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2020-12-31-accounts

Charity Registration No. 518532

Company Registration No. 02086274 (England and Wales)

GREENFIELD VALLEY TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

GREENFIELD VALLEY TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs M T Auty
Mr R Bailey
Ms C Hall
Mrs G Harrison
Mrs B A Harvey
Mr C L Jones
Mrs A Longley
Mrs R Owen
Ms C Walker
Secretary Mr I D Jones
Charity number 518532
Company number 02086274
Principal address Basingwerk House
Greenfield Valley
Greenfield
Holywell
Flintshire
United Kingdom
CH8 7QB
Registered office Basingwerk House
Greenfield Valley
Greenfield
Holywell
Flintshire
United Kingdom
CH8 7QB
Auditor Azets Audit Services
Brynford House
21 Brynford Street
Holywell
Flintshire
Wales
CH8 7RD

GREENFIELD VALLEY TRUST LIMITED

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent auditor's report 7 - 10
Statement of financial activities 11
Balance sheet 12 - 13
Notes to the financial statements 14 - 24

GREENFIELD VALLEY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

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

Objectives and activities

Greenfield Valley Trust was established to promote the restoration, improvements and permanent preservation, for the benefit of the public, land and buildings of historical, environmental and agricultural interest principally in the Greenfield Valley area of Holywell, Flintshire. The Trustees confirm that due regard is paid to the Charity Commission's guidance on public benefit. In particular the Trust shall:

(a) As regards land, preserve (so far as practicable) their natural aspect, features, animal and plant life.

(b) As regards buildings, to preserve as national monuments buildings of national historical or architectural or industrial or artistic interest and importance and to protect and improve amenities and surroundings of such buildings and preserve as an adjunct to such buildings furniture, industrial machinery and other chattels of national historical or industrial or artistic interest.

(c) To facilitate and encourage access to and promote the study and appreciation of such land and buildings

by the general public.

(d) To promote any other charitable purpose which will promote public interest in the study and appreciation of land and buildings of historical industrial, environmental and agricultural interest, which are related to the foregoing objectives.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Achievements and performance

The Heritage Lottery Fund award of £1m came to an end in December 2019, this grant opportunity enabled the opening up of new visitor attractions and ways of working, it assisted attracting increased numbers of volunteers and raised public awareness of the Valley itself. The Trust has learnt a lot from the experience which will continue to feed into future plans.

A major grant of £900k was awarded in year by the Welsh Assembly to upgrade and improve drainage and footpaths across the length of the Valley, making it more accessible and attractive as an Active Travel route. This has proved highly popular and has increased footfall across all areas of the woodland.

Other grants from the Landfill tax and Tesco improved areas of landscape in the Valley and supported the

creation of a hatchery.

Funds from the Welsh Government as part of the national flood prevention scheme has seen major work on the reservoirs within the Valley and the paths surrounding the areas In order to plan for growth beyond 2021 as well as ensuring delivery of the Trust charitable objectives the Board is embarking on the development of a new 10 year strategy.

GREENFIELD VALLEY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

COVID-19

Since the Covid 19 lockdown was announced in March the Valley has been unable to open its primary source of self-generated income, the pay boundary. The Board were advised by email in March that Coronavirus had the potential to put in jeopardy the financial forecast and balanced budget that they had previously approved for 2020.

At the Board meeting on the 8 June 2020 the Trustees were advised of a potential in year loss estimate at £25,000. The Trustees were advised that the Charity held within its cash reserves (that had been approved by the Board in January 2020) specific funds to absorb unknown detrimental potential impacts on costs or income. These cash reserves have provided resilience and allow the Charity to assume it is safe to operate as a going concern .

GREENFIELD VALLEY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

In anticipation of the uncertainties arising from the impact of COVID 19 the Trust acted quickly to ensure that all financial consequences were identified and where necessary acted upon, in order to preserve the financial strength of the Trust for the future. Currently the Board of Trustees consider the Trust maintains sufficient reserves to ensure the continued provision of activities and services.

