2023-12-31-accounts

The Droitwich Preservation Trust Ltd

Chairman’s End of year 2023 Report

Dear Trust members

• Just a brief resume of Grants paid during 2023 1. Malvern Priory £10,000 2. St. Helen’s Worcester £5,000

Grant requests formally applied for and approved

1. St. Andrew’s Centre, Pershore . Project still on hold will re-apply when information regarding project is firmed up £5,554

2. St. Michael’s Church, Rochford £2,000

Future possible requests

1. St, Peter’s Church, Stoke Bliss, Teme Valley Waiting for completed application

I am pleased to report that a new lease for Priory House has been agreed our tenants to start from the December 2023 with the legals being completed early in the new year.

It has been a pleasure to welcome Richard Tesh to the Trust who has given us an added bow to our arm now that the Bank of England has increased base rates. Going forward we should be able to improve our grant giving if the requests now start coming after Covid.

Once again I would like to thank all the members of the Trust for their time and help in keeping Priory House and the Trust in good order

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Chairman
dated February 2024
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Charity registration number 501246 Company registration number 01013569 (England and Wales)

DROITWICH PRESERVATION TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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DROITWICH PRESERVATION TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Secretary

MrAB Archer Ms L Blewitt Mr M Hayzelden Mr P Karakashian Mr M K Linney Mr C M Murray Mr R Nicol Mr RL Tesh

Mr C M Murray

(Appointed 30 June 2023)

Charity number 501246

Company number 01013569

Registered office The Oakley Kidderminster Road Droitwich Worcestershire WR@Q 9AY

DROITWICH PRESERVATION TRUST LIMITED

CONTENTS

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	Page
Trustees report	1-2
Statement ofTrustees responsibilities	3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notestothefinancialstatements	7-10

DROITWICH PRESERVATION TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

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The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Trust's objects are restricted to the following :

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(1) To make grants, subject to the discretion of the Trustees, to support the restoration or reuse of old buildings or structures that are open or accessible to the public, including improving public access, within Worcestershire, which area is hereinafter referred to as "the preservation area".

(2) To make donations in money or kind to, and to co-operate with, charitable institutions that have interests similar to the Objects of the Trust.

(3) To stimulate public interest in the preservation of the architectural and other amenities of the ‘preservation area’ and in that respect may:

(a) promote, exhibit or lecture on the objects of the Trust;

(b) publish or contribute to publications about the Trust and its objects;

(c) collate and make available information of local interest on subjects connected with the Trust.

(4) To foster or promote the amenities of ‘the preservation area’ by supporting the preservation and protection of its buildings and by:

(a) sponsoring and encouraging rebuilding and redevelopment in accordance with the best architectural standards and;

(b) for such purposes to acquire, repair, rebuild, or sponsor the acquisition and repair or rebuilding of any building, structure or object, which is considered to be worthy of preservation as being of local, historic or architectural interest.

(c) applying for preservation orders in respect of buildings, structures, trees or other objects.

Significant activities

Two grants were paid to the following : £10,000 was paid to Great Malvern Priory £5,000 was paid to St Helen's, Worcester One other grant was offered to the following : St Michaels's, Rochford

Achievements and performance

Other than the payment of two grants and the offer of one, no other charitable activities occurred.

Investment performance

The Trust has continued to receive rental income from its property, Priory House, together with a recharge for property insurance.

Financial review

During the year the Trust made a net surplus of £5,579 (2022 £5,762).

At the year end the Trust has net assets of £680,264 (2022 £674,685).

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DROITWICH PRESERVATION TRUST LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Reserves policy

It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure, as a minimum. The Trustees considers that reserves at least this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been exceeded throughout the year.

Risk management

The Trustees has assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Trust is a company limited by guarantee and the liability of all member is limited to £10.

None of the Trustees has any beneficial interest in the company.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A B Archer

:

Ms L Blewitt

Mr C M Botfield (Resigned 25 April 2023)

Mr M Hayzelden Mr P Karakashian

Mr M K Linney

Mr C M Murray Mr R Nicol Mr RL Tesh (Appointed 30 June 2023)

Recruitment and appointment of trustees Trustees can co-opt new trustees and can vote to confirm the appointment of the new trustee at a general meeting and in accordance with the Articles of Association.

