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← The Heritage Trust For The North West

2025-03-31-accounts

Docusign Envelope ID: 9F99660F-3B2C-486A-BDE4-COF30AE666F1

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Company registration number: 01397038 Charity registration number: 508300

Heritage Trust For The North West

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Rawcliffe & Co Limited Unit 1 Barons Court Graceways Whitehills Business Park Blackpool Lancashire FY4 SGP

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2025

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Heritage Trust For The North West

Contents

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Referenceand Administrative Details Referenceand Administrative Details I
StrategicReport 2 to3
Trustees' Report 4to7
Independent Auditors' Report Sto ll
Consolidated Statement ofFinancial Activities 12 to 13
Consolidated Balance Sheet 14
Balance Sheet 15
Consolidated StatementofCash Flows 16
Statement ofCashFlows 17
NotestotheFinancialStatements ~ 18to50

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Heritage Trust For The North West

Reference and Administrative Details

Chairman

Mr John Turner Chief Executive Officer

Mr Michael Robert Guy Secretary

Stephen Mark Williams Treasurer

Stephen Mark Wiiliams Charity Registration Number 508300 Company Registration Number 01397038 Registered Office Park Hill Barrowford Nelson Lancashire BB9 6JQ Auditor Raweliffe & Co Limited Unit 1 Barons Court Graceways Whitehills Business Park Blackpool Lancashire FY4 5GP

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Heritage Trust For The North West Strategic Report for the Year Ended 31 March 2025

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2025, in compliance with s414C of the Companies Act 2006,

Financial review

During the year ended 31st March 2025 the incoming resources amounted to £2,137,261 (which represented an increase of £339,675 compared to the previous year) while resources expended amounted to £2,081,803 (which represented an increase of £103,050 compared to the previous year). The net result for the year was a surplus of £55,458 (2024 deficit £181,167).

a ee _ Following the previous years of restructuring costs, including both redundancies and property sales, it was encouraging to Trustees to see that the figures for this financial year (2024/25) reflect a marked improvement. This gives Board confidence that the difficult decisions that were taken have been worthwhile and that HTNW is now in a stronger financial position as a result.

The change in fortunes has been based on a number of factors including the following:

Despite the positive points highlighted above, there is no room for complacency and Trustees are mindful of a number of potential challenges ahead.

Whilst it is true that 2024/25 marked the turning point in HTNW’s financial performance, ensuring that positive momentum continues will not be easy. Nevertheless, Board remain committed to the current approach and our aim of long term sustainability based on operational income generation.

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Heritage Trust For The North West

Strategic Report for the Year Ended 31 March 2025

Policy on reserves

It is the policy of the charity to maintain unrestricted funds, which are free reserves of the charity, at levels which equate to an excess of its projected needs for the forthcoming months, thereby providing sufficient funds to cover management, administration and support costs and enable the ongoing development of projects. The trustees believe the net asset position is sufficient to satisfy such requirements, although these levels of free reserves are reviewed regularly.

Principal risks and uncertainties

Economic and cost of living challenges The UK is experiencing an economic and cost of living challenge,

The trustees continue to examine the major strategic, business and operational risks which the charity faces and confirm that systems have been established to ensure that regular reports are produced and that necessary steps can be taken to address any issues arising.

The trustees have identified the major risks to which the charity is exposed and procedures to manage those risks have been put in place.

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The strategic report was approved by the trustees of the charity on 01 December 2025 and signed on its behalf by:

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Signed by:
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Mr Stephen Mark Williams Trustee

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Heritage Trust For The North West

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors’ report of the charitable company for the year ended 31 March 2025.

Objectives and activities

Objects and aims

The principal activities of the company are to promote and preserve for the benefit of the people of the North West of England and of the nation at large, whatever of the English historical, architectural, natural, social or scientific heritage which may exist in or near to the aforesaid region, and to advance the education and the cultural development of the public in these matters, and to undertake such other charitable activities as may benefit the inhabitants of or visitors to the area. The company has also established various trading activities designed to enhance and subsidise the charitable activities of the trust.

Public benefit

The trustees are confident that the charity offers services of real and practical use to the local population. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Use ofvolunteers

The company relies on voluntary help for many of its activities.

Trustees and Officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees:

Mr Stephen Mark Williams

Ms Laurie Peake

Mr John Turner

Mr Mark Francis Whitlock Blundell

Officers:

Ms Elizabeth Moss

Chairman:

Mr John Turner

Chief Executive Officer:

Mr Michael Robert Guy

Structure, governance and management

Nature ofgoverning document

The company was incorporated under the Companies Act on 31st October 1978 under the name Lancashire Heritage Trust Limited, The company is a private company limited by guarantee and not having a share capital, exempted by the Secretary of State from the requirement to use the word "limited" in its name. The liability of each member is limited to an amount not exceeding £1.