The Board of Trustees has a duty to assess and report on whether the organisation is a going concern. In normal times this is a relatively straightforward question, however given the global pandemic, like many organisations the Board of Trustees thought it appropriate to consider the matter in this context. The Board of Trustees are pleased to report that having done so it is considered appropriate for the financial statements to be drawn up on a going concern basis.

Income

Flintshire County Council have paid in full £55,000 for the management fees and contributions, for 2020, and rents of £7,000 have be collected throughout the year as some of the premises rented out are unaffected by the virus.

The pay boundary, although open for one week in February 2020 half term, was due to open for the full 2020 season at the end of March. With the government allowing very limited and strictly controlled opening in August 2020, there w as only be a limited amount of admission income or shop income in 2020

As the cafe and coffee kiosk are also closed it was agreed no rent would be charged to the new owners in order to offer them support and encouragement to retain the business and reopen when government regulation allow. It was agreed that if reopening of the cafe was allowed in 2020 the rent would be waived for the rest of the 2020 year to allow the owners’ time to build the business.

Expenditure

Expenditure for the year ended 31 December 2020 was monitored, controlled and reduced where appropriate to account for the reduction in income brought about by the COVID 19 restrictions that impacted admissions and shop income.

Unrestricted incoming resources amounted to £103,896 and total resources expended amounted to £103,285, resulting in an unrestricted surplus for the year at £611.

Coronavirus Grants

The Trust was awarded £8,070 from a museum grant fund. The funding will be used to update the website including the development of a module allowing visitors buy tickets and passes online direct through the website.

Support was provided by Flintshire County Council through the COVID 19 business support grant at £10,000.

Principal funding sources

The principal funding sources can be analysed as follows:

Flintshire County Council - 44% (2019: 26%) Self-generating income - 38% (2019: 37%) Donations and specific grants - 18% (2019: 37%)

Reserves policy

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

At the Board meeting 8th June the Trustees were advised future discussion about the re-prioritisation of reserves would be required once the extent of the loss and the limited reopening become clearer.

GREENFIELD VALLEY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

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

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Each member of the Trust promises, if the charity is dissolved while he or she remains a member or within 12 months afterwards, to pay up to £1 towards the costs of dissolution and the liabilities incurred by the charity during their membership.

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

Mrs M T Auty

Mr R Bailey Ms C Hall Mrs G Harrison Mrs B A Harvey Mr C L Jones Mrs A Longley Mrs R Owen Ms C Walker

The directors of the company are also the charity's trustees for the purposes of charity law and under the company's Articles are known as trustees.

The trustees are appointed in accordance with the provisions of clauses 27-33 of the Articles of Association.

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

Induction and training of new trustees

New trustees are presented with information packs containing documents such as the Memorandum and Articles of Association, the latest Annual Accounts, minutes of recent meetings of the trustees, the Collection Management Plan and the most recent Business Plan and Strategy documents.

Opportunities are provided to meet on a personal basis with the Museum Mentor, Operations Manager and the Company Secretary to explain in more detail how the trust works and to provide an opportunity to tour the site and explain in more detail the various papers.

Wider network

The Trust enjoys active membership of the Association of Independent Museums, the Rural Museum Network, The Welsh Mills Association and the Welsh Federation of Museums and Galleries, Libraries and Archive Council. The Trust also maintains a very close working relationship with CyMAL. The Trust also has a strong link with CADW in its management of the Three Mills site and other Scheduled Monuments within the Greenfield Valley Heritage Park. The Trust has developed a network of relationships with various organisations in seeking to extend its involvement with the local and regional community and in widening its volunteer base.

Related parties

The major party related to the Trust is Flintshire County Council, who are the owners of the land, buildings,

furniture and equipment.

The Trust has agreed to manage the premises and equipment on behalf of the Council in accordance with the Management Agreement between the two parties. The Council makes payments to the Trust for the provision of this service.

