Company Number: 19U4919 Charity Number: 291720 THE TWYFORD WATERWORKS TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 N(mUVLR& cOACC(>u￿￿ANTs LTD CHARTERÈD ACCnLTrifANr 112A W)URNEMOUTH ROAD SOSJ 3A1. THE TWYFORD WATERWORKS TRUST TABLE OF CONTENTS Page I Legal & Administrative Inforniation Pages 2 to 10 Report of the Trustees Page 11 Independent Examiner's Report Page 12 Income and Expenditure Account Page 13 Balance Sheet Pages 14 to 21 Notes to the Financial Statements Page 22 Comparative Income and Expenditure Account THE TWYFORD WATERWORKS TRUST LEGAL AND ADl¥llNISTRATIVE INFORMATION Th¢ Twyford Waienvorks Trust 15 an incorporaied ¢ntity and a registered Charity 8oveTned by its tt)emoralldum and articles ol association. CHARITY NUMBER 291720 DATE OF REGISTRATION 25th M¥y 1985 COMPANY NUMBER 1904919 DATF. OF INCORPORATION 12th April 1985 TRUSTEES The directors of the charitable company are its trust¢¢s for the purposes of charity law and throughout this report &re eolleciively referTed to a5 th¢ tru51ce8. CHAIR G Feldwitk VICE-CHAIR M F¢ldwick TREASURER R A Broadway COMPANY SECRETARY J Atherto OTHER TRUSTELS C BÈlliDghurst A Dick%(bn S Smlth A Dowrt R CahDe RDish TRUSTEE REPRESENTATIVES P Moore S Cook R Humby Representlng Hampshlre Building Preservation Trust Rcpr¢scnting Winchester Clty Council Twyford P*rish Council Repre5entillg Ha￿p5￿&re Courlty CouDeil- Rui8•sed29/O5/24 ADDRESSES PRINCIPAL ADDRESS 40 Ch&mberl*yne Ro&d E*stlel%h Hampshire S050 5JH ACCOUNTANTS North(kver & Co. Atcountsnts Ltd (Michael Northover TD FCA} 132A Bollrn¢mouth Rogd, Chandlers Ford, Hampshire S053 3AL BANK&XS Llovds Bank PLC 77 Shirley High Strcet Southamptoll S0153TX THE TWYFORD WATERWORKS TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 The twstees present their report and financial statements for the year ended 31 Mareh 2024. The financial statements have been Prepared in accordance with the accounting policies set out in note I to the f￿anCIal 5taternents and comply with the charitys constitution. the Charities Act 2022 and "Accounting and Reporting by Charities: Statement of Recornn￿nded 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 l January 2019)" OBJECTS OF THE CHARITY The object of the Trust LS to preserve and maintain the fonner part5 of Twyford Waterworks, Hamp8hire as a tlluseum for the education and benefit of the public generally and to promote the preservation and display of all things and matters associated with the abstraction. treatment, distribution, and consumption of water. In pursuit of these aims the Trust maintains the heritage plant and equipment at Tword Waterworks and arranges for its insurance and inspection. The Trust orgallises educational tours of the Waterwork5 aThd public open days norn]ally on the first Sunday ill each month frojn May to October. ORGANISATION A Board of Tn￿teeS (currently 13 members) is responsible for the Tn]st, comprising Chair. Vice- Chair, Treasurer, Company Secretary, a representative from Hampshire County Council, Twyford Parish Council, and Hampshire Buildings Preservation Trnst and 6 trust¢es representing the main practical activities of the Trust. We a150 have a Minute Secretary in attendance. The Board meets four times a year, and COTnTnunicates regularly via other meetings and e-mails. Day to day operational responsibility for the site in line with our agreed budget and plan is steered by the Manag¢ment Te￿ which has representation from every aspect of the Trust's operations. The Trust is IOOO/o voluntary. THE TWYFORD WATERWORKS TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31ST IWIARCH 2024 REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS The aim of the Trust is to preserve Twyford Waterworks as a Scheduled Ancient Monument, and to develop its educational and leisure potential through the fommtion of a Museum of Water Supply. This is achieved by the restoration and maintenance of the surviving buildings and machinery, by management of the sit¢, by the collection of materials for the muscum, and by the interpretation and presentation of the site, buildings and machinery to visitors. During 2023 the Trust considered whether it should aim to bceome an Accredited Museum, and with support from South East Museum Development applied for eligibility, which was granted. It is now 'Working Towards Accreditation., which it is hoped with be completed in 2026. The Trust works closely with its Landlord, Southern Water, who are supportive of the Trust's aims, although do not wish to have representation on the Trust's Board. Regular meetings between our Trust and Southern Water to consider both Southern Water's requirements to maintain and