2023-12-31-accounts

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Offa's Dyke Assocation Report & Unaudited Financial Statements

31st December 2023

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Contents

For the year ended 31st December 2023

Reference & Administrative Details Page 3 Report of the Trustees Pages 4 - 9 Independent Examiner’s Report Pages 10 - 11 Statement of Financial Activities Page 12 Balance Sheet Page 13 Notes to the Financial Statements Pages 14 - 22

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Reference and Administrative Details

For the year ended 31st December 2023

Charity 1203068 Number

Registered	Offa’s Dyke Centre
Office	West Street
	Knighton
	Powys LD7 1EN
Trustees	The Trustees who served during
	the year and up to the date of this
	report were as follows:
	David McGlade	Appointed 23.04.23
	Bruce Cutts	Appointed 23.04.23
	Simon Rixon	Appointed 23.04.23
	Daniel Hall	Appointed 23.04.23
	Thomas Banks	Appointed 23.04.23
	Shirley McGlade	Appointed 01.07.23
	Ian Mackey	Appointed 01.07.23
	Alan Davies	Appointed 01.07.23
	Melanie Roxby-Mackey	Appointed 01.07.23
Independent	Cymryd Rhan
Examiner	Davina Hutchinson ACMA FCIE
	Balcony Office First Floor
	Town Hall
	Great Oak Street
	Llanidloes
	Powys SY18 6BN

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Report of the Trustees

For the year ended 31st December 2023

The Trustees present their annual report together with the Financial Statements of the charity for the year ended 31st December 2023.

The Reference and Administrative Details above form part of this report. The Financial Statements comply with current statutory requirements, the Constitution and the Statement of Recommended Practice – Accounting and Report by Charities (effective from January 2019).

The Charity is a CIO (Charitable Incorporated Organisation) that was set up in May 2023.

Objectives and Activities

The purpose of the charity is to promote the conservation of Offa’s Dyke and the general public’s understanding and enjoyment of it. It’s main activities include:

• The provision of a free-to-enter visitor centre with Offa’s Dyke interpretive displays;

• A reference library;

• Public outreach and education;

• Active membership of the Offa’s Dyke Conservation Partnership Steering Group;

• Ownership and management of its own conservation fun and Offa’s Dyke Path walkers passport scheme.

The trustees fully understand their responsibility to deliver the ODA’s charitable object for public benefit, and nothing else.

Modest grants are considered from the ODA’s conservation fund for projects that support the long-term conservation of Offa’s Dyke.

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Sales of walkers’ passports support the conservation fund and trustees may at their discretion transfer funds from the general reserve into the conservation fund.

The Offa’s Dyke Centre could not function without the vitally important contribution of volunteers .

Achievements and Performance

The ODA is in a unique position. It is the only organisation in England and Wales with a brief for the full length of Offa’s Dyke in both countries. It can take a long-term view and independently promote view points and messages that further the conservation and sustainable use of the monument. The Offa’s Dyke Centre’s interpretive displays will from time-to-time be refreshed to reflect current research and ideas.

2023 was a year of momentous change with the creation of the new CIO which replaced the old unincorporated charity. This required a significant effort including consultations with members prior to the AGM in July when members approved the transfer of assets from the old charity to the new. Throughout this time the Offa’s Dyke Centre managed to open for its summer season; two schools visited the Centre for bespoke lessons; the Centre hosted several Conservation Project meetings and the ODA awarded a conservation fund grant to Gloucestershire County Council towards the cost of a pilot vegetation management project. Trustees believe these achievements to be reasonable considering the effort required to achieve CIO status.

The charity as a whole managed to achieved a surplus. However while it is accepted that the running of the Offa’s Dyke Centre will always require a subsidy from the wider charity it is important to allocate any surplus and reserves across the full range of charitable objectives.

The CIO exercise exposed the fact that charity reserves were not invested to their full potential. That situation was resolved and by

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

year end three new bank accounts held a total of £235,000 in FSCS protected bonds.

Financial Review

The reserves policy in 2023: ‘To build up and maintain sufficient reserves to fulfil its charitable objectives’.

