r• Charity registration number 1054232 Company registration number 03176516 EXETER HISTORIC BUILDINGS TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AOHWTOH 1111212024 COMPANIES HOUSE
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EXETER HISTORIC BUILDINGS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms Lorraine Arrell Mr R P Chant Dr James Clark Mrs S A Ellison Mr R J Parker Ms Josephine Sinclair Mr Nicholas Scott (Appointed 28 March 2024) Dr Clare Maudling Secretsry Dr Clare Maudling Charlty number 1054232 Company number 03176516 Reglstered office 21 The Mint Exeter Devon EX4 3BL Independent examlner Mrs S Truran FCCA FCA Streets 8ush Limited 2 Barnfield Crescent Exeter EXI IQT Bankers Bank of Scotland 33 Old Broad Street London BX2 ILB
EXETER HISTORIC BUILDINGS TRUST CONTENTS Page Trustees, Annual report Independent examlner's report Statement of financial activities Balance sheet Notes to the financial statements 8-19
EXETER HISTORIC BUILDINGS TRUST TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the fi'nancial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie¢ preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective l January 2019). Oblectlves and activltie5 The object for whlch the Trust Is established is to preserve for the benefit of the people of Exeter and of the nation at large whatever of the English historical architectural and constructlonal heritage may exlst In and around Exeter in the form of buildings (which expression shall for these purposes include any building as defined by sertion 33611) of the Town and Country PlanninE Act, 1990 and also any garden or plant or machinery irrespective of whether it is associated with a building) of beauty or historical architectural or constructional interest or ancient monuments. The trustees have noted the Charity Commlssion guidance on publlc benefit. The on80in8 maintenance work completed on 21 The Mint continues to provide benefi't to the public through the preservation and restoration of these buildings and stimulating historical and architectural interest. The regular hwitage opening days continue to educate the public in the local history of the area. The trustees have paid due re8ard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achlevements and performance The major events of the year 2023/2024 were.. The Trust continued to attract outside events like the successful Wandering Tiger programme "Humbug" that runs over Christmas each year and has now opened the buildin8 for hire as a wedding venue. Wandering Tiger, two years ago, introduced a new programme for Halloween "Audience with a Ghost Hunter" This was successfully repeated in the current fi'nancial year. Other events included a successful talkllecture programme and a vivid re-enactment commemoratin8 the Western Uprisin8 or Prayer Book rebellion: it is hoped that these will become annual events. Following the award of a grant from National Heritage Lottery Fund INHLF) in the summer of 2021, the Trust continued it5 programme of events and engagements with communities in the Exeter area. A Erant was received from the Culture Recovery Fund which assisted the Trust in rfropening the St Nicholas Priory building following its closure during the Covid-19 outbreak. Donatlons continue to play a small but significant part on the Trust's income while sales from the Ilmlted stock of memorabilia are expected to grow in future fi'nancial years. The Trust has continued its preservation and repair work to St Nicholas Priory with the completionof the fire alarm and identification of further projects for the coming year.
EXETER HISTORIC BUILDINGS TRUST TRUSTEES, ANNUAL REPORT (INCLUDING DIREcfoRS' REPORTI ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnancial review It was a challengin8 year for the Trust as our income levels didn't achieve our internal targets and charity made a defi'cit in the year of £26,563 (2023- £35,122). Total income fell by 13% compared to the prevtous year. Total expenditure decreased by 15% compared to the previous year. Total funds at the year-end amounted to £189,016 of which £7,328 is held in restricted funds. The Trust seeks to maintaln sufficient reserves to cover unexpected property maintenance expendlture along with reserves to cover losse5 which may arise due to rental void periods. The Trustees have determined that a reserve of £21,000 is appropriate plus approximately 6 months rental income of £9,000 so the target reserve is £30,000. At the year end the trust had reserves totalling £23,425. (Net current assets less restricted funds). The trust is In the process of reviewing its income generation actlvltles to allow it to put appropriate measures in place to meet its reserves policy in the comin8 year Structure* governante and management Exeter Historlc Buildin8s Trust Is a company Ilmited by 8uarantee Incorporated on 22 March 1996 and a registered charlty governed by its Memorandurn and Artlcles of Associatlon. The directors of the charitable company I'the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. Under the Articles of Association at the Annual General eting one third of the trustees shall retire from ofh'ce and be eligible for re-election. Trustee5 are appointed by the Board of Trustees which number between 5 and 10 members. The trustees, who are also the directors for the purpose of cornpany law, and who served durln8 the year and up to the date of signature of the financial statements were: Ms Lorraine Arrell Mr R P Chant Dr James Clark Mrs S A Ellison Mr David Radstone Mr R J Parker Ms Josephine Sinclair Mr Nicholas Scott Dr Clare Maudllng (Resigned 14 October 20231 (Appointed 28 March 2024) Risk review The trustees have assessed the Major risks to which the charity 15 exposed and are satisfied that systems are in place to mitigate our exposure to the major risks. An assessment of fire risks has been made anda written statement prepared and issued to Trustees and Open Day Stewards.
