Company Number: 01876294 Registered Charity number: 516158 West Mldlands Hlstoric Bulldlngs Trust Report of the Trustees and Unaudlted Flnanclal Statements Year ended 31 March 2024 Muras Baker Jones Limited Chartered Accountants Regent House Bath Avenue Wolverhampton West Midlands WVI 4EG
West Midlands Historic Bulldings Trust Contents of the financial statements for the year ended 31 March 2024 Page OffirS, professional advisers and administrative information Report of the Trustees Independent Examiners, Report Statement of financial activities Statement of financial position Notes to the financial statements 11
West Midlands Historic Buildings Trust Officersi professlonal advisers and admlnlstrative information Charlty Reglstration number: 516158 Company Reglstration number: 01876294 Reglstered Office: WMHBT 8 Pendeford Place Pendeford Business Park Wolverhampton WV9 5HD Trustees: N Hogben P Arnold Ms J Pilkington S Mason H Andrews P Andrews P Adams Ms S Whitehouse Ms K Andrew R Greenhill L Hobbs A C Foster E G Barron N Crombie S Reader I Wilson R A Sellers I D Tomkins F Keith-Lucas (appointed 24 May 2023) (appointed 19 lune 2023) (appointed 30 October 2023) Company secretary: R A Sellers Independent Examiner Muras Baker Jones Limited Regent House Bath Avenue Wolverhampton WVI 4EG
West Midlands Historic Buildings Trust REPORT OF THE TRUSTEES For the year ended 31st March 2024 STRucfuRE. GOVERNANCE AND MANAGEMENT The organisation is a company limited by guarantee and a registered charity. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. The company was incorporated on 10th January 1985. In the event of the company being wound up, members are required to contribute an amount not exceeding £1 (one pound). The Trust was registered as a charity on 28th February 1985. Recruitment and appointment of the Board of Trustees and induction and training. The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association, directors are elected to serve for a period of three years after which they may Stand for re-election at the next Annual General Meeting. In the past trustee recruitment depended upon people being recommended to the Board and invited to join. Whilst this worked well in the past it has been challenging in more recent years to recruit new trustees. The method of trustee recruitment has been reviewed under the new Resilience and Engagement project (see below) which commenced in February 2022. This has explored new and more up-to-date approaches to advertising, recruitment and effective promotion of the Twst and successfully resulted in the recruitment of three new trustees to enhance the skills composition of Board membership. However, it is recognised that more work needs to be done on increasing the diversity of Board membershrp. Risk Management The trustee Board has a duty to identify and review the major risks to which the charity is exposed and ensure systems are in place to mitigate these risks. Established risk assessment and monitoring procedures have been reviewed and progress continues to be made on the development and ongoing update of risks. The trustees also oversee the consideration of business and operational risks on a project-by-project basis with regular reports being produced to ensure that the necessary steps can be taken to mitigate and manage these risks. Oryanlsatlonal Structure The West Midlands Historic Buildings Trust is managed by an independent Board of trustee directors, at present nineteen members, with a wide range of specialist and professional interests. Trustees meet six times per year. The Board establishes formal sub committees, task and finish groups and project specific steering groups to oversee particular functions and plans including management of specific buildings projects. DTS Solutions Ltd provide Project Director and advisory serrfices to the Board of Trustees. The Trust has a pool of Project Organisers on whom it can call for consultancy serrfices when potential projects are identified. Frameworks for the services of Design Teams for projects are under development. In collaboration with The City of Wolverhampton Regenerating Buildings Preservation Trust and The Worcestershire Building Preser•4ation Trust grant aid is in place until to support joint staff posts to assist with the identlfication and development of potential project buildings, to raise the profile of the organisation including enhanced community engagement and the administrative support required to ensure effective day to day management of the organisation. The Registered Office of the Trust is now located at the premises of TAG Accountants Group (fomierly Copia Wealth and Tax Ltd), Wolvertiampton, who also provide bookkeeping services to the Trust. OBJEcfIvES AND AcfIviTIES Objectives The objects of the Trust are to preserve for the benefit of the inhabitants of the County of West Midlands and the nation at large, whatever of the English historical, architectural and constructional heritage may exist in or around the said county in the form of buildings (including those defined as 'Statutorily Listed, under the current relevant legislation) of particular beauty or historical, architectural or constructional interest.
