Docusign Envelope ID.. DOD16E04oe2E_4429_95AB_D4EFDEF712E8 Company r¢gistration nuLnb¢r: 01397038 Charity registration number; 508300 Heritage Trust For The North West (A ¢ompany limil¢d by guarant¢¢) ArJL)ual Rep()rt and Fin1¢1a1 Statements for the ye Bnd¢d 31 2024 R&wclilYe & Co Limited Unil l Barons Court Gra¢¢way$ Whitehills Busin¢ss Park Blackpool Lancashlrc ry4 SGP
Docuslgn Envèlope ID,, DOO16E04-062E442o5A.4EFDEF7l2E6 Heritage Trust For The North West Contents Reference end Administrativ¢ D¢tilL15 Strategi¢ Report 2to3 Trustees, Report 4t07 Independent Auditors, Report 8toll Consolidated Statement ofFitMncial Activities 12to 13 Consolidated Balance Sh¢¢t 14 Balance Sheet 15 Consolidated Stat¢llLertt of Casb Flows 16 Stsiement of Cash Flows 17 Notes to the Financial Statements 18tt)47
Docuslgn Envelope ID.. Doo16ED4062E-4429sAB-D4EF0EF712E$ Heritage Trust For The North West Reference and Administrative Details Ch*irman Mr John Tirn¢r Chief Extcutlv¢ Officer Ms Blixabeth Moss Mr Michael Robert Guy Charity Registration Number 508300 CompADy Registration Number 01397038 Reglgtered Offi¢e Parli Hill Barroivford Nelson L&n¢aghire BB9 6JQ Auditor Rawcliffe & Co Limited Unit l Barons Court Graceways Whitehi115 Busincs8 Parl< Blackpool Lan¢ashire FY4 SGP Page I
Docusign Envelope ID.. 0001eE04.062E.4429.95AB.D4EFDEF712E6 Heritage Trust For The North West Strategic Report for tbe Year Ended 31 March 2024 Th¢ Iruste¢3, who are dire¢torn for the purp05e3 of company taw, present th¢ir 5trat¢gio report for the year ended 31 March 2024, in compliance with s414C of the Companies Act 2006. Achievements and performance As A charitable trust responsibl¢ for the own¢rship andlor opeialiofta] management of over 20 h¢r112 PTOP¢rties we work ¢lo$¢ly with p8rtn¢r or8atEiSations, fiind¢rs and stakeholders to m&xtmis¢ piiblic benefit. We are financially r¢lianl on ¢amed in¢om¢, as w¢ll as ¢haritable income, This is sourced from r¢lail, Catering. rental, visitoi. attraction5 and event as well as grallls and donations. Our visitor allractions, such as L>tham Hftll and Pendle 14eritage CeJLtre, have bundreds of thous8JLds of visitors anuually. These sites greatly benefii the health and well-being of the vi3jtors and voluntsers support thein. To opErate these Properties we rely on staff working in various disciplines, includillg MEgeIllent, ¢at¢rin8 and bospilality with voluTrteers supporting grounds maint¢twi¢e, st¢wardin8, ¢ons¢rvation gnd many otheT areas. HTNW has a proud history of h¢rits8e restoration projects and has emerged from the re¢ellt challenging years 'Rtl] a renewed energy and (ktern]ination, under new leaderstLiP. The strategi¢ focus has been and will remain on sustainable growth for the foreseeable futuie, With stronger found&tions w¢ will be able to better weather tulure storn]s. New accoiuLling £llid busine55 management procedures and policies are starting to provide the llllended benebls tmd difficult decisions on redundancies and property sales h&ve proven to be prudenL Money saved has been reinvested in the remaining properties lwd debt r¢duclion has been a key area of focLiS. The hlevemenls of HTNW tn this ar¢& d¢s¢rYe particular Lnenlion. At its peak in 2022 total debt was over £2m. Tbese accounts demonstrat a redu¢tion by approxiMat¢ly a third as at April 2024 and at the time ofpublication io De¢ember 2024 ttjey have fallen further by over a Iialf. This significant SllCCC53, ollg with the expected fall ill intw¢st rg41es in 2025, will r¢leas¢ further funds for r¢llivestmenl over time. Two notable examples of this reinvesttnent at Lylham H1 Nvcrc the completion of a new Lnodern diainage sysieni, lo cope with ihe demands orsuch a popu. site, and thc opening of the resttored G&te Holis¢ as holiday cci)mmodation, The later has pi'oved extstmely popular and SL}ccessl in terms of bookings and ¢arned income. Pendle Heritage Ccntre continued its development into a more div¢rse and profitable attractLOII welcoming a wider range of visitors, tenants and is. (hher properties too had all increase in occupatioii and use gLich as Higherford Mill. We are incredibly gralefid for tthe many voluntseIs, friends, groups and fwiders tliat lThve supported our work. aeross all ot our sites. Flnancial rcvicw Pollcy reserves Il Is It]e policy of the charity to in&int'ain unreslricled funds, which are fi'e¢ Teserves ot t.he charily, at levels which equate to an excess of its prujcbled needs for the forthcorning inonth£ thereby providing sufficient futsds tD cover inanagement, administration and supp)rt cosfs and ¢nable th¢ ongoing developrn¢nt of proje¢ts. The trusl¢es b¢li¢ve th¢ net asset position is suffi¢i¢nt ts satisfy such requernents. altlLough thcsc Icvels of free reserves are reviewed YeEiilarly. Page 2
Docuslgn Envelope ID: D0016E04-082E4429-95AB-D4EFDEF712E6 Heritage Trust For The North West Strategic Report for the Ye&r Ended 31 Ivlarch 2024 FHnds in deficit During the year ended 31st Mch 2024 (he iiicoming r¢sourc¢s amounted to £1,797,586 (wbich iepres¢nl¢d a decrease of £139.359 compared to the previous year) while resourc¢s exp¢nded a]noLinted to £1.978,753 (wbi¢h represented a dc¢r¢ase of £350 compared to the wevious year). The n¢t result for the ye&r was a deficit of £181,167 (2023 deficit £42.158). ImrtantlY, the Trustees note that althougli on the faee of it ibis1088 could be & cause for conc¢nL it WAS in tact trxpecled and even iTLtended. The financial year 2023124 was one of substantial change for IIINW as th¢ organisatioll, its staffing and ils prortY porfolio was restruclured alld rationalised. This was done in OTder to provide for a much more sustainable thture 8nd build the foulld&tions for long term growttL In particulai., tbe fa¢lors in 2023124 Ihat played a part in these losses include the following: l. Rationalis&tion of the extensive property portfolio with & nurnber of non ¢ss¢nlial lossmakit)g properties sold which resulted in one oft legal and other professional fees on all ihose sales. 2. The paytrtent of one oft TedUtancY costs for a nLmiber of staff diat left the organisatioii, 3. A change of awounlants &nd auditors, both of whom were still f8miliarising thernselves with rNw processes and fir)*n¢ial history. 4. The impleryLentatlDn of a new accountancy systern, ttansitioning fully from SAGE lo XBRO. 5. Writing off historic illaccurate amoiints that had been held in oiir &ccouNts for projects that w¢re now not goiii8 to h&ppeii. 6. Th¢ absence of a Chief Executive for three months ot the year and one off costs associated with the reGyuilm¢nt of the new one. 7. Development of cosi centres to enable a more fin3nci8Lly sustainable nianagement of our proptty portfolio. 8. Debt reduction priorilis¢d. 9. High inter¢sl, indation, insiwance at energy costs. IQ, Losses due to closwe and reop¢nin8 aft¢r restriicturillg Pendle FIeritagc c¢t¢. I l. Poor weather atTccting visitor nwnbers and incom¢. 12, Covid recovery completed this y¢ar. Tlie su¢¢ess of this restructuring stratcgy 15 air¢ady evident to the Trustees and thc Chief Executive in the fjnancial manageMt information &v&il&ble to 2024125. In short 2023124 marked the turiiing point in H'FNW financtal p¢rfornian¢e. Principal riskn and uncertNlities Ecok70mic coo't of Ilving crigij The UK is ¢xperiencllW an enomiC and cost of livillg crisis. The tnlgtecs continue to examin¢ tthe major strategic. business and operational risks M,hich Ibe chatty fa¢¢s at cotjfirm tt systems have been cstablishcd lo ensure It]al regular reports are produced and thut necessaiy st¢P3 can be tsken to address issu¢s arising. The Iruslers have idltifIed Lhe major risks lo whlch the charity 18 expos¢d &id procedur¢s lo maTLage those risks have been put inplace. The strategic rewrt was approved by the trustees of die ch8Jity on 3 .lanuary 2025 and signed on its behalfby.. by.. Mr StephetL M&'k' Williams Trustre Pag¢ 3
Docuslgn Env&lop8 ID.. D0016E044%2E4429_Q5AB_D4EFDEF712E6 Heritage Trust For The Lyorth West Trustees, Report The tnte¢s, who are dir¢¢tors for th¢ purposes of ¢ompany law. present the annual report tog¢lher with the financial StatentS and auditors, report ot the charitable company for tlie year ended 31 March 2024, Objectiv¢s Activitieb Objects und ulnis The principal activities of the cornpany are to promote (d preserve for the E¢nefit of the Feople of ti]e North West ot England Emd of the nation at large, wh&tever of the English bistoi'ical, architectural, nELtuial, social or scientific heritage which may exist in or near to the afoi'¢said regioij, and to advance Ibe education and the cultural deiieloprnent of th¢ publiG in th¢5¢ tnattcrs, and to und¢rtake sucb otlier eh8ritabl¢ a¢iliviti¢s as may b¢nefLI the imhabitanls of oi visitors lo tbe area. The ¢ompatty hos s0 established vlouS tr&ding a¢ilivilies d¢sigt)#d to etJhan¢e and subsidi8¢ the charitable activities of the trust. PNblle benefl¢ The truslces are confident that the charity offers services of real td practical us¢ to th¢ locaj population. The trustees confirm that they have coinplied with the requiremerLts of s¢¢t&on 17 of the Charities Act 2011 to have due regard lo the public benefjl guidan¢¢ publish¢d by th¢ Charity Cottwiission for Eng]and Wales. Use of voluKleers The wmpally rolies otL voIuJLtary help foi ttL&ny of it3 activities. Trust¢es and Offieers The trustees and officers scrving duyillg the year and 8incc the year end were &s follows.. Trusl'ees.. Mr Stephen Mark Williams h(s Laurie Peolce Mr Johnfurn¢r MT Mark Fi'all¢is Whitlock L41undell CbairniaTh.' Mr John Turnei Chief Exccutivc OffLcer'. s Elizabeth Moss Mr Michael Robert Guy (&pp)inted 28 Februwy 2024) Struelurey governanei and management Nrtlure ofgovernlpig document The company was incorporated wider the Companies Act on 3 1st October 1978 und¢r the nam¢ L811¢oshire Herilagc Trust Limited. The company is a priva company limited by guarante¢ and not having a share ¢&Ypila], exemptd by the Secr¢laLy of State froTr] the r¢quii'¢m¢nt to usc th¢ word limit', ill its namc. ThB liability of ¢h member is limitcd to an amouiit not ¢xcecding £1. The company was registered as a charity on 14th December 1978 urLdcr the PLOViSiOiiS of the Cliarities ActE (Charity number.. 508300). Page 4
