## **The Cornwall Buildings Preservation Trust**
A Charitable Company Limited by Guarantee
## **Charity No. 266880**
**Company No. 01149012**
**Trustees' Report and Unaudited Accounts**
**31 March 2021**
Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS
**The Cornwall Buildings Preservation Trust CONTENTS**
||Pages||
|---|---|---|
|Trustees' Annual Report|3 to 7||
|Independent Examiner's Report||7|
|Statement of Financial Activities||8|
|Balance Sheet||9|
|Notes to the Accounts|10 to|16|
Page 1
**The Cornwall Buildings Preservation Trust TRUSTEES ANNUAL REPORT**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Company No. 01149012**
## **Charity No. 266880**
## **Registered Office**
Truro Community Library Union Place Truro TR1 1EP
## **Directors and Trustees**
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
Eric Berry Nicholas Cattaneo (Appointed 29 December 20) Georgina McLaren Keri Parkinson Karen Pritchard Daniel Ratcliffe Kirsty Worden (Appointed 29 December 20)
Accountants
Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS
## **Bankers**
Barclays Bank Plc 14 King Street Truro Cornwall TR1 2RB
## **Investments**
COIF Charities funds 85 Queen Victoria Street London EC4V 4ET
Page 2
**The Cornwall Buildings Preservation Trust TRUSTEES ANNUAL REPORT**
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2021.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The trustees have complied with the duty in Section 4 of the Charities Act 2006 and have had due regard to public benefit guidance published by the Charity Commission in setting the activities required to meet its objects.
The objective of the Charity continues to be the preservation and restoration of buildings of interest in Cornwall and the Isles of Scilly. The Trust may acquire buildings of architectural or historic interest which have fallen into disrepair that are usually vacant, with the object of sensitive restoration to a beneficial use for resale or retention. In general, the Trust has acquired buildings in the past which other developing agencies have not been prepared to salvage. For the future, the Trustees envisage working more particularly in a facilitation role in close liaison with Cornwall Council and Historic England.
## **Strategies**
The Trustees regularly meet to discuss a range of possible properties for renovation, having obtained details from Cornwall Council and other agencies such as Cornish Buildings Group.
## **Grant making**
The Board of Trustees has the power to grant loans or to make grants for charitable purposes in any way connected with the purposes of the Charity or calculated to further its objectives. The Trust does not currently have sufficient reserves to actively promote grant applications.
## **Volunteers**
Without the efforts of the Trustees who are volunteers and who give their time free of charge, the Charity would be unable to operate.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Trustees' Statement**
The Board of Trustees met 11 times during the year. Due to Coronavirus, all meetings were conducted remotely by tele conference or video conference.
We were pleased to welcome two new Trustees on to the Board in December 2020 – Nicholas Cattaneo and Kirsty Worden.
The Trust is currently operating with 7 Trustees and no formal Chair. In the absence of a Chair or Secretary, the Trustees work collectively to ensure proper day to day administration.
Truro City Council kindly continues to host the Trust at no charge at its temporary office in Truro Library, whilst Municipal Buildings undergoes refurbishment. However, access to our hard copy records and correspondence there has been limited on account of Coronavirus.
Page 3
**The Cornwall Buildings Preservation Trust TRUSTEES ANNUAL REPORT**
The increased number of Board meetings reflects the fact that it has been a challenging year for the Trust, with Covid a major factor. In April 2020 we faced with 3 key issues: (i) restoring administrative and financial systems disrupted by the recent death of our lead Trustee; (ii) the closure of our sub-tenant’s business at Old Duchy Palace due to Covid and subsequent non-payment of rent; (iii) dealing with an outbreak of dry rot at Old Duchy Palace.
Our sub-tenant was obliged to close her ‘non-essential’ business due to Coronavirus in March 2020; she then stopped paying the rent that is our principal source of income. Eventually she gave notice and moved out in October 2020. Old Duchy Palace remained closed for the whole of 2020-21 with no rental income and from October the responsibility for utility payments reverted to the Trust. In December 2020 the undercroft flooded when the River Fowey burst its banks; the Trust also had to deal with the consequences of this incident.
Meanwhile, faced with a cost estimate well beyond our resources, we sought to resolve the dry rot outbreak on the first floor at Old Duchy Palace. Although the dry rot is attributable to design issues associated with works by our landlord (the freeholder, Re-Form Heritage Ltd.) in 2012, they declined to offer any financial assistance towards remedial measures.
During Summer 2020, with support and advice from officers at Cornwall Council and Historic England, we applied for several Covid - related grants. These focussed on 4 areas: (i) the urgent dry rot works; (ii) other costs associated with re-letting; (iii) modernising the Trust and building its future resilience and (iv) cash flow support.