EXETER HISTORIC BUILDINGS TRUST TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, Annual report was approved by the Board of Trustees. Drjames C ark
EXETER HISTORIC BUILDINGS TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EXETER HISTORIC BUILDINGS TRUST I report to the trustees on my examination of the fi'nancial statements of Exeter Historic Buildings Trust for the year ended 31 March 2024. Responsibllltles and basls of report As the trustees of the charitycharity (and also its directors for the purposes of company law) you are responsible for the preparation of the fi'nancial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audital under Part 16 of the 2006 Act and are eligible for independent examination, I report In respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examlnation I have followed all the opplicable Directlons given by the Charity Commission under section 145{51{b} of the 2011 Act. Independent examlner's statement I have completed my examinakn'on. I confirm that no matters have come to my attention in connectlon with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 386 of the 2006Act; or the financial statement5 do not accord with those records; or the financlal statement5 do not comply wlth the accountlng requirements of sectlon 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 the financial statements 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 a1 Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to whrh attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. S Truran FCCA FCA Street5 Bush Limited 2 Barnfield Crescent Exeter EXI IQT Dated: i o)ILJg42¥
EXETER HISTORIC BUILDINGS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Incom from: Donations and legacies Charitable activities 22,439 41,217 76,104 98,543 41,217 24,967 34,189 101,090 126,057 34,189 Total Income 63,656 76,104 139,760 59,156 101,090 160,246 x endlture on: Charitable activities 80,317 86,006 166,323 88,209 107,159 195,368 Net outgoing resources before transfers {16,661) {9,9021 126,5631 {29,053) {6,0691 (35,1221 Gross transfers between funds 13,054) 3,054 12,710} 2,710 Net expenditure for the yearl Net movement in fvnds (19,715) 16,8481 (26,563) 131,763) 13,359) 135,122) Fund balances at l Aprll 2023 201,403 14,176 215,579 233,166 17.535 250,701 Fund balances at 31 March 2024 181,688 7,328 189,016 201,403 14,176 215,579 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from contlnuing actlvities. The statement of financial activitie5 a150 complies with the requirements for an income and expenditure account under the Companies Act 2006.
EXETER HISTORIC BUILDINGS TRUST BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fbxed assets Tangible assets Heritage assets Investments 92,058 564,242 108,802 582,443 10 li 656,301 691,246 Current assets Debtors Cash at bank and in hand 12 20,230 33,029 21,173 51,532 53,259 72,705 Credltors: amounts fallln8 due withbn one year 13 (22.5061 {33,7331 Net current assets 30,753 38,972 Total assets le55 current Ilabilitles 687,054 730,218 Credltors: amounts fallln8 due after more than one year 14 (498,038) 1514,6391 Net assets 189,016 215,579 Income funds Restricted funds Unrestricted funds 15 7,328 181,688 14,176 201,403 189,016 215,579
EXETER HISTORIC BUILDINGS TRUST BALANCE SHEET ICONTINUED) AS AT 31 MARCH 2024 The company is entitled to the exemption from the audit requirement contained in section 477 of tl Companles Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilities for complying with the requirements of the Comparties 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 . Dr James Clark Trustee Company reglstratfon number Cornpany reglstration number: 3176516
EXETER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles 1.1 Accounlln8 convenllon The charity financial statements have been prepared in accordance with the 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 1021 {effective l January 2019) - (Charities SORP IFRS 10211, the Ftnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}. The financial statements have also been prepared with the Charities Act 2011 and the small Companies regime (section 419 (2) of the Companies Act 2006. 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 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functlonal currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost conventkon. The prlncipal accounting pollcies adopted are set out below. 1.2 Going concern At the tlme of approvlng the financial statements, the charlty have a reasonable expectation that the charity has adequate resource5 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 Charltable 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 as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial ststements. 1.4 Income lrtcort)e 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 reco8nised at the time of the donation.