Docu8ign Envelope ID.. D0016E04-062E4429-95AB-D4EFDEF712E6 Heritage Trust For The North West Trusteesl Report RecTuilm¢nl und lwpointmenl oftruslees Triistees are appointtd to reflccl tILC skills i'equired lo support tbe Board and its range of a¢tivities. Recruitment is eithci through advertising or by individual cont&ct. Induction 1ndir(4ining ollruslees A full orientstion is offered on the servi¢es provided and lh¢ rol¢s &nd re5ponsibitities of a tt'LL8te¢, includin8 their legal obligations under charity and ¢ompany law. All appointees are informed of the ¢ont¢nl of th¢ eniorandum Articles of Association and lh¢ ¢ommile¢ and decisioii- making processe8 of th¢ charity. OrguNlsational st¢tUre The Board c'rentlY consists of the trustees and is reSp1$1b1¢ for key policy decisions and the ¢ffe¢liv¢ governance of the or8anisalion overall. The Board n]¢¢ts on a regular basis bLt as a miuimum four titnes per year. Relallonshlps wlth related parties Subyidi4ry companies Heritage Trust for the North West owns IOOO/t) of two trading 5ub5idiarie5' L.H.T. Entsrprises LirThited 8iid Coiiscrvatiou Services N.W. Limited. Other companies Previously exerted intluence over & further two companies; Grealcr Manchester Builthng Preservation Tyust Limited and Cumbria Building PKserv&tion Trust Limited. BraJ]ehes Hey8h8m Heritage Association continues to SUPPQrt th¢ cotnpany's efforts to maintaii? a Heritag¢ Centre in Heysham Village. H¢ytham H¢ritag¢ Association is considei'ed a kn'8JLch of the moin cbarity but is an Individu ¢nlity th&t liolds a scparta¢ bank account. The lund5 Ot'Heysham Heritage Association are not ill¢luded within the accounts as they are i]aterIal. Majoyr ri¥ks tsf rlsks Economic oppd cost ofliving crisis The UK 15 experÈencing economic and Lost ofiiving cri81S. trust¢¢s coi)tinue to cxamin¢ the majoy strategic, biisincss operational risks whi¢h th¢ ¢hairty taces ejid conflrn) that sYStnS have betn established to ensLire that regul repotts ar¢ pr0dled and that iiecessary steps an be iakeii to dddress any issu¢s ]Sing. The trustees hav¢ identified the major risl(s to whi¢h th¢ 'Ity is exposed and procediires to manage tbo8¢ risl(s Ii&v¢ been put in place. Financial instruments ObJectIv ftndpollcies The group's activities exwse it to a iiumber of fin&n¢ial i'isks including credlt risk, cash flow risk and liquidity risk. The us¢ of fin&n¢ial derivatives is governed by the Eroup's policies approved by the board of ts'ustee which provide written principles on the use of financial derivatives to manage these riskg. The group does not use derii'ative fingmcial instruments for speculative purptsses. Pag¢ 5
Docusign Envelope ID., D0016E04.082E.442S.95AB_D4EFDEF712E6 Herltage Trnst For The North West Trustees, Report Cashflow rtsk The group's activities expose it primarily to the finaii¢ial risks of changes in forei7 currency exchange rates interest ra£e8. The group us¢s for¢ign exc&aDge forward ¢ontrLcts and interest ratc swap contsa¢ts to h¢dge these exposures. Interest bearing assets ]d li&biliti¢s ar¢ beld at fLYed rate to ¢ttsure certainly of cash flows. Credit VAsk The group's principal fire]a[ assets are bÉu)k bajances and Cas trade and other re¢¢ivables, investments. The group's credit risk is primarily atti'ibulabl¢ to its trade Teceivables. Tho amounts presented Ln tbe balance sheet are net of lOWanCeS for doubtFul rec4ivabl¢s. An alloWl¢e for impairm¢nt is made where there is an Ldentified loss event whicli, ba8¢d on previous experienc4 is ¢vidence of a reduction in th¢ r¢¢ov¢rability of the cash flows. The credit risk on liquid funds and d¢rivative fmancial in8lrLimeThts is limited because the count•'P8rties are banks witli high credit-ratings assigned by int¢rnational CLedil-r&liDg agenGi¢s. The group has llo significant concenti'ation of credit ri3k with ¢xpsure spread over a Large niimber of counterparties and customcrs. LiqMidiÈy risk In order to maintain liquidity to ensure that suffi¢i¢nt fun(ts are available for ongoing OP¢Tations and future dov¢lopment4 the group uses & mixture ofiong-lerm wid shoit-lern debt finAUC¢. Fiirther detaiLs regarding liquidity risk can be foulld the Statetnent of ac¢oullting poticies in the fLnaii¢ial statements. Page 6
Docusign Envelope ID.. D0016E04_062E.4429.95AB_D4EFDEF712E6 Heritage Trust For The North West Trustees, Report Sta¢ement Df trustees, re$ponsibiliti65 The truste¢s (who are also the directors of Heritage Tiust For The North West for Lhe purposes of company l&w} ar¢ responsible toi. pPar1Thg the trustrees, report and the financiaj slalem¢iits in accordance with appli¢abl¢ law and United I(illgdorn Ac¢ounting Standards IUnit¢d Kingdom Generally A¢c¢pted Accounting Pra¢li¢e). incliiding FRS 102 "Th¢ Financial Reporting Standard applicabl¢ in th¢ UK and Republic of Ireland" Cotnpany lawr requires th¢ trustees lo prepare financial statements for each financial year, Under company law the trustees must not approve th¢ fan¢1&1 statements unless thcy are satisfied that they giv¢ a tru¢ and fair view of the state of affairs of the parent Ghai'itable company aiid thc group and of the incorning resources and applic&lion of resources, including its it)¢otne and expenditurc, of tlie ¢harilAble group for that p¢riod. In preparing these fan¢la1 stalen]ents, the trust¢es ale requii'ed to: select suit&ble accounting poli¢i¢s and apply diern coiisistently> observe th¢ methods and priii¢Lpl¢s ill the Charities SORP; make jLidgeinenls and estiateS that aTe iea50nable and prud1¢ state whether applicable 8QutIng stalldard5, COprIS1ng FRS 102 bave been followed, subject to any material departures disclosed and explained in Ilie fjnancial slalemellts- and prepare the financial stalemenls on the going ci)ncern basis unl¢ss il is inappropri&te to presume th¥4t th¢ parent charitable coinpany will Lonlinue in busilless. The truslces sr¢ responsible for kecping proper accounting records that call disclose with r¢asonable accuracy at gny time the financial position of the parent charitable wmpally aDd the group and enable tb¢m lo enSie that d]¢ fu1¢1&1 statsments comply with the Companies Act 2006. They aw also responsible for safeguarding the È&qets ot the parent charitable cotnpthny ¥nd the group and h¢n¢e for tdting reasonable steps for th¢ prevention and detection of fraud and other ii'regul¥titics. The trust¢¢8 are respollsible for the maintenance integrity ot the corpoTale and IinanLial InforatiOn included on tb¢ thlritable companys wcbsit¢. Legts5atioii governlng the preparation and dissemination of fillanciol staten]ents mtL), differ from legislation in other jurisdictions. Di$¢losure ofinformation to auditor Each trLiStee1Tr8 18ken steps tILat they oughi to have lakell as a tsusLEe ill order lo make Ih¢m$¢lv¢s awELre of any relevant aLid5t inforniation and to establis'h that the charity's auditor is aware of that tnfoLts]ation. The trustees onfirm ihat the is no relevant intom)atioll that they Iinow ot and of which tbey know the auditor LS Ullowar¢. The annual report was approved by the trusiees of Ilie charity on 3 Januury 2025 and signed on xts behalf by., . &sF2d2¢F.PE4D............. Mr Stephen Mark Williams Thistee Pagc 7
