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2024-03-31-accounts

Registered number: 02344235 Charity number: 701683

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 10
Independent auditors' report on the financial statements 11 - 13
Consolidated statement of financial activities 14
Consolidated balance sheet 15
Charity balance sheet 16
Consolidated statement of cash flows 17
Notes to the financial statements 18 - 37

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 MARCH 2024

Trustees Mr C Terrell-Nield
Cllr R Turner (resigned 1 March 2023)
Mr T Munro (resigned 1 March 2023)
Dr T Caulton (resigned 12 January 2023)
Cllr D McGregor (resigned 1 March 2023)
Mr K Kuykendal
Mr J B Roberts
Mr J Cottee (resigned 23 April 2024)
Mr R Flatley (resigned 2 August 2023)
Miss E R Chaplin (resigned 10 May 2023)
Mr B Couch (resigned 23 April 2024)
Ms A Kennedy
Mr P R Milton
Mr R Nathwani (resigned 12 January 2023)
Mr E T Simmonds
Ms K M Adams (resigned 12 January 2023)
Mr R J Holder (appointed 8 November 2023)
Cllr N Hoy (appointed 8 November 2023)
Ms A J Slater (appointed 24 April 2024)
Cllr S P Carlton (appointed 24 April 2024)
Company registered
number
02344235
Charity registered
number
701683
Registered office
Creswell Museum & Heritage Centre
Crags Road
Welbeck
Worksop
Nottingham
S80 3LH
Company secretary
Mr P Baker (resigned 30/09/2023)
Independent auditors
Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
De1 2RJ

Page 1

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

Bankers

The Co-operative Bank PO Box 250 Skelmersdale Lancashire WN8 6WT

CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ

Page 2

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 MARCH 2024

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 March 2024 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.

Until 30th September 2023, the Trust’s senior Executive Director was Paul Baker who regularly reported to the Council of Management and who had 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). With effect from 1st April 2024, George Buchanan has taken up this role. In the interim period the trustees supported the Senior Management Team via the formation of the Business Recovery Working Group.

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 an unspecified number of ordinary Council Members.

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 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.

Page 3

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

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 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. Bolsover District, in which part of the site is located, has been identified as a priority place for “levelling up” by national government in 20234.

Learning, Skills and Community Capacity Building

The Trust works with a number of partners including schools, adult learning organisations, local strategic

Page 4

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

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 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, the Creswell Crags Woodland Management Plan (2022-2027), the Collections Care and Conservation Policy 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:

Governance, Leadership and Business Model

During this 15 month period the Trust has focussed on developing our governance, leadership, financial management and business model. It has been a challenging time for the organisation, with further development to come, but we have made significant progress.

Changes and developments over this time include:

Change is always difficult. The team has done an amazing job through this process of keeping the high quality visitor offer running every day and caring for the collection, natural environment and each other.

Page 5

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

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 (WHS) 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.

The new tentative list was released on 10th April 2023, while Creswell Crags was not successful in remaining on the tentative list, DCMS were positive in encouraging us to work to identify partner sites for a transnational bid, and to reapply in the future. Since this, progress has been made to strengthen relationships with potential UK partner sites; Creswell Crags, Kents Cavern and Cheddar Gorge to head up a new Stone Age Network, bringing together heritage sites and other institutions related to the Stone Age, some of whom may be candidates for the WHS transnational network.

Research and curation

A number of research visits have been conducted assessing lithics from Elmton, selecting specimens for a study on past lynx diets from Steetley, and further specimens were secured for a study on past wolf diets. Some of the specimens being loaned to the British Geological Survey for sampling.

Researchers took sediment samples from Pin Hole and Robin Hood Cave to try to find environmental DNA from Neanderthals and other animal species, whilst others visited the caves to study the behaviour of cave spiders.

Acquisitions - Donations were made to the collections as follows:

Rock art anniversary celebrations

April 2023 marked the 20th anniversary of the discovery of Creswell Crags' rock art. To celebrate the occasion, a weekend of events was held and a temporary exhibition installed. The events brought together heritage, researchers and visitor communities to celebrate the important discovery.

