## **Rothwell Preservation Trust** 

## **Annual Report and Financial Statements** 

31 March 2023 

Company Registration Number 01964744 (England and Wales) Charity Registration Number 293537 



## **Contents** 

|**Reports**||
|---|---|
|Reference and administrative information|1|
|Trustees’ report|3|
|Independent examiner’s report|9|
|**Financial Statements**||
|Statement of financial activities|10|
|Balance sheet|11|
|Principal accounting policies|13|
|Notes to the financial statements|17|



Rothwell Preservation Trust 



**Reference and administrative information** 

|**Trustees**|R J H Ley – Chairman|
|---|---|
||L Scotney – Treasurer (resigned as treasurer on|
||6 September 2023)|
||I Jelley – Treasurer (appointed 6 September|
||2023)|
||G J Davis (appointed 31 July 2022)|
||C S Earnshaw Dudley (appointed 31 July 2022)|
||M Gamer|
||I James|
||S Johnson (appointed 21 December 2022)|
||C E Mackay|
||A B Mackay|
||A Marlow|
||L Mills|
||J E Newman|
||M W Spendlove|
|**Secretary**|A Sharratt (resigned 31 May 2023)|
||A Palmer (appointed 6 September 2023)|
|**Registered office**|Market House|
||Market Hill|
||Rothwell|
||Northamptonshire|
||NN14 6BW|
|**Company registration number**|01964744 (England and Wales)|
|**Charity registration number**|293537|
|**Independent examiner**||
|(appointed January 2024)|Amanda Francis|
||Buzzacott LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|(resigned December 2023)|Azets|
||Thorpe House|
||93 Headlands|
||Kettering|
||Northamptonshire|
||NN15 6BL|



Rothwell Preservation Trust **1** 



**Reference and administrative information** 

**Principal bankers** HSBC UK plc 9 High Street Kettering Northamptonshire NN16 8ST Market Harborough Building Society 21 Bridge Street Rothwell NN!4 6JW **Solicitors** Lamb & Holmes Limited West Street Kettering Northamptonshire NN16 0AZ 

Rothwell Preservation Trust **2** 



**Trustees' report** (i.e. directors’ report) 31 March 2023 

The trustees present their report together with the financial statements of Rothwell Preservation Trust (the “Trust” or the “charitable company”) for the year ended 31 March 2023. 

This report has been prepared in accordance with Part 8 of the Charities Act 2011 and constitutes a directors’ report for the purposes of company legislation. 

The financial statements have been prepared in accordance with the accounting policies set out on pages 13 to 16 of the attached financial statements and comply with the charitable company’s memorandum and articles of association, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). 

## **Objectives and activities** 

The objectives of the Trust are to preserve for the benefit of the townspeople of Rothwell in the County of Northamptonshire, and of the nation at large, whatever of the English historical, architectural and constructional heritage may exist in and around the town of Rothwell in the form of buildings (including any buildings as defined in Section 290 (1) of the Town and Country Planning Act 1971) of particular beauty or historical, architectural or constructional interest. 

## **Significant activities** 

The strategies employed to achieve the Trust’s objectives include: 

- ♦ Actively preserving the Grade 1 listed Market House, which the Trust restored, and the probable 16[th] century 1, The Maltings, retaining the freehold interests while letting the properties on short to medium term leases. 

- ♦ Holding the freehold of the 18[th] century Manor House, which was let on a 99-year lease in 1990. 

- ♦ Monitoring properties in the town that it considers at risk. 

- ♦ Monitoring local planning applications, which affect buildings and open spaces in the town conservation area and making representations to local authorities where appropriate. 

- ♦ Seeking opportunities for working with other organisations, both local and national, with similar objectives. 

- ♦ Considering opportunities to acquire and conserve historical buildings in the town. 

It is hoped the Trust’s conservation work will encourage a community-wide interest in improving older buildings in the town. We believe this can create an impetus for the continual upgrade of the environment of Rothwell to the benefit of all those who live in and visit the town. 

Rothwell Preservation Trust **3** 



**Trustees' report** (i.e. directors’ report) 31 March 2023 

## **Public benefit** 

In setting their objectives and planning their activities, the trustees have referred to the guidelines contained in the Charity Commission’s general guidance on public benefit. 

## **Achievements and performance** 

The Trust owns the Grade 1 listed 16th century Market House, which was designed by William Grumbold for Sir Thomas Tresham. It was completed in the late 19th century by eminent local architect John Gotch. During the Trust’s period of ownership, it has funded the conservation of the building as well as extensive refurbishment of the ground floor. 

Both the first floor and the ground floor have been fully let during the year to maximise income. 

Recently, however, it has been discovered that the roof of the building leaks and needs replacing. At the same time, conservation work needs to be undertaken on the stone fabric of the building, partly consequent upon water damage from the faulty roof. Specialist architectural advisers have been appointed so that a full picture of the work required can be obtained, and efforts will then be put in hand to raise sufficient monies to fund this. 