The company was registered as a charity on 14th December 1978 under the provisions of the Charities Acts (Charity nunaber: 508300).

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Heritage Trust For The North West

Trustees' Report

Recruitment and appointment of trustees

Trustees are appointed to reflect the skilts required to support the Board and its range of activities. Recruitment is either through advertising or by individual contact.

Induction and training of trustees

A full orientation is offered on the services provided and the roles and responsibilities of a trustee, including their legal obligations under charity and company law. All appointees are informed of the content of the Memorandum and Articles of Association and the committee and decision- making processes of the charity.

Organisational structure

The Board currently consists of the trustees and is responsible for key policy decisions and the effective governance of the organisation overall. The Board meets on a regular basis but as a minimum four times per year.

Relationships with related parties

Subsidiary companies

Heritage Trust for the North West. owns 100% of two trading subsidiaries; L.H.T. Enterprises Limited and Conservation Services N.W. Limited.

Other companies

Previously exerted influence over a further two companies; Greater Manchester Building Preservation Trust Limited and Cumbria Building Preservation Trust Limited.

Branches

Heysham Heritage Association continues to support the company's efforts to maintain a Heritage Centre in Heysham Village.

Heysham Heritage Association is considered a branch of the main charity but is an individual entity that holds a separate bank account. The funds of Heysham Heritage Association are not included within the accounts as they are immaterial.

Major risks and management ofthose risks

Economic and cost of living crisis

The UK is experiencing an economic and cost of living challenge,

The trustees have identified the major risks to which the charity is exposed and procedures to manage those risks have been put in place.

Financial instruments

Objectives and policies

The group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk, The use of financial derivatives is governed by the group’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The group does not use derivative financial instruments for speculative purposes.

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Heritage Trust For The North West

Trustees' Report

Cash flow risk

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The group’s principal financial assets are bank balances and cash, trade and other receivables, and investments, The group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows,

oe The credit risk on liquid-funds and derivative financial instruments is limited because the counterparties are . banks with high credit-ratings assigned by international credit-rating agencies. The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance, Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements,

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Heritage Trust For The North West

Trustees' Report

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Statement of trustees’ responsibilities

The trustees (who are also the directors of Heritage Trust For The North West for the purposes 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland",

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

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The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group 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 parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 01 December 2025 and signed on its behalf by:

aveearsea[ SignedB208423B6437463.1-Ase by: - Mr Stephen Mark Williams Trustee

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Heritage Trust For The North West Independent Auditor's Report to the Members of Heritage Trust For The North West

Opinion

We have audited the financial statements of Heritage Trust For The North West (the ‘charitable parent company’) and its subsidiaries (the 'group’) for the year ended 31 March 2025, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, , Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and - applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon, Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Heritage Trust For The North West

Independent Auditor's Report to the Members of Heritage Trust For The North West

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

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As explained more fully in the Statement of trustees’ responsibilities (set out on page 7), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.

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Heritage Trust For The North West

Independent Auditor's Report to the Members of Heritage Trust For The North West

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: * the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; + we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the charity sector, * we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including relevant legislation such as the Companies Act 2006,

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taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; _ + we assessed the extent.of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

_® making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

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To address the risk of fraud through management bias and override of controls, we:

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Theté are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance, Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and tegal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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Heritage Trust For The North West

Independent Auditor's Report to the Members of Heritage Trust For The North West

Use of our report

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

[intDocuSignedSluarurby: seareee ewe 24846 BB7CEZRIOG6 cn Kirsten Shearer FCA (Senior Statutory Auditor) For and on behalf of Rawcliffe & Co Limited, Statutory Auditor

Unit 1 Barons Court Graceways Whitehills Business Park Blackpool Lancashire FY4 SGP

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Date: 01 December 2025

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Heritage Trust For The North West

Consolidated Statement of Financial Activities for the Year Ended 31 March 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Total| |funds|Restricted|funds|2025| |Note|£|£|£| |Income|and Endowments from:| |Donations|and|legacies|3|40,399|161,370|201,769| |Charitable|activities|4|2,479|90,173|92,652| |Other trading|activities|5|1,830,378|-|1,830,378| |Other income|12,462|12,462| |Total|income|1,885,718|251,543|2,137,261| |Expenditure|on:| |Raising funds|6|(582,556)|-|(582,556)| |Charitable|activities|7|(4,220)|-|(4,220)| |Other expenditure|8|(1,385,641)|(109,386)|(1,495,027)| |Total|expenditure|(1,972,417)|(109,386)|(2,081,803)| |Gains/losses|on investment assets|70,000|-|70,000| |Net (expenditure)/income|:|(16,699)|142,157|125,458| |Transfer between|funds|39,224|(39,224)|-| |Net movement|in|funds|22,525|102,933|125,458| |Reconciliation|of funds| |Total|funds|brought forward|1,521,196|484,755|2,005,950| |Total|funds|carried forward|.|25|__1,543,720|587,688|2,131,408| |Total| |Unrestricted|2024| |funds|Restricted|funds|Restated| |Note|£|£|£| |Income|and|Endowments|from:| |Donations|and|legacies|3|(1,358)|43,491|42,133| |Charitable|activities|~|4|2,000|2,200|4,200| |Other trading|activities|5|1,742,874|-|1,742,874| |Other income|_7,880|499|8,379| |Total|income|1,751,396|46,190|1,797,586| |Expenditure|on:| |Raising funds|6|(594,833)|-|(594,833)| |Charitable|activities|7|(303)|-|(303)| |Other expenditure|8|(1,321,195)|(62,422)|(1,383,617)| |Total|expenditure|(1,916,331)|(62,422)|(1,978,753)| |Net expenditure|(164,935}|(16,232)|(181,167)|