Accreditation

The Accreditation renewal application was submitted in June 2023. As part of this, the Emergency Plan and policies and plan pertaining to collections and accessibility were written and are now up to date. On the 23rd November 2023, Creswell Heritage Trust was awarded Provisional Accreditation status.

Site Monitoring

Careful monitoring of the site continued throughout the year, including:

Page 6

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

In September 2023 the Trust received the Draft version of a Reservoir Safety Feasibility Study commissioned from Stillwater Associates Limited in 2021, supported by Culture Recovery Funding. The scope of the Study was to:

The Report advised on options for remedial works to be undertaken to address existing reservoir safety concerns. Following consideration by the Board and discussions with Stillwater’s experts, a final version of the Study was delivered in April 2024, which includes an overview of a Management Plan, prioritising aspects of the recommended work over a ten-year timescale. The Trust incorporated risks outlined in the Stillwater Study into our Risk Register and is taking further advice on the appropriate course of action, including sources of funding to support priority remedial action.

Operations, Visitor Services and Interpretation

Visitor Offer

Work continued on developing and improving Creswell’s visitor offer through 2023 and into 2024, within a challenging context of the cost-of-living crisis which impacted visitor levels at Creswell and across heritage generally. Improvements and projects included:

Lifelong Learning, Skills and Capacity Building

Education

In 2023, 15,212 school children took part in the on-site learning, an increase in number of school visitors, with an additional 2,099 children visiting in 2023 compared to 2022. A further 4,628 taking part in visits from January to March 2024. Additionally, through our partnership with the university and delivery of our learning programme at the University Park campus, 956 school children took part, an increase of 426 children compared to 2022. A further 152 children took part in these sessions at between January and March 2024.

Through the Digital Outreach Programme 557 children engaged with the Learning Team in 2023 compared to 25 children the previous year. Between January and March 2024, a virtual Stone Age session was delivered to an additional 80 children.

In May 2023, assessors from the Sandford Award visited to observe our on-site learning programme and appraise the organisation and delivery of this programme to visiting school groups. Following this assessment, Creswell Crags was awarded its second consecutive Sandford Award, valid for five years, with assessors commenting that “Creswell Crags Museum and Heritage Centre offer an outstanding and well-managed education programme for the “Changes in Britain from the Stone Age to the Iron Age” element of the KS2 History

Page 7

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

curriculum… Session delivery is of an excellent standard with pupil engagement and learning achievement levels being very high.”

Marketing and Communications

The Trust celebrated the 20th Anniversary of the discovery of the Rock Art and Witch Marks in 2023, which was supported by two key campaigns to increase visitors and awareness during those periods.

After recognising a large proportion of our visitors are finding our content on Facebook, we invested more time into producing content that would engage potential visitors, raise awareness of conservation and environmental issues, and educate our audiences. This work was critical to our success with communicating the diseased tree work in early 2024; the works had the potential to significantly damage our reputation as a conservation site as had been witnessed by other tree-felling projects in the region. However, the careful communications plan and sensitive signage reduced the negative impact entirely, with our audiences often expressing their support for the works.

FINANCIAL REVIEW

The Statement of Financial Activities for the year is set out on page 14 of the financial statements. A summary of the results and work at the charity is set out below.

The group has reported a deficit of £73,967 (2022: £169,619 deficit) for the year. The net current assets of the group fell to £116,059 (2022: £161,956). The Total Funds/Net Assets fell to £170,270 (2022: £244,237).

Donations, including gift aid and interest received during the year amounted to £34,214 (2022: £22,671).

The charity’s wholly owned trading subsidiary, Creswell Trading Company Limited, continued to trade when permitted generating a loss of £29,529 of which £Nil 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 historically assisting the charity in meeting its objectives, this is expected to continue into the future.

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

CHT aims to hold sufficient reserves to enable it to cover cash flow, to deal with unforeseen urgent maintenance, to support planned longer-term development and to cover the costs of orderly closure if the charity can no longer continue in operation.

The Trust has held insufficient financial reserves for some time and is currently working towards rebuilding its reserves. The Board is aware that the reserves are insufficient and are keeping a close and regular eye on the Trust’s finances.