EXETER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountln8 pollcles (Continued) 1.5 Expenditure Expendlture is recognlsed once there is a legal or constructlve obligation to transfer economic benefi't to a third party. it is probable that a transfer of economic benefits wlll be required in settlement, and the amount of the obligation can be measured reliablv. 1.6 Tangible fixed assets Tangible fi'xed assets are initially measured at cost and subsequently measured at cost or valtIon, net of depreciatlon and any impairment losses. DepcIatIOn is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the follow¢n8 bases". Plant and equipment Fixtures and fittin8S Computers 15% reducing balance 15% reducin8 balance 25% stralght Ilne The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceed5 and the carrying value of the asset. and is reco£nlsed in the statement of fi'nancial activitles. 1.7 Herita8e assets Where donated herltage assets cannot be reliably valued, they are not recognised in the accounts. Improvements to heritage assets are stated at cost less accumulated depreciation. Building Improvements are bein8 depreciated over their useful life of 50 years on a straight line basls. 1.8 Flxed asset Investments Fixed asset investments are inittally measured at transaction price excluding transactlon costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/{expenditure) for the year. Transaction costs are expensed as Incurred. A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefi'ts from it5 acttvities. 1.9 Cash and cash equlvalents 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. 1.10 Financial instruments The charity only has financial assets and liabilities of a kind that qualify as baslc fi'nancial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
EXETER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Contlnued) 1.11 Deferred grants Grants relating to assets are initially deferred, and subsequently recognised in income on a straight line basis over the useful life of the asset to which it relates. 10-
EXETER HISTORIC BUILDINGS TRUST NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THEYEAR ENDED 31 MARCH 2024 Don•tlon5 Jfid l襕¢l•s Unr•siilrf¢d Re$trlded lunds fynds rot•l Unr•$irlrt•d R•strlrted fund5 lunds Tothl 2024 2024 2024 2023 2023 zozJ oOnaon5 and 5ubscripdon$ Grants 5.838 16.601 5.838 92,705 S,361 19,606 5,361 120.696 76.104 101,090 22,439 76.104 98.543 24,967 101,090 126,OS7
EXETER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activitfes Charitable Charltable Actlvltles Acllvllles 2024 2023 Rent receivable Room hlre l Universlty hire Property improvements recharged Event and publications income 12,000 10,051 752 12,000 4.618 838 16,733 18,414 41.217 34,189 12-
EXETER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Chailtable actlvltles Charitable Charitable Activitles Artivities 2024 2023 Staff costs Cost of goods solds Event costs 15,627 1,063 5,280 1,875 9,986 1,063 14.235 1706) 429 384 67,572 5,068 1,913 290 978 3,031 1,911 1,380 15,365 245 8,618 2,421 13,425 1,612 16,078 1,481 797 660 Insurance Repairs and renewals Garden maintenance Heat and118ht Water rates Telephone and Internet charges Rates I Council tax Professional fees Publicity costs Administrative costs Printlng and stationery Subscriptions Website expenditure Archttects and surveyors fees Independent examination Bank charges Depreciation charges Amortisation charges 67,002 4,529 2,680 179 503 6,669 I,soo 2,340 14 39,098 1,944 34,944 497 166,323 195,368 166,323 195,368 Analysis by fund Unrestricted funds Restricted funds 80,317 86,006 88,209 107,159 166,323 195,368 13-
EXETER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees None of the trustees {or any persons connected with them) received any remuneration or benefits from the charity durin8 the year. During the year. trustees made donations totalling £430 (2023: £1,030) and were reimbursed expenses totalling £3212023: £13,439). One trustee, Mr D Radstone, is also chair of Devon & Exeter Medical Heritage Trust. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number io io Employment costs 2024 2023 Wages and salaries Other pension costs 15,345 282 14,840 525 15.627 15,36S There were no employees whose annual remuneratlon was more than £60,000. Legal Status of the Charity The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £5. Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act I9 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to it charitable objects. 14-