develop the water abstraction on the site, and the Tnlst's maintenance and development of its parts of the site have ¢ontinued throughout this period. steered by the Chair. The Trust liaises and works with a number of other comparable heritage groups. The Trust has a good relationship with Historic England, the South Downs National Park Authority, and County, City and Parish Councils. The Trust is a member of thc Association of Ind¢pendent Museums (AIM), TourisLn South East (TSE) and the Industrial Heritage Network South East (IHNSE). Our long-term plan for the Lirne Kilns and Water Softening Buildings to enable this part of the water production process to be better understood, together with the need for incre(Ised catering facilities. new volunteer factlities, additional exhibition space. an archive facility and better access to the top part of the site has progressed well during this period. Building on all that had previously been achieved, Studio BAD of Southampton were asked to look primarily at the possibility of a new building for a visitor centre/tea roomlexhibition space, and also how volunteer facilities could be met. Their imaginative suggestion involves the creation of a ncw building within the tall earth bank opposite the main building, and the re-use of the subterranean former clear water tanks behind this. Draft plans have been submitted to Historic England, who are largely supportive. Presentations of these plans were then made to our main stakeholders being South Downs Natlonal Pai'k Authority, Winchester City Council, Twyford Parish Council and Southern Water. All are supportive of the development of our plans, with Southem Water carying out an internafi review due for completion in Tnid-2024. It is hoped to progress to Pre-Application and Full Applicalion stages during 2024. but this may be depeiident on cost and possible funding. THE TWYFORD WATERWORKS TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS (CONT.) Once again the Trust was able to offer a full season of volunteer work, Open Days and tOUTS in 2023, and enjoyed another very success￿1 year. The Trnst held 7 main Open Days- two bcing on consecutive days over the early May bank holiday, where the second day was run in conjunction with the Friends of King Alfred Buses Running Day, which was very popular. Other Open Days W¢T¢ held in June, July, August. September and October. Visitor numbers weit overall high, and again volunteer numbers have also increased, whilst many ncw Friends joined the Trust. cHAIR￿￿N AND TRUSTEES REPORT Ensuring that the Waterworks site is safe for volunteers and visitors is paramount, and during this period the Tnjst has continued to both maintain and enhance this. The defibrillator installed in 2022 is checked and maintained weekly, and is available to all on site. Every Open Day has a designated 'First Alder in Charge., and those trained in 2022 are asked to be part of a list of First Aiders available should this be required. In 2023 Southern Water very kindly offered to run a Fire Warden training course for volunteers. and the Trust now has a team of these too, with again a 'Fire Warden in Charge, and a list of Fire Wardens on site at each event. The Trust is again most grateful to Southern Water for their generous support in this way. Health and Safety of volunteers and the public is a key item for our Board of Trustees. H&S continues to be managed by a small team of Trust volunteers in the absence of a volunteer to take this OTh. A review of the TTUSt's procedures continues, with the revised Volunteer Handbook circulated to all volunteers annually, with sign-off required. A new record of Volunteer Training is also now being compiled, and is being used to identify training requirements in the future. Covid guidelines were not issued by the Government in 2023, and all Covid instrnctions and signage has been removed. It is. however, still the Trusl's policy to clean and sanitise communal areas. Security is always a major consideration given the relatively isolated location of the Waterworks and this is continuously reviewed. A small dedicated group of volunteers maintain a regular daily check of the site, and more would be welcomed to take this on. The Trust continues to rnaintain Southern Water's 'locked gate, policy at all times when the gate is not manned. The buildings are alamied as part of Southern Water's system, and the Trust IS grateful for being included in their security plans. THE TWYFORD WATERWORKS TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31ST IIIARCH 2024 CHAIRMAN AIYD TRUSTEES REPORT (CONT.) The car parking field, which is leased separately from Southern Water, has been