Our current focus is on achieving financial security. Finances are being carefully managed, and:

Trustees have set a budget which aims to build reserves equivalent to three months operating costs by the end of 2024-5. We intend to set a budget for 2025-6 which would increase this to six months operating costs.

Page 8

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

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

In the coming financial year (April 2024 – March 2025) the Trust will continue to focus on Business Recovery following the challenging 15-month period this Report has covered.

The Trust is fortunate to be in receipt of a Strategic Grant from Arts Council England, which is supporting our business recovery, with a focus on business planning, governance and organisational resilience. 2024-25 will be year two of that three-year Grant, with an additional extension year, through to March 2028. In addition, in early 2023 we will be working with a specialist advisor appointed by National Lottery Heritage Fund to support us in applying for further funding support from them, to build on the Resilience Grant received in 2022-23.

The public funding the Trust is receiving is very much appreciated. The Board and senior leadership team will continue the process of change that began in 2023 with a view to reducing the percentage of core costs supported by ACE and NLHF and becoming more financially resilient and self-sustaining.

In 2024 the Board will support the Director in developing a Three Year Business Plan covering April 2025 to March 2028. Meanwhile, we will continue to:

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:

Page 9

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

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:

AUDITORS

Bates Weston 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Ms A Kennedy Director Date: 26 June 2024

Page 10

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CRESWELL HERITAGE TRUST

Opinion

We have audited the financial statements of The Creswell Heritage Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the period ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 a basis for our opinion.

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 the 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 Annual report other than the financial statements and our Auditors' report thereon. The Trustees 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

Page 11

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CRESWELL HERITAGE TRUST (CONTINUED)

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 that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

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

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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 the 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.

Auditors' responsibilities for the audit of the financial statements

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 Auditors' 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

Page 12

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CRESWELL HERITAGE TRUST (CONTINUED)

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.

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:

Based on our understanding of the charitable company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011. Audit procedures performed by the engagement team included:

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 Auditors' report.

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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Sean Douglass ACA (Senior statutory auditor)

for and on behalf of Bates Weston Audit Ltd Statutory Auditors Chartered Accountants The Mills Canal Street Derby De1 2RJ

1 July 2024

Page 13

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net (expenditure)/income
Transfers between funds
18
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
15 months
ended
31 March
2024
£
34,214
766,206
561,708
3,391
19,126
1,384,645
494,573
966,302
1,460,875
(76,230)
(79)
(76,309)
163,237
(76,309)
86,928		 Restricted
funds
15 months
ended
31 March
2024
£
-
90,196
-
-
-
90,196
-
87,933
87,933
2,263
79
2,342
81,000
2,342
83,342		 Total
funds
15 months
ended
31 March
2024
£
34,214
856,402
561,708
3,391
19,126
1,474,841
494,573
1,054,235
1,548,808
(73,967)
-
(73,967)
244,237
(73,967)
170,270		 Total
funds
12 months
ended
31 December
2022
£
22,671
531,126
380,906
227
27,332
962,262
392,116
739,765
1,131,881
(169,619)
-
(169,619)
413,856
(169,619)
244,237

The Consolidated statement of financial activities includes all gains and losses recognised in the period.

The notes on pages 18 to 37 form part of these financial statements.

Page 14

THE CRESWELL HERITAGE TRUST (A company limited by guarantee) REGISTERED NUMBER: 02344235

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 32,495
95,465
194,280
322,240
(206,181)		 31 March
2024
£
54,211
54,211
116,059
170,270
170,270
83,342
86,928
170,270		 36,842
57,427
186,679
280,948
(118,992)		 As restated
31
December
2022
£
82,281
82,281
161,956
244,237
244,237
81,000
163,237
244,237

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Ms A Kennedy Director Date: 26 June 2024

The notes on pages 18 to 37 form part of these financial statements.

Page 15

THE CRESWELL HERITAGE TRUST (A company limited by guarantee) REGISTERED NUMBER: 02344235

CHARITY BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 129,724
142,611
272,335
(165,461)		 31 March
2024
£
47,337
12,002
59,339
106,874
166,213
166,213
83,342
82,871
166,213		 71,945
160,736
232,681
(110,034)		 As restated
31
December
2022
£
76,002
12,002
88,004
122,647
210,651
210,651
81,000
129,651
210,651

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Ms A Kennedy Director Date: 26 June 2024

The notes on pages 18 to 37 form part of these financial statements.