GREENFIELD VALLEY TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Auditor

The auditors, Azets Audit Services, will be proposed for re-appointment in accordance with the Trust’s governing document, a deed of trust.

The trustees' r eport was approved by the Board of Trustees.

Mr I D Jones

Trustee Dated: 26 April 2021

GREENFIELD VALLEY TRUST LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

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

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

In preparing these financial statements, the trustees are required to:

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

GREENFIELD VALLEY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF GREENFIELD VALLEY TRUST LIMITED

Opinion

We have audited the financial statements of Greenfield Valley Trust Limited (the ‘trust’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the trust 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 trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

GREENFIELD VALLEY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREENFIELD VALLEY TRUST LIMITED

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the trust for the purpose of company law, 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 trust’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s :// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GREENFIELD VALLEY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREENFIELD VALLEY TRUST LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Melanie Langton-Davies ACA FCCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services 26 April 2021
Chartered Accountants
Statutory Auditor Brynford House
21 Brynford Street
Holywell
Flintshire
Wales
CH8 7RD

GREENFIELD VALLEY TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREENFIELD VALLEY TRUST LIMITED

Azets Audit Services is eligible for appointment as auditor of the trust by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

GREENFIELD VALLEY TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and grants
3
968
20,807
Charitable activities
4
92,826
-
Investments
5
102
-
Other income
6
10,000
-
Total income
103,896
20,807
Expenditure on:
Gift shop
7
4,627
-
Charitable activities
8
98,658
37,199
VAT input tax
disallowed under partial
exemption
-
-
Total resources
expended
103,285
37,199
Gross transfers
between funds
-
-
Net income/(expenditure)
for the year/
Net movement in funds
611
(16,392)
Fund balances at 1
January 2020
138,356
720,331
Fund balances at 31
December 2020
138,967
703,939		 TotalUnrestricted
Restricted
funds
funds
2020
2019
2019
£
£
£
21,775
4,318
83,680
92,826
147,479
-
102
185
-
10,000
-
-
124,703
151,982
83,680
4,627
8,885
-
135,857
115,659
154,205
-
4,099
-
140,484
128,643
154,205
-
(3,537)
3,537
(15,781)
19,802
(66,988)
858,687
118,554
787,319
842,906
138,356
720,331		 Total
2019
£
87,998
147,479
185
-
235,662
8,885
269,864
4,099
282,848
-
(47,186)
905,873
858,687

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

GREENFIELD VALLEY TRUST LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds
Designated funds
19
General unrestricted funds		 2020
£
5,931
17,310
126,105
149,346
(31,336)
76,000
62,967		 2019
£
£
724,896
5,748
121,322
128,831
255,901
(146,657)
118,010
842,906
703,939
76,000
62,356
138,967
842,906		 £
749,443
109,244
858,687
720,331
138,356
858,687

GREENFIELD VALLEY TRUST LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2020

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 26 April 2021

Mrs M T Auty Mrs G Harrison
Trustee Trustee

Company Registration No. 02086274

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Greenfield Valley Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Basingwerk House, Greenfield Valley, Greenfield, Holywell, Flintshire, CH8 7QB, United Kingdom.

1.1 Accounting convention

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

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

The financial statements are prepared in sterling , which is the functional currency of the trust. Monetary a mounts in these financial statements are rounded to the nearest £.

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

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The impact of COVID 19 to the operation of the Trust has been material, however the Board of Trustees have taken practical and timely action to preserve the financial strength of the Trust and are not aware of any material uncertainties which would warrant a change to this basis of accounting.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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

1.4 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% p.a. straight line Capital works on museum 2% p.a. straight line Plant and equipment 20% p.a. straight line Fixtures and fittings 20% p.a. straight line Park projects 10% p.a. straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.6 Impairment of fixed assets

At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.7 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8 Cash and cash equivalents

