FRIENDS OF HIGHGATE CEMETERY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Registered Company number 3157806 Registered Charity number 1058392
FRIENDS OF HIGHGATE CEMETERY TRUST Contents Page Legal and Administrative Information Report of the Trustees 5-13 Independent Auditors, Report 14-16 Consolidated Statement of Financial Activities 17 Statement of Financial Activities 18 Balance Sheets 19 Con501idated Statement of Cash Flows 20 Note5 to the Financial Statements 21-34
Friends of High9ate Cemetery Trust Legal and Administrative Information Legal and Administrative Information Chair Liz Fuller Trustees Katherine Baldwin Alice Brown Paul Candler Simon Edwards Charo Guardiola Claire Jebson Steve Kennard Neil McLaughlin Stuart Orr John Robinson Stephen Smith David Stanford Andrew Yeo retired 15 May 2024 resigned 4 March 2024 resigned 28 June 2024 elected 15 May 2024 elected 15 May 2024 Staff At 1 March 2025 Dr lan Dungavell FSA AICCM Chief Executive Emily Candler Head of Public Programmes Judith Chadbourne FCCA Head of Finance Leo Crane Director of Development Judith Etherton Archivist Victor Herman Sexton Leighann Heron Project Director Kim Nazarko Volunteering Manager Nick Powell Visitor Experience Manager Guinevere Short Head of Operations Jessica Slamon Registrar Sally Taylor Finance and Development Manager Kate White Project Director Gardene Frank Cano José Ballesteros Barragan Zurab Gogidze Erik Harris Adam Howe Head Gardener
Friends of Highgate Cemetery Trust Legal and Administrative Inforniation Bankers Lloyds Bank plc 140 Camden High Street London NW1 ONG Unity Trust Bank plc 4 Brindleyplace Birmingham B12JB CCLA Investment Management Limited 85 Queen Victoria Street London EC4V 4ET Investment advisors BNY Mellon Fund Managers Limited 160 Queen Victoria Street London EC4V 4LA Auditors Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Company number 3157806 Charity number 1058392 Registered office Highgate Cemetery Swain's Lane London N6 6PJ
Friend5 of Highgate Cemetery Trust Report of the Trustees Report of the Trustees Highgate Cemetery ison the cusp of a new future. Moving on from a policy of 'managed neglect,, we will enable the landscape and structures to adapt to climate change and we will provide better for the needs of visitors, volunteers and staff. The past year has been one of intense activity forthe Friends of Highgate Cemetery Trust which will bear fruit in the years to come. We welcomed over 103,000 visitors. more than ever before, and a 10% increase on the previous year. Our visitor income increased by 31Yo, and visitor satisfaction continues at high levels. Our volunteer team continues to number around 160, giving visitors a personal and memorable experience. We were awarded £105,000 by the National Lottery Heritage Fund towards an anticipated total grant of £6.7 million for the first phase of our conservation project, Unlocklng Highgate Cemetery. We submitted planning and listed building consent applications in December 2024 for a 25- year programme of conservation and enhancementof oursite and facilities, the culmination of several years of work. Our new Head of Public Programme5 is working on an Activity Plan to unlock equity, participation and community engagement. Guided by our new Director of Development, we reviewed our membership scheme and introduced a patrons, programme. We reclaimed 459 graves which were no longerwanted, using our powers under the Highgate Cemetery Act 2022. Highgate Cemetery opened over 180 years ago in 1839 as a profit-making venture for a private company. Butthe originalowners, the London Cemeterycompany, finally collapsed in the 1970s in a financial scandal having devoted progressively less of its diminishing resources to the upkeep of the Cemetery. Fifty years ago, in 1975, the Friends of Highgate Cemetery Trust a charity, was formed by local peoplewho were concemed forthefuture of the Cemetery and the Trust continues to care for it today. We report on ourwork underthe three charitable objects Set out in our constitution. These are linked, as through promoting the public benefit of the Cemetery and continuing to bury people here, we are more likely to be able to conseNe the Cemetery as a respecrful sanctuary for the benefit of this and future generations. PROMOTING THE PUBLIC BENEFIT:'to promote the public benefit in relation to Highgate Cemetery by any means appropriate and likely to preseNe it as a place of historic and other interest and beauty, BURYING'.'to permit the Cemetery to be used as a public burial ground,
Friends of Highgate Cemetery Trust Report of the Trustees CONSERVING.. 'to secure the repair. restoration and preseNation of the Cemetery, its monuments and buildings and other artefacts and their setting for the public benefit. We review ouraims, objectives, activities and risks each year. This report looks at what we achieved in the financialyearended 31 August 2024and considersthe success of each activity. We have had regard to the Charity Commission's guidance on public benefit when exercising any powers or duties to which the guidance is relevant. PROMOTING THE PUBLIC BENEFIT 'to promote the public benefit in relation to Highgote Cemetery by any means appropriate and likely to preserve It GS a place of historic and other interest and beauty. Headline numbers 103,532 visitors, a 10Yo increase 24,839 took guided tours 310A increase in visitor income 246,342 users of our website around 160 volunteers One of our greatest achievements is keeping Highgate Cemetery open every day of the year except Christmas Day and Boxing Day. While many visitor attractions have been struggling to reach the number of visitors they had before the pandemic, this year we welcomed more than ever before 12024: 103,532,. 2023.. 93,855).We had made it easierforpeople to visit the whole Cemetery in 2021 by no longerrequiring them to takea tour of the West side and this, with some minor adjustments to ticket prices, gave us a 31% increase in visitor income (2024.. £908,254,. 2023: £693,486). We also held two more'Neighbour Days, where residents in adjoining postcodes may visit for free, resulting in 599 additional visitors in April 2024 and 628 in November 2024. At the same time, our visitors continue to report high levels of satisfaction. Of those 478 visitors who reviewed us on the TripAdvisor website, 98% of rated their experience 'Excellent' or Very good, 12023: 96% of 223 reviewers). giving an average score of 4.97 out of 5 (2023: 4.9). And the TripAdvisor algorithm ranks us number 21 of 3,392 things to do in Londonl While paying to visit a cemetery is unusual, few visitors object once they hear that Highgate Cemetery is owned and run bya charitywhich receives no regular public funding, and that so fnuch of the work is done by a devoted band of around 160 volunteers. Around half of them have been with us for five years or more; one-third of them volunteer weekly and two-thirds at least once a month. It is a tribute to the specialness of the place that volunteers are willing to give so much of their time to look after it and share it with others. Ourvisitor assistants and tour guides are the public face of the Cemetery, and ourgardening volunteers and grave tenders supplement the work of our gardeners to ensure the landscape is maintained as best we can. We are also keen to find ways of engaging with people who might never have thought to visit Highgate Cemetery, and tothinkabout a broader range of activitiesto enable them to benefit from this special place. M uch of this will be done as part of Unlocking Highgate Cemetery, described below, supported by the National Lottery Heritage Fund.