The Trust also owns 1, The Maltings. In the past, major refurbishment of the building has been undertaken, including rethatching the roof, and new casement windows fitted. It has been fully let during the year. The condition of the building is under constant review. 

A conservation area embracing the historic core of the town was established by the local authority in 1978. During the period, the trustees have actively monitored development works and planning proposals affecting the area. Where appropriate, the Trust has registered objections with the local planning authority with the objective of maintaining the historical fabric of the town and incorporating any development works in a manner sympathetic with the existing environment. 

The Trust is a member of the Heritage Trust Network, which provides access to a network of special support and advice. Whenever possible, it also participates in English Heritage open days (usually in September of each year), which are designed to celebrate England’s architectural heritage and culture, by allowing free access to the Market House. It is hoped that, when renovation work to the roof and the fabric of the building have been completed, more access can be granted to the community of Rothwell as well as visitors to the town. 

## **Financial review** 

## _**Results for the year**_ 

Income for the year amounted to £34,866 (2022 – £338,994). The income for 2023 included a donation of £15,000 in relation to penalties paid by a building contractor for using heavy goods vehicles on roads through Rothwell in contravention of the agreed arrangements. This sum has been earmarked to undertake essential survey work into the extent of the water leakage problem in the Market House. Income for the year ended 31 March 2022 included a donation of £316,250.  Further details of this donation are provided in note 1 to the financial statements. Rental income fell slightly to £19,344 (2022 – £20,246). 

Rothwell Preservation Trust **4** 



**Trustees' report** (i.e. directors’ report) 31 March 2023 

## **Financial review** (continued) 

## _**Results for the year**_ (continued) 

Expenditure for the year amounted to £20,135 (2022 – £132,716) and included building preservation costs of £15,335, including support costs of £3,485 (2022 – £16,692, including support costs of £4,469). In 2022, donations payable amounted to £115,724 and included support costs of £180. Further details of donations payable are given in note 5 to the financial statements. 

Net income and the net movement in funds for the year to 31 March 2023 was £14,731. In the year to 31 March 2022, the net income before investment losses of £123,377 was £206,278, giving net income and the net movement for funds in 2022 of £82,901. 

## _**Reserves policy and financial position**_ 

The trustees have examined the requirement for free reserves which are those unrestricted funds not invested in tangible assets, designed for specific purposes or otherwise committed. The trustees consider that, given the nature of the Trust, the excess of any incoming resources should, for the foreseeable future, be retained each year.  Given that the extensive work on the roof and fabric of the Market House is likely to be extremely substantial, cash reserves should be husbanded against the likely expenditure. 

The balance sheet shows total funds of £165,122 (2022 - £150,391) and of this £15,002 (2022 - £15,002) represents the heritage assets of the charitable company, represented by the heritage assets fund. 

Funds designated by the trustees for use for specific purposes are disclosed in the notes to the financial statements and total £31,952 (2022 - £16,952). 

Therefore, funds which are available to support the work of the charitable company in the future i.e. free reserves are shown on the balance sheet as general funds and amount to £133,168 (2022 – £118,437). 

As noted previously, material sums are needed for the restoration of the Market House and, to finance these, the trustees will continue to monitor the level of reserves.  In addition, applications for grants from appropriate bodies will be made in due course to ensure that the work can be funded adequately. The trustees will continue to monitor the reserves on a regular basis but at the current time consider the above policy is being achieved. 

## **Structure, governance and management** 

The Rothwell Preservation Trust was launched at a public meeting in Rothwell held on 24 October 1985, attended by 110 members of the public. 

## _**Constitution**_ 

The governing instrument of the Trust is the Memorandum and Articles of Association adopted on incorporation. 

Rothwell Preservation Trust **5** 



**Trustees' report** (i.e. directors’ report) 31 March 2023 

## **Structure, governance and management** (continued) 

## _**Constitution**_ (continued) 

The Trust is constituted as a company limited by guarantee, not having a share capital.  It was registered at Companies House on 25 November 1985, Company Registration Number 01964744 (England and Wales). The Trust has also been registered with the Charity Commission, Charity Registration Number 293537, and with the Civic Trust and Architectural Heritage Fund as a Buildings Preservation Trust operating on a ‘revolving fund’ basis. The Trust is also a member of the Association of Preservation Trusts. 

## _**Trustees**_ 

The trustees constitute directors of the charitable company for the purposes of the company 

legislation. 

In accordance with the Memorandum and Articles of Association, there should be no fewer than 10 and no more than 20 trustees. The trustees invite people who show an interest in the Trust or have a specific skill which may be beneficial to the Trust, to become trustees. Their appointment is confirmed at the first meeting of the trustees that they attend. At least one-third of the trustees will stand for re-election at each Annual General Meeting, together with any trustee appointed since the last Annual General Meeting. 

