Charlty Number.. 518532 Greenfield Valley Trust Annual Report and Audited Financial Statements for the financial year ended 31 December 2024
Greenfield Valley Trust CONTENTS Page Trustees, and Other Information Trustees. Report Statement of Trustees, Responsibilities Independent Auditor's Report 8-10 Statement of Financial Activities Balance Sheet 12 Notes to the Financial Statements 13-18
Greenfield Valley Trust TRUSTEES. AND OTHER INFORMATION Trustees B A Harvey J A Jones (Appointed 23 January 20251 M J Williams (Appointed 11 September 20241 l Brebner S J Lambert C L Jones C Powell Charlty Numbèr In England and Wales 518532 Prlnclpal Addre55 B8singwerk House Greenfield Road Greenfield Holywell Flinlshire CH8 7GH Wales Audltors Crestmere Limited Chartered Certified A¢nIan15 and Statutory Auditors Unil F1. Inlec Ffordd y Parc Parc Men81 Bangor Gwynedd LL57 4FG Wales
Greenfield Valley Trust TRUSTEES. REPORT for the financial year ended 31 December 2024 The trustees present their Trustees, Report and the audited financial slalements for the financial year ended 31 December 2024. The financial statements are prepared in accordance with the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of ITel3nd" and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their financial slalements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The TTuslees' Report contain5 the information required to be provided in the Trustees, Annual Report under the Statement of Recommended Practice ISORPI guidelines. The trustees of the charity are also charity trustees for the purpose of ch8rily law and under the charity's constitution are known as members ol the board of trustees. In this report the trustees of Greenfield Valley Trust present a summary of its purpose, governance, activities, achievements and finances for the financial year 31 December 2024. The charity is a registered charily and although not obliged lo comply with the Slalemenl of Recornmended Practice applicable in the UK and Republic of Ireland FRS 102, the organisalion has implemented its recommendations where relevant in these financial slalements. Prlnclpal ActSvlty Greenfield Valley Trust was established to promote the restoration, improvements and pemanent preservation, for th8 benefit of the pub11c. land and buildings of historical. ènvironmental and agricultural interest principally in the Greenfield Valley area of Holywell, Flinlshire. f411s8lon, ObJectl¥es and Strategy Oblectlves Greenfield Valley Trust was established lo promote the resloralion, improvements and pemianent preservation. for the benefit of the public, land and buildings of historical. environmental and agricultural inleresl principally in the Greenfield Valley area of Holyvlell, Flinlshire. The Trustees confirm that due regard is paid lo the Charity Commission's guidance on publi¢ benefit. In particular the Trust shall.. lal As regards land, preserve Iso far as piaclicablel their natural aspect, fealures. animal and plant lile. Ibl As regards buildings. lo preserve as national monuments buildings of national historical or archileclural or industrial OT artistic inleTesl and importance and to protect and improve amenitie5 and surroundings of such buildings and preserve as an adiuncl to such buildings furnilufe, industrial machinery and other challels of national historical OT industrial or artistic interest. Icl To facilitate and encourage access lo and promote the study and appreciation of such land and buildings by the general public. dl To promote any other charitable purpose which will promote public Interest in the study and appreciation of land and buildings of hisloncal industrial, environmental and agricultural interest, which are related lo the foregoing objectives. The Iruslees have paid due regard to guidance issued by the Charity Ccmrnission in deciding what activities the trust should undertake. Structure, Governanco and Management Structure None of the Iruslees had any beneficial interest in the company. A major advertisement and promotion programrne took place in 2024 to attract new trustee5. A new Trustee was appointed during the year. All the trustees serving al the end of December 2024 are charlly Iru5tees of the Greenfield Valley TTUSI CIO whose only voting members are its charity trustees. The governance of the CIO is guided by Ils constitution which uses the Charity Commission CIO model constitution. Rovlew of Activitles, Achievements and Performance During the financial year 2024 the Trust has continued lo worked closely with Flinlshire County Council on maintaining and improving the Greenfield Valley and implementing the Trust's 10-ye8r Strategy for the Valley which was approved in 2021. Grant income received during the year included FCC (Community Chest Grant) £1000.00, Federations of Museums & Art Galleries IHalloween Event) £500.00. The Ulrike Michal Foundation For the Arts (Part 11 £750.00, WCVA (Volunteering Wales) £22.500.00, FCC Iconlribulion toward Volunteer Project) £1250.00.