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

1.9 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

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

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

3 Donations and grants

Unrestricted
Restricted
funds
funds
2020
2020
£
£
Donations and gifts
140
-
Grants
828
20,807
968
20,807		 TotalUnrestricted
Restricted
funds
funds
2020
2019
2019
£
£
£
140
1,848
-
21,635
2,470
83,680
21,775
4,318
83,680		 Total
2019
£
1,848
86,150
87,998

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

3
Donations and grants
Grants receivable for
core activities
Heritage Lottery Fund
WCVA Landfill Disposal
Tax Community Scheme
Welsh Federation of
Museums
Flintshire County Council
Grwp Cynefin - grant for
health and safety
Welsh Government -
Glasdir Woodland
management
Groundwork UK
Marsh Christian Trust
Award
Bid Ideas - Trailblazers
workshops
AGE UK - Cym Llydan
Crafternoons		 -
-
-
-
175
653
-
-
-
-
828		 -
4,900
10,907
5,000
-
-
-
-
-
-
20,807		 -
4,900
10,907
5,000
175
653
-
-
-
-
21,635		 -
-
-
1,870
-
-
-
-
100
500
2,470		 (Continued)
60,580
60,580
19,600
19,600
-
-
-
1,870
-
-
-
-
3,000
3,000
500
500
-
100
-
500
83,680
86,150

4 Charitable activities

Charitable Charitable
Income Income
2020 2019
£ £
Flintshire County Council - management fees 38,000 38,000
Flintshire County Council - management contributions 17,080 23,200
Admissions and charges 21,179 59,758
Shop takings 7,859 14,757
Rental income 7,733 11,570
Other income 975 194
92,826 147,479

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Investments

6
7		 UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Investment income - bank deposit interest
102
185
Other income
Unrestricted
Total
funds
2020
2019
£
£
COVID-19 business grant
10,000
-
Gift shop
UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Trading costs
Opening stock
5,748
6,901
Shop purchases
4,810
7,732
Closing stock
(5,931)
(5,748)
Trading costs
4,627
8,885
4,627
8,885

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

8 Charitable activities

Charitable
Charitable
Expenditur e
Expenditur e
2020
2019
£
£
Depreciation and impairment 24,547
26,407
Advertising 6,634
17,453
Events and activities 422
36,504
Livestock, farm supplies and veterinary fees 351
2,806
Trainees and volunteers expenses 199
717
Business rates and water charges 2,487
898
Licences and insurance 7,753
7,865
Light and heat 13,106
12,610
Uniforms and protective clothing 1,084
1,172
Security and fire prevention 8,913
8,500
Cleaning and waste collection 7,471
10,159
Repairs and maintenance 21,611
14,456
Enhancements and improvements 14,739
98,597
Consultancy fees 423
5,000
Bank charges 1,119
1,810
Website development 8,077
-
118,936
244,954
Share of support costs (see note 9) 8,488
12,228
Share of governance costs (see note 9) 8,433
12,682
135,857
269,864
Analysis by fund
Unrestricted funds 98,658
115,659
Restricted funds 37,199
154,205
135,857
269,864

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

9
Support costs
Support
costs
Governance
costs
£
£
Courses and training
499
-
Telephone charges
2,958
-
Postage and stationery
602
-
Software and IT support
2,445
-
Subscriptions
785
-
Museum collection
conservation
926
-
Sundry expenses
273
-
Audit and accountancy
-
2,800
Legal and professional
-
5,633
8,488
8,433
Analysed between
Charitable activities
8,488
8,433		 2020
Support
costs
Governance
costs
£
£
£
499
1,010
-
2,958
3,024
-
602
2,034
-
2,445
4,378
-
785
480
-
926
824
-
273
478
-
2,800
-
2,800
5,633
-
9,882
16,921
12,228
12,682
16,921
12,228
12,682		 2019
£
1,010
3,024
2,034
4,378
480
824
478
2,800
9,882
24,910
24,910

Governance costs includes payments to the auditors of £ 1,470 (2019- £ 1,400 ) for audit fees.

