Charity registration number 1000323
Company registration number 02527647 (England and Wales)
SWINDON HERITAGE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
SWINDON HERITAGE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr W A Parker
Dr L L Lloyd
Ms C R Prior
Mr D J Saunders
Secretary
Mr W A Parker
Charity number
1000323
Company number
02527647
Registered Office
Hang Hill Works
Bream
Lydney
GL15 6HT
Accountants
Griffiths Marshall
SWINDON HERITAGE TRUST
CONTENTS
Page
Trustees' report
1
Accountants' report
2
Statement of financial activities
3
Balance sheet
4
Notes to the financial statements
5 - 9
SWINDON HERITAGE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 30 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity's objects are to further the public benefit by the charitable activity of advancing the education of the public by the provision of a Heritage Workshop.

The trustees have paid due regard to guidance, including guidance on Public Benefit, issued by the Charity Commission in deciding what activities the charity should undertake and in exercising their powers and duties.

 

The trustees are actively recruiting members and potential trustees in anticipation of increased activity in 2025.

Achievements and performance
Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The charity will move into a building at Hang Hill Works in which objects connected to the Great Western Railway Swindon Works and other like objects can be preserved, conserved, and displayed in 2025.

Structure, governance and management

The charity is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr W A Parker
Dr L L Lloyd
Ms C R Prior
Mr D J Saunders

Trustees are recruited and appointed as required.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

Mr W A Parker
Trustee
Dated: 28 November 2024
SWINDON HERITAGE TRUST
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SWINDON HERITAGE TRUST FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Swindon Heritage Trust for the year ended 30 April 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Swindon Heritage Trust and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swindon Heritage Trust and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Swindon Heritage Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Swindon Heritage Trust. You consider that Swindon Heritage Trust is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Swindon Heritage Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Griffiths Marshall
28 November 2024
Chartered Accountants
SWINDON HERITAGE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Investments
3
250
850
Total income
250
850
Expenditure on:
Charitable activities
4
300
500
Total expenditure
300
500
Net income/(expenditure) and movement in funds
(50)
350
Reconciliation of funds:
Fund balances at 1 May 2023
(2,915)
(3,265)
Fund balances at 30 April 2024
(2,965)
(2,915)

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

SWINDON HERITAGE TRUST
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
8
250
-
Cash at bank and in hand
458
758
708
758
Creditors: amounts falling due within one year
10
(3,673)
(3,673)
Net current liabilities
(2,965)
(2,915)
The funds of the charity
Unrestricted funds
11
(2,965)
(2,915)
(2,965)
(2,915)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 April 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 28 November 2024
Mr W A Parker
Trustee
Company registration number 02527647 (England and Wales)
SWINDON HERITAGE TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
1
Accounting policies
Charity information

Swindon Heritage Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is , Hang Hill Works, Bream, Lydney, GL15 6HT.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Expenditure

Resources expended are recognised on the accruals basis in the period to which they relate.

SWINDON HERITAGE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

SWINDON HERITAGE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Rental income
250
850
4
Expenditure on charitable activities
2024
2023
£
£
Direct costs
Rent
-
200
Accountancy
300
300
300
500
Analysis by fund
Unrestricted funds
300
500
5
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

 

 

6
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
SWINDON HERITAGE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Employees
(Continued)
- 8 -
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

7
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
250
-
9
Loans and overdrafts
2024
2023
£
£
Directors' loans
2,960
2,960
Payable within one year
2,960
2,960
10
Creditors: amounts falling due within one year
2024
2023
£
£
Borrowings
2,960
2,960
Other creditors
337
337
Accruals and deferred income
376
376
3,673
3,673

All of the charity's assets and liabilities relate to unrestricted funds.

SWINDON HERITAGE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
11
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 May 2023
Incoming resources
Resources expended
At 30 April 2024
£
£
£
£
General funds
(2,915)
250
(300)
(2,965)
Previous year:
At 1 May 2022
Incoming resources
Resources expended
At 30 April 2023
£
£
£
£
General funds
(3,265)
850
(500)
(2,915)
12
Related party transactions

During the year ended 30 April 2024 the company had rental income of £250 (2023 - £850) from limited companies in which Mr W A Parker (director) has an interest.

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