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2020-12-31-accounts

THE CRESWELL HERITAGE TRUST

CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020

REGISTERED NUMBER: 02344235

THE CRESWELL HERITAGE TRUST

CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

C O N T E N T S
Page
Company Particulars 1-2
Report of the Directors 3-11
Report of the Auditors 12-16
Financial Statements
Consolidated Statement of Financial Activities 17
Consolidated Balance Sheet 18
Consolidated Statement of Cash Flow 19
Notes to the Financial Statements 20-38
Group Income and Expenditure Account 39
Detailed Income and Expenditure Account 40

THE CRESWELL HERITAGE TRUST

COMPANY PARTICULARS

YEAR ENDED 31 DECEMBER 2020

CHARITY NUMBER: 701683

DIRECTORS: Mr C Terrell-Nield Cllr R Turner Mr T Munro Dr T Caulton Cllr D McGregor Mr K Kuykendall Mr J B Roberts Mr J Cottee Mr R Flatley Miss E R Chaplin (Appointed 29/07/20) COMPANY SECRETARY: Mr P Baker PATRONS: Professor Alice Roberts REGISTERED OFFICE: Creswell Museum & Heritage Centre Crags Road Welbeck Worksop Notts S80 3LH BUSINESS ADDRESS: Creswell Crags Visitors Centre Crags Road Welbeck Worksop Notts S80 3LH AUDITORS: ApC Chartered Accountants and Statutory Auditors 7 St John Street Mansfield Nottinghamshire NG18 1QH

THE CRESWELL HERITAGE TRUST

COMPANY PARTICULARS (continued)

YEAR ENDED 31 DECEMBER 2020

BANKERS:

The Co-operative Bank Central Commercial Branch PO Box 250 Skelmersdale Lancashire WN8 6WT CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ

THE CRESWELL HERITAGE TRUST

REPORT OF THE DIRECTORS

YEAR ENDED 31 DECEMBER 2020

The Trustees, who are also Directors of the charity for the purpose of the Companies Act, are responsible for preparing the Trustees’ Report and the financial statements for the year ended 31 December 2020 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

DIRECTORS AND THEIR INTERESTS

The directors in office during the year are listed on page 1. Also noted on page 1 is the charity’s registered number, the charity’s registered office address and the charity’s bankers.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a charitable company limited by guarantee and was incorporated on 7 February 1989. It is governed by its Memorandum and Articles of Associated dated 7 February 1989 which were amended by special resolution made on the 5 December 1989.

Organisation

The Board of Trustees meets four times a year and are responsible for strategic direction and policy of the charity. The Board of Trustees delegates certain decision making powers to a smaller non-executive bodies which meet as and when required outside the regular board meetings and which makes recommendations to the Council of Management.

The Trust’s senior Executive Director is Paul Baker who regularly reports to the Council of Management and who has a close network of advisors including local authority officers and others from external organisations. Advice and support within the year has been received from Tim Allen (Historic England), Adam Lathbury (Conservation and Design Section Manager DCC), and Heather Stokes (Team Manager Conservation NCC).

Patronage

The appointed patron of the company is Professor Alice Roberts.

The Board of Trustees

The Board of Trustees, as defined within the Memorandum and Articles of Association, comprises 3 nominated Council Members of whom one is appointed from Nottinghamshire County Council, one from Derbyshire County Council and one from the University of Sheffield, and 7 ordinary Council Members, although more members can be determined by an ordinary resolution.

Terms of Office

Nominated Council Members can hold office for up to three years unless they are removed by their appointing organisation, although they are eligible for re-appointment under the terms of the Articles of Association. One third of the ordinary Council Members are subject to retirement by rotation at each Annual General Meeting but can be reappointed. The Chair and Vice-Chair are elected by members of the Council of Management for a term of two years.

THE CRESWELL HERITAGE TRUST

REPORT OF THE DIRECTORS (continued)

YEAR ENDED 31 DECEMBER 2020

The Board of Trustees Induction and Training

New Trustees will undergo an orientation meeting to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. During the induction they meet key employees and other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Internal controls

The charity has set systems of internal control, which are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

Risk management

The trustees have a risk management strategy which comprises:

This work has identified a limited number of risks, but has resulted in better procedures and contingency plans and has given the impetus for better planning.

Procedures are in place to ensure compliance with health and safety of staff and visitors to the premises. A key element in the management of financial risk is the continued review of the level of reserves.

Related party transactions

Creswell Heritage Trust has one wholly owned subsidiary company, Creswell Trading Company Limited, which is responsible for its own management and administration and its core purpose.

OBJECTIVES AND ACTIVITIES

The objectives of the charity as set out in the Memorandum of Association are:

THE CRESWELL HERITAGE TRUST

REPORT OF THE DIRECTORS (continued)

YEAR ENDED 31 DECEMBER 2020

The Trust continues to support these objectives through various activities under the following key themes:

Social and Economic Regeneration

The Trust continues to work with a wide range of partners on projects which build on the achievements of the Creswell Initiative (2000) which led to a series of investments and capital improvements to the cultural and natural historical landscape of the Creswell Heritage Area. The investment and development of key cultural assets in the wider Heritage Area aims to bring about the social and economic regeneration of the former rural coalfield of North Nottinghamshire, North East Derbyshire and South Yorkshire by creating a climate for inward investment, the development of skills and employment, and assisting with innovation.

