Company regjstration number: 03495224 Charity registration number: 1068270 The 78 Derngate Northampton Trust (A company limi￿d by guarantee) Annual Report and Firtanclal Statements for the Year Ended 31 December 2023 10. Chartered Accountancs 50 Cheyne Walk Northampton Northamptonshire NNI 5PT The 78 Derngate Northampton Trust Contents Reference and Administrative Details Truscees, Report 2to5 Statement of Truscees, Responsibilities Independent Auditors, Report 7t0 10 Statsment of Financial Accbvities Balance Sheet NoTrs to the Financial Ststements 14to25 The 78 Derngats Northampton Trust Reference and Administrative Details Trustees R Kendall A Kotnis L Marriotc M A Young S Harris A Eastwood J Glascocr L Patterson Secretary Charlty Registration Number 1068270 Company Regijtration Number 03495224 The charity is incorporated in England and Wales. 82 Derngate Northampton Northamp(onshire NNI IUH Principal Offlce Auditor 10. Chartered Accounrants 10 Cheyne Walk Northampton Northamptonshire NNI SPT Solicitors: HCR Elgin House Billing Road Northampton NNI SAU Page I The 78 Derngate Northampton Trust Trustees. Report The trusrees, who are direccors for the purposes of company law, presenr the annual report cogether with the financial sratemenrs and auditors, report of the charitable company for the year ended 31 December 2023. Oblectlves and activities Publlc bènefit The trustees confirm that they have complied with the requirements of section 17 of the Ch3rities Acc 2011 ¢0 have due I"egai"¢J to rhe public benefit guidance published by the Charity Commission for Eng13nd and Wales. ObJ¢¢tlves and alms The pre$eMtion of 78 Derngace and che promotion of the works of C.R. M3ckintosh and W.J Bassett- LovA(e. Th¢ ¢xhibltson of v￿rkS by CRM or other artlsts a5 may be determined by the trustees. Slgnlficant artlvltles During the year the performance of the Charity has been measured as foll0v￿. Completion of the Atrium extension and garden; - Developlng a forward plan for the shorc term: - Monitoring the extension and prden use: - Visicor numbers: Continued progress on becoming an accredited museum. Volunteera The Trusc is supporied by a very active organisarion callcd the 'FI-iends of 78 Derngate,. This has several hundred members and has a lively calendar of evenrs. The house is also supported by approximately 80 volunteers who act as guides, receptionists and carly out general maintenance activlties. Page 2 The 78 Derngate Northampton Trust Trustees, Report Structure. governance and management Governing document The charity is concrolled by its governing documenL a deed of trus¢ and constitutes a limited company, limited by guaran￿e. as defined by che Companies Act 2006. In line with our ambition to become an accredited museum, we continue to update oui" policies and pi"ocedures. Recrultment and appolntment of new trustees Julia Galscott Wo5 appointed as a Trustee on the I'erii'ement of Trevor George in September 2023. Indurtlon and tn71nlnz of new trustee5 New trustees are encouraged ¢0 meet with che Secretary and make themselves familiar with the role and responslbllltles of charltable trustees. Oryanisational rtrv¢tur• The Trust is a company limited by guarantee and Is controlled by a board of up to 7 trusTres who set the aims and objettives of the company and its srratrgic dii"ection. The day to day management of the organisation is che responsibility of the House Manager and Company Secretary. They have a small tram of part time stsff and a reasonable number of volunteei"5. Wlder networf¢ The trust works with a varlety of partners within the art and herftage world. The trust work with local authorities to provide certain mutually agreed targets and West Northamptonshire Council holds che head lease on two of the three pi"opei"ties under crust control. Relatéd partlés No business was rransacted wlth any trustee or their I"elaoves during (he year in question. Rlsk monazement The trustees have a duty to identify and rewew the risks to which the charlry is exposed and ro ensure appropriate controls are in place to provide reasonable assui.ance against frdud and error. The risks were reviewed in the year a5 part of the business plan and accreditation process. Page 3 The 78 Derngate Northampton Trust Trustees, Report ACHIEVEMENT AND PERFORMANCE Charitable activities 2023 was a year of two halves. The first half saw the completion and handover of the extension and garden and the second hall COncen￿￿d on bedding in the new build and adaptsng to the new space. The extension vns formally opened by the CEO of the Airs Council on 7th July 2023. The company secretary has reduced hls commltment to the Trusr and now works remocely with reduced hours. As always, the year would not have been the same without the support and efforrs of our Friends and volunteers, for whom we are very grateful. Human resources Late in the year we did recruit John Davies as a deputy manager foi" four days 3 week to replace Caite Pardoe who had the position for several month5 earlier in the year, We are now using contract cleaners for 3 days a week. HR payments are now administered by our accountants l O. Internal and external factors The performance of the trusr in ternis of visitoi" numbers and the curnover of the business in terms of revenue very much depend on external factors. FINANCIAL REVIEW Reserves policy This Wds reviewed in the year. The Trust