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 Ne￿Ork, 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
finanC￿al 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 noth￿ng 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 fO￿atS 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