Do¢u8lgn Envelop• ID.. 142OAB37￿F48420A-B604￿8g1287Ag84 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 #130 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 d1￿ClorS 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-FF48420￿86O4448942G7Ag84 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-FF48420A46￿548942G7A584 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-FF4842oA46￿54B94267AgO4 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. Docus￿n 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 Co￿rdInat0r, 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-B6o￿894267A984 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 COn￿M 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 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 $0,000) 1.058,997 1.122.297 985,468 985,468 1,069,901 1.069,901 1,122,297 S. INVESTMENT INCOME Neither of the companies in which the company has investrnent has paid dividends in the last two years and th8 Group has not had surplus lunds avallable to invest. 23 Oocuslgn Envelope ID.. 1420AB37-FF48420A460￿8g4287Ag64 THE MONASTERY OF ST FRANCIS AND GORTON TRUST LIMrrED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 6. COSTS OF RAISING FUNDS As restated 3111212023 Extemal fundral8lng 3111212022 Support of Extèrnal sub8ldlary lundral$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 Depre￿allOn 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 C￿ts 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 A￿Ounta￿¢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 d￿W 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 a5￿ts 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$ets) 4.131,878 5.271.390 9.403,268 Nel current assetslllSabilities) {44.436) 175,154 130,718 Credltors due in more than one year 432 486 432 486 3.654.956 175.154 5 271,390 9.101 500 CHARITY R••trlct•d fund• Fund balanc•8 al 31 D•cembor 2023 are represented by.. Unrostrlct•d lund8 D••lgnat•d G•n•ral Total Flxed assets (Incl herflage a55ets) 4.193,345 100 5.163,239 9.356,684 Nel current assetsl(liabllltles) (25,0001 305.950 280,950 Creditors due in more than one year 433 452 433 452 3 734 893 306 050 5 163239 9 204 182 A• r•8tated CHARITY Fund balanc•s at 31 D•c•mb•r 2022 are r8presenled by.. Flxed assets (Incl herltage assets) 4.131,878 100 5.271,390 9,403,388 Nel current a558ts1{liabilities) (44,436) 312,802 268,366 Creditors due In more th8n ona y8ar 432 488 432,486 3,654,956 312,902 5,271,390 9 239,248 Restricted fvnds comprise ol monios recelvod for the restoration, conser¥atlon and maintenance ol the former monastery and church of Sl Francis. Designated lunds comprise the charity's fixed assels which are no longer subject to restrictions and the associated long temi debl which are unavailable for distribution due to their illiquid nature and fvndamental importance to the objects of the Charfty. For details of the prior year restatement see note 2. 31 Docuslgn Envelop8 ID.. 1420A837-FF48420A46o￿s4894267A984 THE MONASTERY OF ST FRANCIS AND GORTON TRusf LIMrrED YEAR ENDED DECEMBER 31st 2023 NOTES TO THE FINANCIAL STATEMENTS 20. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTMTIES r••tated Charlty 2022 Group 2023 Group 2022 Charlty 2023 Nel movément in fvnds 101 985 100 507 162.167 81,005 08preclation and other fixed a8sel adluslments Decroas81 lin¢rease} in stock$ 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