Docusign Envelope ID.. 9FB78D03-A74A4B5E-80E7-1AD72DD74F08 Herltage Trust For The North West Independent Auditor'8 Report to the Members Df Herltage Trust For The North West Oplnlon We h&ve audited tke fInGil 3t¢toments of Hen'tage Trust For The North West (the Ichlble paront company,) alld at8 subsidL4ri¢8 (th¢'group') for thts year #ndtha 31 2024, which oomprise the Con801idated Statement of Financial Activities, Consolidated Ballee She¢t, , Balan¢¢ ShoeÈ Consolldated Statoment of C&8h Flow8, Statement of Cash Flows Rnd Notes to the Financial Statement8, including a summ&ry of 8ignifieAnt accountllg policies, Thc fin&n¢ial roportyng framework that h48 been applled In tbelr prepuatioll is ULited Iangdon Accounting Standard8, ¢omprisin£ CharLties SORP - FRS 102 Th¢ Flnan¢lal Repor(in¥ Standard pplicable In the LIIC and RepublLG Cyf Jrel&nd' and applioable law (Unifrd K3nsdom Generally Ancepted Accounting Praotioel. In our opiniort the fmallcial 8ts1omonts.' glve a true and fair view ot th¢ State of the gri)up's and parent ¢harity'8 a£FauT 88 at 31 March 2024 and of its hicoming re8Durces and application of rgsoutGe8, inoludin8 its in¢ome &ttd expelldltte, for the year thlm endcl. have been properly prepared ill acoordanoc with Utiitsd Kllwdom Gellerally Accepted Accountillg Practice. have been prepared ltt uGcordall¢e wlth tb¢ rb4ulr#taents of th CorrApanirs Act 2006. Basis for opinion We eonduct&l our audit in a¢cord8thce witb ItilIonaI Standards Oll Auditing (UK) (ISAS (Ul)) alld applioable law. Our re8pDnstl)llitiQ8 undof thos# 8tHndards #r¢ fvrth¢r thttibed in the auditor Te8poll8ibilities for Ibe audtt of the finallcial 8taternent8 Section of our i'q)OTt. We are Indepetllt Of tb¢ wup AtL Uaoonlall¢¢ with the Ethioat requlremonts that are Televallt to audit of the financial statements in the tSK, includinB the FIiC'I Etbical Stattdard, und we have lfIlled ow, otkntr Qtbical I¢JpoJ]sibilities in aocordawe with I'equirellLents, We believe that the audit evid¢ttce we have obtsined 18 sufficiettt And appropriate to provld¢ tL basis £ot our opinioll, Conclusions ¥¢lutillg Éo conLern In authting ¢he funcial statements, we have concluded that tb¢ trustses iise of the golng concern ba818 Of. acwunting iti tb¢ proparatioll of thè thmtsolal &tsten)ents 18 appropiiate, Based on the work we have perfonn¢d, w¢ have llot idelltifigd any matsial uncert&inties relAtitlB to events oi, Conditio that, individually or G*llectivglyp may casi slgnifioallt doubt on tL]e lp,8 F¢bility to colltinue as a going concem for a period ofat Lc&8t Iwelv¢ mootks frojn when the OTlginal Ell#ll¢l#l $l4tom¢nts tyere authori8ed for issur. Our responsibilities and the r&4ponsibiJities of the Imslees witlL respect to gowg cotw¢rn are d¢8cnbed in the rcl¢v&tsl sectiolls of thLS Teport. Other AllformAtloll The trlee$ are responbIe for the other information. The Dther itth&ts'on compri80J$ tILe Infomiation included in the aonual repor4 other than tke finanoial stats]nents and oui. auditor's rq)0rt thereon, Our opiuion ott the fll18ncial 8tatements do not COV6r the Dth6r infoimation anl except lo the extent othenv18e explioitly stated ill our w¢ do not expre8s any fomi of a£8ur8ttoe ¢oll¢lusxon thereoh. Page 8
Docusign Envelope ID.. 9FB78D03.A74A-4B5E4OE7-1AD72DD74F08
Heritage Trust For The North West
Independent Auditorls Report to the Members of Herltuge TIu8t For The North West
In eottneotiott our audit of the financial statsments, our respon8ibillty is to rrad th¢ otber informatlon And,
in doing go, consider wheth¢r the other itifonn4tion 16 mat¢rially incon8iStent with the tln&aoial 8tat¢m¢nts or
our l
Docusign Envelopa ID.. 9FB78D03.A74A4B5E-80E7-1AD72DD74F08 Herltage Trust For The North West Jndependent Auditorls Report to the Members of llerltage Trust For The North West The eKtent to which our PTDcedures are capable of deteoting IeBUIritIeS, incIudins fraud 18 det&lled bglov. Our appi'oaoh 1¢ identifying and assessing the ills1(8 of materI mi88lateklleAt in r88pe¢t of irreBularltl¢s, lttoluding ftiud attd non-compliance witkn laws rogulation8, wa8 as £ollow8: the engagement p&rtJer eD8ur¢d that the un8ag¢ment tsam GOlleCtilY had thu appropriate oonpetence, capabilitios and ski118 to Identify or recognise non-compliance with V4ppliGable laws and r¢gulatAons' we identified th¢18w8 and reBulations applltsabl¢ to the cotnpany through di5¢1188iOL8 wiib director8 and other managem8tt1 and frorrt our commeroi8J latowledga and ¢xperi¢nce of the ¢otuput¢r ¢ompon¢nt nianufaoknring d supply 8ectOT,' • Wo focused oll 8po¢lfic law8 ond gUlatiO6 which w¢ Considered roay have a de0t m8terial effgct th¢ financial 6tstem&its or tho opThtion8 o£the Gompally, in¢luding relevallt lesisl&tlDrt 8uoh a8 thè Compat)ie8 AGt 2006, laxotlon legislation, dat& pmt¢¢tioJ, anti-brlbery. eJnploym¢nt, ellv1mjllentaI and health and safety legi81atioTh,' • we asSe¢d Éke gAlent OE complitye with the laws and rogulatlDll8 identth'ed abov6 thtDugh tyf&ittg ¢ttqwirie of managoment and xn8peGting legal corKspondcnc¢; • idelltified law8 and re8iilations were conllnunicated within the audit te&tn regularly Alld the team remained Ilert to in8tallc¢s of non-aompliance throughoirt the audit. We &88BS5¢d the 8U8COPtibility (If the companys financial statemont8 to material mis8tatom¢nÈ ittgliiditig obtaining all under8tandAng of how fraud Jlllght oocur, by: • mllking quIrIeS of Mallagernt as to where thoy corAsld¢red thero was 8u8ceplibili¢y to fraud, their Imowledge of actual, 8U8PWted and allb(*ed fraud. alld I coJ]8id¢ring tho Internal contro18 iti plaoe lo mitigate risks of fr&ud non.cotnplian¢¢ lllw8 attd regulatiom, To Add38 the risk of fraud tbrough management blas and override of colltrols, w6: ' p6rfomied anaLyti¢ul pro¢edure8 to identlfy any Ullusual or unexpeoted Telationship8,' • tsst¢djournaA entrlw to identify unuwal tr&nsactions,' a88e88ed Nkntberiudgements alld a8sumpLioll8 m8de in detsrtnltiing the Ro¢outttinB egiitnat¢8 set out in Note 2 W¢T¢ indi¢&tive of potential bi&B,' arALt * inv¢stigat¢d the rationale b¢biLd 81gnJflcattt oruttiwual transaction8, In re8pon8¢1o the ris1< of irregularitles attd non-compliance with laws and reti0}n, we thiglled procedw85 whioh included, biit weip not limited to: 4 ugr¢¢ing ffft&nGial 5tatsm¢ot disolo8ures to underlying supporting dooutn¢nt&tLOn' re&ding th¢ minutes of m¥etillg8 of rhose charged with govertsan¢¢' • enqllirlng ofmanagement a8 to 80tu&l and potentiLI IiuEation and Claims. end ' Ieviewillg corre8pffli(lenoe with HMRC, relevant regulators and ths MpAnY'S legal advt8or8, There qre ijthereat linitatlon8 in our audit procedureE4 de8¢ribed abDVd. Th¢ mor# romov¢d that laws and regulations are from finallcial tr&n3aCtions. the less likely it is tljat we would becoine aW.e of non-compllanae. Auditing standatrd8 limii the mdit proceduS reqliired to identify non-compliallce with laws and regulations to enquiry of the dir¢¢tors and other rn&nasoMant alld the inspection of regulatory and legal oorrespondence, if MatsrAMI mi88tal¢tnents that 18¢ du¢ to fraud b¢ bagr to dotect thall those (bat ari8¢ fTum error as thoy may ittvolve dejiberate oonoealment or ¢ollu8iOll. Page 10
Docuslgn Envfrlope ID.. 9FB78DO>A74A.4B5EOE7-lAD72DD74F08 HerltAge Trust For The North West Independent Audltor's Report to the Memb¢rJ of Herltage Trust For The North Wost Use of OUL report This report is made solety to the olwitable parellt compan8 stee8, a8 a boty, ui ac¢ordallce with Chapter 3 of Part 16 of the CotttPHtiiQS Aot 2006, Our audit woikhas been Ujertekell so tbat we mlght 8tate to the group'8 truste¢s th086 matters w¢ are required to state to theLll la att aldltor's rq)ort and for other pwpo$e, To the fulle8t oxtertt pellnitteA by law, we do not a¢cept or a8sume re8p0tt81biIity to YOne other than tkn oharltabl parent ¢ompany and its tru8te68 as a bodyi for our audAt work, for thi8 report, or for the oph]ion8 we hav¢ fomied. Do¢u8lun8d by.. 8ten Sh¢ar¢r FCA (Senloi Statutory Audltor) For and on bghalfof RawGliffe & Co Limited, Ststutory Auditor Unit l BatOJ8 Court Whitehi118 Busina Park Blaolq)Ix)I Lalloa8hire FY4 5GP 29 January 2025 Page 11
Docuslgn Envelope ID.. DOOI 6E044J62E-4429-95AB-D4EFDEF712E8 Heritage Trust For The North West Congolidated Statement of Flnanelal Activities for the Year Ended 31 March 2024 (Including Consolidated Income and Expenditure Account and Statemellt of Total Reeognised Gains and IAJsses) Ilnr¢strict¢d fund$ Total 2024 Restricted funds Note Income and Ei ndowments from.. Donations ]d legacies Charitable aotiviti¢3 Other trading a¢ttvil'ies Other income (1,358) 2,000 1,742,874 43.491 2,200 42,133 4.200 1,742,874 499 Total iThwme 1751396 1797.586 Expenditure on: Raising funds ChaTitVAble &ctiviti¢s Other expenditure (594,833) 1303) 1,321,195 (594,833) (3031 1,383 617 62.4221 Total expenditure. 1916 331 1978 753 Net. expenditure 164,935 181,167 Net n]oveInont itL funds (164,935) (16,232) (181,167) Reconclllation of funds Total funds bTought forward 1.546,341 640,777 2187 118 Totsl fwids carried forwald 26 1.381406 Unre8trictsd funds 624 545 2,005351 Total 2023 Restrictod funds Note IncDme and Lndowincnts from: Donations Jnd legacies Charitabltt aL4ivities Other trading activitses OLher income 13,349 2,817 1,749,245 104.510 55,381 117,859 58,198 1,749,245 Tolal income 1,777,054 159,891 1936 945 Expenditure OTh: R&ising funds Charilable activitie8 Other expenditure (568,712) (48,9671 (23,527) 112 870) {617,679) (23,527) 337 897 1,225,027) Total expenditure 1793 739 185 364 1979 103 Net &Ypendiliire 125 473 Net movement in funds (16,685) (25,473) 142,158) The noles oll pages 18 to 47 torm an integral pgrt ofthese finaTLcial staten]enls. Page 12
