Do¢u8lgn Envelop• ID.. 142OAB37F48420A-B6048g1287Ag84 The Monastery Trust THE MONASTERY OF ST. FRANCIS AND GORTON TRUST (A company limited by guarantee) Trustees, Report and Consolidated Financial Statements For the year ended December 31st 2023 Charity number 1061457 Company number 03251869 ADCIWA9 2710912024 COMPANIES HOUSE A32
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Docu8ign Envelope 10: 1420AB37-FF48420A-B804-54894267A984 THE MONASTERY OF sr FRANCIS AND GORTON TRusf LIMrrED YEAR ENDED DECEMBER 31st 2023 TABLE OF CONTENTS Administrative Infomation Chairman's Report Trustees. and Dlrectors. Report 5-11 Auditors, R8POrt 12-14 Group Statement of Financlal Activitles Charlty Statement of Financial Actlvltles 15 16 Group Balance Sheet 17 Charlty Balance Sheet Group And Parent Charity statement of Cash Flows Notes to the Financial Statement8 18 19 20-32
Oocuslgn Envekipe ID.. 1420A837*F48420A-8G04-54894267A984 THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER31st 2023 ADMINISTRATIVE INFORMATION TRUSTEES: The Trustees who served during the year were as follows; Paul Griffilhs DL (Chairrnan & Company Secretary) Ray Hanks David Oliver Piers Sturridge Janet Wallwork Eleanor Holmes (Appointed 15 December 2023) David Smith-milne {Appointed 2 Febnjary 2024) The Trustees are also the company's d1ClorS for the purposes of company law. CHIEF EXECUTIVE Elaine Griffiths OBE, DL REGISTERED OFFICE The Monastery 89 Gorton Lane Manchester M12 5WF REGISTERED CHARITY NUMBER 1061457 COMPANY NUMBER 03251869 STATUTORY AUDITORS Royce Peeling Green Limited The Copper Room 08va Clly Office Park Trinlty Way Manchester M3 7BG BANKERS The Co-operatlve Bank Balloon Street Manchester M60 4EP SOLICITORS 8rabn8rs LLP Horton House Exchange Flags Liverpool L2 3YL
Docuylgn Enveiope10.. l420A837-FF4842086O4448942G7Ag84 THE MONASTERY OF sr FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 CHAIR'S REPORT This report covers the period January to December 2023. Several important developments took place during the year, not least the drive to ensure as many people as posslble made full use of The Monastery and the changed operating model linked to a wide range of free Health & Wellbaing acllvities. This powerful vision. championed as ever by our Chief Executive. is fully supported by Trustees, volunteers, and stakeholders. The Monastery in 2023 was a dynamic blend of culiure, education, celebration. and comrnunity seNice. Our Modern-Day Monastery is a vibrant community that is supported, cherished and embedded in the cultural and social fabric of the area. In terms of core aclivities, 2023 was characterised by a sharp focus on the Trust's charitable and community objectives which are delivered within four key pillars of activty, Heritage & Culture Health & Wellbeing Ceremony & Celebration Wisdom & Consciousness A new programme of public actlvlty was extended and Implemented during the year. Open dally to the public Sunday to Thursday 10am to 4pM with free entry, free activities and free parking has made our heritage site fully accessible to everyone. We offer an Hour of Silence from 12 noon until 1 pm every day for all those who wish to take time out trom the stress and pressures of daily life. Every Wednesday Manchester Camerata Orchestra hold their Music Calé in the Great Nave for those living with dementia. Other actlvilies range from drop-ln sesslons for domestlc abuse survivors, an anxiety & depresslon support group rlght through to free legal advice, yoga, tai chi, sound healing and medltation classes a mullilude of community events. Crucially, via The Sanctuary and its Free Llstenlng Service, our precious heritage spaces are used in ways to support and find solutions to some of the mentallphysical health and wellbeing needs. Our Trusted Partners continue to collaborate, and each help The Monastery lo dellver Its charitable objeclives in Education, Skills, Arts & Health. All of which help to find the balance and financial resources needed to fund the services provided and maintain this Hislorical Heritage Asset. This includes income. contribution from the Trust's trading subsidiary, The Monastery Manchester, from weddings, conferences, dinners and other events held on Fridays and Saturdays, In January 2023. The Trust submitted a bld to National Lottery Herltage Fund (NLHF) for a Herltage Resilience grant. The grant is designed to help unlock the Social and Cultural Capital of The Monastery. In March we leamt that (NLHF) was prepared to provide a grant of £232k to support an exploration of future sustainability initiatives. As we stralegically plan, and by future proofing The Monastery. we know that this special place is valued and appreciated by the community more than ever before. This NLHF grant is an important project lor the Charity, as it will enable us to define the new Sustainable operational priorities for the ongoing Quinquennial heritage works and Carbon Management Plan we have for the Historic site. The work will inform the content for a much more detailed stage 2 bid for new boilers, solar, ground source heat pumps and so on. These plans include reducing the environmental footprint of The Monaslery, The 8copinglmark8t testing exerclse is scheduled to be completed by mldway through 2024. In a similar vein, Historic England awarded a R8gional Capacity Building Grant in December 2023 to help us provide the human resources necessary to reach new audiences and develop Health and Heritage Solutions. Implemented during the secand quarter 2024. We remain imrnensely grateful for all the support and funding made available to The Monastery and for all donations so generously made in such challenging times.
Docusign Env•k*p• ID.. 1420A837SF48420A.B804-54894267A984 THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER31st 2023 CHAIR'S REPORT (continued) As you will see from the Financial Review. our financial position though impToving. remains a continuing challenge and we wi)rk constsntly to remain agile and cost effective in all our activities. Donations to the 'The Monastery Organ Appeal, have stepped up. enabling plans to progress with the r8pair and installation of a donated original Wadsworth {Man¢hesterl Victorian Organ. The organ was gifted to us durlng the pandemic. It is being reconfigured and updated and our vision is to complete the work by September 2024. Thls will be just before the 35th anniversary in November 1989 when the Monastery's own Wadsworth Organ was removed and sold for scrap when the fornier church was closed. The Organ will represent another important milestone for The Monastery, supporting our mustc therapy work and lilerally restoring perfect harmony in the Great Nave with the Monastery's extraordinary acoustics. Succession plans continue with iwo appolntments made of Trustees who joined In the first quarter of 2024. while a Director of Operations was appointed to Trust subsidiary. The Monastery Manchester Limited. l am immensely grateful for the dedication and commitment dernonstrated by Tnjstees, volunteers and employees, whose efforts make such a difference to everythlng we do and th• people we support in our Modern-Day Monastery. The vision we have will support greater inclusion. diversity. access, and participation in Heritage. The organi8ational resilience and sustainability of the Trust is our highest priority. Thank you to everyone who has, In any way. supported our work In Gorton. Pd 6riffiHLS Paul Griffiths DL Chalmian & Company S•cretary-The Monaglery of St. Francls & Gorton Trust 26 September 2024 Date..