Greenfield Valley Trust TRUSTEES. REPORT for the financial year ended 31 December 2024 Financial Revlew The results for the financial year are sel out on page 11 and additional notes are provided showing income and expenditure In greater detail. Income Flinlshire County Council have paid in full £55,080 for Ihe management fees and contributions for 202412023.. £55,080) and rents of £12,108 have b88n collected throughout the year12023', £12,108}- Expendlture Expenditu for the year ended 31 Dec8mber 2024 was monitored, conlrolleé and increased as appropriate. Unrestricted incoming resources amounted lo £162,21512023.' £169,546) and lolal unrestricted resources expended amounted lo £144.75012023'. £161,032) resulting in an unreslricled surplus for the year al £17,46512023.' £8,514) inclusive of transfers between funds. Restricted incoming resources amounted lo £26,00012023'. £13.7371 and lolal restricted resources expended arnounled lo £31.16712023.' £19,615) resulting in a restricted deficit lor the year of £-516712023'. £-5,878) inciusive of transfers betsveen funds. Results and Dlvldends Al the end of the financial year the charity has assets of £890,92412023 £878,765) and liabilities of £18,10812023 £18.2471. The nel assets of the charity have increased by £12,298. Reserves Position and Pollcy 11 Is the policy of the Irusl that unrestricted funds which have not been d8signaled for a specific use should bè maintained al a level equivalent lo between three and six month's expenditure. The trustees considers Ihat reserves al this level will ensure that, In the event of a significant drop In funding, they will be able lo contsnue the trust, current activities while consideration is given lo ways in which addilienal funds may be raised. Th6 trustees have assessed the majoT risks lo which the trust is exposed, and are satisfied that systems are in place lo miligale èxposure lo the major risks. The Trust will continue the delivery of its 10-y8ar plan for the Greenfield Valley which airns to make the Vallèy one of Ihe lop len destinations in North Wales for visitors and local people. Aided by the report5, studies and acllvities that have been funded through the UK govemmenl's Levelling Up Sh8red Prosperity Grant in 2023, Ihe Trust will work in partnership with Flinlshire County Council lo identify the programme of projects and potential sources of funding for these over the next 3-5 years. 11 is anlicipaled that this work will lead lo major capital projects and significant grant bids in future years. The Trust will continue lo explore means of generating money from the site lo support the maintenance of the historic buildings and the green spaces. 11 aims lo do this through events and actsvi118s that add to the sile. attractions, The TTUSt will explore whether il would be beneficial lo create a trading arm. The strategy for the Valley incorporates the Trusl's charitable objectives and the Trust will ¢onUnue to work with partners to secure their delivery, for example working with Cadw in respecl of the preservation of historical sites and buildings, universities in respect of history and tourism, local partners in respect of promotion of the area as one of interest lo the general public. In accordance with the Conslilution. the Iruslees retire by rotstion and, being eligible, offer themselves for re-election. Compllance wlth Sector-wlde Leglslatlon and Standards The charily engages pro-actively wilh legislation, standards and codes which are developed for the sector. Greenfield Valley Trust subscribes lo and is compliant with the following.. The Charities SORP IFRS 1021 Related partles The major party related to the Trusl is Flintshire Courily Council, who are the owners of the land, buildings, fumiture and eouipmenl. The Trust h35 agreed to manage the premises and equipment on behalf of the Council in accordance with the Management Agreement between the two parties. The Council makes payments to the Trust for the provision of this service. The Trust is dependent on Aura Wales, a Community Benefit Society providing leisure, libraries and herilage setvices in Flinlshire, for museum services.