Friend5 of Highgate Cemetery Trust Report of the Trustee5 Our events programme once again featured talks connected with Cemetery residents such as the cartoonist Martin Rowson talking about producing an illustrated version of the Communist Manifesto, the spiritualist artist Georgiana Houghton, theatre architect Frank Matcham and on other topics asdiverse death masks, mourning rituals, common graves, and the Egyptian style. Again we published three issues of our newsletter, sent to members as a benefit of membership," back issues are available fordownloadon our website. Our grateful thanks to all the contributors. Our website recorded 332,616 users (2023: 246,342), 71% of whom were from the United Kingdom (2023.. 7011, and 10¥. from the United States12023: 10%). We remain a popular venue for filming but, as we had fewer commercial productions this year, income dropped to £22,900 (2023: £33.125). Plans for future periods We will implement new Customer Relationship Management software to consolidate our ticketing and membership systems. We will continue our recruitment and training programmes for visitor assistants and tour guides, and we hope to have more available at peak periods. BURYING 'to permit the Cemetery to be used as a public burial ground. Headline numbers 81 burials 18 full burials and 63 cremated remains 38 new graves sold-10 full size graves and 28 for cremated remains It is importantto usthat Highgate Cemeterycontinue5 as a working cemeteryand does not become simply a tourist attraction. Providing a place of burial is the best way to preseNe its special character, prevent its decline and keep it knitted into the local community. In 2024, there were 81 buria15, 18 full burials and 63 of cremated remains (2023.. 18, 47). We sell a small number of new graves each year but, as availability is very limited, they may not be purchased in advance of need. In 2024, sales of 38 graves- 10 full size and 28 for cremated remains brought in £543,946 (2023: 38, 10, 28, £702,864; although the number of graves was the same, this year included two larger ones). The Highgate Cemetery Act 2022 empowers the Trust to extinguish rights of burial and disturb human remains in Highgate Cemetery for the purpose of increasing the space for interments and the conservation of Highgatecemetery. No graves last used less than 75 years ago are included in the grave renewal programme. On 17 July 2024, 459 previously sold graves reverted to the ownership of the Trust, objections from relatives having prevented the renewal of six more. The required public notices had been first published on 9 January 2024 and the process was widely covered in the media. The affected graves are mostly concentrated in two small areas, one in consecrated ground in thewest, and another in unconsecrated ground in the East. The first of the renewed graves was resold in January 2025.
Friend5 of Highgate Cemetery Trust Report of the Trustees We have taken the first orders for a Book of Remembrance to be displayed in a special cabinet in the Chapel from March 2025.The book has a page foreverydayof the year and the page will be turned every morning to the current day. It will provide a much cheaper and hopefully more permanent form of memorialisation than a stone memorial and isalso an appropiiate place for commemorating those with a Highgate connection who are not buried at the Cemetery. Highgate Cemetery is deseNedly world famous as a heritage attraction and the revenue from visitors is crucial to the maintenance and enhancement of the Cemetery. But we are always conscious of the needs ofthe families and friends of those who are buried here. Grave owners can normally visit every day of the year except Christmas Day and Boxing Day. Plans for future periods TheTrust will applyfora church permission (a'faculty')from the Diocese of London to permit grave renewal on consecrated ground. We will establish a Memorial Assessment and Advisory Committee to advise on the significance of individual memorials, andwe will workwith the London Borough of Camden to develop a process for the removal of such pre-1925 memorials as we do not wish to retain. To provide a more affordableoptionforashes burials, we will introduce a shared vault for cremated remains using one of the graves reclaimed under the Highgate Cemetery Act. We will propose further packages of graves for reuse under the Highgate CemeteryAct. CONSERVING 'to secure the repair, restoration and preseNation of the Cemetery, its monuments and buildings and other artefacts and their setting for the public benefit, While plans forthe Unlocking Highgate Cemetery project progress, day-to-day workto maintain and enhance the grounds continues. Many of the Cemetery's trees are struggling to adapt to the changing climate which has brought more regularepisodes of drought andwaterloggirig. The rapid spread of ash diebacl a fungal disease with mostly fatal consequences, has begun to radically transform the appearance of some areas. Public consultsiion bythe London Borough of Camden on ourten-yearash diebackmanagement plan brought nota single objection and work is undemay to deal with affected trees. Work on sorting and cataloguing the Trust's archive and collections continues. It has proven to be an invaluable resource as we worked on our conseNation project and planning applications. We have accepted deposits of material from people associated with the Trust from its earliest days, and we continueto acquire items related to Highgatecemeteryforourcollection; most recently a set of excellent glass-plate negatives showing the Cemetery not long after WW2. Plans for future periods We will continue dealing with trees affected by ash dieback according to our management plan. Wewill continue to seekout itemsforourcollectionwhich enhanceour understanding of the place. Unlocking Highgate Cemetery, reported on below, will enable the Trust to balance the conservation of the natural and historic environments for the benefit of all.