Docusign Env•lope ID.. l420AB37-FF48420A46548942G7A584 THE MONASTERY OF sr FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 TRUSTEES, AND DIRECTORS. REPORT The Trust8es present the annual report and the audrted financial statements of the Charity and its wholly owned subsidiary for the year ended December 31st 2023. Th8 financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Monastery of St. Francis & Gorton Trust constitution, the Charities Act 2011, and the Ststement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK (FRS 102). Objectlves and activities A precise version of the Twst's charftable objects are as follows: 1) To restore, conserve and maintain the Monastery of St Francis, being of historical & architectural merit. 2) To further or benefit the residents of the Gorton distrlct of Manchester and its surrounding areas. 3) To advance the education of the public in general including the provision of facilities for education and the education of the publlc. 4) The relief of unemployment for the benefit of the public in such ways as may be thought fit. 5) To preserve and protect the health of resident5 of the Gorton district of Manchester and its surrounding areas. 6) The pravention or relief of poverty in the Gorton dlstrlct of Manchester and its surrounding areas. 7) The promotion of equality and diversily for the public benefit by advancing education. 8) The prornotion of religious hamiony for the benefit of the public by educating the public In different religious beliefs. 9) Such other exclusively charitable purposes according to the law of England and Wales 8en•flclarle• Beneficiarles of the Charity's work include: Children, Young People and Age-Friendly groups. Volunteers {adults and young people) The People of Manchester and local communities Voluntary organisations. Community Charity & Community Groups. In shaping our objectives and plannlng our activities for the year, the Trustees confirm they have glven regard to guidance published by the Charity Cornmisslon, Includlng public benefit.. running a charity (PB2) guidance.
Oocuslgn Envelop• ID.. 1420A837-FF4842oA4654B94267AgO4 THE MONASTERY OF ST FRANCIS AND GORTON TRusf LIMrrED YEAR ENDED DECEMBER 31st 2023 TRUSTEES, AND DIRECTORS, REPORT (continued) About Us WHO WE ARE: The Monastery of St. Francis & Gorton Trust is a Building Preservation Trust and registered Charity set up almost 27 years ago to try to save. restore and find a viable new use for Pugin's derelict architectural masterpiece, known locally as Gorton Monastery. WHAT WE DO: The Trust's charitable mission rs to generate enough income to maintain this precious and sacred heritage asset as a local resource, back at the heart of the community once again. HOW WE DO IT: By law, the Trust has a wholly own8d tradlng subsidiary. This Is the Monastery Manchester Ltd-which delivers community, 8ducational and outreach activities and events. This includes charity dinners, community & family life events (weddings, funerals), meetings. community concerts and arts, health & well-being events. WHY WE DO IT: The Trust constantly strives to be self-sufficienl and sustainable by generating its own income Ihrough the Charity and the Monastery Manchester. 11 relies heavily on its volunteers and pro- bono professional support. YOUR EVENT HELPS US TO HELP OTHERS: Any proceeds from events held by The Mona8t8ry Manchester, are donated to the Charitable Trust for ongoing conservation and maintenance work and to support charitable communty projects in education. skills, arts & health. Achlevem•nts and Performance The Monastery has won well over 30 prestigious national & regional awards for its work in regeneration. community benefit, heritage. as a much-Iov8d visitor attraction and unique historic venue. The soclal & economic Gross Value Added value braught to the Clty of Manchester by the Monastery since 2007 is truly exceptional. Consldered by Manchester City Councll as a strategically signlflcant slte, Ihe Trusts dlverse actlvltles make possible the free to enter use of the building. while at the same time boosling the economy of Manchester and enhanclng its reputation to all vlsitofs.. be they local Mancunians or from elsewhere. This historic and much-loved Manchester landmark continues to play a pivotal role in the improving fortunes of Gorton. The Monastery's restoration is widely credited as the primary catalyst for the area's regeneration. New Homes have been built in Gorton at an unprecedented ratelwith 45 new homes completed on a brownfield site on Crossley Street adjacent to The Monastery and a new, One Manchester £15.7milllon development scherne of 102 apartments and 13 houses is well underway a few hundred yards away on Gorton Lane. Soclal and Economlc Value Investment in Gorton- for many local people, the Saving of Gorton Monastery was the catatyst for the area's regeneration. Its restoration helped to rebuild confidence and improve people's lives. More than £13million raised by the Charitable Trust to bring the Monastery to this point has encouraged people to move to Gorton because they want to. not because they have to. Supporting the local economy-The charity group endeavours to source goods and ser4ices locally. Spend in Manchester, and mon8y remains In Manchester. We believe strongly in giving back to the community through this virtuous circle of buylng goods and servlces locally.
Docusn Enveh)pe ID.. 1420A837.FF48420A-Bfj¢)4-54894267A984 THE MONASTERY OF sr FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 TRUSTEES, AND DIRECTORS, REPORT (contlnued) World Monument site saved-almost 28 years in the making it is self-evident that important heritage sites like the Monastery can have a positive social impact. They can help people thrlve and develop pride in their communities. Such places can also make people feel better. Community & Soclal Value- The chanty group adds to its Community and Social value locally by working with a myriad of Community, not-for-profit & charitabl8 partnership groups. Regeneratlon & Hom•8-The Monastery slts at the heart of one of Manchester's key regeneratlon areas, and it continues to act as a catalyst to regenerate the area. The perception of the area has improved, property prices increased-a virtuous circle of activity. Employmont & Jobs-we contlnue to employ as many suitably quallfied people as possible from the local cammunity. while Our reliable volunteer cohort are drawn from the local area. Volunteers are the heart of The Monastery. In 2023, with fewer employees than ever before. there was increased reliance on volunteers and from the Trust Chair and Trustees throughout the entire year. They donated 4,637 hours of time includlng travel. Thelrconlribulion valued at £130k in the year. In 2013, TNSI volunteers were awarded a coveted Queen's Award for Voluntary Servlce, the highest award for a ¢harity in the UK. Educatlon & Schools- Activity is bullding up again wlth organised vislts from local schools. Natlonally Sharing Wisdoffl & knowledge with others- Our CEO is regularly singled out to provide Pro-Bono advice and guidance to Truslees of other organisations acr05S the nation, who operate heritage buildings for community benefit, or who have ambitions to do so. Her skills at implementing strategy are much sought after. Envlronmont & Sustalnablllty- The Carbon Management Plan for tha hlstorlc bulldlng wlll feed Into the NLHF project work, with its focus on creating sustainabl8 solutions for the wider Heritage site. Flnanclal r•vl•w A new operating model in place since August 2021. provides for the Monastery to be open to the Public Sunday through Thursday. with Friday's and Saturday's set aside for weddings and events which provide vital income from which to maintain the historic property. The Trust's trading subsidiary saw revenues decrease to £985k {2022.' £1,059k). Operatlng profit In the subsidiary was £137k (2022.. £62k). The charity group consolldated result for the year saw revenues of £1,303k (2022.. £1,135k} and net income of £102k (2022.. £101k net expenditure) after depreclatlon of £51k (2022: £81k). Trading subsidiary The Monastery Manchester Limited generated a profit of £137k (2022: £62k). While the charity group boosted overall by grant and donation support in the period, and cash reserves is not facing any short-temi solvency or cash flow problerns. Reserves policy and financlal risk management Trustees believe that having de-risked Its activities by outsourcing and refocuslng on core charStable activities, the charity has enhanced its future fundwraising prospects. During 2021, th8 charity group realised its long-term ambition to build unrestricted reserves to over £200.000. Cash resenies were £307.173 at 31 December 2023. The Trustees are also aware that one of the main risks to be managed relates to their own diligence and competence in overseeing the Charity group's affairs. At the time of signing these accounts. the Trustees consider that they have undertaken a rigorous analysis of the main risks ofthat confront the charity. They have approved appropriate plans that mitigate the risks and have in place appropriate financial reporting procedures to ensure they are able to exercise effective oversight.