Greenfield Valley Trust TRUSTEES, REPORT for the financial year ended 31 December 2024 Wider network The Trust enjoys active membership of the Association of Independent Museums, the Rural Museum NeOrk, the Welsh Mills Association and the Welsh Federation of Museums and Galleries, Libraries and Archive Council. The Trust also rnaintains a very close working relationship wilh CYMAL. The Trust also has a strong link with CADW in its management of the Three Mills site and other Scheduled Monuments within the Greenfield Valley Heritaae Park. The Trust has developed a network of relationships with various or9anisalions in seeking lo extend ils nvolVeMent with the local and regional community and in widening ils volunteer base. In 2022, the Trust led the creation of the Holywell-Greenfield Partnership Group bringing local partners together in mutual support of local improvement which has continued in 2023. Inductlon and tralnlng of new trustees A training programme has been agreed which is a combination of topic-based training led by individual tru5tee5 based on the Charity Commission advice and talks by external experts on matters such as governance and finance. Staff from our partner local authority are engaging with the Iraining to understand the requirements and limitations under which the Trust operates. This programme is to run in late summer 2024 as a further round of advertisements for new trustees 15 due lo be completed by early July 2024. Meanwhile all new Iruslees have been provided with key information (CIO conslilulion. Budget, Management Agfeement, Trust stralegyl and directed lo the Charity Commission website training modules for new trustees. The new trustees have been introduced lo staff and the roles and responsibilities explained. Overvlew of the Trust'¥ approach to rlsk Govemance risks - The Trust operates largely in a local authority environment Whe 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 regulafly sought from FLVC (Flinlshire Local Voluntary Council) whose role is to support, promote, develop and represent the Voluntary and Community Sector in Flinlshire. Operational risks - the sile is managed day-to-day by the staff of Flinlshire County Council which maintains strong training, health and safely and employment practices and has the policies, procedures and resources lo deal with unexpected emergencies. The Trust's responsibilities are more strategic and external. The proper management of operational risks is important for the Trust in planning the future of the site, bul these matters are handlèd day-101day by Flinlshire's staff. The Trust therefore does not envisage high risk in this area. Financial risks - this is a rnajoT area of focus for the Tru51. Funds deriv8 from a Flin15hirè management fee and conlribulion. admissions income, events, and grants. All of these are important lo the Trust. Over recent years the Trust has worked lo establish some contingency funds to provide financial resilience and reserves to provide match funding for gr8nls from other bodies lo help deliver the Trust's strategy. The Trust is risk averse regarding any potential loss of income. reductions in contingencies or the short-leTm inveslmenl ol reserves and lakes a cautious approach. External risks -Given the nature of our sile, physical and environmental factors can be relevant ID us e.g. slorms, floods and pests. These can generate unforeseen costs and potential risk to visitors. As with the other operational nsks, the Trust's partnership with Flintshire is important in managing this risk. Compliance with law and regulation - the Trust does nol wish to risk ils reputation or continuance by failure to comply with the laws and regulations that affect It and therefore tries to manage this risk by good practices. Ttr*e fact that the trust is not an employer means that many of the challenging requirements of ernployment law are not an issue for the Trust. The Iruslees have assessed Ihe major risks lo which the trust is exposed and are satisfied that system5 are In place to mitigate exposure to the major risks. Approved by the Board of Trustees on 17 July 2025 and signed on its behalf by: 18r•bner Tr stee J A Jonès Trustee