At year end the total unrestricted reserves were £332,505 (£49,430 of which have been designated.

No uncertainties related to the charity’s ability to continue as a going concern have been identified at present. Potential uncertainty would arise through a significant long-term reduction in membership income, donations, Gift Aid, investment and retail income.

In 2023 the ODA started the year without a robust investment policy. Funds were not invested to their maximum potential but the CIO exercise prompted a rethink and by year end the CIO’s reserves were invested so as to generate income to help deliver our charitable object (3 x bonds and sale of CCLA managed investment units). The forthcoming appointment of the Development Officer, also the ODA’s growing stature and involvement with the Offa’s Dyke Conservation Project and the need to allocate funds towards the delivery of all of our charitable objects, beyond that of the Offa’s Dyke Centre, means that our reserves must be invested to their full potential.

No principal risks have been identified at present. Potential principal risks include the cost of running the Offa’s Dyke Centre becoming unsustainable; and a significant drop in income from memberships, donations, advertising and investment income.

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Structure, Governance and Management

The charity takes the form of a CIO (Charitable Incorporated Organisation). To be selected to the Board, Trustees are required to offer the relevant skills and experience. The contents of the Charity Commission Guidance “The Essential Trustee – What You Need To Know, What You Need To Do” is explained to all new trustees. All new trustees complete and sign the Charity Commission Trustee Eligibility Declaration Form. Periodic advice updates from the Charity Commission are circulated to all trustees.

The ODA’s organisational structure could be described as a flat pyramid. The executive decision making body is the Board of Trustees. Day-to-day decisions, mostly concerning the operation of the Offa’s Dyke Centre, are made by the Chairman David McGlade who lives local to the Centre. He also represents the ODA on the Offa’s Dyke Conservation Project steering group. In between Board meetings he regularly circulates updates and proposals to trustees and, where specific advice is required, he liaises with them individually.

Statement of Responsibilities of the Trustees

The Trustees are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

The law applicable to charities in England & Wales 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 charity and the incoming resources and application of resources, including

the net income or expenditure, of the charity for the year. 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 Charities SORP;

• Make judgements and accounting estimates that are reasonable and prudent;

• State whether applicable accounting standards and Statements of Recommended Practice have been followed, subject to any material departures disclosed and explained in the Financial Statements; and

• Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the Financial Statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. The Trustees 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the

preparation and dissemination of financial statements may differ from legislation in other jurisdictions

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Members of the charity are not required to contribute to the assets of the charity in the event of winding up. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Approved by the Trustees on and signed on their behalf by:

Dave (Oct 10, 2024 11:44 GMT+1)

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Independent Examiner’s Report to the Trustees of Offa's Dyke Assocation

For the year ended 31st December 2023

I report to the Trustees on my examination of the accounts of Offa's Dyke Assocation (the CIO) for the year ended 31st December 2023, which are set out on pages 12 to 22.

Respective Responsibilities of Trustees and Examiner

As the Trustees of the Charity 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 Charity’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 Charity as required by section 130 of the Act; or

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

3. The accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

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.

D E Hutchinson

Date: 10[th] October 2024

Davina Hutchinson ACMA FCIE

For and on behalf of:

Cymryd Rhan

Balcony Office First Floor

Town Hall

Great Oak Street

Llanidloes

Powys SY18 6BN

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Statement of Financial Activities

For the year ended 31st December 2023

	Restricted	Unrestricted	2023 Total	2022 Total
	£	£	£	£
Income from
Grants & donations2	339	2,225	2,564	-
Charitable activities3	-	7,667	7,667	-
Trading activities	-	27,936	27,936	-
Investments	-	10,266	10,266	-
	__	__	__	__
Total income	339	48,094	48,433	-
	__	__	__	__
Expenditure on
Charitable activities	-	17,573	17,573	-
Trading activities	-	15,098	15,098	-
Governance costs	-	1,452	1,452	-
	__	__	__	__
Total expenditure4	-	34,123	34,123	-
	__	__	__	__
Net income/(expenditure)	339	13,971	14,310	-
	__	__	__	__
Transfers between funds	-	-	-	-
	__	__	__	__
**Net movement in funds5 **	339	13,971	14,310	-
Reconciliation of funds
Transferred from Offa’s
Dyke Association charity no.
503821	97,575	318,534	416,109	-
	__	__	__	__
Total funds carried forward	97,914	332,505	430,419	-
	========	========	========	========

