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 GroundwOrks￿e$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 be￿een 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 be￿een 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. enfO￿d 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 De￿rnber 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 i￿elevant 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 sLrffi￿ent 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 I￿e1ve 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 irregularit￿S and no¥F•anee ¥4ith lawg and reguLat4tsThS, Incl￿￿Tr9 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 ￿liT￿al¢S and ￿￿o￿ated 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- WOWgr*H
Grounuwork UK ier Tegco Scheme
Gr•nt trgrn Tree Hub
W¢hh G￿ernMent- SunNnÈr of Fu
Flinlshke County County. Grant for 5trsteg￿ de¥elownent
Fllrttyhir• Caunly Council. Gr*nt 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$50urce$ U11N￿ed by IheThust kndudhg M￿agemen¢ 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 be￿eeTr
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 mu￿ffl
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•ela￿on 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 footr￿ed fund• the thexpended ofdty)•t4Lf#J aid grnnii held en trum fc¢ ipocht purpoJe$'.
Mov•m•nt In
B￿arte• qt
P•¥aurc•
1 ￿nY•ry 2022 rtÈDurru •xwdÈd
ov•ment In fund8
R•sour¢*•
•xpènd•d
nc• it
1 J•nu•ry ￿23
Tr•n4f•r•
J1 O•c•mbdr
1023
Hértt89¢ Lottery Fund- StBg• 2 Camal
Works
Flintshlro Ctsjnty Councl- Straiag
D*velopm•nt
W81sh Ffjderatlon of Museum•. Wld
Escapes
Weljh F¢d•ration of Museums-
fj84,768
115.5541
869.214
116,5541
653.650
10,282
I￿6)
9,676
2,SOS
12.5061
We￿h Govemment- Suni))er of Fun
W&￿h Feder8tlon of Museum$- 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 ￿ m￿￿M. Th• ￿n￿￿nded balance l& equal to th• net
book value ofthè ¢•prtHlworkn on rNseum In I￿91t10 fixed 8886t$.
Fllntshlre County Council- StrBtegic Dewkwent ￿tre orants fecdvtd for Ihe p8rtnèrshlp th Fluitshlre County Cow￿1 Lh* 6har•d progrqmm? Dr Proje￿#. In
addftlon to the Inlial fundthg. relmbur8em*)t from Fllnlshtrg Ctyjnty Councll ￿11 be du• for specthc Co￿$ 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- l￿w was a gwl ￿fved to lur¥f spth •thltl•s kYoWd•d by the Tw8L Th• Trv•t exp￿d*d 41 funéiftg on th• &p•dfl&d •¢t1￿lie4
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¢• wa￿ded 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 ful￿5
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
expend￿1 January 2023
R•sourco8
eX￿ndad
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-