West Midlands Historic Buildings Trust REPORT OF THE TRUSTEES For the year ended 31st March 2024 The Trust is interested in buildings which are neglerted, decaying or at risk of demolition, especially where efforts to secure a commercial solution have not been found. The focus is on statutorily listed buildings and heritsge assets within designated conservation areas although consideration will be given to all buildings of architectural or historical merit. Public beneflt In setting the Trust's objectives, the Trustees have given careful consideration to the Charity Commission general guidance on public benefit. All projects seek to engage with local communities and seek solutions for reuse of buildings at risk that will be of public benefit. Activitles In accordance with the powers, we have, in promoting the objects: Maintained contart with local authority conserdation officers, Historic England, the West Midlands Combined Authority and other relevant organisations to promote our objerts and seek data on heritage at risk across our area of interest. Responded to requests for assistance and advice on buildings at risk and researched several potential candidates for projects brought to our attention. Sought to safeguard the long-term viability of the organisation by collaborating with The Worcestershire Building Preservatlon Trust and The City of Wolvertlampton Regenerating Buildings Preserrfation Trust with whom work on a joint Business Plan had progressed well and proposals for closer working, including establishment of a new CIO to provide supporting business infrastructure in the longer term. Enhanced our presence on social media to improve communication and engagement with local communities. Sustained our membership numbers and organised a series informative talks (both live and virtual) on buildings conservation topics, organlsed site visits to restoration projects, hosted a specialist conference and issued a quarterly newsletter. ACHIEVEMENTS AND PERFORMANCE Thomas Roblnson Bulldings and Lodge (Lye and Wollescote Cemetery Chapels), Dudley The Trust retains ownership and the buildings continue to generate a regular income stream to meet loan repayments (the mortgage now having been tranSferd to partner trust, City of Wolverhampton Regenerating Buildings Preserrfation Trust), build funds to support long-term maintenance plans and the continued repairs and improvements to the Lodge (in residential use) in the context of improving the energy performance rating for the house and its residents. St Mlchael's Place (Master's House and St Michael's Chapel), Warwlck This slte contaSns two (15th 116th century) grade II* listed buildings at risk on the site of a medieval leper hospital (scheduled ancient monument) and has featured in every editlon of the Historic England Heritage at Risk Register. The Trust completed a Viability Appraisal of the site in 2018 and has continued to work closely with partners, including Warwick District Council and Historic England, to rescue and provide a secure future for these listed buildings. The proposals involve converting the Master's House (to a two-bedroom house) and St Michael's Chapel (to a one-bedroom house) supplemented by new-build (8 one-bedroom apartments) by an affordable housing provider. The Project Steering Group, made up of trustees and other project partners has continued to meet on a monthly basis throughout the year. Budget costs of the scheme have risen since planning approval was granted in Ottober 2021, the project being paused upon reaching statutory consents stage until ownershÉp was transferred to Warwick District Council. Funding has since been secured from Warwick District Council, the Architertural Heritage Fund, Historic England and the National Lottery Heritage Fund for development and delivery of the scheme.