Page 16

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period		 15 months
ended
31 March
2024
£
12,862
(6,335)
1,074
(5,261)
7,601
186,679
194,280		 12 months
ended
31
December
2022
£
(210,135)
(19,431)
227
(19,204)
(229,339)
416,018
186,679

The notes on pages 18 to 37 form part of these financial statements

Page 17

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

1. General information

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.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the subsidiary company.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

The Financial statements have been prepared on a going concern basis as the trustees believe the immediate future of the trust is secure for the next 12 months and beyond from the audit report date and on that basis the charity is a going concern.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

Page 18

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.3 Income (continued)

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it 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 in the period of receipt.

Income received in advance of an educational visit or provision of other services are deferred until the criteria for income recognition has been met.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Gift Aid

In the case of a Gift Aid payment made within the Group, income is accrued when the payment is payable to the Parent Charity under a legal obligation. Measurement is at the fair value receivable, which will normally be the transaction value.

Where the right to receive Gift Aid has been established, the amount receivable is recognised as investment income in the Consolidated statement of financial activities.

Page 19

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Plant and machinery - 15% straight line
Motor vehicles - 50% straight line
Fixtures and fittings - 15% straight line
Office equipment - 15% straight line

2.8 Heritage assets

Heritage assets are not capitalised due to unavailability of cost or valuation information, with such information not being obtainable at a cost commensurate with the benefit to the users of the accounts and to the Charity.

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 Stocks

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

2.11 Debtors

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

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 20

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.15 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the period.

2.16 Service grants

Service grants are valued at cost plus the relevant profit; where applicable, for the stage of completion of the project and is included within amounts recoverable on contracts.

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

2.17 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 21

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

3. Income from donations and legacies

Unrestricted
funds
15 months
ended
31 March
2024
£
Donations
33,978
Grants
236
34,214
Total 2022
22,671		 Total
funds
15 months
ended
31 March
2024
£
33,978
236
34,214
22,671		 Total
funds
12 months
ended
31
December
2022
£
22,671
-
22,671

4. Income from charitable activities

Unrestricted
funds
15 months
ended
31 March
2024
£
Heritage project funding
443,704
Operation of education and heritage centre
322,502
766,206
Total 2022
352,557		 Restricted
funds
15 months
ended
31 March
2024
£
41,846
48,350
90,196
178,569		 Total
funds
15 months
ended
31 March
2024
£
485,550
370,852
856,402
531,126		 Total
funds
12 months
ended
31
December
2022
£
306,689
224,437
531,126

Page 22

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

5. Income from other trading activities

Income from non charitable trading activities

Shop sales
Cafe sales
Car park
Total 2022
Other incoming resources

Sundry income
Events
Total 2022		 Unrestricted
funds
15 months
ended
31 March
2024
£
182,576
281,790
97,342
561,708
380,906
Unrestricted
funds
15 months
ended
31 March
2024
£
6,076
13,050
19,126
27,332		 Total
funds
15 months
ended
31 March
2024
£
182,576
281,790
97,342
561,708
380,906
Total
funds
15 months
ended
31 March
2024
£
6,076
13,050
19,126
27,332		 Total
funds
12 months
ended
31
December
2022
£
121,061
193,863
65,982
380,906
Total
funds
12 months
ended
31
December
2022
£
21,997
5,335
27,332

6. Other incoming resources

Page 23

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

7. Expenditure on raising funds

Other trading expenses

Unrestricted
funds
15 months
ended
31 March
2024
£
Cost of sales
206,732
Premises
59,715
Admin
28,024
Staff costs
197,534
Depreciation
2,568
494,573
Total 2022
392,116		 Total
funds
15 months
ended
31 March
2024
£
206,732
59,715
28,024
197,534
2,568
494,573
392,116		 Total
funds
12 months
ended
31
December
2022
£
125,612
113,161
17,251
134,404
1,688
392,116