Learning, Skills and Community Capacity Building

The Trust works with a number of partners including schools, adult learning organisations, local strategic partnerships and community organisations to develop an awareness and understanding of the rich and diverse cultural and natural historical landscape in the Creswell Heritage Area. This work assists in developing general skills and competence, encourages sympathetic behaviour towards historical remains and sites, and helps to develop a renewed pride of place, ownership and identity with the local landscape.

The Trust works in partnership with the community and receives voluntary help. Besides those who help with the conservation work in conjunction with the Trust and First Art projects, a number of volunteers assist with general duties ensuring visitors to the Crags is a safe and enjoyable experience.

Conservation and Research

The Trust works closely with the University of Sheffield, Nottingham Trent University, English Heritage, Natural England, and the Local Authorities to develop policies and strategies towards the conservation and research at Creswell Crags and at sites within the Limestone Heritage Area. These policies are enshrined within the Creswell Crags Conservation Plan and the Creswell Limestone Strategy.

Cultural Tourism

The Trust continues to promote and develop Creswell Crags as a key cultural heritage attraction in partnership with the Local Authorities and other local and regional tourism providers, helping to develop the visitor economy through the Trust’s activities programme.

ACHIEVEMENTS AND PERFORMANCE

Measured against the targets the Trust set itself at the beginning of the year, the following progress has been made:

THE CRESWELL HERITAGE TRUST

REPORT OF THE DIRECTORS (continued)

YEAR ENDED 31 DECEMBER 2020

Conservation and Research

World Heritage Site (WHS) inscription

The long-term vision of Creswell Heritage Trust is that it intends to achieve World Heritage Status for Creswell Crags and in so doing make a major contribution to the environmental, economic and social future of the former rural coalfield of North East Derbyshire, North Nottinghamshire and South Yorkshire.

During this period Creswell Heritage Trust has worked closely with its partners Derbyshire and Nottinghamshire County Councils as well as Sheffield University to further prepare the way to begin the documentation to support the bid. A comparative study was undertaken in 2019 and funding has since been secured to undertake a symposium with stakeholders to advance the project.

Research and curation

The Roger Jacobi library and the reserve collections store would usually host a number of active researchers, whose work contributes to the advancement of the cumulative knowledge of the site and collections. However, in 2020 all such access was denied. However, 2020 also marked a greater investment in collections management when our Curator was given a full time contract.

Site Monitoring

Observance of strict blasting protocol and extensive monitoring of the caves and cliff faces continues to be carried out by Tarmac in order to mitigate any impact of quarrying from the southern extension.

Improvements have been made to the drainage in the meadow to mitigate the impact of potential flooding.

Operations, Visitor Services and Interpretation

COVID-19

The COVID-19 pandemic followed a period of vulnerability for CHT. A disappointing end to 2019 in respect of revenue in the 3[rd] quarter was followed by the annual closed period, during which trading was limited to weekends. In response to the pandemic CHT utilised government support programmes and began a successful campaign of fundraising and profile raising. The site reopened during the late spring and summer following an investment in social distancing signage and procedural development and benefitted from above average visitor figures (based on sector projections). Trading was inhibited by the Tier system but the launch of family bubble tours enabled services to continue. CHT was successful in securing significant funding from a variety of sources including major investments from the National Lottery Heritage Fund and the Culture Recovery Fund. This has resulted in investments in income focussed site improvements, the creation of a contingency fund and the recruitment of consultants charged with improving our profile, skills, operation and strategic planning.

THE CRESWELL HERITAGE TRUST

REPORT OF THE DIRECTORS (continued)

YEAR ENDED 31 DECEMBER 2020

Visitor Offer

The visitor offer was restricted during this period due to the pandemic:

Events and Cave Tours

Cave tours during the pandemic were restricted due to safety concerns, however it was possible to offer a premium pre-booked product aimed at family groups which included additional safety precautions such as advanced car park payment and refreshments.

Most events were cancelled in 2020 with the focus on visitor safety being the primary focus.

Lifelong Learning, Skills and Capacity Building

Education

A dramatic reduction in school visits resulted in a number of staff who would normally facilitate this service being furloughed for periods of time. In 2020 we welcomed 8168 school visitors to the site (January to December), a decrease from 11603 the previous year.

Creative People and Places (First Art)

With a degree of uncertainty about the future of CHT in early 2020, ACE proposed that we no longer be the lead partner for the CPP programme.

Marketing and Communications

During this period Marketing and Communications has underpinned all our efforts to fundraise and strengthen our relationship with our audiences. A successful fundraising campaign during the first half of 2020 relied heavily on social media and resulted in public donations totalling £44,452. This culminated in a successful online charity auction. The lockdown period has provided an opportunity to extend our social media reach and we have seen considerable growth in engagement across all platforms.

THE CRESWELL HERITAGE TRUST

REPORT OF THE DIRECTORS (continued)

YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

The Statement of Financial Activities for the year is set out on page 17 of the financial statements. A summary of the results and work at the charity is set out below.

The group has reported a surplus of £82,524 (2019: £4,513 surplus) for the year. This is made up of a surplus of £82,524 on the unrestricted fund after a transfer between funds of £19,263. The net current assets of the group increased to £85,806 (2019: £17,640).

Donations; including gift aid and interest received during the year amounted to £44,452 (2019: £24,109).

The charity’s wholly owned trading subsidiary, Creswell Trading Company Limited, continued to trade when permitted generating a taxable profit of £11,843 of which £11,843 which is to be gift aided to the Trust. The trustees are pleased with the commercial success of the venture which operates the gift shop and the café with the profits generated assisting the charity in meeting its objectives.

In April 2020 Creswell Heritage Trust received the final contribution from the local authorities and is now no longer in receipt of public funds.