fully available tbroughout 2023, Ihatths to the work carried out previougly. On busy Open Days it is only just large enough, and a further small area withil) the boundary was cleared and prepared during the 202314 winter to creats up to 10 further parking spaces. The vartation of the main lease to reflect the10ss of the rectifier house land has still llot as yet been supplied by Southern Water. The Trust has been working closely with Southern Water to agree the work required for the chimney, following escalation as a potential H&S issue. Joint meetings have been held with the steeplejack and scaffoldtng companies, and agreement reached for the top 50ft 10 be completely repointed, together with painting of the metalwork and the installation of a second lightning conductor. Southern Water applied for Consent from Historic England, and the Trust was heavily involved in agreeing the details for the work, and especially the mortar mix to be used. Work is expected to start in May 2024. Good liaison between Southern Water and the Trust has continued regarding projects that Southern Water needs to cany out. The project to replace the main pipework has yet to commence, while that to rernove valves under the wildlife-sensitive bank opposite the Diesel House has been discussed and the methodology agreed, and it is plann¢d to carry this out USlDg external contractors during winter 202415. The Trust has also been involved in discussions regardtng the replacementlenhancement of the building alarm system. and this is continuingT in 2024. In all cases the liaison between Southern Water and our Trust has been good. and ensures that our Trust is fully engaged with necessary works and is included in applications for Scheduled Monument Consents from the Secretary of State l Historic En2land. The Watenvorks rernains generally in good condition, thanks to an effective work programme devised by the Vice-chair and agreed by the Manligetnent Team, and the small, dedicated band of volunteers who work throughout the year repairing, replacing and redecorating to ensure that the site is presented in the best possible way. THE TWYFORD WATERWORKS TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 CHAIRMAN AND TRUSTEES REPORT (CONT.) The Steam Team continues to keep the Hathorn Davey engin¢, Babcock boiler and all tbe associated steam plant in superb working order, and steam operation was available at all 2023 Open Days. Two new volunteers have joined the teaTn. A full programme of work was carried out during the winter months to ensure that the boiler and engine were ready for the annual insurance inspections, with additional work to the engine to correct wear. The annual insurance inspections have been passed ready for the 2024 season. The purchase of an industrial vacuum cleaner makes cleaning the boil¢r tubes and fjrebox a significantly more pleasant and safer task. The escalating price and availability of suitable coal is of concern to the TrusL but sufficient supplies were sourced for the steamings. During 2023 Multiturn announced that it would be moving from its premises opposite the Watenvorks, and that waste wood for the boiler would no longer be available. Alternative sources are being investigateQ but this is likely to add another cost to steaming. The Internal Combustion Team keeps the Diesel and TTansfeT Houses in excellent condition. and both working Ruston engines were operated througbout the 2023 season. Attention has been given during the winter months to the engines in the Filter Hous¢. and to the collection of small engines housed in th¢ Diesel House. and many of these are demonstrated al Open Days. There is always an impressive line-up of these rnnning outside the Di¢sel House at most Open Days, whilst a visit 'up the tunnel. to the Filter House to see the collection of engines and punips from other water-related locations in operation is always a popular activity for visitors. Around the site, the exterior of Transfer House has been completely renovated and repainted, Wkth great care taken to match the wooden cladding where this needed replacement. Attention has also been given to the Kiosk, and intemally to the Tea Room. THE TWYFORD WATERWORKS TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 CHAIRMAN AND TRUSTEES REPORT {CONT.) Use of the ￿ar of the Filter House. refitted out with the basement as a deep store for large items and an upper floor both for storage and as a workspa¢e, has PToved to be invaluable throughout the year. Items in store have been sorted and listed to ensure that there is a record for future use. Whilst the main water pumping buildings are in good Condition, the water softening