Do¢uslgn Envelope ID.. D0016E04-062E-4429-95AB-D4EFDEF712E6 Heritage Trust For The North West Consolidated Statement of Finaneial Aetivities for the Year Ended 31 Mareh 2024 (Including Consolidated Income and .Expenditure Accoiint and StAtem¢nt of Total Reeognised Cains and Losses) Unrestylcted funds Tfrtal 2023 Restricted futtdg Note Reeoncillatlon of thnds Total fullds broiight forward 1,563 026 666 250 2 229 276 Total fuiids carried forward 26 1,546 341 640 777 2 187 118 All ofthe group's actlVLties deriv¢ bom continuing operations during th¢ aknv¢ two periods. The fillids bakdOlY[ for 2023 is shown in note 26. Th¢ notes on pages 18 to 47 form 8n llite P.1 of th¢s¢ financial statements. Pag¢ 13
DO$1pA Envelope ID.. DQo18EO482E4429-95A&-[j4EF0EF7l2E6 Heritage Trust For The North West (Registration number: 01397038) Consolidated Balance Sheet as at 31 March 2024 2024 2023 Note Flx¢d a55¢1s Tangible assets Heritage assets Inv¢stments 14 34.763 932.007 2 258 492 3 225 262 43,893 1,077,721 2,658,492 3 780 106 Is Current assets Stocks Debtors Cash at bank and in 17 18 19 9.130 39,747 196 558 245,435 13,664 178,361 188,679 380,704 Creditors: Amounts fallinE due withln one year 20 349,668 552,522 Net currejjl liabi]ities 171818 Total Iissets1¢s8 curr¢nt liabilitie3 3,121,029 3,608,288 Creditors: Amounts f&lllng due after more than on¢ ye4r 21 (1,115,078) (1,394,251) Provisions 22 26,919 N¢¢ assets 2005951 2 187 118 ri unds of thc group: R¢$tri¢t¢d income t'unds Re51ri¢l¢d fun(ts 609,755 640,777 Unr¢stri¢t¢d iueomc fullds Unrestricted funds R¢valLwiion reseive 1,249,555 146,641 1,282,008 264 333 Total unrestrictEd fund5 1396,196 1546 341 Ttstal funds 26 2,005 951 2 187 118 'rhe fllthncial statements on pages 12 to 47 wer¢ approv¢d by the lSteeS, and authoristd for issue on 3 Janiry 2025 and Signed on their behalf by.. Slgned by,, ?.42PEHE94,4DD.-........... Mr Si¢phen Mark WillÉ&ms Trustee The notes on pagcs 18 10 47 foim an inlegral ptwt of these finalle1 statements, Page 14
Docuslgn Env8lop& ID.. D0016EO4062E-442g-95AB-D4EFDEF712E6 Heritage Trust For The North West (Registration number: 01397038) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed asset5 Tangible Asset's Heritage assets Investments 14 15 6,798 932,007 2 258,993 3,197,798 7,966 1,077,721 2,658,993 3,744,680 Current assets Debtors c at bank and in hand 18 19 204,507 163 148 367,655 316,834 179 871 496,705 Cr¢dltors: Amoun¢9 f&lllng due wlthln one year 20 401314 604 484 Net current liabilities 33,659 107779 Total a55ets less current liAbiiities 3,164,139 3,636,901 Credltory: Amountg lalling due aft¢r more than one year 21 (1,094,868) {1,359.495) ProvlsSon$ (26 919 Net assets 2,069.271 2,250.487 Funds of the eharity: Restricted inLome fullds Restrict¢d fiJnd3 549.202 565.326 Unre51rif t¢d incornt funds UnLestrictod fuuds R¢valuation r¢s¢rve 1,373,428 146 641 1,420,828 Total iinr¢stri¢ted flind5 1520 069 1685 161 Total fiinds 26 2 069 271 2 250 487 The fLnanci41 sialemenls on pages 12 to 47 were upproved by the trustees, and authori5ed for i5$u¢ on 3 JanLiary 2025 and sigThed on their behalf by.. Sedb¥.. ¥q2AF86944EO,.,,,,.,,,... Mr Stephcii MaTk Williatns Trustee Tho not¢S QTL pag¢s 18 to 47 forfft an integiLI pwt ofthese financial stateLnenls. Page 15
Docu8tgn Env0p& ID.. D0016E04.Oe2E-4429-9SA&D4EFDEF712E6 Heritage Trust Ifor The North West Consolidated Statement of Cash Flowj for the Year Ended 31 March 2024 2024 2023 Note Cash flow$ from opor&ting activities Net cash expenditure (181,167) {42,158) Adjustments to e#9h flo)vs from non-ca$h itcms Depre¢ialion Revaluation of inY¢stments Los5 on disposal of red assets held for the group's owt] use 11.022 105,428 13,765 224,820 (24,431) 291,231 Working e&pital adjustments Decyeasel(lnorea) in stocks Deciease in dobtOLS IDecrease)lincrease in ¢r¢ditors Decrease in provisions 17 18 4,534 138,614 {56,094) 26,919 (1,164) 41,809 12,057 20 22 N¢t Cgsh flow from operating a¢tivities 343 933 Cash flows from investing activi¢ie8 PurcbC of tangl& )1¢ fix¢d assets Sale ot invcstxuents 14 (1,892) 400 000 (1,549) N¢t Cash flows frotn illvesling aGlivili¢s 398,108 (1,549) CAsh flows from financing activities Repayment of lo15 and borrowAngs 20 425 933 322 175 Net increase in Ca5 and cash eqiiivalent8 7,879 20.209 Casli arLd cash cquival¢nts at l April 188679 168 470 Cash and Cash ¢quival¢nt8 at 31 March 196,558 188 679 All of the cash flows are derived from continuing operations during tlie above two periods. Tbe notes on pages 18 to 47 forni an intcgral part of th¢se financial 8t&femenls. Page 16
Docusign Envelope ID= D0016E04-f162E442g-95AB-D4EFDEF712E6 Heritage Trust For The North West Statement of Cosh Flows for the Year Ellded 31 March 2024 2024 2023 Not£ Cash flows from operating 8¢tivitie8 N¢t cash expenditure Adjustments to cash flow8 frorn non-¢ash items Dcpreciation Revaluation of investmet]Is Loss on disposaL of fjxed assets h¢ld for tbe charity's OWfL US¢ (181,213) (42.105) 1,700 105,425 40,286 (33,802) 1,720 224.815 94,804 279,234 Worliing capital adjustmeDIs Decrea in debtors (Decrease)lincrease in creditors tkcrease in provisions 18 20 112,327 (56,4101 io,ooi 74,138 Net cash flows fft)m operating activities 363,373 Cash floiv$ from investing Activitie Purchase of lat)gible fixed t)ssels Sale of investments (532) 400,0(K Net Ca8h flows fri>m investxllg a¢tivities 399,468 C85h floTrvs from fjnanriog actii'ities Repaymeiit ot loans and borrowings Net (decreas¢)linor¢8se in Lash and casli eqUIvnts Cash and cash equivalents at l April 20 41.1,387 307.881 (16,723) 55.492 179,871 124 379 Cash and casb equivalellls at 31 March 163 148 179.871 All ot tb¢ ¢a5h flows are derived from continiiiiig op¢rations duriiig tbe llbove two periods. Th¢ not¢s on pages 18 10 47 forLn an integral of Iliese finan¢lal stat¢m¢nts. Page 17
Docusign Envelope ID., DOOI 6E04-062E-4429-9SAB-D4EFDEF712E6 Heritage Trust For The North West Notes to the Financlal Statements for the Year Ended 31 March 2024 I Charity sl¥tUS The charity is limited by guarantee, incorporated iii , 8nd ci)nsequently does not have share capilal. Each of the triistees is liable lo contribiit¢ an urnount not ex¢eedin8 £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. P8rk Hill Barrowford Nelsoii Lancashire BB9 6JQ These fmancial statements were &iithorised for isgue by tlie tsustees on 3 jllry 2025, 2 AeeountiThg PDIi¢i¢$ Summary of signifi¢&nt MecollntlnE policies and Iiey 4c¢ounllnE estlma¢es The '1¢1paI accounting policies applied in the preparatlon of these f]nancial statements are set out below. These poli¢ies have been conslstently applied to all the years PTeseiited, UTdess otherwise stated. Statement of eompllance The financial statemellts have been prep&r¢d itj a¥¢orOance with AcL7)untiiig and R¥porting by Charities.. St&terncnt of Recominended Pracli¢e (applicable to chariti¢s pr¢paring their aecoLinls ill accordon¢e with Lhe Financial Reporting Standard applicable in the UK and R¢public of Ireland (TRS 102)) (issued in October 2019) (Charitics SORP IFRS 102)), the Financial Reporting stadard appli¢able in the UK and Republic of Ireland (FRS 102) and IlTrc Companies Act 2006, Bagiy of prcparntion Heritage Trust b'or The North West th¢ d¢fltiOn of a public beuBfil entity under FRS 102. Assets and liabilities are initially recognised &1 hi51orxcal ¢03t or trans8ct.ioii vahe unlcss otherwise ststed in the relevant 8GCOUllting policy notes. Ba8is of ¢onsolidation The consolidated fiTranria] slatemellts coJ]solidatE the fit]ancial stat¢m¢nts of the ¢barity ]d 118 subsidiary undertakings draMryL UP to 31 Mar¢h 2024. No sl&tsmenl of fJnan¢ial tIvitieS j5 pi05¢nt for th# ClritY as pertnitted by section 408 of the Compani¢s Act 2006. The charity mad¢ 81053 &Aer lax for tho finanGial ye8r of £298,905 (2023-108s of £42,158). Pag¢ 18
Do¢u8lun Envélope ID,. D0o16ED44)62E.442S5AB-D4EFDEF7l2E6 Heritage Trllst For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 A subsidiaiy is an entity controlled by the charity. Control is &chieved where th¢ charity has th¢ pow¢r to 8overn tlie ftnancia] and operating poli¢i¢s of an entity so to obt&in ben¢fits from its activities. The r¥sults of subsidiaries acquired or disposed of duriiig th¢ year 'e included irL the statement of tLnancial aLtLVLti¢s from the etfective date ot &CqUi55tion or up to the effective dats of disposd, as appropiiate. Where necessayy, adjustments are rne to the fLnarLcial statements of subsidiaries to bring their accowiting policies into line with those used by Ibe 8roiip, Tlie purchase method of a¢countin8 is vs¢d to account for busin¢ss combitiations that i'¢suli in th¢ acqiiisition of subsidiaries by the groiip. The Cost of a busin¢ss combination 1$ m¢asi1r 8s the fair value of the assets siv¢n. equity instrLllneiits issued and liabiliti¢s incurr¢d or assiun¢d at the dale of exchage, plus costs dir¢¢ily attributable to tlie business ¢oinbination. Identifiable a53el3 acquired and liabilities and cOntgent liabilities assumed in a business cOmball0n are measiired initially at their fair yUeS al the aLquisition d&te. Any excess of the cost of the busir]ess combinatiorL oveT Ibe wuirer's interest in the nel fair value of the identifiable as5els, li8bililies ]d ¢onting¢nl li&bilitie8 ree1)]18ed is recorded as goodwill. InleTr¢ompany Iransactions. balances