The trustees who served during the year and up to the date of signing of the financial statements were as follows: 

|**Trustees**|**Appointed / resigned**|
|---|---|
|R J H Ley (Chairman)||
|L Scotney (Treasurer)|Resigned as Treasurer 6 September 2023|
|I Jelley (Treasurer)|Appointed 6 September 2023|
|G J Davis|Appointed 31 July 2022|
|C S Earnshaw|Appointed 31 July 2022|
|M Ganer||
|I James||
|S Johnson|Appointed 21 December 2022|
|C E Mackay||
|A B Mackay||
|A Marlow||
|L Mills||
|J E Newman||
|M W Spendlove||



A firm in which Mr M Garner, a trustee of the charitable company, is a partner provided electrical and general repair services to the Trust in the year. The cost of the services was £436 (2022 - £846) and the balance owed by the Trust at 31 March 2023 was £nil (2022 – £nil).  Further details about related party transactions are given in note 17 to the financial statements. 

The trustees aim to meet at least every two months. The trustees, with leadership from the Chairman assisted by the Treasurer and the Secretary (the latter not a trustee), take responsibility for the administration of the Trust and liaise with the property managers and other professional advisers. 

Rothwell Preservation Trust **6** 



**Trustees' report** (i.e. directors’ report) 31 March 2023 

## **Structure, governance and management** (continued) 

## _**Trustees**_ (continued) 

In view of the complexity and probable expense of the necessary repair and replacement work to the roof and fabric of the Market House, a sub-committee has been established to deal with matters relating to this.  It also aims to meet at least every two months and reports regularly to the Chair and trustees. 

## _**Members’ liability**_ 

In the event of the charitable company being wound up, members and those within one year of ceasing to be members, are required to contribute an amount not exceeding £1 per person towards the costs of dissolution and the liabilities incurred by the charitable company while he or she was a member. 

## _**Key management personnel**_ 

The trustees consider that they comprise the key management of the charitable company in charge of directing and controlling, running and operating the charitable company on a dayto-day basis. 

The trustees are the members of the charitable company.  They receive no remuneration in connection with their duties as trustees or their work as key management. 

Transactions with the trustees are disclosed above and in note 17 to the financial statements. 

## _**Statement of trustees’ responsibilities**_ 

The trustees (who are also directors of the Trust for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. 

In preparing these financial statements, the trustees are required to: 

- ♦ select suitable accounting policies and then apply them consistently; 

- ♦ observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); 

- ♦ make judgements and estimates that are reasonable and prudent; 

- ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

Rothwell Preservation Trust **7** 



**Trustees' report** (i.e. directors’ report) 31 March 2023 

## **Governance, structure and management** (continued) 

## **Statement of trustees’ responsibilities** (continued) 

- ♦ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees are responsible for the maintenance and integrity of financial information included on the charitable company’s website.  Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## _**Structure and management reporting**_ 

The trustees are ultimately responsible for the policies, activities and assets of the charitable company. As the charitable company is fairly small in size, for much of the year the trustees were responsible also for much of the day-to-day work of the charitable company. They meet when necessary to review the charitable company’s activities, possible developments, make important decisions and to seek advice and support from the charitable company’s professional advisers including solicitors and accountants. 

## _**Risk assessment**_ 

The trustees have assessed the major risks to which the charitable company is exposed. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational risks faced by the charitable company, they have established effective systems to mitigate those risks. 

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. 

Signed on behalf of the trustees by: 

R J H  Ley I Jelley 

Trustee 

Rothwell Preservation Trust Company Registration Number 01964744 (England and Wales) 

Approved by the trustees on:  2 February 2024 

Rothwell Preservation Trust **8** 



**Independent examiner’s report** Year to 31 March 2023 

## **Independent examiner’s report to the trustees of Rothwell Preservation Trust (the charitable company)** 

I report to the charitable company trustees on my examination of the financial statements of the charitable company for the year ended 31 March 2023. 

## **Responsibilities and basis of report** 

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitable company’s financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent examiner’s statement** 

I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe: 

- ♦ accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or 

- ♦ the financial statements do not accord with those records; or 

- ♦ the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 

- ♦ the financial statements have not been prepared in accordance with the methods and principles of “Accounting and Reporting by Charities: the 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)”. 

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. 