Docuslgn Envebpe ID.. 1420A8374F48420A-B80444894267A984 THE MONAsfERY OF ST FRANCIS AND GORTON TRusf LIMITED YEAR ENDED DECEMBER31st 2023 TRUSTEES. AND DIRECTORS, REPORT (contlnued) Golng Concem conslderatlons The subsidlary is budgeted to achieve a surplus again in 2024. whlle the Trust looks to raise grant funding to support important initiats'ves and core costs in the year. Indeed, the application to National Lottery Heritage Fund early in 2023 for Heritage Resilience Funding was successful, leading to a grant of £232k to support an exploration of future sustainability initiatives. In a similar vein, the support of Historic England through its Regional Capacity Building Fund in 2024, will help the trust implement important initiatives. At Ihe date of signing these accounts, the group cash flow forecast for the perfod to December 31 It 2024, predicts that the group will enjoy positive current account balances more than £250k. This projection does not include any potential future funding. Truslee8 expect this forecast to reflect a realistic estimate of fundraising income for the nexi year and that the current projected cash balances will be increased. Acknowledging that uncertainties remain regarding a challenging economic climate. the Trustees are confident that they are fully entitled to prepare the accounts on a going concern basis. Envlronm•ntal pollcy The Monastery is committed to being environmentally responsible in the way St operates. The key components of this policy are addressing climate change, reducing waste and encouraging responsible business practice. This policy will be further informed and enhanced by the current NLHF and Historic England funded projects. Futuro plans We intend to bid again to the Natlonal Heritsge Fund and other major grant funders to implement our Carbon Managernent plans in order to reduce the Monastery's carbon foolprlnt, therefore maklng It more resilienl and future proofing our modern day Monastery vision. Structure, gov•rnanGe and management The Charlty is a company Ilmited by guarantee. It 18 govemed by its memorandum and artlcles of association dated September 19th 1996. a5 amended by special resolutions dated March 7th 1997, March 19th 1997, February 3rd 2006 and October 23rd 2019. It wa5 reglstered with the Charity Commission on March 20th 1997. The Directors acting as the Governing Body have the power to admit or refuse membership to any indivlduals or corporatlons. Membership may be t8milnated by resolution of an extraordinary general meeting called for that Pufpose by the Goveming Body. There are currently five members of the company, each ofwhom has agreed to contribute a sum not exceeding £100 in the event ofthe Charity being wound up.
Docusign Envelope10'. 1420A837.FF48420A.B804-54894267A984 THE MONASTERY OF sr FRANCIS AND GORTON TRusf LIMrrED YEAR ENDED DECEMBER 315t 2023 TRUSTEES, AND DIRECTORS, REPORT (continued) Appolnlment, Inductlon and tralnlng of Trustees The Directors, who are the Trustees, together form the Goveming Body. The Trustees who served durlng the year, together with any changes up to the date of approving this report. are listed on page 1. It is recognised that the changing nature of the Trust's focus, from restoring an important historic building to ensuring that its multi-faceled role is sustainably established. In the year, one new Trustee was appointed. closely followed in February 2024 with another, In line with our developing succession plans, additional appointments will follow. Trustees are appointed for their specialist skills, knowledge and sound judgement. A relevant skill-set is soughl that is appropriate for the successful delivery of the trust aims and objectlves and its public benefit strategy. These skllls inevltably vary as the trust progresses. We set out to establlsh a complementary board with a broad mix of skills, which satisfy our charitable objectives. Successlon plannlng In Ihls the 28th year since the Charity was formed to save and restore Gorton Monastery. the Truslees remain committed to planning for future changes in the evolvin9 membership of the Board and of its management. The Trust's co-founders Elaine and Paul Griffiths are wholly supportive of a carefully considered approach to succession planning for the two roles they currently occupy and those occupied by existing Trustees. Trust solicitors Brabners LLP Charity Practice is advising Trustees ancl help guide the board through the process to conclusion. It is intended to develop measures to commence progressive implementation during 2023124 and beyond. Any changes to current arrangements will be carefully implemented. It will be a progre55ive initiative, dovetailing into the Heritage Resilience and Recovery project funded by Nation81 Lottery Heritage Fund. Organisation The Governing Body. which must have not less than one and not more than 20 members, administers the Charlty and meets as nacessary and usually not less than slx times a year. Through appropriate dlscussion, the planning Into our future communlty activities helps to ensure that the Trust's vlslon of its role and purpose is realised. The management skills required. and the abilth'e5 of colleagues employed In th8 business of tho Trust and its subsidiary. The Monastery Manchestor. are naturally different. Delegated authorlty rests with the Chief ExecutlV8 & co.founder of the Trust Elaine Griffiths OBE, DL. Trust Chairman Paul Griffiths DL is Chairman of the subsidiary. He is actlvely involved as a volunteer, chair's board meetings throughout the year and fulfils Company Secretary duties. This approach ensures transparency between parent and wholly owned subsidiary. Comprehensive reports are provided to Trustees on performance by way of monthly P&L and management information portS on 8 Stand-alone and consolidated basis. Key Performance Indlcators are used to report against targets. Pay pollcy for staff The Trustees of The Monastery of St. Francis & Gorton Trust Limited and its leadership team are the key managemenl personnel of the Charity in charge of directing, controlling. running and operatlng the Charity. AEI Trustees freely glve thelr tlme, and no Trustee ceiVed remuneration in the year. At the end of December 2023. 16 employees were on the books (2022.. 13) seniing all activities and events in pursuit of our charitable objectives. Rlsk management The Trustees have a risk management strategy that comprises an annual review of the principal risks and uncertainties the charity faces. coupled with the leadership team's ongoing measurement of risk factors.
Oocusign Envetop• ID.. 1420A837-FF48420A-B604-548942fj7A984 THE MONAsfERY OF ST FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 TRUSTEES, AND DIRECTORS, REPORT (contlnued) Related parties The following transactlons and balances are disclosed as related party transactions in accordance wSth the Charities SRP. FRS 102 and Companies Act 2006. Throughout this year, as in all preceding accounting petiods. Mr Paul Griffiths has seNed as an unpaid Trust88 of the Charity. and an unpaid director of The Monastery Manthester Limited (MML), the Charity's trading subsidiary. During the accounting period, Mr Griffiths donaled 2.160 hours to the Trust and The Monastery Manchester, and he continues to make no claims for travelling expenses. Mr Grifflths also purchased goods for both The Monastery Manchester and the Trust totalllng £10,147 (2022: £14.215). Thls was the expenditure for exceptional items required by The Monastery Manchester and the Trust. where there was no trading account for elther company available. The amount has been reclaimed in the proper manner for expenses. Elaine Griffiths. co-founder and Paul Griffiths, wrfe, is employed by Ihe Charity as Chief Executive Officer and received gross salary of £52,767 12022.. £65,767). Expenses of £1,533 (2022.. £2,309) were reimbursed. This was the expenditure for exceptional items required by The Monastery Manchester and the Trust, vthere there was