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The notes on pages 18 to 50 form an integral part of these financial statements. Page 12

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Heritage Trust For The North West

Consolidated Statement of Financial Activities for the Year Ended 31 March 2025 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

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Total
Unrestricted
funds		 Restricted funds 2024
Restated
Note £ £ £
Transferbetweenfunds 139,790 (139,790) -
Netmovementin funds (25,145) (156,022) (181,167)
Reconciliation offunds
Totalfunds brought forward — : 1,546,341 640,777 2,187,118
Totalfundscarriedforward 25 1,521,196 484,755 2,005,951

All of the group's activities derive from continuing operations during the above two periods,

The funds breakdown for 2024 & 2025 is shown in note 25,

The notes on pages 18 to 50 form an integral part of these financial statements. Page 13

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Heritage Trust For The North West

(Registration number: 01397038) Consolidated Balance Sheet as at 31 March 2025

2024
Note 2025
£		 Restated
£
Fixed assets
Tangible assets 14 36,928 34,763
Heritage assets 15 967,314 932,007
Investments 1,825,734 2,258,492
2,829,976 3,225,262
Current assets
Stocks -. 17 10,396 9,130
Debtors . 18 39,488 39,747
Cash atbankand inhand 19 280,915 196,558
330,799 245,435
Creditors: Amounts falling duewithinoneyear 20 (315,127) (349,668)
Netcurrent assets/(liabilities) 15,672 (104,233)
Total assets less current liabilities 2,845,648 3,121,029
Creditors:Amounts falling due aftermorethanone year 21 (714,240) (1,115,078)
Net assets 7 __ 2,131,408 2,005,951
Funds ofthe group:
Restricted income funds
Restricted funds 587,688 484,755
Unrestricted income funds
Unrestrictedfunds ; 1,327,079 1,374,555
Revaluationreserve 216,641 146,641
Totalunrestrictedfunds 1,543,720 1,521,196
Total funds - — 25 __ 2,131,408 2,005,951

The financial statements on pages 12 to 50 were approved by the trustees, and authorised for issue on OL December 2025 and signed on their behalf by:

Signed by:

seceee Sree nEQOB 4099CAI7453.4,0+ Mr Stephen Mark Williams Trustee

The notes on pages 18 to 50 form an integral part of these financial statements. Page 14

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Heritage Trust For The North West

(Registration number: 01397038) Balance Sheet as at 31 March 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2024| |2025|Restated| |Note|£|£| |Fixed|assets| |Tangible|assets|14|5,439|6,798| |Heritage|assets|15|967,314|932,007| |Investments|1,826,235|2,258,993| |a|2,798,988|3,197,798| |Current|assets| |Debtors|.|a|18|221,058|204,507| |Cash|at bank|and|in|hand|19|254,018|163,148| |475,076|367,655| |Creditors:|Amounts|falling|due|within one year|20|(370,640)|(401,314)| |Net current|assets/(liabilities)|104,436|(33,659)| |Total|assets|less|current|liabilities|2,903,424|3,164,139| |Creditors:|Amounts|falling|due|after|more|than one year|21|(708,695)|(1,094,868)| |Net|assets|2,194,729|2,069,271| |Funds|of the|charity:| |Restricted|income|funds| |Restricted|funds|550,421|.|424,202| |Unrestricted income|funds| |Unrestricted|funds|1,427,667|1,498,428| |Revaluation|reserve|:|216,641|146,641| |Total|unrestricted|funds|1,644,308|1,645,069| |Total funds|25|2 194,729|2,069,271|

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The financial statements on pages 12 to 50 were approved by the trustees, and authorised for issue on 01 December 2025 and signed on their behalf by:

Signed by:

sessssess deen[QOBFZBRGASTAS3] Mr Stephen Mark Williams Trustee

The notes on pages 18 to 50 form an integral part of these financial statements, Page 15

