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2021-03-31-accounts

Company registration number: 1120119 Charity registration number: 266088

Devon Historic Buildings Trust

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2021

Redwoods Independent examiner 2 Clyst Works Clyst Road Topsham Exeter EX3 0DB

Devon Historic Buildings Trust

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 8
Independent Examiner's Report 9
Statement of Financial Activities 10 to 11
Balance Sheet 12
Notes to the Financial Statements 13 to 26

Devon Historic Buildings Trust

Reference and Administrative Details

Trustees Mr M Kingscote - Chairman
Mr D R George - Vice chairman
Mrs S Spackman
Mr C J Curry
Mr J Lomas
Mr G Wickham
Sir S J Day (DCC)
Mr P D Smith
Mrs A V Davis (DCC)
Secretary Mrs D Parnall
Principal Office 2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB
The charity is incorporated in England.
Company Registration Number 1120119
Charity Registration Number 266088
Bankers National Westminster Bank plc
59 High Street
Exeter
Devon
EX4 3DL
Lloyds Bank
234 High Street
Exeter
EX4 3NL
Independent Examiner Redwoods
Independent examiner
2 Clyst Works
Clyst Road
Topsham
Exeter
EX3 0DB

Page 1

Devon Historic Buildings Trust

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report which includes the Directors report, together with the financial statements of the charitable company for the year ended 31 March 2021.

Objectives and activities

Objects and aims

Despite the problems that have arisen through the ongoing Covid-19 pandemic, DHBT’s object and its principle activity continues to be to preserve for the benefit of the people of Devon and of the nation at large the historical, architectural and constructional heritage within the County in the form of buildings of particular beauty or historical, architectural, or constructional interest, or ancient monuments.

The Trustees have considered the Charity Commission’s guidance and the strategies used by the Trustees for achieving these objectives are as follows:

Devon Historic Buildings Trust offers an irreplaceable service to local government which has the duty of preventing landmark buildings from falling into disrepair or being the subject of unsuitable development. In such cases the authority may turn to the Trust for informed help and advice or if all else fails, to devise a solution. This valuable resource enjoys a high level of support.

The trustees meet as a Council of Management/Board regularly and give their time and advice freely to DHBT. Trustees play an active role through working sub-committees within the Trust; the Haldon Belvedere Steering Group, the Project Review Committee and the DHBT Conservation Awards Scheme.

The Trust currently maintains the Haldon Belvedere (Lawrence Castle) the historic folly outside Exeter and to enable the preservation of this iconic property, the trust offers the premises for wedding ceremonies and rents the top floor penthouse for two people for serviced self-catering visitors.

Public benefit

When planning activities for the year the Trustees have considered the Charity Commission’s guidance on public benefit and in particular, the specific guidance on charities for the advancement of the arts, culture, heritage and science.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

Devon Historic Buildings Trust

Trustees' Report

Achievements and performance - Chairman's review

DHBT continues to work to rescue the buildings of Devon, specialising in premises that are landmarks, are listed or are important historic buildings or war memorials.

The Trust works by:

a. BUY AND SELL - DHBT is a revolving buildings trust that may buy, renovate and sell for a profit. All profits are then used for subsequent projects.

b. BUY/LEASE AND RETAIN - DHBT is able to lease a property, renovate it and retain it for the future. Any profits from business use or rent are used to maintain the property.

c. BUY AND PRESERVE - DHBT may buy and preserve a building until a sustainable long term solution is found. DHBT may sell the property to secure a new future within the local community.

d. ACT AS CATALYST OR BROKER - DHBT may pull together a team to save a building by taking out an option to purchase, to find a long term sustainable user and then restore or upgrade the property using available historic buildings grants.

e. ACT IN AN ADVISORY CAPACITY - DHBT may help organisations come together to form a body or trust to purchase or lease and thus rescue an historic building. Additionally DHBT is able to assist with the rescue of a building by way of sourcing viability studies, the preparation of conservation plans and funding streams.