no trading account for either company available. The amount has been reclaimed in the proper manner for expenses. Katy Griffllhs, daughter of Elalne and Paul Grlfflths. is employed as Sales & Marketing CordInat0r, she received gross salary of £27,717 {2022'. £13,817). Trustees, ra8ponslbllltl•8 In relatlon to the flnanclal statements The Trustees (who are also dlrectors of The Monastery of St Francls and Gorton Trust for the purposes of company law) are responsible for preparlng th8 Trustees, Annual R8POrt and the financlal statements In accordance wlth appllcable law and Unlted Kingdom Accounting Standards (United Kin9dom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure, of the qharitable company for that period. In preparing these flnanclal statement5, the Trustees are required to: select suitable accounting policies and then apply them consistently. obseNe the methods and principles in the Charitles SORP (FRS 102); make ludgements and estimates that are reasonable and prudent: slate whether applicable UK Accounting Standards have been followed, subject to any material departure5 di5Glosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose With reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the rinancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and olher irregularities. io
Docuslgn Envelope ID.. 1420AB374F48420A-B6o894267A984 THE MONAsfERY OF sr FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2023 TRUSTEES, AND DIRECTORS, REPORT (contlnued) ststem•nt of disclosure to Audltors We. the dlrectors of the company who hekl office at the date of approval of these Flnancial Statements as set out above each confimi, so far as we are aware. that: . there is no relevant audit infomiation of which the company's auditors are unaware: and We have taken all the steps that we ought to have taken as directors to make ourselves aware of any relevant audit information and establlsh that the company's auditors are aware of that inforniation. The Trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's webslte. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Audltors The Auditors, Royce Peeling Green Limited. have expressed their willingness to continue in office and a resolution regarding thelr appointment and Muneration will be submitted to the Annual General Meeting. Small company provl8lon• and approval This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies. exemption. Approved by the 8oard of Trustees and signed on Its behalf by: P Griffiths Director 26 September 2024 Date.. li
Docu8lgn Envelope ID.. 1420AB37-FF48420A-B60U4894287A984 THE MONASTERY OF sr FRANCIS AND GORTON TRusf LIMrrED YEAR ENDED DECEMBER 31st 2023 AUDITORS REPORT TO THE MEMBERS OF THE MONASTERY OF ST FRANCIS AND GORTON TRUST Oplnlon W8 hav8 audited Ihe financial stalements of The Monastery of St. Francis and Gorton Trust (the 'charitable company. or 'lhe charity,) and Its subsidiarias (together 'the Group,) for the year ended 31 Decernber 2023 which comprlse the group and charity staternents of financlal activities, the group and charlty balance sheets, the group and charity slatements of cash flows and notes to the financial statements. includin9 significant accounting policles. The financial reporting fram8worf( that has been applied in their preparation is appllcab18 law and Unlted Klngdom Accountlng Standards, including Flnancial Reporting Standard 102 The Fln8nci81 Reporting Standard applicable In the UK and Republlc of lrnland {United Klngdom Generally Accepted Accounting Practice). In our opinion, the financl81 statefflents- give a true and falr ¥lew of the state of the group and charitable company's affairs a5 al 31 December 2023 and of their inGoming resources and application of resources, for the year then ended: have been property prepared in accordance with Uniled Kingdom Generally Accepted Accountlng Practlc8', and ave been prepared In accordance wlth the requlrements of the Companles Act 2006 and Charltles Act2011. 8a•ls for oplnlon We conducted our audlt In accordance with Intemational Standard8 on Audltlng (UK) (ISA8 (UK)) and applicable law. Our responsibililies under those standards are further described in the Auditors responsibilities for thè audil of the financial stalemenls section of our report. We are independent of the charity 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 re8ponsibilits'08 In accordance with tho88 requirements. We believe that the audit evldence we have obtained Is sufficlent and approprfate to provlde basi$ for our opinion. Concluslona r•latlng to golng eone•m In audlting the financial statements, we have concluded that the Trustees, use of the going COnM basis of accounting In the preparation of the financial statements is appropriate. 8ased on the work we have performed. we have not identlfled any material uncert81nlie$ latIng to events or conditions that, individually or collectively. may cast significant doubt on Ihe group and charity's ability lo continue as a going concem for a period of atloast Iwelve months from when the financial slatements are aulhorised for issue. Our r8sponslbllltl88 and thè re8pon$lbllltles of the Truslees with respect to going concern are descrlbed In the relevant secllons of this report. other inforniatlon Thé other informatlon comprises th8 Infomatlon included In the annual roport other than the flnanclal statements and our audito¢s report thereon. Th8 Trusleos are responslb18 for the other informallon contained within the annual report. Our opinion on the financial ststements does not wver the other information and we do not express any fonn of assurance concluslon thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially Inconsistent with the financial statemen15 or our knowledge obtsined in the course ol the audit, or olherwise appears to be materially misstated. Sf we identify such material Inconsistencies or apparent material misstatements. we ar8 required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If. based on th8 wort( we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 12
Oocusign Envelope ID.. 1420AB37*F48420A-8604-54894267A984 THE MONAsfERY OF ST FRANCIS AND GORTON TRusf UMITED YEAR ENDED DECEMBER 31st 2023 AUDITORS REPORT TO THE MEMBERS OF THE MONASTERY OF ST FRANCIS AND GORTON TRUST (continued) Matters on which we are requlr•d to report by exception We have nothlng to report in resped of the following matters In relation to whith the Companles Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion: the infomiatlon glven In the financial statements is Inconslslent in any material respoct wlth the Trustees, and directors, report: or sufficiènt accounting records havè not bean kept,. or the financial statements are not in agreement with the accounting records: or we have not received all the information and explanatlons we requlre for our audit. R•sponslbllltles of Trust•é$ As explained mor8 fully in the sslat8ment of Trustees, rresponsibiliti88. the Trusle8s, who are also the directors of the charity for Ihe pulpose of company law, are responsibl8 for the preparation of th8 finan¢i81 statements and for being sats'sfied that they glve a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparation offinancial stat8ments that are free from materlal misstatemgnt. whether duo to fraud or èrmr. In preparing the financial statements, the Trustees are responsible for assessing the group and the ¢harSVs ability lo continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Trustees eilher intend to liquidate the group or the charitable ¢omp8ny or to ¢ea$e operations, or have no reallsUc allemative bul to do $0. Audltofs r•spon8lbllltlas for tho audlt of th• flnanclal statem•nts We hav8 been appoint8d as auditor under séction 144 of Ihe Ch8riliès Act 2011 and report Sn accordance with the Companies Act 2006 and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance alx)ut whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error. 