Registered number: 01295328 Charity number: 273702
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Trust, its Directors and Advisers | 1 |
| Directors' Report | 2 - 7 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 - 11 |
| Notes to the Financial Statements | 12 - 30 |
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS DIRECTORS AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Directors | Mr B F Gillery |
|---|---|
| Mr R Halsey | |
| Mrs J M Harwood | |
| Mr T Hickman Smith | |
| Mr B F Johnsen (appointed 25 January 2021) | |
| Mr M Launchbury | |
| Mrs H C Leith | |
| Mr C Maw | |
| Mr J Parry | |
| Mr S Picton-Pegg | |
| Mr A J Power | |
| Company registered number 01295328 Charity registered number 273702 Registered office 9 The Old Church St Matthews Road Norwich Norfolk NR1 1SP Company secretary S A Potts Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ |
Page 1
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Directors present their annual report together with the financial statements of the Trust for the year 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Directors' report and a directors' report under company law. The Directors confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Trust qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objects for which the Trust was established, as set out in the Memorandum of Association, are "to preserve for the benefit of the people of the County of Norfolk and of the nation at large, whatever of the historical, architectural or constructional heritage may exist in and around the County of Norfolk in the form of (a) buildings of particular beauty or historical, architectural or constructional interest; (b) ancient monuments; and (c) land of particular beauty or historical interest".
In setting objectives and planning for activities, the Directors have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The main activity for achieving the above objectives is the purchase or lease of properties falling into the above definitions, which are often on the Buildings at Risk Register, and then arranging and funding their renovation followed by a subsequent sale. However, because of the nature of the property market and the number of important buildings which have limited or no resale value, a subsequent sale is not always possible and as a result the Trust has a number of buildings that it retains. Some of these are open to the public and, in some cases, they can be operated by an 'arms length company' or by sub-tenants.
Achievements and performance
a. Main achievements of the Trust and plans for the future
Since its formation in 1977, the Trust has completed over 20 schemes of restoration and taken on responsibility for the day-to-day care and management of several other historic buildings and structures. During 2020-21 the majority of the Trust’s attention and resources were focused on:
-
dealing with the challenges posed by the Covid pandemic in relation to the wedding business at Waxham Great Barn;
-
finding a new tenant for the café after the departure of a longstanding tenant
-
further developing plans for a burial ground at Oulton Chapel;
-
carrying out maintenance and repairs at the Trust’s properties as required;
-
leading efforts to save the Grade I-listed Becket’s Chapel in Wymondham.
Page 2
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (continued)
A continuing concern for Directors was to ensure that the Trust has sufficient reserves in place to: i) meet ongoing maintenance responsibilities and potential repair costs for its properties, especially those of little or no income-generating potential ii) provide limited funding for potential new projects, such as Becket’s Chapel.
Waxham Great Barn
Wedding hires, which represent the principal source of income, have inevitably been impacted by the Covid-19 pandemic, with revenue from this source decreasing from £31,116 in 2020 to £12,034 in 2021. Couples impacted by the lockdowns have been offered a new date in 2021/22 or a refund. Fortunately, however, the Trust benefitted from the Covid Business Interruption grants, which totalled £20,708, meaning that our income was, in total, broadly similar to the previous year. The café was let to new tenants during the year, and, notwithstanding the challenges presented by Covid-19, has been very successful and is proving popular with both visitors to the area and local people.
We have continued to maintain the Barn and invest in improvements but maintaining the Barn over the longer term continues to be a challenge as the revenue generated is not sufficient to fund the medium to long term needs of this historic building. We are exploring, with partners, how to place the Barn on a financially sustainable footing.
Oulton Chapel
The Trust is also in advanced discussions with a firm of undertakers for the use of part of the land adjacent to the chapel as a natural burial ground and has gained planning permission for this purpose. We believe this will provide valuable long-term income for the Trust, and result in much more extensive use of the chapel for funerals and other appropriate events.