aims to have 3 minimum of £50,000 of free reserves as a contingency. We have migrated our accoUn￿ng systems to Xero. Princlpal fundlng sources In a normal year most day to day expenditure is funded from paylng visitors and shop trading. From me co tlme when projects or enhancements are identified we apply for grants from appropi.iate funding bodies. Cost savings are continually being invesugated. FUTURE DEVELOPMENTS Work is tonwnuing for the accredited museums scheme which we hope to complere In l year. Dlsclosure of Information to audttor Each trustee has tsken sceps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that rhe charicy's auditor is aware of that '7nformation. The trustees confirm that there is no i*levant informacion that chey know of and of vthich they know the audicor is unavfare. Small companies provision statement This report has been prepared in accordance with the small companies re&me under the Companies Act 2006. Page 4 The 78 Derngats Northampton Trust Trnsts•s' Report Reappolntment of audltor The auditors 10. Chartered Accountsnts are deemed to be reappointed under secdon 487(2) of the Companies Att 2006. The annu&l report approved by the trust•¢s of th• charity on ...... . . M A Young Trustee The 78 Derngate Northampton Trust Statement of TruJte•$' Responslbllltlej The trustees (who are also the dlr8Ctors ol The 78 Derrbpte Northampton Trust for the purposes of company law) are responslble for preparlng the trustees, report and the Ilnanclal statements In accor&dnce wlth applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Pracclce), indudlng FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" Company law requlre5 the tru>tees to prepjre flnancSal sratements for each financlal year. Under company law the trustees must ntx approve the flnanclal ststements unless they are satlsfied that they glve a true and Pdlr vlew of the state of affalrs of the charltable company and of the Incomlng resources and appllcatlon of re$ource5, Indudlng Its Income and expendlture, of the tharftsble company for that perlod. In pryrln8 these flnanclal statAments. the trustees are requlred to: select sultable accountlng polld¢s and appfy them cuslneM. The truste￿ are responslble for keeplng proper accountlng records that can dlsdose wlth r&isonabJe accurncy at any time the financlal posltlon of thè charlfable company and enable them to ensure that the 1Snanclal sotements comply wlth the Companles Art 2006. They are also responslble for safe8uardlng the avJets of the charltable company and hence for takin8 reasonable steps for the preventlon and derocdon of fraud and other Irr•gular1tl￿. The trustees are responslble lor the malntenance and Inte8rity of the corpornte and financlal Infommtlon Induded on the charltable company's webslte. Leglsladon governlng the preparatlon and dIs$￿InatIon of finandal ststernents w¢ay dlfftr from le8lslakn In othw lurlsdlaS1)n& Apwoved by the trust￿ of the charlty On ..... 2frand sl8n¢d on its behalf br. Young Trustee The 78 Derngate Northampton Trust Independent Audltor's Report to the Members of The 78 Derngate Northampton Trust Opinion We have audited the financial statements of The 78 Derngats Northampton Trust (the 'charity') for the year ended 31 December 2023, which comprise the Sratement of Financial Actsvitie5. Balance Shee4 and Notes to the Financial Statements, including a summary of significant accounting policies. The financial repoi.ting framework thac has been applied in theii" preparntion is United Kingdom Accouncing standards, comprislng Charltles SORP - FRS 102 'The Financial Reporting Sr7Lndard applicable in the UK and Republic of Ireland, and 2pplicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financlal statsments: gNe a true and fair view of rhe State of the charity's affalrs a5 aE 31 December 2023 and of its incoming resources and application of resources, including irs income and expenditure, for the year then ended., have been properly prepared In accordance with United Klngdom Generally Accepted Accountrng Practice; and have been prepared in accordance wlth che requlrements ol rhe Companies Act 2006. asls lor oplnlon We conducted our audit in accordance with Internacional Standai'ds on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities Under those standai'ds are furthei. described in the audicor responsibilities for the audit of the financlal statemenrs section of our I"epoi"c. We are independent of the charity in accordance with the ethlcal I"equiremenrs that are I"elevant ro our audit of the Ilnancial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilioes in actoi'dance with these requii"ements. We believe that the audir evidence we have obtained is sufficient and appi'opriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements. we have concluded that rhe trustees use of the going concern basis of accounting in the preparation of the financial sratements is appropriace. 