8nd lo issue an auditor's report that includes our opinion. Reasonable assurance is a high18v81 of a85ur8nce but is not a guarantee that an audit conducted In accordance with ISAS (UK) will always det8Ct a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. Indivldually or in the aggregate, they could reasonably be expected to influence th8 economic decisions of users taken on Ihe basls of these financial statements. Irregularities, includlng fraud. are instances of non-complianc8 with laws and regulations. We design procedurès in line with our responsibilities. outlined above. to detect material misstatements in respect of rregularitie3, Including fraud. Th8 speclfic procedures for this en9agement and the extent to which these are capable of detecting Irregularltles, Includlng fraud, are d8tall8d below: At the planning stage of the audit we gain an understanding of the laws and regulations which apply lo the group and the charity and how the Trustees and management seek to comply with them. This helps us lo make appropriate risk assessments. During the audit we focus on relevant rlsk areas and review compliance with laws and regulatlons through making relevant enquirles and corroboration by. for example. reviewing Board Minules and other documentation. Wa assess the risk of material mi5Stalemgnt In the financial ststements includlng as a result of fraud and undertake procedures such as.. Review of controls set in place by the Trnstees and management Enquiry of Trustees and management as to whether they considerfraud or other irregularities may have occurred or where such opportunity might exist Challenge of Trnsteel management assumptions with regard to accountlng 8slimat8s Identification and testing of joumal entries, particulady thos8 which may appear to be unusual by size or nature. 13
DoGuslgn Envelope10: 1420A837*F48420A-8604.S4894267A984 THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2023 AUDITORS REPORT TO THE MEMBERS OF THE MONASTERY OF ST FRANCIS AND GORTON TRUST (continued) Because of th8 inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leading to a material rnisststemeDt in the financial statements, or non<ompliance with regulatlon. This risk increases the morè that compliance with a law or regulation is removed from the events and transacllons reflected in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularitles occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion. omission or misrewesenlation. A fvrther description of our responsibiliti95 is lo¢atsd on the Financlal Reporting Councll's website at: httpB'.11 www.Irc.org.ukJauditorsre8ponsibililies. This descriptlon forms part of our auditotrs report. Use of our report This r8POrt Is made solely to tho charity's Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Report8) R8gulallons 2008. Our audit Work has been undertaken so that we mlghl state to the charity's Trustees those matters we are required to state to them in an auditorfs report and for no other purpo88. To the fullest extent permitted by law, we do not accept or assume responslbility lo anyone other than the charity and th8 tharity's TNstees as a body, for our audit work, for this report, or for the opinions we have formed. R•P G444•b Martln Chatten For an on bohalf of Royc• PlIng Gra•n Llmltod Chartored A¢countsnt• ststutory Auditor 26 September 2024 Oat•...................... The Copper Room Deva City Office Park Trinity Way Manchester M3 7BG Royce Peeling Green Llmiled Is 8llglble for appointment as audltor of the charfty by virtu8 of Its 8llglbillty for appointment as audltor of a company under 3ertion 1212 of the Companies Act 2006. 14
Dwsban EnvW¢PD ID.. 142DA837-FF484¥A6$l8942•?A484 THE MONAsfERY OF ST FRANCIS AND GORTON TRusf UMrrED YEAR ENOED DECEM8ER 31st 2023 GROUP STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED DECEMBER 31•t 2023 Iln¢ludlng th• In¢om• and 0XndItm account) A• rn•t•tsd f•Bl•t•d Unr••trl¢t•d fvnd• R•ilrfGt•d Fund• 2023 2123 Totsl Unr••tyl¢l•d fvnd• ft••tylGl•d Fund• 2023 2022 2022 Tol•l 2012 IN¢OME PublK don•doni 203.892 3.814 203,992 28.619 1069 901 24 805 1 302 $12 12.967 12,967 24.805 oth•r act•$ TOTAL INCOME 1 122297 1 135264 1122 297 1 13S264 1277 707 EXPENDITIJRE Cost ol ralslng Chrft8bl• aCllvRi88 TOTAL EXPENDITUIIÉ 1.016,466 51,104 1067 570 132,9S7 1.149,423 51.104 132 957 1200 527 943,938 11.398 955 336 280,43S 1.224,373 11,398 280,43S 1235 771 NET INCOMEI IEXPENOTfuREI 11 210,137 1108.1521 101.985 179,928 1280,4361 1100,5071 NET IAOVEMENT IN FUND8 210,137 1108,1521 101.985 179,928 1280,4351 1100,5071 fte¢owauATION OF FUND8.. browht loww•rd 3 830,10D 71.391 8 1015 3 850 181 5 551 626 8 202 007 Bal•nc•• caffl•d f•r¢v•rd 4 040 246 5 163 239 9 203.485 3 830 109 5 271391 9 101.5Cp) Th¢ nol?& OTh P8g08 20 to 32 frrn part of thasa flThgndal $t4tem•nts 15
DfytrJd9n Env•W10'. 1420A837sF48426Dm4II426?A9l THE MONAsfERY OF ST FRANCIS AND GORTON TRUST UMrrED YEAR ENDED DECEM8eR 31st 2023 PARENT CHARITY STATEMENT OF FINANCIAL ACTIVITIE8 FOR THE YEAR ENDED OECEMBER 31st 2023 Ilncludlng th• In¢om• •nd •xp•ndllur• •c¢ountl Vnr••trl¢¢•4fund• R••triei•d Futh Tot1 UnMAt¢t•d lund• R••trfet•d Fund To 2022 2023 2023 2022 2021 N•l•s INCOME Pubiie donaikj Charithts• acti1 Oih•rtrodlny ¥livW•i TOTAL INCOME 203,992 3,814 144433 352 239 203.892 28,619 12,967 12,967 24,805 2e1 300 274 267 281300 274 267 EXPENDITURE Cost of r•l&ing 228,048 132,957 361,IY)6 144.601 280,435 425,038 TOTAL EXPQNDITURI 279,153 132,957 412.110 166.999 780,435 426.434 NET INCOMEI IEXPENorniREI 73,098 135,oe81 118,268 1280,4351 1162,1671 Trwwfwa NET MOVEME14T IN FUND$ 11 73,086 135.Cfj61 118.288 1280,4351 1162,1671 RE¢ON¢ILIATI¢)N OF FU14D8.. 8•lancH brough¢ lo11.• r••tthd 3 967 857 6 271391 9 238 Z48 3 849 589 555IB26 9401416 1•n c•rf•d foMard 10 4 040 943 5 163 239 9 204 182 3 $67 857 5 271391 9 239 248 The not•8 on p890$ 2010 32 fomi part ol these fiTr8ne st8t8mer 16
Do¢uslgn Envelope10: 1420A837-FF48420A-B60W894267A984 THE MONAsfERY OF sr FRANCIS AND GORTON TRusf LIMITED YEAR ENDED DECEMBER 31st 2023 GROUP BALANCE SHEET AS AT DECEMBER 31st 2023 As restated 2022 2023 Notes FIXED ASSETS Tangible Assets Heritage Assets 12 13 2,359.407 6,997.177 2.406,091 6,997,177 9,356,584 9.403,268 CURRENT ASSETS Stock Debtors Cash at Bank and In Hand 40,341 195,680 359,807 595,828 41,170 47,055 328.749 416,974 15 CREDITORS Amounts falling due In one year 16 315,474 286,256 NET CURRENT ASSETS 280,354 130,718 TOTAL ASSETS LESS CURRENT LIABILITIES LONG TERM CREDITORS Amounts falling due after more than one y88r 9,636,938 9,533,986 17 (433,452) (432,486) NET ASSETS 9,203 486 9.101,500 FUNDS Reslricled funds Unreslricled funds Designated funds General funds 18 5.163.239 5.271.391 18 18 3.734,893 305,354 3,654.956 175,153 Total unrestrlcted funds 4,040,247 3.830.109 TOTAL FUNDS 18 9.203,486 9.101,500 These flnancial statements have been prepared in accordance wlth the provisions appllcable to companies subject to the small companies, regime. Approved by the Board of Directors and authorised for issue on 26 September 2024 Paul 6nffilLs Paul Griffiths DIRECTOR Company roglstratlon numb•r: 03251869 The notes on pages 20 to 32 form part of these financial ststements 17
Docuslgn Envelope ID.. 1420A837-FF48420A-B604-Y894267A984 THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 PARENT CHARITY BALANCE SHEET AS AT DECEMBER 31st 2023 As restated 2022 2023 Notes FIXED ASSETS Tangible Assets Hgritage Assets Investments 12 2,359,407 6,997.177 100 9,356,684 2,406.091 6,997.177 100 13 14 9,403.368 CURRENT ASSETS Stock Debtors Cash at Bank and in Hand 15 175,682 307 173 482,855 97.122 227,087 324,209 CREDITORS Amounts falling due in on8 year 16 201905 55,843 NET CURRENT ASSETS 280,950 268.366 TOTAL ASSETS LESS CURRENT LIABILITIES LONG TERM CREDITORS Amounts falllng dua aftar more than one year 9.637,634 9,671,734 17 (433,452) (432.486) NET ASSETS 9,204,182 9,329 248 FUNDS Restricted funds stricted fun Deslgnated funds General fijnds 18 5.163,239 5.271,390 nr 3.734,893 306.050 3,654,956 312.902 18 4,040,943 3,967,858 TOTAL FUNDS 9,204,182 9,239.248 These financlal statements have been prepared In accordance wlth the provisions applicable to companies subject to the small companies, re9lme. Approved by the Board of Directors and authorised for issue on 26 September 2024 Paul Griffiths DIRECTOR Company roglstratlon numbor: 03251869 The notes on pages 20 to 32 form part of these financial statements. 18