Friend5 of Highgate Cemetery Trust Report of the Trustees UNLOCKING HIGHGATE CEMETERY Unlocking Highgate Cemetery is the lottery-funded seven-year first stage of ou r 25-year project to conserve and enhance Highgate Cemetery. It received a great boost with the announcement in January 2024 that we had been successful in obtaining £105,000 development funding from the National Lottery Heritage Fund towards an anticipated £6.7 million grant for the delivery phase. Togetherwith just over £10 million from our reserves and £1.2 million from funds still to be raised, this would enable the Trust to make an £18 million investment in the future of the Cemetery. The Pilgrim Trust generously awarded the Trust £25,000 to fund structural investigations of the Circle of Lebanon, forwhichwe are verygrateful. The results helped us understand and plan for the conservation and maintenance needs of these Grade l-listed vaults. Years of work developing detailed design proposals for the landscape, monument conservation and new buildings culminated with the submission of full planning and listed building consent applications to Camden Council in December 2024. All the way through, much has been done to ensure that the proposals are sen51tive to the site and will help secure the future of the Cemetery. Many of our members, volunteers and the local community have made valuable contributions by being involved in our consultations and their views were incorporated into the plans as they developed. An outline of the scheme was given in our December 2024 newsletter. It has not been Straightfoard. Our proposals to conseNe and enhance the cemetery landscape and provide forthe needsof visitors, volunteers and staff have been framed bythe need to maintsin the character of the conservation area and to preserve the setting of listed buildings and monuments. We plan to conserve and restore where appropriate structures such as the Chapels, Courtyard, Colonnade, Egyptian Avenue and Circle of Lebanon and the Terrace Catacombs. We have sought to build as little as possible.. not only is there hardly any space available, there is also a planning presumption against building on Metropolitan Open Land. Butwe have found small sites for a new Gardeners, Building, an Education and Community Building, and a Café and Operations Building. We will also give a new life to the Dissenters, Chapel as a public space for displays and workshops. Ourfull planning application sets out how we propose to work over the next twenty-five year5, but the detailed implementation will depend on practicalities and resou rces. Not everything can happen at once. ConseNation is not an end in itself. Participating in heritage can contribute to people's personal development, and there is emerging evidence of a positive relationship between heritage participation, wellbeing and health. TheTrustthrough its activities can also contribute to the life of the community by boosting social networks, increasing mutual understanding and cohesion and encouraging a stronger sense of place. With funding from the development phase grant of the Heritage Fund, we appointed a Head of Public Programmes, whose first task is to develop the Activity Plan which will unlock these public benefits. Plans for future periods The Trust will submit a delivery-phase application to the National Lottery Heritage Fund in 2025. Once planning consents have been obtsined, the Trust will develop a strategy to implement the consents in stages from 2026.
10 Friends of Highgate Cemetery Trust Report of the Trustees Wewill lookatways to increasevisitordiversityfurtherthrough a new programme of activities and partnerships Wlth local groups. STRUCTURE. GOVERNANCE, AND MANAGEMENT Structure The Friends of HighgateCemeteryTrust ('theTrust') isa registered charityand a company limited by guarantee. It is governed by memorandum and articles of association dated 16 January 1996, last updated on 17 December 2021. The Trust has a wholly owned subsidiary, Highgate Cemetery Limited ('the Subsidiary), which manages the non-charitable trading," together the'Group. The financial statementsof the Subsidiary are consolidated into these financial statements to form the Group accounts. Governance The Trust is managed bya Board of Trustees ('the Board,). The trustees are also the directors of the Trust for the purposes of the Companies Act. Trustees are recruited based on skills needs identified by the Board. A variety of methods is used to identify suitable candidates. Nine trustees are elected by and from the membersof theTrustforan initialterm of three years, and theyare then eligiblefor re-election for one furtherterm. Three additional trusiees may be nominated by the Board and appointed by members in general meeting for a term of three years and are eligible for reappointment for one further term. All trustees are required to be members of the Trust. They are inducted andtrained by briefingsfrom fellowtrustees and keyemployees, and may attend relevant training provided by other organi5ations and paid for by the Trust. The directors of the Subsidiaryare appointed bythe Board, andcurrently one employee of the Trust and one trustee serve a5 directors at the discretion of the Board. The Trust's relationship with the Subsidiary is governed by the Operating Agreement dated 29 March 2023. Management The Board normally meets six times a year, as do the directors of the Subsidiary. The Board is responsible for, among otherthings, setting the strategyand future direction of the Trust, approval of the annual budget. and approval of any transactions above certain amounts. The Finance and Audit Committee ensures that charitable funds are used in the most effective way to the benefit of the Trust and in accordancewith its objects.There are also committees to manage the Conservation Project, Fundraising and Governance. Members of the Board individually or in small groups also act to take forward the Trust's plans. Day-to-day management is led by the Chief Executive who attends meetings of the Board. The Board seeksto ensure that pay isset at an appropriate level to enable the Trust to recruit, retain and motivate the best people to achieve its charitable objects, whilst ensuring value for money. Remuneration 15 approved by the Board after consideration by, and with the recommendation of, the Finance and Audit Committee, taking into account such factors as an annual performance review, internal comparisons. benchmarking within the sector and other comparable sectors (particularly upon recruitment), and changes in the cost of living. No staff are involved in setting their own remuneration. Risk management