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Heritage Trust For The North West

Consolidated Statement of Cash Flows for the Year Ended 31 March 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Note|£|£| |Cash|flows from|operating|activities| |Net cash|income/(expenditure)|55,458|(181,167)| |Adjustments|to|cash|flows|from|non-cash|items| |Depreciation|6,8|40,780|11,022| |Revaluation|of investments|101,283|105,428| |Loss on disposal|of fixed|assets held for the group's own use|9|170,000|40,286| |Impairment|loss|on disposal of fixed|assets|held|for the|group's| |ownuse|~|(167,758)|-| |199,763|(24,431)| |Working|capital|adjustments| |(Increase)/decrease|in|stocks|17|(1,266)|4,534| |Decrease|in debtors|18|259|138,614| |Decrease|in|creditors|20|(39,518)|(56,094)| |Decrease|in provisions|-|(26,919)| |Net cash|flows from operating|activities|159,238|35,704| |Cash|flows|from|investing|activities| |Purchase|of tangible|fixed assets|14|(14,020)|(1,892)| |Sale of investments|335,000|400,000| |Net cash flows|from|investing|activities|320,980|398,108| |Cash flows from|financing|activities| |Repayment of loans and borrowings|20|(395,861)|(425,933)| |Net|increase|in cash|and cash equivalents|84,357|7,879| |Cash and|cash equivalents|at|1|April|:|196,558|188,679| |Cash|and|cash equivalents|at|31|March|_|280,915|196,558|

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All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 18 to 50 form an integral part of these financial statements. Page 16

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Heritage Trust For The North West

Statement of Cash Flows for the Year Ended 31 March 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |Note|£|£| |Cash|flows from|operating|activities| |Net cash|income/(expenditure)|55,456|(181,213)| |Adjustments|to|cash|flows|from|non-cash|items| |Depreciation|6,8|30,284|1,700| |Revaluation|of investments|101,286|105,425| |Loss|on|disposal of fixed|assets|held for the|charity's own|use|9|170,000|40,286| |Impairment|loss|on disposal of fixed|assets held|for the|charity's| |own use|(167,758)|:| |i|189,268|(33,802)| |Working|capital|adjustments| |(Increase)/decrease|in|debtors|18|(16,551)|112,327| |Decrease|in|creditors|20|(35,651)|(56,410)| |Decrease|in provisions|-|(26,919)| |Net cash flows|from operating|activities|137,066|(4,804)| |Cash flows|from|investing|activities| |Purchase|of tangible|fixed|assets|14|-|(532)| |Sale of investments|335,000|400,000| |Net cash|flows|from|investing|activities|335,000|399,468| |Cash|flows|from|financing|activities| |Repayment of|loans|and|borrowings|20|(381,196)|(411,387)| |Net increase/(decrease}|in|cash|and|cash|equivalents|90,870|(16,723)| |Cash|and cash equivalents|at|||April|163,148|179,871| |Cash and|cash equivalents|at|31|March|254,018|163,148|

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.

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 18 to 50 form an integral part of these financial statements. Page 17

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

1 Charity status

The charity is limited by guarantee, incorporated in , and consequently does not have share capital, Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is:

Park Hill

Barrowford Nelson Lancashire BB9 6JQ

.

These financial statements were authorised for issue by the trustees on 01 December 2025.

2 Accounting policies

--

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

a

The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Heritage Trust For The North West meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March 2025.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a profit after tax for the financial year of £125,458 (2024- loss of £298.859).

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

A subsidiary is an entity controlled by the charity, Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities,

The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

: ;

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost ofthe business combination over the acquirer's interest in the net fair value of the identifiable assets, -. liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Going concern

The financial statements have been prepared on a going concern basis.

. .

.- ‘The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably,

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raisingfunds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them,

Grant provisions

Provisions for.grants are made when the intention to make a grant has been communicated to the recipient but .. . . there is uncertainty about either the timing of the grant or the amount of grant payable.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and ae ae therefore it-meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the . charity is potentially exempt from taxation in respect of income or capital gains received within categories covéred by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable wee Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Heritage assets

The company’s collection of Heritage Centres and Historic Visitors Centres are included in the accounts at their fair value. The assets are held in the support of the Charity's primary objective of promoting and preserving historical buildings and construction techniques.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, fess any estimated residual value, over their expected useful economic life as follows:

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Asset class Depreciation method and rate Capital projects and tenants improvements 10 / 25% reducing balance basis Plant, fixtures and fittings 20% reducing balance basis Motor vehicles 25% reducing balance basis

Impairment of fixed assets

Intangible and tangible fixed assets are reviewed for impairment when changes in circumstances or events indicate that the carrying value of the fixed assets may not be recoverable. An impairment loss is recognised whete the recoverable amount is less than the carrying value.

