Registered number: 03176516 Charity number: 1054232 EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charlty, its Trustees and Advisers Trustees, Report Independent Examlner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-25
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Ms L Arrell Mr R P Chant Dr J Clark Mrs S A Ellison Mr R J Parker Ms J Sinclair Mr N Scott Dr C Maudling Mr G Roberts {appointed 20 January 2025, resigned 2 May 2025) Company registered number 03176516 Charity reglstered number 1054232 Reglstered offlce 21 The Mint Exeler Devon EX4 3BL Company secretary Dr Clare Maudling Accountants Streets Bush Limited 2 Barnfield Crescent Exeter EX1 1QT Bankers Bank of Scotland 33 Old Broad Street London BX21LB Page 1
EXETER HISTORIC BUILDINGS TRUST {A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of the Charity for the 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current stalutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (effective 1 January 20191. Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectlves The object for which the Trust is established is to preseNe for the benefit of the people of Exeter and of the nation at large whatever of the English historical architectural and constructional heritage may exist in and around Exeter in the form of buildings {which expression shall for these purposes include any building as defined by section 336{11 of the Town and Country Planning Act, 1990 and also any garden or plant or machinery irrespective of whether it is assocaited with a building} of beauty or historical architectural or constructional interest or ancient monuments. The trustees have noted the Charity Commission guidance on public benefit. The ongoing maintenance work completed on 21 The Mint continues to provide benefit to the public through the preservation and restoration of these buildings and stimulating historical and architectural interest. Th8 regular heritage opening days continue to educate the public in the local history of the area. The trustees have paid due regard to guidance issued by the Charily Commission in deciding what activities the charity should undertake. In selting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB2}'. Page 2
EXETER HISTORIC BUILDINGS TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance a. Main achlevements of the Charity The major events of the year 202412025 were.. The National Heritage Loltery Fund 3-year grant expired in June 2024 supporting events and engagements with the local communities of Exeter. The Trustees believe that the targets and outcomes envisaged with this grant have been achieved and thank the Fund for their support over the period. The Trusts activilies have since been run on a volunteer only basis. The Charity entered into a new grant agreement with Exeter City Council for a period of 3 years commencing 1 July 2024 to enable it to move towards a sustainable basis of funding. The grant will be used lo improve revenue generating activities, for example making improvements to the properties to allow for increased rents to normal market levels. The Charity successfully refurbished unit 21A and let the propety at full market rate. A small grant was received from Devon County Council to support an educationavarchaeological festival. Donations continue to play a small but significant part of Ihe Trust's income while sales from the limited stock of memorabilia continue lo grow. Wandering Tiger had its, by now, customary Christmas run providing a healthy contribution to the Trust's income. As trustees and volunteers became more used to running events in the West wing, so the number and diversity of events grew, thus contributing to the sustainability of trust finances. The Trust continues its preservation and repair work of the St Nicholas Priory with a grant receipt from Historic England to support a major application for roof repairs over the coming years. Financial review . Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial slatements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves pollcy Total funds at the year-end amounted to £195,375 12024.. £189,016). This consisted of restricted funds of £31,612 (2024. £7,328) and unrestricted funds of £163,763 {2024'. £181,688}. The Trust seeks to maintain sufficient reserves to cover unexpected property maintenance expenditure along with reseNes to cover losses which may arise due to rental void periods. The Trustees have determined that a reserve of £21,000 15 appropriate plus approximately 6 months renlal income of £9,000, so the target reserve is £30,000. The Trust is in the process of reviewing its income generation activities to allow it to put appropriate measures in place to meel its reserves policy in the coming year. Page 3