Friends of Highgate Cemetery Trust Report of the Trustees The principal ongoing risks and uncertainties facing the Trust are.. loss of income through inabilityto use reclaimed burial space due to external regulators loss of income due to impact of building and landscape works on visitor numbers inabilityto complete the conservation project as planned due to insufficient fundraising increased costs and risk of damage due to delayed management of the diseased trees of site. The Board, its committeesand management monitorthese risks to ensure adequate plans remain in place to mitigate them. The Board has also examined other operational and business risks faced by the Trust and confirms it has established systems to mitigate the significant risks. Fundraising The Trust appointed a Directorof Development in August 2023 to plan and execute its fundraising strategy. As a result, our membership prices and benefits have been reviewed and are now in line with comparable organisations. We have introduced a new patrons programme. The Trust has notyet subscribed to anyfundraising standards orscheme forfundraising regulation. No commercial participator or professionalfundraiser has carried outanyfundraising activities on its behalf. No complaints about fundraising activity have been received. FINANCIAL REVIEW Income and expenditure Total income amounted to £2,183,187 (2023: £2,035,284), an increase of £147,903 attributable to highervisitor number5. and over £170,000 from four legacies. The Subsidiary paid £1,757, all its profits from the yearto August 2023, to the Trust as a Gift Aid donation. Total expenditure increased to £2,712.966 (2023: £2,267,063), predominantly due to spending on Unlocking Highgate Cemeteryof £1,294,689 (2023: £937,053) and costs relating to tree management An increase in investment values resulted in u nrealised gains of £924,293 (2023: £18,875). As a result of these changes net income amounted to £394,425 (2023: net expenditure of £212,852). Funds and reserves At 31 August 2024 the Trust's total funds were £12,076,511 including investments managed by BNY Mellon, ourprofessional advisor, of £11,040,752 and cash of £1,028,016. As detailed in note 17 total unrestricted funds were £12,051,586 (2023: £11,674,584) from which the Board has designated funds to the conservation project that amount to £11,259,017 (2023: £8,937,711), leaving a balance of general funds of £792,569 (2023.. £2,736,873), in line with the reseNes policy detailed below. The accounts do not put an asset value on Highgate Cemetery because of the difficulty of calculating a reliable and meaningful figure. There is a small but valuable asset of land which may
12 Friends of Highgate Cemetery Trust Report of the Trustees continue to become available for burial, but there is also a substantial and continuing need for maintenance and conseNation. The Board has adopted a Reserves Policywhich is based on the evaluation of major risks facing the Trust. The objective is to provide sufficient unrestricted reserves to minimise the impact on cemetery services should any of the risks materialise, but not fully to cover all the main risks as the Board believesthatthiswould result in an excessive level of reseNe5. The Board reviews at least annually the amount of reserves to ensure it is adequate to fulfil the Trust's obligations. As the risks could result in loss of income or increased costs, the Board seeks to mitigate their effect by holding around £750,000 to cover normal operating expenditure for at least six months. Fixed assets Full disclosure of all matters relating to fixed assets is set out in the notes to these financial statements. Investment policy Under its Articles of Association, the Trust has the powerto make any investment which the trustees see fit. The Board hasconsidered the mostappropriate policyfor investing funds, and the portfolio objective is long term capital growth, consistent with sufficient liquidity to draw down from the investments to fund the Conservation Project. The Trust has delegated its investment management to BNY Mellon Fund Managers Limited. This arrangement was reviewed during the year and the Board decided to maintain the position. Investments are predominantly held in the Newton Sustainable Growth and Income Fund for Charities. Trustees. responsibilities in relation to the financial statements The trustees, who are directors forthe purposes of company law. are responsible for preparing the annual report and financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare financial statements for each financial year which give a true and fairview of the state of affairs of the Trust and the Group at the balance sheet date and of its incoming resources and application of resources for that period. In preparing those financial statements, the directors are required to select suitable accounting policies and then apply them conslstently ObSee the methods and principles in the Charities SORP makejudgements and estimates that are reasonable and prudent state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the Trust will continue in business. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracyatanytime the financial position of the Trustand Group and to enable them to ensurethat the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
13 Friend5 of Highgate Cemetery Trust Report of the Trustees Disclosure of information to auditors So far as each trustee is aware at the date of approval of this report there is no relevant audit information of which the Trust's auditors are unaware, and the trustees have taken all Steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Auditors Knox Cropper LLP is willing to be reappointed in accordance with section 485 of the Companies Act 2006. Small company disclosure This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies, exemption. By Order of the Board Liz Fuller, Chair Dated 26 March 2025
14 Independent Auditor's Report to the Members and Trustees of Friends of Highgate Cemetery Trust We have audited the financial statements of Friends of Highgate Cemetery Trust (the 'Trust') and Highgate Cemetery Limited (the 'Subsidiary'), {together, 'the Group.) for the year ended 31 August 2024 which comprise the consolidated and Trust statements of financi35 activities, the consolidated and Trust balance Sheets, the consolidated statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting 5tondard Applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the Group's and the Trust's affairs at 31 August 2024 and of the Group s and Trust's incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Board's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, i ndividually or collectively, may cast signif icant doubt on the Trust's abi1 ity to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual ieport, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there
Independent Auditor'5 Report to the Member5 and Trustees of Friends of Highgate Cemetery Trust is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit= the information given in the trustees. report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors. report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Group and Trust and it5 environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept by the Trust, or returns adequate for our audit have not been received from branches not VlSited by us,. or the Trust's financial statements are not in agreement with the accounting records and returns., or certain disc105ures of trustees. remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors of the Trust for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for asse55ing the group's and the Trust's ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accountin g unless the trustees either intend to liqu idate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial 5tstements Our objectives are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that includes ou r opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. M isstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below-.