and iinreaJL8¢d gains on transactions b¢tsveen the charity and its subsidiaries, whi¢h are reLat¢dparties, are elimin8t¢d ITL full, Intra-group losses are also eliminated biit n]ay indi¢gt¢ an iLnpainnent that requires r¢¢ognition in the onsolidatcd fTttancial stateinents. Accoimting policies of siibsidiarie8 have been ctTrnsed where necessary t'o ensure consistency with the policies adoptsd by the gmup. Non-conli'olling int£resLg in the nct a85cts of cons01idated subsidiaries are identified separately fron] the group'5 equity therein. Non.conlrollinE interest8 consist of tlic amount of thogc interests at the date OE the originll I business combination aTLd the non-controlling shareholder's share of changes in equity sinee the dale of the combination. Totsl comprehensive income is attributcd to non-controlling interest8 even it this results in the non-controlling interests having a deficit balance. GoinE concern The financi slatemenls hav¢ IK¢t] prepared on a going con¢erll l)asis. The trustses asses8 wheLher the use of going con¢¢rn is appropriatc i,e. whether theK we any material uncertainties rclatcd to tvellts or ¢onditions tt]&t may cast signiti¢ant doubt on the ability of the charity lo ¢DnLiniie as a going concern. The trustccy make this agsessm<nt in r¢Srt of a p¢riod of ou¢ year from th¢ dat¢ of approval ol. the fLnancial stralements. Jncom¢ and endowment$ All income is Tecognised oli(% th¢ charity has ¢nlitl¢tn¢nt to th¢ income, it 18 probable that It]e income will ix received and tht amount ot the incoine r¢¢¢ivable Can be m¢asur¢d r¢liably. DoAalions llndleg4Tcie Donations 9re recogni%d when the charity has been notified in writing of both th¢ amount 8ettletnenÉ date, In the evcnt that a donation is subject lo conditions that rcquire a lov¢1 ot perfornianc¢ by the ¢harily befoi'e th¢ cl)arity is entitled to the funds, Ilie inuome is defeTred and not recognis¢d until either tho9¢ conditions are fiilly met, OT the fuifilment of those coftditions is wholly within the control of Ihe charity aTLd it is probable that th#sc conditions ivill Ee fLillilled iii the repoi'ling pcriod. Page 19
Do¢usign Envelope ID.. D0018E04-082E4429-95AB-D4EFDEF712E6 Herltage Trust For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 Expenditure All exp¢ndittire is recOlised once there is a legal or constructive obligation to that expenditure, it 18 probabl¢ selllement is requir¢d and the atnounl can be rneasured reliably. All costs are allocated to the applicable expenditur¢ kL¢aditJ8 that aggreg&l¢ similar costs to that category. ThThere costs c&mot be directly attribLiled to ptiCular headings Ihcy hav¢ been allo¢Ert¢d on a basis consistent with the use of resources, with centsal staff costs allocated on the basis of titn¢ sp¢nt, and depreciation chgeS allocat'ed on the FK)rtion of the asset's use. Other support Gosls are allocated ba8ed on th¢ spread of staft costs. Rttlslngfunds These we costs illcurred in attra¢tiiig voluntary income, the management of inve8tmentg and those incurred in trading activities Itt raise eLd8. Clwitabl¢ ¢xpendittwe coinprises tbose costs tTLCLirred by the ¢harity in the delivery of its aetivities and services ror it5 ben¢fL¢iarj¢s. It in¢lLid¢s both ¢osls tbat can ix allocated directly to such activities and those costs ot an indirect natur¢ n¢Kssary to support them, GrantpnnJislon$ Provisions for sratsts ar¢ mad¢ wb¢n the lli1£nlion to make a grBnt has been commutticated to the recipient but there Lincertainty about either tt]e tiInillg of th¢ grant or the amount of gT&nt payable. Taxation The charity is considered lo pass the tests set out in Par&graph I SchedLile 6 of the FinanLe Act 2010 therefore it m¢¢ts th¢ d¢fltiOn of a charitable company for UIC corporation tax purposcs. Accotdingly, the oharity is pcttenliajly exempt from taxation in iespcct of incomc or capital gains rceeivcd ivil1n categories coveied by Chapter 3 Parl 11. of the Corpration Tax Act 2010 OT Section 256 ot the TLxatiotL of Chargeable Gains Act 1992, to the cxtent that siich in¢ome or gains are applied exclusively to charitable purposes. Tangible fixed asstts Individ1 fixed &Sets are initially recorded at cost", less amy siibsequeiil acciunulaled depreciation }d siibsequent acciunulllled impairnient losscs. Heritage a55ets The company's collection ot Fleritagc Ceiitres dnd Hisioric Visitors Centres are included in the accounts at their ftiir valiie. The as8tts are held in the support of th¢ chIeY'$ primllry objective of protnoting td preservin8 hithrical buildings and Gon8tniotion technique8. Deprcclatlon and aMortlgalKo Depreciation is provided on t3ngible r]xed assels so as to writ¢ off thc cost or valuation, l¢ss any ¢stiinate(I residual va]ue, over their exp¢¢t¢d lful economic life as tollows., A$$et elass Capital pi'oj¢¢ts and tenÉmts improvernents Plant, fixtures lillings Motor v¢hioley Dtprcelatlon mctljod and rate 10125010 reducing balance basis reducing balance basis 2510 r¢du¢ing balan¢¢ b&5iS Page 20
DOcusn Env8lope ID.. DO016EOU62E-4429sAB-4EFDEF7l2E6 Heritage Trust For The North West Notes to the Tinancial Statements for the Year Inded 31 Marcb 2024 Investment propertl¢s Inv¢stsn¢nt prop¢ty is carried at tail valiie, derived from the ¢ury¢ul market pri¢es for comparable real estate determined annuajly by ¢xt¢rual vdluers. The vLlerS use observable market prices, adjusted ifL)¢¢¢ssary for any diffei'enee in the natiwe, location or ¢ondition of the specific asset. Changes in fair vaIue are r¢¢ognis¢d in proflt or loss. Business combinali(1118 Business ¢ombinatLons are accowited for under th¢ purrhas¢ m¢tho(L Where ne¢¢ssary, adjustments are made to the fJnanci8J slatem¢nts of subsidiaries to bring tILe uccounting policies us¢d into line with thos¢ used by the group. All intra-group transactions, baLallces, income 8JLd expenses ore eluDLnated on consolidation. In accordance witb Section 35 of FRS 102, S¢ction 19 of fRS 102 bas ttol beell applied in these fjnwicial stal¢ments in respect of business ¢on]binations ¢ff¢¢t¢d wior to the date oEtr8nsitLOn. Stock Stod( És valued at the lower of ¢ost Ond estimated selling price less costs to complete and selL after due regard for obsolets and slow movitLg sto¢ks. Cost is determined using the fwst-in, fii'sÉ.out (FIFO). Tr2do debtors Trade d¢btors 't arnounts due fi'orn customers for meL¢halldi8e sold or seryices performed in the oidinary course of business. Trade debiors are recogllised illitially at Ilie transaction price, Th¢y are sub8¢qu¢ntly m¢8sured at amoltised cost U8ing the effective interest tt)ethod, less provision l.or in]pairmenl. A provision for th¢ impairment of trade dcbtors is established wheii therc is objectivc evidence that the ch'lty will not be abl¢ to oollect all aOUntS due according to die original terms of the receivablcs. C,ash and Cash cqulvalcnt8 Cth and cash equivalents comprise c on hId and ca]I deposits, aud otbrr short-lerm highly liquid invesimcnts ttmt" are readily convertibl¢ to a known amoLnt of cash and ale subjec* to an iasignifLGant risk of chang¢ in value. I'radc tredltors Trade ¢rcditors are obligations to pay for good5 or %rYices that hav¢ b¢en acquired ITh tbe ordinw course ot, business froni suppkners. AccoLinls payable are ctassifiod ¥urr¢L)t liabilitie8 if the charity does not have an unconditional righL at the end of the reporting period, to d¢f¢r Kttl¢m¢nt of th¢ creditor I'oi Ri leasL twelve months afteT the reporting date. If there is an UllLonditional right to defer 5¢tt1em¢tst for at least twelve motth after the rcporting date, they e presented &8 llott-rr¢nt liabilities, Trade creditors aTC" r¢¢ognised initially al the transaction pri¢¢ and subsequently measud al tllnorti5ed cost using tlke cffectiye interest melhod. Page 21