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Statement of Assets and Liabilities

For the year ended 31st December 2023

	2023	2022
	£	£
Fixed Assets
Tangible assets8	280	-
	__	__
Current Assets
Stock	4,543	-
Debtors9	-	-
Cash at bank and in hand	425,596	-
	__	__
	430,139
		-
Liabilities
Creditors: amounts falling due within 1 year10	-	-
	__	__
Net Current Assets	430,139	-
	__	__
Net Assets11	430,419	-
	========	========
Funds12
Restricted funds	97,914	-
Unrestricted funds:
Designated funds	49,430	-
General funds	283,075	-
	__	__
Total Charity Funds	430,419	-
	========	========
Approved by the Trustees on	and signed on their	behalf by:

Dave (Oct 10, 2024 11:44 GMT+1)

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Notes to the Financial Statements

For the year ended 31st December 2023

1 Accounting Policies

• a Basis of preparation

• The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable in charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

• Offa's Dyke Assocation 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 note.

b Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity’s ability to continue as a going concern.

• c Income

• Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether “capital” grants or “revenue” grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income from commissions, or fees, is recognised when earned and is deferred when received in advance.

d Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services and facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

• e

Interest receivable

• Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

• f Funds accounting

• Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

• g

Expenditure and irrecoverable VAT

• 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. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h Allocation of support and governance costs

• Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. These costs have been allocated between expenditure on charitable activities and trading activities based on the following:

• Staff costs have been split 40% charitable activities & 60% trading activities

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

Support costs have been split 85% charitable activities & 15% trading activities

i Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

(Transferred asset) Long leasehold 2% reducing balance ceasing in year ended 31[st] December 2008 when fully impaired

(Transferred asset) Fixtures and fittings 34% reducing balance ceasing in year ended 31[st] December 2010 when NBV reached £280.

j Debtors

• Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

• k Cash at bank and in hand

• Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

• l Creditors

• Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m Financial instruments

• The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

n Accounting estimates and key judgements

• In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from the other sources. The estimates and underlying assumptions are

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates are underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note i. above.

2 Income from Grants and Donations

	Restricted	Restricted	Unrestricted	Unrestricted	2023	2022
		£		£	£	£
						-
Donations		-		1,478	1,478	-
Kay Trust		339		-	339	-
Just Giving Fund		-		53	53	-
Gift Aid		-		194	194	-
Mid Counties		-		500	500	-
	__		__		_	_
Total grants & donations		339		2,225	2,564	-
	========		========		=======	=======
3 Income from Charitable	Activities
	Restricted	Unrestricted		2023 Total		2022 Total
	£		£		£	£
ODP Passport	-		1,049		1,049	-
Subscriptions	-		6,618		6,618	-
	__		__	__		__
Total income from charitable
activities	-		7,667		7,667	-
	========		========	========		========

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

4 Total Expenditure

	Charitable	Trading	Support	Total	Total
	Activities	Activities	Costs	2023	2022
	£	£	£	£	£
Purchases	-	6,385	-	6,385	-
Salaries	-	-	11,061	11,061	-
Rent	-	-	3,469	3,469	-
Rates & water	-	-	198	198	-
Insurance	-	-	848	848	-
Light & heat	-	-	1,854	1,854	-
Repairs	-	-	1,296	1,296	-
ODP Passport	7	-	-	7	-
Telephone	-	-	370	370	-
Post & stationery	-	-	688	688	-
Fire & security	-	-	54	54	-
Cleaning	-	-	659	659	-
Subscriptions	-	-	133	133	-
Membership & printing	-	-	792	792	-
Accountancy & payroll	-	-	1,392	1,392	-
Website	-	-	390	390	-
Offa’s Dyke	1,372	-	-	1,372	-
IT	-	-	315	315	-
Bank charges	-	-	1,389	1,389
	__	__	__	__	__
Total expenditure	1,379	6,385	24,907	32,672	-
	========	========	========	========	========
Support costs allocation	16,194	8,713	(24,907)
	------------	------------	------------
Per SOFA	17,573	15,098	-
	========	========	========