Brandon and Trowse Stations
During the year we worked with the Suffolk Preservation Trust (SPT) on their attempts to save Brandon Station from demolition. With the support of SAVE, SPT managed to have the station building listed, saving it from demolition. This led NHBT to highlight the poor state of Trowse Station, the only other station on the Norwich to Ely line not to have listed status. An application for listing was turned down, but we have contacted Norwich Preservation Trust which, given its proximity to central Norwich, has undertaken to keep a watching brief on the building and the proposed development in that area.
Becket’s Chapel
This semi-redundant Grade I-listed and “At Risk” building is located in Wymondham town centre. The Trust has been working with the current tenants and other local stakeholders for some time now to find a viable long-term solution for this building. During 2018/19 we made two applications for funding to the National Lottery Heritage Fund (NLHF) for £1.2m of the £1.7m cost of turning the chapel into a multi-functional community facility. The project included a modern extension which would have incorporated a café. Unfortunately, these applications have not been successful. Competition for funding has become much fiercer, as NLHF grants have diminished, and their criteria have moved away from purely heritage projects to those which benefit hard to reach groups first and foremost.
Therefore, the Trust has decided to split the project into three phases. The first phase covers major building repairs only. If funds can be raised to cover these costs, the Trust will be able to take ownership of the building without the risk of a major repairing liability.
During 2020/21 we made an application to the Architectural Heritage Fund (AHF) for a project development grant to support our revised plans to turn the chapel into a multi-functional community facility in phases. This resulted
Page 3
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (continued)
in the Trust receiving a 90% grant for our development costs which were estimated at £42,156 for the first two phases. Since the year end, work has started on developing our plans using this grant. We hope to raise the funds needed for the first phase by a combination of AHF and Historic England repair grant money and our discussions with both organisations on this joint support are encouraging.
The board of NHBT has resolved to commit £50,000 of its own resources to this project which will be used to match fund the AHF grant and for other spending as required.
Personnel
Stephen Picton Pegg stepped down as Treasurer during the year and was replaced by a new Trustee and accountant, Ben Johnsen. We thank Stephen for all his work as Treasurer over the past 5 years. Gerard Stamp, artist and keen building conservationist, is to be proposed as new Trustee at the 2021 AGM.
The Trust continues to seek new directors with the relevant knowledge and experience to help broaden the skill set on the board and enable it to expand its influence and involvement in its work across the county.
Financial review
a. Going concern
After making appropriate enquiries, the Directors have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Page 4
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
b. Reserves policy
The Directors review the Trust's reserves on a regular basis and, prior to the commencement of any major scheme, they ensure that the projected costs will be covered by grants and other donations or the resale value of the completed scheme. In the case of those important buildings where there is likely to be little or no resale value, the Directors seek to ensure that the larger part of the cost is covered by grants, with sufficient balances held by the Trust to cover any shortfall.
There is also a need to ensure that sufficient funds are held to cover the maintenance and repair of the Trust's retained properties. During 2016/17 and 2017/18, the Directors carried out an exercise to review the condition of its properties and established the level of the Maintenance Reserve accordingly. This now stands at £137,000.
Subsequent to the balance sheet date, the Directors have initiated a review of the Trust’s policy with respect to unrestricted reserves. As part of this review, condition reports have been commissioned in respect of each of the Trust’s properties (where the Trust has the obligation to fund repairs and maintenance) which it is expected will result in the Maintenance Reserve increasing from its current level. Further, it is proposed that a Fixed Asset Reserve be established to match the carrying value of the Trust’s Heritage Assets (Net book value at 31 March 2021 of £350,700), to replace the currently held revaluation reserve of £186,629. This reflects the fact that there is no intention to dispose of any of the Trust’s Heritage Assets.
Of the remaining reserves, it is proposed that an Operational Contingency Fund be set up to reflect a minimum of 6 months’ gross operational outgoings and that a Project Reserve be established to ring fence funding for future projects. The balance of the unrestricted funds will continue to be available for any other purpose but are not anticipated to be significant, having accounted for the above.
The reserves policy outlined above has not been reflected in these financial statements pending the conclusion of the property condition reports referred to above and the formal adoption by the Board of Directors of the new reserves policy.