Greenfield Valley Trust STATEMENT OF TRUSTEES. RESPONSIBILITIES for the financial year ended 31 December 2024 The trustees are responsible for preparing the financial slalements in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare financial slalements for each financial year which give a true and fair view of the assets. liabililies and financial position of the charity as al the rinancial year end dale and of the 5urpIus OT defiGiI of the charity and otheMise comply wilh the Charities Act 2011. In preparing these financial staternenls, the trustees are required to.. select suitable accounting policies and apply them consislenlly., make judgements and accounting eslimales that are reasonable and prudent.. slate whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards., and prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that the charity will continue in operation. The trustees confirm that they have complied with the above requirements in preparing the financial slalemenls. The IrLJStees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any tirne the f1nancial position of the charity and enable Ihern lo ensure that the financial slalements comply with the Charitie5 Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable Steps for the prevention and detection of fr8ud and other irregularities. Approved by the Board of TNSta•s on 17 July 2025 and $1gned on Its behalf by.. l Brebnor Trusteo J A Jones Tru$tO•
INDEPENDENT AUDITOR'S REPORT to the Members of Greenfield Valley Trust Report on the audit of the flnanclal statements Opinion We have audited the charity financial statements of Greenfield Valley Trust I'lhe charity'l for the financial year ended 31 December 2024 which comprise the Slalemenl of Financial Aclivilies, the Balance Sheet and notes lo the financial statements, including the summary of significant accounling policies sel out in note 2. The financial reporting framewo that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102. In our opinion, when reporting in accordance with a fair presentation framework the financial slalements.. give a true and fair view of the slate of the charity's affairs 35 at 31 December 2024 and of ils surplus for the financial year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISA$ IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the finanCal slalemenls section of our report. We are independent of the charity in accordance with ethical requirements Ihal are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have lulfi118d our other ethical responsibilities in accordance with these requirements. We beli8V8 that Ihe audit evidence we have obtained is sufficient and appropriate to provid8 a basis for our opinion. Con¢lu$lons relating to golng concern In auditing the financial stslemenls, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial slalements is appropriat&. Based on the work we have performed, we havè not idenlified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant rjoubt on the charity's ability to continue as a going concern for a period of al least twelve months from the dale when the financial stalernents are aulhorised for Issue. Our responsibilities and the responslbillties of the Iruslees with respect lo going concern are described in the relevant sections of this r8POrt. Other Information The other 1nformation comprises the information included in the annual report other than the financial ststemenls and our Auditor's Report Ihereon. The trustees are responsible for the other infomation contained within the annual report. Our opinion on the financi81 slalements does not cover the other inforrnalion and. except lo the exlenl otherwise explicitly slated in our report. we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent with the f1nan¢ial slalemenls or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misslaled. If we identify such matgrial inconsistencies or apparent material misslalemenls. we are required lo determine whether this gives rise lo a material misslatemenl in the financial statements themselves. If. based on the work we have performed, we conclude th81 there is a material misstatement of th15 Other information, we are reqtjired to report that fact. We have nothing lo report in this regard. Opinion on other rnatter prescribed by the Charities Act 2011 In our opinion, based on the work undertaken In the course of the audit.. the information given in Ihe Trustees, Report for Ihe financial year for which the financial siatemenls are prepared is consistent with the financial slalemenls.. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the charity and ils environment obtained in the course of the audit. we have not Identified material m155talements in the Trustees. Report. We have nothng lo report in respect of the following matters where the Charities Act 2011 requires us to report to you if. in our opinion.. adequate accounting records have not been kept., or the finanGidl statements are not in agreement with the aeeounting records and returns,, or certain disclosures of Iruslees, remuneration specified by law are not made., or the trustee5 were nol entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemption in prep?ring the Trustees. Annual Report.