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external values. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset, Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Stock

Stock is valued at the lower ofcost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks, Cost is determined using the first-in, first-out (FIFO).

Trade debtors

a

o a .

_ Trade debtors. are amounts. due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade creditors

.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the charity has an obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

A provision equivalent to 5% of the costs incurred to date on Park Hill is to be set aside each year to provide for the ongoing maintenance and repair of buildings on the site.

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Fund structure

Unrestricted income funds ate general funds that are available for use at the trustees discretion in furtherance of the objectives of the group.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment,

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

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Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire. or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred contro] of the asset to another party.

Financial liabilitiesare derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; of (iii} a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the cwrency in which the debt instrument is denominated, provided such links are not leveraged.

——

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit . deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes . in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return - to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception.of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Investinents

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Derivative financial instruments

The group uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The group does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.

Fair value measurement

:

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices aré unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

3 Income from donations and legacies

Unrestricted
funds
General		 Restricted
funds		 Total
funds
£ £ £
Donations and legacies;
Donations to major appeals 40,399 161,370 201,769
Total for2025 40,399 161,370 201,769
Total for 2024 (1,358) 43,491 42,133
4
Income from charitable activities
Unrestricted
funds Restricted Total
General
£		 funds
£		 funds
£
Grants and subsidies 2,479 - 2,479
Grants - restricted - 90,173 90,173
Total for 2025 2,479 90,173 92,652
___
Totalfor2024 2,000 2,200 4,200

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

5 Income from other trading activities

Unrestricted
funds Total
. General funds
£ £
Trading income;
Sales LHT 1,702,362 1,702,362
Propertyrental income 128,016 128,016
Total for2625 1,830,378 1,830,378
Totalfor2024 1,742,874 1,742,874
Costs ofgenerating donations andlegacies
)
a
Unrestricted
funds Total
General funds
Note £ £
Donations 52,294 52,294
Total for 2025 $2,294 52,294
Total for2024 7,881 7,881
Costs oftrading activities
b)
Unrestricted
funds Total
General funds
Note £ £
Costs ofgoods sold 530,262 530,262
Totalfor2025 530,262 530,262
Total for 2024 586,952 586,952
7 Expenditure on charitable activities
Unrestricted
funds Total Total
General 2025 2024
Note £ £ £
Grantfundingofactivities ;
4,220		 4,220 303

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Heritage Trust For The North West

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Notes to the Financial Statements for the Year Ended 31 March 2025

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|||| |---|---|---| |Unrestricted| |funds|Total| |General|2.025| |Note|£|£| |Grant funding of activities|4,220|4,220| |Unrestricted| |funds|Total| |General|2024| |Note|£|£| |Grant funding of activities|303|303|

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8 Other expenditure

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||||||| |---|---|---|---|---|---| |Unrestricted| |funds|Restricted|Total| |General|funds|funds| |Note|£|£|£| |Staff costs| |Wages|and|salaries|811,755|4,656|816,411| |Social|security|54,570|-|54,570| |Pension|costs|18,707|-|18,707| |Other|staff costs|1,262|-|1,262| |Audit|fees| |Audit of the|financial|statements|7,250|“|7,250| |Legal|fees|50,242|66|50,308| |Marketing|and publicity|3,403|885|4,288| |Depreciation,|amortisation|and|other|similar| |costs|38,538|-|38,538| |Other resources|expended|399,914|103,779|503,693| |Total|for 2025|1,385,641|109,386|1,495,027| |Total|for 2024|1,321,195|62,422|1,383,617|

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

9 Net incoming/outgoing resources

Net incoming/(outgoing) resources for the year include:

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||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Audit|fees|7,250|9,250| |Profit on disposal|of fixed assets|(170,000)|(40,286)| |Impairment|loss|on disposal of fixed|assets|167,758|-| |Depreciation|of fixed|assets|40,780|11,021|

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10 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the group during the year,

.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

11 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs werewere as follows:
2025 2024
£ £
Staffcosts duringthe yearwere:
Wages and salaries 816,411 763,543
Social security costs 54,570 47,316
Pension costs 18,707 13,605
Otherstaff costs - 1,262 33
890,950 824,497

The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows:

2025 2024
No No
Management and administration 5 7
Charitable activities: 37 47
Clerical administration and support 6 4
8B

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-o The number of employees whose emoluments fell within the following bands was

2025
No
£60,001 -£70,000 1
12 Auditors' remuneration
2025 2024
£ £
Audit ofthe financial statements 7,250 9,250
_
13Taxation

The group is a registered charity and is therefore exempt from taxation.