West Midlands Historlc Buildlngs Trust REPORT OF THE TRUSTEES For the year ended 31st March 2024 Necessary ecological surveys and archaeological advance works have been completed including evaluation of service routes to the site through the scheduled area. Outstanding legal matters have been resolved. The appointment of a Heritage Engagement Coordinator for the project has been undertaken as a requirement of the NLHF grant requiring an enhanced level of community engagement throughout the project. Final design work for the new-build apartments and the Master's House building is in progress, which is required for a round two grant application to NLHF, aiming for submission during 2024-25. Provided that application is successful, works on the delivery stage of the project should commence during 2025-26. Buildings at Risk The Trust has continued in its efforts to identify a conservation / regeneration projert within the West Midlands County. Several possible projects have been identified within Birmingham and the Black Country with follow up site visits and discussions with partners. The Trust is also seeking to recruit volunteers to assist with the identification of buildings at risk using a Buildings at Risk phone based App (see below). Worklng wlth Partner Trusts The collaboration with The City of Wolverhampton Regenerating Buildings Trust and The Worcestershire Building Preservation Trust (together the Three Trusts) to mutually support common activities has continued to work well during the past year. Sharing staff and other resources with neighbouring Trusts will secure a transformative change in coming years supported by the adoption of the joint Business Plan nearing completion. in In late 2020 a grant was awarded by Historic England enabling the 3 trusts to move towards employing two members of staff: a Heritage Development Officer (HDO) and a part time Heritage Development Support Officer (HDSO), and to establish a shared office (currently based in Worcester one day per week) with employees also working from home untll a permanent office can be establlshed. Following a competitive recruitment process two staff started In post on 1st May 2021 wlth contracts ending mid- 2024. Staff changes have occurred this year necessitating the recruitment of a replacement HDO on short-term contract. Recruitment for a replacement for the HDSO vacancy failed to identtfy a suitable applicant and it was resolved to amend this role to a more general Administrative Manager position and, if necessary, to use 3 Trusts own funds when the Historic England grant eXplS in 2024 to enable this to be advertised as a permanent post. This proved to be successful, and the new post is now established and providing stability for the evolving administrative demands of the 3 Trusts. Further funding is being sought to support extending these posts in accordance with the aspirations of the emerging Business Plan. Match-fundsng from the 3 Trusts may be required, continuing the arrangement with the current Historic England capacity-building grant. A Project Steering Group meets regularly to oversee delivery of the Historic England funded project with delegated authority to make decisions within the projert scope and budget. A Human Resources sub-committee of trustees has also been established to oversee matters relating to staff employment with the support of a human resources consultant. A key outcome for the Capacity Building Project is the establlshment of a Buildings at Risk Register for the aa covered by the three trusts and that this should allow for public engagement with the process. Progress on the 'Buildings at Risk. App (launched in 2022) has been consolidated during the year including securing additional funding towards the costs of developing a business plan for the BaR App to enable sharing of the platform with other Building Preservation Trusts. A portion of this grant has been used to provide a short-term student placement to cover enhancement of specific aspects of the project to further efforts to engage wider communities in the identification of heritage at risk across the region.
West Midlands Historic Buildings Trust REPORT OF THE TRUSTEES For the year ended 31st March 2024 The Strategic Plan 2021-2025, adopted by Trustees included a resolution to pursue further funding applications to progress work on business planning and audience development. A successful application to the National Lottery Heritage Fund awarded grant aid up to £82,542 with approval to start in late January 2022. The Project Steering Group meeting on a monthly basis appointed Bearwood Associates Ltd, following a competitive tendering process, to manage the Resilience & Engagement Project. Further consuftancy positions of business planner and evaluation consultants were procured. The project aims are to produ an Audience Development Plan; develop a Business Plan to identify new income streams and business models. strengthen Organisational Resllience by recruiting new trustees and volunteers and to understsnd the environmental impart of projects and activities including and how to achieve carbon zero in the future. Significant progress has been achieved this year although there have also been setbacks. The Business Plannlng process commenced in summer 2022 has been an incremental process over the past two years as circumstances have been changing and access to grant aid to deliver aspirations has been uncertain. The proposed changes in the business plan will be delivered through a long-term transition whereby it is proposed to estsblish a new Charitable Incorporated Organisation (CIO) which will effettively take on the role currently supported by the West Midlands Historic Buildings Trust, as lead Trust of the three partners, in terms of administrative support, employment of staff, general fund raising, publicity, marketing and branding including member supporter services. Legal advice on this way forward has progressed this year with a view to adopting the new 'umbrella' CIO during 2024-25. The role of trustees is unlikely to change greatly until a more estsblished senior stsff team is in place and able to take the organisation forward with strategic backing from the Councils of Management of the 3 partner Trusts. It is intended that all trustees will be invited initially to sit on the board of the delivery organisation / CIO 'West Midlands Heritsge, This way fOrard will release West Midlands Historic Buildings Trust from its current sometimes onerous responsibillties to enable concentration on projects delivery in future years. The Business Plan is recognised to be aspirational, but this level of ambition is warranted and should also hopefully appeal to funders. FundÉng applications wlll be made to support the cost of transition as opportunities arise. FINANCIAL REVIEW AND PLAt4S FOR FUTURE PERIODS The focus for the coming 12 months is to: Continue to develop a comprehensive Buildings at Risk register for the West Midlands County and surrounding districts involving local communities and working with partners in local authorities, Historic England, the West Midlands Combined Authority and other relevant stakeholders. Adopt the joint Business Plan, including Fund Raising Strategy, develop a Marketing Strategy and complete an Audience Development Plan. Conclude the creation of the new West Mbdlands Heritage CIO and transfer stsffing and other joint responsibilities to the new Trust. Follow up research with a view to identifying potential future projects, make funding applications and securing working partnerships to seek solutions for historic buildings at risk. Build capacity to offer consultancrf ser•4ices to assist others struggling to save and conserve buildings at risk where dirett trust intervention is not appropriate.