Amanda Francis 5 February 2024 Independent Examiner Buzzacott LLP 130 Wood Street London EC2V 6DL 

Rothwell Preservation Trust **9** 



**Statement of financial activities** Year to 31 March 2023 (including the income and expenditure account) 

|Notes|<br>**Unrestricted**<br>**funds/Total**<br>**funds**<br>**2023**<br>**£**||As restated||
|---|---|---|---|---|
|||Unrestricted<br>funds<br>£|Restricted<br>funds<br>£|Total<br>funds<br>2022<br>£|
|**Income from:**<br>Donations and legacies<br>1<br>Charitable activities<br>. Buildings preservation<br>2<br>Interest receivable<br>3<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>. Investment manager fees<br>Charitable activities<br>. Buildings preservation<br>4<br>. Donations<br>5<br>**Total expenditure**<br>**Net income before investment losses**<br>7<br>Realised net losses on current asset<br>investments<br>12<br>**Net income and net movement in funds**<br>**Balances brought forward**<br>**at 1 April 2022**<br>**Balances carried forward**<br>**at 31 March 2023**|**15,430**<br>**19,344**<br>**92**|128,887<br>20,246<br>111|189,750<br>—<br>—|318,637<br>20,246<br>111|
||**34,866**|149,244|189,750|338,994|
||**—**<br>**20,135**<br>**—**|120<br>16,692<br>—|180<br>—<br>115,724|300<br>16,692<br>115,724|
||**20,135**|16,812|115,904|132,716|
||**14,731**<br>**—**|132,432<br>(49,531)|73,846<br>(73,846)|206,278<br>(123,377)|
||**14,731**<br>**150,391**|82,901<br>67,490|—<br>—|82,901<br>67,490|
||**165,122**|150,391|—|150,391|



The charitable company has no recognised gains and losses other than those shown above. 

All of the charitable company’s activities derived from continuing operations during the above two financial periods. 

Rothwell Preservation Trust **10** 



## **Balance sheet** 31 March 2023 

|Notes|<br>**2023**<br>**£**|**2023**<br>**£**|As restated|As restated|
|---|---|---|---|---|
||||2022<br>£|2022<br>£|
|**Fixed assets**<br>Heritage assets<br>10 <br>**Current assets**<br>Debtors<br>11 <br>Listed investments<br>12 <br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling due<br>within one year<br>13 <br>**Net current assets**<br>**Total net assets**<br>**The funds of the charitable**<br>**company:**<br>Restricted funds<br>14 <br>Unrestricted funds<br>. Heritage assets fund<br>15 <br>. Designated funds<br>16 <br>. General funds|<br> <br>**16,945**<br> <br>**—**<br>**141,798**|**15,002**<br>**150,120**|8,600<br>—<br>248,041|15,002<br>135,389|
||**158,743**<br> <br>**(8,623)**||256,641<br>(121,252)||
||<br> <br>||||
|||**165,122**||150,391|
|||**—**<br>**15,002**<br>**31,952**<br>**118,168**||—<br>15,002<br>16,952<br>118,437|
|||**165,122**||150,391|



For the year ended 31 March 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its financial statements for the year in accordance with section 476. The trustees as company directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime as set out in part 15 of the Companies Act 2006 and section 1A of Financial Reporting Standard 102 (FRS 102). 

Approved by the trustees and signed on their behalf by: 

R J H  Ley I Jelley 

Trustee 

Rothwell Preservation Trust 

Company Registration Number 01964744 (England and Wales) Approved by the trustees on:  2 February 2024 

Rothwell Preservation Trust **11** 



## **Statement of cash flows** Year to 31 March 2023 DRAFT 

|Notes|<br>**2023**<br>**£**|<br>2022<br>£|
|---|---|---|
|**Cash flows from operating activities:**<br>Net cash (used in) provided by operating activities<br>A<br>**Cash flows from investing activities:**<br>Interest received<br>Proceeds from sale of investments<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>**Cash and cash equivalents at 1 September 2022**<br>B<br>**Cash and cash equivalents at 31 August 2023**<br>B|<br>**(106,335)**|8,461|
||**92**<br>**—**|<br>111<br> <br>192,873|
||**92**|<br>192,984|
||**(106,243)**<br> <br>**248,041**|<br>201,445<br> <br>46,596|
||<br>**141,798**|<br>248,041|



## **Notes to the statement of cash flows for the year to 31 March 2023** 

## **A Reconciliation of net movement in funds to net cash (used in) provided by operating activities** 

|**activities**|||
|---|---|---|
|**Net movement in funds (as per the statement of financial activities)**<br>**Adjustments for:**<br>Interest receivable<br>Net losses on investments<br>Donation received in kind – in the form of listed investments<br>(Increase) decrease in debtors<br>(Decrease) increase in creditors<br>**Net cash(used in) provided by operating activities**|**2023**<br>**£**|2022<br>£|
||**14,731**<br>**(92)**<br>**—**<br>**—**<br>**(8,345)**<br> **(112,629)**|82,901<br>(111)<br>123,377<br>(316,250)<br>7,462<br>111,082|
||**(106,335)**|8,461|



## **B Analysis of cash and cash equivalents** 

||At 1<br>April<br>2022<br>£|Cash flows<br>£|**At 31**<br>**March**<br>**2023**<br>**£**|
|---|---|---|---|
|**Total cash and cash equivalents:**<br>Cash at bank and in hand|248,041|(106,243)|**141,798**|



No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt). 

Rothwell Preservation Trust **12** 



**Principal accounting policies** Year to 31 March 2023 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. 

## **Basis of preparation** 

These financial statements have been prepared for the year to 31 March 2023 with comparative information provided in respect to the year to 31 March 2022. 