INDEPENDENT AUDITOR'S REPORT to the Members of Greenfield Valley Trust Re$ponsibilltle$ of trustees for the financlal statements As explained more fully in the Statement of Truslees, Responsibilities sel out on page 9. the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the prepaTalion of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements. the trustees 3re responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern b8sis of accounting unless management either intends to liquidate the chanty or to cease operations, or has no realistic allernalive but lo do so. Audltorfs responslblllties for the audit of the Ilnanclal Statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Audito$ Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not 8 guarantee that an audit conducted In accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial sts18menls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above, lo delecl material misslalemenls in respecl of irregulanlies. including fraud. The extent lo which our procedures are capable of detecting irregularities. including fraud is detailed below.. We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and Ihe relevant regulations made or having effect Ihereunder. Further Informatlon regardlng the scopt of our responslbllltles as auditor As part of an audil in accordance with ISAS IUKI. we exercise professional judgement and maintain professional sceplicism throughout the audit. We also: Identify and assess the risks of material misstalemenl of the financial stalemenls, whether due lo fraud or error. design and perform audit procedures responsive lo those risk5, and obtain audit evidence that is sufficient and appropriale lo provide a basi5 for our opinion. The risk of not delecling a material misslatemenl re5ulling from fraud is higher than for one re5ulling from error, as fraud may Involve collusion, forgery, intentional omissions, misrepresentstions, ol the override of internal control. Obtain an understanding of inlefnal control relevant lo the audit in order to design audit Procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivene66 Qf the charity's inlernal control. Evaluale the appropriateness of accounting polici8s used and the reasonableness of accounting estirnates and related disclosures made by trustees. Conclude on the approprialenes5 of the Iru51ees' use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related lo events or conditions that may Gast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainly exists, we are required lo draw attention in our Auditorfs Report lo the Telaled disclosures in the financial slalemenls or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our Auditor's Report. However, futUTe events or conditions may cause the charity lo cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures. and whether the financial slalements represent the underlying Ir3nsactions and events in a manner Ihal a¢hieves fair presentation.
INDEPENDENT AUDITOR'S REPORT to the Members of Greenfield Valley Trust We communicate with those charged with governance regarding, among other matters, the planned scope and liming of the it and signifi nt audit findings, including any significant deficiencies in Intemal control that we Identify duri r)g oura Barrie B CCA. FCIE (Sènior Statutory Audltorl for and on behalf of CRESTMERE LIMITED CharteT8d Certified Accountants and Slatulory Auditors Unil F1. Inlec Ffordd y Par¢ Parc Menai Bangor Gwynedd LL57 4FG Wales 21 July 2025 10
Greenfield Valley Trust STATEMENT OF FINANCIAL ACTIVITIES for the financial year ended 31 December 2024 Unrestricted Restricted Funds Funds 2024 2024 Total Unreslricled Reslricled Funds Funds Funds 2024 2023 2023 Total Funds 2023 Notes Incomlng Resources Voluntary Income Charitable activities Greenfield Valley Incom8 Activities for geneTating funds Investment5 3,066 3.066 2.060 2,060 131.047 24.788 26.000 157,047 24,788 143,229 21,678 13,737 156.g66 21,678 3,314 3,314 2,579 2,579 Total incomlng resources 162,215 26,000 188,215 169,546 13,737 183.283 Resources Expendèd Charitable activities Activities for generating funds Olhef expenditure 133,318 10.024 31.167 164,485 10,024 147,710 13.322 19,613 167,323 13,322 1,408 1,408 Total Resources Expended 144,750 31,167 175,917 161,032 19,613 180,645 Net Incomlngloutgolng resources before transfers 17,465 15,1671 12,298 8,514 15,8761 2,638 Gross transfers between funds Net movement In funds for the flnanclal year 17,465 15,1671 12,298 8.514 15,8761 2,638 Reconciliatlon of funds.. TolaS funds beginning of tha ye8r 197,182 663,336 860,518 188,668 669,212 857.880 Total funds at the end of the year 214,647 658,169 872,816 197,182 663,336 860,518 The Statement of Financial Aclivities includes all gains and losses recognised in the financial year. All income and èxpenditure relate to continuing activities. The notes on pages 13 to 18 fom part of the financial statements 11