Page 24

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
15 months
ended
31 March
2024
£
Project costs
-
Non-project costs
966,302
966,302
Total 2022
638,905
Analysis of expenditure by activities
Activities
undertaken
directly
15 months
ended
31 March
2024
£
Project costs
19,408
Non-project costs
683,825
703,233
Total 2022
540,391		 Restricted
funds
15 months
ended
31 March
2024
£
87,933
-
87,933
100,860
Support
costs
15 months
ended
31 March
2024
£
68,525
282,477
351,002
199,374		 Total
15 months
ended
31 March
2024
£
87,933
966,302
1,054,235
739,765
Total
funds
15 months
ended
31 March
2024
£
87,933
966,302
1,054,235
739,765		 Total
12 months
ended
31
December
2022
£
100,860
638,905
739,765
Total
funds
12 months
ended
31
December
2022
£
100,860
638,905
739,765

9. Analysis of expenditure by activities

Page 25

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Project
costs
15 months
ended
31 March
2024
Non-project
costs
15 months
ended
31 March
2024
£
£
Depreciation
293
31,196
Project costs
919
5,146
Professional fees
59,480
49,829
Premises
1,773
38,891
Insurance
-
14,857
Publicity and promotions
3,850
2,237
Audit and accountancy fees
-
7,694
Travel expenses
403
529
Equipment hire
-
1,611
IT costs
300
14,736
Sundries
1,507
113,210
Bank charges
-
2,541
68,525
282,477
Total 2022
32,220
167,154
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above		 Total
funds
15 months
ended
31 March
2024
£
31,489
6,065
109,309
40,664
14,857
6,087
7,694
932
1,611
15,036
114,717
2,541
351,002
199,374
15 months
ended
31 March
2024
£
7,250
2,250		 Total
funds
12 months
ended
31
December
2022
£
59,302
2,652
7,162
76,122
9,923
4,897
5,138
342
1,773
12,962
17,990
1,111
199,374
12 months
ended
31
December
2022
£
9,393
-

10. Auditors' remuneration

Page 26

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
15 months
ended
31 March
2024
£
823,054
37,404
17,636
878,094		 Group
12 months
ended
31
December
2022
£
580,606
29,335
9,337
619,278		 Charity
15 months
ended
31 March
2024
£
626,223
36,940
17,397
680,560		 Charity
12 months
ended
31
December
2022
£
446,202
29,335
9,337
484,874

The average number of persons employed by the Charity during the period was as follows:

Charitable activities
Governance
The average headcount expressed as full-time equivalents was:
Charitable activities
Governance		 Group
15 months
ended
31 March
2024
No.
39
3
42
Group
15 months
ended
31 March
2024
No.
24
2
26		 Group
12 months
ended
31
December
2022
No.
39
3
42
Group
12 months
ended
31
December
2022
No.
32
2
34

Page 27

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

11. Staff costs (continued)

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the parent charity, the Trust, comprise the trustees, The Museum Director, Head of Commercial, Head of Development, Head of Engagement and the Interim Finance Director. The total employee benefits of the key management personnel of the Trust were £158,218 (2022: £166,053).

12. Trustees' remuneration and expenses

During the period, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the period ended 31 March 2024, expenses totalling £ 572 were reimbursed or paid directly to 2 Trustees (2022 - £NIL ).

13. Tangible fixed assets

Group

Cost
At 1 January 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 January 2023
Charge for the period
On disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 December 2022		 Plant and
machinery
£
43,033
1,348
(308)
44,073
29,230
5,830
(96)
34,964
9,109
13,803		 Motor
vehicles
£
16,385
-
(16,385)
-
16,385
-
(16,385)
-
-
-		 Fixtures and
fittings
£
298,037
2,922
(419)
300,540
243,151
23,177
(283)
266,045
34,495
54,886		 Office
equipment
£
48,711
2,065
-
50,776
35,119
5,050
-
40,169
10,607
13,592		 Total
£
406,166
6,335
(17,112)
395,389
323,885
34,057
(16,764)
341,178
54,211
82,281