Investment powers and policy

Under the terms of Memorandum and Articles of Association, the charity has the power to invest in any way the trustees wish.

Reserves Policy

Creswell Heritage Trust agrees that a reasonable level of unrestricted reserves is required for the following reasons:

THE CRESWELL HERITAGE TRUST

REPORT OF THE DIRECTORS (continued)

YEAR ENDED 31 DECEMBER 2020

The board have agreed that a long term target of 12 months unrestricted reserves is required and aim to achieve this over 4 years. This will be monitored on a yearly basis by the board as part of the business planning process.

PUBLIC BENEFIT

The trustees monitor the benefits which derive from its regeneration and learning activities by examining each activity on projects to ensure that funds are only used for wholly charitable purposes. For each activity trustees ensure that:

PLANS FOR FUTURE PERIODS

Plans for 2021 will be supported by projects which began in 2020 and were funded from the UK Government’s Culture Recovery Fund. A number of these funded projects will improve our offer and enhance our resilience and sustainability. These funded projects include:

THE CRESWELL HERITAGE TRUST

REPORT OF THE DIRECTORS (continued)

YEAR ENDED 31 DECEMBER 2020

Key objectives and planned activity for future periods (2021) will include:

Launch of new fundraising campaign to deliver new vision for Creswell Crags.

DIRECTORS’ RESPONSIBILITIES

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

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

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

In so far as the directors are aware:

THE CRESWELL HERITAGE TRUST

REPORT OF THE DIRECTORS (continued)

YEAR ENDED 31 DECEMBER 2020

AUDITORS

ApC are deemed to be re-appointed under Section 487(2) of the Companies Act 2006.

The report of the directors has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For and on behalf of the board

Mr P Baker Secretary

Date:

THE CRESWELL HERITAGE TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE CRESWELL HERITAGE TRUST

We have audited the financial statements of The Creswell Heritage Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2020 on pages 17 to 38, which comprise of the Group Statement of Financial Activities, incorporating the Group Summary Income and Expenditure Account, the Group and Parent Charitable Company Balance Sheet and related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide the basis for our opinion.

THE CRESWELL HERITAGE TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE CRESWELL HERITAGE TRUST (CONT/D)

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the directors’ annual report, other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

THE CRESWELL HERITAGE TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE CRESWELL HERITAGE TRUST (CONT/D)

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the directors’ responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

THE CRESWELL HERITAGE TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE CRESWELL HERITAGE TRUST (CONT/D)

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion.

Identifying and assessing potential risks related to irregularities

As detailed above we carried out our audit in line with the appropriate guidance. In regards to our procedures during the initial planning, onsite work and final review stages we assessed our audit plan against the changing environments and updated wherever appropriate.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered and carried out a background information assessment on the company and looked at all of the appropriate laws and regulations that the company must abide with. These included Coronavirus regulations and GDPR.

The company has a risk register for monitoring its risks and mitigations in place. The company also monitors all of its internal policies and procedures and carries out annual updates for those policies, or such as Covid19, regular reviews when Government guidance has changed. This is then communicated to staff on all levels to ensure updates in policies and procedures are known throughout the workforce.

The significant laws and regulations in regards to the business are Companies Act, Employment Law, Pensions legislation, Health & Safety, Covid19 Regulations and GDPR.

We reviewed the company’s risk assessments for its business in the significant laws and regulations, carried out reviews on board minutes including discussions with company officials and review of any legal cases and costs. We reviewed the company’s risk assessments for its business in the significant laws and regulations, carried out reviews on board minutes including discussions with company officials and review of any legal cases and costs.

THE CRESWELL HERITAGE TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

THE CRESWELL HERITAGE TRUST (CONT/D)

Audit response to risks identified

As a result of performing the above, we identified presentation of the company’s payments on account as a key audit matter related to the potential risk of fraud. Our specific procedures in this regards are as follows:-

In addition to the above, our procedures to respond to risks identified included the following:

Our audit team had regular updates and meetings within the team including all members of the team, including the RI to ensure that our audit work was being carried out appropriately and to ensure that our assessments have constantly been updated during our audit, as part of these meetings all team members remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

USE OF OUR REPORT

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Steven Pincott ACA, FCCA, ATT (Senior Statutory Auditor) For and on behalf of

ApC Chartered Accountants and Statutory Auditors 7 St John Street, Mansfield, Nottinghamshire, NG18 1QH Date

THE CRESWELL HERITAGE TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) YEAR ENDED 31 DECEMBER 2020

Unrestricted Restricted Total funds
Note funds funds 2020
£
£
£
Income:
Donations and legacies
4
44,452
-
44,452
Income from charitable activities:
Core funding
5
56,955
-
56,955
Project funding
5
-
315,923
315,923
Operation of education and heritage centre
5
546,115
-
546,115
Income from other trading activities:
Commercial trading operations
7
92,254
-
92,254
__
_

Total income
739,776
315,923
1,055,699



Expenditure
Cost of raising funds:
Commercial trading operations
8
163,190
-
163,190
Expenditure on charitable activities:
Operation of education and heritage centre
8
430,353
335,186
765,539
Governance
8
44,446
-
44,446



Total expenditure
637,989
335,186
973,175



Net income/(expenditure)
movement for the year
101,787
(19,263)
82,524
Transfer between funds
21
(19,263)
19,263
-



Net income/(expenditure) and net
movement in funds for the year
82,524
-
82,524
Reconciliation of funds
Total funds brought forward
15
139,921
-
139,921