Docuslgn Envelopè ID.. D0016EIM-062E-4429-95AB-D4EFDEF712E6 Heritage Trust For The North West Notes to the Finan¢lal Statements for the Year Ended 31 Mnrch 2024 Borrowing5 Interest-bearing borrowings ar¢ illltially recorded al fair value. n¢1 of transartioll costs. Interest-bearing borrowings are subsequently carried &1 amortised eos( with the difference betsveen the proceeds, net of trllnsaction costs. and the amount due on r¢demption being cOgnised as a che to the Statement of Financial Activities over the period of the relevant boTrowing. Interest expense is recognis¢d on the basis of the ¢ffr¢tive interest metbod and is included in interest payable aiid similar ¢h8rges. Borrowillgs ar¢ ¢lassified as curreTLt liabilities unless ikne charity 8n un¢ondilioL)al right to defer $ettlemeDt of the ILabiLity tor at l¢a51 tw¢lve months after the reporting dale. Provisions Provisions are recognised when the ehariry bas obli8ation at th¢ r¢porting d81e as & result of a pasE event, it is probable that the charity will be required to settle that obltgatioii and i r¢liable esttmaie call be m&de of the amount of the obligation. A provision equivalent to 51/Tro of th¢ costs in¢urred lo dale on Park Hill is to be Set aside each y¢8r to pmvide for th¢ ongoing nIntenanCe and repair ot building$ OLJ the site. ri DreiEn exchange Transactions in foreign curren¢i¢s t recorded at the ratc of ¢xchang¢ at the dat¢ of the transaction. Monetary assets and liabilities denoniit]atrd ill foTeign currencies at the baian¢e sheet dale Ar¢ reported at the rates of cx¢hang¢ prevailing at datc. The results of overseas op¢r8liot]s are translated at the average rates OL" exchange during the period and the balancc sheets at Lhe rates i'uliug at the balallce sheet dat¢. Ex¢han8¢ diffene¢S ari8ing on trISIatiOll of the opening nel assets t¥nd results ol overseas op¢rations are reported in other compreheiisive in¢ott)e and cumulated in equily {attYibul¢d to norL.contTh>lling int¢r¢$ls appropri&te). Ot'her exchange differeTLees are recognised iii th¢ Statement of FiciaL Activities lli th¢ EKriod in which tl]ey arisc except for.. l} exchattg¢ diffei'¢nees on Iransaclions ent¢red int() Lo hedge certain foreign curr¢ii¢y risks (s¢e above). 2} ¢XLhange d1fte1.1£C8 arising on gains or losses on non.monetary items which are reco8nis¢d in other cotnpr6hcn5iv¢ in¢ome' 3) in the case of the consolidated hnancial statements, exchAng¢ differences on monetary itrms receivable Irom oi. payable to a foreign op¢xalitsn IDr which scttlcment is neither planned nor likely to occur (Ih¢r¢fore forming part of the net investment in th¢ foreigll operation), Nvhich are re¢ognised in other Lomprehensiv¢ in¢oine and reported under equity, UDd stru¢lure Unrestricled income fund5 ar# general funds that aLe available for use at Ihe trustees discj'etioll in furthmce of th¢ objectives ofthe group. Restricted inconio funds ar¥ those donafrd for us¢ in a particular area or for speclfic purposes, the use of whic is re5tLicled lo Iliat area or purw)se. Pag¢ 22
Docuslgll Envelope ID,, D0o16E044)62E-442W95AD4EFDEF712E6 Herltage Trust For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 Penslons and other post retlrement obllgations Th¢ group operat¢$ & defllied coiitributioll pension sch¢tne whi¢h 1$ & pension plan wider which fLxed coiitribulions are paid into a pension fund and th¢ groiip has no legal or constructive obligation to pay further contributions ¢v¢ii if the fund does not hold sufficient assets to pay all employees the Ltter1ts relating to employ¢e s¢rvice in the curr¢nl and prior periods, Contributions to defin¢d conlributton plans are recognised in the Statement of Fitsancial ActlVLties wheii they are diie, If colltsibution payments exceed Ibe contribution due for scryicc, the excess is Tecognised as a prepaymet]l. Financilll in$trum¢ntg Cthssificatio Fiiiancial ass¢t$ and fjnancial liabilities ar¢ Te¢oglll8ed when the group becotnes a party to the contsactnal PTOViSiOllS of the instrument. Fin01[ liabilities and equity inslrumertts are classified according to the SLthstan& of the ¢i)ntra¢tual arr3geMents entered into. An equity instru]nellt is any coDtr&ct that evidences a Tesidual interest in the assets of the groLiP after deduGling all of its liabiiities. Recognlilon (thdmeusurcment All financial ass¢ls and liabiliti aro initially m¢a3ured at trons8rtiou price (tncludmg ts'ansaclion costs), except for tbose financial ass¢ts ¢IS]f[¢d a3 al fair valll¢ tbrough profit or 1085, whi¢h are initially measured at fail. vaLue (which is noi'tnally the tTansaction .1¢¢ excluding tranStiOn costs), unless Ilie Yang¢mellt constitutes a financing tsaiisaction. If arrangement constiliites a financing transaction, the fiiiancial asset or financial liability is mea8ur¢d at the present valiie of Ilie future payments discounted at a marl<ct rafr of interest for a similar debt Insts'iiment. Financial 8¢1S and liabilitics arc only offset in the statement of financia] position wlien. and only there exists a Icgally enforce&ble right to set off the tccognis¢d amoiints and the group intends eithei. to settle on a net basis, or to reallsc the asset and settle the liability Simult]Cou87y. Fin)cial assets are derecognised wheii 8nd only when a) the contractual rights to the cash flows from the finan¢ial asset ¢xpir¢ or arc scttled, b) tbe group transfers to another party substantially all of the risks and rewards of ommership of the financial asgtl, or L) the group, despite having retained sornc, but not all, SI11fiCallt risks and rcwardg of owiiership, has transferred Control of the a&8et to another pty. Fiiianciai liabilities 8re dereci)gnA only Mihen the obligatioll specitied in the contract is dis¢harg¢(L C)¢¢1[¢d or ¢xpir¢5. Page 23
Docu3ign Envelope ID.. D0018EO4062E442g.95AB_D4EFDEF712E6 Heritage Trnst For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 Dgbi Instruments Debi instruments which tneet the followillg conditions are subscquently measured at amortis¢d cost using the effective inl¢r¢st method= (a) Tlie contractual retllrn to the holder is (i) & fixed amount- (Li) a positive fixed rate or a positive variable rate- or (iii) a ¢ombination of a positive or a negative fixed rat¢ and & positive variable rate. (b) The CODtTart may provide for r¢p8ym¢llts of t&e principal or th¢ r¢lurn to the holder (but not both) to be linked to a single releVlt obs¢rvable index of gen¢ral pnce inflation of the curreTLCy in which the debt instrument is denomillate provided such links are not leveraged. (c) The contt'a¢t may provide foT & determinabl¢ variiitioii of tbe retum lo th¢ holder during the life ot the instrLimen( provided that (i) the neiv rate satisfies condition (a) and the variatioll is oot contingent on fLlture events other than (l) a change of a contractual variabS¢ rat¢; (2) to protect the holder against Credit deterioration of the issuer. {3) changes in levies applied by a CelLtr bank or orising frotn changes in r¢levant t&YLlion or law,. or (li} the new rate is a market rate of intsresl satlsfies ¢olldition (a). (d) There is no contractual provision tha£ coul(L by its terms, resujt ill th¢ holder losing tbe principal amouiit or atty interest atttibuEablc lo the Current period or prior periods. (e) Contrkcluill Provisions tFLat perniit the issuer to pr¢p8y & debt in5trumeiit or p¢rniit the holder to putr it back to the issuer betore rnaturlty arB not Lontingent on kntUT¢ events, other than to PTol¢rl th¢ holder against thc credit deterioration of the issuer or a change in Control of the issuer, or to protert the holder oi issu¢r against Ch]8¢$ in levies applied by a central baTLk or arlsing from ctTrng¢s ill rel¢vant taxation or l&w. (fj Contractual provisions may pern]it tbc exlcnsion ot the term of the debt instrument* provid ibat Ibe relurn to th¢ holder and any oth¢Y Contractu provisions app]ible diiriiig the extellded tertn satisfy th¢ Conditions ol para8raphs (a) lo (c). Debt itrUm¢[lts th&1 are classified as payable or receivable Mrythin i>nc yew on initial recognition alld which meet the abov¢ Gollditions are measured at the undiscoiinted amount of t¢ Cash or other consideration expected to be paid 01 recciv¢(L n¢t impairjnent. With th¢ exception of som¢ h¢d8ing instruments, otller debi insirumenls not mecting these wnditions 8 tneasured at fair valu¢ through profil or10sS. Commitments to make and I¢1v¢ loans which Jlleet the ¢onditions mentiotLcd above .¢ measld at cost (which m&y be nil) less impairLnont, Inveslments Inveslmenls in non.convertible preference shares and noD-puttablc oidiiiary or preference shares {where share5 are publiLly traded or th¢ir fair value is reliably measurable) are measurcd al fair value through profit or loss. Where fair value caniiot b¢ measured reliably. investments are measured at cost less impairmeiit. Inv¢stments in subsidiaries and associatcs are m¢wired at cost less itnpairm¢nt. For investrnents in subsidiaLies acqutr¢d for consideration including the issue ol shares qualifyiiig for m¢iger reLie£, cost is m¢asLir¢d by ferenc¢ to the non]iiiaL valuc of the shares issued plus fair value ol other coiisideration. Any premiwn is ignored, Page 24
Doujslgn Envalopè ID.. D0016E04-062E4429-95AB-D4EFDEF712E6 Heritage Trust For The North West Iyotes to the Financial Statements for the Year Ended 31 March 2024 DerIV¥verwrnD¢10[IlltrUets The group uses derivative financial instruments to r¢du¢¢ ¢xposure to foreign ex¢lthLige risk and irtler¢st rate moveJD¢t]ts. The 8roup does not bold or issue derivative finoncial instruments for speculative purposes. Deriv&livcs ax¢ initially recognised at fair va]ue at the date a deriv&tiv¢ eonlr&cl is eniered into and e subsequerLtly remeasurod to their fair value at each Teporling date. The r¢suliing gkiin or Ioss L8 recognised in statement of financial a¢tivitie8 immediately unless the derivative is designated and ¢ff¢ctive as a hedging instNm¢nt, in which event thc timing of the recognition iti sfatetnettt of financi tivitieS d¢p¢nds on the llature of th¢ lJedg¢ rel'lonsblp. Fllir value measurement The best ¢vid¢n¢¢ of fair value is a quot¢d price for &n identical asset in aTL active marl<et. When quoted prices 'e unavailable, tb¢ pri¢e of a recent transaction for an identical asset provtdes evldence of fair value as long as th¢r¢ has not beeii a si8nifx¢ant change in economic circumstances or 8 significLmt tapse of tim¢ since th¢ trsaCtIon took pla¢¢. If the marlcet is not a¢tiv¢ 8t tec£nt transactions of an identical asset on their own aTe not a good estimate of f&ii' valu¢. the f8iL value is estimated by using a valuation technique. 3 Income from donations and legacie8 UMrestrlct¢d funds General R¢strict¢d funds Total fun8 Donations kmd legaci¢s- Donations to major ELppeals 43.491 Total for 2024 43.491 42,133 Total for 2023 E3.349 104,510 117,859 4 In¢ome from charitable aL¢ivities Vnrestri¢¢ed funils General Restricted fundj Total funds Grants wid siibsidies Grants- restricted 2,000 2,000 1200 Tnlal for 21)24 4,200 Total for 2023 55,381 58,198 Pag¢ 25