8ased on the work we have performed. we have not identified any ma￿rIal uncertainties reladng to evenc5 or conditions thac, individually or collectively, may cast significanE doubt on the charity's ability to ¢oncinue as a going concern for a period of at least twdve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going coneèrn are described In the relevant secrlons of this repoi Other Inforniatlon The trustees are responsible for the other Information. The ocher information comprises the information included in the annual reporE other th2n the financial scatements and our 2udlcor's report thereon. Our opinion on the financial statemencs does not cover the other informacion and, excepi co the ex￿nt otheiwise explicidy stated in our report, we do not express any form of 3ssur2nce conclusion chereon. Page 7 The 78 Derngate Northampton Trust Independent Auditor's Report to the Members of The 78 Derngate Northampton Trust In ¢onnec(ion with our audii of the financial sratements, oui" responsibilicy is to read che other information and, in doing so, consider whether the other information is materially inconsistent with the financial statemenrs or oui" knowledge obtained in the audit or otheiwise appears co be materially misstated. If we identify such material incon5iStencies or apparent material miSsta￿Ments. we are required to determine whether there is a material misststement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other informaiion. we 21"e required to report that fact. We have nothing to report in this regard. Oplnion on other matter prescribed by the Companies Act 2006 In our opinion, based on the w￿rk undertaken in the course of the audiL the information glven in the Strategic Report and Trustees, Report for the financial year for which the financial statements are prepared Is conslstenE With the financial statements.. and the Scrate&c Report and Trustees, Repon have been prepared in accordance with applicable legal requirements. Matt•rs on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audi¢ we have not identified material mi55tatement5 in the Strategic Report and the Trustses, Reporc. We have nothing to reporr In respect of che following matcers where rhe Companies Act 2006 require5 US to report to you if, in our opinion: dequate acwunrlng records have not been kept. or returns adequate for our audit have not been received from branches not vlslced by us: or the financial Statements are not in agreement with the accounting recoi'ds and I'eturns; or cerrain disclosures of trustees remuneration specified by law are noc made; or we have not received all the information and explanations we require for cur audiL Responsibilities of trurtee$ As explained more fully in the Statement of TrUs￿s, Responsibilities (set out on page 6), the trusLRes are responsible for the preparation of the financial statements and for being satisfied that they glve a crue and fair vlew, and foi" Such Internal control as the trustees d¢termine $5 necessary to enable the preparation of financial statements that are free from ma￿rIal missra￿men¢ whether due to fraud or error. In preparing the financial sr2tements, the truS￿e$ are responsible for assessing the charity'5 abilicy to continue as a going concern, disc105ing* as applicable, [nat￿r$ related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or ro eease operations. or have no realistic alternative bur to do so. Page 8 The 78 Derngate Northampton Trust Independent Auditor's Report to the Members of The 78 Derngate Northampton Trust Auditor responsibilitie5 for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financi31 statements a5 a whole are free from material misststement, whether due to fraud or eri"or, and to issue an auditor s report thac inclLtdes our opinion. Reasonable assurance is a high level of assui?nce, bur is not a guarantee thac an audit conducted In accoi"dance with ISAS (UK) will always detect a material missratement when it exists. Mlsstatement5 can arlse from fraud oi. errol- and are considered material if. individually or in the aggregate, they could reasonably be expected io inlluence che economlc decisions of users taken on the basis of these financial ststements. As parc of an audir in accordance with ISAS (UK), we exercise professional judgement and maintain professional scèptlcism throughout the audiL We also.. Idenufy and assess the risks of material misstatement of the financial statements, whether due to h7ud or error. design and perform audic procedures responsive to those risks, and obtain audit evidence that is sufficieni and appi"opriate to provide a basis for our opinion. The I'isk of not de￿ctIng a material misstatement re5ulcing from fraud is highei. than for one resulting from error, as fraud may involve collusion, forgery, inrentional omission5. misrepresentations. or che override of internal conrrol. Obtaln an understandlng of Incernal concrol relwdnc w the audic in order to design audit procedures that are appropriate in che circumstsnce5, but not for rhe purpose of expressing an opinion on the effectiveness of the chai'iry's internal control. Evaluate the appropriateness of accounting pollcies used and the reasonableness of accountlnz esQ'mates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees use ol the going concern basls of accounting and, based on the audit evidence obrained. wheihei" a material uncercainty exi5rs related to events er conditlons that may casc signiflcant doubt on the charity's abiliy to conclnue as a going concern. If we conclude chat a materlal uncei"tainty exists, we ai"e required to draw attention in our auditor'5 report to the related disclosures in che financial statements or. if such disclosures are inadequate, co modify our opinlon. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, fucure events 01- conditions may cause the charity to cease to continue as a going concern. Evaluate the overdll presenration. strurture and content of che financial statements, including the dlsclosures, and whether the financial Statements represent the underlying transactions and events in a mannei" that achieves falr presentation. Obtain suffi¢iene appropriate audit evidence regarding the financial information of the entities or busines5 acovlties wthin the ehai.ity to express an opinion on the financial statements. We are responsible for the direccion. supervision and performance of the charity audit. We remain solely responsible for our audit opinion. We communicate with those charged with goyernance regarding, among othei- Mat￿r5, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in In￿l'nal control thar we identify during our audi Page 9 The 78 Derngate Northampton Trust Independent Auditor's Report to the Members of The 78 Dern%ate Northampton Trust Use of our report This reporc is made solety to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Oui- audit work has been undertaken so that we mighr State to the charicy'5 trustees those matter5 we are required 10 Sta￿ to them In an auditor's report and for no other purpose. To the fullest extent permitted by law. we do nor accept or assume responsiblliry to anyone ocher chan the charitable company and irs rrusiee5 as a body. for our work or chis repo￿ or for the opinions we have fornied. Mr J David Fos . (Senior Statutory Auditor) For and on behalf of l O. Chai'tered Accouncants. Statutory Auditor 10 Cheyne Walk Northampton Northampron$hire NNI SPT I6.10.1.1.2oZ* Page 10 The 78 Derngate Northampton Trust Statement of Financial Activities for the Year Ended 31 December 2023 (Induding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted Restricted funds funds Total 2023 Note Income and Endowments Irom: Donations and legacies Investment income Other income 95,587 2,608 68,870 164,457 2.608 Total income 110997 179867 Expendlture on: Raising funds Charitable actlvities (105,842) (105,842) Total expenditure Net (expenditure)lincome Transfers between funds 173 397 173 397 (62,400) 394 870 68,870 394 870 6.470 Nec movement in funds 332,470 (326,0001 6,470 Reconclliation of funds Total funds brouglit forward Total funds carried fowdrd 3 489 259 18 3 446 729 3 495 729 The notes on pages 14 to 25 form an integral part of these financial stxtements. Page 11 The 78 Derngate Northampton Trust Statement of Flnanclal Activlties for the Year Ended 31 December. 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrirted Restricted funds funds Total 2022 Note Income and Endowments from: Donations and legaties Investment income Other income 80,313 1.848 24,016 104.329 1,848 Totsl income 101319 125 335 Expenditure on: Raising funds Charitable activiues (98,552) (98.552) Totsl expenditure Nec (expenditureyincome Transfers betwttn funds 160319 160319 (59,000) 24,016 (34.984) Net movement in fund5 (10,279) (24,705) (34,984) Reconclliation of funds Total funds broughc foi.ward Total funds carried forward 3 124538 399 705 3 524 243 18 3 114259 375 000 3 489 259 All of the charity's acclvities derive from contlnulng operaclons durlng the above two periods. The funds breakdown foi" 2022 is shown in note 18. The note5 on pages 14 to 25 forni an integral part of these financial statements. Page 12 The 78 Derngats Northampton Trurt (Roglstration number 03495224) Balance Sheet as at 31 December 2023 2023 2022 Note Tangible assets Current aJs•ts Stocks Debtors Cash at bank and in hand 13 3.389.412 3,355,028 14 15 13,rn 12.966 1343 136.182 151,397 Credltori: Amounts falllng du• vAthln on• y•ar 16 alZZ21 Net currnnt assets 166 Total asmts less current Ilabllltl¢s 3,522.822 3,521,907 CredIto￿. Amounts lalllnz due after morn on• 495 Funds of th• charlty. R•rtrlrt•d Incom• funds Restrfcted funds 49.000 375,1100 Unreknlct•d In¢om• fvndl Unrestrlcced funds Totsl funds 18 These ftnanclal statsmenrs have been prepared In accordance vhth the speclal provlslons relatlng to companies subjett to the small companles regime wlthffin Part 15 of the Companies Art 2006. The financlal stxtements on pages I I to 25 were approyed by the trUStee4 and authorlsed for153ue .. and signed ¢)n thelr b•half br. M A Young Trnscee The notes on pages 14 to 25 form an Integral Fwt of these fir•ancRI statements. Page13 The 78 Derngate Northampton Trust Notes to the Financial Statements for the Year Ended 31 Decemb¢.r 2023 Charlty statu5 The charity is limited by guarantee, incorpoi7trd in England and Wales, and consequently does not have share capiral. Each of the trus(ees 15 liable to contribute an amount not exceeding £ I tovdrds che assets of the charity in the event of liquidation. The address of it5 registered office 15: 82 Dei-ngate Northampton Northampron$hire NNI IUH 2 Accounting pollcles summary of significant accounting policies and l {316) {2,792) (97) (1.797) 12,941) (1,300) This page does not form part of the stacucory financial sratements. Paze 28 The 78 Derngate Northampton Trust Detailed Statement of Flnanclal Activities lor the Year Ended 31 December 2023 Total 2023 Total 2022 Legal and professlonal fees 8ank charge5 Depreciation of long leasehold property Depreciation of fixtures and fittings Loan interest (3,499) (2,353) (44.187) (2,OOT) (46,397) (4,027) 741 952 This page does not form part of the statutory financial sotements. Page 29