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2023-03-31-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 2023

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 7
Independent Examiner's Report 8
Statement of Financial Activities 9 to 10
Balance Sheet 11
Notes to the Financial Statements 12 to 25

Devon Historic Buildings Trust

Reference and Administrative Details

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

Page 1

Devon Historic Buildings Trust

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2023.

Objectives and activities

Objects and aims

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 a working sub-committee within the Trust; the Policy & General Purposes Committee.

The Trust currently maintains the Haldon Belvedere (Lawrence Castle) the historic folly outside Exeter and until 31st October 2022 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-committee meet on Teams or in person and play an important role within the trust. Thanks go to the trustees for their continued interest 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 was leased to DHBT from 1994 by the owning trust - The Stringer Lawrence Memorial Trust. The Belvedere castle and grounds were handed back to The Stringer Lawrence Memorial Trust on 1st November 2022. However detailed and ongoing discussions have taken place with SLMT and DHBT on the future ownership of the premises.

Page 3

Devon Historic Buildings Trust

Trustees' Report

Financial review

The statement of financial activities indicates a deficit of £192,261 (£50,763 deficit – 2022) after charging depreciation of £9,843 (£16,331 – 2021) and the loss of the disposal short term lease of £161,774 (£nil – 2022). The net current assets (working capital) of the Trust at the year end stood at £72,759 (£93,403 – 2022) all of which is held as unrestricted funds (all unrestricted – 2022).

The trustees have designated £70,185 (£70,185 – 2022) of these funds for identified future projects and restoration work, leaving a balance of £2,574 (£23,218 – 2022) available for as yet unspecified projects.

During the year the Haldon Belvedere weddings and lettings activities resulted in net income of £1,086 (£15,903 income – 2022) before financial overheads and maintenance costs of the building and surrounding grounds, which the trustees have calculated to be £189,086 (£58,604 – 2022). This net income figure includes local authority grants received of £Nil (£20,353 – 2022).

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.

Plans for future periods

Activities planned to achieve aims

DHBT will continue discussions with SLMT reference the Haldon Belvedere and will seek new projects. DHBT will continue the Building Conservation Awards Scheme in 2024/2025 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.

Page 4

Devon Historic Buildings Trust

Trustees' Report

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 and the Haldon Belvedere. 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.

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, David George & Andrea Davis all re-elected.

The Company Secretary is Debbie Parnall.

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

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.

Page 5

Devon Historic Buildings Trust

Trustees' Report

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.

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 6

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can 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 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 12 December 2023 and signed on its behalf by:

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

Page 7

Devon Historic Buildings Trust

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

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity’s trustees of the Company (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 the Company 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

12 December 2023

Page 8

Devon Historic Buildings Trust

Statement of Financial Activities for the Year Ended 31 March 2023 (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
Other expenditure
10
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
23		 Unrestricted
funds
£
2,740
625
53,192
77
2,456
59,090
(79,418)
(10,159)
(161,774)
(251,351)
(192,261)
(192,261)
302,479
110,218		 Total
2023
£
2,740
625
53,192
77
2,456
59,090
(79,418)
(10,159)
(161,774)
(251,351)
(192,261)
(192,261)
302,479
110,218

The notes on pages 12 to 25 form an integral part of these financial statements. Page 9

Devon Historic Buildings Trust

Statement of Financial Activities for the Year Ended 31 March 2023 (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
23		 Unrestricted
funds
£
20,392
1,251
53,979
11
3,194
78,827
(117,033)
(12,557)
(129,590)
(50,763)
(50,763)
353,242
302,479		 Total
2022
£
20,392
1,251
53,979
11
3,194
78,827
(117,033)
(12,557)
(129,590)
(50,763)
(50,763)
353,242
302,479

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 23.

The notes on pages 12 to 25 form an integral part of these financial statements. Page 10

Devon Historic Buildings Trust

(Registration number: 1120119) Balance Sheet as at 31 March 2023

Note
Fixed assets
Tangible assets
17
Heritage assets
18
Current assets
Stocks
19
Debtors
20
Cash at bank and in hand
21
Creditors: Amounts falling due within one year
22
Net current assets
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
23		 2023
£
2,750
34,709
37,459
-
2,495
73,416
75,911
(3,152)
72,759
110,218
110,218
110,218		 2022
£
4,945
204,131
209,076
170
3,481
139,581
143,232
(49,829)
93,403
302,479
302,479
302,479

For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 9 to 25 were approved by the trustees, and authorised for issue on 12 December 2023 and signed on their behalf by:

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

The notes on pages 12 to 25 form an integral part of these financial statements. Page 11

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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

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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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 12

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 13

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 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 until 1st November 2022 also held a short leasehold on the Haldon Belvedere, both of which are Listed buildings. These buildings were 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 was 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 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 14

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Depreciation method and rate

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 discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

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 15

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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 16

