Company Registration No. 020862741England and Wales) Charity Registration No. 518532 GREENFIELD VALLEY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
GREENFIELD VALLEY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs C Powell Mrs B AHarvey Mr C L Jones Mrs S J Lambert (Appointed 13 December 2023) (Appointed 13 December 2023) (Appointed 13 December 2023) Mr l Reay Mr l Brebner Charity number 518532 Prfnclpal address Basingwerk House Greenfield Valley Greenfield Holywell Flintshire United Kingdom CH8 7GH Audltor Crestmere Limited Unit F1. Intec Ffordd y Parc Parc Menai Bangor Gwynedd LL57 4FG
GREENFIELD VALLEYTRUST CONTENTS Page Trustees, report Independent auditovs report Statement of financial activits'es 10 Balance sheet 11 Notes to the financlal statements 12-23
GREENFIELD VALLEY TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annua report and financial ststernents for the year ended 31 December 2023. The financial statements have been prepared in accordance wth the accounting policies set out in note 1 to the financial statements and comply with the trust's goveming document, a deed of trust, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effe¢tive 1 January 20191" Objectlves and activitles Greenfield Valley Tnjst was established to promote the restoration, improvements and permanent preservation, for the benefit of the public, land and buildings of historical, environmental ancl agricultural interest principally in the Greenfield Valley area of Hotywell, Flintshire. The Truslees 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. Ib) AS regards buildings, to preserve a5 national monuments building3 of national hlstorical or architectural or indugtrial or artistic interest and Importan and to protect and improve amenities and surroundings of such buildings and preserve as an adjunct to such buildings fvmiture, industrial machinery and other chattel$ of national historical or industrial or artistic interest. (c) To facilitate and encourage acLess to and promote the study and appreciation of such land and buildings by the general public. (dl To promote any olher charitsble purpose which wll 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. Publlc Beneflt The trustees can confirm that they have complied wrth the duty of Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Significant activities undertaken by the Trust during the year that demonstrate public benefit are set out below. Achievements and perforn?ance During the financial year 2023 the Trust has worked closely with Flintshire County Councrl on maintaining and improving the Greenfield Valley and implementing the Trust'a 10-year Strategy for the Valley which was approved in 2021. The Trust and the County Council have worked together to swre revenue funding from the UK Government's Levelling Up Shared Prosperity Fund {SPF). The Trust has provided £12,000 of match funding to SUPPOrt an archaeological dig project as part of a joint bid which in August 2023 secured £597,500 SPF against a total project cost of £782,275 (including approval of additional funding in February 20241 for improvement plans across the Valley between September 2023 and December 2024. Flintshire Cotsnty Council administers this grant fiJnd. As part of their voluntary role5, board members have provided time and expertisè to support the delivery of the projects. The wid&ranging projects cover plans, studies and the delivery of revenue activity under the following headings..
GREENFIELD VALLEY TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Blue-Green-Herit2ge Infrastructure Visitor Gateway Concept and Design Heritage and Cultural Development Programme Arts, Culture and Heritage Communty Programme Promotion to Visitors Carbon Zero Progression Volunteering programme Digital Infrastructure The TTUSt has also provided £10,DOO of malch lunding towards a Brillianl Basics gTant Df £145,ODO Thi5 is being used to improve the Wre Mill Garden area to open it up to the public. reslore Ihe watewheel and create a new path alongside Parys Mine Pool to provide an attractive new circular pedestn'an route in the Valley. Grants were received during the year from Flintshire County CounaS at £10,282 as contributions to the shared programme of projects for the improving the Greenfield Valley. Grants were received during the year from Welsh Govemment- Wld Escaped at £2,505 and Welsh Govemment - Welsh Festival at £950 as contributions to events and activities undertaken by the Trust, Grants were received during the 2023 year from GroundwOrkse$CO Bag stheme £1.000 and Tree Hub £1,250 as contributions to the events and activities undertaken by the Trust. The Trust has also worked with local partners in the Holywell-Greenfield area to promote the area as a whole and to identify opportunities for joint working. Flnancial re¥low Incorno Flintshire County Council have paid in full £55,080 for the management fees and contributions for 2023 {2022'. £55,180) and rents of £12.108 have been collected throughout the year (2022: £12,937). Expenditure Expenditure for the year ended 31 December 2023 monitored, controlled and increased as appropriate. Unrestricted incoming resources amounted to £169.546 (2022: £165,605) and total unrestricted resources expended amounted to £167,030 (2022.. £157,755) resulting in an unrestricted surplus for the year at £8,516 (2022.. £7,850) inclusive of transfers beeen funds. Restricted incoming resources amounted to £13,737 {2022.' £9.032) and totsl restricted resources expended amounted to £19,615 {2022: £24,586) resulting in a restricted defiot forthe year of £5,878 (2022.. £15.554) indusive of transfers betwoen funds. Princlpal funding sources The principal funding sourGes can be analysed as follows.. Flintghire County Cauncil _ 30 {2022.. 32QA) Self-generating incorne- 60% {2022.- 620A> Donations and specific grants- 100A (2022. 60A) Reserves policy It is the policy of the trust that unreslricted funds which have not been designated for a specTfic use should be maintained at a level equivalent to beeen three and six month's expendrture. The trustees considers that reserves at this level will ensure that, in the event of a 5ignifiGant drop in funding, they will be able to contlnve the trust's current aGtivities while Gonsideration is given to ways in which additional funds may be raised.