16 Independent Auditor'5 Report to the Members and Tru5tee5 Qf Friends of Highgate Cemetery Trust We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and Trust and determined that the m05t significant are Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom GeneralW Accepted Accounting Practice), the Companies Act 2006 and the Charities Act 2011. We gained an understanding of how the Group complied with its legal and regulatory framework, including the requiretnent to property account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls. The audit team, which is experienced in the audit of charities, considered the group's susceptibility to material misstatement and how fraud may occur. Our considerations include the risk of management override and revenue recognition. Our approach was to check that the income from donations and charitable activities were properly identified and accurately disclosed, that expenditure complied with the control procedures and was appropriatety charged. We also reviewed journal adjustments and unusual transactions for management override and considered the identification and disclosure of related party transactions. There are inherent limitations in the audit procedures described above and, the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial Statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations, or through collusion. A further descriptiOTI of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the Trust's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken, so that we might state to the Trust's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust's members as a body. for our audit work, for this report or for the opinions we have formed. Stephen Anderson (Senior Statutory Auditor) For and on behalf of Knox Cropper LLP. Statutory Auditor 65 Leadenhall Street London EC3A 2AD Dated.. ? t II¢cA................................ 2025
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19 Friends of Hi9hgate Cemetery Trust Consolidated and Trust Balance Sheets at 31 August 2024 2024 Group 2023 Group Notes Trust Trust Flxed assets Tangiblo fixed assets Investments Investment in Subsidiary 34,422 11,040,752 34,422 11,040,752 47,846 11.370,212 47,846 11,370,212 12 12 11.075.174 11.075,176 11,418,058 11,418,060 Current assets Stocks Debtors Cash at bank 6,806 216,206 1,028,016 15,366 77,378 465,247 14 15 213,612 992,602 74,569 447,088 1.251,028 1,206,214 557,991 521,657 Creditors: amounts falling due within one year 16 (249,6911 {248,0941 1293,963) 1259,3881 Net current assets 1.001.337 958.120 264,028 262,269 Total a55et5 le55 current liabilities 12,076,511 12,033,296 11,682,086 11,680,329 PrDvision for liabilitie5 18 Total net assets £12,076,511 £12,033,296 £11,682,086 £11,680,329 Funds Unrestricted funds- general designated 19 19 17 792.569 11,259.017 24,925 749.354 11.259,017 24,925 2.736.873 8.937,711 7,502 2.735.116 8,937,711 7,502 Restricted funds Total funds £12,076,511 £11033,296 £11,682,086 £11,680,329 These financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applica ble to companies subject to ihe small companie5, regitne. The financial ststements were approved by the Board on2.&.IK*.•LH 2015 and signed on its behalf by Liz Fuller, Chair Claire Jebson, Tr tee
20 Friends of Highgate Cemetery Trust Consolidated Statement of Cash Flows at 31 August Z024 Notes 2024 2023 Cash flows from operating artivitie5 Net cash provided by operating activities (955.130) (607,775) Cash flows from investing activities Dividend and interest received Purchase of tang ible fixed assets Sale of investments 22,266 14,3671 1,500.000 17,328 118,5251 Net cash used in investment attivities 1,517,899 {1,1971 Change in cash and cash equivalents in the financial year {562,769) 1608,9721 Cash and cash equivalents at the beg irining of the fina ncial year 465,247 1,074,219 Cash and cash eguivalents at the end of the financial year £1,028,016 £465,247 2024 2023 Notes to the statement of cash flows A Reconciliation of net income to net cash flow from operating activities Net income / lexpenditurel for the financial year Adjustments for: Depreciation Loss on d isposal of tangible fixed assets Gains on investments Dividends and interest Increase in debtors Decrease in creditors and provisions Decrease / (increase) in stock 394,425 (212,8521 17,791 12,064 3,072 (18,8751 (257,130) 147,9061 181,0721 15,0761 1924,293) (268.513} (138,828) (44,2721 8,560 Net cash provided by operating activities £(955.130) £1607,775) Analysis of cash and cash equivalent Cash at bank £1,028,016 £465,247 C Analysis of changes in net funds At 0110912023 £465,247 Cash Flow5 £562,769 At 3110812024 £1,028,016 Cash
21 Friend5 of Highgate Cemetery Trust Notes to the Financial Statements for the Year ended 31 August 2024 Accounting policies 1.1 Statutory information Friend5 of Highgate Cemetery Trust is a private company limited by guarantee, registered in England and Waleswith registration number 3157806. The registered office can be found on page 4 of the Report of the Trustees. Basis of preparation and assessment of going concern The accounts have been prepared under the historical cost convention with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice." Accounting and Reporting by Charities preparing their Gccounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Irel(Jnd (FR5 702) and the Financi(Jl Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 702), the Companies Act 2006 and the Charities Act 2011. The consolidated accounts include the accounts of the charitable company, Friends of Highgate Cemetery Trust (the'Trust') and its subsidiary Highgate Cemetery Limited (the 'Subsidiary', consolidated on a line-by-line basis (the'Group'). The Trust constitutes a public benefit entity as defined by FRS 102. The Trusteesconsiderthatthere are no material uncertainties aboutthe Trust's abilityto continuea5 a going concern. Income All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received. and the amount of income receivable can be measu red reliably. Donations, subscriptions, and other income are recognised when received. Investment income is included when receivable. Grants for immediate expendittjre are accounted for when they become receivable. Grants received for specific purposes are treated as restricted fu nds. Grants restricted to future accounting periods are deferred and recognised in those periods. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Grants payable are accounted for when the Trust is committed to paying them. Costs are allocated between direct charitable and other expenditu re according to the nature of the cost. Where items involve more than one category, they are apportioned between the categories according to the nature of the cost. Detailed analysis of the allocation of costs is given in notes 9 and 10 to the accounts.