Greenfield Valley Trust BALANCE SHEET as al 31 December 2024 2024 2023 Notes Fixed Assets Tangible assets 645,641 664,086 Current Assets Stocks Debtors Cash at bank and in hand 10 11 6,660 9,570 229.053 6,000 7,294 201,385 245,283 214.679 Credltors.. Amounts falllng due wlthln one year 12 118,1081 118,247} Net Current Assets 227.175 196,432 Total Assets less Curront Llabllltles 872,816 860,518 Funds Restricted funds Designated funds Iunreslrictedl General fund lunreslricledl 658,169 158,000 56,647 663,336 158.000 39,182 Total funds 872,816 860,518 Approved by the Board of Trustees and authorlsed for Issue on 17 July 2025 and slgn8d on Its behalf by l Brebnor Trustee Trusteo The note5 on pages 13 to 18 fomi part of the financial statements 12
Greenfield Valley Trust NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 GENERAL INFORMATION Greenfield Valley Trust is a charity incorporated In the United Kingdom. The registered office of the charity is Basingwerk House, Greenfield Road, Greenfield, Holywell. Flinlshire, CH8 7GH, Wales which is also the principal place of business of the charity. The financial statements have been presented in Pound 1£) which is also the functional Currency of Ihe charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation lo the charity's financial slalemenls. 8asls of proparatlon The financial slalemenls have been prepaTed on the going concern basis under the historical cost convention, modified lo Indude certain items at fair value. The financial slalemenls have been prepared in accordance with the Slalement of Recommended Practice ISORPI "Accounting and Repor"ng by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102" As permitted by the Companies Act 2006, the charity has varied the standard format5 in that act for the Slalemenl of Financial Activities and Ihe Balance Sheet. Departures from the standard fOatS are lo comply with the requiremenls of Ihe Charities SORP and are in compli8n¢e with section 4.7, 10.6 and 15.2 of that SORP. Statement of compllance The financial slalemenls of the charity for Ihe financial year ended 31 December 2024 have been prepared on the going concern basis and in accordance with Ihe Sialemenl of Recommended Practice ISORPI "Accounting and Reporting by Ch8rilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102.. Fund accountlng The followlng are the categories of funds maintained: Restrlcted funds Reslricled funds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objectives of the charity. Unrestrlcted funds Unreslricled funds consist of General and Designated funds. General funds represent amounls which are expendable at thé discretion of the board, in furtherance of the obj'ectives of the charity. Designated funds comprise unreslricled funds that Ihe board has, at ils discretion, sel aside for particular purposes. These designations have an adminislralive purpose only, and do not 16gally reslriGt the board's discretion lo apply the fund. Incornlng Resources Income is recognised by inclusion in the Statement of Financial Activities only when the charily is legally entitled lo the incorne, performance condition5 allached to the ilemls) of income have been met, the amoun15 involved can be measured with sufficient reli8bilily and il is probable thal the income will be received by the charity. Donations and legacies Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donalion. unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation. Legacies are recognised un receipt or otherwise if the trust has been notified of an impending distribution. the amount is known, and receipt is expeeled. If the amount is not known, the legacy Is treated as a contingent asset Incomo from charltable actlvltles Income from charitable activities include income earned from the supply of services under contractual arrangement5 and from performance related grants which have conditions that specify Ihe provision of particular seNices to be provided by the charity. Income from government and other co-funders is recognised when the charity Is legally entitled lo the Income because it is fulfilling the conditions eonlained in the related funding agreements. Where a grant is received in advance, ils recognition 15 deferred and included in creditors. 13