Available reserves
Pending the formal adoption of the reserves policy detailed above, the Trustees have considered the reserves position as at 31 March 2021 in order to identify the available reserves at that date, as reflected in the following table:
| Unrestricted funds as at 31 March 2021 Less: Maintenance reserves £137,000 Heritage assets £350,700 Long term receivable £48,334 Commitment to Becket’s Chapel project £50,000 6 months’ operational reserve £30,229 Available reserves as at 31 March 2021 |
£643,159 £616,263 |
£643,159 £616,263 |
|---|---|---|
| £26,896 |
It should be noted, however, that the above does not reflect the likely increase in maintenance reserves once the condition reports referred to above have been completed.
Page 5
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management
a. Constitution
Norfolk Historic Buildings Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 24 January 1977, which were amended by special resolution at extraordinary general meetings held on 22 February 1990 and 19 May 2011. The Memorandum and Articles of Association were replaced at the 2014 AGM held on 12 September 2014.
b. Methods of appointment or election of Directors
The management of the Trust is the responsibility of the Directors who are elected and co-opted under the terms of the Memorandum of Association. These state that there shall be a maximum of twelve Directors and a minimum of five; there are currently ten Directors serving, with those who have served during the year shown on page 1.
c. Organisational structure and decision-making policies
The Directors of the Trust form its management committee and meet between four and six times per year to consider policy issues or the acquisition and restoration of properties. They also make decisions regarding expenditure on all matters except those of a routine administrative nature, or those schemes previously approved.
The Trust employs a part-time Secretary, to whom many operational matters are delegated and who attends the Directors' meetings. The secretary has no voting rights at Directors' meetings.
d. Policies adopted for the induction and training of Directors
It is a requirement of the Articles of Association that the Directors must be members, and they are therefore already fully aware of the aims and objectives of the Trust and the way in which it operates. All Directors are experienced in their respective fields of expertise, and in the requirements and responsibilities of acting as a director / trustee.
Page 6
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Statement of Directors' responsibilities
The Directors (who are also the directors of the Trust for the purposes of company law) are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Directors to prepare financial statements for each financial year. Under company law, the Directors 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 Trust and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Directors and signed on their behalf by:
----- Start of picture text -----
................................................
Mrs J M Harwood
----- End of picture text -----
Date: 1 November 2021
Page 7
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
Independent Examiner's Report to the Directors of Norfolk Historic Buildings Trust ('the Trust')
I report to the charity Directors on my examination of the accounts of the Trust for the year ended 31 March 2021.
Responsibilities and Basis of Report
As the Directors of the Trust (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the 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 the Trust's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the 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:
-
accounting records were not kept in respect of the Trust as required by 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 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
-
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.
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.
This report is made solely to the Trust's Directors, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Trust's Directors those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trust's Directors as a body, for my work or for this report.
Signed: Dated: 5 November 2021 Mr F M E Shippam BSc FCA DChA
MA Partners LLP
Chartered Accountants
Page 8
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2021 £ 2,000 - - - 2,000 1,375 1,375 625 6,297 625 6,922 |
Unrestricted funds 2021 £ 20,759 31,575 2,734 83 55,151 60,458 60,458 (5,307) 648,466 (5,307) 643,159 |
Total funds 2021 £ 22,759 31,575 2,734 83 57,151 61,833 61,833 (4,682) 654,763 (4,682) 650,081 |
Total funds 2020 £ 5,400 53,026 4,380 18,804 |
|---|---|---|---|---|
| 81,610 | ||||
| 53,318 | ||||
| 53,318 | ||||
| 28,292 | ||||
| 626,471 28,292 |
||||
| 654,763 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 30 form part of these financial statements.
Page 9
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 01295328
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 12 Heritage assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 18 Unrestricted funds 18 Total funds |
61,106 239,893 300,999 (4,391) |
2021 £ 2,772 350,700 1 353,473 296,608 650,081 650,081 6,922 643,159 650,081 |
68,386 241,580 309,966 (6,285) |
2020 £ 382 350,700 - |
|---|---|---|---|---|
| 351,082 303,681 |
||||
| 654,763 | ||||
| 654,763 | ||||
| 6,297 648,466 |
||||
| 654,763 |
The Trust was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 10
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 01295328
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021
The financial statements were approved and authorised for issue by the Directors and signed on their behalf by:
................................................ Mrs J M Harwood
Date: 1 November 2021
The notes on pages 12 to 30 form part of these financial statements.