22 Friends of Highgate Cemetery Trust Notes to the Financial Statements for the Year ended 31 Au9USt 2024 Investments Investmentsare a form of basic financial investmentand are initially recognised at their transaction value and subsequently measured atfair value at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and theiropening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealisedgains and lossesare calculated asthe difference between the fairvalue at the year end and their carrying value. Tangible fixed assets and depreciation Fixed assets are capitalised at co¢ where acquired, or market value as determined by the trustees where donated. They are stated in the accounts at cosvoriginal value less depreciation. Depreciation is calculated to write off the cost or valuation of fixed asset5, less their estimated residual value, over their expected useful lives on the following basis: Fixtures and fittings Plant and machinery 25Yo Straight line basis 20% straight line basis Heritage assets The Highgate Cemetery Charity, a linked charity of which the Trust is sole corporate trustee, is the owner of Highgate Cemetery, which the Trust maintain5 in support of its object to preserve it as a place of historic and other interest and beauty. Highgate Cemetery is inalienable, has no open marketvalue, and anyconventional valuation approachwould lacksufficient reliability, whilst even if valuations could be obtained, the costs would be onerous compared with the additional benefits derived bythe Trust and the users of the accounts. As a result, no value is reported for this asset in the consolidated Balance Sheet. Expenditure on major restoration The cost of associated major repairs is reported in the Statement of Financial Activities in the year it is incurred. Further information is given in note 13 to the accounts. Stocks Stocks are valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less further costs to completion and disposal. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discoLJnt offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors Trade creditors and provisions are recognised where the Trust has a present obligation resulting from a past eventthatwill probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
23 Friends of High9ate Cemetery Trust Notes to the Finanaal Statements for the Year ended 31 August 2024 1.10 Pensions TheTrust operates a personal pension scheme. The asset5 of the scheme are held separately from those of the Trust in an independently administered fund. 1.11 Funds Unrestricted funds representthe fundsof the Trustthatare not subjectto any restrictions regarding theiruse and are available forapplication to general purposes. The general funds remaining are in line with the reserves policy. Restricted Funds are u sed in accordance with specific restrictions imposed by donors, or which have been raised by the Trust for a particular purpose. 1.12 Taxation The Trust is registered as a charity and is exempt from taxation on its income and capital gains. Current and deferred tax in the consolidated financial statements relates solely to the Su bsidiary. 1.13 Signif icant management judgements and estimation uncertainties The following are the critical Judgements and key sources of estimation uncertainty that the board has made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. 1.14 Depreciation The depreciation of fixed assets is based on management's estimate of their useful lives which is kept under review. 1.15 Heritage a55etS As stated in note 1.6, no value is reported for Highgate Cemetery in the financial statements.
24 Friend5 of Highgate Cemetery Trust Notes to the Financial Statements for the Year ended 31 August 2024 Trading activities of Subsidiary The Trust hasa whollyowned trading subsidiarywhich 15 incorporated in United Kingdom. Highgate Cemetery Limited {companynumber01725719) became re5ponsiblefor all non-charitable activities with effect from April 2023. A summary of the trading results is shown below, and audited accounts have been filed with Companies House. 2024 2023 Turnover Grants received Other operating income Cost of sales Administrative expenses Interest received 70,867 501,340 555,200 1,447 (19,882) (782,797) (7,797) (275,135) 116 Profit/(Loss) before taxation Tax Transfer to Parent Charity 43,304 (891 (1.757) 56 52 £41,458 £108 Subscriptions. donations and legacies Subscriptions Donations Gift Aid Legacies National Lottery Heritage Fund grant - Restricted Pilgrim Trust grant- Restricted 29,201 14,199 5,562 170,000 52.852 7,215 9,744 48,112 5,595 95,068 £279,029 £158,519 £nil of donations relate to restricted funds (2023= £nil). The grantfrom the National Lottery Heritage Fund was the first instalment for the development phase of the conservation project andthe Pilgrim Trust grant was for the initial work on the investigating the vaults in the Circle of Lebanon.