Total funds carried forward
222,445
-
222,445


___		 Total funds
2019
£
24,109
150,435
280,762
284,265
269,856
_
1,009,427
_
279,040
684,039
41,835
_
1,004,914
_
4,513
-
__
4,513
135,408
_
139,921
___

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE CRESWELL HERITAGE TRUST

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2020

Group Charity Group Charity
Note 2020
2020
2019
2019
FIXED ASSETS
Tangible assets 10 136,639 129,967 122,281 113,613
Investments 11 - 12,002 - 12,002
______ ______ ______ ______
136,639 141,969 122,281 125,615
______ ______ ______ ______
CURRENT ASSETS
Stocks 12 51,861 - 47,397 -
Debtors 13 16,902 39,318 116,158 125,893
Cash at bank and in hand 442,933 427,614 111,626 92,874
______ ______ ______ ______
511,696 466,932 275,181 218,767
CREDITORS:Amounts falling
due within one year 14 (425,890) (420,655) (257,541) (241,847)
______ ______ ______ ______
NET CURRENT ASSETS 85,806 46,277 17,640 (23,080)
______ ______ ______ ______
PROVISION FOR LIABILITIES
AND CHARGES - - - -
______ ______ ______ ______
NET ASSETS 222,445 188,246 139,921 102,535
______ ______ ______ ______
FUNDS
Restricted funds 15 - - - -
Unrestricted funds 15 222,445 188,246 139,921 102,535
______ ______ ______ ______
TOTAL FUNDS 222,445 188,246 139,921 102,535
______ ______ ______ ______

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to the members of the company.

Signed on behalf of the Board

Dr T Caulton Director Date

Company Registration Number: 02344235

The notes on pages 20 to 38 form part of these financial statements.

THE CRESWELL HERITAGE TRUST

CONSOLIDATED STATEMENT OF CASH FLOW

YEAR ENDED 31 DECEMBER 2020

Note 2020 2019

NET CASH INFLOW FROM
OPERATING ACTIVITIES 18 388,656 101,898
CASHFLOWS FROM
INVESTING ACTIVITIES 18 - -
CASHFLOWS FROM
FINANCIAL ACTIVITIES 18 (57,349) (18,006)
____ ____
CHANGE IN CASH AND CASH EQUIVALENTS
IN THIS REPORTING PERIOD 18 331,307 83,892
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
NET FUNDS AT 1 JANUARY 111,626 27,734
____ ____
NET FUNDS AT 31 DECEMBER 442,933 111,626
____ ____

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared in accordance with 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 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Creswell Heritage Trust meets the definition of a public benefit entity under FRS 102. Asset and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

(b) Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Creswell Trading Company Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

(c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have met, it is probable that the income will be received and the amount can be measured reliably.

Income from government grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received in advance of an educational visit or provision of other specified service it is deferred until the criteria for income recognition has been met.

(d) Donated services, facilities and assets

Donated professional services, donated facilities and assets are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of the economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Trust is not recognised and refer to trustees’ annual report for more information about their contribution.

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

(d) Donated services, facilities and assets (Cont)

On receipt, donated professional services and donated facilities and assets are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure or asset additions in the year of receipt.

(e) Interest receivable

Interest on funds held within the Trusts bank accounts is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

(f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations and grants which the donor or body has specified are solely used for particular areas of the Trust’s work or for specific heritage projects being undertaken by the trust.

(g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

(h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, finance, personnel, payroll and governance costs which support the Trusts educational visits and activities. These costs have been allocated between costs of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in the notes.

(i) Operating leases

The charity classifies the lease of the heritage site, printing and ancillary equipment as operating leases: the title to the land and equipment remains with the lessor; in respect of the equipment; this is replace every 5 years or less whilst the economic useful life of such equipment is usually 10 years. Rental charges are charged on a straight line basis over the term of the lease.

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

(j) Heritage assets

Heritage assets are not recognised on the balance sheet as information on the cost or valuation of heritage assets is not available, or the cost of providing such information significantly outweighs any benefit to the users of the accounts.

Acquisitions only arise when donated to the charity or if it is believed that they will further the charity’s objectives. Once acquired they will be preserved by the charity in order to keep their historical qualities to such a high level as to contribute to knowledge and culture. A register of all assets held by the charity is available and the assets themselves are accessible to the public with prior agreement. Heritage assets are to be held for the foreseeable future.

(k) Tangible fixed assets

Individual fixed assets costing £100 or more are capitalised at cost and are depreciated over their estimated useful lives on a straight line basis as follows:

Plant & machinery 15% straight line Motor vehicles 50% straight line Fixtures & fittings 15% straight line Office Equipment 15% straight line

(l) Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

(m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(n) Cash at bank and in hand

(p) Financial instruments

(q) Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that the new income streams and the project overhead recovery will secure the immediate future of the trust for the next 12 to 36 months and on that basis the charity is a going concern.

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

(r) Pensions

Existing employees of the charity were entitled to join; NEST the work place pension scheme set up by the government which is funded by contributions from employee and employer. Since 1 August 2016 all employees are able to join the money purchase scheme. New and existing employees were automatically enrolled into the money purchase scheme unless they have exercised their right to opt out of scheme membership.

The employer’s contributions made to the scheme in 2020 were £10,949 (2019: £8,967) with an employer’s contribution rate of 3% of pensionable pay and an employee’s contribution of 5% of pensionable pay.

The trustees are satisfied that any foreseeable change in employer’s contributions can be budgeted for without detriment to the charity’s ongoing activities.

Where payments on account of service grants exceed work performed; this would be treated as deferred income; when the additional work is completed deferred income is then recognised in the Statement of financial activity.