GREENFIELD VALLEY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 At the Board meeting 29th May 2024 the Trustees received a report which noted that at 1st January 2024 the Trust balances stood at £206,818 of which £201,383 was cash. £7,293 debtors and £6,000 was shop stock. The board consl¢Jefed and approved the lollowing demands on these balances- Contingency against exceptional costs or loss of income (e.g. enfOd dosure) at £60.000 In year pressures at £13,000.. (In year contsngencyl Derelict Cottage woA(s at £5,000.. (ring fenced funding) Volunteer activity support £10,000 Grants matched funding £10.000 {e.g. Heritage Lottery Fund small grants, Welsh Museums grant) Matdied funding for Heriatge Lottery Fund after Shared Prosperity Fund at £58,000 (Target £500k for 100A matched funding) Trustee Recruitment and Induction £2,000 (Governan 2024) The total contingency fund balance amounts to £158.000. During the year ended 31 December 2023, expenditure amounting to £25.523 (2022.. £27,111) was approved by the Trustees to be released from the Gontingency fund. £75.634 was Iransferred trom the unrestricted general fund and the balance at 31 December 2023 was £158,000. The trustees have assessed the major risks to whith the trust is exposed. and are satisfied that systems are in place to mitigate exposL¢re to the major risk8. Plans for fvture perlod8 The Ttust will continue the delivery of its 10-year plan for the Greenfield Valley which aims to make the Valley one of the top ten destinations in North Wales for visitor8 and local people. Aided by the reports, studies and activities that have been fijnded through the UK government's Levelling Up Shared Prosperity Grant in 2023, the Trust will work in partnership with Flintshire County Council to identify the programme of projects and potential sources of fijnding for these over ihe next 3-5 years. It is antiopaled that this work will lead to major capital proiecis and Bignificant grant bids in future years. The Trust will continue to explore means of generating money from the site to support the maintenance of the historic buildings and the green spaces. It aims to do this Ihrough events and activities that add to the site, attractions. The Trust will explore whether it would be beneficial to create a trading arm. The strategy for the Valley incorporales the Trust's charitable objectives and the Trust will continue to work with partners to secure their delivery, for example working with Cadw in respect of the preservation of historical siles and buildings, universities in respect of history and tourism, local partners in respect of promotion of the area as onè of interest to the general public. Structure, governance and management During 2023 the Trust tran81tioned from being a charitable trust and a limited company, limited by guarantee, as defined by the Companies Act 2006, to being a Charitable Incorporated Organlsation overseen by the Charity Commission. This transition was completed on 22nd November 2023. The trust8&& who s•N•d during the yèar •nd up to the date of aignature> of the finandal statemenis were". Mrs M T Auty Mr R Bailey Mrs C Powell Mrs B A Harvey Mr C L Jones Mrs R Owen Mrs S J Lambert Mr l Reay Mr l Brebner (Resigned 5 March 2024) (Resigned 22 November 2023) (Resigned 22 November 2023) (Appointed 13 December 20231 (Appointed 13 December 2023} (Appointed 13 Dernber 20231
GREENFIELD VALLEY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 With the transition to a CIO in November 2023 the existing trustees. who had been appointed in accordance with the provisions of clauses 27-33 of the Artides of Association, were no longer directors of a company and the Artides of Association which had applied to the limited company became ielevant to future ataivity. None of the trustees had any benÉfi(>al interest in thè company. A major advertisement and promotion programme took place in 2023 to attract new trustees. This was supported by a grant from the Association of Independent Museums. A number of specific skills were identified as desirable amongst the new trustees including seeking someone to become the fijture Trust's Treasurer. Three new twstee8 were selected from this process and appointed to die Board in December 2023 but T candidates wer6 seeking tlie treasurer role. The three new trustees appointed in DerRmber 2023 were appointed directly to the new CIO and have never been Part of the former Mpany. All the trustees serving al the end of December 2023 are charity trustees of the Greenfield Valley