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Grants, including capital grants;
Government grants
Grants from other charities
4
Income from charitable activities
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
7
Other income
Government employment allowance		 Unrestricted
funds
General
£
33
-
2,707
2,740
Unrestricted
General
£
625
Unrestricted
funds
General
£
53,192
53,192
Unrestricted
funds
General
£
77
Unrestricted
funds
General
£
2,456		 Total
2023
£
33
-
2,707
2,740
Total
2023
£
625
Total
funds
£
53,192
53,192
Total
2023
£
77
Total
2023
£
2,456		 Total
2022
£
39
20,353
-
20,392
Total
2022
£
1,251
Total
2022
£
53,979
53,979
Total
2022
£
11
Total
2022
£
3,194

Page 17

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

8 Expenditure on raising funds

a) Costs of trading activities

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
£
732
15,489
9,882
7,981
3,647
366
2,420
1,009
9,449
28,443
79,418		 Total
2023
£
732
15,489
9,882
7,981
3,647
366
2,420
1,009
9,449
28,443
79,418		 Total
2022
£
275
17,241
12,665
30,002
2,853
1,086
2,010
6,497
15,937
28,467
117,033

9 Expenditure on charitable activities

Staff wages
Advertising and promotion
Insurance
Administration & sundry
Staff and trustee travel & subsistence
Legal and professional fees
Depreciation		 Activity
support costs
£
7,498
-
222
862
63
-
394
9,039		 Total
2023
£
7,498
-
222
862
63
-
394
9,039		 Total
2022
£
7,498
1,500
569
478
38
1,000
394
11,477

In addition to the expenditure analysed above, there are also governance costs of £1,120 (2022 - £1,080) which relate directly to charitable activities. See note 11 for further details.

Page 18

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

10 Other expenditure

Depreciation, amortisation and other similar costs
Total for 2023		 Unrestricted
funds
General
£
161,774
161,774		 Total
funds
£
161,774
161,774

Other expenditure relates to the written down loss on the Haldon Belvedere, which was originally held by the charity under a short term lease, and was cancelled ahead of the lease end date during the year on 1st November 2022.

11 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
12 Net incoming/outgoing resources
Net outgoing resources for the year include:
Loss on disposal of fixed assets held for the charity's own use
Depreciation of fixed assets		 Unrestricted
funds
General
£
1,120
1,120		 Total
2023
£
1,120
1,120
2023
£
161,774
9,449		 Total
2022
£
1,080
1,080
2022
£
-
15,937

13 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 19

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

14 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2023
£
32,918
2,456
567
35,941		 2022
£
31,998
3,194
773
35,965

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

Company secretary and property manager 2023
No
1		 2022
No
1

1 (2022 - 1) of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £567 (2022 - £773).

During the year, the charity made redundancy and/or termination payments which totalled £7,840 (2022 - £Nil).

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

15 Independent examiner's remuneration

15 Independent examiner's remuneration
2023 2022
£ £
Examination of the financial statements 1,120 1,080

16 Taxation

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

Page 20

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

17 Tangible fixed assets

Cost
At 1 April 2022
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
18 Heritage assets
Cost
At 1 April 2022
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Eliminated on disposals
At 31 March 2023
Net book value
At 31 March 2023		 Furniture and
equipment
£
54,408
-
54,408
51,173
485
51,658
2,750
3,235
Short
leasehold
interest in land
and buildings
£
568,310
(568,310)
-
399,282
8,964
(408,246)
-
-		 Furniture and
equipment
£
54,408
-
54,408
51,173
485
51,658
2,750
3,235
Short
leasehold
interest in land
and buildings
£
568,310
(568,310)
-
399,282
8,964
(408,246)
-
-		 Crockery,
linen and
kitchen
utensils
£
1,710
(1,710)
-
-
-
-
-
1,710
Freehold
interest in land
and buildings
£
39,437
-
39,437
4,334
394
-
4,728
34,709		 Total
£
56,118
(1,710)
54,408
51,173
485
51,658
2,750
4,945
Total
£
607,747
(568,310)
- 39,437
399,282
8,964
(408,246)		 403,616
9,358
(408,246)
- 4,728
- 34,709

Page 21

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

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. The Haldon Belvedere was originally held by the charity under a short term lease, which was cancelled ahead of the lease end date during the year on 1st November 2022.

19 Stock

19 Stock
Stocks
20 Debtors
Trade debtors
Prepayments
VAT recoverable
Other debtors
21 Cash and cash equivalents
Cash at bank		 2023
£
-
2023
£
1,214
222
790
269
2,495
2023
£
73,416		 2022
£
170
2022
£
-
2,227
1,254
-
3,481
2022
£
139,581

