Registered number.. 01331300 Charlty number: 274366 SUSSEX HERITAGE TRUST LIMITED (A Company Llmited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SUSSEX HERITAGE TRUST LIMITED IA Company Limited by Guarantse) CONTENTS Page Reforonce and admlnlstratlva dotalls of the charlty, Its truste8s and advlsors Trustegs. report Independent examlnerfs report statement of financial actlvities Balance sheot Notes to the flnancial statements 9-17
SUSSEX HERITAGE TRUST LIMITED IA Company L5mlted by Guarantsel REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Tru5ts9s D N Cowan, Chairrnan J N Vvhilmore, Vice Chairman- appointed 19 September 2023 S F Knight, retired 19 September 2023 F Nation-Dixon, retired 19 September 2023 V A G Williams, S Chapman, S C Ward, C G Stebbing, - retlred 19 September 2023 J E T Cooper R N Crwk, G Peters, C V Anson, N S Jones, R D B Paillhorpe. C S Homan, VA M Back- appointed 23 January 2024. Patrons Lor¢ Egremont (Presidenll N H Clutton 08E J C Small Rl. Hon Lord Lloyd of Berwick The Lady Renton of Mount Harry C Gebbie OBE V Hancock ACHJDhns J D Godfrey N J Holland Company reglslered number 0133130Ct Charfty reglstered number 274366 Reglsterèd offlce Room 42 Chichester Enterprise Centre, Terminus Road. Chichester, West Sussex, P019 8FY Company socretary C S Homan Independ8nt Examiner LTS Accounting Crosstrsh Arundel BN18 9PQ Page 1
SUSSEX HERITAGE TRUST LIMITED IA Company Llmlted by Guarantsel TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the financial statements for the yew 1 January 2023 10 31 Decernber 2023. The Trustees confirm that the Annual Report 8nd financial slalemenls of thè company comply with the Gurrenl stslulory requirements, the requirements of the CDmp8ny's governing document and the provisions of th8 Statement of Recommended Practi ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lèffeclwe 1 January 20191. sin the company qualifies as small undgr section 383. the strategic report required of medium and large companies under The Companies Act 2006 {Stralegic Report and Directorfs Report) Regul8llons 2013 is not reqLured. Objectlves and ActSvltles a. POLICIES AND OBJECTIVES In setting objectives and planni for activities, the Trustees have given due consideration to general guidan published by the charity commission relating to public benefit and in partiCLdar lo its supplementsry public benefit guidance as lo deciding what activities the trust should undertake. b. ACTIVITIES FOR ACHIEVING OBJECTIVES The Trust is principally engaged in preserving, improving and eOuraging the appreciation of the archltectuial and natural heritage in Ihe counties of East and West Sussex. c. ACHIEVEMENTS AND PERFORMANCE- CHAIRMAN'S REPORT Sussex Heritage Trust is a registered charty established in 1977 to pr8serve. improve and encouragè the apCiall0 of the archileclural and natur81 landscape of Sussex. We do this by.. Recognising and celebrating high quality conservation, restoration and new build wojects in Sussex T8klng a strategic interest in Sussex building and landscape conservation issues Highlighting, surveying. and reporting on Buildings al Risk Working w(th government agencies, local authorities, and communty groups on heritag6 projects Offering relevant educational opportunities for young people based in Sussex Al the Annual General Meeling in September 2023, 1 was appointed as the new Chairman of the Trust following the retiremerrt of Simon Knight DL, who has now agreed lo become a Patron of the Twsl. New Trustee, James VlIMOre has been appointed the new Vice-chairman and Chairman ofthe Sussex Heritage Trust Awards and Charfes Homan remains Company Secretary and Treasurer, Ow Biennial Dinner, in October, gave us the OOrtunity lo fomally thank Simon for hi8 nine years as a Trustee, four years of which were as Chairman. Dr Harry and Mrs Jacquie Brt)njes, the owners of Folkington Manor Dpened their family home to host the fvndraising dinner with Sir Nicholas Coleridge, former Chair of the Victoria and Albert Museum, as the after-dinner speaker, Sir Nicholas gave an entertaining and insighttul speech about his time in Sussex as a boy, whilst also looking fDrward lo his new role as Chair of the Histori Royal Palaces and forthcoming appointment as the new Provost of Elon to be taken in September 2024. The Reverend Rupert Toovey DL conducted a lively auction which raised £18,000 towards the work of the Trust. Our gratefjJl thanks to Gaby Hardwicke Solicitors and NFU Mutual Chichester and Horsham for thelr generous sponsorship alongside our sparkling wne partner, Evefflyht. Page 2
