtors | 61 - |
| Increase/(Decrease)in Creditors | (361) (374) |
| Net fund transfers | (357) 357 |
| Extraordinarylosses | - - |
| As at 31st March 2021 **Represented by: ** |
|
| 27,271 90,842 |
|
| Cash in current account | 25,975 75,842 |
| Cash in PayPal account | 24 - |
| Cash in hand | 1,273 - |
| Cash on deposit | - 15,000 |
| 27,271 90,842 |
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
BALANCE SHEET AS AT 31 MARCH 2021
| Notes Fixed assets |
2021 £ |
2020 |
|---|---|---|
| £ | ||
| Investments 7 |
1 | 1 |
| Tangible assets | - | - |
| Current assets | 1 | 1 |
| Debtors 8 |
5 | 66 |
| Stock | 3,545 | 3,125 |
| Cash at bank and in hand | 118,113 | 99,904 |
| Liabilities | 121,664 | 103,905 |
| Creditors: amounts fallingdue within oneyear 9 |
840 | 826 |
Net current assets Total assets less liabilities Represented by: |
120,824 120,825 |
|
| 102,269 | ||
| 102,270 | ||
| Unrestricted funds 5 |
30,423 | 17,382 |
| Restricted funds 6 |
90,402 | 84,888 |
| Funds of Tavistock Heritage Trust | 120,825 | 102,270 |
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
BALANCE SHEET (continued) AS AT 31 MARCH 2021
The charity's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The trustees consider that the charity Is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
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_____ _______
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GERI PARLBY Chair
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TOM GRAHAM
Company Secretary
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Simon Hirst (Dec 28, 2021 13:04 GMT) _________
SIMON HIRST Treasurer
The notes on pages 15 to 18 form part of these financial statements.
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING ·POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the 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), as well as with FRS 102 itself, the Charities Act 2011 and the Companies Act 2006.
Tavistock Heritage 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.
1.2 Company status
The charity is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
1.3 Fund Accounting
The General Fund contains unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated Funds are unrestricted funds which the trustees have chosen at their own discretion to set aside for a specific purpose or purposes. Unlike Restricted Funds, there is no obligation on the Trust to spend Designated Funds on their specified purpose(s), and they may be returned to the General Fund if the trustees consider it prudent and appropriate in the course of advancing the Trust’s objectives. The aims of each Designated Fund are set out in note 5 to these financial statements.
Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aims of each Restricted Fund are set out in note 6 to these financial statements.
1.4 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income is classified as per the recommendations of the applicable SORP.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time it is paid to the charity by HMRC or covenantor.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified as per the recommendations of the applicable SORP.
All expenditure is inclusive of irrecoverable VAT.
1.6 Going Concern
The trustees are satisfied that the charity is able to continue for the foreseeable future and that the accounts are therefore appropriate to have been prepared on a going concern basis.
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
1.7 Interest Receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably. This is normally when a statement is received from or interest paid by the Bank.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a maturity of three months or less.
2. EXTRAORDINARY ITEMS
There were no extraordinary items in the reporting period ( 2019-2020 – extraordinary losses of £189 )
3. DONATIONS
| 2021 £ |
2020 | ||
|---|---|---|---|
| £ | |||
| Restricted Donations from specific campaigns | - | 872 | |
| Sales of donated items | 315 | - | |
| General donations from public | 43 | 324 | |
| Other donations and gift aid claimed | 252 | 474 | |
| 609 | 1,670 |
4. GRANTS
During the reporting period, the charity received unrestricted grants totalling £11,334 from West Devon Borough Council as part of the national scheme of support for retail, hospitality and leisure businesses during the COVID-19 pandemic. The charity qualified for these grants on account of its role operating the Tavistock Visitor Information Centre.
The restricted grants received during the reporting period are discussed at note 6.
5. UNRESTRICTED FUNDS
During the reporting period, the charity maintained one designated unrestricted fund. The remainder of the Trust’s unrestricted funds are contained in the General Fund.
Designated Learning Fund
This Fund has been established to provide a ringfenced reserve to support future expenditure on learning activities such as lectures and courses.
6. RESTRICTED FUNDS
In the reporting period, the charity maintained eleven restricted funds, three of which were opened during the year. A summary of the movements in these funds is included in the accounts above at page 11.
Lions Club of Tavistock Grant
£500 was received from the Lions Club of Tavistock in 2017 for the purchase of pull-up banners and/or donations boxes. There has been no expenditure from this Fund.