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

The charitable company constitutes a public benefit entity as defined by FRS 102. 

The financial statements are presented in sterling and are rounded to the nearest pound. 

## **Critical accounting estimates and areas of judgement** 

Preparation of the financial statements requires the trustees to make significant judgements and estimates. 

The principal areas in the financial statements where judgements and estimates have been made are in respect to estimating future income and expenditure flows for the purpose of assessing going concern. 

## **Assessment of going concern** 

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future and for at least one year following the approval of these financial statements. Therefore, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **Income recognition** 

Income is recognised in the period in which the charitable company has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. Income is deferred only when the charitable company has to fulfil conditions before becoming entitled to it or where the provider of the income has specified that the income is to be expended in a future accounting year. 

Rothwell Preservation Trust **13** 



**Principal accounting policies** Year to 31 March 2023 

## **Income recognition** (continued) 

Income comprises donations, interest receivable, rents receivable from rental of heritage properties and miscellaneous income. 

Rental income is recognised on a straight-line basis over the period of the lease. 

Donations are recognised when the charitable company has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charitable company is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charitable company, and it is probable that those conditions will be fulfilled in the reporting period. 

In accordance with the Charities SORP FRS 102 volunteer time is not recognised. 

Donations received in kind (for example, in the form of listed investments) are recognised in the financial statements at their fair value on the date of transfer of the assets to the Trust. 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the bank or building society. 

Other miscellaneous income is measured at fair value and accounted for on an accruals basis. 

## **Expenditure recognition** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charitable company to make a payment 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. 

All expenditure is stated inclusive of irrecoverable VAT and is accounted for on an accruals basis. The classification between activities is as follows: 

- ♦ Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity. Such costs include the costs of maintaining heritage assets owned by the Trust. 

- ♦ Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial period are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued but are disclosed as financial commitments in the notes to the financial statements. 

Rothwell Preservation Trust **14** 



**Principal accounting policies** Year to 31 March 2023 

## **Support and governance costs** 

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charitable company it is necessary to provide support in the form of financial procedures, provision of office services and equipment. 

Governance costs comprise the costs involving the public accountability of the charitable company (including costs of independent examination) and costs in respect to its compliance with regulation and good practice. 

All expenditure on support and governance is attributed directly to the charitable activities of preservation of the charitable company’s heritage assets as any costs in relation to provision of donations and grants is considered to be minimal. 

## **Heritage assets** 

The charitable company holds heritage assets, which are tangible fixed assets primarily of historical or environmental importance and which are held to advance the charitable objectives of the Trust. 

Heritage assets recognised in the financial statements comprise freehold properties which are stated at cost or deemed cost. 

No depreciation has been provided on the freehold properties as it is the policy of the Trustees to maintain these assets in a continual state of sound repair. The useful economic lives of these assets are thus long, and the residual values so high that any depreciation would not be material. 

Heritage assets are not recognised in the financial statements if a reliable estimate cannot be made of the asset's fair value or the cost of valuation is likely to exceed the benefits provided by the information. 

## **Current asset investments** 

Current asset investments represent the shares in a listed company donated to the charity and held for sale.  These are recognised at their fair value which is taken to equate to market value. 

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their carrying value Realised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. 

## **Debtors** 

Debtors are recognised at their settlement amount, less any provision for non-recoverability. They have been discounted to the present value of the future cash receipt where such discounting is material. 

Rothwell Preservation Trust **15** 



**Principal accounting policies** Year to 31 March 2023 

## **Cash at bank and in hand** 

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment. 

## **Creditors** 

Creditors 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. Creditors are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. 

## **Charitable funds** 

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 

Heritage asset funds represent the net book value of the charitable company’s heritage assets. 

Designated funds comprise unrestricted funds set aside by the trustees for a particular purpose. The purposes and uses of the designated funds are set out in the notes to the financial statements. 

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 

Rothwell Preservation Trust **16** 



**Notes to the financial statements** Year to 31 March 2023 

## **1 Donations** 

|**Donations**|||||
|---|---|---|---|---|
||**Unrestricted**<br>**funds/Total**<br>**funds**<br>**2023**<br>**£**||As restated||
|||Unrestricted<br>funds<br>£|Restricted<br>funds<br>£|Total<br>funds<br>2022<br>£|
|Donation in the form of listed investments<br>Corporate donations<br>Other donations|**—**<br>**15,000**<br>**430**|126,500<br>—<br>2,387|189,750<br>—<br>—|316,250<br>—<br>2,387|
||**15,430**|128,887|189,750|318,637|



The Trust received a gift of listed shares in 2022. Under the terms of the gift, the Trust was required to sell the shares as soon as possible and distribute 60% of the proceeds, after necessary fees and deductions, to two other entities based in Rothwell which undertake preservation, restoration, arts and heritage activities. The other 40% of the donation was for general use by the Trust. The restricted element of the donation was originally recognised as ‘other income’ in the year to 31 March 2022 and a prior year adjustment has been made to reclassify and restate the amount of the gift (note 18). 