SUSSEX HERITAGE TRUST LIMITED IA Company Limitsd by Guarantoe) TRUSTEES. REPORT Icontinuod FOR THE YEAR ENDED 31 DECEMBER 2023 2023 marked Ihe 25th Anniversary of th8 presentation of the $seX Heritage Trust Awards, spcM)sored by Irwin Mitchell, hDSted at Pangdean Old Bam, Pyeeombe, near Brighton. 36 Awards and 18 Highly Commended projects were announced across 10 categories from residential scheme5 to public and community building5 10 commercial project$. The Awards were launched at Lancing College Chapel. The building has been the recipient of three Awards, most recently a Building Craft Award for Colin Macrae, a stonemason from Chichester, vho was instrumental in the completion of the West Front of the Chapel. Wlh thkS to our sponsor The Revd. Rupert Toovey from ToDv8y's Antique and Fine Art Auctioneers and Valuers. Our annual sponsors. many of whom have been with us for a number of yèars, are vital for the continue success ofthe Awaids and help us eontinue our charitable objectives lo promote excellence in conseNalion. restoration and also the good design of newly built projects. We welcomed the South Downs National Park for the second year as sponsors of The South Downs Award. The Awards was won by The Woodcarvers Studio in Nyewood. a sustsinable studio Spa for professional artist and wood sculptor, Alison Cro¥Mher. We also annoUnd the inaugural year ofThe Eco Award catOry, which was sponsored by Cowan Architects. The new category réceived 23 entries and aims lo reco9nise a project's commitment lo excellence in sustainability, biodiversity and energy 8fficiency. The Award was won by St Michael and All Ange18 in BeICk, 8 Grade I listed churGh of national importance, restoring and conserving paintings by Duncan Grant, Vanessa Bell and Quèntin Bell 8s well as refurbishiny the fabric and installing ground sourGe heat pumps. The commrtment to sustainability is very much refl&cled in the Trusys charrtable work in supporting traditional skills and Crafts. Funded by the Sussex Heritage Trust. the Endangered Crafts Fund has supported five Sussex-based craftsp80ple grants in 2023 through the continued partnership with Heritage Craft5, a national charity Set up to celebrate, support and safeguard traditional craft skills. Recent grlS have been made to a block printer, a trainee rake ma(er and a reverse glass sign artist. Traditional craftm?nship and building skills are an important part in maintaining the rich heritage of Sussex, which is why we also continue to work closely with the Weald and Downland Living Museurn and Wesl Dean College of Arts and Conservation to provide short courses for young people, and those experiencing finanaal hardship, to improve their knoedge of traditional building skills. Nine bursaries were awarded to students in courses from Oak Timber Framing lo Practical Flint Walling and Con8eNation and Repalr of Brickwork and Flint M8sonry. This work has been generously supported by The lan Foulerton Charitable Trust, The lan Askew Charitable Trust, The Radcliffe Trust, The Halley Estat8s Ltd Charitable Trust and Beard Charitable Foundation. In addition, Clarke Rrx)fing Soulhem Limited have provided funding lor two places on a Foundation in Roofing COUn8e at Soulh Coast R¢)of Trainlng Centre. to be filled in 2024. During this yew, we have also maintained our campaigning activity following the launch of the 'Peers ofthe Public Realm, campaign in 2022, led by one our Trustees, Richard Crook. Tho Trust has helped sav& many of the remaining K6 Red Telephone Boxes in Sussex, and tsur current campaign draws attention lo the plight of our historic public realm. Our grateful Ih8nks to Trevor Leggo who leads both the East and INest Suwx Associations of Local Councils, for helping us promote this work. All this work requlres a substantial amount of fUraisIng and we have been delightsd to be able to host number of private visits in 2023. Eadier in the year we were gu&sls al Grav8tye Manor to visit the gardens wth head gardener, Tom Coward. We have also hosted a Friends of the Trust visit to Worth Park in Grawley. A highly commended proi8Ct at the 2Q16 Sussex Heritagè Trust Awards, the head gardener Stephen Peters. was keen for the Trust lo see the progress at the gardens and our ftiends were treated to a knowledgeable and fascinating lour of the history of the park, given by Elizabeth Steven, Chair of Worth Park Htstory Society. Friends and supporters of the Sussex Heritage Trust join us on many of these exclusive events a small Page 3