continued Greenfield Valley Trust NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 Where enlitiemenl occurs before income is received, it is accrued in debtors. Grants from governments and other co-ftjnders typically include one of the following types of conditions.. Performance based conditions.. whereby the charity Is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the charity is meeting the core objectives of a grant agreement. it recognises the related exp8nditur8, to the extent that it 15 reimbursable by th8 donor, as income. -Time based conditions.. whereby the charity is contractually enliiled lo funding on the condition that il is ulilised in a particular period. In these cases the charity recognises the income lo the extent il is ulilised within the period specified in the agreement. In the absence of such condition5, assuming th81 receipt is probable and the amounl can be reliably measured, grant income is recognised once the charity Is notified of enlitlement. Grants received towards capital expenditu are credited lo the Statement of Financi81 Activitses when received or receivable, whichever is eadier. Resources Expended Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are Separately a¢cumulaled and disclosed, and analysed according to their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity bul cannot be allribuled lo one activity. Such costs are alloealed lo activities in proportion lo staff time spent or olheT Suitable m&asuTe for each activity. Costs of charltable actlvitles Expenditure is clas51fied 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 costs altribulable lo a single activity are allocated directly to Ihal aclivily. Shared costs which contribute lo more than one activity and SUPPOrt costs which are not altribulable lo a single activity are apportioned between those activities on a basis consi51ent with the use of resources. Central staff costs are allDcaled on the basis of time spent, and d8preciatson charges are allocJted on the portion of the asset's use. Tanglble flx•d assets and dfjproclatlon Tangible fixed assets are stated at cost or at valuation, less ac¢urnulaled depreciation. The charge to depreciation is calculated lo write off Ihe original cost or valualion of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows.. Freehold land & buildings Capital works on museum Planl and equipment Park projects 2¢/0 Straight line 20/0 Straight line 20010 slr8i9ht line 100/0 Straight line Debtors Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. Income recognised by the charity from 9ovemment agencies and other co-funders, bul not yet received 31 financial year end, is included in debtors. Cash at bank and in hand Cash al bank and in hand comprlses cash on deposit al banks requiring less than three rnonlh5 notice of withdrawal. 14
continued Greenfield Valley Trust NOTES TO THE FINANCIAL STATEMENTS lor the financ4al year ended 31 December 2024 Taxation and deferred taxation No current or deferred taxation arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred. Deferred tax is recognised in respect of all timing differences that have originated but nol reversed al the balance sheet dale where transactions or events h3ve occurred at that date that will result in an obligation to pay mor8 tax in the future, or a right lo pay less lax in the future. Timing differences are temporary differences belween Ihe charity's taxable profits and its results as slated In the financial statements. Deferred lax is measured on an undi5counled basis at Ihe lax rates that are anticipated to apply In the penods in which the liming differences are expected lo reverse, based on 18x rates and laws that have been enacted or substantively enacted by the balance sheet dale. SIGNIFICANT ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the trust's accounting policies. the Iruslees are required to make judgements, eslimales and a55umplions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and olher factors Ihal are considered lo be relevant. Actual results may diff8r from these