10 Trustees

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

11 Employees

The average monthly number of employees during the year was:

2020 2019
Number Number
Total - -

There were no members of staff employed directly by the Trust (2019: none).

Management staff, administration staff and wardens were provided on secondment from Flintshire County Council. All staff members were employed by Flintshire County Council.

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

12 Tangible fixed assets

Freehold land
and buildings
Capital works
on museum
Plant and
equipment
Fixtures and
fittings
Park projects
£
£
£
£
£
Cost
At 1 January 2020
5,401
777,693
30,826
26,960
141,227
At 31 December 2020
5,401
777,693
30,826
26,960
141,227
Depreciation and impairment
At 1 January 2020
2,834
61,817
30,502
26,902
110,609
Depreciation charged in the year
108
15,554
324
58
8,503
At 31 December 2020
2,942
77,371
30,826
26,960
119,112
Carrying amount
At 31 December 2020
2,459
700,322
-
-
22,115
At 31 December 2019
2,567
715,876
324
58
30,618		 Total
£
982,107
982,107
232,664
24,547
257,211
724,896
749,443

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

13
Stocks
Goods for resale
14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Loans and overdrafts
Other loans
Payable within one year		 2020
£
5,931
2020
£
4,900
7,636
4,774
17,310
2020
£
-
-		 2019
£
5,748
2019
£
102,760
14,758
3,804
121,322
2019
£
100,410
100,410

The cash flow loan advanced by Flintshire County Council was repayable within one year on demand.

16 Creditors: amounts falling due within one year

Notes
Loan from Flintshire County Council
Deferred income
17
Trade creditors
Other creditors
Accruals		 2020
£
-
19,050
7,371
-
4,915
31,336		 2019
£
100,410
9,500
32,276
161
4,310
146,657

17 Deferred income

Deferred income is included in the financial statements as follows:

Flintshire County Council - management fee £9,500 (2019: £9,500).

Welsh Government - Welsh Cultural Recovery Fund £9,550.00 (2019: £nil)

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January 2019

£
Heritage Lottery Fund - Stage 2 Capital Works
731,429
Heritage Lottery Fund - Stage 2 Ongoing Programme
55,890
Landfill Disposal Tax Community Scheme
-
Goundwork UK
-
Flintshire County Council - contributions to fire alarms
-
Welsh Federation of Museums - contributions to fire
alarms
-
Welsh Federation of Museums - website development
-
Marsh Christian Trust Award
-
787,319		 Movement in funds
Incoming
resources
Resources
expended
£
£
-
(15,553)
60,580
(120,007)
19,600
(17,629)
3,000
(516)
-
-
-
-
-
-
500
(500)
83,680
(154,205)		 Movement in funds
Transfers
Balance at
1 January 2020
Incoming
resources
Resources
expended
Balance at
31 December
2020
£
£
£
£
£
-
715,876
-
(15,554)
700,322
3,537
-
-
-
-
-
1,971
4,900
(5,683)
1,188
-
2,484
-
(55)
2,429
-
-
5,000
(5,000)
-
-
-
2,830
(2,830)
-
-
-
8,077
(8,077)
-
-
-
-
-
-
3,537
720,331
20,807
(37,199)
703,939

GREENFIELD VALLEY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 January 2019
£
Contingency fund
15,000
15,000
20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2020
2020
£
£
Fund balances at 31
December 2020 are
represented by:
Tangible assets
24,574
700,322
Current assets/
(liabilities)
38,393
3,617
62,967
703,939		 Movement
in funds
Transfers
Balance at
1 January 2020
Incoming
resources
Balance at
31 December
2020
£
£
£
£
61,000
76,000
-
76,000
61,000
76,000
-
76,000
TotalUnrestricted
funds
Restricted
funds
Total
2020
2019
2019
2019
£
£
£
£
724,896
33,567
715,876
749,443
118,010
104,789
4,455
109,244
842,906
138,356
720,331
858,687

21 Related party transactions

There were no disclosable related party transactions during the year (2019 - none).