SUSSEX HERITAGE TRUST LIMITED IA Company Llmitad by Guarantee) TRUSTEES. REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 annual donation to the Trust. These dO[l10n8 are vital lo the delivèry of our charitsble work and as we look to a new year we are keèn to encourage our supporters to think about le9 grfts, how8v8r bo or Small. when writing their wills. Towards the end of 2022, tha Trust was greatly saddened lo hear of the passing of J¢)hn Small. one of our founding Patrons. We pass on our éeepesl sympathy to his friends and family. A number ol Trustees stepped down at the Annual General Meeting after many years of support." former Treasurer and Company S6crelary. Chris Stebbing, fomier Company S8cr6lary. Franci5 Nalion-oixon and Project Officer, Robert Ov@rton-Hart. There have also been some changes to the office as we said a sad goodbye to our administrator, Vidoria Crespi, who left the Trust to join the South Downs National Park. We welcomed Hannah Slubbinglon as the new administrator who has joined CEO, Helen Reeve at our offices in Chichester. The success of the Trust is down to the work of the team, the generosity of our sponsors, friends and supporters and particularly th8 WD DI our Trustees. l also would like lo tske the opportunity lo thank our Presidenl and Patrons who continue to offer their lime and support. Financial revlew a. REVIEW OF ACTIVITIES There was a surplus this yearof £14.55712022- £8,003). b. INVESThIENT POLICY AND PERFORMANCE Th¢ charity hold5 no investments exr£pt as dèscnbed as Legacy Assets in note 1.16. c. GOING CONCERN After making appropTiate enquiries, the trustees h8ve a raasOfiab expectatson that the comp8ny h8s adequate resour to con*"nue in operational existence the foreseeable fulu¥e. For this rèason, they continue to adopl the going con(Ern basis in preparing the finanoal Statements. Further details regarding the adopi.on of the goiryJ wncEm basis can be foulld In the AttDunting Policies. d. RESERVES POLICY It is the policy of the trust that rt should maintain unrestricled fvnd$ that have not been designated for a specific wrpose at level equivalent to six rnonths of expenditure. taking into consideration the trust's 0-Year activity cycle. Thè Trustses consider that reseryes of this Ve1 bwll ensure thal in the event ol a sHJnthrAnt drop In funding they will be ab to (x>ntinue the Trusfs Current adivitiés bthilst consideration is given to W8ys in which activrty can be conlinu8d and additional fijnds rnay be raiseil The Trustees eonsiderthe psent level and reserwes to be adequate in this respect. structure. governance and management a. CONSTITUTION Thè company is regiSt¢red as a chaiitable company limited by guarantèe and was constituted by a Trust Deed on 23 September 1977 and Is a regislered tharily lrtumber2743661. Page 4
SUSSEX HERITAGE TRUST LIMITED A Company LImd by Guarnnt8el TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 The principal obj•ct of th• Company is to pr•s•No. mprove eneourage the appreciation ol the arthitectural and natural heritage in the counh.es of East and West Sussex. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES Tho management of the company is the responsibilty of the Trustees who are elected and oJ-QPted under the terms of the Arldes of Association lo meelthe needs of the Trust. c. ORGANISATIONAL STRUCTURE AND DECISION AqAKING The charity is a Company limited by guarantee. The Trust nSIderS th¢ Charity Goveman¢¢ Code lor Smaller charili?s and the principks and recornmended practice it sets out. d. RISK MANAGEMENT The Trustees have ssses5ed Ihe major ri8k8 to whith Ihe cunpany is 8XP058d, in particular those rèlatsd to thé operations and finances of the company and a satisfied that Sy3tems and procedures are in pla lo micigale our exposure to the major risks. FUTURE DEVELOPMENTS The charity has sufficient sOurceS foi thè foréseeable future and dévelopm•nt plans continue. The expansion of our apprentice and endangered cralts scherne will continue lo be developed through new partnerships wrth local like-minded organisabons. We are exploring encouraging environmental considerations and improvements through our planned work. FUNDS HELD AS CUSTODIAN There are no funds held as custodian. MEMBERS. LIABILITY The Members of the ¢ompeny guarantee ¢0 contribule an arnount not exceeding £10 to the as8•ts ofth¢ eharity in tho event of wlndiNJ up None of the Members has any bÈnèfittal interest in th• eompany. All of tho Truste•s ar• M•mbers olthe company. This report was approved by the Twstees, on 17th April 2024 and signed on their behalf by_. C. S. Homan Gompany Secretsry Page 5