Docusion Envelope ID.. DOOq6E04-D62E-442g-95AB-D4EFDEF712E6 Herfitoge Trust For The North West Notes to the Financial Stst¢ments for the Year Ended 31 March 2024 f Income from other trading &cttvitie5 Unrejlrlcted funds General To¢al fund$ Trading income, Sales LHT Sales CSNW Property rental in¢om¢ 1.601,009 29,097 112768 1,601,009 29,097 112768 Tot81 for 2024 1742 874 1742 874 Total for 2023 1749 245 1749 245 6 Expendlture on rai5iDg fulld Costs of geTrer4tin¥ donatÉons and legaeies Unrestricted fund$ Ceneral Totpl funds Nol¢ Donations Total for 2(ll4 7,881 7,881 Costs of trading activities b} Unr¢stricÉtd funds Gener41 Rtstricted funds Total funds Not¢ Costs of goods sold 580 952 586 952 Total for 2024 586 952 586,952 Total for 2023 568 712 617 679 7 xpenditure on charitable a¢¢iviti¢J Unrostrieted funds General Tot41 2024 Totsl 2023 Note Gi'ant fullding of aclivilies 303 303 Pagc 26
Docu8lgn Envelope ID-. Do016E04e2E_4429-£5AB_D4FDEF712E6 Herltage Trust For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 Unrestrlcted funds Generjl Total 2024 Note Grant funding of 2ntivities 303 303 Reitrieted funds Totsl 2023 Note Grnnl limthng of activities 8 Other expenditure Unrestrieted fund5 Cenergl Restricted funds Total fund$ Not¢ Staff costs W*g¢s and salaries So¢ial security Pension costs Other stllty costs Audit tees Audit of the financid 8tatcmenl8 Leg Fees Marketing d publicity Depreciation, amorlisation At othei. similar C05t5 763,543 47,316 13,605 763,543 47.316 13.605 33 9,250 43,009 3,064 9,250 43,009 3,064 (29,265) 470 640 (29,265) 533,062 Other resources expended 62,422 Total for 2024 1321.195 62,422 1383 617 Tottsl for 2023 1225 027 112870 1337 897 Pag¢ 27
Dv¢LJ¥ign Envelope ID.. 00016E04.062E4429-95AB-tMEFDEF712Eg Heritage Trust For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 9 Net Incomlngl(¥utgolng resource5 Net outgoittg resources for the year include: 2024 2023 Audit FeeB Loss on disposal of fixed assets held for the group's own use Depreciation of f]xed a5sel8 9,250 (40,286) 17,186 (94,804) Ilj Trustees remuneratlon and expense5 No trustres, nor any persons connected witb the, bavc rcecived any i'emiuration frorn the group during the year. No trustees hav¢ re¢eiv¢d any r¢imb11rs¢d ¢xpens#s or 8ny other b¢n¢fits from tbe charity during the year, Page 28
Docuslgn Envelope ID.. DOO16E04.062E4429-95A8-D4EFDEFII ZEe Heritage Trust For The North West Notes to the Financial Statements for the Year Ended 31 Illarch 2024 11 Staff Costs The Aggregate payroll costs were as follows,, 2024 2023 Staff coyts durlng the year were: Wages and SaIleS Social se¢urity costs Pension costs OlkJ¢r Staff £051s 763.543 47,316 13,605 33 824 497 731,778 46.986 13,398 547 792 709 The monthly average nllber ot persons (in¢lLidsng senior management I leadership team) ¢mploy¢d by the groiip during the yenr expressed as full time equivalents was as follows.. 2024 No 2023 Iyo Manag¢ment and administration Cliaritable activities Clericaj thinistratiOJL Fwd support 47 47 58 58 No employee received cmoliitncnts of more than £60,000 dllting the year. 12 Auditorj, r¢muneralioll 2014 2023 Audit ot Lhe financia] stalcments 9,250 17,186 13 TtIOn The group is 8 rgistered charily and is thercfoic ¢x¢mpL fToJn taxatio Pagc 29
Docusign Envelope ID.. D0016E04-062E-4429-95A8-D4EFDEF712Ee Heritage Trust For Th¢ North West Notes to the Financial Statements for the Year Ended 31 March 2024 14 Tanglble fixed assets Group Furniture qulpmcnl OÉhtr tanglble rixed asset Motor vehieleB C051 At l April 2023 Additions Disposals 277,794 1,892 17,058 32,066 326,918 1.892 32,066 At 31 March2024 279 686 17,058 296.744 Depreciation At l April 2023 Charge for the year Elimiiiated on disposals 235,221 10,692 15,738 330 32,066 283,025 11,022 22,0661 32,06 Ai 31 March2024 245,913 16,068 261.981 Net book valuf At 31 March 2024 33,773 990 34,763 At 31 March 2023 Charity Furnltur¢ and equlpment Oiher tangible rixed asset Motor vehicles Total Cost At l April 2023 Additions Disposals 277,794 1,892 17,058 32,066 326,918 1,892 Ai 31 Mgxch 2024 279 686 296,744 Dopreciation At l April 2023 Charge for the year Eliminated on disposals 235,221 10,692 15,738 330 32,066 283,025 11,022 At 31 Mgrch 2024 245 913 261981 Net book value At 31 March 2024 990 34,763 At 31 March 2023 Pag¢ 30
Doc81gn Envelope ID.. D0018E044)62E4429-95AB-D4EFDEF712E6 Heritage Trust For The North West Notes to the Financial Statements for the YeAr Ended 31 March 2024 15 H¢rit&ge *Jsets Group Heritage proptrtle8 Total Cost At l Api'll 2023 Disposals 1.077,721 145,714 1.077,721 145,714 At 31 Mar¢b 2024 932,007 932,(K17 Depttciation At 31 Mar¢h 2024 Iyet book value At 31 March 2024 932 007 932 007 Page31
Docuslgn Ellvalop8 ID.. D0018EQd-062E4429-95AB.L)4EFDEF712E8 Heritage Trust For The North West Notes to the Fillall¢ial Statements for the Year Ended 31 March 2024 Sumrnary of trAnsactiong Revaluation The fair value of tlie group's Buildings was revalued on 31 N(arch 2022. An ldend¢1}t valuer was not involved. Heritage assets relate tv the company's Collection of Heriluge Centres and Historic Visitors Cenlres. The assets e held in the support of the companls priEnary objective of promoting and preserving histori¢al bliiidings and ]ctIon tect1qiI¢$. The trustees valued th¢8¢ assets on a fair value basis ai 3 1st March 2022. Ther¢ is an ongoing progran]m¢ of capital exp¢t)ditiire at Pend]e Heritage Ccntre and Higherford N(ill. TELe8e are aL] grdnt.aided. HerhtAge assets not rteognised in the baknnee sheet The company oivns the Collections at the Pendl¢ Heritage Centre which ar¢ not valued as they are held for exbibition purposes only. Charity Ilerllage properties Total Cost At l April 2023 Disposals 1,077,721 145 714 1,077,721 145 714 At 31 March 2024 932.007 932,007 Deprecilltion At 31 Mar¢h2024 ct bov1£ vulue Al 31 March 2024 932,007 932,007 Pag¢ 32
Docu81gn Envelope ID.. D0016E04-082E4429-95AB-D4EFDEF112E6 Heritage Trust For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 Summary of tYan$actions R¢v&luation The fair value of the charity'$ Buildings was revalued on 31 N(4rch 2022. An independent valu¢r not involved. Heritage assets relat¢ to th¢ company's collection of Hcritage Centres and Historic Visitors C¢ntre$. The assets are held in th¢ 8UPPOrt of the ¢otnpany's primary objective of promoting and preserving historical buildings and construction technIqi5. The tru5te¢s valued th¢se assets on a fair value basis at 3 1st March 2022. There is all ongoing progran]me of capital expenditure at Pendle Heritsge Centre and Higherford Mill. These ar¢ all gr8t-aIded. Iterilag¢ outts not recogni5ed in the balance sheet The cornpany owttg the collections at the Pendl¥ Heritage CeJLtre whicli are llot vaiu¢d as they are held fot ¢xhibition purposes only. 16 Fixed a55et inv&¥tments Gyoup 21124 2023 InvestmenL propertics 2,258,492 2 658 492 Invcstment proptrtles Investment properties Cost or Valuation At l April 2023 Disposals 2,658,492 400 000 Al 3 1 March 2024 2,258,492 Provision AI 31 LWIarch 2024 Net book value Ai 31 Mar¢h 2024 2 258 492 At 31 MaNh 2023 2,658,492 If illirestrYLellt properties had not been rcvalued they would have be¢n included at historical cost within th¢ accounts at 3 1st March 2024 for the group £5,030,739 (202J.' £5,030,739), Page 33
Docusign Evvèlopè ID.. D0O16E0¥062E-442gSAB-D4EFDEF7l2E6 Heritage Trust For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 Investment piop¢rties were professiona]ly valued on a fait vali basis at 31st Nlarch 2022 by Brulon I(llowle3 LLP. ChArity 2024 2023 Inyestmtnt properties 2,258,492 2,658 492 nv¢$tment prop¢rti¢$ Investment properties Cost or Valllatlon At l April 2023 Disposa]s 2,658,492 At 31 March 2024 2,258,492 Provision At 31 fwlarch 2024 Net book vllue At 31 March 2024 2.258,492 At 31 March 2023 2 658 492 If investment properti¢s IL&d not been revalu¢d they would have been included at historical cosL within the accounts at 31st March 2024 for th¢ ClpaY £5,054,115 (2023: £5,054,115)- Investment properties were professionally valu¢d on a fair value ba515 al 3151 Nlarch 2022 by BTUton Knowle8 LLP. Page 34