Page 11
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. General information
Norfolk Historic Buildings Trust is registered as a charitable company limited by guarantee incorporated in England and Wales.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Norfolk 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.
2.2 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 12
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Plant and machinery - 25%
2.6 Heritage assets
Properties are treated as heritage assets worth a nominal value of £100 each, which reflects a variety of attached long term encumbrances, except where a professional valuation indicates a value significantly in excess of this amount. The excess of the revalued amount over cost is transferred to a revaluation reserve.
All maintenance expenditure incurred and revenue received in respect of these properties is recognised in the income and expenditure account as incurred on an accruals basis.
Heritage assets are not depreciated. An impairment review of property valuations is conducted on an annual basis.
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 13
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.11 Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.12 Pensions
The Trust operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Trust to the fund in respect of the year.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 14
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. Income from donations and legacies
| Donations Grants Total 2021 Total 2020 |
Restricted funds 2021 Unrestricted funds 2021 £ £ - 51 2,000 20,708 2,000 20,759 2,996 2,404 |
Total funds 2021 £ 51 22,708 22,759 5,400 |
Total funds 2020 £ 5,400 - |
|---|---|---|---|
| 5,400 | |||
| 4. Income from charitable activities Unrestricted funds 2021 £ Income from charitable activities - Charitable activities 31,575 5. Investment income Unrestricted funds 2021 £ Investment income - bank interest 150 Investment income - other interest 2,584 2,734 |
Total funds 2021 £ 31,575 Total funds 2021 £ 150 2,584 2,734 |
Total funds 2020 £ 53,026 |
|---|---|---|
| Total funds 2020 £ 1,057 3,323 |
||
| 4,380 |
Page 15
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. Other incoming resources
| Miscellaneous Profit on disposal of assets |
Unrestricted funds 2021 £ 83 - 83 |
Total funds 2021 £ 83 - 83 |
Total funds 2020 £ - 18,804 18,804 |
|---|---|---|---|
7. Analysis of expenditure on charitable activities
Summary by fund type
| Charitable activities Total 2020 Summary by expenditure type Charitable activities Total 2020 |
Restricted funds 2021 Unrestricted funds 2021 £ £ 1,375 60,458 - 53,318 Staff costs 2021 Depreciation 2021 Other costs 2021 £ £ £ 16,542 967 44,324 15,967 213 37,138 |
Total funds 2021 £ 61,833 53,318 Total funds 2021 £ 61,833 53,318 |
Total funds 2020 £ 53,318 |
|---|---|---|---|
| Total funds 2020 £ 53,318 |
|||
Page 16
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. Analysis of expenditure by activities
| Charitable activities Total 2020 Analysis of direct costs Property maintenance and operational costs Professional fees |
Activities undertaken directly 2021 £ 27,137 24,617 |
Support costs 2021 £ 34,696 28,701 |
Total funds 2021 £ 61,833 53,318 Total funds 2021 £ 21,675 5,462 27,137 |
Total funds 2020 £ 53,318 |
|---|---|---|---|---|
| Total funds 2020 £ 16,680 7,937 |
||||
| 24,617 |
Page 17
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Insurance Office and administration Travel Secretary's expenses Chairman's expenses Bank charges Public relations Depreciation Governance costs Independent examiner's remuneration Fees payable to the Trust's independent examiner for the independent examination of the Trust's annual accounts Fees payable to the Trust's independent examiner in respect of: All other services not included above |
Total funds 2021 £ 16,542 5,531 4,810 173 381 102 83 - 967 6,107 34,696 2021 £ 525 5,582 |
Total funds 2020 £ 15,967 599 4,684 32 502 405 71 249 213 5,979 |
|---|---|---|
| 28,701 | ||
| 2020 £ 500 5,078 |
9. Independent examiner's remuneration
Page 18
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
10. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2021 £ 16,230 312 16,542 |
2020 £ 15,770 197 |
|---|---|---|
| 15,967 |
The average number of persons employed by the Trust during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Secretary | 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
11. Directors' remuneration and expenses
During the year, no Directors received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 March 2021, travel expenses totalling £ 275 were reimbursed or paid directly to 2 Directors (2020 - £437 to 2 Directors) .