eslimales. The estimates and underlying 8ssumplions are reviewed on an ongoing basis. Revisions to accounting eslimale5 are recognised in the period in which the estimate is revised where Ihe revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no critical accounting estimates and judgements. INCOME DONATIONS AND LEGACIES Unrestrlcted Restf Icted Funds Fund$ 2024 2023 Donations and le9acies 3,066 3,066 2,060 CHARITABLE ACTIVITIES Unrestrl¢ted Re8trlcted Funds Funds 2024 2023 Income from Charitable activities 131,047 26,000 157,047 156,966 OTHER TRADING ACTIVITIES Unrestrlcted Restrlcted Funds Funds 2024 2023 Other trading activities 24,788 24,788 21,678 INVESTMENTS UnrestrlGted Restricted Funds Funds 2024 2023 Investments 3,314 3,314 2,579 EXPENDITURE CHARITABLE ACTIVITIES Dlrect Costs Other Cost$ Support Costs 2024 2023 Expenditure on charitable activities Governance Costs (Note 5.41 38,185 18,444 102,551 5,305 159,180 5,305 161.374 5,949 38,185 18.444 107.856 164,485 167.323 15
continued Greenfield Valley Trust NOTES TO THE FINANCIAL STATEMENTS lor the financial year ended 31 December 2024 OTHER TRADING ACTIVITIES Dlrect Costs Other Costs Support Costs 2024 2023 Other trading activities 10,024 10,024 13,322 OTHER EXPENDITURE Direct Costs Other Costs Support Cost5 2024 2023 Other expenditure 1,408 1,408 GOVERNANCE COSTS Dlrect Costs Other Costs Support Costs 2024 2023 Charitable activities governance costs 5,305 5,305 5,949 SUPPORT COSTS Charltable Governance Acllvities Costs 2024 2023 Support 102.551 5,305 107,856 16.248 ANALYSIS OF SUPPORT COSTS 2024 2023 Support 107,856 16.248 NET INCOMING RESOURCES 2024 2023 Nèt Incomlnp Resources are stated after charglngllcredltlng): Depreciation of langible asset5 Auditor's remuneration., audit services 18,444 18.447 2,600 3,570 INVESTMENT AND OTHER INCOME 2024 2023 Bank inlerest 3,314 2,579 16
continued Greenfield Valley Trust NOTES TO THE FINANCIAL STATEMENTS lor the financial year ended 31 December 2024 TANGIBLE FIXED ASSETS Freehold Capital land works & bulldings on museurn Plant and equipment Total Cost At 31 Oecember 2024 5.401 777,692 199.013 982,106 Depreclatlon Al 1 January 2024 Charge for the financial year 3.266 108 124,033 15,552 190,721 2,785 318.020 18,445 Al 31 December 2024 3.374 139.585 193,506 336,465 Net book value Al 31 December 2024 2,027 638,107 5,507 645,641 Ai 31 December 2023 2.135 653,659 8,292 664,086 10. STOCKS 2024 2023 Work in progress 6,660 6,000 11. DE8TORS 2024 2023 Trade debtors Taxation and social seeurily costs (Note 131 Prepayments and accrued income 3,414 1,483 4,673 2,489 132 4,673 9,570 7.294 12. CREDITORS Amounts falllng due wlthln one year 2024 2023 Trade creditors Accrua15 and deferred income 1,937 16,171 2.073 16.174 18.108 18,247 13. TAXATION AND SOCIAL SECURITY 2024 2023 Debtors: VAT 1,483 132
conb'nued Greenfield Valley Trust NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 14. RESERVES Funds Unrestrlcted Designated Restricted reserves reservès reseNes Total At the beginning of the year Surplus for the f1nancial year Olher movements 39,182 158,000 663,336 860.518 12,298 12,298 112,2981 17.465 15,1671 Al the end of the year 56,647 158,000 658,169 872,816 Designated funds Designated funds have been set aside out of unreslricled funds for specific purposes that include ¢onlingency against loss of income, projected matched funding on grant applications in progress and provisions for remedial works and compensation for damages. Restricted reserves Heritage Lottery Fund Stage 2 Capital Works is the unexpended balance of grant funding for capital works on museum, The unexpended balance is equal to the nel book value of th8 capilal works on museum in tangible fixed assets. 15. LEGAL STATUS Greenfi81d Valley Trust Is a Charitab18 Incorporated Organisalion. The CIO is govern8d by ils Conslilution. RELATED PARTY TRANSACTIONS 16. There were no disclosable related party transactions during the year (2023 none). POST-BALANCE SHEET EVENTS 17. There have been no signlficanl events affecting the Charity since the financial year-end. 18. GIFTS IN KINO All staffing resources ulilised by the Trust including management. administration and wardens is gifted by FlIntshi County Council. The total gifted resource cannot be reliably quantified TRUSTEES 19. None of the Iruslees lor any person5 connected with them} received any remuneration, benefits or expenses from the trust during the year 18