25 Friend5 of Highgate Cemetery Trust Notes to the Financial Statements for the Year ended 31 August 2024 2024 2023 Charitable activities Highgate Cemetery admissions Merchandise and publications Burial rights Burial fees Memorial sales 909,891 41,890 543,946 97,693 8,951 693,486 39,583 702,864 79,549 65,064 £1,602,371 £1,580,546 Other trading activities Filming and sundry income £33,274 £39,089 Investment income Investment income Bank interest 263,783 4,730 240,612 16,518 £268,513 £257,130 Raising funds Costs of raising funds, Subscriptions and donations (note 9) Fundraising costs £88,865 £82,166
26 Friends of Highgate Cemetery TTU5t Notes to the Financial Statements for the Year ended 31 August 2024 2024 2023 Charitable activities Burial rights and memorials Merchandise Private Bill ConseNation projects Cemetery running costs Staff costs Depreciation Archives 11,429 19,882 15,907 1,332,883 389,839 372,221 8,476 429 49.842 18.863 937,053 428,489 330,233 7,742 1,843 2,151,066 1,774,065 Support costs (note 9) 473,035 410,832 £2,624,101 £2,184,897 Within the above expenditure is £42,644 charged to restricted funds: £35,429 on National Lottery Heritage Fund and £7,215 on Pilgrim Trust.
27 Friends of Highgate Cemetery Trust Notes to the Financial Statements for the Year ended 31 August 2024 Support Costs 2024 2023 Legal & professional fees Auditors, remuneration Governance costs Staff costs IT support Telecoms Printing, postage & stationery Miscellaneous Subscriptions Depreciation Loss on disposal 53,398 7,499 1,037 438,851 13,186 4,644 21,822 11,868 280 9,315 40,711 5,300 9,648 384,497 12,937 5,857 17,323 7,896 1,435 4,322 3,072 £561,900 £492,998 Allocated to.. Raising funds Charitable activities 88,865 473,035 82,166 410,832 £561,900 £492,998 Auditors, remuneration for the audit of the Trust and Subsidiary amount to £7,000 excluding VAT {2023: £5,755).
28 Friends of Highgate Cemetery Trust Notes to the Financial Statements for the Year ended 31 August 2024 Allocation of staff costs Raising Funds Charitable Activities Total Off ice staff - direct Off ice staff - support Burials staff Landscape staff 158,398 368,168 48,907 167.869 158,398 436,525 48,907 167,869 68,357 £68.357 £743,342 £811,699 Staff costs 2024 2023 Wages and salaries Social security Costs Pension costs Agency staff 687,624 68,947 55,128 603,902 60,149 47,353 3,326 £811,699 £714,730 The average number of staff during the year was 19 (2023- 17). The number of employees whose remuneration exceeded £60,000 for the year was 2024 2023 £60,000 to £69,999 £70,000 to £79,999 £80,000 to £89,999 £90,000 to £99,999 The key management personnel are the trustees, the Chief Executive, Conservation Project Director5, Head of Finance, Head of Operations and Director of Development. Their total employee benefits amounted to £448,509 (2023: £367,319).
29 Friend5 of Highgate Cemetery Trust Notes to the Financial Statements for the Year ended 31 August 2024 Tangible fixed assets Plant & Machinery Group and Trust Total Cost At 1 September 2023 Additions Disposals/write off5 179,946 4,367 (14,607) 179,946 4,367 (14,607) At 31 Au9USt 2024 169,706 169,706 Depreciation At 1 September 2023 Charge for year Disposals/write offs 132,100 17,791 (14,607) 132,100 17,791 (14,608) At 31 August 2024 135,284 135,284 Net book value At 31 August 2024 £34,422 £34,422 At 31 August 2023 £47.846 £47,846 12 Fixed assets investments 2024 2023 Investments (see below) £11,040,752 £11,370,212 Highgate Cemetery Limited (shares at cost) £2 £2 BNY Mellon CCLA 2024 2023 Marketvalue at 1 September 2023 Redemptions Dividends reinvested Net investment gains 11,335.557 34.655 11,370,212 11,111,535 (1,411,902) 246,247 834,231 (1,411,902) 246,247 836,195 239,802 18,875 1.964 Market value at 31 August 2024 Historical cost at 31 August 2024 £11,004,133 £36.619 £11,040,752 £11,370,212 £6,725.275 £30,000 £6,755,275 £7,717,679
30 Friend5 of Highgate Cemetery Trust Notes to the Financial Statements for the Year ended 31 Au9USt 2024 The Trust's investment adviser is BNY Mellon Fund Managers Limited, and the Trust holds investments in Newton Sustainable Growth and Income Fund forcharities, as well as the CCLA COIF Fixed Interest Fund. All investments are held by the Trust. Investment gain5 per Statement of Financial Artivities Unrealised gains Disposal proceeds Book value of disposals 836.195 1,500,000 (1,411,902) Gains per financial Statements £924,293 13 Heritage assets not recognised in the Balance Sheet The Trust maintains Highgate Cemeterywhith was givento the Highgate Cemetery Charity when it was established in 1988. Other than in respect of burial rights there have been no acquisitions or disposals of heritage assets during the lastfive years.The Trust aimsto preserve Highgate Cemetery as a place of historic and other interest and beauty. and in accordance with this aim the Trust has undertaken restoration projects, the cost of which is not capitalised in the Balance Sheet, but reported in the Statement of Financial Activities in the year it is incurred. 14 Debtors Group 2024 2023 Trade debtors prepaymenis and accrued income Other debtors Taxes 21,197 177,363 409 17,237 65,750 11,130 498 £216,206 £77,378 Trust Trade debtor5 Prepayments and accrued income Taxes 18,135 177,363 18,114 63,788 10,781 £213,612 £74,569