Page 19
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
12. Tangible fixed assets
| Cost At 1 April 2020 Additions 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 |
Plant and machinery £ 5,686 3,357 |
|---|---|
| 9,043 | |
| 5,304 967 |
|
| 6,271 | |
| 2,772 | |
| 382 |
Page 20
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13. Heritage assets
Assets recognised at cost
| Carrying value at 1 April 2020 Analysis of heritage asset transactions 2021 £ Disposals Freehold property - Long-term leasehold property - Total disposals - Proceeds from disposals Freehold property - Total sale proceeds - |
2020 £ (200) (100) (300) 19,104 19,104 |
Freehold property 2021 £ 350,500 350,500 2019 £ (100) - (100) 2,000 2,000 |
Long-term leasehold property 2021 £ 200 200 2018 £ (2,400) - (2,400) 11,000 11,000 |
Total 2021 £ 350,700 350,700 2017 £ (420,000) - (420,000) 420,000 420,000 |
|---|---|---|---|---|
| Disposals Freehold property Long-term leasehold property Total disposals Proceeds from disposals Freehold property Total sale proceeds |
Heritage assets are included in the financial statements at a nominal valuation of £100 each except as follows:
The Oulton Manse, Chapel and Coach House have been included at a valuation of £350,200. This comprises a professional valuation of £290,000 in respect of the Manse, at open market value, carried out by E Macdonald MRICS of NPS Property Consultants Limited, Norwich, Norfolk on 14 June 2002; and a Directors valuation of £60,200 for the Chapel and Coach House. The Directors have considered this valuation and believe that as it dates from 2002 it may well be less than market value, but are reluctant to incur the cost of having a professional valuation carried out.
The properties included at a nominal value of £100 each includes the following:
Freehold - Homersfield Bridge; Little Cressingham Windmill; Thurton Lodges.
Leasehold - Fakenham Gas Works; Waxham Barn.
Page 21
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 14. Fixed asset investments Cost Additions At 31 March 2021 Net book value At 31 March 2021 Principal subsidiaries The following was a subsidiary undertaking of the Trust: Name Company number Registered office or principal place of business NHBT Trading Company Limited 13094328 9 The Old Church, St Matthews Road, Norwich, NR1 1SP The financial results of the subsidiary for the year were: Name NHBT Trading Company Limited |
Investments in subsidiary companies £ 1 1 1 Holding 100% Net assets £ 1 |
|---|---|
NHBT Trading Company Limited was incorporated on 21 December 2020 and was dormant to 31 March 2021.
Page 22
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15. Debtors
| Due after more than one year Other debtors Due within one year Other debtors Prepayments and accrued income |
2021 £ 48,334 48,334 11,772 1,000 61,106 |
2020 £ 58,334 |
|---|---|---|
| 58,334 10,000 52 |
||
| 68,386 |
16. Creditors: Amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income |
2021 £ 338 1 1,023 906 2,123 4,391 |
2020 £ 1,039 - 1,754 1,304 2,188 |
|---|---|---|
| 6,285 |
17. Financial instruments
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 239,893 | 241,580 |
Financial assets measured at fair value through income and expenditure comprise comprise cash and cash equivalents.
Page 23
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
18. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Maintenance reserve - Oulton Manse Maintenance reserve - Oulton Chapel Maintenance reserve - Oulton Coach House Maintenance reserve - Thurton Lodges Maintenance reserve - Homersfield Bridge Maintenance reserve - Waxham Great Barn General funds General Funds Revaluation reserve Total Unrestricted funds Restricted funds Waxham Barn groundworks Beeston Priory Oulton Chapel Becket's Chapel Total of funds |
Balance at 1 April 2020 £ 25,000 25,000 12,000 10,000 5,000 60,000 137,000 324,837 186,629 511,466 648,466 1,230 2,373 694 2,000 6,297 654,763 |
Income £ - - - - - - - 55,151 - 55,151 55,151 - - - 2,000 2,000 57,151 |
Expenditure £ - - - - - - - (60,458) - (60,458) (60,458) - - - (1,375) (1,375) (61,833) |
Balance at 31 March 2021 £ 25,000 25,000 12,000 10,000 5,000 60,000 |
|---|---|---|---|---|
| 137,000 | ||||
| 319,530 186,629 |
||||
| 506,159 | ||||
| 643,159 | ||||
| 1,230 2,373 694 2,625 |
||||
| 6,922 | ||||
| 650,081 |
Page 24
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
18. Statement of funds (continued)
Designations to maintenance reserve funds are based on projected future maintenance and restoration costs. If the property is sold or the future expenditure no longer anticipated, funds are transferred back to General Funds.