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 c. Review of the year It was a challenging year for the Trust as our income levels did not achieve our internal largets. however the Charitable Company made a surplus in the year of £6,359 {2024.. £26,563 deficit). Total income fell by 60/012024.. 130/0) compared to the previous year. Total expenditure decreased by 25 % 12024.. 15 % I compared to the previous year. Structure, governance and management Constltutlon Exeter Historic Buildings Trust is a charitable company limited by guarantee incorporated on 22 March 1996 and a registered charity governed by its Memorandum and Articles ofAssocialion. b. Methods of appointment or electlon of Trustees The directors of the charitable company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. Under the Articles of Assocition at the Annual General Meeting one third of the trustees shall retire from office and be eligible for re*lection. Trustees are appointed by the Board of Trustees which number between 5 and 10 members. c. Flnancial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. An assessmenl of fire risks has been made and a written statement prepared and issues lo trustees and Open Day Stewards. Page 4
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 202S Statement of Trustees, responsibilities The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statemenls for each financial . Under company law, the Trustees must not approve the financial statements unless Ihey are satisfied that they give a true and fair view of the state of affairs of the Charity and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo. select suitable accounling policies and then apply them consistently, obseNe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudenl., state whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficienl to show and explain the Charity's transactions and disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order the members of the board of and signed on their behalf by.. Trustees on Dr J Clark Trustee Page 5
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent Examiner's Report to the Trustees of Exeter Historic Buildings Trust ('th8 Charlty,) I report to the charity Trustees on my examination af the accounts of the Charity for the year ended 31 March 2025. Responsibilltles and Basis of Report As the Truslees of the Charity land its directors for the purposes of company law) you are responsible for the preparation of Ihe accounts in accordance with the requirements of the Companies Act 2006 ('Ihe 2006 Act,). Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independenl examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Acl 2011 I'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charily Commission under section 145(51(bl 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.. accounting records were nol kept in respect of the Charity as required by section 386 of Ihe 2006 Act., or the accounts do not accord with those records., or 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 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 lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 10211. 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. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Rèports} Regulations 2008. My work has been undertaken so that I might state lo the Charity's Trustees those matters l am required to state lo them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated. q I S Truran FCCA FCA Streels Bush Limited 2 Barnfield Crescent Exeter EX1 1QT Page 6
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income from: Donalions and legacies Charitable activities 72,862 23,593 34,386 96,455 34,386 98, 543 41,217 Total income 72,862 57,979 130,841 139. 760 Expendlture on: Charitable activities SO,007 74,475 124,482 166,323 Total expenditure 50,007 74,475 124,482 166, 323 Net incomel{expenditure) Transfers between funds 22,855 1,429 (16,496) {1,429) 6,359 (26,563) 16 Net movement in funds 24,284 (17,925) 6,359 (26,563) Reconciliation of funds: Total funds brought fOard Net movement in funds 7,328 24,284 181,688 {17,925) 189,016 6,359 215,579 (26,563) Total funds carried forward 31,612 163,763 195,375 189.016 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 10 to 25 form part of these financial statements. Page 7
EXETER HISTORIC BUILDINGS TRUST IA Company Limited by Guarantee) REGISTERED NUMBER: 03176516 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets Heritage assets Investments 10 78.249 $46,041 92,058 564,242 12 624,291 656,301 Current ass8ts Debtors Cash at bank and in hand 13 30,788 44,463 20, 230 33, 029 75,251 53,259 Creditors.. amounls falling due within one year 14 (22,7301 (22, 506) Net current assets 52,521 30, 753 Total assets less current Ilabilities 676,812 687, 054 Creditors.. amounts falling due after more than one year 15 1481,437) (498, 038) Total net assets 195,376 189,016 Charity funds Restricted funds Unrestricted funds 16 16 31,612 163,763 7,328 181,688 Total funds 195,375 189,016 Page 8