We were awarded 3 separate DCMS funded Culture Recovery Fund (CRF) grants and 2 Additional Restrictions grants from Cornwall Council. These totalled £62,974 including VAT, of which over 60% was for the dry rot works. The CRF application process meant that we developed a very useful Action Plan.
The grant income in the form of some advance payments enabled the Trust to commission the dry rot remedial works, begin resilience planning and maintain cash flow without drawing on our Strategic Reserve of COIF Investment Units. Most of the associated spend will occur in 2021-22.
Expenditure at £7,947 for the year mostly comprised routine payments and utility costs at Old Duchy Palace. We continued to pay rent in full to the freeholder throughout the year.
The Trust re-joined the Heritage Trust Network.
Members have continued to report and advise on other potential projects or buildings of concern. In November the Cornish Buildings Group gave a presentation to the Board about Buildings at Risk in Cornwall.
For technical reasons the conversion to a Charitable Incorporated Organisation (CIO) was not completed and is ongoing.
The Trust continues to seek more Trustees to strengthen its Board and hopes to make more appointments in the coming financial year. There remain two unfilled seats available for Cornwall Council representatives.
## **FINANCIAL REVIEW**
A summary of the year’s financial activities is given in the Statement of Financial Activities on page 8. This year finished with an increase in unrestricted funds to £28,542 (2020 £26,838) although overall funds were increased to £75,156 which is entirely attributable to up-front Covid grant payments which are restricted in their use.
Page 4
**The Cornwall Buildings Preservation Trust TRUSTEES ANNUAL REPORT**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Cornwall Buildings Preservation Trust Limited is a charitable company limited by guarantee not having a share capital. Each member’s liability cannot exceed £10. The charity was incorporated on 3 December 1973 and is governed by its memorandum and articles of association. The charity was registered with the Charities Commission on 28 January 1974.
## **Induction and training of new trustees**
New Trustees are provided with an information pack.
## **Organisational structure**
The Charity delegates full powers to the Board of Trustees to run the Charity and make decisions on its behalf. The Board of Trustees must comprise a maximum of 15 members, made up of a maximum of 2 members nominated by Cornwall Council, 3 nominated by other relevant bodies and 10 others appointed by the Trust itself. At the year end the charity had 7 members of the Board of Trustees.
The Board of Trustees may elect a chairman who presides over the meetings. The Trust does not currently have a formal chair, but nominates a Trustee to act as chair at each meeting.
The meetings require a quorum to conduct business which is one third, or the nearest whole number to one third, of the total membership at the time.
Nominations for members of the Board of Trustees must be made in writing at least fourteen days prior to the Annual General Meeting and must state the name of the nominee and of the member making the nomination. The Board of Trustees have the power to elect new members of the Board to fill vacancies or to add to the Board subject to not exceeding the maximum number specified.
## **Risk management**
The Board has previously assessed the major risks to which the Charity is exposed, especially those relating to the operations and finances of the Trust. The risks are currently seen as:
(a) Purchasing a redundant building at too high a cost price and conversion at too high a cost with no profit from the scheme or even a loss.
(b) Contractors becoming insolvent during restoration.
(c) Unforeseen repair expenses at Old Duchy Palace
(d) Uninsurable risks e.g. flooding at Old Duchy Palace.
The Board has begun work on a comprehensive Risk Review, in line with Charity Commission guidance.
Page 5
**The Cornwall Buildings Preservation Trust TRUSTEES ANNUAL REPORT**
## **STATEMENT OF TRUSTEE RESPONSIBILITIES**
The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
Keri Parkinson Trustee 28 January 2022
Page 6
**The Cornwall Buildings Preservation Trust INDEPENDENT EXAMINERS REPORT**
## **Independent Examiner's Report to the trustees of The Cornwall Buildings Preservation Trust**
I report to the charity trustees on my examination of the accounts of The Cornwall Buildings Preservation Trust for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.
## **Responsibilities and basis of report**
As the trustees of the charity (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 charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
- accounting records were not kept in accordance with section 386 of the 2006 Act ; or
- the accounts do not accord with those records; or
- the accounts do not comply with the accounting requirements under 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
- the accounts have not been prepared in accordance with the Charities SORP (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.