Page 25
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
18. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Maintenance reserve - Oulton Manse Maintenance reserve - Oulton Chapel Maintenance reserve - Oulton Coach House Maintenance reserve - Thurton Lodges Maintenance reserve - Homersfield Bridge Maintenance reserve - Waxham Great Barn Maintenance reserve - Beeston Priory Maintenance reserve - Denver Mill General funds General Funds Revaluation reserve Total Unrestricted funds |
Balance at 1 April 2019 £ 25,000 25,000 12,000 10,000 5,000 60,000 30,000 50,000 217,000 219,541 186,629 406,170 623,170 |
Income £ - - - - - - - - - 59,810 - 59,810 - |
Expenditure £ - - - - - - - - - (34,514) - (34,514) (34,514) |
Transfers in/out £ - - - - - - (30,000) (50,000) (80,000) 80,000 - 80,000 - |
Balance at 31 March 2020 £ 25,000 25,000 12,000 10,000 5,000 60,000 - - |
|---|---|---|---|---|---|
| 137,000 | |||||
| 324,837 186,629 |
|||||
| 511,466 | |||||
| 648,466 |
Page 26
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
18. Statement of funds (continued)
| Restricted funds Waxham Barn groundworks Beeston Priory Oulton Chapel Becket's Chapel Total of funds |
Balance at 1 April 2019 £ 928 2,373 - - 3,301 626,471 |
Income £ 302 - 694 2,000 2,996 2,996 |
Expenditure £ - - - - - (34,514) |
Transfers in/out £ - - - - - - |
Balance at 31 March 2020 £ 1,230 2,373 694 2,000 |
|---|---|---|---|---|---|
| 6,297 | |||||
| 654,763 |
Page 27
NORFOLK HISTORIC BUILDINGS TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
19. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 April 2019 £ 217,000 406,170 3,301 626,471 |
Balance at 1 April 2020 £ 137,000 511,466 6,297 654,763 Income £ - 59,810 2,996 62,806 |
Income £ - 55,151 2,000 57,151 Expenditure £ - (34,514) - (34,514) |
Expenditure £ - (60,458) (1,375) (61,833) Transfers in/out £ (80,000) 80,000 - - |
Balance at 31 March 2021 £ 137,000 506,159 6,922 |
|---|---|---|---|---|---|
| 650,081 | |||||
| Balance at 31 March 2020 £ 137,000 511,466 6,297 |
|||||
| Summary of funds - prior year | |||||
| Designated funds General funds Restricted funds |
|||||
| 654,763 |
Page 28
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
20. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Heritage assets Debtors due after more than one year Current assets Creditors due within one year Total |
Restricted funds 2021 Unrestricted funds 2021 £ £ - 2,772 - 1 - 350,700 - 48,334 6,922 245,743 - (4,391) 6,922 643,159 |
Total funds 2021 £ 2,772 1 350,700 48,334 252,665 (4,391) 650,081 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Heritage assets Debtors due after more than one year Current assets Creditors due within one year Total |
Restricted funds 2020 £ - - - 6,297 - 6,297 |
Unrestricted funds 2020 £ 382 350,700 58,334 245,335 (6,285) 648,466 |
Total funds 2020 £ 382 350,700 58,334 251,632 (6,285) 654,763 |
|---|---|---|---|
21. Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £312 ( 2020 - £197 ). No contributions were payable to the fund at the balance sheet date.
Page 29
NORFOLK HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
22. Related party transactions
Other than the transactions disclosed in note 11, the Trust has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the Trust at 31 March 2021.
Page 30