Page 22

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

22 Creditors: amounts falling due within one year

Other creditors
Accruals
Deferred income
Deferred income at 1 April 2022
Resources deferred in the period
Amounts released from previous periods
Deferred income at year end
23 Funds
Unrestricted funds
General
Unrestricted income fund
Designated
New Project Fund
Clatworthy Matching Fund
Total funds		 Balance at 1
April 2022
£
232,294
30,000
40,185
70,185
302,479		 Incoming
resources
£
59,090
-
-
-
59,090		 2023
£
320
2,832
-
3,152
2023
£
19,607
-
(19,607)
-
Resources
expended
£
(251,351)
-
-
-
(251,351)		 2022
£
25,997
4,225
19,607
49,829
2022
£
17,990
19,607
(17,990)
19,607
Balance at 31
March 2023
£
40,033
30,000
40,185
70,185
110,218

Page 23

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Unrestricted funds
General
Unrestricted income fund
Designated
Haldon Belvedere reserve
New Project Fund
Clatworthy Matching Fund
Total funds		 Balance at 1
April 2021
£
268,057
15,000
30,000
40,185
85,185
353,242		 Incoming
resources
£
78,827
-
-
-
-
78,827		 Resources
expended
£
(129,590)
-
-
-
-
(129,590)		 Other
recognised
gains/(losses)
£
15,000
(15,000)
-
-
(15,000)
-		 Balance at
31 March
2022
£
232,294
-
30,000
40,185
70,185
302,479

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

DESIGNATED FUNDS

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 24

Devon Historic Buildings Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

24 Analysis of net assets between funds

Tangible fixed assets
Heritage assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Heritage assets
Current assets
Current liabilities
Total net assets
25 Analysis of net funds
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 Unrestricted funds
General
£
Designated
£
2,750
-
34,709
-
5,726
70,185
(3,152)
-
40,033
70,185
Unrestricted funds
General
£
Designated
£
4,945
-
204,131
-
73,047
70,185
(49,829)
-
232,294
70,185
At 1 April
2022
£
Financing cash
flows
£
139,581
(66,165)
139,581
(66,165)
At 1 April
2021
£
Financing cash
flows
£
146,123
(6,542)
146,123
(6,542)		 Total funds at
31 March
2023
£
2,750
34,709
75,911
(3,152)
110,218
Total funds at
31 March
2022
£
4,945
204,131
143,232
(49,829)
302,479
At 31 March
2023
£
73,416
73,416
At 31 March
2022
£
139,581
139,581

Page 25

Devon Historic Buildings Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

Income and Endowments from:
Donations, legacies and grants (analysed below)
Charitable activities (analysed below)
Other trading activities (analysed below)
Investment income (analysed below)
Other income (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Other expenditure (analysed below)
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2023
£
2,740
625
53,192
77
2,456
59,090
79,418
10,159
161,774
251,351
(192,261)
(192,261)
302,479
110,218		 Total
2022
£
20,392
1,251
53,979
11
3,194
78,827
117,033
12,557
-
129,590
(50,763)
(50,763)
353,242
302,479

This page does not form part of the statutory financial statements. Page 26

Devon Historic Buildings Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

Donations, legacies and grants
Donations and gifts
Local authority and Government Covid-19 grants
Other grants received
Charitable activities
Morwellham Chapel management fee
Other trading activities
Trading income generated by Haldon Belvedere
Investment income
Interest on cash deposits
Other income
Employment allowance
Raising funds
Merchandise for resale
Wages and salaries
Staff NIC (Employers)
Staff pension
Marketing - advertising & promotion
Marketing - computer and website
Marketing - print, postage & stationary
TV licence
Wedding licence
Cleaning, laundry and contract costs
Laundry
Wedding Coordinator/Housekeeper
Rates
Water rates
Light, heat and power castle
Light, heat and power pumphouse
Insurance
Repairs and maintenance
Alarm costs
Grounds maintenance		 Total
2023
£
33
-
2,707
2,740
625
625
53,192
53,192
77
77
2,456
2,456
732
25,420
2,456
567
388
621
-
159
458
4,053
1,027
9,792
348
256
5,904
894
2,480
5,522
107
2,352		 Total
2022
£
39
20,353
-
20,392
1,251
1,251
53,979
53,979
11
11
3,194
3,194
275
24,500
3,194
773
1,517
3,547
1,433
159
500
3,070
1,413
12,099
363
455
6,692
262
4,893
26,015
372
3,615

This page does not form part of the statutory financial statements. Page 27

Devon Historic Buildings Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

Telephone - sales
Sundry expenses
Travel & subsistence
Accountancy fees
Depreciation S/Lhold property
Depreciation fixtures & fittings
Charitable activities
Wages and salaries
Marketing - advertising & promotion
Insurance
Printing, postage and stationary
Sundry expenses
Travel & subsistence
Trustee travel
Professional, legal and architect
Depreciation F/Hold property
Accountancy fees
Other expenditure
Loss on disposal of tangible asset		 Total
2023
£
1,971
1,676
366
2,420
8,964
485
79,418
7,498
-
222
449
413
63
-
-
394
1,120
10,159
161,774
161,774		 Total
2022
£
1,420
1,433
1,086
2,010
15,366
571
117,033
7,498
1,500
569
-
478
-
38
1,000
394
1,080
12,557
-
-

This page does not form part of the statutory financial statements. Page 28