Debbie Risborough Association of Chartered Certified Accountants Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall
TR15 1LS 28 January 2022
Page 7
## **The Cornwall Buildings Preservation Trust STATEMENT OF FINANCIAL ACTIVITIES**
## **for the year ended 31 March 2021**
|**Notes**
**Income and endowments**
**from:**
Donations and legacies
4
Charitable activities
5
Investments
6
**Total**
**Expenditure on:**
Charitable activities
7
**Total**
Net gains on investments
**Net income/(expenditure)**
**Net income/(expenditure)**
**before other gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought
forward
**Total funds carried**
**forward**|**Unrestricted**
**funds**
**2021**
**£**
10
4,500
-|**Restricted**
**funds**
**2021**
**£**
-
46,976
-|**Total**
**funds**
**2021**
**£**
10
51,476
-|**Total**
**funds**
**2020**
**£**
10
5,100
53|
|---|---|---|---|---|
||4,510
7,586|46,976
362|51,486
7,948|5,163
24,014|
||7,586
4,780|362
-|7,948
4,780|24,014
38|
||1,704|46,614|48,318|(18,813)|
||1,704|46,614|48,318|(18,813)|
||1,704
26,838|46,614
-|48,318
26,838|(18,813)
45,651|
||28,542|46,614|75,156|26,838|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Page 8
## **The Cornwall Buildings Preservation Trust BALANCE SHEET at 31 March 2021**
|**Company No. 01149012**
**Notes**
**2021**
**£**
**Fixed assets**
Investments
8
24,434
24,434
**Current assets**
Debtors
9
1,227
Cash at bank and in hand
50,690
51,917
**Creditors:**Amount falling due within one year
10
(1,195)
**Net current assets**
50,722
**Total assets less current liabilities**
75,156
**Net assets excluding pension asset or liability**
75,156
**Total net assets**
75,156
**The funds of the charity**
**Restricted funds**
11
Restricted income funds
46,614
46,614
**Unrestricted funds**
11
General funds
28,542
28,542
**Reserves**
11
**Total funds**
75,156|**2020**
**£**
19,654|
|---|---|
||19,654
-
7,454|
||7,454
(270)|
||7,184
26,838|
||26,838|
||26,838|
||-|
||-
26,838|
||26,838|
||26,838|
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 March 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 28 January 2022
And signed on its behalf by:
Keri Parkinson Trustee 28 January 2022
Page 9
**The Cornwall Buildings Preservation Trust NOTES TO THE ACCOUNTS**
## **for the year ended 31 March 2021**
## 1 **Accounting policies**
## **Basis of preparation**
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) and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The charity constitutes a public benefit entity as defined by FRS102.
## **Change in basis of accounting or to previous accounts**
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
## **Fund accounting**
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular Designated funds purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Page 10
**The Cornwall Buildings Preservation Trust NOTES TO THE ACCOUNTS**
## **Income**
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the income charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
- Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included legacies in the the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
- Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in and facilities expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material.
- Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to revaluation of fixed market value at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
## **Expenditure**
|**Expenditure**||
|---|---|
|Recognition of|Expenditure is recognised on an accruals basis. Expenditure includes any|
|expenditure|VAT which cannot be fully recovered, and is reported as part of the|
||expenditure to which it relates.|
|Expenditure on|These comprise the costs associated with attracting voluntary income,|
|raising funds|fundraising trading costs and investment management costs.|
|Expenditure on|These comprise the costs incurred by the Charity in the delivery of its|
|charitable activities|activities and services in the furtherance of its objects, including the making|
||of grants and governance costs.|
|Grants payable|All grant expenditure is accounted for on an actual paid basis plus an accrual|
||for grants that have been approved by the trustees at the end of the year but|
||not yet paid.|
|Governance costs|These include those costs associated with meeting the constitutional and|
||statutory requirements of the Charity, including any audit/independent|
||examination fees, costs linked to the strategic management of the Charity,|
||together with a share of other administration costs.|
|Other expenditure|These are support costs not allocated to a particular activity.|
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Stocks**
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Page 11
**The Cornwall Buildings Preservation Trust NOTES TO THE ACCOUNTS**
## **Trade and other debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
## **Trade and other creditors**
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Leased assets**
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
## **Statement of cash flows**
The charity is exempt from preparing a statement of cash flows on the grounds that it is a small charity
## 2 **Company status**
The company is a private company limited by guarantee and consequently does not have share capital.