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

14 Tangible fixed assets

Group

Group
Furniture and
equipment Motor vehicles Total
£ £ £
Cost
At I April 2024 279,686 17,058 296,744
Additions 14,020 : 14,020
At 31 March 2025 a 293,706 17,058 310,764
Depreciation
At 1 April2024 245,913 16,068 261,981
Charge forthe year 11,607 248 1,855
~ At31 March 2025 257,520 16,316 273,836
Netbookvalue
At31 March2025 36,186 742 36,928
At31 March2024 33,773 990 34,763
Charity
Furniture and
equipment Motorvehicles Total
£ £ £
Cost
At 1 April 2024 279,686 17,058 296,744
Additions 14,020 - 14,020
At31March2025 293,706 17,058 310,764
Depreciation
~~ At i April 2024 - : 245,913 16,068 261,981
Charge for the year 11,607 248 11,855
At31 March2025 257,520 16,316 273,836
Net book value
At 31 March 2025 36,186 742 36,928
At31March2024 33,773 990 34,763

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

15 Heritage assets

Group

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||||||| |---|---|---|---|---|---| |Heritage| |properties|Total| |£|£| |Cost| |At|1|April|2024|932,007|932,007| |Additions|64,232|64,232| |At 31|March 2025|996,239|996,239| |Depreciation| |Charge|for the year|28,925|28,925| |At|31|March|2025|28,925|28,925| |Net book|value| |At31|March|2025|967,314|967,314| |Summary|of transactions|

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Revaluation

The fair value of the group's Buildings was revalued on 31 March 2025. An independent valuer was not involved.

Heritage assets relate to the company's collection of Heritage Centres and Historic Visitors Centres. The assets are held in the support of the company's primary objective of promoting and preserving historical buildings and construction techniques. The trustees, who have adequate knowledge and experience, assessed that there was no significant change in the value of these assets valued on a fair value basis at 31st March 2025.

There is an ongoing programme of capital expenditure at Pendle Heritage Centre and Higherford Mill. These are all grant-aided.

Heritage assets not recognised in the balance sheet

’ The company owns the collections at the Pendle Heritage Centre which are not valued as they are held for exhibition purposes only.

Charity

Charity
Heritage
properties Total
£ £
Cost
At April2024 932,007
Additions 64,232 64,232
At 31 March 2025 996,239 996,239
Depreciation
Charge forthe year 28,925 28,925
At 31 March 2025 28,925 28,925
Net book value
At31 March 2025 oe __
967,314__967,314

Summary of transactions

;

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Revaluation

The fair value of the charity's Buildings was revalued on 31 March 2025. An independent valuer was not involved.

Heritage assets relate to the company's collection of Heritage Centres and Historic Visitors Centres. The assets are held in the support of the company's primary objective of promoting and preserving historical buildings and construction techniques, The trustees, who have adequate knowledge and experience, assessed that there was no significant change in the value of these assets valued on a fair value basis at 31st March 2025.

. There is an ongoing programme of capital expenditure at Pendle Heritage Centre and Higherford Mill. These are all grant-aided.

Heritage assets not recognised in the balance sheet

The company owns the collections at the Pendle Heritage Centre which are not valued as they are held for exhibition purposes only.

16 Fixed asset investments

Group
2025 2024
£ £
Investmentproperties 1,825,734 2,258,492
Investment properties
Investment
properties
£
Cost orValuation
At 1 April 2024 2,258,492
Revaluation (97,758)
Disposals (335,000)
At31 March 2025 1,825,734
Provision
At31 March2025 -
Netbook value
At 31 March 2025 1,825,734
At31March2024 2,258,492

.

If investment properties had not been revalued they would have been included at historical cost within the accounts at 31st March 2025 for the group £5,030,739 (2024: £5,030,739).

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Investment properties were professionally valued on a fair value basis at 27th March 2025 by Armitstead Barnett LLP.

Charity
2025 2024
£ £
Investmentproperties 1,825,734 2,258,492
Investment properties
Investment
properties
£
Cost or Valuation
At 1 April 2024 2,258,492
Revaluation : (97,758)
Disposals (335,000)
At 31 March 2025 1,825,734
Provision
At 31 March 2025 -
Net book value
At 31 March 2025 ; 1,825,734
At 31 March 2024 __2,258,492

If investment properties had not been revalued they would have been included at historical cost within the accounts at 31st March 2025 for the company £5,054,115 (2023: £5,054,115).

Investment. properties were professionally valued on a fair value basis at 27th March 2025 by Armitstead Barnett LLP.

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Shares in group undertakings and participating interests

Subsidiary
undertakings		 Subsidiary
undertakings		 Subsidiary
undertakings		 Total
£ £
Cost
At 1 April 2024 501 501
At31 March 2025 501 501
Net book value
At31 March2025 501 501
At31 March2024 501 501
Details ofundertakings
Details ofthe investments in which the charity holds 20% or more of the nominal value ofany class ofshare
capital are as follows:
:
Undertaking		 ‘Countryof
incorporation		 Holding Proportion ofvoting
and shares held		 rights =Principal Principal
activity
2025 2024
Subsidiary undertakings
.
LAT.Enterprises
Limited		 England Ordinary 100% 100% General
commercial
company
Construction,
Conservation Services
N.W.Limited		 England :
Ordinary		 °
100%		 °
100%		 preservation
and repair of
property

Subsidiaries

The profit for the financial period of L.H.T. Enterprises Limited was £Nil (2024 - £Nil) and the aggregate amount of capital and reserves at the end of the period was £500 (2024 - £500).