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 03176516 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Charity was entitled to exemption from audit under section 477 ofthe Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. 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 have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by. DrJ Clark Trustee The notes on pages 10 to 25 form part of these financial statements. Page 9
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General information Exeter Historic Buildings Trust {the charity} is a limited company by guarantee incorporated in England and Wales and a registered charity. The charity's registered office is at 21 The Mint, Exeter, England, EX4 3BL. The charity's principal activity is preservation of buildings of Historical & Architectural interest in and around and for Ihe benefit of the City of Exeter. Accounting policies 2.1 Basls of preparation of financial statements The financial statements have been prepared in accordance with the Charitie5 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 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Exeter Historic Buildings Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cosl or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has entitlement lo 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 Statement of Financial Activilies 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 Balancè Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where enlillemenl occurs before income is received, the income is accrued. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo 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 aclivily are allocated directly to thal 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. Central staff Costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 10
EXETER HISTORIC BUILDINGS TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.4 Government grants Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are cr&dited to the Statement of Financial Aclivilies as the related expenditure is incurred. 2.5 Taxatlon The Charily is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.6 Tanglble flxed assets and depreclatlon 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 Fixtures and filtings Computer equipment 150/0 reducing balance 150/0 reducing balance 250/0 Straight line Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statemenl of Financial Activities. 2.7 Heritage assets Where heritage assets have been purchased, they are initially recognised at cost. After recognilion, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impaimient losses. Depreciation is provided on th& following bases.. 21 The Mint and St Nicholas, Priory 2e/o Straight line Page11
EXETER HISTORIC BUILDINGS TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.8 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 il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/lLossesl on investments, in the Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.9 Deferred grants Grants relating to assets ar@ initially deferred, and subsquently recognised in income on a straight line basis over the useful life of the asset to which it relates. 2.10 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. 2.11 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. 2.12 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 anticipate5 11 will pay to settle the debt or the amount it has received as advanced payments for the goods or services il must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effecl 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 Statement of Financial Activities as a finance cost. 2.13 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al 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. 2.14 Pensions The Charity operates a def1ned contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. Page 12
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S Accounting policies (continued) 2.15 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 Charity and which have nat been designated for other purposes. Restricled funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity 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. Income from donations and legacies Restrlcted Unrestricted funds funds 2025 2025 Total funds 2025 Tot81 fiinds 2024 Donations Grants Government grants 6,992 16,601 6,992 16,601 72,862 5, 838 16,601 76, 104 72,862 72,862 23,593 96,455 98,543 Total 2024 76, t04 22,439 98,543 Income from charitable actlvitles Unrestricted funds 2025 Total funds 2025 Total funds 2024 Rent receivable Room hire l University hire Property improvements recharged Events and publications income 8.000 9.814 704 8,000 9,814 704 15,868 12,000 10,051 752 18,414 15,868 34,386 34,386 41.217 Page 13