The DHBT sub-committees play an important role within the trust and my thanks go to all the trustees for their continued interest, support and advice.

The trust continues to maintain an interest in two historic buildings; the Haldon Belvedere near Exeter and the former Methodist Chapel at Morwellham Quay near Tavistock.

Former Methodist Chapel, Morwellham

The Chapel continues to be an integral part of the Morwellham Quay visitor experience with the owners of the Quay taking on the responsibility of the day to day management of the Chapel. It plays an important part in ensuring that visitors have full understanding of the day to day life of this 19th century community.

Haldon Belvedere (Lawrence Castle)

The Belvedere is maintained and managed by DHBT on lease since 1994 from The Stringer Lawrence Memorial Trust who have owned the castle since 1994.

Debbie Parnall manages the Haldon Belvedere on behalf of the trustees while Nick Turner assists with maintenance of the building. Wedding & events coordinators Katie & Ann Marie host wedding ceremonies and our housekeeper Denise Berry looks after the apartment and castle.

DHBT currently looks after the castle and grounds with the main source of income the hosting of wedding ceremonies and the rental of the top floor self-catering apartment. During the current year the trustees have agreed to return the management of the Belvedere castle and grounds back to The Stringer Lawrence Memorial Trust.

Page 3

Devon Historic Buildings Trust

Trustees' Report

Since March 2020 and the devastation caused by the Covid-19 pandemic, the income for both the wedding business and the self-catering apartment have been severely curtailed. Due to Covid the trustees were unable to meet in person but held zoom, telephone, email and postal meetings covering the Council of Management, the AGM and the Haldon Belvedere Steering group.

During this period the trustees have kept a watching brief on various projects :

WWII RAF Exeter Spitfire Blast Pen at Exeter Airport Skypark by Andrea Davis, David George & Mark Kingscote Betsy Grimbals Tower & The Still House, Tavistock by Sue Spackman Old Vicarage, Weech Road, Dawlish by David George & Mark Kingscote Tavistock Bedford Cottages Warmer Scheme booklet by Peter D Smith

The trust is beholden to its trustees who give of their time freely to ensure that the trust achieves its aims and I would like to thank them for their continued time and support. DHBT trustees welcomed their new President - Charles Courtenay the Right Noble Earl of Devon and thanked outgoing President William Burkinshaw for his many years of service to DHBT.

Financial review

The statement of financial activities indicates a deficit of £32,459 (£52,695 deficit – 2020) after charging depreciation of £16,432 (£16,552 – 2020). The net current assets (working capital) of the Trust at the year end stood at £127,835 (£143,862 – 2020) all of which is held as unrestricted funds (all unrestricted – 2020).

The trustees have designated £85,185 (£106,185 – 2020) of these funds for identified future projects and restoration work, leaving a balance of £42,650 (£36,964 – 2020) available for as yet unspecified projects.

During the year the Haldon Belvedere weddings and lettings activities resulted in net income of £18,022 (£6,136 cost – 2020) before financial overheads and maintenance costs of the building and surrounding grounds, which the trustees have calculated to be £44,401 (£36,964 – 2020). This net income figure includes local authority grants received of £43,194 (£Nil – 2020).

Policy on reserves

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a sufficient level to cover any prospective project which the Trust may undertake at its discretion. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.

Note 21 sets out an analysis of the assets attributable to the various funds. These assets are sufficient to meet the charity’s obligations on a fund by fund basis.

Page 4

Devon Historic Buildings Trust

Trustees' Report

Plans for future periods

Activities planned to achieve aims

DHBT will continue with the current projects and will seek new projects.

As a result of the 2017 & 2019 Awards, DHBT will continue with the Building Conservation Awards Scheme in future to encourage good conservation practice with categories which will enable all size of works from small restorations through to major works to be considered on their merit.