The loss for the financial period of Conservation Services N.W. Limited was £1 (2024 - £Nil) and the aggregate amount of capital and reserves at the end of the period was £(63,322) (2024 - £(63,321)).

Page 36

Docusign Envelope ID: SF99660F-3B2C-486A-BDE4-COF30AE666F 1

Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

17 Stock

a

==> picture [409 x 346] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Group|Charity| |2025|2024|2025| |£|£|£| |Stocks|10,396|9,130|-| |18|Debtors| |Group|Charity| |2025|2024|2025|2024| |£|£|£|£| |Trade|debtors|18,550|29,250|-|-| |Due from group undertakings|-|-|210,308|204,507| |Prepayments|10,732|10,497|53,980|-| |Accrued income|10,206|:|4,770|-| |39,488|39,747|221,058|204,507| |19|Cash|and|cash|equivalents| |Group|Charity| |2025|2024|2025|2024| |£|£|£|£| |Cash|at bank|-|275,410|191,649|254,015|163,045| |Other|cash|and|cash|equivalents|5,505|4,909|3|103| |280,915|;|196,558|254,018|163,148| |Balances|held|by|the charity|that|are|restricted| |2025|2024| |£|£| |Balances held by|the|charity|that are restricted|117,576|64,849|

----- End of picture text -----

The above cash at bank balance includes two bank accounts for Lytham Hal{ and Lytham Hal! Appeal Account which are restricted.

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

20 Creditors: amounts falling due within one year

20Creditors:amountsfalling due withindue withinwithin falling due withindue withinwithinone year
20 Creditors: amounts falling due withindue withinwithin falling due withindue withinwithin one year
Group		 Charity
2025 2024 2025 2024
£ £ £ £
Bank loans 39,703 40,707 25,103 26,107
Trade creditors 112,732 90,807 13,537 1,837
Other loans 7,560 1,579 7,560 1,579
Due to groupundertakings - - 284,792 195,642
Othertaxation and social security 69,364 67,972 (5,276) 58,606
Other creditors 49,253 121,249 39,924 114,043
Accruals 36,515 27,354 5,000 3,500
315,127 349,668 370,640 401314

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Creditors due within one year includes the following liabilities on which security has been given:

.

me

==> picture [409 x 209] intentionally omitted <==

----- Start of picture text -----
Group Charity
2025 2024 2025 2024
£ £ £ £
Bank loans 39,703 40,707 25,103 26,107
21 Creditors: amounts falling due after one year
-: Group Charity
2025 2024 2025 2024
£ £ £ £
Bank loans 714,240 1,115,078 708,695 1,094,868
Creditors amounts falling due after more than one year includes the following liabilities on which security has
been given:
Group Charity
2025 2024 2025 2024
£ £ £ £
Bank loans 714,240 1,115,078 708,695 1,094,868
----- End of picture text -----

==> picture [3 x 1] intentionally omitted <==

----- Start of picture text -----
;
----- End of picture text -----

Page 39

Docusign Envelope ID: 9F99860F-3B2C-486A-BDE4-COF30AE666F1

Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

22 Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £18,707 (2024 - £13,605),

Page 40

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Docusign Envelopes ID: 9F99660F-3B2C-486A-BDE4-COF30AE666F1

Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

23 Reserves

Group

Group
Unrestricted
revaluation
reserve Total
£ £
At 1 April2024 (146,641) (146,641)
Gain onpropertyrevaluation (70,000) (70,000)
At31 March 2025 (216,641) (216,641)
Group
Unrestricted
revaluation
reserve Total
£ £
At 1 April2023 (264,333) (264,333)
Transferofsurplus funds 117,692 117,692
At 31 March2024 (146,641) (146,641)
Charity
Unrestricted
revaluation
reserve Total
£ £
At 1 April 2024 (146,641) (146,641)
Gainonpropertyrevaluation (70,000) (70,000)
At31 March2025 (216,641) (216,641)
Charity
7 Unrestricted
revaluation
reserve Total
£ £
At 1 April2023 (264,333) (264,333)
Transferofsurplus funds 17,692:
692
At31March2024 (146,641) (146,641)

Page 41

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

24 Commitments

Charity

Other financial commitments

During the year the company had the following operating lease commitments:

Lytham Hall: leased at £1 per annum over 99 years. The lease expires on 31st December 2097, and Park Hill: leased at £1 per annum over 90 years. The lease expires on 31st March 2081.