TrLtst CIO whose only voting members are its charity trustees. The governance of the CIO Is guided by its constitution which uses the Charity Commisslon CIO model constitution. Inductlon and training of new trustOaS A training programme has been agreed whith is a Combination of tOPiC-based training led by individual trustee5 based on the Charity Commission advice and talks by external experts on matters such as govemanGe and finance. Staff from our partner local authority are engaging with the training to understand the requirements and lirnitations under which the Trust operates. This programme is to run in late summer 2024 as a further round of advertisements for new trustees is due to be completed by earfy July 2024. Meanwhile all new trustees have been provided with key information (CIO constitution. Budget, Managernenl Agreemenl, Trusl slrategy) and direclèd lo the Charity Commission website training modules for new twstees. The n8W trustees have bèen introduced to Staff and the roles and responsibilitiés oxplained. Wlder network The Trust enjoys active membership of the Association of Independent Musèums. the Rural Museum Network. the Welsh Mills Association and the Welsh Federats'on 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 Vallèy 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. In 2022, the Trust led the creation of the olywell-Greenfield Partnership Group bringing local partrbers together In mutual support of local Improvement which has continued in 2023. Rolatod parties The major party related to the TTUSt is Flintshire County Counol. who are the obvners 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 parbes. The Council makes payments to the Trust for the provislon of this service. The Trust is dependent on Aura Wales, a Commun¥ty Benefft Society providing leisure, librarie5 and heritage seNices in Flintshire, for museum services.
GREENFIELD VALLEY TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of trustees. responsibilities The trustees are responsible for preparing the Trustees, Report and the financial st2tements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to chartbes in England and Wales require5 the trustees to prepare financial statements for ea financial year which give a true and fair view of the stste of affairs of the trust and of the incoming resources and application of resources of the trust for that year. In preporing these finanual statements, the trustees are required to". select suitable accounting policies and then apply them wnsistenlly., obseNe the methods and principle$ in the Charities SORP. make judgements and estimales that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provision5 of the trust deed. They are also responsible for safeguarding the assets of the trust and hen for taking reasonable steps for the PTewention and delection of fraud and other irregularities. Overvlew of the Trust'8 approach to risk Governance risks- The Trust operates largely in a local authority environment where expertise and advice available on managing a charity is limited. However this is therefore an area where the trustees are intent on ensuring that no risks are incurred and that governance matters are covered appropriately. Advice is regularly sought from FLVC (Fllntshire Local Voluntsry Council) whose role is to support, promote. develop and represent the Voluntary and Community Sector in Flintshire. Operational risks - Ihe site is managed day-t¢)-day by the staff of Flintshire County Council which maintsins strong training, health and safety and employment practices and has the policies. procedures and resources to deal with unexpected emergencies. The Trust's responsibilities are more strategic and extemal. The proper management of operational risks 15 important for the Trust in planning the fijture of the site, but these matters are handled day-tO- day by Flintshire's staff. The Trust therefore does not envisage high risk in this area. Financial risks this is a major area of focus for the TnJst. Funds derive from a Flintshire management fee and contribution, admissions income, events, and grants. All of these are important to the Trust. Over recent years the Trust has worked to estsblish some conts"ngency funds to provide financial resilience and reseNes to provide match funding for grants from other bodies to help deliver the Trust's slrategy. The Trust is risk averse regarding any potential loss of income, reductions in contingencies or the short-term investment of reserves and takes a CaLrtious approach.