Structure, governance and management

Nature of governing document

The charity is constituted as a company limited by guarantee, and is therefore governed by a Memorandum and Articles of Association.

Recruitment and appointment of trustees

New trustees are proposed by an existing member of the council in accordance with the Memorandum and Articles of Association, and are elected at the following Council of Management meeting.

Induction and training of trustees

New trustees are given a verbal induction and advised to consult the Charity Commission website for further information.

Arrangements for setting key management personnel remuneration

Mrs Debbie Parnall is the sole employee of the charity and is responsible for secretarial and adminstration tasks. Staff remuneration is determined by the board of trustees and is reviewed on a regular basis.

A defined contributions structure pension is in place and Debbie Parnall is enrolled in this scheme.

Page 5

Devon Historic Buildings Trust

Trustees' Report

Organisational structure

Two of the trustees are required to be nominated by Devon County Council.

The following trustees are appointees of Devon County Council:Mrs Andrea V Davis Sir Simon J Day

In accordance with the Articles of Association one-third of the trustees other than those nominated by Devon County Council, retired by rotation at the Annual General Meeting - Mark Kingscote, Chris Curry and Jonathan Lomas and all were re-elected.

The Company Secretary is Debbie Parnall.

The trustees meet on a regular basis to review possible new projects and to review ongoing projects. All major decisions regarding the charity are made by the trustees

One of the Trust’s main focus points is maintaining the Haldon Belvedere (Lawrence Castle) the historic folly outside Exeter. To enable the preservation of this iconic property, the trust offer the premises for wedding ceremonies and functions and hire the top floor penthouse for two people for serviced self-catering visitors.

Under the Memorandum and Articles of Association, the charity has the power to make any investments that the trustees see fit.

None of the trustees has any beneficial interest in the company.

Major risks and management of those risks

Risk management

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Financial instruments

Objectives and policies

The Charity's activities expose it to a number of financial risks including credit risk and cash flow risk.

Cash flow risk

The trustees manage the risk to cashflows by preparing and reviewing budgets on a regular basis and ensuring sufficient cash deposits are held to meet current spending commitments.

Credit risk

The Charity’s principal financial assets are bank balances and cash, trade and other receivables. The Charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The Charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Page 6

Devon Historic Buildings Trust

Trustees' Report

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Charity retains funds in short-term accessable investments and bank accounts. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Page 7

Devon Historic Buildings Trust

Trustees' Report

Statement of Responsibilities

The trustees (who are also the directors of Devon Historic Buildings Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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 charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The annual report was approved by the trustees of the charity on 9 December 2021 and signed on its behalf by:

......................................... Mr M Kingscote - Chairman Trustee

Page 8

Devon Historic Buildings Trust

Independent Examiner's Report to the trustees of Devon Historic Buildings Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 10 to 26.

Respective responsibilities of trustees and examiner

As the charity’s trustees of Devon Historic Buildings Trust (and also 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 Devon Historic Buildings Trust 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 your charity’s accounts as 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 Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of Devon Historic Buildings Trust as required by section 386 of the 2006 Act; or

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

  3. 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

  4. 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.

...................................... Keith Tuvey Independent examiner ACCA

2 Clyst Works Clyst Road Topsham Exeter EX3 0DB

9 December 2021

Page 9

Devon Historic Buildings Trust

Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations, legacies and grants
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
43,220
501
22,707
31
3,203
69,662
(92,280)
(9,841)
(102,121)
(32,459)
(32,459)
385,701
353,242		 Total
2021
£
43,220
501
22,707
31
3,203
69,662
(92,280)
(9,841)
(102,121)
(32,459)
(32,459)
385,701
353,242

The notes on pages 13 to 26 form an integral part of these financial statements. Page 10

Devon Historic Buildings Trust

Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations, legacies and grants
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
46
2,814
52,673
100
3,000
58,633
(95,773)
(15,555)
(111,328)
(52,695)
(52,695)
438,396
385,701		 Total
2020
£
46
2,814
52,673
100
3,000
58,633
(95,773)
(15,555)
(111,328)
(52,695)
(52,695)
438,396
385,701

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 22.