5 Net Movement in Funds - this is stated after charging:

	2023	2022
	£	£
Depreciation	-	-
Loss on disposal of fixed assets	-	-
Operating lease payments	-	-
Trustees’ remuneration	-	-
Trustees’ reimbursed expenses	923	-
Independent examiner’s remuneration	529	-
	========	========

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

6 Staff Costs and Numbers – staff costs were as follows:

	2023	2022
	£	£
Salaries and wages	11,061	-
Social security costs	-	-
Pension costs	-	-
	__	__
	11,061	-
	========	========
No employee earned more than £60,000 during the year.
	2023	2022
	£	£
Average head count (all staff are part-time)	3	-
	========	========
7 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

8 Tangible Fixed Assets transferred from Offa’s Dyke Association (503821)

	Fixtures &
	Fittings	Total
	£	£
Cost
At 1stJanuary 2023	3,796	3,796
Additions in year	-	-
Disposals in year	-	-
	__	__
	3,796	3,796
	__	__
Depreciation
At 1stJanuary 2023	3,516	3,516
Charge for year	-	-
On disposals	-	-
	__	__
Net Book Value
At 31st December 2023	280	280
	========	========
Transfer value	280	280
	========	========
9 Debtors
	2023	2022
	£	£
Trade debtors	-	-
	__	__
	-	-
	========	========

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

10 Creditors: amounts due within 1 year

			2023	2022
			£	£
Trade creditors			-	-
Accruals			-	-
			__	__
			-	-
			========	========
1 Analysis of Net Assets Between Funds
	Restricted	Designated	General	Total
Current Year	Funds	Funds	Funds	2023
	£	£	£	£
Tangible fixed assets-	-	-	280	280
Current assets	97,914	49,930	282,295	-
Current liabilities	-	-	-	-
	__	__	__	__
Net assets 31 Dec 2023	97,914	49,930	282,575	430,419
	========	========	========	========
	Restricted	Designated	General	Total
Prior Year	Funds	Funds	Funds	2023
	£	£	£	£
Tangible fixed assets	-	-	-	-
Current assets	-	-	-	-
Current liabilities	-	-	-	-
	____	____	____	____
Net assets 1 Jan 2023	-	-	-	-
	========	========	========	========

11 Analysis of Net Assets Between Funds

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Charity number: 1203068

Offa’s Dyke Association Report & Unaudited Financial Statements 31[st] December 2023

12 Movement in Funds

2 Movement in	Funds
Current Year	Transferred			Transfer	At 31 Dec
	Funds	Income	Expenditure	funds	2023
	£	£	£	£	£
Restricted Funds
Ernie Kay Legacy	97,225	339	-	-	97,564
Bench Legacy	350	-	-	-	350
	------------	------------	------------	------------	------------
Total Restricted Funds	97,575	339	-	-	97,914
	__	__	__	__	__
Unrestricted Funds
Designated Funds
Conservation Fund	7,730	53	(1,372)	3,019	9,430
Contingency Fund	40,000	-	-	-	40,000
	__	__	__	__	__
Total Designated Funds	47,730	53	(1,372)	3,019	49,430
	__	__	__	__	__
General Funds	270,804	48,041	(32,751)	(3,019)	283,075
	__	__	__	__	__
Total Unrestricted Funds	318,534	48,094	(34,123)	-	332,505
	__	__	__	__	__
Total Funds	416,109	48,433	(34,123)	-	430,419
	========	========	========	========	========

13. Operating Lease Commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

2023 2022 £ Amount falling due: - Within 1 year In more than 1 year

14. Related Party Transactions

There were no related party transactions in the current or prior period

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Charity number: 1203068