GREENFIELD VALLEY TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Extemal risks -Given the nature of our site, physical and environmental factors can be relevant to U8 e.g. stornis, floods and pests. These can generate unforeseen costs and potential risk to visitors. As wth the other operational risks, the Trust's partnership with Flintshire is important in managing this risk. Compliance with law and regulation the Trust does not wish to risk its reputation or continuance by failure to comply with the laws and regulations that affert it and therefore tries to manage this risk by good practices. The fact that the trust is not an employer means that many of the challenging requirements of employment law are not an issue for the Tru3t. The trustees have assessed the major risks to which the trust is exposed and are satisfied that systems are in place to mitlgate exposure to the major risks. The trustees, report was approved by the Board of Trustees. Mrs B A Harvey Trustee 9 August 2024
GREENFIELD VALLEY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREENFIELD VALLEY TRUST Opinion We have audited the financial statements of Greenfiéld Valley Trust (the Irust,) for the year ended 31 Decembér 2023 which comprise the ststement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation 18 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinanGial Reporting Standard applicable in the UK and RepubliG of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statementS'. give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources. for the year then ended- have been properly prepared in accordance with United Kingdom Generally Acceptèd Accounting Practice,. and have been prepared in accordan with the requirements of the Gharities Act 2011. Basls for oplnion We conducted our audit in accordance Intemational Standards on Auditing (UK) (ISAS IUKI) and applicable law. OUT Te5prm5ibililies under those 3tandaT03 are further de3cribed in Ihe Auurtofs respon3ibilrt188 for Ih? &udil 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 Ihe financial statements in the UK. including the FRC'S Ethical standard, and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the aLsdit evidence we have obtained is sLrffient and appropriate to provlde a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that th6 trugtee8' use of tha 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 atleast Ie1ve months from en the financial statements are authorised for issue. Our responsibilities and the responslbllitles of the trustees with respect to golng concern are described in the r81evant sections of this report. Other Informauon The other informati¢Jn enmpri8ég tha infomiation 4nduded in tha annual réport other than ttio financial statéments and our auditols report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not coverthe other information and we do not express any form of assurance Gondusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomation is materially inconsistent with the financial slatements 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 misstatemenls, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomied, we conclude that there is a material misstatement of this other informab'on, we are required to report that fact. Wo have nothing to report in thi• r•g8rd. 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.. the infomation given in the financial statements 1$ ino)nsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept- or the financial statements are not in agreement wtih the ac£ounting record¥". OT we have not received all the informat'on and explanations we require for our audit.
GREENFIELD VALLEY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREENFIELD VALLEY TRUST Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial stalements and for being salisfjed that they give a true and fair view, and for such intemal conlrol 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 trusteos are regponsible for assessing the trusl's ability to continue as a going concem, di5Glosing, as applicable. matter5 related to going concem and using the going concem basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. Auditor's responslbilitses for the audlt of the financial statements We have been appointed as auditor under section 144 of the CharTrties Ad 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 finanGial statements as a whole are free from material misstatement, whether due to fraud or emr, and to issue an auditols report that indudes our opinion. Reasonablè assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 intluence the economic decisions of users taken on the basi8 of these financial statements. A further description of our responsibilities is available on the Finanual Reporting Council's website at.. htlps'.11 www.frc.org.uklauditorsresponsibilities. This description fonns part of our auditorfs report. Extent to which the audit was consldered capable of detecting irregularities, including fraud Irregularities, indudin9 fraud, are instances of non-compliance with laws and regulations. We design procedures in line with cur responsibilities, outlined above and on the Financial Reporting Council's website. to detect material mi35tatements in respect of irTegulaTlties, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, indudin9 