buildings are clearly in need of major conservation I restoration. Work has been Ca￿led out to ensure that any deterioration is slowed and that the buildings are safe, but the need for the Water Softening project is very apparent. The kilns and associated buildings Tetnain extremely poplllar with visitors, due mainly lo their ambience and atmosphere, and it is important that the Project ensures that this is preserved too. Despite all the steps to them, the kilns are regarded by many visitors as the best part of the site. and the Project must also take accessibtlity into account so that everyon¢ will be able to enjoy them, and the view from the top of the site. The Wildlife of the WateNorks has become an important aspect of the Trnst's activities. and a major attraction at Open Days. The whole site, much of which betng covered by a StNC, is managed following the Manag¢ment Plan created almost 20 years ago. Through this the site has been conserved and improved for wildlife in many way8. The annual plant survey in 2023 again showed all spectes to be either increasing or maintaining numbers and area. The Waterworks has some notable species which are not present now elsewhere in the Twyford locality. making it a last stronghold for these and many other species. Of particular note is the small but slowly increasing numbers of wild orchids, Unfortunately the main area of Common Spotted Orchids- these days not so conunon- is where Southern Water needs to dig to remove old piping, and a plan bas been agreed to do this to ensure least disturbance. The wide range of plant species ensures suitable food plants for many buttcrfiie8, moths and insects, as well as sources of nectar. Butterfly numbers have been professionally counted by volunteers foT almost 20 years, and the site has now been accepted into the national EnoT]itQTing scheme. Numbers vary from year to year, but are generally high for the site although broadly in line with national decreases. THE TWYFORD WATERWORKS TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 CHAIRMAN AIYD TRUSTEES REPORT (CONT.) The Wildlife Team is responsible for most of the management, and for opening the Wildlife Trail at Open Days. The Trail 1% carefully marked to keep visitors to the winding paths, which are always fiin to explore. Many of the plants are labelled to aid identificatLOlI. Halfway along is the Hide which is full of infonnation, and the pond where pond-dipping has become a popular activity for all ages! We again welcomed the Wednesday Conservation Volunteers in October to help rake and clear the top meadow areas, to clear large areas of encroaching brambles there, and to continue work on clearing the scrub area below the kilns. The top meadows are responding very well to this long- temi management. A second visit was made in Nov¢mber to clear the borders of the bridleway adjacent to the Waterworks boundary. Trust volunteers tackled the scrub on the bank above the toilets durillg the winter- a mammoth task carried Ollt every five years or so. The Industrial Railway. which is privately owned and funded under a contract agreetnent, and operated by the Railway Team, remains a popular attraction at Open Days and attracts many railway enthusiasts. Activity again ccntred on the Kiln Railway in 2023. with four working locomotives - the petrol and diesel Lister locomotives, the ex-tunnelling battery locomotive and the restored Funton Brickworks battery locomotive in its original bright yellow livery. The railway is demonstrated with a Dumber of wagons from various illdustries. Winter work has included sleeper replacement and lineside clearance and refencing. The Lister diesel locomotive on loan from the Waterwork5 MuseuTn- Hereford is receiving a major overhaul in the Workshop by members of the Internal Combustion and Railway Teams. This is in effect a Complete Tebuild from its very worn condition, and completion 15 envisaged for late 2024. The T￿st held seven Open Days in 2023. all of which were well patronised and very successfijl. It was good to be open in conjunction with the Friends of King Alfred Buses Running Day in May, and each bus brought many visitors. As in previous years we offered free admission for those who had paid for a bus programme. At all Open Days our Tea Room and our BBQ are especially popular and perfectly complement all that the Watenvorks has to offer, with everything of a very high quality and at reasonable prices. THE TWYFORD WATERWORKS TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 CIIAIRMAN AND TRUSTEES REPORT (CONT.) Admission prices were increased for tbe 2023 season to reflect the Trust's increased costs. Admission remains exceptional