EXETER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Tangible fixed assets Pl•ntand •4ulpment Fixtu and fftiln Computè Total Cost At l April 2023 25,515 157,973 3,968 187,456 At 31 March 2024 25,515 157,973 3,968 187,456 Depreciation and Impairment At l April 2023 Depreciation charged in the year 12,207 1,996 62,977 14,250 3,471 497 78,655 16,743 At 31 March 2024 14,203 77,227 3,968 95,398 Carryln8 amount At 31 March 2024 11,312 80,746 92,058 At 31 March 2023 13,308 94,997 497 108,802 10 Herltage assets At l April 2023 Depreciation 582,443 {18,2011 At 31 March 2024 564,242 The charity holds the following long leasehold interests.. 21 The Mint - 125 years from 1998 at notional rent; St Nicholas, Priory- 99 years from 2018 at a notional rent, As the buildings are historic assets, information relating to their original cost is not available and it is very difficult to place valuations on them. The ori8inal lease has therefore been excluded from the balance sheet. 21 The Mint was restored over a seven year period. Over this period, the cost of the restoration amounted to £910,065 of which £830,058 ha5 been paid for from grants. The costs have been capitalised as an improvement to a heritage asset, and the improvements are being depreciated over a 50 year period. The grants relating to this work were initially deferred and are being recognisedovef the same 50 year period. 15-
EXETER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Foxed asset Investments Other investments Cost or valuation At l April 2023 & 31 March 2024 The Trust has beneficial ownership of the ordinary share capital of EH8PT Enterprises Limited. Thls one ordinary share was purchased for £1. 12 Debtors 2024 2023 Amounts falllni due wlthin one year: Trade debtors Amounts owed by subsldiary undertakings Other debtors Prepayments and accrued income 1,829 1,450 11,524 5,427 264 1,000 15,789 4,120 20,230 21,173 13 Creditors: amounts fallin8 due withln one year 2024 2023 Other taxatlon and soclal securlty Trade creditors Other creditors Accruals and deferred income 502 880 17,464 3,660 128 4,304 16,601 12,700 22,506 33,733 14 Creditors: amounts falling due after more than one year 2024 2023 Other creditors 498,038 514,639 16-
EXETER HISTORIC BUILDINGSTRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 IS ft•strlrted funds The income funds of the Charity include restricted funds comprlsinB the lollowlrsB uThexpended balances ol donations and Brants held on trust for speclllc purposes.. M0m*t In funds M+m•t In fund5 Trnnthr4 arnl ourr ut p•nd•d IAprll W21 l Aprf12011 JI M•tthl•U Nlcholas Prlory Physic Garden NHLF ERSX NHLF NHLF Exeter PartTher5hip 7.242 1,405 7,776 1.112 13,5151 16671 17,8001 195,1771 3.727 738 3,727 738 24 2,686 11141 179.0441 16,8481 114 2,940 91.379 9.711 76,104 9,711 2,863 17,535 101,090 1107,1591 2,710 14,176 76,104 186,0061 3,OS4 7,328 17-
EXETER HisfoRIC BUILDINGS TRUST NOTÉS TO THE FINANCIAL STATEMENTS (CONTINUÉD) FOIt THE YEAR ENDED 31 MARCH 2024 15 Regtrlcted lund$ Nlcholas Priory Is a fund for update5 to the Priory and the balance relates malnly to CCTV rnonbtorfnB. We are In d15cusslon5 wlth the Council lo tak thls forward. A grant of £76,104 from the Noonal Htrita8e Lottery Fund was received In the ye•r rel¥tynB to $upporfjn8 the Prlory and tompleted Irs JuThe 2024. The Psychlc Garden iel¥tes to a small grant for creJtln8 a medltatron garden In the main 8arden to the rear of the Priory. th1$ ha5 alm95t been completed. The ERSX graTht was a COVIO launch grant whlch was spent durln8 the year to March 2024 and is now lirsished. The Ex¢t¢r Partnershlp 15 jolnt funding with Exttèr Communityi fundtd by the CouThtil and thls Is eniolfi8. 18.
EXETER HISTORIC BUILDINGS TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Analysls of net assets between funds Unrestricted Restrirted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are represented by.. Tangible assets Heritage assets Investments Current assets/ (liabillties) Long term liabillties 92,058 564,242 92,058 564,242 108,802 582,443 108,802 582,443 23,425 (498,0381 7,328 30,753 24,796 1498,0381 1514,639) 14,176 38,972 1514,639) 181,688 7,328 189,016 201,403 14,176 215,579 17 legal Charge There is a legal char8e of £67,572 held by Architectural Heritage Fund on 21 The Mint. 18 Related Partles EHBPT Enterprises Limited was created as a subsidiary company to take a long lease on the 2 dwellings created In 21 The Mint. This receives rent from a third party and it pays rent to the Trust. Durin6 the vear, the Trust received rent of £12,000 from the subsidiary company. Any profits retained by EHBPT Enterprises Limited are paid to the Trust, No profits were retained by EHBPT Enterprises Limited in the last financial year. £1,450 was owed by the company to the Trust at 31 March 2024. sandra Ellison and both Paul and Katherine Chant served as directors of EHBPT Enterprises Limited during the year. Oavin Radstone served as a director until 28 April 2023. 19-