Oocu$lgn EnlOpe ID.. l420A837-FF48420A4654694287Ag84 THE MONAsfERY OF sr FRANCIS AND GORTON TRusf UMITED YEAR ENDED DECEMBER 31st 2023 GROUP AND PARENT CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDEO DECEMBER 31st 2023 Not•A Group 2023 Group Charlty 2023 Charfty 2022 2022 Cash flows from oporatlng actlvities Cash generated from operations 20 54,214 {104.748) 103,242 {150.131) Inv•stlng actlvltS08 Purchase of tangible fixed assets Not cash used in investing activiti•s 12 (4,686) (22,229) (4.686) (22.229) 14,686) (22,229) (4,686) (22,229) Flnanclng actlvltlo• Repayment of borrowings Nel cash used In finanGlng activltl•8 118,470) (23,078) (18,470) (23,078) (18,470) {23,078) (18,470) (23,078) 21 Net (decre•8oV Incr•a•e In cash and cash equlvalents 31,058 (150,055) 80,086 (195,438) Cash and cash equivalènts at beginnlng of year Cash and cash equlvalents at end of year 328,749 478,804 227.087 422,525 359,807 328,749 307,173 227,087 Cash and •qulval•nts conslst of., Cash at bank and In hand Bank overdrafts 359,807 328.749 307.173 227,087 359,807 328,749 307.173 227,087 19
Docu8lgn Envelope ID. 1420A837*F48420A-8604-S4894267A984 THE MONAsfERY OF sr FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS. 1. ACCOUNTING POLICIES Basig of preparatlon The financial statements have been prepared.. under the hlstoric cost convention through the Statement of Financial Activities (SOFA) in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective January 1st 2019., FRS102', and the Companles Act 2006. The Charity constilutes a public benefit entity as deflned by FRS102. Golng Con¢•rn At the date of signing these accounts, the group is meeting all its liabilities as they fall due. Detailed financial projections have been prepared for the period to December 31 st. 2024. These forecasts predict that the group has adequate resources to meet its liabilities throughout this period without recourse to new borrowing. In their consideration of Insolvency risks, the Trustees have revSewed the reliability and prudence of the assumptions that underpin their financial forecasts. They have also interrogated the charity group's employed staff and relevant advisers, as appropriate. The Trustees are confident that. for reasons explained more fully in the Flnancial Review Section of the Trustees. Annual Report. the assumptions on which the financial projections are based are robust. Concerning the group's longer-term financial prospects, the board is confident Ihat the de-risked business model for its trading subsidiary, and the fund-raising potential of the Twsted partner collaborations of the Charity, will eventually enable the group to reduce its indebtedness and further build cash reserves beyond exlsllng levels of £212k. For these reasons, the Trustees are fully satisfled that the Charlty's accounts should continue to be prepared on a going cancem basls. In January 2023, the Charity applied to National Lottery Heritage Fund (NLHF) for a Heritage Resilience Grant. In March 2023 NLHF granted the Charty a sum of £232,000 to support the developrnent and exploration of sustsinability plans, aimed at securing the future of The Monastery. This grant will help us with energy costs. overheads and resources over th8 next 12 to 18 months. The grant will also enable the development of appropriate Succession plans and the eventual implementalion of a phased and controlled plan of succession. This will involve charity co-founders Elaine and Paul Griffiths and Trustees. This Projectwork will include a full review of all of ourcurrent and future outsourced work to ensure we are gettlng the best possible value and servlce in each sector. This will include Food, Beverage, Fundraising, Finance. Cleaning, Facilities & Building Management. We will also be using some of this grant funding fortesting and trialling these two main areas of work over the next 12 months: 1) Heritage & Integrated Health Innovatlon Centre. 2) Heritage & Hospitality Solutions. The Heritage Resilience and Recovery grant will complete in June 2024 and there will be a need for a bigger NLHF grant request in their 2-stage bid process at the end of 2023124 to take the project to 2026 and b8yond. 20
Oocuslgn Envelope10'. 1420A837-FF48420A-8604-54894267A984 THE MONAsfERY OF sr FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES (contlnued Funds structure Unrestricted funds are available at the discretion of the Trustees in furtherance of the general objectives of the Charity. From time lo time, the Trustees rnay designate some or all of these funds for specific purposes. however, such designations may be varied or removed at th8 Trustees absolute discretion. Restricted funds, donations or other charitable income. subject to specific conditions by the donor or grantor, or by th8 appeal's nature. restricted the funds to be used for specific areas of the Charity's work. Detalls of restrlcted funds at the year4nd are given in Note 18. Designated funds comprise the charfty's fixed assets which are no longer subject to restrictions and the associated long-terni debt which are unavailable for distribution due lo their illiquid nature and fundamental importance to the objects of the Charity. Income r•cognltlon All income is recognised once the Chartty has an entitlement to the income. il is probable that the income will be received, and the amount of Incom8 receivable can be measured rellably. The following applles to particular typgs of income.. Grants, whether of a capital or revenue nature, are recognised when the Charty has an entitlement to the funds, any performance conditions have been met, and it is probable that the income will be received. Donatlon• from individuals and other bodies (not belng of the nature of a grant} are recognised when receivable. Eam•d Income is measured at the fair value of the consideration received or receivable for servlces and goods supplled, net of discounts and VAT. Deferred Income Income is only deferd and included in creditors when: The income relates to a future accounting period A sales invoice has been rals8d ahead of the work belng carried out, and there Is no contractual entitlement to the income unth'l the work has been done Not all the temis and conditions of the grant hav8 been met, including the incurring of expenditure, and the grant conditions are such that unspent grant must be refunded Expendlture and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party,. it is probable that the settlement will be required, and the amount of the obligation can be Measured reliably, Expendilure is classified under the following activity headings: Costs of raising funds including those associated with fund-raising activities. managing investments and commercial Charltablo actlvltles costs of undertaklng the work of the Charlty The Charity is registered for VAT and can recover all input tax charged. Costs are stated exclusive of VAT where charged. Allocation of support costs Support costs are those attributsble to functions that assist the Charity's worf( either by supporting the delivery of charitable activities, or by supporting the generation of funds. They include property costs, back-offic8 functions. staff costs and professional fees. Tho basis of allocations is set out in Note 8 21