value for money. and the Trust policy continues not to charge for children under 16. which is much appreciated by families. We welcomed many exhibitors to our Open Days both old friends and new, and all are very much part of the Twyford Waterworks family. The Trust is most grateful for this support, which makes eacb Open Day very special. Our volunteer workforce has continued to grow during the last year, and we now have 75 volunt¢¢rs who are making a big difference to what the Trust does, and enables us to offer so mucb at Open Days. Between us all we have a vast range of skills and experience to share and are able to tsckle most of the tasks that face us. There is always room for more, and we look forward to welcoming new volunteers throughout 2024. Membership of Friends of the Trust has also increased further, and by the end of 2023 we had 320 Friends, again a record high which included 57 new Friends. The subscription rernained £15 per annum, or £25 for two people at the same address, but will have to rise in 2024 to cover costs. For this Friends are kept up to date with our progress through three editions of the newsletter 'The Works.. Articles for this are provided by eacb of our teams. together with other news and photographs. and these are then edited and set up, before being printed profesqionally by Sarsen Press in Winchester. Additionally we produce e-newsletter updates monthly throughout the year, and membership pemjits free admission to all Open Days. Friends are asked to help our regular volunteers especially at Open Days, and this usually gets a good response. RESERVES POLICY REASON FOR NEEDING RESERVES The charity requires an adequate level of reserves for the following reason5: The Trust's income is derived predominantly from Open Days. tbe success of which is greatly affected by the weather. There is a possibility of expensive repairs becoming necessary to the boiler, the chimney, and the various engines, etc. Although, at the present most of these expenses are met by Southern Water. the future funding arrangements by Southern Water could change. io. THE TWYFORD WATERWORKS TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2024 RESERVES POLICY (COPIT.) LEVEL OF RESERVES REQUIRED The charity has detern]ined tbat, in a typical year, the Trust's expenditure amount is about £20,000. It was agreed that two years expenditure, i.c. the sum of £40.000, is an appropriate atnount to be maintained as the reserve. At the present. the unrestricted reserves stand at £139,655. MONITORJNG AND REVIEW OF RESERVES The current level of the reserves is to be rew>rted to the Board at its meeting in November or December of each year, and the suitability of the present policy will then be reviewed. The tsust¢¢s' report was approved by tbe Board of Trust¢¢s and Directors. Mr G Feldwick Cbairman Date . THE TWYFORD WATERWORKS TRUST ILYDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE TWYFORD WATERWORKS TRUST report on the accouttls of the company for the year ended 3 55t March 2024 which are set wt on page5 121022. SPECTIVE RESPoNsIBILrr￿ OF THE TRUSTEES AND EXAMtNER The trustees are r¢spon8ible tor the preparation of the accounts and th¢y consideT thai an audit is not rcqtsircd for this year under Section 144121 of the ChaTiti¢s Ari 2022 {the 2022 Acll and that an indwendent ¢xatnin8tion is pertlli5sible. HaviJJg satisfied myself that the charity is notsubjeet ¢0 #n auditand is eligib]e for independent examination. it is my responsibility to: examine the a¢counts under Section 145 of the 2022 Att. follow the procedure5 Igid doiytt iti tht yn¢ral DlrecdoJk5 glven by the Chgrity Commi55ion uDd¢r s¢¢tion 145(51(bl of tht 2022 Aet. state wh¢th¢r pxrtlthlar wtters have Come to my Attendon. BASIS OF INDEPELYDENT EXAMINER'S REPORT My examination was carried out in accordance with the general DiTeclions given by the Charity CoDllniSSiOll. An exatnillation incluth5 a review of the aceouniitig reeords kept by the chatity and a compari50n of th¢ arcounts PTe$entd with those records. It a180 includes con5xlerati4)D of any uttusual it¢tns or disclvsures in the accounts. attd seeking explanations from you a5 tru5tets conceming any such matters. The procedures undertaken do not provide all the evidenc¢ thai would bt required in atl audit, and consequeutly llo opinioD IS Biven a5 to whether the accounts present a'trne and fair vi¢w" and the report 15 limited to those matters set out in the ststem¢nt below. INDEPENDENT EXAMINER'S STATEMENr In cotmection with Ttjy examination, no mailer has come io tny attention.. 