## **2 Income from: Charitable activities** 

|**Income from: Charitable activities**|||||
|---|---|---|---|---|
||**Unrestricted**<br>**funds/Total**<br>**funds**<br>**2023**<br>**£**<br>**19,344**|Unrestricted<br>funds<br>£|Restricted<br>funds<br>£|Total<br>funds<br>2022<br>£<br>20,246|
|Rents receivable on heritage assets||20,246|—||



## **3 Income from: Interest receivable** 

|**Income from: Interest receivable**|||||
|---|---|---|---|---|
||**Unrestricted**<br>**funds/Total**<br>**funds**<br>**2023**<br>**£**<br>**92**|Unrestricted<br>funds<br>£|Restricted<br>funds<br>£|Total<br>funds<br>2022<br>£<br>111|
|Interest receivable||111|—||



Rothwell Preservation Trust **17** 



**Notes to the financial statements** Year to 31 March 2023 

## **4 Expenditure on: Building preservation** 

||**Unrestricted**<br>**funds/Total**<br>**funds**<br>**2023**<br>**£**||As restated||
|---|---|---|---|---|
|||<br>Unrestricted<br>funds<br>£|<br>Restricted<br>funds<br>£|Total<br>funds<br>2022<br>£|
|Rates and insurance<br>Light and heat<br>Property management expenses<br>Property repairs<br>Support costs (note 6)|**4,243**<br>**3,918**<br>**2,473**<br>**1,216**<br>**8,285**|5,340<br>2,540<br>1,739<br>2,604<br>4,469|<br>— <br> <br>— <br> <br>— <br> <br>— <br> <br>—|5,340<br>2,540<br>1,739<br>2,604<br>4,469|
||**20,135**|16,692|—|16,692|



Support costs for the year to 31 March 2022 originally included £180 in relation to the administration of the 60% element of the gift of shares received (see note 1). These have been reclassified in these financial statements and included in donations paid (note 18c). 

## **5 Expenditure on: Donations** 

||**Unrestricted**<br>**funds/Total**<br>**funds**<br>**2023**<br>**£**||As restated||
|---|---|---|---|---|
|||Unrestricted<br>funds<br>£|Restricted<br>funds<br>£|Total<br>funds<br>2022<br>£|
|Rothwell Arts & Heritage Centre<br>Holy Trinity Rothwell Trust<br>Support costs directly related to donations|**—**<br>**—**<br>**—**|—<br>—<br>—|57,772<br>57,772<br>180|57,772<br>57,772<br>180|
||**—**|—|115,724|115,724|



Donations payable in the year ended 31 March 2022 were originally classified as ‘other costs’ but have now been reclassified as donations paid (note 18d). 

## **6 Support costs** 

|**Support costs**|||||
|---|---|---|---|---|
||**Unrestricted**<br>**funds/Total**<br>**funds**<br>**2023**<br>**£**|As restated(note 4)|||
|||Unrestricted<br>funds<br>£|Restricted<br>funds<br>£|Total<br>funds<br>2022<br>£|
|Accountancy and Independent Examiner’s fees<br>Legal and professional<br>Sundry expenses<br>Secretarial costs|**6,444**<br>**1,090**<br>**151**<br>**600**|3,778<br>576<br>115<br>—|—<br>180<br>—<br>—|3,778<br>576<br>115<br>—|
||**8,285**|4,469|180|4,469|



Rothwell Preservation Trust **18** 



**Notes to the financial statements** Year to 31 March 2023 

## **7 Net income before net investment losses** 

This is stated after charging: 

|**Net income before net investment losses**<br>This is stated after charging:|||
|---|---|---|
||**2023**<br>**£**|2022<br>£|
|Independent examiner’s remuneration (including VAT)<br>. Statutory fees<br>.. current year (current Independent Examiner)<br>.. previous year (previous Independent Examiner)<br>. Non statutory services|**2,400**<br>**644**<br>**2,400**|—<br>396<br>3,382|



## **8 Staff costs and remuneration of key management personnel** 

The charitable company did not employ any staff during the year (2022: none). None of the trustees received any salaries or reimbursement of expenses from the charity (2022: none). 

The trustees consider that they alone comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. They received no remuneration or reimbursement of expenses in connection with their duties as trustees. 

## **9 Taxation** 

The Rothwell Preservation Trust is a registered charity and therefore, is not liable to income tax or corporate tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 

## **10 Heritage assets** 

||**Total**<br>**£**|
|---|---|
|At 1 April 2022 and 31 March 2023|**15,002**|



All heritage properties owned and preserved by the Trust are located in Rothwell in Northamptonshire. The properties are carried at cost or deemed cost. In the financial statements for the year to 31 March 2016 and earlier years, 1 The Maltings was carried at a valuation completed by a professional valuer in 1994. On transition to FRS 102, the Trust elected to use the valuation of £15,000 as the property's deemed cost. 