Oocu8Ign Envelope ID.. 1420AB37-FF48420A-B604-54894267A984 THE MONAsfERY OF sr FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES (continued) P•n8lon ¢ontribulions The Charity operates a defined contribution pension scheme for its employees. agreelng the contribution rates with each individual. The contributions are paid to a third party who invests the contributions in a money purchase plan. Contributions are charged to the SOFA as they become payable. Herltage as•ots Th8 cora ol the Monastery is the slgnfficant built heritage asset and certaln Integral features whlch were restored through various investment phases over some twenty years. These assets are recognised at their cost to the charity but are not depreciated as the Trustees consider the assets to have ind8finit8 lives. Heritage assets are reviewed for potential impairment by the Trustees on at least an annual basis. Should there be any evidence of physical degradation or irreparable damage to these assets their carrying value would be impaired accordingly. Tangible flxed a$8ets and depreciatlon Individual fixed ass8ts costing more than £500 are capitalised at cost and are depreciated over Iheir estimated useful live8 on a stralght-line bas18, as set out below. Depreciation rates are as follows: Buildings Kitchen equipment Equipment & fumlture 20% Inv08tments. gains and losses Fixed asset investrnents are a fonn of basic financial instrument and are initially recorded at their transaction value and subsequently measured at thelr falr value as at the balance sheet dale using the closing quoted market price. The SOFA includes the net gains and losses arlsing on revaluatlon and on disposals throughout the year. Gains and losses on are taken to the Slalement of Financial ActNltl8s as they arise. Realised gains and losses are calculated as the difference between sale pro¢e8ds (nel of transaction costs) and the opening carrying value or cost, if acquired during the year. Unreallsed galns and losses are calculated on the difference between opening and closing fair values. Debtors Trade and oth8r debtors are recognlsed at the settlement amount due, and prepayments are valued at th8 amount prepald. Cash at bank and In hand Cash at bank and in hand includes cash and short-term liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions are recognised where the Charity has a psent obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated rellably. Creditors and provlsions are normally recognised at their settlement amount. Financlal Instruments The Charity has only basic financial instruments. which are initially recorded at cost. and with the 6xception of investments (as set out al)ove) subsequently measured at their settlement value. Group flnanclal statements The financial ststements consolidate Ihe results of the Charity and its wholly-owned subsidiary, The Monastery Manchester Ltd. on a line-by-line basis. 22
Oocusion Env8tope ID: 1420AB37-FF48420A-8604-$4894267A984 THE MONASTERY OF sr FRANCIS AND GORTON TRUST UMITED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 2. CHANGE IN ACCOUNTING POLICIES In 2023, having considered best practice across the charity sector and taking relevant advice. the Trustees have changed the accounting policy applied to Heritage assets. The new policy applied is that Heritage assets will be carried at cost and not depreciated due to their enduring value to the Charity. Adjustments to reflect the change in accounting policy have been mad8 in th8 comparative Statement of Flnancial Activities and Balance sheets as at 31 December 2022 and 2021. As part ol their review the Trustees also identified a mis-classificatlon of certain heritage assets as land and buildings. This mi- classification has also been corrected in these financial statements. The impact of the change in accounting policy and the correction of the error in asset classification on prior years in respect of both Group and company was as follows: 314lec-22 31-Dec-21 Increase in Heritage assets De¢ase in Tangible fixed assets Increase in Restrided reserves Reduction In depreciation charges in year 2,554,743 2,434,041 (772,974> 1790.479) 1,781.769 1,643.562 138,207 nla 3. INCOME FROM CHARITABLE AcnviTIES 3111212023 3111212022 Revenue Incomo Unrostrfclod Ro$trlct•d Total Unr•8trlct•d R•8trlctod Total Project grants 24,805 24,805 3.814 4. OTHER TRADING ACTIVITIES 3111212023 3111212022 Unr••trlclod R••trlct•d Total Unrojtrlcted Ro$trl¢t•d Total Rental Income 144,433 144.433 105,200 1 $0,000 105,200 150,000 Management ¢hargo Olher incom8 Total per charlty Less ellminated on consolidalion." 144.433 144.433 261,300 261.300 Rent re subsidiary Management charge Add subsldlary Income Total pergroup 160.000) 160.0001 {48,0001 (150,000) 1.058.997 {48,OCK)) 11 $0,000) 1.058,997 1.122.297 985,468 985,468 1,069,901 1.069,901 1,122,297 S. INVESTMENT INCOME Neither of the companies in which the company has investrnent has paid dividends in the last two years and th8 Group has not had surplus lunds avallable to invest. 23
Oocuslgn Envelope ID.. 1420AB37-FF48420A4608g4287Ag64 THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 6. COSTS OF RAISING FUNDS As restated 3111212023 Extemal fundral8lng 3111212022 Support of Extèrnal sub8ldlary lundral$lng support ol subsldlary Tolal Tot•1 Direct staff costs 107.097 263 107,097 263 99,276 2,093 43,232 99,276 2.093 323.667 425 036 Advertsing & printing Support costs (Note 8) Tot•lp•r charlty Analys•d as Resb*cted fvnd• 120 689 132.957 132 957 253 646 280.435 361006 Depreciation Other costs 25,860 107,097 25.860 107,097. 51.719 163,400 65.316 280.435 51.719 183,400 65.316 280,435 Grant to subsidiary 132,957 132,957 Unrnstrlct•d funds DepreallOn Other costs 25,510 202.539 25,510 202 539 29.286 115.315 144 601 29.288 115.315 144 601 Tot•1 p•r ¢h•rlty 132957 361006 280 435 425 036 Eliminaled on onsolidation {65,3161 864.653 Subsidiary 788417 Total per group 1 149,423 1,224.373 7. CHARITABLE EXPENDITURE 3111212023 3111212022 Unr•strl¢tod Rostrlcted Total UnfO$trlcted Restrlcted Total Community provision Per charfty & gmup 51,104 51,104 11.398 11,398 Analys•d between: Direct costs 12.244 12.244 Support Costs 51,104 51,104 11.398 11,398 24
Docuslgn Envelope ID.. 1420A837.FF48420A.B604-54894267A984 THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 8. SUPPORT & GOVERNANCE COSTS 3111212023 Th• Monastery Capltal Man¢hester Ext•mal projoct Llmltod Fundraising Communlty Tolal Support eosts Support staff Property Costs Depreciatlon Grant funded projects Finance charges & interest Office costs & other Costs (39.947) 51.370 (39,9471 51,370 37.156 205 067 37,156 Governanco costs Professlonal fees 12.244 38.860 51.104 Support staff 51.104 Total Support costs 253 648 304.750 3111212022 Th• Monastery C•pltal Manch08tor Ext•rnal prole Llmlled Fundral8lng Communlty Tolal Support Costs Staff expenses, tralnlng & recrultment Propety costs Depreciallon Grant lunded projects Finance charges & interest Office cost8 & other costs 28,646 81,005 28,648 81,005 22,497 191 519 22,497 191,519 323 667 323 667 Gov¢m•n¢e costs Professional fees Support staff 11,398 11,398 Totsl support Cts 323,667 335,065 25
Docusign Envelope ID.. 1420AB37*F48420A4804-54894267A984 THE MONAsfERY OF ST FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 9, TRADING SUBSIDIARY 3111212023 3111212022 Turnover 985,468 352 601 1.058,997 Cost of salg5 Gross profit Administration 8xpens&s Other income 632,867 (495,816) 623.457 1627.1141 65.316 Nel profit before and after tsx (See Note 20) 137 OS1 61,659 Rent of £60,000 payab18 to the charlty12022-. £48,000), management charges of £nll12022: £150,000) and other Income of £nll12022.' £65.3161 are elSmlnated on ¢on8olldation. Current assets Creditors due wSthln one year Totsl nel asselsl {IlabSllles) 274.917 275,513 162.752 300 399 596 10. PAYROLL COSTS 3111V2023 3111212022 Th8 group payroll costs are as folh)ws: Salaries Social 8e¢urfly costs Employer penslon contrlbutlons 304.298 17,676 238,465 14,266 12,974 265 705 342,248 One •mployea eamed more than £60,000 but less than £70.000 por annum (2022.. one). Key management personnel comprlsa two directors and the key members of staff listed on page 1. Remuneration & benefits c The average number of employees was as follows.. The Monostery M8nch8st•r Llmlted Fundraising 8nd events Numb•r Numbor 18 12 18 13 11. GROUP NET INCOMING RESOURCES Thls is slated after charging.. Audilorfs remuneration- 31112r2023 3111212022 Audit fees - current year AOunta¢Y fees - cuffent year DeprerAation other tangible fixed assets Directorn. remuneration (Trust directors) Trustee's expenses 7,500 3.500 51.370 6,250 3.500 81,005 26