(t) Investments

Investments in subsidiaries are recorded at cost with the performance of the subsidiary included within the notes to the accounts.

2. LEGAL STATUS OF THE TRUST

The Trust is a company limited by guarantee and has no share capital. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

3. PARENT CHARITABLE COMPANY

The charity has availed itself of paragraph 4(1) of Schedule 1 of the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 and adapted the Companies Act formats to reflect the special nature of the charity’s activities. No separate SOFA has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006 and paragraph 397 of the SORP. The gross income; including interest, of the parent charitable company is £949,659 (2019: £782,870) and the surplus for the year is £85,711 (2019: £Nil).

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

4. DONATIONS AND LEGACIES (GROUP & CHARITY)
Individuals
Charitable foundations
Donated assets from projects		 2020
£
44,452
-
-
__
44,452
____		 2019
£
24,109
-
-
__
24,109
____

The income from donations was £44,452 (2019: £24,109) of which £44,452 (2019: £24,109) was unrestricted.

The trust also benefits from the involvement and support of its many individual and group volunteers, details of which are included within our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

5. CHARITABLE ACTIVITIES

Unrestricted Restricted 2020 2019

5. CHARITABLE ACTIVITIES
 Unrestricted Restricted 2020 2019
Note funds funds
£ £ £ £
Income was received for:
Core funding 56,955 - 56,955 150,435
Heritage projects - 315,923 315,923 280,762
Operation of education and heritage centre
6 546,115		 - 546,115 284,265
______ ______ ______ _____
603,070 315,923 918,993 715,462
______ ______ ______ _____
2019 434,700 280,762 715,462
______ ______ ______

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

5. CHARITABLE ACTIVITIES CONTINUED Income for charitable activities was provided by:

Unrestricted Unrestricted Restricted 2020 2019
Note funds funds
£ £ £ £
Local government 56,955 - 56,955 150,435
______ ______ ______ _____
Arts council - 137,192 137,192 255,648
Other sources - 178,731 178,731 25,114
______ ______ ______ ______
- 315,923 315,923 280,762
______ ______ ______ ______
Operation of education and heritage centre
6		 546,115 - 546,115 284,265
______ ______ ______ ______
603,070 315,923 918,993 715,462
______ ______ ______ ______
2019 434,700 280,762 715,462
______ ______ ______
6. OTHER INCOMING RESOURCES (GROUP) 2020 2019
£ £
Events 3,307 13,588
Tours 68,038 202,347
Exhibitions 6,865 4,985
Car park charges 35,022 48,053
Venue hire 443 1,832
Covid-19 grants 404,968 -
Sundry income 27,472 13,460
______ ______
546,115 284,265
______ ______
OTHER INCOMING RESOURCES (CHARITY)
Events 4,442 20,747
Tours 66,969 199,718
Exhibitions 6,865 4,985
Car park charges 35,022 48,053
Venue hire 443 1,882
Covid-19 grants 404,968 -
Sundry income 13,155 8,766
______ ______
531,864 284,151
______ ______

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

7. INCOME EARNED FROM OTHER ACTIVITIES
7. INCOME EARNED FROM OTHER AC TIVITIES 2020 2019
£ £
Shop Sales 19,053 101,476
Café Sales 73,201 168,380
______ ______
92,254 269,856
______ ______
8. TOTAL RESOURCES EXPENDED
Charitable Activity
Costs
Specific Non Cost of
Basis of Project Project raising Total Total
costs costs costs funds Governance 2020
2019
£ £ £ £ £ £
Costs directly allocated to activities
Project costs Direct 163,295 - - - 163,295 184,877
Trading expenses Direct - 43,074 - 43,074 125,643
Wages and salaries Direct 117,711 304,170 94,013 31,750 547,644 515,410
Professional fees Direct - 7,004 - 6,795 13,799 6,843
Publicity/Promotions Direct - 17,272 - - 17,272 10,580
Depreciation Direct - 38,692 - 4,299 42,991 38,931
Travel expenses Direct - - - - - -
Equipment hire Direct - - - - - -
Repairs & renewals Direct 14,634 8,232 - - 22,866 17,331
Bank charges Direct 105 71 2,308 80 2,564 1,302
______ ______ ______ ______ ______ __
295,745 375,441 139,395 42,924 853,505 900,917
Support costs allocated to activities
Premises Floor
area 17,180 19,784 15,098 - 52,062 52,986
Insurance Usage 5,864 1,839 1,618 1,036 10,357 13,288
General expenses Floor
area 14,852 30,153 7,079 - 52,084 33,225
Staff costs Usage 1,545 3,136 - 486 5,167 4,498
______ ______ ______ ______ ______ _
39,441 54,912 23,795 1,522 119,670 103,997
______ ______ ______ ______ ______ _
Total resources expended 335,186 430,353 163,190 44,446 973,175 1,004,914
______ ______ ______ ______ ______ _
2019 315,259 368,780 279,040 41,835 1,004,914
______ ______ ______ ______ ______

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

8. TOTAL RESOURCES EXPENDED - continued

Unrestricted Restricted 2020 Restricted 2020 2019
funds funds
£ £ £ £
Costs of raising funds 163,190 - 163,190 279,040
Charitable activities- Project specific - 335,186 335,186 315,259
Charitable activities- Non project 430,353 - 430,353 368,780
Governance 44,446 - 44,446 41,835
______ ______ ______ _
637,989 335,186 973,175 1,004,914
______ ______ ______ _
2019 689,655 315,259 1,004,914
______ ______ ______

Heritage projects include the following:

Group net incoming resources for the year are stated after charging:

Group net incoming resources for the year
are stated after charging:
2020
2019
£ £
Audit fee 6,795 4,390
Non audit services - -
Depreciation 42,991 38,931
Operating leases - Land 28,870 32,485
Operating leases - Equipment 2,194 1,698
_____ _____

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

9. STAFF COSTS (GROUP) 2020
2019
£ £
Wages and salaries 504,507 478,994
Social security 32,188 27,449
Pension contributions 10,949 8,967
______ ______
547,644 515,410
______ ______

No (2019: No) employees had benefits in excess of £60,000. Pension costs are allocated to activities and funds in proportion to the related staffing costs incurred.

