Torr Vale Mill Preservation Trust - Charities report - 22.2

REGISTERED COMPANY NUMBER: 04216166 (England and Wales)

REGISTERED CHARITY NUMBER: 1141742

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

TORR VALE MILL PRESERVATION

TRUST LIMITED

Page

Report of the Trustees

1

to

2

Independent Examiner's Report

3

Statement of Financial Activities

4

Balance Sheet

5

Notes to the Financial Statements

6

to

7

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2022. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal object of the company is to preserve Torr Vale Mill in its natural setting at New Mills, Derbyshire for the benefit of the public at large and to promote further study of those premises and to make the information available to the public. The Torr Vale Mill Preservation Trust seeks to protect and preserve the premises and serves to draw partners together from local councils, community groups, business and owners of the Mill. The Partnership aims to re-vitalise Torr Vale Mill by finding new users which will help to preserve and sustain it for the benefit of the local community.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

In the financial year ended 31 May 2021 the Trustees met on the 11th January 2022 to hold the AGM and a separate Board meeting. The Trustees also met during the year to discuss progressing the aims of the agreed Memorandum of Understanding with all parties.

FINANCIAL REVIEW

Reserves policy

The Trustees have established the level of reserves that the Charity ought to have. Reserves are needed to bridge the funding gap between spending on running costs needed to preserve Torr Vale Mill and receiving resources through grants and donations.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

Trustees are appointed by the Members for a period of 3 years, after which they retire from office.The choice between any trustees of equal service shall be made in accordance with however the Trustees shall agree and in the absence of agreement by drawing lots.

A retiring Trustee shall be re-eligible for re-appointment. A Trustee can be re-appointed by the Members to office for a maximum of two further terms of 3 years each. After three consecutive terms in office (9 years), a retiring Trustee cannot be re-appointed to the position of Trustee, unless this would cause the minimum number of Trustees to be less than three.

The Trustees have the power at any time to appoint to be a Trustee any person who by reason of his qualifications or particular interests having regard to the Object of the Trust the Trustees may consider to be a Trustee.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

04216166 (England and Wales)

Registered Charity number

1141742

Registered office

C/o A Allen & Son Limited

45 Union Road

New Mills

High Peak

SK22 3EL

Trustees

R M Body

S Whewell

J N B Poulter

D C Cooper

K A Gilsenan

Ms L Bannister

Company Secretary

D C Cooper

Independent Examiner

T J Mourne

Mourne & Co

2 Meadow Close

Whaley Bridge

High Peak

SK23 7BD

This report 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 board of trustees on 14 September 2022 and signed on its behalf by:

J N B Poulter - Trustee

Independent examiner's report to the trustees of Torr Vale Mill Preservation Trust Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

T J Mourne

Mourne & Co

2 Meadow Close

Whaley Bridge

High Peak

SK23 7BD

14 September 2022

31/5/22

31/5/21

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

Mill preservation

718

13

EXPENDITURE ON

Charitable activities

Mill preservation

718

26

Other

-

(13

)

Total

718

13

NET INCOME

-

-

RECONCILIATION OF FUNDS

Total funds brought forward

1,346

1,346

TOTAL FUNDS CARRIED FORWARD

1,346

1,346

31/5/22

31/5/21

Unrestricted

Total

fund

funds

Notes

£

£

CURRENT ASSETS

Cash at bank

3,119

3,837

CREDITORS

Amounts falling due within one year

3

(1,773

)

(2,491

)

NET CURRENT ASSETS

1,346

1,346

TOTAL ASSETS LESS CURRENT LIABILITIES

1,346

1,346

NET ASSETS

1,346

1,346

FUNDS

4

Unrestricted funds

1,346

1,346

TOTAL FUNDS

1,346

1,346

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 14 September 2022 and were signed on its behalf by:

J N B Poulter - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2022 nor for the year ended 31 May 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2022 nor for the year ended 31 May 2021.

3.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/22

31/5/21

£

£

Accrued expenses

13

13

Deferred income

1,760

2,478

1,773

2,491

4.	MOVEMENT IN FUNDS

Net

movement

At

At 1.6.21

in funds

31.5.22

£

£

£

Unrestricted funds

General fund

1,346

-

1,346

TOTAL FUNDS

1,346

-

1,346

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

718

(718

)

-

TOTAL FUNDS

718

(718

)

-

5.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 May 2022.