in relation to the legal and regulatory framewor1( applicable and how the entity is complying with that framework. Based on thls understanding, we identify and assess the risks of material misstatement of the financial statements, whether du8 to fraud or error. design and perfomi 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. ITh re8pon8e to the risk of irregularitS and no¥F•anee ¥4ith lawg and reguLat4tsThS, InclTr9 fr&ud, d¢£49Thed procedures which included.. Enquiry of management and those charged wyth govemance around adual and potential litigation and claims as well as actual, suspected and alleged traud. Reviewing minutes of meetings of those charged wth govemance- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing finanual statement disdosure8 and testing to 8UPPOrting documentation tc 05sess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, induding testing of journal antrie8 and othor adju#tment8 for approprisLteness, èvaluating the busints3s rationale of ai9nifiGant transactions outside the nomal course of business and remewing accounting estimates for indicator5 of potential bias. 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 ITh thé fin3ncial slatements, as we vjill be less likely to become av43re of instances of non-eompliancE. Tlie iisk of not detecting a rnaterial misstatement resultr'ng from fraud is higher than for one resulting from error, as frauo m2y involve ccllusion, forgery, intentional omissions, misrepresentations. or the override of intemal control. other mattèrs
GREENFIELD VALLEY TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREENFIELD VALLEY TRUST Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounling and Reporting by Charities.. Statement of Recommended Practice applic2blÉ to charities prÈparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities-. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bLtt has now been withdrawn. This has been done In order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practi. Use of our report This report is made solely to the charity's trustees. as a body, in accordance with part 4 of Ihe 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 auditoVs report and for no other purpose. To the fullest extent per te ed by law, we do not accept or assume responsibility to anyone other than the charity and the charity, asabod for our audit work. for this report. or for the opinions we have fomied. Barrle B FCCA, FCIE (S6nlor Statutory Auditor Crestrnere Limited 9 August 2024 Chartered Cortlflèd Ac¢ounlants Statutory Auditor Unit F1, Intec Ffordd y Parc Marc Menia Bangor G4Yynedd LL57 4FG
GREENFIELD VALLEY TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted fijnds funds 2022 2022 Total 2023 2022 Notes Income from: Donations and grantg Charitsble activities Trading activities Investments 4,310 140,979 21,678 2,579 13,737 18,047 140,979 21,678 2,579 1,436 141,812 21,948 409 9,032 10,468 141,812 21,948 409 Total income 169,546 13,737 183.283 165,605 9,032 174,637 6nditure Trading costs 13,322 13.322 13,517 13,517 Charitsble activit5es 147.708 19.615 167,323 144,238 24,586 168,824 Total resources expended 161.030 19,615 180,645 157,755 24,586 182,341 Net Incomel{expendlture) for the yearl Net moverngnt in fund8 8,516 (5,878) 2,638 7,850 (15,554) (7,7041 Fund balances at 1 January 2023 188,666 669,214 857,880 180,816 684,768 865,584 Fund balances at 31 Docomber 2023 197,182 663,336 860,518 188,666 669,214 857.880 The statement of financial activities includes all gains and losse8 recognised in the year. All income and expenditure derive from continuing actbvities. 10-
GREENFIELD VALLEY TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets 13 664,086 682,533 Current assets stocks Debtors Cash at bank and in hand 14 15 6,000 7,293 201,383 5,809 11.943 176,600 214,676 194,352 Creditors: amounts falllng due wlthln one year 16 {18,244) {19,005) Net current assels 196,432 175,347 Total as8ets less current Ilabilities 860,518 857,880 Income funds Restricted funds Unrestricted fund5 Designated funds General unrestricted funds 18 663,338 669,214 19 158,000 39,182 107,889 80,777 197,182 188.666 860,518 857,880 Tho financial statements were approved by th8 Trustees on 9 Augu Mrs B A Harvey Trustse Mrc Trustee es 11
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charlty Infomiation Greenfield Valley Trust is a Charitable Incorporated Organisation. The GIO is govemed by its Gonstitution. 1.1 Accounting convention The financial statements have been prepared in accordan with the trusvs [goveming doGumentl, the Charities Ad 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102.) and the Charities SORP "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 not to prepare a Statement of Gash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulatlon$ 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Pradicè which is referred to in the Regulations but whith has Sin been withdrawn. The financial statements are prepared in sterfing, which is the functional currency of the trust. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below. 1.2 Golng 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 finanrAal statements. 1.3 Charltable funds Unrestricted funds are available for use at the di8¢tion of th8 trustees in furtherance of their charitable objectives. Designated funds are income funds of the Trust which have been set aside out of unrestricted funds by the trustees for specific purposes. 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 finanoal statements. .4 Income and Expenditure Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts be measured reliably. and it is probable that income will be received. Ca¥h donations are recognised on re[Pt. 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 rf the trust has been notified of an impending distribubon. the amount is known, and receipt is expected. the amount is not known, the legacy is treated as a contingent assèt. 12-