SUSSEX HERITAGE TRUST UMITED IA Company Llrnltod by Guarart•èl INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDElff EXAPIINER'S REPORT TO THE TRUSTEES OF SUSSEX HERITAGE TRUST LIMITED (the 'company) I t8POrt to th6 charty Trustees on my exarninatt of a<ounts of the Company frjr the year ed 31 De¢ember 2023. RESPONS181UTIES AND BASIS OF REPORT A£ the Truslaès ofthe company (and ifs direGlors for ths purpases of comp8ny18wI you are responsibkn for the preparath)n of the aCCjnIS In acroTdance with th6 roqulroments of the Companio$ A¢t 20061Ih8 2006 Act'i. Having $sfied mysew that the accounts of lh8 company 8re not requwed to be audit4d under Part 16 of th8 Act and ara $ligiblè for independent examination, I report in Tespect of my examlnation of the companys awunts carri¢d out undar 6ectlon 145 cf the Charilies Act 2011 (Yhe 2011 Act). In rrn9 Out my Èxamsnatron I hw follow1 tha Diractlons gNen by the Charity Commission under Bection 14515)Ibl of the 2011 ACL INDEPENDeNT EXAMINER'S STATEMENT I h8Ye compteted my examination. I can confiun that na matters tsve to my attèntion Ki connectK)n with the examination gNing me caLK5e to l•ve.. ac¢ounling records not kept in respect of th? COMry required by section 388 of the 2006 Act or the accounts do not aCCOFd w(th thoga records.. or the accounts do not Comp wth tha accounting raquirfjments of sa¢tkM 396 of the 2CQ8 Act Qther than any [eqUiren that the a¢counts a Yrue and fai wfttch is not a matter considèr&tt as part of an Ind¢pgndenl èxamlnation.. ¢x the ateounts havg not been prepared in aOrdanCe with th¢ methts and pdncfple8 of the Stalamenl ¢)f Recommended Practice for accountlng and rewEing by ¢hanh"es [appIable to charities prFp4rlng theif accounts in acwrdance with Ihe FSn8ncial Reporting Stsndarf appIlbI¢ in the UK anfj Republ of Ireland (FRS 1021J. I have no concefns and have c4xne ¥ro$$ no othèr matters In connection with thè 8x8minatitsn Ig wh attenb.on 8houkl te drawft in this report In othei to enable a proper understanding of accounts lo be Dated: 17 April 2024 L Taylor4toakes Hillside Crossbu$h Arundel West Sussg BN18 9PQ Pa6
SUSSEX HERITAGE TRUST UrlTED IA Company Llmlt8d by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDEO 31 DECEMBER 2023 Unrestrlcted Restrlcted Funds Funds 2023 2023 Total funds 2023 Total funds 2022 Note INCOME FROM: Donations and legacies Charitable activities Investments 11,395 107,133 36,995 48,390 107,133 27,575 92,231 1,568 TOTAL INCOME 120 878 157 873 121374 EXPENDITURE ON: Charitable activities TOTAL EXPENDITURE 122 831 20 485 143 316 113371 122 831 143316 113371 NET INCOME I IEXPENDITUREI BEFORE OTHER RECOGNISED GAINS AND LOSSES AND NET MOVEMENT IN FUNDS {f,9531 16.510 14.557 8,003 RECONCILIATION OF FUNDS.. Total funds br(yJght forward 74,887 15 832 TOTAL FUNDS CARRIED FORWARD The notes on pages 9 to 17 fomi part of these financl81 statements. Page 7
SUSSEX HERITAGE TRUST LIMITED IA Company Limltad by Guarantsel REGISTERED NUMBER: 01331300 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note CURRENT ASss Debtors and other assets Cash al bank and in hand 10 6,020 31,702 136.442 126,345 CREDITORS: amounts falling due within one year NET CURRENT ASSETS 105 276 NET ASSETS CHARITY FUNDS Restricted funds 12 32.342 15,832 Unrestricted ftjnds 12 TOTAL FUNDS The companls finanaal statements have been prepared in accordance with the provision¥ appli¢able to companies subject lo the small companies, regime. The Trustees consider that the company is enlftled lo exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 1"Ihe Acf'l and members have not requlred the Company lo obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 20CE wÈth respect lo accounting records and the preparation offinantyol stslements. financial statements were approved and aulhorised for issue by thè Trustees on 16th April 2024 and signed elr behaw, by.. tsn . Cowa C.S. Homan Treasurer The note5 on pages 9 t¢ 17 fom part of these financial slalements. Page 8