The notes on pages 13 to 26 form an integral part of these financial statements. Page 11

Devon Historic Buildings Trust

(Registration number: 1120119) Balance Sheet as at 31 March 2021

Note
Fixed assets
Tangible assets
16
Heritage assets
17
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
20
Creditors: Amounts falling due within one year
21
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
22		 2021
£
5,516
219,891
225,407
50
7,954
146,123
154,127
(26,292)
127,835
353,242
353,242
353,242		 2020
£
6,188
235,651
241,839
50
5,289
163,335
168,674
(24,812)
143,862
385,701
385,701
385,701

For the financial year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements on pages 10 to 26 were approved by the trustees, and authorised for issue on 9 December 2021 and signed on their behalf by:

......................................... ......................................... Mr M Kingscote - Chairman Mrs D Parnall Trustee Company Secretary

The notes on pages 13 to 26 form an integral part of these financial statements. Page 12

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

1 Charity status

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: 2 Clyst Works, Clyst Road Topsham Exeter EX3 0DB

These financial statements were authorised for issue by the trustees on 9 December 2021.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Devon Historic Buildings 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 notes.

The financial figures are presented in Pound Sterling, rounded to the nearest £1

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Income and endowments

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 the income receivable can be measured reliably.

Page 13

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Other trading activities

Income from hire of the Haldon Belvedere for weddings and events, hire of the apartment at the Haldon Belvedere and the sale of merchandise is recognised as earned (that is at the time the events have taken place and the related goods have been provided).

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Charitable activities

Income from charitable activities includes income recognised as earned (as the related goods and services are provided) under contract.

Other income

Gate receipts from visitors to the Haldon Belveder is recognised on a receivable basis.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Page 14

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Heritage assets

The trust currently owns the freehold to the Morwellham Chapel buildings and a short leasehold on the Haldon Belvedere, both of which are Listed buildings. These buildings are held in support of the trusts primary objective of the preservation of historical architecture. The freehold building is reported in the balance sheet at cost, which includes the initial nominal purchase cost of £1 plus the legal fees associated with the purchase. The short leasehold on the Haldon Belvedere is held at its value in use as the asset is used for activities in generating funds to contribute towards the buildings ongoing maintenance. The trustees have deemed the value in use to be equal to the original cost of the lease, plus the associated costs expended in the restoration of the building, depreciated over the terms of the lease.

Depreciation and amortisation

Leasehold land and buildings - From 1 April 1997, the trustees have depreciated the net cost over the remainder of the Haldon Belvedere lease which expires on 20 July 2034. The trustees consider that the depreciated carrying amount is equal to the value in use.

Freehold land and buildings - 50% of the cost of Morwellham Chapel has been estimated as relating to the building and on this figure depreciation is charged at 2% straight line.

Crockery, linen and utensils have been shown in the accounts at original cost. Expenditure in future years will be charged to the Statement of Financial Activities on a renewals basis.

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Page 15

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Asset class Depreciation method and rate Leasehold land and buildings straight line over the duration of the lease Freehold land and buildings nil / 2% straight line Plant and machinery 15% reducing balance

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 16

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Page 17

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Grants, including capital grants;
Government grants
4
Income from charitable activities
Haldon Belvedere Charitable
DHBT Awards
Morwellham Chapel
5
Income from other trading activities
Trading income;
Trading income generated from Haldon Belvedere
6
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
26
43,194
43,220
Unrestricted
General
£
-
-
501
501
Unrestricted
funds
General
£
22,707
22,707
Unrestricted
funds
General
£
31		 Total
2021
£
26
43,194
43,220
Total
2021
£
-
-
501
501
Total
funds
£
22,707
22,707
Total
2021
£
31		 Total
2020
£
46
-
46
Total
2020
£
948
1,365
501
2,814
Total
2020
£
52,673
52,673
Total
2020
£
100