The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2019: £Nil) neither were they reimbursed expenses during the year (2019: £Nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £Nil).

The key management personnel of the parent charity, the Trust, comprise the trustees, The Museum Director, Finance Manager Operations Manager and the Engagement and Programmes Manager. The total employee benefits of the key management personnel of the Trust were £143,946 (2019: £96,216).

The average monthly head count was 35 staff (2019: 34) and the average monthly number of fulltime equivalent employees (including casual and part-time staff) during the year were as follows:

Charitable activities 24 27
Governance costs 2 2
___ ___

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

10. TANGIBLE FIXED ASSETS

(Group) (Group) (Group) (Group)
Plant & Fixtures & Office Motor (Group)
Machinery Fittings Equipment Vehicles Total
Cost £ £ £ £ £
At 31 December 2019 3,455 300,634 - - 304,089
Additions 16,661 40,688 - - 57,349
Reclassifications 6,896 (66,696) 43,415 16,385 -
_____ _____ _____ _____ _____
At 31 December 2020 27,012 274,626 43,415 16,385 361,438
_____ _____ _____ _____ _____
Depreciation
At 31 December 2019 1,118 180,690 - - 181,808
Charged in the year 5,318 37,673 - - 42,991
Reclassifications - (39,623) 23,238 16,385 -
_____ _____ _____ _____ _____
At 31 December 2020 6,436 178,740 23,238 16,385 224,799
_____ _____ _____ _____ _____
Net book value
At 31 December 2020 20,576 95,886 20,177 - 136,639
_____ _____ _____ _____ _____
At 31 December 2019 2,337 119,944 - - 122,281
_____ _____ _____ _____ _____

The fixed assets have been reclassified to reflect the true classification of the fixed assets within the financial statements.

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

10. TANGIBLE FIXED ASSETS - continued

(Charity) (Charity) (Charity) (Charity)
Plant & Fixtures & Office Motor (Charity)
Machinery Fittings Equipment Vehicles Total
Cost £ £ £ £ £
At 31 December 2019 3,396 289,407 - - 292,803
Additions 16,720 39,919 - - 56,639
Reclassifications (83) (59,717) 43,415 16,385 -
_____ _____ _____ _____ _____
At 31 December 2020 20,033 269,609 43,415 16,385 349,442
_____ _____ _____ _____ _____
Depreciation
At 31 December 2019 1,118 178,072 - - 179,190
Charged in the year 3,410 36,875 - - 40,285
Reclassifications - (39,623) 23,238 16,385 -
_____ _____ _____ _____ _____
At 31 December 2020 4,528 175,324 23,238 16,385 219,475
_____ _____ _____ _____ _____
Net book value
At 31 December 2020 15,505 94,285 20,177 - 129,967
_____ _____ _____ _____ _____
At 31 December 2019 2,278 111,335 - - 113,613
_____ _____ _____ _____ _____

The fixed assets have been reclassified to reflect the true classification of the fixed assets within the financial statements.

All the Trust’s assets are used for direct charitable purposes.

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

11. INVESTMENT Group Charity

2020
2020
£ £
Cost
As at 31 December
-
12,002
_

As at 31 December
-
12,002
__
_____		 Group Charity
2019
2019
£ £
-
12,002
_

-
12,002
__
_____

The parent charitable company holds all the issued shares in Creswell Trading Company Limited, a company incorporated in the UK.

The charity holds 12,002 shares of £1 each in its wholly owned subsidiary Creswell Trading Company Limited which is incorporated in the United Kingdom. These are the only shares allotted, called up and fully paid.

The wholly owned subsidiary Creswell Trading Company Limited is incorporated in the United Kingdom (company number 02467865) and pays all of its profits to the charity under the gift aid scheme. Creswell Trading Company Limited operates the shop, café and all commercial trading operations carried on at Creswell Heritage Trusts premises. A summary of the trading results is shown below.

At 31 December 2020, Creswell Trading Company Limited had aggregate share capital and reserves of £47,395 (2019: £49,391) and a deficit (2019: surplus) for the year after taxation of £1,996 (2019: £4,513). The principal activity of the company was the running of a coffee shop and the retail of confectionery, souvenirs and educational material relating to the Creswell Crags Visitors Centre.