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obli9ation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct C05t5 attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and 3upport ¢0Sts whith are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 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. Depr6Ciation is recognised so as to wrbta off the ¢ost or valuation of assets le5S their residual values over thelr useful Ilves on the following b88es: Fr8ehold land and buildings Capital works on museum Plant and equipment Fixtures and fittings Park projects 2% p.a. straight line 2% p.a. straight line 20% p.a. straight line 20% p.a. straight line 10% p.a. $traight line The gain or loss arising on the disposal of an asset is detemiined Bs the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of finanual activities. 1.6 Impalmient of fixod assets At each reporting end date, the trust reviews the earying amounts of its tangible assets to determine whether there is any indication thal those assets have suffered an impaiment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to delemiine the extent of the impairment loss (if any), 1.7 Stocks Finished goods are stated at the lower of cost and estimated selling Pri 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 finished goods lo their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacemerrt cost and cost. Net realisable value is the estimated selling price les5 all estimated co8t8 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 wrth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitie3. 13-
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (Continued) 1.9 Flnanclal Instruments The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial instrumenls. Financial instruments are recognised in the Iwst's balance sheet when the tTUSt becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the finanaal statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settte on a net basis or to realis8 the asset and settle the liability simultaneously. 8asic flnanclal assets Basic financial assets, which indude debtors and cash and bank balances. are initially measured at transaction price induding transaction costs. As all fianncial assets are dassified within one year, they are not amortised but carried at face value. Basic linancial liabilities Basic finanual liabilities, including creditors and bank loans a initially recognised at transaction price. Financial liabilities claasified as payable within one year are carried at face value. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are Classified as current liabilities if payment Is due wilhin one year or less. If nol, they are presented as non-current liabilits'es. Trade creditors are recognised initially at tran8acJon price and continue to be measured at face value. Dere¢ognition of financial liabilltles Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled. Crltlcal accounting estimatos and ludgoments In the application of the trust's accounting policies, the trustees are required to make judgements, estimate5 and assumptions about the carying amount of assets and liabilities that are not readily apparent from other SQUTce3, Tlie liTal¢S and oated 3ssumplion8 aye based *)Th histoThcal expeneThe¢ 3nd tslhef facltsTts Ihat are considered to be relevant. Actual results may differ from these estimates. The estimates and underfying assumplions are reviewed on an ongoing basis. Remsions to accounting estimate5 are recognised in the period in which the estimate is revised where the revision affects only that pericd, or in the period of Ihe revision and future periods where the revision affects both current and future periods. There are no critical accounting estimates and judgements. 14-
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER 2023 Donatlon8 1nd qrnnts Unr••tdct•d R•¥tri¢t•d fund8 lund• Tot•1 Unr•¥lrfGt•d fund• Total 2023 2023 2023 2022 2012 2022 Donitlons and 9rf11 Grnnls 2,060 2,250 2,060 15,987 1,436 1.43e 9,D32 13.737 0,032 4.310 13,737 18,047 1.436 .032 10,468 Grants r•celvabl• for cor• •ctlvltlq# W815h Federatlon Dr Museurn8- E$¢•p W•15h Fèd?ralion of Museum$- Welsh W•lsh Federafjon ofMus•ums- WOWgrH Grounuwork UK ier Tegco Scheme Gr•nt trgrn Tree Hub W¢hh GernMent- SunNnÈr of Fu Flinlshke County County. Grant for 5trsteg de¥elownent Fllrttyhir• Caunly Council. Grnt lor ha#.share of devehpmenl experws 2,505 950 4,100 4,100 1.250 1,260 4,932 4,922 10,OJO 282 10.0 282 2,250 13.737 15,987 9,032 9,032 Qlft In Klnd All 51aifing r$50urce$ U11Ned by IheThust kndudhg Magemen¢ admkns#ratkn w•rdeTh$ Is gTh•d by Fllntshtre County C[. The total glfted resource cannot bfr rellably qu?nlrfi¢d. 15.