Due to the historic nature of the buildings the trustees do not believe it is possible to establish a marketable rental value for the properties.

The total amount of other financial commitments not provided in the financial statements was £Nil (2024 - ENil).

Page 42

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==> picture [1 x 2] intentionally omitted <==

----- Start of picture text -----
|
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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

26 Analysis of net assets between funds

Group

Lo:

,

==> picture [412 x 291] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Total funds|at 31| |funds|Restricted|March| |General|funds|2025| |£|£|£| |Tangible|fixed assets|36,928|-|36,928| |Heritage|assets|497,202|470,112|967,314| |‘Fixed asset investments|1,825,734|-|1,825,734| |Current|assets|213,223|117,576|330,799| |Current|liabilities|;|(315,127)|-|(315,127)| |Creditors|over|1|year|(714,240)|-|(714,240)| |Total net|assets|1,543,720|587,688|2,131,408| |-|es|Unrestricted|Total funds|at 31| |funds|Restricted|March| |2024| |ae|.|General|funds|Restated| |£|£|£| |Tangible|fixed|assets|34,763|-|34,763| |Heritage|assets|512,101|419,906|932,007| |Fixed|asset investments|;|2,258,492|-|2,258,492| |Current|assets|180,586|64,849|245,435| |Current|liabilities|(349,668)|-|(349,668)| |Creditors|over|1|year|(1,115,078)|-|(4,115,078)| |Total net assets|1,521,196|484,755|2,005,951|

----- End of picture text -----

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

Charity

;

==> picture [451 x 475] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Total|funds|at|31| |funds|Restricted|March| |General|funds|2025| |£|£|&| |Tangible|fixed|assets|5,439|-|5,439| |Heritage|assets|534,469|432,845|967,314| |Fixed asset investments|1,826,235|-|1,826,235| |Current|assets|357,500|117,576|475,076| |Current|liabilities|(370,640)|-|(370,640)| |Creditors|over|1|year|(708,695)|-|(708,695)| |Total|net assets|oo.|1,644,308|550,421|2,194,729| |.|Unrestricted|Total funds|at|31| |oa|noe|funds|Restricted|March| |2024| |-|General|funds|Restated| |£|£|£| |Tangible|fixed|assets|6,798|-|6,798| |:|Heritage|assets|.|572,654|359,353|932,007| |Fixed|asset investments|2,258,993|-|2,258,993| |Current|assets|302,806|64,849|367,655| |Current|liabilities|(401,314)|-|(401,314)| |Creditors|over|1|year|_—«, 094,868)|-|(1,094,868)| |Total|net|assets|.|1,645,069|424,202|2,069,271| |27|Analysis|of net funds| |Group| |Financing|cash|=|At31|March| |At|1 April 2024|flows|2025| |£|£|£| |Cash|at bank and in|hand|196,558|84,357|280,915| |Net debt|196,558|_|84,357||280,915| |Financing|cash|=|=At 31|March| |At|1|April 2023|flows|2024| |£|£|£| |Cash|at bank and|in hand|188,679|7,879|196,558| |Net debt|188,679|7,879|196,558|

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Docusign Envelope ID: 9F99660F-3B2C-486A-BDE4-COF30AE666F1

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Heritage Trust For The North West

Notes to the Financial Statements for the Year Ended 31 March 2025

28 Related party transactions

Group

During the year the group made the following related party transactions:

L.H.T, Enterprises Limited

(L.H.T. Enterprises Limited remained a wholly owned subsidiary of the reporting company.) During the year Heritage Trust for the North West either received income or paid for expenses on behalf of its subsidiary. During the year the subsidiary company also either received income or paid for expenses on behalf of Heritage Trust for the North West. In addition, L.H.T. Enterprises Limited made profit distributions to its parent undertaking under a service level agreement totalling £249,500 (2024: £152,140).. At the balance sheet date the amount due to L.H.T. Enterprises Limited was £284,792 (2024 - £195,642). Conservation Services N.W. Limited

(Conservation Services N.W. Limited remained a wholly owned subsidiary of the reporting company.) During the year Heritage Trust for the North West either received income or paid for expenses on behalf of its subsidiary. During the year the subsidiary company also either received income or paid for expenses on behalf of Heritage Trust for the North West. Conservation Services N,W. Limited made profit distributions to its parent undertaking under a service level agreement totalling £2,801 (2024: £2,582).. At the balance sheet date the amount due from Conservation Services N.W. Limited was £210,308 (2024 - £204,507),

Charity

During the year the charity made the following related party transactions:

EMJ Miller (EM J Miller is an ex director of the company.)

~~ Loar. At the balance sheet date the amount due to E M J Miller was £37,500 (2024 - £87,500).

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