Page 28

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

13. Tangible fixed assets (continued)

Charity

Cost
At 1 January 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 January 2023
Charge for the period
On disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 December 2022		 Plant and
machinery
£
35,673
664
(308)
36,029
25,338
4,347
(96)
29,589
6,440
10,335		 Motor
vehicles
£
16,385
-
(16,385)
-
16,385
-
(16,385)
-
-
-		 Fixtures and
fittings
£
291,015
308
-
291,323
238,940
22,093
-
261,033
30,290
52,075		 Office
equipment
£
48,711
2,065
-
50,776
35,119
5,050
-
40,169
10,607
13,592		 Total
£
391,784
3,037
(16,693)
378,128
315,782
31,490
(16,481)
330,791
47,337
76,002

Page 29

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

14. Fixed asset investments

Charity
Cost
At 1 January 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 December 2022		 Investments
in
subsidiary
companies
£
12,002
12,002
12,002
12,002

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal office or principal Class of Holding
number place of business shares
Creswell Trading Company 02467865 Crags Rd, Welbeck, Worksop, Ordinary 100%
Limited Nottinghamshire, S80 3LH
The financial results of the subsidiary for the period were:
Name Income Expenditure Loss for the Net assets
£ £ period £
£
Creswell Trading Company Limited 561,944 591,473 (29,529) 16,061

The financial results of the subsidiary for the period were:

Page 30

(A company limited by guarantee)

THE CRESWELL HERITAGE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

15. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
31 March
2024
£
12,994
-
68,651
13,820
95,465		 Group
31
December
2022
£
7,590
-
36,897
12,940
57,427		 Charity
31 March
2024
£
7,046
43,666
68,564
10,448
129,724		 Charity
31
December
2022
£
6,511
10,580
43,185
11,669
71,945

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
31 March
2024
£
67,332
36,294
8,691
93,864
206,181		 Group
As restated
31
December
2022
£
47,397
30,987
2,561
38,047
118,992		 Charity
31 March
2024
£
49,176
36,294
2,984
77,007
165,461		 Charity
As restated
31
December
2022
£
42,910
30,987
2,561
33,576
110,034

Deferred income totaling £31,923 (2022 as restated: £23,074) relates to income received relating to service grants exceeds the work performed.

17. Prior period adjustments

The balance on deferred income for the year ended 31 December 2022 has reduced by £81,000 by way of prior year adjustment as the criteria for deferral was not met. Restricted funds as at 1 January 2022 and 31 December 2022 increased by £81,000.

Page 31

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

18. Statement of funds

Statement of funds - current period

Unrestricted funds
General Funds
Restricted funds
Arts Council England
ACE Investment
AIM
Co-op Local Community Fund
Esmee Fairbairn
MDEM
National Lottery Heritage Fund
University of Sheffield
Crags Bothy / Meadow Project
Total of funds		 Balance at 1
January
2023
£
163,237
-
-
-
-
-
-
-
-
81,000
81,000
244,237		 Income
£
1,384,645
873
45,000
-
2,179
82
1,508
37,204
3,350
-
90,196
1,474,841		 Expenditure
£
(1,460,875)
(873)
(44,514)
(250)
(1,773)
(161)
(1,508)
(37,204)
(1,650)
-
(87,933)
(1,548,808)		 Transfers
in/out
£
(79)
-
-
-
-
79
-
-
-
-
79
-		 Balance at
31 March
2024
£
86,928
-
486
(250)
406
-
-
-
1,700
81,000
83,342
170,270

Page 32

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

18. Statement of funds (continued)

The ACE Investment grant was awarded to support the Trust implement the recommendations from the Susan Royce Report, including Business Recovery, Governance support and improving financial resilience.

AIM Training Grant funded Health & Safety training, match funded by the NLHF resilience fund.

CRF3 was awarded by Arts Council England as part of the Continuity Support Fund, to support cultural organisations who had received funding from the Culture Recovery Fund and could clearly demonstrate the financial need for further funding from the programme in order to be able to operate on a viable and sustainable basis.

MDEM supports the museum to be more environmentally sustainable and to reduce its carbon footprint. These funds will contribute to the replacement of lighting in the exhibition spaces.

