Charity registration number 501246 (England and Wales) Company registration number 01013569
DROITWICH PRESERVATION TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
DROITWICH PRESERVATION TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A B Archer Ms L Blewitt Mr M Hayzelden Mr P Karakashian Mr M K Linney Mr C M Murray Mr R Nicol Mr R L Tesh
Secretary
Mr C M Murray
Charity number (England and Wales)
501246
Company number
01013569
Registered office
The Oakley Kidderminster Road Droitwich Worcestershire WR9 9AY
DROITWICH PRESERVATION TRUST LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Statement of Trustees responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 10 |
DROITWICH PRESERVATION TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report and financial statements for the year ended 31 December 2024.
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 :
(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:
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(a) promote, exhibit or lecture on the objects of the Trust;
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(b) publish or contribute to publications about the Trust and its objects;
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(c) collate and make available information of local interest on subjects connected with the Trust.
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(4) To foster or promote the amenities of ‘the preservation area’ by supporting the preservation and protection of its buildings and by:
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(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
During the year, three grants were paid to the following :
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£7,000 was paid to Our Blessed Lady & St Alphonsus RC Church, Hanley Swan
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£2,000 was paid to St Michael's Church, Rochford
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£1,500 was paid to St Peter's Church, Stoke Bliss
Five other grants were offered to the following :
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£5,554 for St Andrew's Centre, Pershore
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£10,000 for All Saint's Church, Malvern
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£5,000 for St Peter's Church, Inkberrow
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£3,000 for Our Blessed Lady & St Alphonsus RC Church, Hanley Swan
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£10,000 for St John the Baptist, Bromsgrove
Also during the year, the Trust launched its new website.
Achievements and performance
Other than the payment of three grants and the offer of five, 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 and interest earned from deposit accounts.
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DROITWICH PRESERVATION TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
During the year the Trust made a net surplus of £22,563 (2023 £5,579).
At the year end the Trust has net assets of £702,827 (2023 £680,264).
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 consider 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 have 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 M Hayzelden Mr P Karakashian Mr M K Linney Mr C M Murray Mr R Nicol Mr R L Tesh
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.
The Trustees report was approved by the Board of Trustees.
Mr P Karakashian
Dated: 7 May 2025
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DROITWICH PRESERVATION TRUST LIMITED
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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
I report to the Trustees on my examination of the financial statements of Droitwich Preservation Trust Limited (the Trust) for the year ended 31 December 2024.
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.
Having satisfied myself that the financial statements of the Trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Trust as required by section 386 of the Companies Act 2006.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 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
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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 financial statements 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 financial statements to be reached.
William Roberts FCCA
Dated: 7 May 2025
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DROITWICH PRESERVATION TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 46,798 | 32,568 |
| Total income | 46,798 | 32,568 | |
| Expenditure on: | |||
| Charitable activities | 4 | 24,235 | 26,989 |
| Total expenditure | 24,235 | 26,989 | |
| Net income and movement in funds | 22,563 | 5,579 | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2024 | 680,264 | 674,685 | |
| Fund balances at 31 December 2024 | 702,827 | 680,264 |
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 2024
| Notes Fixed assets Investment property 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities The funds of the Trust Unrestricted funds 11 |
2024 £ 8,699 345,235 353,934 (11,107) |
£ 360,000 342,827 702,827 702,827 702,827 |
2023 £ 8,701 336,487 345,188 (24,924) |
£ 360,000 320,264 |
|---|---|---|---|---|
| 680,264 | ||||
| 680,264 | ||||
| 680,264 |
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 2024.
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.
The financial statements were approved by the Trustees on 7 May 2025
Mr P Karakashian
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 2024
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 9AY.
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.
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 twelve 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 2024
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 | |
| 2024 | 2023 | |
| £ | £ | |
| Rental and insurance income | 37,415 | 31,249 |
| Interest receivable | 9,383 | 1,319 |
| 46,798 | 32,568 |
4 Charitable activities
| Repairs and maintenance Insurance Sundries Legal and professional fees Bank charges Grant funding of activities (see note 5) |
2024 £ 7,757 3,598 280 1,845 255 13,735 10,500 24,235 |
2023 £ 7,723 2,891 80 1,295 - |
|---|---|---|
| 11,989 15,000 |
||
| 26,989 |
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DROITWICH PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5 Grants payable
| Grants to institutions: Great Malvern Priory St Helen's, Worcester St Peter's, Stoke Bliss St Michael's, Rochford Our Blessed Lady & St Alphonsus RC Church, Hanley Swan |
2024 £ - - 1,500 2,000 7,000 10,500 |
2023 £ 10,000 5,000 - - - |
|---|---|---|
| 15,000 |
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 | |
|---|---|
| 2024 | |
| £ | |
| Fair value | |
| At 1 January 2024 and 31 December 2024 | 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.
9 Debtors
| Debtors | ||
|---|---|---|
| 2024 | 2023 | |
| Amounts falling due within one year: | £ | £ |
| Trade debtors | 8,699 | 8,701 |
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DROITWICH PRESERVATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Rent deposit Accruals and deferred income |
2024 £ 2,383 - 8,724 11,107 |
2023 £ 1,700 14,500 8,724 |
| 24,924 |
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 General funds Previous year: At 1 General funds |
January 2024 Incoming resources Resources expended At 31 December 2024 £ £ £ £ 680,264 46,798 (24,235) 702,827 January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ 674,685 32,568 (26,989) 680,264 |
|---|---|
12 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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