A summary of the results of the subsidiary is shown below: Total Total

A summary of the results of the subsidiary is shown below: Total Total
2020 2019
£ £
Turnover 135,716 276,078
Cost of sales (36,408) (113,767)
_____ _____
Gross profit 99,308 162,311
Other income 18,613 -
Administrative expenses (119,917) (157,798)
_____ _____
Net profit /(loss) before taxation (1,996) 4,513
_____ _____
The aggregate of the assets, liabilities and funds was
Assets 74,619 75,967
Liabilities (27,224) (26,576)
_____ _____
Funds (representing 12,002 (2019:12,002) ordinary shares of £1) 47,395 49,391
_____ _____

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

12. STOCKS


Stocks held for resale
13. DEBTORS
Trade debtors
Other debtors
Amounts owed by group undertakings
Prepayments
14. CREDITORS: Amounts falling
due within one year


Trade creditors
Taxation and social security
Accruals
Payments on account
VAT
Other Creditors
Pension		 Group
2020
£
51,861
_

51,861

5,499
502
-
10,901

16,902

Group
2020
£
30,568
54,387
6,357
302,204
18,912
11,213
2,249
_
425,890
____		 Charity Group
2020
2019
£ £
-
47,397
_

-
47,397
__
_
5,476
8,417
500
95,421
23,185
-
10,157
12,320
_

39,318
116,158


Charity Group
2020
2019
£ £
29,027
50,410
54,387
7,332
4,552
16,920
302,204
157,783
17,023
16,393
11,213
8,703
2,249
-
_

420,655
257,541
_
___		 Charity

2019
£
-
_
-

8,396
95,420
10,907
11,170

125,893

Charity

2019
£
42,876
7,332
12,253
157,783
12,900
8,703
-
_
241,847
____

The aggregate amount of secured liabilities is £Nil (2019: £Nil).

On 12 March 2009 the parent charitable company entered into a four way debenture between Derbyshire County Council, Nottinghamshire County Council and Welbeck Estates (The Land owner). This is a fixed and floating charge over the assets of the company which will crystalize on completion of the lease in the year 2047. The minimum lease payments in relation to this charge is recognised under payments in later than 5 years in note 17.

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

15. STATEMENT OF FUNDS (GROUP)

At

1 Jan
2020 Income Expenditure
£ £ £
General reserve
139,921
739,776
(637,989)
__
_

Total unrestricted funds
139,921
739,776
(637,989)



Restricted funds:
Projects
-
315,923
(335,186)



Total restricted funds
-
315,923
(335,186)



Total funds
139,921 1,055,699 (973,175)



STATEMENT OF FUNDS (GROUP)
At

1 Jan
2019 Income Expenditure
£ £ £
General reserve
135,408
728,665
(689,655)



Total unrestricted funds
135,408
728,665
(689,655)



Restricted funds:
Projects
-
280,762
(315,259)



Total restricted funds
-
280,762
(315,259)



Total funds
135,408 1,009,427 (1,004,914)


___

Transfers
£
(19,263)
__
(19,263)
_
19,263

19,263

-



Transfers
£
(34,497)

(34,497)

34,497

34,497

-
___		 At
31 Dec
2020
£
222,445
__
222,425
_
-

-
_
222,445

At
31 Dec
2019
£
139,921

139,921

-

-
_
139,921
___

The general reserve represents the free funds of the charity which are not designated for particular purposes.

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

STATEMENT OF FUNDS (CHARITY)

At

1 Jan
2020 Income Expenditure Transfers
£
£
£
£
General reserve
102,535
633,736
(528,762) (19,263)
__
_


Total unrestricted funds
102,535
633,736
(528,762)
(19,263)




Restricted funds:
Projects
-
315,923
(335,186)
19,263




Total restricted funds
-
315,923
(335,186)
19,263




Total funds
102,535 949,659 (863,948) -




STATEMENT OF FUNDS (CHARITY)
At

1 Jan
2019 Income Expenditure Transfers
£
£
£
£
General reserve
102,535
502,108
(467,611) (34,497)




Total unrestricted funds
102,535
502,108
(467,611) (34,497)




Restricted funds:
Projects
-
280,762
(315,259)
34,497




Total restricted funds
-
280,762
(315,259)
34,497




Total funds
102,535 782,870 (782,870) -



___		 At
31 Dec
2020
£
188,246
__
188,246
_
-

-
____		 At
31 Dec
2020
£
188,246
__
188,246
_
-

-
____
-
__
-
____
188,246
__
At
31 Dec
2019
£
102,535
_
102,535

-

-
____
-
__
-
____
102,535
______

The general reserve represents the free funds of the charity which are not designated for particular purposes.

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

Stated reserves policy

The projects fund represents funding specifically for the ongoing projects of the charity. Unrestricted funds are needed:

Creswell Heritage Trust agrees that a reasonable level of unrestricted reserves is required for the following reasons:

Unrestricted reserves are currently below that range by approximately £190,000. The trustees will continue to review ways in which to correct the situation.

The projects fund represents funding specifically for the ongoing projects of the charity.

16. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS
Unrestricted Restricted
funds funds Total
£ £ £
Funds balance at 31 December 2020 are represented by
Tangible fixed assets 136,639 - 136,639
Current assets 209,492 302,204 511,696
Current liabilities (123,686) (302,204) (425,890)
Liabilities and charges - - -
_____ ______ ______
Total net assets 222,445 - 222,445
_____ ______ ______

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

ANALYSIS OF CHARITY NET ASSETS BETWEEN FUNDS

Unrestricted Restricted
funds funds Total
£ £ £
Funds balance at 31 December 2020 are represented by:
Tangible fixed assets 129,967 - 129,967
Investments 12,002 -
 12,002
Current assets 164,728 302,204 466,932
Current liabilities (118,451) (302,204) (420,655)
Liabilities and charges - - -
_____ ______ ______
Total net assets 188,246 - 188,246
_____ ______ ______

17. OPERATING LEASES

The future minimum lease payments under non-cancellable operating leases are as follows:

