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DERWENT
VALLEY TRUST
FINANCIAL
STATEMENTS
YEAR
ENDED 31ST
MARCH 2003
Company number: 3182660
Registered charity number: 1058609
Registered: 3 April 1996 in England and Wales
Registered Office: 83
Friar Gate
Derby
DE1
1FL
Directors: B
D Waters – Chairman
M Benten (appointed 13th May 2003)
I
Coope
R M
Faithorn
G L Knight
M A
Shuttleworth
A
Uprichard (resigned 20th May 2002)
G A Ward (appointment
expired 5th March 2003)
Joint Secretaries: C
A Hallam F.C.I.S.
S
F Marshall
Treasurer: J.
R. Marjoram
Bankers: National
Westminster Bank plc, Derby
Solicitors and Company Secretariat: Robinsons,
Derby
Auditors: Smith
Cooper, Derby
Members: G
L Knight
S
F Marshall
The liability of the members is limited to £1
Website
www.nationalheritagecorridor.org.uk
DERWENT
VALLEY TRUST
REPORT
OF THE DIRECTORS
YEAR
ENDED 31ST MARCH
2003
Directors’ report
The directors present
their annual report and the unaudited financial statements for the period
ended 31 March 2003
Objects
The objects of the Trust are, amongst other things, to identify,
preserve and enhance for the public benefit the area comprised in the
Derwent Valley in Derbyshire and abutment area and whatever natural, historical,
cultural, geological, architectural and constructional heritage may exist
in the area of benefit.
Principal activities
The development of the Derwent Valley Heritage Way, a 55 mile footpath, which was severely delayed
by the foot and mouth crisis in 2001, was officially opened by His Grace
the Duke of Devonshire at Chatsworth, Derbyshire, on 3rd
April 2003. Rick Jillings, Project Manager from
January 2002, had overseen the practical development of the footpath and
signage. A guide book to accompany
the route should be available from Jarrold in Autumn 2003.
The Directors
appreciate :
financial contributions to the Derwent Valley
Heritage Way ™ from Blue Circle plc, emda, Environment Agency and WREN
financial and support in kind by the county,
local and parish councils relating to the Derwent Valley Heritage Way ™
the support of Amber Valley Borough Council in
providing the services of its Tourism Officer, Reg Whitworth, as the
Trust’s Publicity Officer on an ad
hoc basis
the substantial contribution made in kind by
Robinsons Solicitors for legal advice, company secretariat, and ongoing
services.
the ongoing services of Edward Hallam in
relation to the Trust’s web site www.nationalheritagecorridor.org.uk
The Trust’s achievements since August 2002 to April 2003 are:
§
the opening
of the Derwent Valley Heritage Way™ which passes through the World
Heritage Site between Derby
and Cromford;
§
the issue
of a leaflet “Derwent Valley Heritage Way”;
§
using the
collective trade mark The National
Heritage Corridor® to promote the Trust’s identity;
§
inclusion
of The National Heritage Corridor®
in the official guides of Derby City Council and Amber Valley Borough
Council
The Trust’s targets for 2003/2004 are:
§
the
publication of a walker’s guide to the Derwent Valley Heritage Way™;
§
working
with local parties concerning the World Heritage Site in Derbyshire;
§
the large
scale interpretation of the Derwent Valley along the Heritage Way;
§
supporting
the Derwent Valley Rural Transport Partnership in promulgating combined
train and bus timetables;
§
the
feasibility of a weekend summer bus service along the Derwent Valley
Heritage Way ™ with bus stops at access points to the long distance
footpath;
continue to investigate
the possibility of a cycle and bridle way along the Derwent Valley
Keeping up to date
§
another 10
lecterns are to be erected within The
National Heritage Corridor®;
Directors
The following were both
directors and charity trustees of the Company during the year:
B D Waters
M Benten (appointed 13th
May 2003)
I Coope
R M Faithorn
G L Knight
Councillor J M Sanders
(appointed 6th October 2003)
M A Shuttleworth
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
Law applicable to incorporated charities in England and Wales requires the directors of the company, to
prepare accounts for each financial year which give a true and fair view
of the state of affairs of the charity at the end of the period and of
its financial activities during the period then ended. In preparing those accounts, the
directors are required to:
Ø
select
suitable accounting policies and the apply them consistently;
Ø
make
judgments and estimates that are reasonable and prudent;
Ø
prepare the
accounts on the going concern basis unless it is inappropriate to presume
that the charity will continue in operation.
The directors are responsible for keeping proper
accounting records which disclose with reasonable accuracy at any time
the financial position of the charity and which enable them to ensure
that the accounts comply with the Companies Act 1985. They have general responsibility for
taking such steps as are reasonably open to them to safeguard the assets
of the charity and to prevent and detect fraud and other irregularities.
ACCOUNTANTS’
REPORT TO THE MEMBERS ON THE UNAUDITED ACCOUNTS OF
DERWENT
VALLEY TRUST
We report on the
accounts for the year ended 31st March 2004 set out below.
Respective responsibilities of directors and
reporting accountants
As described on page 4, the company’s directors are responsible
for the preparation of the accounts, and they consider that the company
is exempt from an audit. It is our
responsibility to carry out procedures designed to enable us to report
the opinion set out below.