West Mldlands Historic Buildings Trust REPORT OF THE TRUSTEES For the year ended 31st March 2024 Commence the delivery phase of the St Michael's Place (Masters House and St Michael's Chapel) project Continue working towards adoption of the Charity Govemance Code. The financial position of the Trust is set out in detail in this Finanaal Statement. Reserves Policy It is the policy of the Board to maintain a level of reserves sufficient to ensure the continued operation of Trust activities including ongoing rna1ntenan of property owned by the Trust, for which a restricted fund has been established, and sustaining the future employment of core staff. Responslblllties of the Management Commlttee Company law reqUIS the trustees to prepare Financial Statements for each financial year which give a true and fair view of the charitsble company as at the Balance Sheet date and of its income resources and application of resources, including income and expenditure for the financial year. In pparIng those financial Statements, the trustees should follow best practice and: selert suitable Account policies and apply them consistently. make judgements and estimates that are reasonable and prudent. and prepare Financial Statements on the going concem basis unless it is inappropriate to assume that the company will continue on that basis. The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees Report and the Financial Statements in accordance with applicable law and UK Accounting Standards. The trustees are responsible for maintaining proper Accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to ensure that the Flnancial Ststements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the pventIOn and detection of fraud and other irregularities. Members of the Management Commlttee The members and directors who are also trustees for the purpose of charity law, and served during the year, and up to the date of this report, are set out on page l. This report has been prepared in accordan with the Statement of Recommended Practbce Accounting Reporting by Charlties (issued in 2015) and in accordance with the provisions applicable to companies subject to the small companies, regime. SIGNED ON BEHALF OF THE BOARD BY: Position: l•tyJ {. 'K If"
Independent Examinerfs Report to the Trustees of West Midlands Historic Buildings Trust I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 8 to 19. Responsibllltles and basls of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act?. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for Independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Direttlons given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's ststement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or the accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Att other than any qUirement that the accounts gtve a 'true and fair view, which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charitles applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Oliver Ross Bsc (Hons) FCA Independent Examiner Regent House Bath Avenue Wolverhampton WVI 4EG Date:
West Midlands Historic Buildings Trust Statement of financial activities For the year ended 31 March 2024 2024 2024 Unrestrfcted Restrlrted Funds Funds 2024 Total funds 2023 Total Funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Other trading activities 2,442 6,439 1,712 214,490 37,322 216,932 43,761 1,712 110,746 31,613 2,867 10,593 251,812 262,405 145,226 EXPENDrruRE ON Raislng funds Charitable attivities 4,712 198,971 4,712 234,055 24,066 143,770 35,084 35,084 203,683 238,767 167,836 NET INCOME/EXPENDITURE (24,491) 48,129 23,638 (22,610) REVALUATION 5,000 TRANSFERS 16 24,719 (24,719) RECONCILXATION OF FUNDS Total funds brought forward 26,825 438,205 465,030 482,640 TOTAL FORWARD FUNDS CARRIED 14 27,053 461,615 488,668 465,030 The Statement of Financial Activities includes all gains and losses in the year All income and expenditure has arisen from continuing activities.