111 which gj'ves me reasonable cause to believe tha¢ in any mat¢rial r¢speLL the requirements.. to keep accounting r¢rords tn ￿[dance with 8e¢tion 386 of th¢ Compani¢5 A¢t 2006., attd to pr¢pAo accoujts which agree with the accoullting records and ootnply with the accounting requiremejjts of section 396 of the C￿npanIeS act 2006 and with the tnethods and principles of the Siatement of Recornmendd PractLC¢.' AccountinB and Reportin¥ by Charitics havE tsot been mei- or to which, in my opillio￿ 8llettiion sh￿Id be thawn in order to ¢nabl¢ 3 PTeper understanding of th¢ accollll￿ w be reached. 121 01/07/2024 M A Northover TD behalf of NORTHOVER & CO ACCOUNTANTS LIMITED CHARTERED Accouf4TANTS 132A BOURNEMOUTH ROAD CIL4NDLERS FORD, HAMPSHIRE S053 3AL THE TWYFORD WATERWORKS TRUST STATEMENT OF FINANCIAL ACTIVITtES FOR THE YEAR ENDED 31ST MARCH 2024 12. SUMMARY INCOME AND EXPENDITURE ACCOUNT Restritted Unrestri d TOTAL FUNDS Notes Funds Funds 2024 2023 INCOl¥llNG RESOURCES Incoming resour￿8 from generated fijnds Voluntary tncome Activities for generating funds Grants Investment income 11.159 29.788 11,159 29,788 104 1,992 9.695 23.328 965 87 1(14 1.992 TOTAL INCOMING RESOURCES 104 42,939 43,043 34,075 RESOURCES EXPENDED Costs for generating ￿ndS Charitable activities (6) 6,600 29,292 3.992 27,477 9,926 TOTAL EXPENDITURE 9,926 25,966 35.892 51,469 I¥ET INCOMING RESOURCES FOR THE YEAR BEFORE TRANSFERS (9,822) 16,973 7,151 2.606 TTansfers between funds IA382 (16,382} NET 1Tr4COMEI(DEFICIT) FOR THE YEAR $611 591 7,151 2.606 Total funds brought forward (4,960) 139,064 134,104 151,4P8 TOTAL FUNDS CARIUED FORWARD 1,6110 139,655 141255 134,104 The IDco￿¢ and Exp¢ryditure Account inelud¢$ all gains and losses recognised in th¢ y¢ar. All income and expenditure derives from ci)ntinuing activities. THE TWYFORD WATERWORKS TRUST BALANCE SHEET FOR THE YEAR ENDED 31ST MARCH 2024 13. Iyotes 2024 2023 TANGIBLE FIXED ASSETS 3,272 3,657 CURRENT ASSETS Debtors Cash at bank and in hand 8,717 132,067 JJ,155 121,600 140,784 132,815 CREDITORS: Amounts lalling due within one year (12) 2,801 2,368 2,801 2,368 NET CURREiYf ASSETS 137,983 130,447 NET ASSETS £141,255 £134.104 CAPITAL Unrestrieted funds Restricted funds (13) (14) 139,655 1,600 139.004 (4.960) £141,255 £134,104 For the financial year in question, the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required tbe company to obtain an audit of its accounts for the year LD question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounling records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the Small cornpani¢s' regim¢. The financial 5tatctllellts were approved by the board on and signe on its behalf by: 21sk J-KI Mr G Feldwick Chairman THE TWYFORD WATERWORKS TRUST NOTES TO'I"HE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 14. I ACCOUNTING POLlCtES 1.01 Basls of preparatlon of finaThcial statements The financial statements have bc¢n prepared in accordance with the Charities SORP {FRS 102)- AcLounting and Reporting by Charities.. Statement of ReCOm￿ended Practice applicable to charitie5 pr¢paring their a¢counts in accordance with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland IFRS 102) (effective l January 20191. the Financial Reporting Standard applicable in the UK alld Republic of Ireland (FRS 1021 and the Charities Act 2022. The Twyford Watcrworks Trust m¢¢ts the definition of a public benefil eniiiy under FRS 102. Assets and liabilities are initially recognis¢d &1 historical cost or transaction value unless otheNise stat¢d ill the relevant accounting policy. 1.02 Fund accounting General funds are unrcstricted funds which are available for usc at the discretion of the TTUSt¢es in furtherallce of the generdl objectives of the Cbarity and which have not been designatcd for other purposcs. De5ignafrd funds compTi$e unrestricted funds that have been set aside by the Trustees for particular purposes. Tho aim and use of each designated fi]nd ar¢ s¢t out in the notes to the f￿anCIal statem¢nts. R¢5tricted funds are ￿lldS which aTe to be uged in accordance with specific rcstrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and ad￿l￿1Sterlng such fulld¥ are charged against th¢ spccific fund. 1.03 Ineome All income is recognised once th¢ Charity has entiilern¢nt to the incorne. it is probable that the illcomc will be received and the amount of incom¢ rcceivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or d¢eds of covenant is recognised at the time of the donation. 