2020 2019
£
£
Not later than one year -
-
Later than one and not later than five years 466
2,660
Later than five years 557,543
586,413
______
______
558,009
589,073
______ ______
18. RECONCILIATION OF NET INCOME / EXPENDITURE TO NET CASH INFLOW FROM
OPERATING ACTIVITIES (Group)
2020 2019
£ £
Net income / (Expenditure) for the reporting period
(as per the Statement of Financial Activities) 82,524 4,513
Depreciation (note 10) 42,991 38,931
(Loss)/profit on disposal of tangible fixed assets - -
Interest received - -
(Increase) / decrease in stock (4,464)
5,838
(Increase) / decrease in debtors 99,256 (85,766)
Increase / (decrease) in creditors 168,349 138,382
____ ____
Net cash provided by / (used) by operating activities 388,656 101,898
____ ____

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

CASHFLOWS FROM FINANCING ACTIVITIES (Group) CASHFLOWS FROM FINANCING ACTIVITIES (Group)
2020 2019
£ £
Interest received - -
____ ____
Net cash inflow from financing activities - -
____ ____
CASHFLOWS FROM INVESTING ACTIVITIES (Group)
2020 2019
£ £
Purchase of tangible fixed assets (57,349) (18,006)
____ ____
Net cash outflow from investing activities (57,349) (18,006)
____ ____
ANALYSIS OF CHANGES IN NET FUNDS (Group)
At 1 Jan At 31 Dec
2020 Cash flows 2020
£ £ £
Cash in hand and at bank 111,626 331,307 442,933
____ ____ ____
111,626 331,307 442,933
____ ____ ____

THE CRESWELL HERITAGE TRUST

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

YEAR ENDED 31 DECEMBER 2020

19. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

The group has no (2019: no) capital commitments during the forthcoming year.

20. RELATED PARTY TRANSACTIONS

Creswell Trading Company Limited

During the year Creswell Heritage Trust charged Creswell Trading Company Limited, a wholly owned subsidiary, fees for the use of premises and other administration costs. Fees amounted to £110,008 (2019: £133,675). During the year the trust also charged Creswell Trading Company Limited £29,769 (2019: £126,234) for tours that were sold in the shop, as these relate to income of the trust. During the year the company also purchased goods and services of £3,509 (2019: £1,872) from Creswell Trading Company on ordinary commercial terms.

During the year Creswell Trading Company Limited gift aided profits to the Trust of £11,843 (2019: £1,473).

In respect of these transactions £23,184 (2019: £10,907) was outstanding at the balance sheet date.

21. TRANSFER OF FUNDS

As project related expenditure, after adjusting for each project’s contribution to overheads of the group, exceeded the project income in the restricted fund, unrestricted funds were used to support project activities. A transfer of £19,263 (2019: £34,497) was therefore made from unrestricted to restricted funds during the year.

THE CRESWELL HERITAGE TRUST

GROUP INCOME AND EXPENDITURE ACCOUNT

YEAR ENDED 31 DECEMBER 2020

INCOME
Grant income - core fund
- project fund
Trading income
Tours
Educational Bookings
Parking charges
Gift aid
Covid-19 grants
Sundry income
EXPENDITURE
PROMOTIONS AND OTHER ACTIVITIES
Opening stock
47,397
Stock purchases
47,537
Closing stock
(51,860)
Trading salaries
211,724
Publicity and promotion
17,272
Project expenses
164,887
_
ADMINISTRATIVE EXPENSES
Wages and salaries
335,919
Printing, postage and stationery
4,512
Telephone
3,255
Motor and travel
327
Rent and rates
37,155
Repairs and renewals
22,866
Light and heat
14,908
Insurance
10,357
General expenses
47,565
Professional fees
13,799
Bank charges
2,564
Depreciation
42,991
_
SURPLUS OF INCOME		 2020
2019
£
£
56,955
150,435
315,923
280,762
92,254
269,856
32,755
86,419
35,283
115,928
35,022
48,053
4,510
17,972
404,968
-
78,029
40,002
_
_
1,055,699
1,009,427
53,235
119,805
(47,397)
105,881
10,580
279,448
_
(436,957)
(521,552)
321,128
4,501
2,940
2,058
37,681
17,331
15,305
13,288
22,054
6,843
1,302
38,931
_
(536,218)
(483,362)
_
_
82,524
4,513
__
_

THE CRESWELL HERITAGE TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT

YEAR ENDED 31 DECEMBER 2020

INCOME
Grant income - core fund
- project fund
Tours
Educational bookings
Parking charges
Gift aided
Gifted from subsidiary
Covid-19 grants
Sundry income
EXPENDITURE
PROMOTIONS AND OTHER ACTIVITIES
Purchases
118,444
Direct wages
70,254
Publicity and promotion
17,296
Project expenses
163,673
_
ADMINISTRATIVE EXPENSES
Wages and salaries
222,080
Printing, postage and stationery
4,582
Telephone
3,255
Motor and travel
328
Rent and rates
22,046
Repairs and renewals
22,866
Light and heat
113,838
Insurance
10,357
General expenses
41,984
Professional fees
10,799
Bank charges
1,951
Depreciation
40,285
______
SURPLUS OF INCOME		 2020
£
57,226
315,923
32,331
34,637
35,022
4,510
-
404,968
65,042
_
949,659
3,726
18,663
9,231
279,447
_
(369,667)
320,298
4,502
3,321
2,097
39,900
16,265
15,304
10,356
14,463
6,228
138
38,931
_
(494,281)
_
85,711
__		 2019
£
150,435
280,762
86,419
113,298
48,053
17,973
1,473
-
84,457
_
782,870
(311,067)
(471,803)
_
-
_