West Midlands Historic Buildings Trust Statement of Financial Position For the year ended 31 March 2024 2024 Total funds 2023 Total Funds Notes FIXED ASSETS Investments 11 470,000 470,000 CURRENT ASSETS Debtors Cash at bank 12 27,979 460,853 90,553 67,042 488,832 157,595 CREDrroRS Amounts falling due within one year 13 (431,057) (116,103) NEf CURRENT LIABILrrIES 57,775 41,492 TOTAL ASSETS LESS CURRENT LIABIUTIES 527,775 511,492 CREDITORS Amounts falling due after one year 14 15 (39,107) (46,462) NET ASSETS 488,668 465,030 FUNDS Unrestricted funds Restricted 16 16 27,053 461,615 26,825 438,205 TOTAL FUNDS 488,668 465,030
West Mldlands Historic Buildin9s Trust statement of Financial Position For the year ended 31 March 2024 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the charitable company to obtain an audit of its finanaal statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for: Ensuring that the charitable company keeps accounting records that comply with Sertions 386 and 387 of the Companies Act 2006 and Preparing financial statements which give a true and fair view of the stste of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sertions 394 and 395 and which otherwise comply with the requirements of the Companies Art 2006 relating to financlal statements, so far as applicable to the charitable company. b) These Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. These financial statements were approved by the Board of Trustees on5 .IGL.tr and were signed on its behalf by: QJJL Trustee Company Number: 01876294 10
West Midlands Historic Bulldings Trust Notes to the financlal statements For the year ended 31 March 2024 GENERAL INFORMATION The charity is a public benefit entity and a private company limlted by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 8 Pendeford Place, Pendeford Business Park, Wolverhampton, WV9 5HD. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. ACCOUNTING POUCIES Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the fvnctional currency of the entity. Going concern The accounts have been prepared on a going concem basis as there are no material uncertainties about the charity's ability to continue in operation existence for the foreseeable future. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements a continually reviewed and a based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 11
West Midlands Historic Bulldings Trust Notes to the finan¢lal statements For the year ended 31 March 2024 Income All incoming resources are included in the statement of financial artivities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transattion will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Investment income is included when receivable. Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully Covered, and is classified under headings of the statement of financial activities to which ft relates: expenditure on charitable artivities includes all costs incurred by a charity in undertaking attivities that further its charitable aims for the benefit of its benefiaaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable artivities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single artivity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justiflable and consistent basis. Investment property Investment propety is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value eXedS the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Taxation The charity is exempt from corporation tsx on its charitable activities. 12
West Midlands Historic Buildings Trust Notes to the financial statements (Continued) For the year ended 31 March 2024 DONATIONS AND LEGACIES Unrestrlcted Funds Restrlrted Funds Total 2024 Total 2023 Grants received from: National Lottery Heritage Fund Warwick District Council Dudley Council Historic England Other Donations 39,633 91,928 39,633 91,928 2,400 82,930 42 29,871 19,886 2,400 82,930 60,782 207 42 2,442 214,491 216,933 110,746 INVESTMENT INCOME Unrestrlcted Restrlcted Funds Funds Total 2024 Total 2023 Rental income Bank interest received 37,322 37,322 6,439 30,914 699 6,439 6,439 37,322 43,761 28,154 RAISING FUNDS Unrestricted Restricted Funds Funds 2024 2023 Rent collection, property repairs and maintenance charges 4,712 4,712 24,066 4,712 4,712 3,698 13