1.04 Expendlture Expenditure is recogni5￿ once there is a legal or construetive obliwdtion to transfcr ¢¢onomic benefit to a third party. it is probable that a transfer of econornic benefits will be required lll settletnent and the amount of the obligation can be mcasured reliably. Govemance costs are those incurred in connection with administrdtion of the charity and ¢ompliancc with constitutional and statulory requiremenls. Cost8 of gen¢rdting funds are costs incurred itt attracting voluntary income. and those incurrcd in trading activities that raise funds. All expenditure is inclusive of irrecoverable VAT. THE TWYFORD WATERWORKS TRUST NOTES TO THL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 15. I ACCOUNTING POLICIES (cont.) 1.115 Tangible r￿ed assets Assets are capitalised where their individual value exceeds £1,000. Fixed Assets are stated at cost. Depreciation is provided on all tangible fixed assets at rates ¢alculated to write off the cost of valuation, lcss estimated residual value, of ¢ach asset evenly over its expected useful lif¢ on a straight line basis. The ratcs mosi used in e&ch category are as follows.. Plant and equipment 5 to Ioyears 1.06 Debtors Trade and other debtors are recognised ai the gettlement amount after any trade discount offered. Prepa￿llent5 are valued at the amount prepaid net of any trade dis¢ount8 due. 1.117 Cash at bank and In hand Cash at bank and in hand includes cash and short-terni highly liquid investments with a short maturity of tbree months or less from the date of acquisition or opening of the deposit or similar account. 1.08 Creditors 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 paty and the amoiint due to settle the obligation can be measured or estimatcd reliably. Creditors and provisions are nomlllly recognised at their settlem¢nt arnount after allowing for any trade discounts due. 1.09 Finaneial instrutnent The charity has elected to apply the provi$iollS of Section I I 'Basic Financial Instruments, of FRS 102 to all of its financial instnlments. Financial instnjments are recogDis¢d in the charitys balaT]¢¢ sheet wben tbe charity becomes party to the contractual provisions of the instrllment. Basic fu)an¢ial assets, which include debtors and bank balanc¢s, are initially mcasured at tr￿)5dCt10n pricc iDcluding transaction costs and arc subsequently ca￿]ed at amortised cost using the eff¢ctive inierest methixl. Financial assets classified as receivable within oiic year are not amortis¢d. Bosic flA￿claI liabiliti¢s, including creditors, are initially recognised at transaction pric¢ and aJE subsequcntly carried at amortised ¢ost using the effective iJ)teres( method. Financial liabiliiies classified as payable within one year arc not amortised. 1.10 Taxati& The charity is cx¢mpt from corporation tax on it¥ eharitable activities. THE TWYFORD WATERWORKS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 16. I ACCOUNTING POLICIES (cont.) 1.11 Going concern At the time of approvtng the financial Statements and after con8idering vttrious possible levels of afterr Pthr¢h*$e A defibrillator foithe sit£ was purchascd in Marth 2022. the n)&jority of which was covered by grants ￿re1Ved frotn Twyford Parish Couo¢il. Hanjpshire County Council and &)uihern WatET. The defibrillator has b¢cn Lapitaliscd Mrythin Fixed A&8¢L%. The illCOTnt reEeived will be released to the G¢n¢ral Funds in line with the d¢pr¢ciaiion ra* of the tsset. whirh ¢omm¢n¢¢d in Ihc 2023 acwunts. Car ParkWork$ Tbe chariiy has a¥kreed for$offje tetyairs arjd upgrade works io be perforniEd on the car p￿k of the site. which is bting funding by Southern Water gtants. THE TWYFORD WATERWORKS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024 21. 15 Af4ALYSIS OF N£T ASSETS BETWEEN FUNDS Unrestricted Restrieted 2024 As u¢ 31 March 2024 Tangible Fixed Assets Debtors Bank and Cash Creditors 3,272 8.717 130,J63 (2,697 3.272 8.717 132,067 12,8011 1,704 {104) 139,655 1,600 141,255 Umrestrleted Restricted 21123 As ai 31 March 2023 Tangible Fixed Assets Debtors Bank and Cash Creditors 3,657 7,990 129, 785 2,368 3,657 11,155 121,600 (2.368) 3.It55 (8,125) 139.004 (4.960) 134.104 THE TWYFORD WATERWORKS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 22. COMPARATIVE SUMMARY INCOME AND EXPENDITURE ACCOUNT TOTAL Restricted Unrestrlcted FUNDS Notes Funds Funds 2023 INCOMING RESOURCES Incoming resources froTn generated funds Voluritary incoine Activities for generating funds Grants Investmeut income 400 9,295 23,328 9,695 23,328 905 87 (4) (5) 965 87 Total incoming resources 1,365 52.710 34,075 RESOURCES EXPENDED Costs for generating funds Charitable activities 3,992 21.552 3,992 27,477 5.925 TOTAL EXPENDITURE 5.925 25,544 31,469 NET INCOMITrIG RESOURCES FOR THE YEAR BEbORE TRANSFERS (4,560) 7,166 2.606 Transfcrs between fuDds (400) 400 NET INCOMEI(DEFICIT) FOR THE YEAR (4,960) 7,566 2,606 Totsl funds brought forward 131,498 131,498 TOTAL FUNDS CARRIED FORWARD (4,900) 159,064 134.104