Docusign Envelope ID.. 1420A837-FF48420A-8604-54894267A984 THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 12. TANGIBLE FIXED ASSETS As restatod- so• noto 2 A• restated- sa• not• 2 GROUP & CHARITY Freehold Land & Bulldlngs Fixtures and Flttlngs Tolal Co•t As at 1 January 2023 Additions 2,585,957 862.493 3,448,450 4.686 3453.136 As at 31 December 2023 2 585 957 867 179 Depr•clatlon As al 1 January 2023 Charged in the year AB al 31 December 2023 259,992 25.860 285 852 782,367 1,042.359 51.370 1093 729 807 877 Not Book Value As al 31 De¢emb•r 2023 59,302 2 359 407 A8 8131 Decembor 2022 2 325 965 2 406091 13. HERITAGE ASSETS GROUP & CHARITY AS re8tated- 800 noto 2 Cost As 811 January 2023 Addillons 6.997,177 As at 31 December 2023 6 997 177 There have been no additions to or disposals of heritage assets in the last five years. 27
Oocusign Envelopè ID.. 1420A837-FF48420A4604-54894267A984 THE MONAsfERY OF sr FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 14. INVESTMENTS 2023 2022 % 8h¥r•s hold 100 % Shar•• hold 100 Nam• of Subsldlary The Monastery Manchester Limited Tradlng adlvlty Management seThicesl event management 15. DEBTORS Group 3111212023 Group 3111212022 Charlty 3111212023 Charlty 3111212022 Trade debtors 15,011 66.914 7,486 5,840 Grants and income receivable 66,914 5,840 69,986 Amount due from 8ub8idiary Other debtors 79,060 34,695 195,680 79,060 29,708 175,682 Prepayments 21,296 97,122 47,055 16. CREDITORS . amounts falllng due wllhln one year Group 3111212023 Group 3111212022 Charlty 3111212023 Charlty 3111212022 8ank108n18ee al80 not8 17) Trade creditors 25,000 84.171 44,436 42,899 25,000 4,852 161,944 3,230 44,436 2.867 Arnount due to subsidlary Social security and other laxes Income recelved In advance 15,628 163,618 27,057 315,474 5.265 143,514 2.939 Ac¢rua18 2nd other credito 5,601 286,256 201,905 55.843 17. CREDITORS: amount8 falllng du• aft•r mor• than on• year Group 3111212023 Group 3111212022 Charlty 3111212023 Chaflty 3111212022 Bank loan 433,452 432,486 433,452 432,486 Other loans 433,452 432,486 433,452 432,486 In January 2021 the charity dW down a C8IL5 loan of £500,000 which is repayable over 12 years from drawdown including an initial 12-month capital repayment holiday. The loan is secured by a first charge over the Charity's freehold land and buildlngs, guarantee from the subsidiary company and a debenture over its assets. 28
Docuslgn Envelts ID.. 1420AB37.FF48420A.8604-S4894267A984 THE MONASTERY OF sr FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 18. STATEMENTOF FUNDS As reslatod 3111212022 2023 Incom• Exp•ndllure GROUP Transf•r8 3111212023 Unrestricted general fvnds 3.830.109 1,277,707 {1,067,570) 4.040,248 Restricted funds 5,271.391 24.805 132,957 5.163,239 Tot81 funds 9 101.500 1302,512 1,200 527 9.203.485 AS rèslatsd 2022 Exp•ndttur• GROUP 3111212021 Incom• Transfars 31112r2022 Unrestricl8d general fvnds 3,850.181 1,135.284 {955.3361 3.830,109 Restrlcted funds 5,551.826 280,435 5.271,391 Total funds 9,202.007 1 135264 1235,771 9 101 500 A• re•lat•d Funda •n•ly8ed b•lw••n eh4rftabl• •nd non•ch•rltabl•.' 2023 2022 Charity unrestrfcted and designated 4.040,942 3.967,856 Charlty restrlcted 5 163239 9,204.181 696 5 271391 9,239,247 137 747 Tradlng subsldlary 9 203 485 9 101500 For details of the prior year restatemant sea note 2. 29
DoGy$Sgn Envelope ID.. 1420AB37-FF48420A-B604-54894267A984 THE MONASTERY OF sr FRANCIS AND GORTON TRUST UMITED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 18. STATEMENT OF FUNDS (contlnued) 2023 As rostatod 3111212022 CHARITY Incom• Expendlture Transf•rg 3111212023 Unrestricted general lund8 Reslricted funds: Capital grants expended on fixed asset8 3,967.857 352,239 (279,153) 4,040,943 5 271391 132 957 5 163239 Total funds 9 239 248 377,044 412,110 A6 restated 2022 Expondltur• 9 204 182 CHARITY 3111212021 Incom• TranJf•rs 3111212022 Unreslricled general funds Restrlcted funds: Capilal grants expended on Ilxed a5ts 3,849,589 274.267 (155,999} 3,967,857 5 551826 280 435 5 271391 Total funds 9401.415 274 267 436,434 9,239,248 For dgtails of the prior year restatement see note 2. 30
Oocuslgn Envelope ID: 1420A837-FF48420A4604-54894267A984 THE MONASTERY OF sr FRANCIS AND GORTON TRUST LIMITED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS GROUP Restrictod funds Fund balan¢•8 at 31 D•¢•mber 2023 are reprnsentad by.. Unr•8trlcted funds D••lgnatod G•n•ral Total Fixed assets (incl heiitage assets) 4.193,345 5,163.239 9.356,584 Net current 08set81(liabilitle8) (25,000} 30S,354 280,354 Creditors due in mor8 than one year 433,452 433,452 3 734 893 5 163 239 9 203 486 Fund balan¢•• a131 Decemb•r 2022 8r8 mpresented by: GROUP Flxed assets (incl heritage a8$ets) 4.131,878 5.271.390 9.403,268 Nel current assetslllSabilities) {44.436) 175,154 130,718 Credltors due in more than one year 432 486 432 486 3.654.956 175.154 5 271,390 9.101 500 CHARITY R••trlct•d fund• Fund balanc•8 al 31 D•cembor 2023 are represented by.. Unrostrlct•d lund8 D••lgnat•d G•n•ral Total Flxed assets (Incl herflage a55ets) 4.193,345 100 5.163,239 9.356,684 Nel current assetsl(liabllltles) (25,0001 305.950 280,950 Creditors due in more than one year 433 452 433 452 3 734 893 306 050 5 163239 9 204 182 A• r•8tated CHARITY Fund balanc•s at 31 D•c•mb•r 2022 are r8presenled by.. Flxed assets (Incl herltage assets) 4.131,878 100 5.271,390 9,403,388 Nel current a558ts1{liabilities) (44,436) 312,802 268,366 Creditors due In more th8n ona y8ar 432 488 432,486 3,654,956 312,902 5,271,390 9 239,248 Restricted fvnds comprise ol monios recelvod for the restoration, conser¥atlon and maintenance ol the former monastery and church of Sl Francis. Designated lunds comprise the charity's fixed assels which are no longer subject to restrictions and the associated long temi debl which are unavailable for distribution due to their illiquid nature and fvndamental importance to the objects of the Charfty. For details of the prior year restatement see note 2. 31
Docuslgn Envelop8 ID.. 1420A837-FF48420A46os4894267A984 THE MONASTERY OF ST FRANCIS AND GORTON TRusf LIMrrED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 20. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTMTIES r••tated Charlty 2022 Group 2023 Group 2022 Charlty 2023 Nel movément in fvnds 101 985 100 507 162.167 81,005 08preclation and other fixed a8sel adluslments Decroas81 lin¢rease} in stock$ Decreasel (increase) in debtor8 (Decreasey increase in creditors Nel cash generated fromllused inl WTating activitiés 51,370 831 {148,5861 48,614 81.005 1.254 73.736 160,236 51,370 (78,560) 165,498 (27,120) 41,849 104.748 103,242 150.131 21. MOVEMENT IN NET DEBT At31 D•e•mber 2023 Cash Ilt)W8 At31 Non eash Decomb•r Ilow• 2022 GROUP Ca•h and ¢••h •qulval•nti Cash at bank and in hand Debt 359.807 31,058 328.749 Loans 458 452 476 922 98,845 49,528 148.173 The parent company had net debt of £1 $1,279 at 31 December 202312022: £249,835). 22. CONSTITUTION Thè Charlty Is a company Ilmlled by guarantee and does not have a Share capltal. In the event of wlndlng up the members arg liable to contribute UP to £100 each. The nurnber of m8mb8rs at the year-end was 512022.. 5). 23. CAPITAL COMMITMENTS The Group and the parent company had no capital cornmilments al the year end. 24. TAXATION The company is a reglstered charity and is enlilled to clalm annual exemption from UK corporation tax under sections 466 10 493 ofthe CTA 2010. 25. RELATED PARTIES The transactions and balance5 are di3closed on page 10 of the TTusl8es' and Directors, Report 88 relatèd paty transactions In accordance with the Charities SORP. FRS 102 and Companbes Act 2006. 32