West Midlands Historic Buildings Trust Notes to the financial ststements (Continued) For the year ended 31 March 2024 CHARITABLE AcfivITIES Unrestricted Restrirted Funds Funds 2024 2023 Accounting fees Advertising and promotions Bank charges Office & IT equipment Staff costs Event Costs Room hire and meetings Professional fees Building works Subscriptions Pri nting, postage and stationery Telephone Travel expenditure Insurances Interest on loan Sundries Rent 5,621 394 60 297 1,735 1,379 350 22,449 248 328 5,869 722 60 1,888 33,431 3,241 395 155,148 23,850 500 889 85 148 1,620 2,484 1,815 1,910 4,037 360 74 1,284 50,762 4,965 838 70,768 1,591 31,696 1,862 45 132,699 23,850 500 274 250 769 87 752 2,649 3,081 270 2,824 615 78 137 11 1,620 2,484 1,506 1,832 309 78 35,084 198,971 234,055 143,770 NET INCOME/(EXPENDITURE) 2024 2023 Net income/(expenditure) is stated after charging: Accountants fees for independent examination of the accounts 1,300 1,200 STAFF cosrs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Employer contributions to pension plans 32,594 837 49,284 1,478 33,431 50,762 14
West Midlands Historic Buildings Trust Notes to the financial statements (ContSnued) For the year ended 31 March 2024 9. STAFF COSTS (continued) The above staff costs include restritted costs which relate to two stsff members who costs are charged 800/0 to the Capacity Building Projert. This is a joint project with The Worcestershire Buildings Trust and The City of Wolverhampton Regenerating Buildings Preservation Trust hen the remaining 20% of staff costs are split equally between the three trusts (6.67 % each) and recharged accordingly from West Midlands Historic Buildings Trust who run the payroll. These costs are included in unrestricted expenditure. 10. TRUSTEES. REMUNERATION AND EXPENSES There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no expenses reimbursed durlng the year ended 31 March 2024 nor for the year ended 31 March 2023. 11. FIXED ASSETS Investment Properties Tota I COST At l April 2023 and 31 March 2024 470,000 470,000 DEPRECIATION AND XMPAIRMENTS At l April 2023 Charge for the year At 31 March 2024 NET BOOK VALUE At 31 March 2024 470,000 470,000 At 31 March 2023 470,000 470,000 Investment property comprises of land and buildings. The investment properties were valued on 29 March 2023 by external qualified valuers. It should be noted there is an underlying change in the basis of the valuation. Previous valuations, assumed planning permission was approved on an undeveloped piece of land whereas the latest valuation assumed no planning permission was included. The board of Trustees consider the valuations to be a fair reflection of the market value of the properties as at 31 March 2024 and have included these amounts in the financial statements accordingly. 15
West Midlands Historic Buildings Trust Notes to the financial statements (Contlnued) For the year ended 31 March 2024 12. DEBTORS 2024 2023 Debtors VAT Prepayments & accrued income 10,274 16,982 723 80,793 7,867 1,893 27,979 90,553 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other loans (see note 15) Trade creditors Accruals & deferred income Social security & other taxation Other creditors 7,333 45,777 376,841 764 342 6,998 39,084 69,360 401 260 431,057 116,103 Since April 2021, a cumulative total of £875,944 of funding has been received towards the artivities of the Heritage Emergency Capacity Building, Resilience & Engagement, Heritage Compass and St Michael's Place projects. By the end of the financial year cumulative expenditure of £519,646 had been incurred on projett activities. The remaining £356,298 is reserved for future development artbvlties and is included in deferred income above. 14. CREDITORS: AMOUNTS FALLING DUE AFfER ONE YEAR 2024 2023 Other loans (see note 15) 39,107 46,462 16
West Midlands Historic Buildings Trust Notes to the financial statements (Continued) For the year ended 31 March 2024 15. LOANS Included in the above amounts due after one year are the following: 2024 2023 Amounts repayable by instalments but not wholly repayable within five years: Repayable within one year Repayable within one to two years Repayable within two to five years Repayable after five years 7,333 7,733 25,654 5,720 6,998 7,356 24,405 14,699 46,440 53,460 On 8th August 2022, The City of Wolvertiampton Regeneratlng Buildings pserVation Trust, took over the mortgage and loaned an amount to West Midlands Historic Buildings Trust, 16. MOVEMENT IN FUNDS Incoming Resources Outgolng Resources At 31.3.24 At 1.4.23 Transfers Unrestrlcted funds General fund 26,825 24,719 10,593 (35,084) 27,053 Restricted funds Lye & Wollescote Himley Hall St Michael's Chapel The Masterfs House Heritage Emergency Fund Historic England / Capacity Building Resilience Engagement Heritage Compass 422,350 4,294 11,479 37,322 (7,896) 451,776 (4,294) (19,833) 110,597 (90,776) 11,467 82 (82) 64,260 (64,260) (510) 39,335 (40,453) (1,628) 298 (298) Total Restricted Funds 438,205 (24,719) 251,812 (203,683) 461,615 TOTAL FUNDS 465,030 262,405 (238,767) 488,668 17