Page 12
## **The Cornwall Buildings Preservation Trust NOTES TO THE ACCOUNTS**
## 3 **Statement of Financial Activities - prior year**
|**Income and endowments**
**from:**
Donations and legacies
Charitable activities
Investments
**Total**
**Expenditure on:**
Charitable activities
**Total**
Net gains on investments
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried**
**forward**
4
**Income from donations and**
**legacies**
Individual Donations|**Unrestricted**
**funds**
**2020**
**£**
10
-
53
63
18,914
18,914
38
(18,813)
(18,813)
(18,813)
45,651
26,838
**Unrestricted**
**£**
10
10|**Restricted**
**funds**
**2020**
**£**
-
5,100
-
5,100
5,100
5,100
-
-
-
-
-
-
**Total**
**2021**
**£**
10
10|**Total**
**funds**
**2020**
**£**
10
5,100
53|
|---|---|---|---|
||||5,163
24,014|
||||24,014
38|
||||(18,813)|
||||(18,813)|
||||(18,813)
45,651|
||||26,838|
||||**Total**
**2020**
**£**
10|
||||10|
Page 13
## **The Cornwall Buildings Preservation Trust NOTES TO THE ACCOUNTS**
## 5 **Income from charitable activities**
|Grant Income
Cornwall Council
Architectural Heritage
Historic England
Cultural Recovery
Primary Purpose Trading
Duchy Palace Income
6
**Income from investments**
7
**Expenditure on charitable**
**activities**
_Support Costs_
Rent & rates
Light, heat and power
Insurance
Repairs & renewals
Printing, postage and
stationary
Subscriptions
Equipment Hire
sundry expenses
Cleaning
Marketing and promotion
_Governance costs_
Accountancy fees
Independent examination
of the charity's accounts|**Unrestricted**
**£**
4,500
-
-
-
-
4,500
**Unrestricted**
**£**
2,400
1,518
1,781
1,205
2
-
-
72
-
-
13
595
7,586|**Restricted**
**£**
-
6,000
4,256
36,720
-
46,976
**Restricted**
**£**
-
-
-
262
-
100
-
-
-
-
-
-
362|**Total**
**2021**
**£**
4,500
6,000
4,256
36,720
-
51,476
**Total**
**2021**
**£**
-
-
**Total**
**2021**
**£**
2,400
1,518
1,781
1,467
2
100
-
72
-
-
13
595
7,948|**Total**
**2020**
**£**
-
-
-
-
5,100|
|---|---|---|---|---|
|||||5,100|
|||||**Total**
**2020**
**£**
53|
|||||53|
|||||**Total**
**2020**
**£**
3,600
2,241
1,947
-
-
-
862
14,181
488
120
150
425|
|||||24,014|
Page 14
## **The Cornwall Buildings Preservation Trust NOTES TO THE ACCOUNTS**
## 8 **Investments**
|8
**Investments**||||
|---|---|---|---|
|**Cost or revaluation**
At 1 April 2020
Additions
At 31 March 2021
**Net book values**
At 31 March 2021
At 31 March 2020
9
**Debtors**
Prepayments and accrued income
10 **Creditors:**
amounts falling due within one year
Trade creditors|**2021**
**£**
1,227
1,227
**2021**
**£**
1,195
1,195|**Other**
**investment**
**s - Listed**
**£**
19,654
4,780
24,434
24,434
19,654|**Total**
**£**
19,654
4,780|
||||24,434|
||||24,434|
||||19,654|
||||**2020**
**£**
-|
||||-|
||||**2020**
**£**
270|
||||270|
Page 15
## **The Cornwall Buildings Preservation Trust NOTES TO THE ACCOUNTS**
## 11 **Movement in funds**
|**Restricted funds:**
**Restricted income**
**funds:**
Architectural Heritage
National Heritage Lottery
Historic England
_Total_
**Unrestricted funds:**
**General funds**
**Revaluation Reserves:**
**Total funds**|**At 1 April**
**2020**
-
-
-
-
26,838
26,838|**Incoming**
**resources**
**(including**
**other**
**gains/losses)**
**£**
6,000
36,720
4,256
46,976
9,290
56,266|**Resources**
**expended**
**£**
-
(100)
(262)
(362)
(7,586)
(7,948)|**At 31**
**March**
**2021**
**£**
6,000
36,620
3,994|
|---|---|---|---|---|
|||||46,614|
|||||28,542|
|||||75,156|
Purposes and restrictions in relation to the funds:
Restricted funds: Architectural Heritage Funded through the Department for Digital, Culture, Media and Sport National Heritage Lottery Funded through the Department for Digital, Culture, Media and Sport Historic England Development, repair or other maintenance work at Old Duchy Palace
## **Analysis of net assets between** 12 **funds**
|Investments
Net current assets|**Unrestricted**
**funds**
**£**
24,434
4,108
28,542|**Restricted**
**funds**
**£**
-
46,614
46,614|**Total**
**£**
24,434
50,722|
|---|---|---|---|
||||75,156|
## 13 **Related party disclosures**
## _**Controlling party**_
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 16