Dtscuslgn Envelope ID.. DOOI 6E04.062E-4429-95AB-D4EFDEF712E6 Heritag¢ Trust For The North West Notes to the FÈnancial Statements for the Year Ended 31 March 2024 Share5 iJ] group undertalcings and partlcipating iD¢¢re$ts Sub8idi#ry underl8kings Total Cost At l April 2023 501 501 At 31 March 2024 501 501 Net book value At 31 March 2024 501 501 At 31 fvIllrch 2023 501 501 Details of undertaklnE5 Det&Lls of the Énvestments in which the ch8rity I]d8 200/0 or more of tb¢ nominal value of any class of share ¢apital are RS follows.. Country of incorporation Proportion of voting rights nd shares held Prineipgl actlvily Undertaking HoldlnE 2024 2(123 Subsidiary undertakings L.H.T. Enterpriscs Litnit¢d General eommercial company Constrllction. preservation gnd repair of pIopcrty England Ordinary IOOY• Conservation ServiLes N.W. Limited Englattd Ordinary IOOO/o Subsidiaries The profit tor Ihe fjnaneial period of L.H,T. Enterprises Litnited was £Ni] (2023 £Nil) and th¢ aggreg&l'e amount of capiiEa re5¢rves at the end of the rIOd w&s £500 (2023 . £500). The profit for ttL¢ fitLancial rIOd of Conservation S¢rvices N.W. Limited was £Nil (2023 £Nil) the aggregate Ount ot capital and reserves at thc cnd orth¢ rIOd wag £(63.321) (2023 £(63,321)). Page35
Docu81gn Envelopo ID.. D0016E04.062E442g-95AB-D4EFDEF712E6 Heritage Trust For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 17 Stocli Gr(+up Charlly 2024 2024 2Q23 Stock5 18 DebtDr6 Group Charl¢}, 2024 2023 2024 2023 Trade debtors Due from grollp undertakings Prepa)ryllenls Otber debtors 29,250 26,758 2,771 171,984 17,079 125 000 316,834 204,507 10,497 26,128 125 475 178,361 39,747 204.507 19 Cx5h and cash ¢quivJlents Group Charity 2024 2023 2024 2023 Cash at bEll Othei Cash and cash eqLiiYalent5 191,649 4,909 196 558 183.388 163,045 103 163 148 178,846 188 679 179,871 BAlan¢¢y held by the charity that #re restricted 2024 2023 Balances held by the ch8rity thal are r¢stri¢t¢d Ile above cash at bank baEanc¢ incliid¢s two bank. accounts for Lytham Hall Hnd LyiLum FIall App¢81 A¢¢oiillt wht¢h >]re restricted. Page 36
Do¢usign Envelope ID.. D0016E04002E-4420-05AB-D4EFDEF712E6 Heritage Trnst For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 20 Creditors: Amounts falling due Trvithin one year Group Ch&rity 2024 2023 2024 2023 BatJLc loans Trade ci¢dito Other loans Due to 8roiip undertakings Other taxttion and socia] seeurty (hher credito A¢crua15 40,707 90,807 1,579 78,379 137,495 110,667 26,107 1,837 1,579 19S,642 58,606 114,043 63,779 41,206 110,667 372,643 (101,379) 111,418 67,972 121,249 73,302 112.949 349 668 552 522 401314 604 484 Creditors di within one year includes the following liabilities on which security has b¢¢n given: Group ChArlty 2024 2023 2024 2023 Ban1( loans 78,379 21 Creditors: amount5 falling du¢ aftcr ont year Group Charity 2024 2023 2024 2023 Bgllk loalls 1,115,078 1,394,251 1094 868 1359 495 Creditors amounts falling diie &ft¢r more Ihim one year includes the follomqng liabilities on which security has been given., Group Charity 2024 2023 2024 2023 Bank lo} 1113 0711 1394251 1094 868 1359,495 Pagc 37
DoBusiun Envelopè ID.. D0016E04-062E.442g.95AS-D4EFDEF712E6 Heritage Trust For The North West Notes to the Ilingnclal Statements for the Year Ei nded 31 March 2024 22 Provisions Croup Other provislon Total At l April 2023 Inctease from oihei. transfers (26,919) (26,919) At 31 March 2024 Pi'ovisioii for tlie rnaintenance of Pendle Heritage Centte. Charity Otber provision Total AL l April 2023 Increase from other tsansfers (26.919) (26,919) At 31 Maroh2024 13 Penilon And other schcnies Defined contribution pensi4)n sLhem¢ The group operates & delined Contribution pellsioll s¢h¢e. The pensior cost ¢haTg¢ for th¢ year repLesents conli'ibutions payablc by the group to tILe scheme and amowitcd to £lJ,605 (2023- £13,398). Page 38
Docu81on Envelop& ID.. D0016E04-062E4429-95A8-D4EFDEF712E6 Heritage Trust For The North We8t Notes to the Financial Statements for the Year Ended 31 March 2024 24 Reserves Group Unreslritted revaluadon rcserve TDtAI Al l April 2023 TransfeT of surplus thnds (264,333) 117,692 (264,333) 117,692 At 31 March 2024 146,641 146.641 Group Unrestrictcd revaluation reserve Total At l April 2023 (264,333) (264,333 Charity Unre&trict¢d revaluatio resf rye Total At l April 2023 Transfer of surplus fLukds At 31 March 2024 (264,333) 117692 (264,333) 117692 146,641 146,641) Charity Unrestricted revaluation r¢serYe Tot%1 At l April 2022 264 333 264333 Page 39
DDCU81gn Envelopè ID.. D0016E04.D62E442g.95AB-D4EFDEF712E6 Heritage Trust For Tbe North West Not&8 to the Flllaneial Statements for the Year Ended 31 IVIar¢h 2024 25 Commitments Chority Other financial eommltmenl8 Duritlg th¢ y¢ar th¢ ¢ompany had th¢ following operating lease ¢ommitments: Lythan] FIall- leased at £1 per annum over 99 years. Tlie lease expires on 3 Isl December 2097, and Park Hill.. leased al £1 per anllutn over 90 years. Tbe lease expires on 3 1st March 2081, Due to the historic nalure of the buildiiigs the trustees do not believe it is possibl¢ to establish & marketabl¢ T¢Utal vaILie for th¢ prop¢rties, The total amount of other tllllncial commilments not provided in th¢ tinan¢xal statements was £Nil12023 - £Nil). Page 40
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Docusign Envelope ID". D0016E04-062E4429-95AB-D4EFDEF712E6 Herfitage Trust For The North West Notes to the Financial Statements for the Year nded 31 March 2024 27 Analysis of nel asget$ between fulld$ Group Unrestricted fund$ Gener&1 Total funds 4t 31 larch 2024 Reslrieted funds Tall8ible fjxed assets H¢ritsge assets FIX asset investments CurLent assets Current liabllities Creditors oY¢r l y¢tU' 34,763 387,101 2,258,492 180,586 (349,668) 1 115078 34,763 932,007 2,258,492 245.435 {349,668) 1115,078 544,906 64,849 Total llel assets 1396 196 609 755 2 005 951 Totol funds at 31 March 2023 Unrestricted funds General Designated R¢Ntri¢ted funds Tangibl¢ fixed assets Heritage as3et3 Fix¢d asset investmeols Current assets Curreni liabilities Creditors over l yeHr Provisions 43,893 643,418 2,658,492 174,231 (552,523) (1,394,2il) 43,893 1,077,721 2,658,492 380,704 (552,5231 (1,394,251) 26919J 434,303 206,473 Totsl net assets 1,573,260 (26,919) 640,776 2,187,117 P¥kge 45
Docuslgn Envelop8 ID.. DOD16EO4062E4429-S5AB-D4EFDEF712E6 Heritage Trnst For The North West Notes to the Financial Statements for the Year Ended 31 March 2024 Charity Unr¢8tYictsd funds General Total fund5 at 31 March 2024 Restricted funds TaEJgible fixed ass¢ts Heritage assets Fixed asset investments Current assets Current liabilities Creditors over l year 6,798 447,654 2,258,993 302,806 (401,314) 1094 868 6,798 932,007 2,2J8,993 367,655 (401,314) 1094 868 484,353 64,849 Totsl net assets 1520 069 549 202 2 069271 Total funds at 31 March 2023 Unrebtricted fuTEd5 General De8ignAted Restricted funds Tgngible fixed assels Heritsge assets Fixed assel investtnents Current assets Curi'ent liabiLities Creditors over l year Provisions 7,966 718,869 2,658,993 290,232 {604,485) (1,359,495) 7,966 1,077,721 2,658,993 496,705 (604,4851 (I,i59,4951 358,852 206,473 Total nct as8¢ts 1,711080 565,325 2,250,486 28 Analysi8 0fn¢t fund8 Group Financing e#sb At 31 M*rch flo 1024 At l Aprtl 2023 Cash at bank iu hand 188.679 196 558 N¢t debt 188 679 196 558 FinnnciDg cash At 31 March flows 2023 At l April 2022 CRsh at bank and in hid 168,470 188 679 NeL debt 168 470 188 679 .Page 46
Docusign Envelope ID.. D0016E04.D62E4429_95AB.D4EFDEF712E6 Heritage Trust For The North West Notes to the fi inancial Statements for the Year Ended 31 March 2024 29 RelAled PArty IrAllSA¢tions Group During ibe year th¢ group made tbe following related paty trallsactions,. L.H.T. ETrterpri8e8 Limited (L.H.T, Enterprises Limited remwn¢d a wholly owned subsidiary of the Teporting company.) During the year Heritage Tiust for th¢ North W¢st ¢Lther received income or paid for expenses offt behalf of its Subsidiary. Duriug the year i&e siibsidiary company also ¢ith¢r rc¢eiv¢d in¢om¢ or paid for ¢xpenses on behalf of Heritage Trust for the North West. In additioii L.14.T. Enterprises Limitcd mad¢ profit distributions lo its pant und¢rtsking undeT a seryice level agreeiD¢nt totslling £152,140 [2023.. £234,167).. At the balance sheet d&te the arnounl due to L.H.T. Enterprises LimitEd was £195,642 (2023 - £372,643). Conservation Services N.W. Limited (Conservation Service5 N.W. Ltmiled r¢m8its¢d a wholly owned subsidi8ry of tlie reporting company.) During th¢ year Heritage Trust for the Nortlj W¢$1 ¢ither received itLeOtne or paid for eXp)seS on Ixhalf of its subsid1, Dwillg the year the Subsidiary COmp}Y also ¢tther r¢c¢iv¢d income or paid for expenses on behalf of Heritag¢ Trust for the North West. Coll5ervatioii SeTVi¢¢S N.W. Limit¢d made profjt distributions to its parelll uiidertal<ing under a service level agreeent totaIling £2,582 (2023.. £53.265).. At th¢ baionce sbeet dale the amount du¢ from Colls¢rYation Services N,W. Limited w05 £204,507 (2023 - £171,984). Charity During die year the ChilY made the following related paty transactions,. L E Stsnworth (L F. Stanworib is an ¢x trustee of the coMpEy.) Loall. At the balan¢¢ sbe¢l date the amount due lo/from to L E Stat)worth was £Nil (2023 - £25,000). E M J Lvliller (E M J Miller is an ex director of th¢ ¢ompany.) Loan. Atthtt balance sbeet date the attlount du¢ to E M J h(i]Ler was £87,500 (2023 - £85,631). Pagc 47
Docuslgn Envelopa ID.. D0016E04.D62E4429-95A8-D4EFDEF712Ee