West Midlands Historic Buildings Trust Notes to the financial ststements (Continued) For the year ended 31 March 2024 16. MOVEMENTS IN FUNDS (continued) Details of restricted funds are provided below. Thomas Roblnson Buildings and Lodge (Lye and Wollescote Cemetery Chapels) Funding was received to renovate the Thomas Robinson buildings, known as the Lye and Wollescote Chapel Buildings. Upon completion of the work suitable tenants were identified and the Trust collects the rent and ser•4ice charges. Under the terms of the grant the income is applied for the purpose of the buildings. Within this restricted fund the Trustees designated three lines of funds for specific purposes. These being two separate sinking funds for future repairs at The Lodge (£8,140) and the Thomas Roblnson Building (£21,569). Hlmley Hall Walled Garden and East Yard, South Staffordshlre Funding was provided to carry out a feasibility study to establish the viability of this projert. The final artivities in the project were completed in August 2020 so the balance on the project has been transferred to Unrestricted Funds to close the account. St Michael's Chapel and the Masterfs House, Warwick Following-on from a viability appraisal, funding was obtained for detsiled design work and procuring tenders for an innovative proposed scheme to create a sustainable new affordable housing use of two (15th 116th century) grade Il* Ilsted buildlngs at risk on the site of a medieval leper hospital (a scheduled ancient monument). Funding was also obtained for archaeological ground investigation work to inform the detailed designs Heritage Emergency Fund This is a package of support for the heritage sector made available by the National Lottery Heritage Fund as a response to the coronavirus (COVID-19) crisis. Funding was provided to cover digital capability enhancement, website development and the completion of a strategic plan for 2021 2025. The final activities in this project were completed in 2021 so the balance of the project has been transferred to Unrestricted Funds to close the account. Historlc England / Capacity Buildlng The project is designed to support the expansion of WMHBT by expanding the Trust's capacity to implement research on Buildings at Risk, identify potential projects for future activity and follow up on a Strategic Plan. In addition to these activities the project provides support for the employment of two staff members. Resilience & Engagement This is a package of funding in support of further development of the Trust, including Business Planning, additional Audience Development work (in conjunction with the Heritage Compass programme below) and independent evaluation of the Trust's work. At the end of the year the project was overspent by £1,628 however additional funds for the project are due in 2024/2025 to cover final expenditures and close the project. 18
West Midlands Historic Buildings Trust Notes to the financial statements (Continued) For the year ended 31 March 2024 16. MOVEMENT IN FUNDS (continued) Heritage Compass This programme supports additional training for a stsff member who is also involved in the creation of an Audience Development plan to expand the understandlng of the Trust throughout the West Midlands. The final activities in the project were completed in December so the balance on the project has been transferred to Unrestricted Funds to close the account. 17. ANALYSIS OF NET ASSEfs BETWEEN FUNDS Tanglble Net current Flxed Assets/ Assets (Llabilltles) Long Term Llabllltles Total 2024 Total 2023 Unrestricted funds Restricted funds 26,971 30,804 26,971 461,697 25,058 439,972 470,000 (39,107) TOTAL FUNDS 470,000 57,775 (39,107) 488,668 465,030 18. RELATED PARTY DISCLOSURES There were no related party transattions for the year ended 31 March 2024 nor for the year ended 31 March 2023. 19. LEGAL STATUS OF TRUST The West Midlands Historic Buildings Trust is a company limited by guarantee. In the event of winding up or dissolution of the company, members. liability under the Memorandum of Association is limited to £1 each. At 31 March 2024 there were 65 Members. 19