Basis of opinion
Our work was
conducted in accordance with the Statement of Standards for Reporting
Accountants, and so our procedures consisted of comparing the accounts
with the accounting records kept by the company, and making such limited
enquiries of the officers of the company as we considered necessary for
the purposes of this report. These
procedures provide only the assurance expressed in our opinion.
Opinion
In our opinion:
(a) the
accounts are in agreement with the accounting records kept by the company
under
section
221 of the Companies Act 1985;
(b) having regard only to, and on the
basis of, the information contained in
those accounting records:
(i) the accounts have been drawn up in a manner consistent
with the accounting requirements specified in section 249C(6) of the Act;
and
(ii) the company satisfied the conditions specified in section
249(A)4 of that Act for exemption from an audit of the accounts for the
year specified and did not, at any time within that year, fall within any
of the categories of companies not entitled to the exemption specified in
section 249B(1).
DERBY:
SMITH COOPER Chartered
Accountants
STATEMENT
OF FINANCIAL ACTIVITIES
Unrestricted Restricted Restricted Total Total
Funds Funds Funds Funds Funds
Income
& Expenditure 2003
2003 2003 2003 2002
(General) (Landfill Tax)
Incoming
Resources
Donations and grants - - 25,600 25,600 1,684
Deposit interest 171 - 260 431 407
___ ____ ____ _____ _____
Total
Incoming Resources 171 - 25,860 26,031 2,091
Direct
Charitable Expenditure
Website cost 257 - - 257 221
Grants for Interpretation 1,000 1,000 -
Leaflet distribution - - - - 1,000
Insurance 1,583 - - 1.583 777
Heritage Way Project 23,115 23115 -
____ ____ ____ _____ _____
1,840 1,000 23,115 25,955 1,998
Other
Expenditure
Other expenses 75 (25) - 50 60
Professional fees - - - - (396)
____ ___ ____ ____ ____
Total
Expenditure 1,915 975 23,115 26,005 1,662
Net
income/(expenditure) for the year (1,744) (975) 2,745 26 429
Fund balances brought forward 6,121 9,659 5,620 21,400 20,971
_____ _____ ____ _____ ______
Fund Balances Carried Forward £4,377 £8,684 £8,365 £21,426 £21,400
____ ____ ____ _____ _____
DERWENT
VALLEY TRUST
FINANCIAL
STATEMENTS
YEAR
ENDED 31ST MARCH 2003
BALANCE SHEET
2003 2002
CURRENT ASSETS
Balances at Bank
Deposit
accounts 21,122 21202
Current
account 304 198
______ ______
21,426 21,400
CURRENT
LIABILITIES
Creditors (
0) (
0)
NET
CURRENT ASSETS 21,426 21,400
_____ _____
NET
ASSETS £21,426 £21,400
_____ _____
REPRESENTED
BY:
Unrestricted 4,377 6,121
Restricted (Note 3) 17,049 15,279
_____ _____
£21,462 £21,400
_____ _____
The company was entitled to exemption under
section 294A(2) of the Companies Act 1985 from the requirement to have
its accounts for the financial year ended 31 March 2003 audited though
subject to a report by a reporting accountant. No notice has been deposited under
section 249B(2) of that Act requiring an audit in relation to the
company’s accounts for that financial period.
The directors acknowledge their responsibilities
for:
¨
ensuring
that the company keeps accounting records which comply with section 221
of the Companies Act 1985; and
¨
preparing accounts
which give a true and fair view of the state of affairs of the company as
at the end of the financial period in accordance with the requirements of
section 226 of that Act, and which otherwise comply with the requirements
of that Act relating to accounts, so far as applicable to the company.
These accounts were approved by the board of
directors on
and were signed on its behalf by:
B. D.
Waters
Director
DERWENT
VALLEY TRUST
FINANCIAL
STATEMENTS
YEAR
ENDED 31ST MARCH 2003
NOTES TO THE
FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
The
following accounting policies have been applied consistently in dealing
with items which are considered material in relation to the company’s
accounts.
Basis of
Preparation
The accounts have been prepared in accordance
with applicable accounting standards, and
under
the historical cost accounting rules.
Income & Expenditure
Income and expenditure are recognised on an
accruals basis other than donations which are
recognised
when they are received.
Cashflow Statement
The
company is exempt from the requirement of Financial Reporting Standard No
1 to prepare
a cashflow statement on the
grounds of its size.
Reserves
The charity maintains the level of reserves
required to fulfil its objectives.
The board of trustees
monitors
reserves at regular board meetings. Donations received for the general
purposes of
the Charity are included
as unrestricted funds. Donations for activities restricted by the wishes
of the donor are taken to “restricted funds” where these wishes are
legally binding on the Charity Trustees.
2. DIRECTORS’ EXPENSES
No members of the
board of directors nor any person connected with them has received or is
due to receive any remuneration or expenses for the period directly or
indirectly from the Charity’s funds.
3. RESTRICTED
FUNDS
The funds of the charity include
restricted funds comprising the following balance of donations held:
Balance
at Additions to Resources Balance at
1
April 2002 Restricted Funds Expended 31 March 2003
Restricted
fund 9,659 - 975 8,684
Landfill Tax - Restricted fund 5,620 25,860 23,115 8,365
_____ _____ _____ _____
Total 15,279 25,860 24,090 17,049
_____ _____ _____ _____
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