31 Friends of Highgate Cemetery Trust Note5 to the Financial Statements for the Year ended 31 August 2024 2024 2023 15 Cash at bank and in hand: Group The balance is represented by Lloyds Bank accounts Unity Trust Bank accounts The Charities Official Investment Fund Cash and other accounts 25,844 451,880 535,527 14,765 24,997 260,990 167,991 11,269 £1,028,016 £465,247 Cash at bank and in hand: Trust The balance is represented by: Lloyds Bank Accounts Unity Trust Bank Accounts The Charities Official Investment Fund Cash 25,844 416,466 535,527 14,765 24,997 243,007 167,991 11,093 £992,602 £447,088 16 Creditors: amount5 falling due within one year: Group Accruals Deferred income Trade creditors Other creditors Taxes and social security Costs 36,578 42,892 151,771 72,997 84,618 80,389 5,170 50,789 18,450 £249,691 £293,963 Creditors= amounts falling due within one year: Trust Trade creditors Other creditor5 Due to Subsidiary Taxes and social security costs Accruals Deferred income 151,098 79,400 5,170 7,965 17,632 69,931 79,290 7,593 18,450 33,389 37,564 £248,094 £259,388
32 Friends of Highgate Cemetery Trust Notes to the Financial Statements for the Year ended 31 August 2024 Deferred Income relates to income received in respect of burial rights and memorials and is released when the memorial has been installed in thecemetery, orthe rights of burial have been transferred. It also includes bookings for entry to the Cemetery. Group Trust Deferred income at 1 September 2023 Income released in year Income from memorials Deferred income in year 84,618 (72,772) 5,038 26,008 79,290 {72,7721 5,038 26,008 Deferred income at 31 August 2024 £42,892 £37,564 17 Analysis of funds Unrestricted Restrirted Heritage Fund General Designated Other Total Group At 1 September 2023 Income Expenditure Gain on investments Transfers Tax 2.736,873 2.123,120 (1,217,423) 924,293 (3,774,205) (89) 8,937,711 7,502 7,215 (7,215) 11,682,086 2,183,187 (2,712,966) 924,293 52,852 (35,429) (1,452,899) 3,774,205 (89) At 31 August 2024 £792,569 £11,259,017 £7,502 £17,423 £12,076,511 At 1 September 2022 Income Expenditure Gain on investments Tax 1.887,436 2.035,284 (1,204,774) 18.875 52 10,000,000 7,502 11,894,938 2,035,284 (2,267,063) 18,875 52 (1,062,289) At 31 August 2023 £2,736,873 £8,937,711 £7,502 £11,682,086 Other Restricted comprises the Sowerby Fund of £7,502 for monument restoration on the West side of the Cemetery and the Pilgrim Trust grantfor initial works on the opening of the Vaults. Heritage Fund Restricted is for the development phase of the Unlocking Highgate Cemetery project. The Designated fund represents amounts designated by the Board for the Conservation Project.
33 Friend5 of Highgate Cemetery Trust Notes to the Financial Statements for the Year ended 3 1 August 2024 18 Provision for liabilities: deferred taxation Group 2024 2023 At 1 September 2023 Charge/(credit) for the year 557 (557) At 31 August 2024 There are no provisions for liabilities in the Trust. 19 Net assets by funds: Group Unrestricted Restricted Designated 2024 Tangible fixed assets Investments Net current assets 34,422 34,422 11,040,752 1,001,337 11,040,752 218,265 758,147 24,925 £792,569 £24,925 £11,259,017 £12,076,511 Unrestricted Restricted Designated 2023 Tangible fixed assets Investments Net current assets 47,846 2,432,501 256,256 47,846 11,370,212 264,028 8,937,711 7,502 £2,736,873 £7,502 £8,937,711 £11,682,086 20 Contingent asset The Trust has been notifiedof itsentitlementto residuary legacies but is currently uncertain of the payments to be received and therefore no income has been accrued in respect of thi5. 21 Related party transactions No trustees received any remuneration during the period. Two trustees received reimbursement of expenses £215 (2023.. none). The Trust provided a grant of £nil (2023.. £555,200) to the Subsidiary, Highgate Cemetery Limited, in furtherance of its charitableobjects. A managementcharge of £3,565 was paid by the Subsidiary for the year to August 2024 to the Trust. At the year end, £7,593 (2023: £7,965) was owed by the Trust to the Subsidiary. A distribution of £1,757 was received from the Subsidiary (2023= £nil). 22 Other financial commitments The Group has no otherfinancial commitments at 31 August 2024 (2023.. £nil).
34 Friend5 of Highgate Cemetery Trust THANK YOU Highgate Cemetery thrives thanks to the support of grave owners, volunteers, members, patrons, visitors, donors and legators. With your help, the Trust can unlock Highgate Cemetery's future as a sanctuary for heritage, nature and community. With funding from the National Lottery Heritage Fund, other funders and our own reserves, we can begin the vital workof conserving the 36-acre site, securing listed monuments, opening up access and i mproving its biodiversity- To find out more about Unlocking Highgate Cemetery, how you can make a donation or remember us in your will, please visit: http5://highgatecemetery.org/help/donate.