Page 18

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

7 Other income

Government employment allowance
8
Expenditure on raising funds
a) Costs of trading activities		 Unrestricted
funds
General
£
3,203		 Total
2021
£
3,203		 Total
2020
£
3,000
Note
Costs of goods sold
Weddings and events direct costs
Haldon Belvedere overheads
Haldon Belvedere repairs and maintenance
Administration and sundry costs
Staff travel and subsistence
Accountancy and bookkeeping
Marketing and publicity
Depreciation, amortisation and other similar
costs
Staff Costs		 Unrestricted
funds
General
£
-
9,809
12,800
15,563
2,742
178
2,830
3,844
16,038
28,476
92,280		 Total
2021
£
-
9,809
12,800
15,563
2,742
178
2,830
3,844
16,038
28,476
92,280		 Total
2020
£
600
14,390
14,345
6,461
3,149
1,278
2,257
8,635
16,158
28,500
95,773

Page 19

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

9 Expenditure on charitable activities

Staff wages
DHBT awards
Insurance
Administration & sundry
Depreciation		 Activity
support costs
£
7,498
-
521
348
394
8,761		 Total
2021
£
7,498
-
521
348
394
8,761		 Total
2020
£
7,498
4,942
521
235
394
13,590

In addition to the expenditure analysed above, there are also governance costs of £1,080 (2020 - £1,965) which relate directly to charitable activities. See note 10 for further details.

10 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Legal fees
Other governance costs
11 Net incoming/outgoing resources
Net outgoing resources for the year include:
Depreciation of fixed assets		 Unrestricted
funds
General
£
1,080
-
-
1,080		 Total
2021
£
1,080
-
-
1,080
2021
£
16,038		 Total
2020
£
1,028
580
357
1,965
2020
£
16,158

12 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

Page 20

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

13 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2021
£
31,998
3,203
773
35,974		 2020
£
31,998
3,224
776
35,998

The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:

Company secretary and property manager 2021
No
1		 2020
No
1

1 (2020 - 1) of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £773 (2020 - £776).

No employee received emoluments of more than £60,000 during the year.

14 Independent examiner's remuneration

Examination of the financial statements 2021
£
1,080		 2020
£
1,028

15 Taxation

The charity is a registered charity and is therefore exempt from taxation.

Page 21

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

16 Tangible fixed assets

Cost
At 1 April 2020
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
17 Heritage assets		 Furniture and
equipment
£
54,408
54,408
49,930
672
50,602
3,806
4,478		 Crockery,
linen and
kitchen
utensils
£
1,710
1,710
-
-
-
1,710
1,710		 Total
£
56,118
56,118
49,930
672
50,602
5,516
6,188
Cost
At 1 April 2020
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021		 Short
leasehold
interest in land
and buildings
£
568,310
568,310
368,550
15,366
383,916
184,394		 Freehold
interest in land
and buildings
£
39,437		 Total
£
607,747
39,437 607,747
3,546
394		 372,096
15,760
3,940 387,856
35,497 219,891

Page 22

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Morwellham Methodist Chapel

Grade II Listed a simple chapel building, with a single Sunday school room underneath; designed in subdued Gothic style with lancet windows built in 1859 and internally retaining most of its original features including original wooden-gated pews, pulpit and gallery. The chapel was enlarged in 1860 and is characteristic of a time when Methodism was the predominant religion in the mining districts of South-West England and a vital element in the life of the Morwellham community. The building now forms part of the historic Morwellham Quay visitor centre.

Haldon Belvedere (Lawrence Castle)

Grade II* Memorial tower. 1788, built by Sir Robert Palk of Haldon House to commemorate and celebrate Major-General Stringer Lawrence who died in 1775, Commander of the British Army in India and benefactor of Sir Robert Palk who was Governor of Madras in 1763. Rendered stone rubble with stone plat bands to each storey and moulded cornice beneath castellated parape, 3 storeys Gothic style tower triangular plan. Interior reflects the Gothic style of the exterior. Now used as wedding and event venue with self contained apartment used as holiday let.