NLHF Resilience aims to support the financial resilience and business recovery of Creswell Heritage Trust under the banner “Giving the past a future at Creswell Crags”.

University of Sheffield joint project covered the expenses of volunteers who were involved in excavating and finds processing, including interpretation panels of the project for an exhibition on site and at a community outreach event.

Banish the backlog was awarded by MDEM to support collections documentation equipment and systems.

Postcode Lottery Ponds is to fund a dipping pond which would support the teaching of ecology on both a formal and informal basis.

Crags Bothy / Meadow project Tarmac Aggregates Ltd agreed to fund an environmental project for the Meadow area comprising habitat enhancement and monitoring, environmental education and interpretation.

Tesco (Bags for life) fund - Awarded to support the conservation of the parkland, meadow and lake side walkways at Creswell Crags.

Foyle foundation (EPOS upgrade) enabled the implementation of a digital booking and till system, which enhanced the delivery of activities and visitor interaction within the site, to improve operational resilience and the sustainability of income generation.

Statement of funds - prior period

Balance at
Balance at 31
1 January Transfers December
2022 Income Expenditure in/out 2022
£ £ £ £ £
Unrestricted funds
General Funds 332,856 783,693 (1,031,021) 77,709 163,237

Page 33

THE CRESWELL HERITAGE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

18.
Statement of funds (continued)
Restricted funds
Restricted Funds
-
Crags Bothy / Meadow Project
81,000
81,000
Total of funds
413,856
19.
Summary of funds
Summary of funds - current period
Balance at 1
January
2023
£
General funds
163,237
Restricted funds
81,000
244,237
Summary of funds - prior period
Balance at
1 January
2022
£
General funds
332,856
Restricted funds
81,000
413,856		 178,569
178,569
357,138
1,140,831
Income
£
1,384,645
90,196
1,474,841
Income
£
783,693
357,138
1,140,831		 (100,860)
(100,860)
(201,720)
(1,232,741)
Expenditure
£
(1,460,875)
(87,933)
(1,548,808)
Expenditure
£
(1,031,021)
(201,720)
(1,232,741)		 (77,709)
(77,709)
(155,418)
(77,709)
Transfers
in/out
£
(79)
79
-
Transfers
in/out
£
77,709
(155,418)
(77,709)		 -
81,000
81,000
244,237
Balance at
31 March
2024
£
86,928
83,342
170,270
Balance at
31
December
2022
£
163,237
81,000
244,237

Page 34

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

20. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
31 March
2024
£
Tangible fixed assets
54,211
Current assets
188,211
Creditors due within one year
(155,494)
Total
86,928		 Restricted
funds
31 March
2024
£
-
134,029
(50,687)
83,342		 Total
funds
31 March
2024
£
54,211
322,240
(206,181)
170,270

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
31
December
2022
£
82,281
96,182
(15,226)
163,237		 Restricted
funds
31
December
2022
£
-
184,766
(103,766)
81,000		 Total
funds
31
December
2022
£
82,281
280,948
(118,992)
244,237

Page 35

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease/(increase) in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities		 Group
15 months
ended
31 March
2024
£
(73,967)
34,057
(1,074)
348
4,347
(38,038)
87,189
12,862		 Group
12 months
ended
31
December
2022
£
(169,619)
60,990
(227)
655
(4,092)
(5,236)
(92,606)
(210,135)

22. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
31 March
2024
£
194,280
194,280		 Group
31
December
2022
£
186,679
186,679

Page 36

THE CRESWELL HERITAGE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

23. Analysis of changes in net debt

Cash at bank and in hand At 1
January
2023
£
186,679
186,679		 Cash flows
£
7,601
7,601		 At 31 March
2024
£
194,280
194,280

24. Operating lease commitments

At 31 March 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 Group
31 March
2024
£
35,488
206,921
666,821
909,230		 Group
31
December
2022
£
-
2,028
709,743
711,771

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 crystalise on completion of the lease in the year 2047. The minimum lease payments in relation to this charge are analysed in the above table.

25. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

26. Related party transactions

The Charity has not entered into any related party transaction during the period that require disclosure, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2024.

Page 37