EXETER HISTORIC BUILDINGS TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charitable activltles Summary by fund type Restrlcted Unrestrlcted funds funds 2025 2025 Total 2025 Total 2024 Preservation of historic buildings 50,007 74,475 124,482 166,323 Total 2024 86, 006 80,317 166,323 Analysis of expenditure by activities Actlvlties undertaken dlrectly 2025 Total funds 2025 Total funds 2024 Preservation of historic buildings 124,482 124,482 766,323 Page 14
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysis of direct costs Charitable Activities 2025 Total funds 2025 Total fiinds 2024 Staff costs Cost of goods sold Event costs Insurance Repairs and renewals Garden maintenance Heat and light Water rates Telephone and internel charges Rateslcouncil tax Professional fees Publicity costs Administrative costs Subscriptions Website expenditure Architects and surveyors fees Depreciation charges Printing and stationery Independent examination 3,995 272 3,995 272 4,428 3,576 40,480 753 8,439 795 15,627 1,063 5, 280 1,875 9,986 1,063 14,235 (706) 429 4,428 3,576 40,480 753 8,439 795 106 1,421 18.287 277 3,134 649 3,301 106 1,421 18,287 277 3,134 649 3,301 384 67,572 5, 068 1,913 978 3,037 1,917 34,944 290 1,380 32,011 38 32,011 38 2,520 2,520 124,482 124,482 166, 323 Independent examiner's remuneratlon 2025 2024 Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts 2,520 1,380 Page 15
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Staff costs 2025 2024 Wages and salaries Contribution to defined contribulion pension schemes 3,995 15,345 282 3,995 15,627 The average number of persons employed by the Charity during the year was as follows,. 2025 No. 2024 Administrative staff No employee received remuneration amounling to more than £60,000 in either year. Trustees. remuneration and expenses During the year, no Trustees received any remuneralion or other benefits (2024 - £NIL). During the year ended 31 March 2025, trustees made donations totalling £8012024.. £430) and expenses tolalling £852 were reimbursed or paid directly to 3 Trustees (2024 - £32 to 7 Trusteej. These were reimbursements for expenses paid on behalf of the charity. Page 16
EXETER HISTORIC BUILDINGS TRUST IA Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Tanglble fixed assets Plant and Fixtures and machinery fittings Computer equipment Total Cost or valuatlon At 1 April 2024 25,515 157,973 3,968 187,458 At 31 March 2025 25,515 157,973 3,968 187,456 Depreciation At 1 April 2024 Charge for the year 14,203 1,697 77,227 12,112 3,968 9S,398 13,809 At 31 March 2025 15,900 89,339 3,968 109,207 Net book value At 31 March 2025 9,615 68,634 78,249 At 31 M8rch 2024 11,372 80, 746 92. 058 Page 17
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Heritage assets Assets recognlsed at cost Heritage asset 2025 Total 2025 Carrying value at 1 April 2024 DepreciationlAmortisation 564,242 {18,2011 564,242 118,2011 546,041 546,041 The charity holds the following long leasehold interests.. 21 The Mint - 125 years from 1998 at a 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 avalilable and it is very dificult to put valuations on them. The original lease has Iherefore been excluded from the balance sheel. 21 The Mint was restored over a seven year period. Over this period, the costs of the restoration amounted to £910,065 of which £830,058 has 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 recognised over the same 50 year period. 12. Flxed asset investments Investments in subsldiary companies Cost or valuation At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Page 18
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Fixed asset investments {continuedl The Trust has beneficial ownership of Ihe ordinary share capital of EHBPT Enterprises Limited. The ordinary share was purchased for £1. Principal subsidiaries The following was a subsidiary undertaking of the Charity- Name Company number Registered office or principal Principal activity place of business EHBPT Enterprises Limited 04453305 21 The Mint. Exeter, Devon, EX4 Other letting and 3BL operating of own or leased real estate Class of Holding shares Included in consolldatlon Ordinary The financial results of the subsidiary for the year were.. Name Income Expenditure ProfiV{Loss} I Surplusl (Deficit) for the year EHBPT Enterprises Limited 14,900 14,779 121 13. Debtors 2025 2024 Due wlthin one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments 4,472 7,277 12,500 6,539 1,828 1,450 11,524 5, 428 30,788 20, 230 Page 19
EXETER HISTORIC BUILDINGS TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. CredltorJ: Amounts falling due within one year 2025 2024 Trade creditors Other taxation and social security Accruals and deferred income 2,914 880 502 19,816 21, 124 22,730 22, 506 2025 2024 Deferred income at 1 April 2024 Resources deferred during the year Amounts released from previous periods 16,601 16,601 {16,601) 17,464 16,601 (17.464) 16,601 16,601 The balance relates to deferred grants totaS1ing £16,601. This relates to the grant income of £830,058 for 21 The Mint in which the release of the deferred income is in line with the UEL of the improvements, which is 50 years. 15. Creditors: Amounts falllng due after more than one year 2025 2024 Deferred income 481,437 498, 038 The balance relates lo deferred grants lotalling £481,437. This relates lo the grant income of £830,058 for 21 The Mint in which the release of the deferred income is in line with the UEL of the improvements, which is 50 years. Page 20