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The Trust report wa A.L < by the Board of Trustees.
Mr P Kerakashiansli
Dated: [Pt Seve 2024
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DROITWICH PRESERVATION TRUST LIMITED

STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees, who are also the directors of Droitwich Preservation Trust Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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 the Charities SORP;

• make judgements and estimates that are reasonable and prudent:

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.

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

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DROITWICH PRESERVATION TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF DROITWICH PRESERVATION TRUST LIMITED

| report to the Trustees on my examination of the financial statements of Droitwich Preservation Trust Limited (the Trust) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the Trust (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 Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the Trust's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

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Independent examiner's statement

| have completed my examination. | confirm that no matters examination giving me cause to believe that in any material respect:

| confirm that no matters have come to my attention in connection with the

• 1 accounting records were not kept in respect of the Trust as required by section 386 of the 2006 Act; or 2 _ 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 accounts give a true and fair view which is not a matter considered as part of an independent examination; or

• 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

| 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 financial statements to be reached.

William Roberts FCCA Cece, Oa

Dated: 0) loz pom

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DROITWICH PRESERVATION TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

		Unrestricted	Unrestricted
		funds	funds
		2023	2022
	Notes	£	£
Income from:
Investments	3	32,568	30,981
Charitable activities	4	26,989	25,219
Net income and movement in funds		5,579	5,762
Reconciliation of funds:
Fund balances at 1 January 2023		674,685	668,923
Fundbalancesat31December2023		680,264	674,685

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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DROITWICH PRESERVATION TRUST LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023

			2023				2022
	Notes	£		&		£		£
Fixed assets
Investment property	8			360,000				360,000
Current assets
Debtors	9	8,701				8,699
Cash at bank and in hand		336,487				331,038
		345,188				339,737
Creditors: amounts falling due within	10
one year		24,924				25,052
Net current assets				320,264
Total assets less current liabilities				680,264				674,685
The funds of the Trust
Unrestricted funds				680,264				674,685
				680,264				674,685

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

a statements were approved by the Trustees on Ae uae Lavy Mr P Karakashian Trustee

Company registration number 01013569 (England and Wales)

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DROITWICH PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

:

Charity information

Droitwich Preservation Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 QAY.

• 1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

• 1.2 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. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

• 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

• 1.4 Income Income is recognised by the Trust when the rent and any investment income is received.

• 1.5 Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

• 1.6 Investment property Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

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• 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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DROITWICH PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

• 1 Accounting policies

(Continued)

• 1.8 Taxation

The charity is exempt from corporation tax on its charitable activities.

2 Critical accounting estimates and judgements

In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

• 3 Investments

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Rental and insurance income	31,249	30,888
Interest receivable	1,319	93
	32,568	30,981

• 4 Charitable activities

	2023	2022
	£	£
Repairs and maintenance	7,723	1,000
Insurance	2,891	2,461
Sundries	80	-
Legal and professional fees	1,295	100
	11,989	3,561
Grant funding of activities (see note 5)	15,000	21,658
	26,989	25,219

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DROITWICH PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Grants payable

	2023	2022
	£	£
Grants to institutions:
Great Malvern Priory	10,000	-
St Helen's, Worcester	5,000	-
St Mary Magdalene Church, Broadwas	-	6,658
St Mary's Church, Hanley	-	5,000
St Bartholomew's Church, Lower Sapey	-	10,000
	15,000	21,658

6 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

7 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

8 Investment property

Investment property
	2023
	£
Fair value
At1January2023and31December2023	360,000

Investment property comprises of Priory House. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 10 July 2019 by GJS Dillon, Chartered Surveyors, who are not connected with the Trust. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

) Debtors

Debtors
	2023	2022
Amounts falling due within one year:	£	£
Tradedebtors	8,701	8,699

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DROITWICH PRESERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2023	2022
	£	£
Other taxation and social security	1,700	1,828
Rent deposit	14,500	14,500
Accruals and deferred income	8,724	8,724
	24,924	25,052

11. Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1 January	Incoming	Resources	At 31
	2023	resources	expended	December
				2023
	£	£	£	£
General funds	674,685	32,568	(26,989)	680,264
Previous year:	At 1 January	Incoming	Resources	At 31
	2022	resources	expended	December
				2022
	£	£	=	£
Generalfunds	668,923	30,981	(25,219)	674,685

12 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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