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trading actlvlties Unrestricted Unrestrlcted funds funds 2023 2022 Shop income 21.678 21.948 Investments Unrestricted Unrestricted fund8 funds 2(123 2D22 Investment income - bank deposit interest 2,579 409 Charitable activities Charitable Charitable Incomè Incomè 2023 2022 Flintshlre County Councll- management fees Flintshire County Council - management contributions Admissions and charges Rent21 income Olher income 38,000 17,080 73,887 12,108 104 38,000 17,180 73,335 12,937 360 140,979 141,812 Tradlng costs Unrestricted Unrestricted funds funds 2023 2022 Tradin COSt5 Opening stock Shop purchases Glosing 5todt 6.809 13,513 (6,QOOI 5,415 13,911 15,809) 13,322 13,517 16-
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activit Charitable Charitable Expenditure Expenditure 2023 2022 Depreciation and impaimient Advertising Events and activities Livestock, farm supplies and veterinary fees Trainees and volunteers expenses Business rates and water charges Licences and insurance Llght and heat Uniforms and protedive dothing 8ecuTity and fire prwenlion Cleaning and waste collection Repairs and mainlenance Enhancements and improvements Consultancy fees Bank charges Museum collection conservation 18,447 10,476 23,403 3.030 818 3,064 10,023 10,799 1,493 1,877 12,652 22,788 23,153 1,172 2,222 978 21,013 7.270 22,940 1.670 958 1,923 8,305 13,519 1,343 5,544 12,520 19.013 22,832 1,274 2,145 2,134 146,395 144,403 Share of support costs (see note 10) Share of governance costs (see note 10) 14,979 5,949 16,588 7,833 167,323 168.824 Analysls by lund Unrestricted funds Restricted funds 147.708 19,615 144,238 24,586 167,323 168,824 Trustees None of the tnjstees (or any persons conneded them) received any remuneration, benefits or expense$ from the trust during the year. 17-
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ia Support costs Support Governance costs costs 2023SupDOrt costs Govemance costs 2022 Telephone charges Postage and stationery Sofvare and IT support Subscriptions VAT irrecoverable under partial exemption Sundry expense8 2,464 1,327 3,366 816 2.464 1,327 3.366 816 2,908 1,354 4,562 651 2,908 1,354 4.562 651 6,829 177 6,829 177 8,789 324 6,789 324 Audit and accountancy Legal and professional 3,570 2.379 3,570 2.379 3,240 4,593 3,240 4,593 14,979 5.949 20,928 16.588 7,833 24,421 Analysed beeeTr Charitable activities 14,979 5.949 20.928 16,588 7.833 24,421 Governance costs includes payments to the audltors of £1,78512022- £1,620) for audit fees. ei Employees The average monlhly number of employees durtng the year was.. 2023 Number 2022 Number 10 10 There were no members of staff employed directly by ihe Trust (2022: none). All staffing resource utilised by the Trust including management, administration and wardens is gifted by Flintshire County Council, The total gifted resouce cannot be reliably quantified. All staff members are employed by Flintshire County Counal. There were no employees whose annual remuneration was more than £60,000. 12 Taxation The charity is exempt from tax on income and gains falling within sedion 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 18-
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 13 T4nolble IIx8d a$$¢ F¥•thr4dlind worb prol•Et• d bullthng5 on muffl Plallt ind xtUre1 and •qulpmwi flttlngl TDt•l Co•t At 1 JBnuary 2023 5,401 T17,693 141,227 30,826 2S,geo 982,107 At 31 O•combw 2023 5,401 777.693 141,227 30.826 26.980 982,107 D•Pr•elaon snd Imp•lTm•nt At 1 January 2023 Dopre¢lallth charged kn lh• y•ar 3,158 108.479 15,654 130.151 2,785 20,826 25,960 299,574 16,447 At 31 D•c•mb•r 2023 124,033 132,936 3Q,826 26,880 318,021 C•rrylnq amount Al 31 D•eernb?r 2023 2,13S 853,89) 8,291 664,086 Al 31 O¢c•mber 2022 2.243 689.214 11,076 682,633 19.