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
Peninsula Quarry Industry Social History Trust (PQISHT) Grant
£2,835.95 was received from PQISHT in July 2018 towards a project to analyse the granite used in Tavistock’s buildings and/or to fund publications. There has been no expenditure from this Fund.
Visitor Information Centre Grants
This Fund relates to grants received to support the operation of the Tavistock Visitor Information Centre and had a balance of £87 at the start of the reporting period. No additional income was received during the period while £87 was expended, leaving the fund with a nil balance at the end of the period. The charity will retain the fund going forward due to the likelihood of receiving additional grants which are restricted to funding the operation of the Visitor Information Centre.
Guildhall Gateway Project – Charitable Trust Grants
This Fund relates to large grants from charitable trusts towards the Guildhall Gateway Project and had a balance of £80,000 at the start of the period. A further grant of £10,000 was received from the Hobson Charity during the year, while £12,013 was expended on the costs of employing the Guildhall Centre Manager.
Guildhall Gateway Project – TTC/NLHF Grants
This Fund relates to monies received from Tavistock Town Council (TTC) and the National Lottery Heritage Fund (NLHF), the main funders of the Guildhall Gateway Project. Much of the Trust’s expenditure on the Guildhall Gateway Project is recoverable from TTC and the NLHF (who are invoiced via TTC) – any funds released to the Trust are restricted to the Approved Purposes of the Guildhall Gateway Project, as authorised by the project manager.
During this reporting period, the charity received £596 from TTC/the NLHF, and incurred authorised qualifying expenditure of £953. At the start of the reporting period, a loan of £220 had been made to this fund from the Trust’s unrestricted General Fund – by the end of the period, this loan had increased to £577, a net transfer of £357 from the General Fund to this Fund. This sum will be recovered from TTC/the NLHF in due course, but had not been formally invoiced at the end of the reporting period.
Tavistock Town Council Grant for Visitor Information Centre
The Trust received a grant of £3,000 from Tavistock Town Council in May 2019 which is restricted to the purchase of retail equipment for the Visitor Information Centre and to related training for volunteers. A balance of £493 remained in this Fund at the beginning of the period, with £210 expended during the year.
Teignbridge CVS Grant for disabled walks
£100 was received from Teignbridge CVS in April 2019, which is restricted to expenditure on designing and delivering town walks for people with disabilities. There has been no expenditure from this Fund.
Donations from Sponsored Walk for fitout of the new Visitor Information Centre
£872 was raised by the charity’s volunteers in September 2019, which is restricted to expenditure on the fitout of the new Visitor Information Centre in the Tavistock Guildhall. There has been no expenditure from this Fund.
Tavistock Local History Society Grant for Tapestry Frame
£200 was received from Tavistock Local History Society in August 2020, which is restricted to expenditure on a frame for a tapestry to be hung in the Tavistock Guildhall. There has been no expenditure from this Fund.
Historic England Grant for Sir Francis Drake Project
£10,000 was received from Historic England during the reporting period as funding for a project to create interpretation and educational materials relating to Sir Francis Drake and his statue in Tavistock. Expenditure totalling £2,576 was incurred during the year.
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Tavistock Heritage Trust – Annual Report and Unaudited Financial Statements for the year ended 31 March 2021
Grant from private donor for Tavistock Guildhall website
A grant of £200 was received from a private donor which is restricted to expenditure on a new website to be produced for the Tavistock Guildhall. There has been no expenditure from this Fund.
7. INVESTMENT
Tavistock Heritage Trust holds one £1 share in Tavistock Heritage Trading Limited (company number: 11480495) which represents 100% of the issued share capital of that company.
Tavistock Heritage Trading Limited has not traded and is currently dormant. In the future, it may be used as a trading subsidiary for Tavistock Heritage Trust, should such a subsidiary be needed to comply with charities law or for the purposes of structuring the Trust’s tax position.
8. DEBTORS
| 2021 £ |
2020 | ||
|---|---|---|---|
| £ | |||
| Trade debtors | 5 | ||
| Interest Receivable | - | 29 | |
| Prepayments and accrued income | - | 37 | |
| 5 | 66 |
9. CREDITORS: Amounts falling due within one year
| 2021 £ |
2020 | ||
|---|---|---|---|
| £ | |||
| Trade Creditors | 381 | 807 | |
| Taxation and Social Security | 440 | - | |
| Accruals and deferred income | 19 | 19 | |
| 840 | 826 |
18