There were no acquisitions, disposals or any other changes in heritage assets in the year or the year to 31 March 2022. 

## _**–** 1 The Maltings Deemed cost £15,000_ 

The property forms part of 'The Nunnery Cottages' which are thought to stand near the site of a medieval priory founded in 1247. A stone on the porch is dated 1660, but parts of the building are almost certainly much older. 

Rothwell Preservation Trust **19** 



**Notes to the financial statements** Year to 31 March 2023 

## **10 Heritage assets** (continued) 

## _Manor House – Cost £1_ 

The Grade II listed Manor House is a mid-eighteenth century house built of local ironstone, to replace a much earlier house. The Manor House overlooks Manor Park now a public park enclosing ancient fishponds. 

## _Market House – Cost £1_ 

The Grade I listed Market House was constructed in 1577 to the designs of William Grumbold for Sir Thomas Tresham. It was built using Weldon limestone on a cruciform plan. The Market House was completed in the late 19th century by eminent local architect John Alfred Gotch. 

Heritage assets not recognised on the balance sheet comprise a print of Rushton Hall (the Hall at one time was the home of Sir Thomas Tresham), a painting of Frederick Barlow, who was chairman of the town's newly formed Urban District Council when the work to complete the Market House was carried out, and a book entitled 'The Buildings of Sir Thomas Tresham' by John Alfred Gotch. 

## **11 Debtors: amounts falling due within one year** 

|**Debtors: amounts falling due within one year**|||
|---|---|---|
||**2023**<br>**£**|2022<br>£|
|Rental income receivable<br>Prepayments and accrued income|**14,133**<br>**2,812**|7,331<br>1,269|
||**16,945**|8,600|



## **12 Current asset investments** 

|**Current asset investments**|||
|---|---|---|
||**2023**<br>**£**|As restated|
|||2022<br>£|
|**Listed investments**<br>At 1 April 2022<br>Additions at fair value (donation received - note 1)<br>Realised net losses on sale<br>Disposal proceeds<br>At 31 March 2023|**—**<br>**—**<br>**—**<br>**—**|—<br>316,250<br>(123,377)<br>(192,873)|
||**—**|—|



## **13 Creditors: amounts falling due within one year** 

|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2023**<br>**£**|2022<br>£|
|Other creditors – donations payable<br>Accruals and deferred income|**—**<br>**8,623**|115,544<br>5,708|
||**8,623**|121,252|



Other creditors in 2022 comprised the Trust's obligations at 31 March 2022 to pay 60% of the net proceeds (after expenses) from the sale proceeds of listed shares to two other organisations (see note 5). 

Rothwell Preservation Trust **20** 



**Notes to the financial statements** Year to 31 March 2023 

## **14 Restricted funds** 

The income funds of the charitable company in 2022 included restricted funds comprising a donation received by the Trust for specific purposes. 

|donation received by the Trust for specific purposes.|||
|---|---|---|
||**2023**<br>**£**|As restated|
|||2022<br>£|
|At 1 April 2022<br>Income<br>Expenditure<br>Realised net losses on sale of investments<br>At 31 March 2023|**—**<br>**—**<br>**—**<br>**—**|—<br>189,750<br>(115,904)<br>(73,846)|
||**—**|—|



The restricted fund represented a gift of listed shares to the Trust. Under the terms of the gift, the Trust was required to sell the shares as soon as possible and distribute 60% of the proceeds after necessary fees and deductions, to two other entities based in Rothwell, which undertake preservation, restoration, arts and heritage activities. 

The shares were sold in the year to 31 March 2022 and the proceeds were distributed in accordance with the donor’s wishes during the year to 31 March 2023. 

|**15 Heritage assets fund**<br>At 1 April 2022 and 31 March 2023|<br>**2023**<br>**£**|As restated|
|---|---|---|
|||2022<br>£|
||**15,002**|15,002|



The heritage assets fund represents the net book value of the charity’s heritage assets. A decision was made to separate this fund from the general fund and other designated funds of the charity in recognition of the fact that the heritage assets are integral to the achievement of the charitable company’s objectives. 

The classification of these funds as a designated fund represents a prior year adjustment (note 18). 

Rothwell Preservation Trust **21** 



**Notes to the financial statements** Year to 31 March 2023 

## **16 Designated funds** 

|**Designated funds**||||||
|---|---|---|---|---|---|
||Balance at<br>1 April 2021<br>£|Amounts<br>designated<br>£|Balance at 1<br>April 2022<br>£|Amounts<br>designated<br>£|**Balance at**<br>**31 April**<br>**2023**<br>**£**|
|Market House Repair fund<br>Property management costs|15,911<br>1,000|41<br>—|15,952<br>1,000|15,000<br>—|**30,952**<br>**1,000**|
||16,911|41|16,952|15,000|**31,952**|



## **Market House Repair fund** 

The trustees have designated funds to be applied towards possible future maintenance of the Market House. 