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Tangible fixed assets (Contlnued) The cost of freehold land and buildings and Capitsl Works relates to work undertaken on property assets on the Greenfield Valley site. These costs are expended in accordance with the charity's charitable purposes and are typically grant funded. Depreoation rates reflect the expected useful life of the funded projects themselves and not the useful life of the underlying propety assets which are owned by Flintshire County Council, not the charity. 14 Stocks 2Q23 2022 Goods for resale 6,000 5,809 15 Debtors 2023 2022 Amounts falllng due within one year: Trade debtors other debtors Prepayments and accrued income 2,488 132 4,673 5,234 2,041 4,668 7,293 11,943 16 Creditorg: amounts falling due within one year 2023 2022 Notes Deferred incy)me Trade creditors Accruals 17 9,500 2,073 6.671 9,500 1,910 7,595 18.244 19,005 17 Deferred Income Deferred in¢ome is induded in the financial statements as follows: Flintshire County Council- management fee £9,500 (2022.. £9,500). -20-
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 18 RHtrfct•d fun44 The incoms fund8 ofthB footred fund• the thexpended ofdty)•t4Lf#J aid grnnii held en trum fc¢ ipocht purpoJe$'. Mov•m•nt In Barte• qt P•¥aurc• 1 nY•ry 2022 rtÈDurru •xwdÈd ov•ment In fund8 R•sour¢• •xpènd•d nc• it 1 J•nu•ry 23 Tr•n4f•r• J1 O•c•mbdr 1023 Hértt89¢ Lottery Fund- StBg• 2 Camal Works Flintshlro Ctsjnty Councl- Straiag Dvelopm•nt W81sh Ffjderatlon of Museum•. Wld Escapes Weljh F¢d•ration of Museums- fj84,768 115.5541 869.214 116,5541 653.650 10,282 I6) 9,676 2,SOS 12.5061 Weh Govemment- Suni))er of Fun W&h Feder8tlon of Museum$- Wowgrant 195DI 4,932 4.1C#J 14,9321 684,768 9.032 124.5861 869.214 13,737 119.6151 883.336 21
GREENFIELD VALLEY TRUST NOTE8 TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED 31 DECEMBER 2023 b R•gtrlet•d fund• Iconlnuedl Hethage Lotttry Fund- Stage 2 Cipw ¥IVDth l¥ th• unexp•no•d gr•ni fvndkng for coprtol worki mM. Th• nnded balance l& equal to th• net book value ofthè ¢•prtHlworkn on rNseum In I91t10 fixed 8886t$. Fllntshlre County Council- StrBtegic Dewkwent tre orants fecdvtd for Ihe p8rtnèrshlp th Fluitshlre County Cow1 Lh 6har•d progrqmm? Dr Proje#. In addftlon to the Inlial fundthg. relmbur8em)t from Fllnlshtrg Ctyjnty Councll 11 be du• for specthc Co$ arisiftg ftom Ihe 5hwed prooramme of proj?ct8. Welsh Gov•mmont- Summer ofFun a gr•nl r•cthd •thIu bytheTrust. Th¢ TNJ8t exponded all fvndlng cffj lh specld?d aetlvllles laBt year. VVel8h Fedér8tton ol MuMum8- lw was a gwl fved to lur¥f spth •thltl•s kYoWd•d by the Tw8L Th• Trv•t expdd 41 funéiftg on th• &p•dfl&d •¢t1lie4 last year. Welsh Govemm¢Trt- wtd g gr4N r¢¢•fv•d to fund arlth womded by the TnJ Thè Trust ¢XFffided All fundhg on Iha 8pedfiod adivrtltrs In the ffentye?r. WI GoYamment- F•ÉiivdwM 4 pJ•nt re¢knl to fvnd •p•¢mG acUWJ¢• waded by1h¢Tru. The Tru expended all lunotha M th• specM•d 8Ctlvilie• In th cuireni year.
GREENFIELD VALLEY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Designated ful5 The income funds of the charity indude the following designated funds whiGh have been set aside out of unrestricled funds by the trustees for specific purposes: Balancè at 1 January 2022 RoSoUr$ Balane• at expend1 January 2023 R•sourco8 eXndad Tran¥f8rs Balan¢0 at 31 December 2023 Gontingency fund 135,000 (27,111) 107,889 (25,523) 75.634 158,000 135,000 (27,111) 107,889 (25,5231 75,634 158,000 Designated funds have been set aside out of unrestricted funds for specific purposes that include contingency against loss of income, projected matched ftjnding on grant applications in progress and provi8ions for remedial works and compensation for damages. 20 Analysis ol net assets between funds Unrestrictod Rfystrlcted funds funds 2023 2023 Total Unregtrlcted Re8trlcted fund8 funds 2022 2022 Total 2023 2022 Fund balance8 at 31 December 2023 are represented by.. Tangible assets Current assetsl(liabilities) 10,426 28,756 653,680 9,676 684,086 196,432 13,319 175,347 669,214 682,533 175,347 39,182 863.336 860.518 188.666 669,214 857,880 21 Related party transactions There were no disclosable related paty transactions during the year {2022 - none). -23-