SUSSEX HERITAGE TRUST LIMITED IA Company Limltod by Guarantee) NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES 1.1 Basls of preparatlon of financial stat•m•nts Th8 financial statements have been prepared in 8¢cordanee with Accounting and RePOrtir by Charities.. Statement of Recommended Pradice applicable to chanlies preparing their accounts in aceordanee with the Financial Repoiting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, the Financial Rèporting Standard aFpli¢able in the UK ?nd Republic of Ireland IFRS 10218nd th8 Companies Act 2006. In the application of the company's aceounling policies, the Truste8s are required lo make judgements, estimates and assumptions about the carrying amount of assèts and Ilabililies that are not readily apparent from other sources. The e51imales and associated assumptions are based on historical experience and other factors that are considered to be relevanl. Actual results may differ from Ih8s8 estimates. SLJssex Herilap Trust Limited rneets the definiti¢M of a public benefit entity undèr FRS 102. Assets and liabilities are initially recognised at historical Gosl or Irans8Ction Val unless otherwise stale4 in the relevant accounting policy. 1.2 Company status The company is a company limi18d by guarantee. The member5 of the company are the Trustees named on page 1, In the event of the company being wound up. the liabilty in respect of the guarantee is limited to £10 per member of the company. 1.3 Fund accountlng General funds are unrestricted funds which are available for use al the discretion of the Trustees In fijrtherance of the general objectives of the company and which have not been designated for other purposes. Restricted funds ar8 funds which are to be used in accordance wrth specific restrictions irnposed by donors or which have en raised by the MpanY 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 are set out in Ihe notes to thè financial statements. Investment income, gains and losses are allated lo the appropriate lund. Page 9
SUSSEX HERITAGE TRUST LIMITED {A Company Umltod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES {¢onUnuedl 1.4 Incomè Al income is regnIsed on¢e the ¢gmpany has entstlement to the IoMe. it is probable that the income will be received, and the amount of income receivable can be measured reliably. For legacies, enlillement is taken as the earfier of the date on which either.. the company is 8W8re that probate has been granted, the eslale has been finalised and notification has been made by the executorlsl to the TNSI that a distribution will be made, or when a dislribulign 15 weived from the estate. Receipt of a legacy. in whole or in part, is only consider8d probable vthen the amount can be measured reliably, and the company has been nolrfied of the exe¢ulorf¥ intention to make dislribulion. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been mel, th8n the legacy is Irealed as a contingent asset 8nd disclosed rf material. Donated services or facilities aTe recognised when the company has control over the item. any conditions associated wrf(h the denaled ilern havè been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit ¢n measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer lime of the Friends Is not regnised and refer lo the Trustees, report for more infomation about their contribution. On rècapt, donatèd profèssional seNices and donated facilltles are recognised on the basis of the value of the gift lo the company which is the amount the company would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open market", a correspondir amount is then recognised in eXpeilure In the peri¢xI of receipt. Income tax recoverable in relation to donations received und8r Gift Aid or deeds of covenant is recognised al the time of the donation. Income lax recoverle in relation to investment income is rè¢egnised at the time the investment income is receivable. Other income is recognised in the period in whith it is receivable and lo the extent the go¢)ds have been provided or on completion of the sorvice. Page10