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Income Expenditure Unrestricted funds General Funds 181,688 57,979 174,475) 11,429) 163,763 Restricted funds Nicholas Priory Physic Garden NHLF NHLF Exeter Partnership ECC Grant Devon CC Grant HE Grant 3,727 738 3,727 738 41,534 142,963) (1,0701 {6,5741 (4001 1,429 2,863 1,793 19,426 600 5,328 25,000 1,000 5,328 7,328 72,862 150,007) 1,429 31,612 Total of funds 189,016 130,841 1124,482) 195,375 Nicholas Priory - This fund is for updates lo the Priory and the balance mainly relates to CCTV monitoring. We are in discussions wilh the Council to take this forward. Physic Garden - Small grant for creating a meditation garden in the main garden to the rear of the Priory. NHLF- Grants from National Heritage Lottery Fund for use to support the Priory. NHLF Exeter Partnership This is joint funding from the council to use within and around the Exeter Community. ECC grant - Funding which is being used to 5UPPOrt the trust in becoming financially sustainable. HE grant - Funding to cover the inititsl cost of the West Wing roof repairs alongside grant submission paper funding to external consultant5. Devon CC grant- Funding used to cover some of the summer events that were held by the Charity. Page 21
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Statement of funds Icontlnued) Statement of funds - prior year Balance al 31 March 2024 Balance at 7 April 2023 Transfers in/oLIt Income Expenditure Unr8Stricted funds General Funds 201,403 63, 656 (80,317) (3,054) 181,688 Restricted funds Nicholas Priory Physic Garden NHLF ERSX NHLF NHLF Exeter Partnership 3, 727 738 3,727 738 (114) (79,044) (6, 848) 114 2,940 76, t04 9,711 2, 863 14,176 76, 104 (86,006) 3,054 7,328 Total of funds 215,579 139, 760 (766,323) 189,016 17. Summary of funds Summary of funds - current year Balance at 31 March 2025 Balance at I April 2024 Transfers inlout Income Expenditure General funds Restricted funds 181,688 7,328 57,979 72,862 {74,4751 {50,007> {1,429 1,429 163,763 31,612 189,016 130,841 {124,482} 195.375 Page 22
EXETER HISTORIC BUILDINGS TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Summary of funds (continued) Summary of funds - prior year Balance at 31 March 2024 Balance at 1 April 2023 Transfers in/our Income Expenditure General funds Restricted funds 201,403 14,176 63, 656 76, 104 (80,317) (86,006) (3, 054) 3,054 181,688 7, 328 215,579 139. 760 (166, 323) 189,016 18. Analysis of net assets between funds Analysis of net assets between funds - current year Restrlcted Unrestricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Herilage assets Current assets Creditors due within one year Creditors due in more than one year 78,249 78,249 546,041 43,639 {22,730) (481,437) 546,041 75,251 {22,730) (481,437) 31,612 Total 31,612 163,763 195,375 Page 23
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Analysls of net assets between funds (continued) Analysis of net assets between funds - prior year Restricted Unrestricted fiinds fiii?ds 2024 2024 Total fiinds 2024 Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year Creditors due in more than one year 92, 058 92,058 564. 242 45,931 (22, 506) (498, 038) 564,242 53, 259 (22, 506) {498,038) 7,328 Total 7, 328 181,688 189,016 19. Pen31on commltments Exeter Historic Buildings Trust operates a defined benefit contribution scheme. The assets of the scheme are held separately from those of the trust in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £Nil. (2024. £282} Contributions totalling £Nil were payable to the fund at the balance sheet date. 20. Legal Charge There is a legal charge of £67,572 held by Architectural Heritage Fund on 21 The Mint. 21. Members, liability 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. Page 24
EXETER HISTORIC BUILDINGS TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Related party transactions 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 lo the Trust. During the year, the Trust received rent of £8,000 (2024. £12,000) from the subsidiary company. Any profits retained by EHBPT Enterprises Limited are paid to the Trust. £120 surplus was retained by EHBPT. The trustees agreed that this will be kept by the company for future expenditure as reserves are negative. £7,277 was owed to the company by the Trust al 31 March 202512024.. £1,450). Sandra Ellison and both Paul and Katherine Chant served as directors of EHBPT Enlerprises Limited during the year. Page 25