18 Stock

18 Stock
Stocks
19 Debtors
Trade debtors
Prepayments
20 Cash and cash equivalents
Cash at bank		 2021
£
50
2021
£
4,218
3,736
7,954
2021
£
146,123		 2020
£
50
2020
£
1,202
4,087
5,289
2020
£
163,335

Page 23

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

21 Creditors: amounts falling due within one year

Other taxation and social security
Other creditors
Accruals
Deferred income
Deferred income at 1 April 2020
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end		 2021
£
1,968
2,928
3,406
17,990
26,292
2021
£
9,231
17,990
(9,231)
17,990		 2020
£
2,925
8,763
3,893
9,231
24,812
2020
£
22,741
9,231
(22,741)
9,231

22 Funds

Unrestricted funds
General
Unrestricted income fund
Designated
Haldon Belvedere reserve
New Projects Fund
Viridor Credits Matching
Fund
Total funds		 Balance at 1
April 2020
£
279,516
36,000
30,000
40,185
106,185
385,701		 Incoming
resources
£
69,662
-
-
-
-
69,662		 Resources
expended
£
(102,121)
-
-
-
-
(102,121)		 Transfers
£
21,000
(21,000)
-
-
(21,000)
-		 Balance at
31 March
2021
£
268,057
15,000
30,000
40,185
85,185
353,242

Page 24

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Unrestricted funds
General
Unrestricted income fund
Designated
Haldon Belvedere reserve
New Projects Fund
Viridor Credits Matching Fund
Total funds		 Balance at 1
April 2019
£
332,211
36,000
30,000
40,185
106,185
438,396		 Incoming
resources
£
58,633
-
-
-
-
58,633		 Resources
expended
£
(111,328)
-
-
-
-
(111,328)		 Balance at 31
March 2020
£
279,516
36,000
30,000
40,185
106,185
385,701

The specific purposes for which the funds are to be applied are as follows:

DESIGNATED FUNDS

Haldon Belvedere Reserve - The Trustee's previously designated £36,000, which this year has been revised down to £15,000, after a review of the cost of future works required to the grounds. This fund also incorporates resources set aside for business contingencies, in the event of the Haldon Belvedere trading activities having to cease for whatever reason. The trustees consider that funds should be retained in order to cover potential costs including compensation and redundancy.

New Projects - The trustees are constantly on the lookout for potential properties of interest for the trust to purchase and accordingly require funds to be available at short notice when the right opportunity presents itself. The Trustees consider that a designated fund for new projects of approximately £30,000 should be continued to be maintained for this purpose.

Clatworthy Match Funding - Relates to funds that have been raised by the trust and held in reserve for the purpose of providing match funding for future projects.

Page 25

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

23 Analysis of net assets between funds

Unrestricted

Tangible fixed assets
Heritage assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Heritage assets
Current assets
Current liabilities
Total net assets
24 Analysis of net funds
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 General
£
Designated
£
5,516
-
219,891
-
68,942
85,185
(26,292)
-
268,057
85,185
Unrestricted funds
General
£
Designated
£
6,188
-
235,651
-
62,489
106,185
(24,812)
-
279,516
106,185
At 1 April
2020
£
Cash flows
£
163,335
(17,211)
163,335
(17,211)
At 1 April
2019
£
Cash flows
£
207,322
(43,987)
207,322
(43,987)		 Total funds at
31 March 2020
£
5,516
219,891
154,127
(26,292)
353,242
Total funds at
31 March
2020
£
6,188
235,651
168,674
(24,812)
385,701
At 31 March
2021
£
146,124
146,124
At 31 March
2020
£
163,335
163,335

Page 26