SUSSEX HERITAGE TRUST LIMITED IA Company Lsmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Icontlnuad} 1.5 Expenditure Expenditurè is rÈcfjgnisÈd oncè thèrè is a legal or ttJn8tnJeti¥È oblig8tion to transfar economlc benefit to a third party, il 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. Direcl costs attributable lo a single activity are all¢xated directly to that activity. Shared costs which contribute lo more than one acb'vity and support costs which are not attributable lo a single activity are apporb'oned been those activities a basis consislenl wlh the use of resources. Central staff costs ar8 allocated on the basis of time spent, and depreciation ch8rge8 allocated on the portion of the asset's use. Fundraising costs 8re thos& incurred in seeking voluntsry contributions and do not include the costs of disseminating information in support of the charitable act4Vities. Support costs are those costs Incurred directly in support of expenditure on the objects Df the charity and indude any project management costs of the head office. Costs of generating funds are costs ineurred in attracting voluntary income, and those incurred In trading activities that raise funds. Charitable aolivilies and Govemano costs are St5 incurred on the company's educab.onal operations, including support cos15 and costs relating to the govemance of the company apportioned lo charitable activities. 1.6 Interest roc?ivab19 Inlerest on funds held on deposit is induded wh8n receivable and the amount can be measured reliably by the company.. this is nomially upon nolificalion of the interest paid or payable by the Bank. 1.7 Debtorys and other assets Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. The other asset represents a bequest of a painting received by the charity and which has been Valued by the trustees at eslimaled auction value less costs, which will occur when conditions allow. 1.8 Cash at bank and in hand Cash al bank ancl in hand includes c8sh and short lem highly liquid investments wrth a short malunty of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.9 Llabilltie¥ and provisions Liabilrties are recognised when there is an obligation at the Balance sheet date as 8 resuR of a past event, il 15 probable that a transfer of economic benefit wll be required in setdement, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised al the amoLsnt that thè company anticipates il will pay lo setue the debt or the amount il has received as advanced payrnenls for the goods or services il must provide. Provisions arp measured al the best estimate of the amounts required to seltje the obligation. Page11
SUSSEX HERITAGE TRUST LIMITED {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Icontlnuedl 1.10 Flnancial Instruments The company only has flnancial a88et3 8nd financial liabS1ilies of a kind that qualify a¥ basic finanaal ir)struments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlem8nl value. 1.11 Donations Donations are accounted for when weived. 1.12 Membetship Membership income Is account8d for when received. 1.13 Ront Rental income is accounted for when ffceived. 1.14 Taxalion The company is a registered Charity and is therefore exempl from liabilty to taxation on ils income. 1.15 Allocation of costs Administrative support costs are allocated to governanc8 and the cost of generating fijnds i proportion to the amount of lime spent on each aclivtty. Other costs are allocated based on the aGtivty lo whieh they relate. 1.16 Legacy a$sèts The Trust is the freeholder of the Tollhouse al Ashcombe (Title ESX258T131. The propety is not included in the balance sheet of the Trust as 11 has no original cost and conventional valuation approaches lack SLrfficient reliability. The Trust has a freehold reversionary interest in 11111a Market Street Lew8s on a 999.year lease from 1 April 1979. The Irusl has a freehold interest in a fraction ol land al 1551156 The Str8et, Clapham. WDrthing (Tille WSX2070851WSX1981631 The Trusl has the benefit of a restrictive covenanl on 10 Clifton Hill, Brighton (Title ESX587471. 1.17 Grants Grants are induded when notified and malthed lo thè costs against which they rèlate. Covid related grants are included when received 1.18 Donatèd Items The Trust holds a collection of athorks donated by a loeal Sussex artist. which has no original cost and conventional valuation approaches lack suffi'cient reliability. The trustees are still considèring a methodology to ascertain a valuatson as Covid prevenl8d a satisfactory disposal of the collection. Page 12