## **Property management costs** 

The trustees have designated funds to be applied towards possible future property management costs that result from changes in tenants. 

## **17 Related party transactions** 

A member of the close family of Mr M W Spendlove, a trustee of the charitable company, provides property management services on an arms length basis to the Trust, in her capacity as an employee of the Trust's property agents. The cost of the services in the year was £2,473 (2022 – 1,739). The Trust also paid £1,140 (2022 – £756) to the property agent for other professional services. The balance owed by the Trust at 31 March 2023 in respect of these transactions was £2,473 (2022 – £nil). 

Mrs I James, a trustee of the charitable company, is joint tenant of a property owned by the Trust. The rent from the property is subject to a formal lease negotiated on an arm's length basis. The rent received in the year was £7,000 (2022 – £7,000). 

A firm in which Mr M Garner, a trustee of the charitable company, is a partner provided electrical and general repair services to the Trust in the year. The cost of the services was £436 (2022 - £846) and the balance owed by the Trust at 31 March 2023 was £nil (2022 – £nil). 

There were no other related party transactions requiring disclosure (2022 – none). 

Rothwell Preservation Trust **22** 



**Notes to the financial statements** Year to 31 March 2023 

## **18 Prior year adjustment** 

- a. As referred to in notes 1 and 14 to these financial statements, the charity received a donation of listed investments in the year to 31 March 2022. Under the terms of the gift, the Trust was required to sell the shares as soon as possible and distribute 60% of the proceeds, after necessary fees and deductions, to two other entities based in Rothwell, which undertake preservation, restoration, arts and heritage activities. 40% of the donation was for the general use of the Trust. Note 1 records the donation received split between unrestricted and restricted funds. This represents a prior year adjustment as the full donation was recognised as part of restricted funds in the financial statements for the year to 31 March 2022. 

In addition, in the year to 31 March 2022, £189,750 of the funds receivable, which have now been reclassified and disclosed as part of donations receivable, were classified as ‘other income’ under income from charitable activities. 

- b. Expenditure on raising funds related to the above in these financial statements has been re-analysed and split in proportion to the restated amounts shown as restricted and unrestricted income. 

- c. Expenditure in 2022 included £180 relating to donations payable. This has now been allocated directly against donations payable in these financial statements (note 4 and 5). 

- d. Donations payable have been restated to include the donations paid from the restricted funds and the direct support costs in relation to the donations payable (note 5). 

- e. Note 12 above has been included within these financial statements disclosing the movements in the listed investments. The net losses on the sale of investments has been allocated between restricted and unrestricted funds on the face of the statement of financial activities on page 10. 

- f. As the donation has been split between restricted and unrestricted funds, the transfer of the Trust’s net share of the donation from restricted funds to unrestricted funds, disclosed in the financial statements for the year to 31 March 2023 is no longer required. 

## **19 Analysis of net assets between funds** 

||**General**<br>**fund**<br>**£**|**Heritage**<br>**assets**<br>**fund**<br>**£**|**Designated**<br>**funds**<br>**£**|**Restricted**<br>**funds**<br>**£**|**Total**<br>**2023**<br>**£**|
|---|---|---|---|---|---|
|**Fund balances at**<br>**31 March 2023 are**<br>**represented by:**<br>Heritage assets<br>Listed investments<br>Current assets<br>Current liabilities|**—**<br>**—**<br>**126,791**<br>**(8,623)**|**15,002**<br>**—**<br>**—**<br>**—**|**—**<br>**—**<br>**31,952**<br>**—**|**—**<br>**—**<br>**—**<br>**—**|**15,002**<br>**—**<br>**158,743**<br>**(8,623)**|
||**118,168**|**15,002**|**31,952**|**—**|**165,122**|



Rothwell Preservation Trust **23** 



**Notes to the financial statements** Year to 31 March 2023 

## **19 Analysis of net assets between funds** (continued) 

||General<br>fund<br>£|Heritage<br>assets<br>fund<br>£|Designated<br>funds<br>£|Restricted<br>funds<br>£|Total<br>2022<br>£|
|---|---|---|---|---|---|
|Fund balances at<br>31 March 2022 are<br>represented by:<br>Heritage assets<br>Listed investments<br>Current assets<br>Current liabilities|—<br>—<br>124,145<br> (5,708)|15,002<br>—<br>—<br>—|—<br>—<br>16,952<br>—|—<br>—<br>115,544<br>(115,544)|15,002<br>—<br>256,641<br>(121,252)|
||118,437|15,002|16,952|—|150,391|



## **20 Members’ liability** 

In the event of the charitable company being wound up, members and those within one year of ceasing to be members, are required to contribute an amount not exceeding £1 per person towards the costs of dissolution and the liabilities incurred by the charitable company while he or she was a member. 

Rothwell Preservation Trust **24**