SUSSEX HERITAGE TRUST LIMITED IA Company Limit8d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INCOME FROM DONATIONS AND LEGACIES Unrestrictsd Restrlcted Fun(ts Funds 2023 2023 Total funds 2023 Total funds 2022 Donations and legacies Totsl 2022 INCOME FROM CHARITABLE ACTIVITIES UnrestrScted Restrlcted Funds Funds 2023 2023 Total funds 2023 Total funds 2022 Awards entries aThJ partieipab.on Awards support Income from heritage èv8nls 28,863 46,830 31,440 28,863 46,830 31,440 26,959 44,560 20.712 Total 2022 INVESTMENT INCOME Unrestrlcted Restrlcted Funds Funds 2023 2023 Total funds 2023 Total funds 2022 Investment income Total 2022 Page 13
SUSSEX HERITAGE TRUST LIMITED IA Company Llmlted by Guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2023 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Annual Heritsgg Awards Local Heritagè Horltagg Support and Events Educatlon Totsl 2023 Totsl 2022 PrOLlu10 costs Property maintenan Edu&?lion & outreach Support o)sls Governance costs 83,4 30,098 113,588 88.974 1 S,925 420 15,925 8.398 10,739 5,879 2,100 3,783 1.351 270 5,404 Total 2022 11 Expenditur& on charilable &tivities was £143.31612022 - £113.3711 of which £122,831 was unrestricted 12022- £98,832) and £20.485 was reslri¢ted12022- £14,539). ANALYSIS OF GOVERNANCE AND SUPPORT COSTS Th8 trust initially identifies the costs of ils support functions. 11 then identifies those costs which relate to the govemance lunetion. Havlng Identified Its govemance costs, the ramaining support costs together with the goveman¢e costs are apportioned between three key charitable activities Ise8 note 51 in the year. Refer to the table below for the basis for apportionment and the analysis of support and govemance costs. Support Governancg Total Funds Total Funds 2023 2023 2023 2022 General office Subscriptions Trustee meeting$ Accountancy services Independent examination 7,264 1,135 4,841 12,105 1,135 10,962 1,702 429 563 563 563 Total Totsl 2022 Page 14
SUSSEX HERITAGE TRUST LIMITED IA Company Llmlted by Guarnnteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 SUMMARY ANALYSIS OF EXPENDITURE AND RELATED INCOME FOR CHARITABLE ACTIVITIES This table shows the cost of the three main ch8ri1able ivities and the sources of income directly to support Ihosa aclivilies. Annual Heritage Avrards Local Herftage Hgritsge Support and Events Educatlon Total 2023 Costs Entries and attendance Direct support Grants 193,1521 28,863 46,830 133,549} 31,441 116,6151 1143.3161 60,304 46,830 36,995 36,995 Totsl 2022 Cost5 Entries and attendance Direct support Grants 182,9061 26,959 44,560 (19,4021 20,712 111,4221 1113,3701 47.671 44,560 15.000 15,000 Total Grants received in 2023 includes £Nil12022 £Nill received under various Government Covid support schèmès. NET INCOMEI (EXPENDITURE) This is slated after charging.. 2023 2022 IndèFndent Examiner's Fees During the year, no Trustees received any rernuneralion12022 - £NILI. During the year, no Trustee8 received any benefits in kind12022- £NILI. During th@ year, rko Trustee received reimbursement of expenses {2022 - £Nil). EMPLOYEES There were iwo employees during the year12022- 01. 10. DEBTORS 2023 2022 Trade debtors Prepayments and acerued Income 2,115 3,905 9,900 21,802 Page 15
SUSSEX HERITAGE TRUST UMITED IA Company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CREDITORS: Amounts falllng due wbthln one year 2023 2022 AcGruals aThY deferred incorn8 12. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 December 2023 Balance at I January 2023 Incomg Expondlturo Unrestrlcted Funds General Funds- all 120 878 122 831 Restrlcted Funds Apprenllce and Endangered Craft fund Totsl of funds STATEMENT OF FUNDS - PRIOR YEAR 8alance at 31 Dec8mb8r 2022 Balan¢e at 1 January 2022 Income Expendlturè Unrestricted Funds General Fd$ - all funds 98 106 374 9121 Restrfcted Funds Apprentice and Endangered Craft fund 15 000 14 Total of funds 82 Apprenliee and Endangered Craft fund- To support local in¢Jividuals in building heritag8 crafts, training and Page 16
SUSSEX HERITAGE TRUST LIMITED IA Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. ANALYSIS OF NET ASSETS BEfiiEEN FUNDS CURRENT YEAR Unrestrlctsd Restricted Funds Funds 2023 2023 Total Funds 2023 Current assets Creditors du8 wthin one year 104,100 131,1661 32,342 136.442 131,166) PRIOR YEAR Unrestricted Restrictèd Funds Funds 2022 2022 Totsl funds 2022 Current asset8 Credrfcors due wf(hin one year 110,513 135,6261 15,832 126.345 135,626) Page 17